6th Mar 2019 10:19
LONDON (Alliance News) - Nautilus Marine Services PLC on Wednesday said its loss narrowed in 2018, helped by a reduction in expenses.
In addition, the AIM-listed company said Chair Mikel Faulkner is stepping down from the board with immediate effect, but will continue to offer his expertise to the company in an advisory capacity.
Faulkner has been with Nautilus Marine for "many" years and now intends to retire in order to spend more time with his family.
The company said it is considering various options to strengthen the board including the appointment of an executive replacement for Faulkner alongside further non-executive appointments. In the meantime, Independent Non-Executive Director Zac Phillips will assume the role of chair.
"We wish Mikel all the best in his retirement and look forward to making further appointments to the board in the near future," said Phillips.
The investment company, focused on services and technology providers, reported a pretax loss of USD9.1 million for 2018, narrowed from USD11.2 million a year earlier, primarily due to cost reduction initiatives that were implemented over the past two years.
The company explained that it continued to struggle to identify opportunities to operate its offshore vessels and equipment profitably at prevailing market rates, and as a result did not generate any revenue during either year.
Looking ahead, Nautilus Marine said it believes that reduced cost structure and improved financial position will allow it to not only survive the duration of this industry downturn, but to also maintain a level of liquidity.
Nautilus Marine shares were trading 15% lower on Wednesday at 6.00 pence each.
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