Nautilus Takes Delivery of Newbuilding Oil Spill Recovery Vessel "SK Line 69" to Be Renamed "Vega Jaanca"

ATHENS, GREECE--(Marketwire - Mar 22, 2013) - Nautilus Marine Acquisition Corp. (the "Company" or "Nautilus") (NASDAQ: NMAR) today announced that it has taken delivery of the SK Line 69, to be renamed Vega Jaanca, a 5150 BHP Anchor Handling vessel, built in December 2012 in China. Nautilus has taken control of the vessel under a bareboat charter at a daily bareboat charter rate of $4,000, with an obligation to purchase the vessel at any time during the bareboat charter, at its option. The vessel has already completed its conversion into an Oil Spill Response Vessel (OSRV) and is en-route to Cape Town where the Oil Recovery Equipment will be installed. Thereafter the vessel will be delivered in Brazil into time charter employment with Petroleo Brazileiro S.A. ("Petrobras") for 4-years firm, plus 4-years optional at a contracted gross daily charter rate of $26,200. 

About Nautilus
Nautilus is a maritime energy services company owning and operating offshore supply vessels (OSVs) serving oil and gas exploration and production companies and projects. Nautilus was incorporated in the Marshall Islands on November 1, 2010 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Market under the symbol "NMAR." Currently, Nautilus has a fleet of five (5) OSVs comprised of two (2) Platform Supply Vessels (PSVs) currently serving long-term employment contracts with Petrobras in Brazil plus an additional three (3) Oil Spill Response Vessels (OSRVs) at various stages of their delivery process into their Petrobras long-term employment contracts for work in Brazil. Nautilus has an additional OSRV time charter contract with Petrobras for which it has sourced a vessel to fulfil same. All of our vessels were acquired as newbuilding resales, thus, the average age of our current operating fleet is less than 1 year.

Forward-Looking Statements 

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Company's management of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.