SINGAPORE (June 30): Atlantic Navigation Holdings (Singapore), the provider of marine logistics services in the Middle East, says it has won a tender valued at US$6 million ($8.1 million) from a Norwegian oil and gas company.

The tender is to provide a crew boat on a three-year contract with an option to extend the charter for another year.

In order to fulfil the charter requirement, Atlantic Navigation has to purchase another new vessel for US$4.5 million which is expected to be delivered by mid-July 2015.

This will increase the size of the group’s fleet to 17.

To be built by Damen Shipyards Group in Holland, the purchase is expected to be funded by a combination of internal resources and bank loans.

The vessel is expected to be deployed for service off the shore of Oman by mid-August 2015.

Commenting on the contract win, Wong Siew Cheong, Executive Chairman and CEO of Atlantic Navigation, said, “Our business has proven to be resilient amid global uncertainty in the oil and gas sector. Offshore activities remain relatively stable and undiminished in our core Middle East market, as evidenced by this new vessel heading to Oman on a long term charter, and for an entirely new customer no less. We are glad to have this opportunity to diversify our customer base and to continue growing our fleet.”

Atlantic Navigation last closed at 4.7 cents.