Gulf Navigation moves to take over Atlantic Navigation

Gulf Navigation moves to take over Atlantic Navigation

Fast expanding Gulf Navigation from Dubai has moved to acquire a majority stake in struggling OSV operator Atlantic Navigation Holdings.

Atlantic Navigation has a fleet of 25 vessels plus another seven under construction and operates out of both the UAE and Singapore.

Atlantic Navigation, founded in 1997, has had a rocky financial performance of late with auditors voicing going concern issues about the OSV operator last year.

Khamis Juma Buamim, CEO of Gulf Navigation, commented: “This investment marks a major milestone in Gulf Navigation’s strategy to grow our offering to our customers in the regional offshore oil and gas sector. At the same time it gives Gulf Navigation a significant position in the GCC regional OSV oil and gas market.”

Buamin has been rapidly diversifying and growing Gulf Navigation since he took over at the company in 2016. Extra revenue streams since Buamim took office include agency, shipyards and shipmanagement.

The completion of the Atlantic Navigation transaction is subject to due diligence and approvals from the respective boards and regulatory authorities.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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