News

2018 January 29 11:09

Gulf Navigation Holding PJSC to acquire a majority stake in Atlantic Navigation Holdings (Singapore) Limited

Gulf Navigation Holding PJSC  (GulfNav) is in discussion to acquire a majority stake in Atlantic Navigation Holdings  (Singapore) Limited (“Atlantic”), the company said in its press release. Atlantic is an integrated offshore supply operation engaged in the provisioning of marine  logistic ser vices, ship repair, fabrication and other marine services. Atlantic operates out of the UAE  serving primarily customers in the Middle East and India. Atlantic is an offshore marine logistic  services group listed on the Singapore Stock with total assets of $177m.

Gulf Navigation is in discussion with major oil companies in the Gulf Region to provide key  project solution and offshore services. This potential acquisition will propel the business  forward and create added opportunities that both companies can deliver. 

Furthermore, Atlantic currently operates a fleet of 25 vessels which  comprises a variety of  AHT, AHTS, jack - up accommodation barges, offshore cargo barges, towing tugs, offshore  supply vessels and Lift boats. In addition, manages a fleet of assorted vessels. Out of this fleet,  17 are wholly owned by the Atlantic Group, 2 are jointly owned and 6 are cross chartered or  managed by the Group. In addition, Atlantic has on order 7 new OSVs which are built to fulfill  part of contracts awarded by a Middle East National Oil Company (NOC) for charter for a total  of 10 OSVs comprising of AHTSs and Utility Vessels. The duration of charter is 5 years plus  2 years option with a potential contract value of USD236 million. 

Atlantic also owns a 50% share in a Consortium to undertake a US$ 45 m deconstruction project  with a Middle Eastern NOC. The project is the first of its kind and entails demolition and  removal of offshore and onshore structures in an abandoned oilfield in  Abu Dhabi.

Under the  terms of the Consortium Agreement, Atlantic has the first right of refusal in providing the entire  marine spread required for the project.  Through this investment in Atlantic, GulfNav will have  an interest in 32 vessels including 7 newly built.