Two major shareholders in Singapore offshore support vessel operator Atlantic Navigation Holdings have said they are “exploring strategic options” for their stakes in the company.
The two parties were named as Saeed Investment and current company chief executive of the Singapore-listed company Wong Siew Cheong.
Saeed Investment, which invested in the company back in 2018 at around 9.9 US cents per share, holds 50.22%; while Wong holds a direct stake of 31.82%.
Atlantic Navigation confirmed the developments in a regulatory filing after it received a query from the Singapore Exchange Regulation (SGX RegCo) on its “unusual price movements”.
“As at the date of this announcement, the significant shareholders have informed us that the discussions are on a preliminary basis and no definitive agreements in relation to any transactions have been entered into,” Atlantic Navigation said.
“There can be no assurance or certainty that any discussions will be successfully concluded and any definitive agreements be entered into.”
Earlier this month, Atlantic Navigation saw its first-quarter net profit more than double to $4.84m on the back of the strengthening offshore market.
“While there are headwinds from the current elevated interest rate environment, the offshore sector dynamics continues to remain favourable to vessel owners and operators,” Wong said.
Earlier this month, Atlantic Navigation also confirmed that it had acquired the multipurpose utility vessel Team Clio (built 2019) for around $5.5m from an unrelated third party in the Middle East.
The bulk of the purchase price was funded from a $20m medium term loan secured in March while the remaining purchase price was funded by internal resources.
The 54-metre-long vessel, which is classed by ABS, is expected to be predominantly working in the Middle East.
Atlantic Navigation describes itself as an investment holding company with an integrated offering of marine logistics services as well as ship repair, fabrication and maintenance services.
It currently owns, operates, and charters its fleet of 19 OSVs including lift-boats, anchor handling tug supply vessels, platform supply vessels, dive support vessels and crew boats.
