SINGAPORE (Jan 31): Shares of integrated offshore supplier Atlantic Navigation Holdings have surged over 30% by 4 cents this week since Sunday’s announcement of its possible majority stake acquisition by Dubai-listed Gulf Navigation Holding PJSC (GulfNav).

Atlantic is the provider of marine logistic services, ship repair, fabrication and other marine services. With total assets of $177 million, it operates out of the United Arab Emirates (UAE) and serves primarily customers in the Middle East and Asia.

The group also owns a 50% share in a consortium to undertake a US$45 million deconstruction project with a Middle Eastern NOC.

See: Atlantic Navigation consortium awarded $63 mil project

Under the terms of the agreement, Atlantic Navigation has the first right of refusal in providing the entire marine spread required for the project, which entails demolition and removal of offshore and onshore structures in an abandoned oilfield in Abu Dhabi.

To recap, GulfNav on Jan 28 said it is in discussion to acquire a majority stake in Atlantic Navigation, while also being in discussion with “major oil companies in the Gulf region” to provide key project solution and offshore services.

Its potential acquisition of Atlantic Navigation, it added, will propel the business forward and create added opportunities that both companies can deliver.

According to a report from Lim & Tan Securities this morning, the proposed transaction may comprise of the sale of shares from a major shareholder of Atlantic Navigation, and/or issuance of new shares of the company.

As at 11:08am, shares in Atlantic are trading 1 cent higher at 18 cents.