The Middle-East-focused marine logistics services provider Atlantic Navigation Holdings (Singapore) Limited has won long term charters for 10 OSVs with a combined value of around $236m from a Middle Eastern national oil company.
The 10 vessels will go on a firm five-year charter with a two-year extension option to support a Middle Eastern national oil company's operations in the Arabian Gulf. The charters are for five maintenance/work/utility vessels and five anchor-handling tug, supply and safety standby vessels. Seven of these vessels will be newbuilds.
The vessels, on a firm five-year charter with a two-year extension option, will support the NOC’s operations in the Arabian Gulf.
The charters will commence progressively, with three vessels to be handed over to the NOC starting from May 2016 and the remaining seven new builds, to be deployed in 2017 following delivery.
Executive Chairman and Chief Executive Officer of Atlantic Navigation, Bill Wong, said, “We are pleased to have been awarded these ten vessel contracts. Despite the challenging industry conditions, we continue to pursue our growth strategy together with our regional partners, particularly in our core market in the Middle East.
"Atlantic Navigation will continue to strive to maintain and provide innovative and competitive marine logistic services to meet and surpass our client’s expectations. We are grateful that our client continues to place their trust in us,” Bill added.
Barring unforeseen circumstances, these contracts secured are expected to contribute positively to the net tangible assets and earnings per share of the Group for the financial year ending 31 December 2016.
The Group was established in the UAE in 1997, and completed a reverse takeover of Fastube Limited on 30 July 2012. The entity was renamed as Atlantic Navigation Holdings (Singapore) Limited and has been trading under this name on SGX Catalist since 1 October 2012.