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Publish Date : 01-Sep-2012

Atlantic Navigation Holdings (Singapore) Limited on Friday said it had acquired a jack-up rig to fulfil a US$28.8 million (S$36 million) jack-up accommodation barge charter contract it has secured.

The contract for an initial period of two years has an option to extend for a year, bringing the potential contract value to about US$43.3 million.

The barge is to be used by an oil company to support its oil and gas activities in offshore Abu Dhabi.

The group acquired a jack-up rig to be converted into an accommodation barge for the charter contract. It is expected to be mobilised for work in the field before the end of 2012 after its refurbishment and modification.

The acquisition and conversion of the jack-up rig will be funded through internal resources and bank borrowings.

The group didn\'t disclose the price of the rig. It said the charter contract isn\'t expected to have a material impact on its earnings for the financial year ending Dec 31, 2012, but is expected to have a positive impact in the financial year ending Dec 31, 2013.

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