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.