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    Atlantic Navigation orders seven newbuilds for Middle East deal

    Vessel & ROV News // June 10, 2016

    The Business Times reports that Atlantic Navigation Holdings (Singapore) Limited has signed shipbuilding agreements with a shipyard in China for a total of seven new vessels.

    The agreements include the supply of five maintenance/work/utility vessels and two anchor-handling tug, supply and safety standby vessels, which will be deployed under firm five-year charters to support the operations of a national oil company in the Arabian Gulf, in the third quarter of 2017.

    The Business Times said the vessels will be built at a total cost of approximately US$45 million (including vendor-sourced equipment and mobilisation).The group will be using a combination of borrowings and internal resources to fund the construction of these seven newbuilds.

    The company's executive chairman and chief executive officer, Bill Wong, said: "We are pleased that despite the 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."

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