As a result, Nautilus said it had taken appropriate steps during 2018 to identify opportunities to sell non-strategic vessels and equipment at premiums over acquisition costs. Looking forward, Nautilus believes its reduced cost structure and improved financial position, combined with opportunistic divestitures, will allow it to not only survive, but to also maintain a level of liquidity allowing to take advantage of opportunities created. Elsewhere, Nautilus revealed that long-time chairman Mikel Faulkner would be stepping down from the group, with immediate effect. Faulkner, one of Nautilus' founders, chose to retire in order to spend more time with his family but he will continue to offer his expertise to the company in an advisory capacity. Non-executive director Zac Phillips will take over as chairman on an interim basis until such time as Nautilus appoints a permanent replacement. As of 0830 GMT, Nautilus shares had sunk 9.72% to 6.41p.