Nautilus Marine Acquisition Signs Definitive Agreement to Enter

Nautilus Marine Acquisition Signs Definitive Agreement to Enter the
Maritime Energy Services Sector by Acquiring Assetplus Limited 
Nautilus Also Commences Tender Offer to Purchase up to 4,137,300 of
Its Common Shares -- Tender Offer Will Expire at 11:59 p.m. New York
City Time on January 7, 2013, Unless Extended by Nautilus 
ATHENS, GREECE -- (Marketwire) -- 12/07/12 --   Nautilus Marine
Acquisition Corp. ("Nautilus") (NASDAQ: NMAR) 


 
--  Acquisition will not require trust account proceeds at closing due to
    backstopped transaction structure
--  Assetplus fleet has 4 newly-built offshore supply vessels, plus 2
    under negotiation
--  Assetplus has 6 long period time charter contracts with the oil major
    Petrobras
--  Enables Nautilus to enter the maritime energy services sector, a high
    barrier of entry market
--  Trust proceeds expected to be utilized for fleet growth with a defined
    acquisition pipeline

  
Conference Call Scheduled for Tuesday, December 11, 2012 at 11 a.m.,
New York Time 
Nautilus Marine Acquisition Corp. ("Nautilus") (NASDAQ: NMAR)
announced today that it has entered into a definitive Share Purchase
Agreement (the "Share Purchase Agreement") to acquire 100% of the
equity of Assetplus Limited ("Assetplus") for aggregate consideration
of approximately $86.5 million from Vega Resource Group AS and Oil
and Gas Ships Investor Limited (collectively the "Sellers"), through
which Assetplus will become a wholly owned subsidiary of Nautilus
(the "Acquisition"). The Acquisition consideration is inclusive of
assumed debt and anticipated cash on hand at closing, but excludes
potential earn-out payments as described below. 
The acquisition of Assetplus allows Nautilus to enter the maritime
energy services sector. Assetplus controls an initial fleet of
vessels consisting of two platform supply vessels ("PSVs") and two
oil spill response vessels ("OSRVs"), all of which are intended to
service offshore oil exploration and production installations. All of
these vessels are newly built.  
Assetplus also controls six binding time charter contracts with
Brazilian oil major Petroleo Brasileiro S.A. ("Petrobras") for two
PSVs and four OSRVs. These charters each have durations of four years
plus an additional four optional years. Four of the six time charter
agreements with Petrobras will be serviced by Assetplus' current
fleet, and Nautilus has plans to obtain vessels to service two
additional Petrobras charters.  
Nautilus also announced today the commencement of its tender offer
(the "Tender Offer") to purchase up to 4,137,300 shares of its common
stock, par value $0.0001 per share (the "Common Shares") at a
per-share price of $10.10. The Common Shares are currently listed on
the Nasdaq Capital Market under the symbol "NMAR." On December 6,
2012, the last reported sale price of the Common Shares was $10.04
per share. The Tender Offer will expire at 11:59 p.m. New York City
time on January 7, 2013, unless extended by Nautilus (the "Expiration
Date").  
Prior to this announcement, Nautilus has confidentially secured the
agreement of the holders of more than 11% of the outstanding Common
Shares issued in Nautilus' Initial Public Offering to not tender
their shares in the Tender Offer or transfer their Common Shares
during the Tender Offer period. These holders have received a
post-closing right, exercisable for two business days following the
11th business day after the closing of the Tender Offer, to cause
Nautilus to repurchase the subject shares at $10.30 per share. 
Management and Commentary 
Upon closing of the Acquisition, Nautilus expects to conduct business
as Nautilus Energy Services and will be led by Mr. Prokopios (Akis)
Tsirigakis, who will be Nautilus' Chairman, President and Co-Chief
Executive Officer, and Mr. George Syllantavos, who will be Nautilus'
Co-Chief Executive Officer and Chief Financial Officer. 
Mr. Akis Tsirigakis, Co-CEO of Nautilus stated "We are very pleased
to announce this transaction and the entry of Nautilus into the
maritime energy services sector, a traditionally high barrier of
entry market, albeit a very attractive one and with great potential
for many years to come. Assetplus' fleet of newly-built, high
specification vessels with long period charter coverage to an oil
major like Petrobras will allow us to build the quality company we
envisage and implement a growth, the first steps of which are already
in place. Having entered this quite fragmented sector, we aspire to
building a company with a focus in the creation of shareholder value.
Our investors who wish to remain shareholders in Nautilus should
refrain from tendering their shares for redemption." 
Mr. George Syllantavos, Co-CEO of Nautilus added "The long term
charters we are acquiring allow for visible, predictable cash flows
with a leading charter counterparty. Through this transaction, we are
able to create a platform company which can serve as the foundation
for growth within the exciting offshore supply vessel sector. Growth
will initially come through the two additional OSRV contracts with
Petrobras that we are acquiring as part of this transaction which
form the basis for very accretive add-on acquisitions. We strongly
believe that we are presenting investors with a value enhancing
transaction in the dynamic energy services sector. As such, we urge
our investors to not tender their shares in the Tender Offer."  
Overview of Assetplus 
Assetplus is a Cyprus company organized on August 10, 2012 with
subsidiaries holding: (i) two PSVs, namely, the Vega Crusader and
Vega Corona and (ii) two OSRVs, namely the Vega Juniz and Vega
Emtoli. Each of the Vega Crusader, Vega Corona, and Vega Juniz has
already been delivered to Assetplus. Assetplus expects to take
delivery and ownership of the Vega Emtoli during December 2012.  
Through its subsidiaries, Assetplus also controls six binding time
charter contracts with Petrobras for two PSVs and four OSRVs, each
having durations of four years plus an additional four optional
years. Four of the six time charter agreements with Petrobras will be
serviced by Assetplus' current fleet.  
As a result of the terms of its agreement with the Sellers, Nautilus
expects to be able to facilitate the acquisition of Assetplus without
utilizing proceeds held in Nautilus' trust account at the closing of
the Acquisition.  
Following the closing of the Acquisition, Nautilus intends to use the
proceeds from its trust account to acquire two additional OSRVs
(currently under negotiation to be acquired for an aggregate value of
approximately $34.0 million) to service the remaining two time
charter agreements Assetplus has with Petrobras. Nautilus anticipates
acquiring each of these vessels with approximately (for each vessel)
$6 million of cash proceeds from its trust account and approximately
$11 million (65% gearing) in a to-be-secured debt facility.  
The remaining cash from Nautilus' trust account after the Tender
Offer, the Acquisition and the acquisition of these 2 additional
OSRVs is expected to be used for further vessel acquisitions and
working capital.  
Summary of Assetplus' Fleet to be acquired by Nautilus 


 
-----------------------------------------------------------------
----------
                                                      Gross   Time Charter 
 Vessel Name  Vessel Type Year Built    Delivery    TCE Rate    Duration   
---------------------------------------------------------------------------
                                                                4 years +  
 Vega Corona      PSV        2012       Delivered    $20,950  4-year option
---------------------------------------------------------------------------
                                                                4 years +  
Vega Crusader     PSV        2012       Delivered    $21,950  4-year option
---------------------------------------------------------------------------
                                                                4 years +  
  Vega Juniz      OSRV       2012       Delivered    $26,200  4-year option
---------------------------------------------------------------------------
                                       Delivery by              4 years +  
 Vega Emtoli      OSRV       2012       12/31/12     $26,200  4-year option
---------------------------------------------------------------------------
                                          Under                 4 years +  
 Vega Jaanca      OSRV       2012      Negotiation   $26,200  4-year option
---------------------------------------------------------------------------
                                          Under                 4 years +  
 Vega Inruda      OSRV       2012      Negotiation   $26,200  4-year option
---------------------------------------------------------------------------

 
Summary of the Acquisition 
 Under the terms of the Share Purchase
Agreement, the Sellers will receive acquisition consideration
consisting of cash and stock, as well as the assumption or repayment
of existing debt. At or immediately following the closing of the
Acquisition:  


 
--  Nautilus will issue to Sellers an aggregate of 1,722,773 Common Shares
    valued at $10.10 per share, representing a total value of $17,400,007
    (the "Initial Stock Payment");
--  Nautilus will issue 594,059 Common Shares (valued at $10.10 per share)
    (the "Put Shares") to Mezzanine Financing Investment III Ltd.
    ("Mezzanine") in full satisfaction of the $6,000,000 in loan proceeds
    drawn down by Assetplus under a working capital facility with
    Mezzanine (the "Working Capital Facility"). Mezzanine will be granted
    a 6 month put option exercisable upon 60 days prior notice
    (deliverable no earlier than the last day of the four month period
    following the consummation of the Tender Offer), to cause Nautilus to
    repurchase all or any portion of such put shares at $11.35 per share
    (an aggregate value up to $6,742,570) and
--  Nautilus will assume Assetplus' outstanding indebtedness at closing,
    not to exceed a principal amount equal to $52,220,000, which is
    comprised of $38,220,000 in senior bank debt and $14,000,000 of
    mezzanine debt.

  
In addition, Nautilus anticipates acquiring Assetplus with
approximately $2.6 million in cash on hand in the operating accounts
of the four vessels acquired through Assetplus. 
Subsequent to the closing, Nautilus will pay to the Sellers an
aggregate of $7,150,000 in cash, This cash consideration will be
payable, in Nautilus' discretion, either: (i) within 15 days
following the Expiration Date, interest free, or (ii) within 90 days
following the Expiration Date, together with interest at 10% per
annum.  
The Sellers will also be entitled to receive up to an aggregate of
$6,315,040 worth of additional Common Shares (the "Earn-Out Payment")
if Nautilus achieves consolidated EBITDA (defined as gross revenue
minus commissions minus vessel operating expenses on an annualized
basis) for the fiscal year ending December 31, 2013 for the initial
4-vessel fleet equal to or in excess of $18,000,000. The Earn-Out
Payment is based on a per share price equal to the greater of: (i)
the 45-day value weighted average price on the issuance date or (ii)
$10.10 per share. The Earn-Out Payment will be made, if payable,
within 30 days following the filing of Nautilus' Form 20-F annual
report for fiscal year 2013. 
Also, in the event that Assetplus acquires any of the two additional
OSRVs currently under negotiation (Vega Jaanca and Vega Inruda), then
the Sellers shall be entitled to receive up to an aggregate of
$1,614,980 worth of additional Common Shares per acquired vessel if
such vessels achieve certain agreed upon EBITDA thresholds for the
year ending December 31, 2013.  
The consummation of the Acquisition is conditioned upon
(collectively, the "Acquisition Condition"), in addition to customary
closing conditions, among other things: (i) the successful completion
of the Tender Offer according to the terms of Nautilus' offer to
purchase (the "Offer to Purchase") and related documents filed with
the Securities and Exchange Commission (the "SEC") in connection with
the Tender Offer, (ii) Assetplus, together with its subsidiaries,
having outstanding principal indebtedness of not greater than
$52,220,000, plus the principal amount of the Working Capital
Facility, (iii) Nautilus delivering the Initial Stock Payment to the
Sellers, (iv) Nautilus delivering the Put Shares to Mezzanine
Financing and (v) Sellers having delivered their shares of Assetplus
to Nautilus. 
Commencement of Tender Offer 
Nautilus also announced today the commencement of its Tender Offer as
required by Nautilus' articles of incorporation, as amended, and as a
condition to the Share Purchase Agreement. Pursuant to the Tender
Offer, Nautilus is tendering for up to 4,137,300 of its Common Shares
at a per share price of $10.10, net to the shareholders in cash,
without interest. Shareholders are urged to obtain current market
quotations for the Common Shares before deciding whether to tender
their Common Shares.  
Nautilus' board of directors recommends that existing shareholders
not tender their Common Shares after they review Nautilus' Offer to
Purchase which is being filed with the SEC and which will be
distributed to shareholders. 
If more than 4,137,300 Common Shares are validly tendered and not
properly withdrawn, Nautilus may exercise, at any time and in its
discretion, its right to, in accordance with the rules of the SEC,
amend the Tender Offer to purchase up to an additional 2% of its
outstanding Common Shares, or 120,000 Common Shares, without
extending the Expiration Date, and thereby accept for payment all
Common Shares which may be validly tendered in the Tender Offer (the
"2% Amendment Right"). However, if more than 4,137,300 Common Shares
are validly tendered and not properly withdrawn, and Nautilus does
not exercise its 2% Amendment Right, or if Nautilus is unable to
satisfy the Acquisition Condition, Nautilus may amend, terminate or
extend the Tender Offer.  
Tenders of Nautilus' Common Shares must be made prior to the
Expiration Date, and may be withdrawn at any time prior to the
Expiration Date. The Tender Offer is subject to conditions and other
terms set forth in the Offer to Purchase and related Tender Offer
materials, which are scheduled for distribution to Nautilus'
shareholders beginning today.  
In particular, the Tender Offer is conditioned on, among other
things, Nautilus' reasonable judgment that the Acquisition is capable
of being consummated contemporaneously with the Tender Offer. If
Nautilus terminates the Tender Offer, it will not: (i) purchase any
Common Shares pursuant to the Tender Offer or (ii) consummate the
Acquisition with Assetplus. 
Nautilus' board of directors has unanimously: (i) approved the making
of the Tend
er Offer, (ii) declared the advisability of the
Acquisition and approved the Share Purchase Agreement and the
transactions contemplated by the Share Purchase Agreement, and (iii)
determined that the Acquisition is in the best interests of Nautilus
and its shareholders and if consummated would constitute Nautilus'
initial business transaction pursuant to its articles of
incorporation. If shareholders tender their Common Shares in the
Offer, they will not be participating in the Acquisition because they
will no longer hold such Common Shares in Nautilus, which will be the
public holding company for the operations of Assetplus and its
subsidiaries following the consummation of the Acquisition.  
Morrow & Co., LLC is acting as the information agent for the Tender
Offer, and the depositary therefor is American Stock Transfer & Trust
Company. The Offer to Purchase, a letter of transmittal and related
documents are being prepared for mailing today to Nautilus'
shareholders of record and will be made available for distribution to
beneficial owners of Nautilus' Common Shares as soon as practicable.
For questions and information, please call the information agent toll
free at (800) 662-5200 (banks and brokers call (203) 658-9400). 
This announcement is for informational purposes only and does not
constitute an offer to purchase nor a solicitation of an offer to
sell Common Shares of Nautilus. The solicitation of offers to buy
Common Shares of Nautilus will only be made pursuant to the Offer to
Purchase, dated December 7, 2012 (as amended or supplemented), the
Letter of Transmittal, and other related documents that Nautilus will
send to its shareholders. The Tender Offer materials contain
important information that should be read carefully before any
decision is made with respect to the Tender Offer. Those materials
are being distributed by Nautilus to Nautilus' shareholders at no
expense to them. In addition, all of those materials (and all other
offer documents filed with the SEC) will be available at no charge on
the SEC's website at www.sec.gov and from the information agent. 
Nautilus intends to file other relevant materials with the SEC in
connection with the proposed Acquisition and Tender Offer. The
materials to be filed by Nautilus with the SEC may be obtained free
of charge at the SEC's web site at www.sec.gov. Shareholders also
will be able to obtain free copies of the documents filed with the
SEC from Nautilus by directing a request to: Nautilus Marine
Acquisition Corp., 90 Kifissias Avenue, Maroussi 15125, Athens,
Greece. Additionally, all documents filed with the SEC can be found
on Nautilus' website, www.nautilusacquisition.com.  
Conference Call details:  
Nautilus' management team will host a conference call to discuss the
transaction on Tuesday, December 11, 2012 at 11a.m., New York Time.  
Participants should dial into the call 10 minutes before the
scheduled time using the following numbers: 1(866) 819-7111 (from the
US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542 301 (from
outside the US). Please quote "Nautilus." 
A replay of the conference call will be available until December 18,
2012. The United States replay number is 1(866) 247-4222; from the UK
0(800) 953-1533; the standard international replay number is (+44)
(0) 1452 550 000 and the access code required for the replay is
79304419#. 
Slides and audio webcast:  
There will also be a simultaneous live webcast over the Internet,
through the Nautilus website (www.nautilusacquisition.com).
Participants to the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast. 
Advisors and Counsel
 Maxim Group LLC and Seaborne Capital Advisors
LLC are acting as financial advisors to Nautilus in connection with
the proposed transaction. Ellenoff Grossman & Schole LLP is acting as
U.S. securities and transaction counsel to Nautilus.  
About Nautilus 
Nautilus was formed in November 2010 pursuant to the laws of the
Republic of the Marshall Islands for the purpose of acquiring,
through a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization, exchangeable share transaction or other
similar business transaction with one or more operating businesses or
assets. A registration statement for Nautilus' initial public
offering (the "IPO") was declared effective on July 14, 2011. It
consummated its IPO on July 20, 2011 and received gross proceeds of
$48,000,000. Nautilus issued an aggregate of 4,800,000 Units in the
IPO. Each Unit consisted of one Common Share and one warrant. Each
warrant entitles the holder to purchase from Nautilus one Common
Share at an exercise price of $11.50 per share. Prior to the
consummation of the IPO, Nautilus completed a private placement of an
aggregate of 3,108,000 Warrants to certain insiders, generating gross
proceeds of $2,331,000. A total of $48,480,000 of the net proceeds
from the IPO and the private placement were placed in a Trust Account
established for the benefit of Nautilus' public shareholders.  
Cautionary Note Regarding Forward-Looking Statements 
Some of the statements in this release and in presentations by
Nautilus' management relating to the matters described herein are or
may constitute "forward-looking statements." Words such as "believe,"
"expect," "anticipate," "project," "target," "optimistic," "intend,"
"aim," "will" or similar expressions are intended to identify
forward-looking statements. Forward-looking statements relating to
the proposed Acquisition and Tender Offer (as well as Nautilus'
post-closing activities) include, but are not limited to: (i)
statements about the benefits of the Acquisition involving Nautilus
and Assetplus, including future financial and operating results; (ii)
Nautilus' and Assetplus' plans, objectives, expectations and
intentions (including with respect to future vessel acquisitions and
the use of proceeds from Nautilus' trust account); (iii) the expected
timing of completion of the Acquisition and the Tender Offer; and
(iv) other statements relating to the Acquisition, the Tender Offer
and Nautilus' post-closing activities that are not historical facts.
Forward-looking statements involve estimates, expectations and
projections and, as a result, are subject to risks and uncertainties.
Actual results could differ materially if not substantially from
those described in the forward-looking statements.  
Important risks and other factors could cause actual results to
differ materially from those indicated by such forward-looking
statements. With respect to the Acquisition, the Tender Offer and
Nautilus' post-closing activities, such risks and uncertainties
include, among many others: (i) the risk associated with Nautilus'
Tender Offer (including uncertainty regarding the number of
shareholders who may tender their Common Shares); (ii) the risk that
the business and assets of Assetplus will not be properly integrated
into Nautilus; (iii) the risk that the benefits to Nautilus and its
stockholders anticipated
 from acquisition by Nautilus of Assetplus
may not be fully realized or may take longer to realize than
expected; (iv) the risk that any projections, including earnings,
revenues, expenses, synergies, margins or any other financial items
are not realized, (v) the risks associated with the current
concentration of Assetplus' business with one customer, Petrobras;
(vi) the potential for reductions in industry profit margins due to,
among other factors, declining charter rates; (vii) the inability of
Nautilus to expand and diversify the business of Assetplus; (viii)
changing interpretations of generally accepted accounting principles;
(ix) Nautilus' continued compliance with government regulations;
changing legislation and regulatory environments; (x) the ability of
Nautilus to meet the Nasdaq's continued listing standards; (xi) the
potential for lower return on investment by Nautilus on its
investments in vessel assets; (xii) the inability of Nautilus to
manage growth; (xiii) requirements or changes affecting the shipping
and maritime industry; (xiv) the general volatility of market prices
of the Nautilus' securities and general economic conditions; (xv)
Nautilus' ability to implement new strategies and react to changing
market conditions; (xvi) risks associated with operating (including
environmental) hazards; (xvii) risks associated with competition;
(xviii) risks associated with the loss of key personnel; or (xix) any
of the factors in detailed in the "Risk Factors" section of Nautilus'
filings with the SEC. 
The foregoing listing of risks is no exhaustive. These risks, as well
as other risks associated with the Acquisition and the Tender Offer,
will be more fully discussed in Nautilus' Schedule TO being filed
with the SEC in connection with the Tender Offer. Additional risks
and uncertainties are identified and discussed in Nautilus' reports
filed or to be filed with the SEC and available at the SEC's website
at http://www.sec.gov. Forward-looking statements included in this
press release speak only as of the date of this press release.
Nautilus undertakes and assumes no obligation, and do not intend, to
update Nautilus' forward-looking statements, except as required by
law. 
Company Contact:
Prokopios "Akis" Tsirigakis
President 
Nautilus Marine Acquisition Corp.
+30 210 876-4750 
Investor Relations Contact: 
Matthew Abenante
Investor Relations Advisor
Capital Link, Inc. 
230 Park Avenue - Suite 1536
New York, N.Y. 10169
Tel. (212) 661-7566
Email: nautilus@capitallink.com 
 
 
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