JUNE 9, 2016 — Atlantic Navigation Holdings (Singapore) Limited has signed shipbuilding agreements with an undisclosed shipyard in China covering construction of five Maintenance/Work/Utility vessels and two Anchor-Handling Tug, Supply and Safety Standby
On delivery in the third quarter of 2017, they will be deployed under firm five-year charters to support the operations of a Middle Eastern National Oil Company in the Arabian Gulf.
The total cost (including vendor-sourced equipment and mobilisation) will be around US$45 million.
Atlantic will use combination of borrowings and internal resources to fund the building of the seven vessels.
"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," said Executive Chairman and CEO Bill Wong. "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."