Nautilus Minerals Vessel Update

Key points

  • The thruster rooms, or aft hull blocks, have recently been lifted into position on the vessel at Fujian Mawei Shipyard Ltd.
  • The accommodation module is being assembled alongside the dry dock and is expected to be lifted onto the vessel by the end of the month.
  • Steel fabrication is 94% complete, with 91% of the total 20,068 tonnes of steel cut.
  • Blocks lifted to the dry dock are 68% complete and erection of blocks in the dry dock is 60% complete.

Nautilus Minerals Inc. has provided a current update on the build of the production support vessel (PSV). The PSV is to be used by Nautilus and its partner of Papua New Guinea, Eda Kopa (Solwara) Ltd., as the base for its sea floor operations planned at the Solwara 1 project site, in the Bismarck Sea of Papua New Guinea.

Mike Johnston, Nautilus’s chief executive officer, commented: “The company is very excited by the progress that continues to be made by the team at the Fujian Mawei Shipyard Ltd. (FMSL) and Marine Assets Corporate (MAC). The thruster rooms (aft hull blocks) have just recently been lifted into position on the vessel. The accommodation module construction is progressing rapidly with many blocks being assembled alongside the dry dock. It is expected to be lifted onto the vessel by the end of the month. We are now looking forward to progressing the final build phase and fit out of the vessel with the team at FMSL and MAC.”

To view some video footage of the vessel and some recent pictures of the build please visit the company’s website.

Subject to further financing, Nautilus’s objective remains to develop the world’s first commercial high-grade sea floor copper-gold mine and launch the sea floor resource production industry.

VESSEL PROGRESS TO DATE

Item Completed (%)

Production drawings issued 100

Steel fabricated 94

Steel cut (out of a total 20,068 tonnes) 91

Blocks completed structure fabrication 90

Blocks completed assembly and painting 89

Blocks lifted to dry dock 68

Blocks completed erection in dry dock 60

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