Atlantic orders liftboat

Atlantic Navigation Holdings has ordered a new self-propelled self-elevating liftboat vessel as part of its expansion efforts.

The new vessel will be the second liftboat in the group’s fleet, the first being a jack-up rig which was acquired in 2012 and converted to an accommodation barge.

The liftboat will be built in Guangzhou province in China at a total cost of about $46m and is expected to be delivered in December 2015.

Atlantic said it will use bank borrowings and internal resources to fund the newbuilding.

It also has an option to build an additional vessel with the same undisclosed shipyard which can be exercised within six months.

“Our utilisation rate continues to run high at over 90% and our first liftboat, which was deployed in January 2013, has contributed to the improvement in our revenue and operating results,” said Atlantic Navigation chief executive Wong Siew Cheong.

“With this acquisition, we continue to drive our marine logistic services business towards higher yielding segments of the market.

“Notwithstanding competitive pressures and barring unforeseen circumstances, we remain positive on the charter prospects in the markets where we currently operate.

“We are also developing strategic opportunities in new markets and will continue to strengthen our fleet and broaden the marine spread offered to potential clients.”

Atlantic Navigation owns, operates and charters a fleet of 14 offshore support vessels primarily in the Middle East and India.

The company added a vessel in January 2014 that is currently deployed on a three-year charter with a two-year extendable option.