Atlantic Navigation orders seven newbuilds to support Middle East charter deal

Singapore-listed Atlantic Navigation has place orders with a Chinese shipyard for seven newbuild offshore vessels to support five-year charters it has won from a Middle Eastern national oil company.

The order consists of five utility and two AHTS vessels, which will all be deployed in the Arabian Gulf upon delivery, scheduled for the third quarter of 2017.

Bill Wong, chief executive officer of Atlantic Navigation, commented: “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.”

Atlantic said the total cost of the seven vessels is around $45m including equipment and mobilisation.