X Progress update on construction of world's first vessel to be utilized for sub sea mining

21-Feb-2015 to 21-Feb-2015

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X Deep Sea Mining (DSM) Sea Floor Production (SFP) New terminology for new opportunities.

November 2014 saw the signing of a contract between Nautilus Minerals Inc. (TSX:NUS, OTCQX: NUSMF) and Marine Assets Corporation (MAC) for the lump sum turnkey construction with a five year charter on delivery for a large offshore construction vessel to be utilized for the first world wide sub sea mining operations on the Solwra 1 JV project.

The vessel will be built at Fujian Mawei Shipbuilding China's oldest shipyard with a proud, 150 year heritage.

Mawei has kept in step with advancing technology, and with the full completion of their new SY in 2017, will possess Dry Dock facilities for vessels in excess of 270m LOA, the dock being 82m wide by 280m long, being spanned by a 700t gantry crane. Mawei are no strangers to high tech DPS-2/3 vessels having already delivered over 25 for MAC alone, which include MAC’s unique design Compact Semi Sub (CSS) Accommodation Vessels.

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Current progress on the vessel which is 227m long by 40m wide with installed power of 30 Mw. Design is on-going with Sea-tech Solutions, Singapore, who are in liaison with ABS. as the chosen classification society.

High-level technical meetings have been held with prospective vendors for delivery of the Diesel Electric Power Distribution System, and an order is expected to be placed in the coming weeks. The Engines and Thruster package has been awarded to Rolls Royce, who will deliver the 6 x 5000Kw main engines and 3 x 3000Kw azimuth stern thrusters, along with 2 x 3500Kw Drop Down azimuth bow thrusters and 2 x 2000Kw tunnel thrusters.

Discussions are on-going with other vendors for procurement of DP system – Knuckle Boom cranes and all the other ancillary equipment required for a vessel of this level of sophistication. Both MAC and Nautilus are happy with progress to date, and pleased to report the 36 month build programme is on schedule.