Atlantic Navigation Books Two Newbuilds

Atlantic Navigation Holdings (Singapore) Limited has through its wholly owned subsidiary, Atlantic Maritime Group FZE, entered into shipbuilding contracts for the construction and delivery of a 75 – metre platform supply vessel (PSV) and a 6,400 BHP anchor handling tug supply vessel (AHTS).

These shipbuilding contracts are part of the Group’s continuing programme to upgrade and expand its operating fleet. The new vessels will increase the size of the fleet owned by the Group to 15 vessels and provide additional capabilities and capacity to meet the needs of its clients.

Mr. Wong Siew Cheong, Executive Chairman and CEO of Atlantic Navigation, commented, “The utilisation rate for our fleet is currently running high at over 90%. We have incorporated certain features in the design of these vessels based on feedback from our clients which should give us an edge over the supply of generic vessels currently under construction. We remain positive on prospects in the markets where we currently operate, and given that we are also exploring opportunities in new markets, we will continue to upgrade and strengthen our fleet and improve the range of services offered to our clients.”

Both vessels will be built in Guangzhou province in China. The AHTS is expected to be delivered in March 2014 while the PSV is scheduled for a March 2015 delivery.

The total contract value  is approximately $28.7 million.

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Press Release, November 21, 2013