The International Foundation for Aids to Navigation (IFAN) has confirmed the sale of its offshore support vessel (OSV), the OSV Relume, which has played an important role in supporting the work of its subsidiary, the Middle East Navigation Aids Service (MENAS), for the past 19 years.
OSV Relume is a 66-berth IMO Class 2 Dynamic Positioning (DP2) vessel and Special Purpose Ship (SPS), equipped to support the latest marine survey technology. During its time with IFAN/MENAS, the vessel has been employed on both short and long-term contracts in the oil and gas industry and the emerging renewables sector.
Peter Stanley, CEO of IFAN, says the sale is necessary because IFAN wants to concentrate on its two core activities, which are the provision of Aids to Navigation (AtoN) services in the Middle East Gulf through its MENAS branch office in Bahrain, and the support of international projects for the enhancement of safety through the provision of aids to navigation.
OSV Relume was originally built in 2004 for the support of AtoN work in the Middle East Gulf, but due to the rapid advancement of AtoN technology, it became underutilised and was re-positioned to make a positive contribution to IFAN through commercial trading. As has been reported in its annual accounts, IFAN chose to follow this strategy and keep the option of further AtoN work open, but it says that now the market conditions are right to realise a reasonable value seen by an alternative owner.
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