Atlantic Navigation adds to fleet

Singapore: Atlantic Navigation Holdings (Singapore), a provider of marine logistics services in the Middle East, has ordered a 75 m platform supply vessel and a 6,400 bhp anchor handling tug supply vessel. The new vessels will increase the size of the fleet owned by the group to 15 vessels. 

Wong Siew Cheong, executive chairman and ceo of Atlantic Navigation, commented, “The utilisation rate for our fleet is currently running high at over 90%. We have incorporated certain features in the design of these vessels based on feedback from our clients which should give us an edge over the supply of generic vessels currently under construction. We remain positive on prospects in the markets where we currently operate, and given that we are also exploring opportunities in new markets, we will continue to upgrade and strengthen our fleet and improve the range of services offered to our clients.” 

Both vessels will be built in Guangzhou province in China. The AHTS is expected to be delivered in March 2014 while the PSV is scheduled for a March 2015 delivery. The total contract value for the vessels is approximately $28.7m. 

The group was established in the UAE in 1997, and completed a reverse takeover of Fastube on 30 July 2012. The entity was renamed as Atlantic Navigation Holdings (Singapore) Limited and has been trading under this name on SGX Catalist.  [20/11/13]

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