Dubai – Mubasher: Gulf Navigation Company on Sunday announced that it had achieved significant progress in its negotiations to acquire a major stake in Singapore-based Atlantic Navigation Holdings.
The planned acquisition will create more investment opportunities for the UAE-based company in partnership with major oil corporations in the GCC, Gulf Navigation said in a statement, noting that the deal would serve its strategy to diversify its revenues.
Atlantic Navigation Holdings owns 50% of a consortium that is currently carrying out a $45 million project to dismantle and remove offshore and onshore oil installations.
Following the closure of the deal with the Singaporean firm, Gulf Navigation will operate 30 supply and maritime service ships, including seven new ships.
