Nautilus Marine shares dive on full year results

Shares in AIM-quoted Nautilus Marine Services dived more than a fifth as investors reacted to its full-year results, which showed an improvement in pre-tax losses and a slide in revenue.

Pre-tax loss for the 12-month period was $6.28m, from a loss of $26.73m. Revenue was down to $178,000, from $365,000.

Nautilus said a fundamental change of the business had been completed with its first acquisition of offshore service vessels.

It had moved its business focus away from the exploration and production of oil reserves in Colombia.

"The group's new strategy is to acquire or invest in offshore energy assets and commercialised niche technologies in the currently distressed market in order to position itself as specialised service provider," it said in a statement.

A spokesperson for Nautilus said it possessed sufficient strength and working capital to survive the downturn in the offshore services market in 2017.

At 11:23 GMT, shares in Nautilus were down 21.74% to 13.50p each.