Atlantic Navigation cautious on OSV fleet expansion

Atlantic Navigation, an investment holding firm offering marine logistics services, said the group will focus on maintaining its high OSV utilisation rates, guarding against material deterioration of charter fees, while ensuring the fees remain aligned to market price level.

The group’s existing fleet upgrading and expansion programme includes contracts to build two new vessels, a PSV and a self-propelled self-elevating lift boat, with deliveries expected in September 2015 and March 2016 respectively.

“Other than fleet expansion, the group is continuing to develop strategic and synergistic opportunities within its core and target markets,” the company said.

“The group will continue to review specific opportunities within its core market in the Middle East where offshore energy and production levels are being maintained, as well as within the group’s targeted new markets,” it added.

In April this year, Atlantic Navigation completed the acquisition of a 40% equity interest in Astra Offshore, a Petronas-licensed supplier of products and services, including chartering services, to oil and gas exploration and oil and gas companies in Malaysia.

Meanwhile, Singapore-listed Atlantic Navigation boosted its first quarter net profit to $4.4m from $3m in the previous corresponding period. Revenue during the three-month period rose 22.4% year-on-year to $13.7m.