Atlantic Navigation Holdings, together with its wholly-owned subsidiary, Atlantic Maritime Group, has proposed the disposal of the group’s fleet for a purchase consideration of US$183.0 million ($239 million).
On Sept 9, Atlantic Navigation announced that it had entered into a conditional master delivery agreement with MAG Offshore Investment’s wholly-owned subsidiaries on Sept 5 for the former’s fleet, which comprises 20 offshore vessels.
Currently, the fleet supports Atlantic Navigation’s marine logistics division, particularly in ship charter for the offshore oil and gas as well as marine construction industries predominantly in the Middle East region.
The net book value of the fleet stands at US$162.4 million for 1HFY2024 as at June 30, while the net profit attributable to the property for the same period, came to US$21.0 million.
Based on the net book value of the fleet as at June 30, the proposed disposal is expected to result in a gain of disposal of approximately US$20.6 million.
The net proceeds from the proposed disposal is expected to come up to US$180.8 million, where US$62 million is intended to be distributed to Atlantic Navigation’s shareholders through a capital reduction exercise while US$58 million will be given back to the company’s shareholders via a special interim dividend of US$58 million.
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As at Sept 9, the proposed distribution represents an aggregate of approximately 23 US cents per share.
Shares in Atlantic Navigation Holdings 5UL closed flat at 33 cents on Sept 9.
