Sea Discovery

Nautilus Secures Key Production Component

Toronto, Ontario, May 6, 2011 – Nautilus Minerals is taking another step forward in the construction of its seafloor production system, proceeding with an order for the Subsea Slurry Lift Pump (SSLP).

The SSLP will pump high grade slurry from the bottom of the riser, at Nautilus’ proposed Solwara 1 project in the Bismarck Sea of Papua New Guinea (PNG), to a Production Support Vessel (PSV) floating approximately 1600 metres above. It is a key piece of equipment in Nautilus’ plan to produce commercial quantities of copper, gold and other metals from the deep ocean.

The contract for the SSLP was first awarded to GE Oil & Gas in June 2008, but was suspended later that year due to the global financial crisis. With the improvement in economic conditions, and recent major advances in the Solwara 1 project, Nautilus has reinstated the contract.

Nautilus announced earlier this year that it had secured a Mining Lease from the PNG Government, which also had elected to contribute funds to take up a 30% interest in the Solwara 1 project. That was followed by the announcement of a strategic partnership with German shipping company Harren & Partner to provide the PSV.

“We are now taking a number of steps to move the Solwara 1 project forward pending final sanction of the project by the Nautilus Board of Directors,” said Nautilus CEO Steve Rogers. “By lifting the suspension, we are securing this critical component and ensuring that we meet our project timelines,” he said.

GE Oil & Gas is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. GE Oil & Gas also provides pipeline integrity solutions, including inspection and data management, and designs and manufactures wire-line and drilling measurement solutions for the oilfield services segment. GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 16,000 people worldwide and operates in over 100 countries. GE was awarded the contract to build the SSLP using their Hydril Pressure Control subsea pumping technology.

Related Stories
New Offshore Engineering Facility Gains £2.5M Investment
Schlumberger Acquires Rock Deformation Research
Smart Cougar Leaps from Platform to Pipeline
Presentations Illustrate Dimensions of Accurate Marine Mapping
Optech’s Dr. Park to Present at OCEANS’14
Stabil Drill Names Alvarez Sales Manager
Seatronics Adds M3 Multibeam Sonar to Rental fleet
CRA Welcomes New Survey Vessel
Offshore Risk Management Focus at SPE Event
NOC Enters Partnership with UK Royal Navy