Gulf Navigation has signed an agreement to provide maritime services to Dana Gas for its Zora Gas Field Project off the coast of Sharjah and Ajman.
The shipping company will prove logistics, transportation, marine and passenger and crew handling services to Dana Gas , it said in an e-mailed statement to Gulf News on Wednesday.
Gulf Navigation is reportedly facing mounting debt and had two oil tankers seized in 2013 that were later sold.
Earlier in August, the Dubai-based company said it had reached an agreement with Bermuda-based Nordic American Tankers Limited, one of its major creditors, to settle a debt of $10.16mn by issuing convertible bonds.
“Gulf Navigation is currently in negotiations with other creditors to reach mutually satisfactory outcomes,” the company had said in a statement at the time.
