Contractor for seabed mining ship defaults on payment

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seabed mining ship
Nautilus said it has a number of options available to it to remedy the default and/or replace MAC as a party to the contract for the seabed mining vessel

DAVID FOXWELL on OFFSHORE SUPPORT JOURNAL | 13 Dec 2017

“MAC Goliath Pte Ltd, owner of the production support vessel that is being built for seabed mining outfit Nautilus Minerals, said MAC has failed to pay the third instalment due on the contract for the vessel.

In a statement, Nautilus Minerals said it had been told by Fujian Mawei Shipbuilding Ltd, owner of the shipyard where the production support vessel is being built, that MAC had failed to make a payment of US$18M plus interest. The vessel is to be used by Nautilus and its partner in Papua New Guinea, Eda Kopa (Solwara) Limited, as the base for its seabed mining operations at the Solwara 1 Project site in the Bismarck Sea.”

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