Atlantic Navigation buys accommodation vessel

Singapore-listed OSV player Atlantic Navigation has snapped up an accommodation work boat for $11m.

The 2016-built Berkat Teguh, Equasis lists under Malaysia’s Shapadu Marine, is expected to enter service by March 2024.

The vessel will undergo modification works to suit applicable contracts in the Middle East and Atlantic Navigation said it expects about $1.6m in additional costs.

The company will fund the deal via a four-year $12m loan from one of its principal bankers inthe Middle East. The loan will be secured against the Berkat Teguh and two other ships, acquired in October 2022 and May 2023.

Atlantic Navigation’s marine logistics services division operates a diversified fleet of 20 vessels, including one newbuild.