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GulfNav to buy stake in offshore service provider Atlantic

United Arab Emirates (UAE) based shipping company Gulf Navigation (GulfNav) is planning to buy a majority stake in integrated offshore supply service provider Atlantic Navigation Holdings (Singapore) for an undisclosed sum.

The proposed acquisition is expected to help GulfNav to provide key project solutions and offshore services to major oil companies operating in the Gulf Region.

It will also allow GulfNav to acquire interest in 32 Atlantic vessels, including a fleet of 25 existing ships and a further seven offshore service vessels (OSVs) that are currently on order.

Atlantic Group is currently the owner of 17 ships out of its 25-vessel fleet, while two are jointly owned and the remaining six are either cross chartered or managed by the group.

The seven OSVs on order will be deployed as part of contracts awarded by a Middle East National Oil Company (NOC) under five-year charter, which features an option to extend for an additional two years.

The deal has a potential value of $236m.

Atlantic primarily offers integrated offshore supply solutions for the marine logistic sector, as well as ship repair, fabrication and other marine services.

The company also owns a 50% interest in a consortium that is responsible for undertaking a $45m deconstruction project with a Middle Eastern NOC.

GulfNav Group CEO Khamis Juma Buamim said: “This investment marks a major milestone in Gulf Navigations 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 Gulf Cooperation Council (GCC) regional OSV oil and gas (O&G) market.”

GulfNav currently owns and operates its own fleet of chemical tankers and offshore vessels.

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