Singapore’s offshore vessel owner Atlantic Navigation has secured work for ten of its offshore supply vessels in the Middle East.
The company on Friday said the combined value of the vessel charters was $236 million. The vessels will work for an undisclosed national oil company.
According to Atlantic Navigation, the company will supply five Maintenance/Work/Utility vessels and five Anchor-Handling Tug, Supply and Safety Standby vessels, of which seven will be new builds.
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 start 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, the ship owner said.
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.”
Elsewhere in the OSV sector, Singapore’s Vallianz secured new long-term charter contracts for the supply of 13 Offshore Support Vessels (OSVs), also to a national oil company in the Middle East (NOC). The contracts are worth up to $210 million in total.