09-06-2016, 09:55 PM
Despite the existing challenging O&G conditions.
Atlantic Navigation Holdings (Singapore) Limited ("Atlantic Navigation" or the "Company", and together with its subsidiaries, the "Group"), a leading provider of marine logistics services in the Middle East, is pleased to announce that it has signed Shipbuilding Agreements with a shipyard in the People's Republic of China ("P.R.C.") for the supply of 5 Maintenance/Work/Utility vessels and 2 Anchor-Handling Tug, Supply and Safety Standby vessels. The vessels will, upon delivery in the third quarter of 2017, be deployed under firm five-year charters to support the operations of a Middle Eastern National Oil Company ("NOC") in the Arabian Gulf.
The vessels will be built in the P.R.C. at a total cost of approximately US$45 million (including vendor-sourced equipment and mobilisation). The Group will be using a combination of borrowings and internal resources to fund the building of these seven new-builds. The acquisition of the new vessels is not expected to have a material impact on the Group’s results for the financial year ending 31 December 2016.
Atlantic Navigation Holdings (Singapore) Limited ("Atlantic Navigation" or the "Company", and together with its subsidiaries, the "Group"), a leading provider of marine logistics services in the Middle East, is pleased to announce that it has signed Shipbuilding Agreements with a shipyard in the People's Republic of China ("P.R.C.") for the supply of 5 Maintenance/Work/Utility vessels and 2 Anchor-Handling Tug, Supply and Safety Standby vessels. The vessels will, upon delivery in the third quarter of 2017, be deployed under firm five-year charters to support the operations of a Middle Eastern National Oil Company ("NOC") in the Arabian Gulf.
The vessels will be built in the P.R.C. at a total cost of approximately US$45 million (including vendor-sourced equipment and mobilisation). The Group will be using a combination of borrowings and internal resources to fund the building of these seven new-builds. The acquisition of the new vessels is not expected to have a material impact on the Group’s results for the financial year ending 31 December 2016.