Gulf Navigation Holding will add three very large crude carriers (VLCC) at a cost of SAR1.66bn ($442.6m) to the fleet of its subsidiary in Riyadh, Saudi Arabia.

The VLCCs, which have a capacity of two million barrels each in addition to a fourth already operated by the company, will replace the existing fleet of Probo ships, which will be sold.

Two VLCCs have ten-year charter contracts worth $284.7m and will be delivered in 2012 and 2013.

The third ship, Gulf Eyadah, was delivered on 26 January 2011 and started a two-year contract worth $25.6m.