Atlantic Navigation Completes Disposal of Offshore Support Vessels; Shares Jump 3%

MT Newswires

Oct 24, 2024

Atlantic Navigation (SGX:5UL) completed the disposal of 20 of its offshore support vessels to MAG Offshore Investment for an aggregate consideration of $183.0 million, according to a filing with the Singapore Exchange on Wednesday.

The disposal of the vessels was carried out through wholly owned subsidiaries, Atlantic Maritime Group and Atlantic Ship Management.

The company reported a gain on disposal of about $20.6 million.

Meanwhile, the sale of AOS Neptune, which amounts to roughly $14.0 million, will be completed by Oct. 31.

Net proceeds will be distributed by way of a proposed capital reduction, proposed cash distribution and proposed special dividends.

Shares of the offshore marine company surged over 3% in recent trading.

Price (SGD): S$2734.90, Change: S$+5.5, Percent Change: +0.20%

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