Recently acquired offshore support vessels are set to drive strong profit growth at Singapore offshore company Atlantic Navigation, say analysts.

The Middle East-focused company saw Ebitda margins recover strongly after Covid-19 on the back of higher charter rates and sustained higher utilisation rates.

“Earnings growth in 2024 should be underpinned by full-year contributions from newly acquired vessels as well as the completion of a newbuild vessel in the second quarter of 2024,” said UOB Kay Hian.