Atlantic Navigation provides 8 vessels for Qatar project

Atlantic Navigation provides 8 vessels for Qatar project

Singapore: Atlantic Navigation Holdings (Singapore) has mobilised eight vessels to the marine spread of an existing client undertaking an infrastructure project in offshore Qatar.

Five vessels have been supplied from Atlantic Navigation’s owned fleet and a further three ships have been cross-chartered from third parties.

Atlantic Navigation is considering adding two more vessels to support the project. Including these vessel options, the total contract value for the charters in the project will be approximately $8m for 10 vessels, with an average charter period of 4.5 months per vessel.

“Whilst redeployment of the required vessels from other charters had resulted in some downtime, the project will provide stronger underlying support for our overall fleet utilisation through first quarter of 2015,” said Mr. Wong Siew Cheong, Executive Chairman and CEO of Atlantic Navigation.

“We remain positive of the prospects in the markets where we currently operate, and will continue to closely engage our clients in the infrastructure space as we aim to capture a greater proportion of their requirements for offshore support vessels.” [20/10/14]