Atlantic Navigation Holdings Singapore (SGX:5UL) will sell its fleet of 20 offshore support vessels to MAG Offshore Investment LLC's units for $183 million, according to a Monday filing on the Singapore Exchange.
The sale requires shareholder approval and will lead to a capital reduction and special interim dividend.
Atlantic Maritime Group FZE, a unit of Atlantic Navigation Holdings, will continue to manage the vessels and uphold existing charter agreements post-sale.
The vessels, with a net book value of $162.43 million as of June 30, are expected to generate a gain of approximately $20.57 million from the sale. The fleet's average market value is $182.95 million.
After the sale, the group will retain the jack-up barge "Delta 22" and shift its focus to asset-light ship management and marine logistics services.
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