Atlantic Navigation

Atlantic Navigation: RTO Trading likely to debut on Monday, 1st Oct. Atlantic Navigation is the new entity that has emerged from the reverse takeover of Fastube. The reverse takeover was transacted at $146m, involving an issue of 228.1m new consolidated shares at $0.64 per share, which resulted in the concert parties holding 93.7% of shares outstanding. To meet SGX listing rules, a compliance placement was carried out, involving an additional issue of 17m new shares and sale of 33m vendor shares at $0.64 each. An integrated offshore services provider, incorporated in The Hamriyah Freezone (UAE), the group’s business activities has more than 15 years of operations and has consistently been able to secure charter contracts and ship repair and fabrication projects in the Middle East and India. The group suffered from weaker charter rates in FY11 compared to FY10. However, management has guided for charter rates to remain relatively stable or increase in FY12 in line with the recovery in the level of activities in O&G. Going forward, grp aims to broaden its customer base by intensifying its sales and marketing efforts to secure new customers in other regions such as South-east Asia, Africa and Mexico. The group intends to expand its fleet of vessels to serve customers in the offshore O&G industry and procure more long term chartering contracts and targets to acquire 2 to 3 new vessels in FY12 and FY13. We have done an RTO factsheet on the Co, which could be accessed via the following link or downloaded off the left hand tool bar.