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Atlantic Navigation, South Korea's Oceanus bag US$45.2m project

A CONSORTIUM consisting of Atlantic Navigation Holdings' subsidiary Atlantic Ship Management, and Oceanus Co Ltd Korea c/o Oceanus Co Ltd Abu Dhabi - in which Atlantic Navigation Holdings has a 49 per cent interest - had been awarded a US$45.2 million project for the purchase and removal of decommissioned offshore and onshore facilities by a Middle Eastern national oil company.

Jointly managed and operated by both parties under the Oceanus-ASM consortium, the project is expected to start in June 2017 and be completed within 18 months.

In addition to its 49 per cent interest in the project, Atlantic Navigation will also be responsible for providing the marine spread of about seven vessels to support the offshore phase of the Project.

Executive chairman and chief executive officer of Atlantic Navigation, Bill Wong, said that the consortium has been working to secure the project for about two years.

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"The company's effort in pursuing the project is part of its corporate strategy to diversify and increase its market penetration in the oil and gas sector in addition to its existing core marine logistics business."