Gulf Navigation will soon disclose fresh growth plans which will help double its fleet to 20 by 2020.
"We acquired the first one, we are in discussion for additional acquisitions and actually maybe by September we will have an announcement," chief executive Khamis Baumim told Bloomberg.
Gulf Navigation currently owns six chemical tankers an four crew boats.
Last summer the company announced plans to bring its fleet to 20 ships by 2020.
Baumim said a newly acquired well stimulation vessel is working in Saudi Arabia and is set to return to the United Arab Emirates for retrofit for entry into the offshore market.
"Well stimulation becomes part of our portfolio going forward and that will start with one and potentially three vessels of this kind," he said.
Looking forward, Baumim said he sees "a lot of potentials" for growth in the oil and gas sector, particularly with delivering petrochemicals to China and developing plans for delivery and refining capacity with Saudi Arabia and UAE.
Return to red
Gulf Navigation today reported a loss of AED 14.8m ($40.3m) for the second quarter versus an AED 19m profit during the same period last year.
Revenue grew to AED 71.1m from AED 60.4m but operating costs also went up to AED 56.3m from AED 39m.
