Gulf Navigation Holding PJSC (GulfNav), a Dubai shipping company, revealed its latest acquisition plan and plans to acquire a majority stake in Atlantic Navigation Holdings Singapore, a unit of the integrated marine service provider.
GulfNav said the company is in discussions with major oil companies in the Gulf to provide key project solutions and offshore services. The company introduced that potential acquisitions will drive the business forward.
GulfNav said the company will be able to provide integrated capabilities throughout the oil and gas-related service supply chain, from providing comprehensive support services to offshore(welding overlay,flange,pipe spooling) oil installations and managing, shipping and delivering petrochemical derivatives to international markets.
Khamis Juma Buamim, CEO of GulfNav Group, said the investment marks an important milestone in GulfNav's shipping strategy for the development of its products in the offshore oil and gas sector in Asia. At the same time, GulfNav will also play an important role in the offshore support vessels and oil and gas markets in the region.
It is understood that Atlantic has a total assets of 177 million U.S. dollars in total assets, operating outside the United Arab Emirates, serving the Middle East and Indian customers. Atlantic is engaged in providing maritime logistics services, ship repair, manufacturing and other maritime services. The company currently operates a fleet of 25 vessels, including AHTs, AHTSs, jack-up barges, barges for marine cargo, tugs, offshore support vessels and lift vessels. In addition, the company manages a wide range of vessels. In the meantime, the company's Atlantic Maritime Group FZE has also set up seven offshore support vessels under the WVS Group, which was ordered by an unnamed Middle Eastern oil company with a potential contract value of $ 236 million.
GulfNav(welding overlay,flange,pipe spooling) last year announced plans to expand the fleet, by 2021 the company plans to achieve revenue growth of 300%, the fleet doubled. The company aims to reach 20 vessels by fleet in 2020, 6 of which will be delivered in 2018.
Through investments in the Atlantic, GulfNav will own a total of 32 vessels including seven newbuildings. Wong Siew Cheong, GulfNav's chief executive and Atlantic chief executive, said the company will provide Atlantic with new strategic and financial resources to implement its growth plan that will enable it to expand its reach. On the other hand the company will provide its talent with a wider range of opportunities.