Atlantic Navigation signs shipbuilding deals

ATLANTIC Navigation Holdings (Singapore) Limited, a leading provider of marine logistics services in the Middle East, has signed shipbuilding agreements with a shipyard in China on Thursday.

The agreements include the supply of five maintenance/work/utility vessels and two anchor-handling tug, supply and safety standby vessels, which will be deployed under firm five-year charters to support the operations of a national oil company in the Arabian Gulf, in the third quarter of 2017.

The vessels will be built at a total cost of approximately US$45 million (including vendor-sourced equipment and mobilisation).The Group will be using a combination of borrowings and internal resources to fund the construction of these seven new-builds.

Executive chairman and chief executive officer of Atlantic Navigation, Bill Wong, said, "We are pleased that despite the existing challenging industry conditions, we are continuing to secure contracts, particularly in our core market in the Middle East, and that provide us with the opportunities to grow and to diversify our fleet of owned vessels and broaden the range of services we can offer to our clients."

"Atlantic Navigation will continue to strive to maintain and provide innovative and competitive marine logistic services through our diversified fleet of modern vessels to meet and surpass our clients' expectations."