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Atlantic Navigation buys $46m new liftboat at Chinese yard

Atlantic Navigation buys $46m new liftboat at Chinese yard
Atlantic Navigation will buy a new self-propelled, self-elevating liftboat vessel as part of the company’s fleet upgrading and expansion programme.

The new liftboat will be built in China’s Guangzhou province at a cost of about $46m, and delivery is expected in December 2015. Atlantic Navigation also has an option to construct an additional vessel with the same shipyard.

The new liftboat will be the second vessel in the group’s fleet, the first being a jack-up rig which the group acquired in 2012 and converted to an accommodation barge.

“Our utilisation rate continues to run high at over 90% and our first liftboat, which was deployed in January 2013, has contributed to the improvement in our revenue and operating results,” said Wong Siew Cheong, executive chairman and ceo of Atlantic Navigation.

“With this acquisition, we continue to drive our marine logistic services business towards higher yielding segments of the market. We are also developing strategic opportunities in new markets and will continue to strengthen our fleet and broaden the marine spread offered to potential clients,” he added.

Atlantic Navigation currently has a fleet consisting of 14 vessels. It also has two vessels under construction, one of which is a 60.5-metre multi-purpose offshore support vessel which is slated to hit the waters at the end of the month.