Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) revealed plans to acquire a majority stake in Atlantic Navigation Holdings (Singapore) Limited, an integrated offshore service provider.
As explained, GulfNav is in discussion with “major oil companies in the Gulf Region to provide key project solution and offshore services.” The potential acquisition would propel the business forward, according to the company.
“We will be able to have integrated capabilities across the entire services supply chain associated with oil and gas, from providing integrated support services to offshore oil installations and the ability to manage, ship and deliver petrochemical derivatives to international markets,” GulfNav said.
The completion of the transaction is subject to satisfactory completion of due diligence, boards and authorities approvals.
“This investment marks a major milestone in Gulf Navigations strategy to grow our offering … in the regional offshore oil and gas sector. At the same time it gives Gulf Navigation a significant position in the GCC regional OSV O&G market,” Khamis Juma Buamim, MD, Group CEO of Gulf Navigation Holdings PJSC, commented.
Engaged in the provisioning of marine logistic services, ship repair, fabrication and other marine services, Atlantic currently operates a fleet of 25 vessels which comprises a variety of AHT, AHTS, jack-up accommodation barges, offshore cargo barges, towing tugs, offshore supply vessels and lift boats. In addition, the company manages a fleet of assorted vessels. Furthermore, Atlantic has on order seven new OSVs.
Through this investment in Atlantic, GulfNav will have an interest in 32 vessels including the seven newly built.
“GulfNav will provide Atlantic with, on one hand, new strategic and financial resources to implement our growth plans to enable us to widen our services … and, on the other, broader opportunities for our talents,” Wong Siew Cheong, Executive Chairman and CEO of Atlantic, said.