Dubai-based Gulf Navigation has not followed through with its move to acquire a majority stake in struggling OSV operator Atlantic Navigation Holdings.
Gulf Navigation had reached a deal with Atlantic in January as part of its plans to expand and diversify.
Atlantic, which operates out of both the UAE and Singapore, has a fleet of 25 vessels plus another seven under construction. The company has struggled of late with auditors voicing going concern issues about the OSV operator last year.
“After extensive discussions between the Major Shareholder, the Company and GulfNav, the parties have been unable to come into agreement on the definitive terms of the Proposed Transaction. Accordingly, the parties have agreed to terminate further discussions on the Proposed Transaction,” Atlantic Navigation said in a release.
To help the company take delivery of and mobilise five of its new vessels, it has taken an $8.5m loan from Mubarak Abdullah Al-Suwaiket, the company’s country representative in the Middle East.