Marine logistics services provider Atlantic Navigation has been awarded a $45.2 million project for the purchase and removal of decommissioned offshore and onshore facilities by a Middle Eastern national oil company (NOC).
The company said on Tuesday that the contract was won by its subsidiary, Atlantic Ship Management, as part of a consortium with Oceanus Co. Ltd. Korea. Atlantic Navigation has a 49% interest in the consortium.
Atlantic added that the consortium, named Oceanus-ASM, won the contract on April 19. The project is expected to start in June 2017 and should be completed within 18 months.
The project will be jointly managed and operated by both parties under the Oceanus-ASM while Atlantic will also be responsible for providing the marine spread of about seven vessels to support the offshore phase of the project.
Executive Chairman and CEO of Atlantic Navigation, Bill Wong, said: “Oceanus-ASM has been working to secure the project for about two years. The company’s effort in pursuing the project is part of its corporate strategy to diversify and increase its market penetration in the oil and gas sector in addition to its existing core marine logistics business.”