Nautical, Statoil Finalize Mariner Sale

Nautical announced the completion of the sale of a 20.6667 percent interest in License P335 Block 9/11a, which contains the Mariner discovery, and associated rights to Statoil (U.K.) Limited.

The transaction has received approval from the Department of Energy and Climate Change and the joint venture partners. The sale proceeds of £87.5 million have now been received. The effective date of the transaction is 3 November 2010.