• May 25, 2018
    Last updated 1 minute ago

shipping

Gulf Navigation eyes majority in offshore group

Planned acquisition of controlling stake in Atlantic Navigation subject to board and regulatory approval

Staff Report
19:21 January 28, 2018

Dubai: Gulf Navigation Holding said on Sunday that it was in discussions to acquire a majority stake in Atlantic Navigation Holdings, a listed offshore logistics group.

Atlantic, which has total assets of $177 million (Dh650.12 million), operates out of the UAE, serving customers in the Middle East and India with a fleet of 25 vessels.

Gulf Navigation went on to say that Atlantic has seven new offshore support vessels on order, built to fulfil contracts awarded by an unnamed Middle Eastern national oil company (NOC), with a potential contract value of $236 million.

According to the statement, the potential acquisition will allow Gulf Navigation to have integrated capabilities across the entire services supply chain associated with oil and gas.

The completion of the transaction is subject to the satisfactory completion of due diligence, in addition to approvals from the respective boards and regulatory authorities.

Khamis Juma Bu Amim, group chief executive of Gulf Navigation Holdings, said in a separate statement: “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.”