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Singapore-listed OSV player Atlantic Navigation is selling its 20-strong fleet to MAG Offshore Investment for $183m.
The Middle East-focused company, which operates out of the UAE through its subsidiaries, Atlantic Maritime Group and Atlantic Ship Management, said it expects a gain on disposal of about $20.57m based on the aggregate net book value of the fleet at the end of June.
Atlantic Maritime Group will continue to manage the vessels and uphold existing charter deals after the sale, subject to shareholder approval. The company said the balance net proceeds from the disposal of about $120m, after costs and expenses, including repayment of debts, would be distributed to shareholders.
Following the fleet selloff, which amongst other vessels includes lifboats, PSVs and anchor handlers, Atlantic Navigation will retain one jackup barge under a call option agreement with another buyer that expires in February next year.
“After the proposed disposal, the Group will continue to provide shipmanagement services and will be predominantly an asset-light ship manager as opposed to being a shipowner and manager,” Atlantic Navigation said in a stock exchange filing. |
