Atlantic Navigation Holdings, a provider of marine logistics services in the Middle East, has signed a shipbuilding agreement with a shipyard in China for a new liftboat.
The total cost of the order is approximately $56 million, which is inclusive of vendor-supplied equipment, retrofit and mobilisation costs.
The company says it expects to take delivery of the new vessel in December 2015, and the acquisition will be funded through a combination of bank loans and internal resources.
The new vessel is intended to be deployed as part of a tender for projects being carried out by a customer that is based in the Middle East, Atlantic Navigation said on Tuesday. The vessel’s specifications are tailored to the region’s operating environment and unique customer requirements.
Commenting on the Acquisition, Wong Siew Cheong, Executive Chairman and CEO of Atlantic Navigation, said, “Despite current low oil price, the level of offshore activities in the Middle East region remains relatively stable as production capacities of national oil companies and major producers are being maintained. We are well placed to take advantage of the situation due to our track record and knowledge of the operational needs in the region.”