MARINE logistics services provider Atlantic Navigation Holdings (S) Ltd said it has been awarded through country representative in the Middle East, a US$44 million charter contract for its liftboat, the AOS Maintainer I, by a Middle Eastern national oil company (NOC).

The liftboat will go on a firm one-year charter with two one-year extension options. The vessel will support the NOC's operations in the Arabian Gulf. It is expected to be deployed in early May, after completion of retrofitting work to comply with contractual requirements.

Atlantic Navigation's chief executive officer, Bill Wong, said, "The extended fall in crude oil price over the last 24 months, with project cancellation, postponement and expenditure cut by NOCs, oil majors and operators had resulted in severe challenges in the oil and marine sector and the group is, like all companies in the industry, working on sustainable cost reductions to improve near- and long-term profitability.

"Despite these conditions, we continue to pursue our growth strategy together with our regional partners, particularly in our core market in the Middle East," he said.

The listed group announced in May, 2016 that it had secured long-term contracts for ten offshore supply vessels on a firm five-year charter, with a two-year extension option, of a combined value of about US$236 million with the NOC to support its operations in the Arabian Gulf.

Two of the vessels have been delivered to the NOC in 2016 and the third vessel was deployed in January, 2017. The remaining seven vessels which are to be new builds, will be deployed over the second half of 2017 following their delivery.