Atlantic Navigation Finds Work for Ten OSVs in Middle East

Atlantic Navigation Provider of marine logistics services in the Middle East, Atlantic Navigation Holdings (Singapore) Limited, has received long term charter deals for ten offshore supply vessels with a combined value of USD 236 million from a Middle Eastern National Oil Company (NOC). Atlantic Navigation will supply five maintenance/work/utility vessels and five anchor-handling tug, supply and safety standby vessels, of which seven will be newbuilds. The vessels, which will be 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. 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, Executive Chairman and Chief Executive Officer of Atlantic Navigation, Bill Wong, said. Barring unforeseen circumstances, these contracts are expected to contribute positively to the net tangible assets and earnings per share of the company for the financial year ending December 31, 2016, Atlantic Navigation said.