Singapore-listed offshore specialist Atlantic Navigation Holdings has signed a shipbuilding agreement with a shipyard in China for a new liftboat which is to be deployed to the Middle East.
The Middle East offshore support specialist said it will pay a total of $56m inclusive of vendor-supplied equipment, retrofit and mobilisation costs. The acquisition will be funded through a combination of bank loans and internal resources.
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.”
Atlantic said it expects to take delivery of the vessel in December 2015.