Commitment to purchase one new OSV and four new Crew/Utility Vessels

By 10 February, 2010Announcements

• Purchase of AHTS against a 5 year contract
• Purchase of 4 new Crew/Utility Vessels

As stated in MIO’s ASX announcement dated 31 December 2010, funds received from its recent vessel sales, including the sale of Miclyn Constructor II, are earmarked for deployment into expansion opportunities in other Offshore Service Vessel (“OSV”) classes and continued fleet renewal and expansion in the Crew/Utility Vessel segment.
In line with this, MIO has purchased a 5500 BHP Anchor Handling Tug/Supply Vessel (“AHTS”) against a 5 year contract with a key customer in Thailand. The vessel will be renamed “MEOTHAI1” and will commence work in February 2011. MEOTHAI1 will be 50% owned through MIO’s Thailand joint venture.

MIO has also contracted to purchase 4 new Crew/Utility Vessels from a Singaporean shipyard operator with deliveries scheduled for June 2011 (3 units) and July 2011 (1 unit). These vessels are targeted for deployment in the Middle East and South East Asia against upcoming fleet renewal and expansion opportunities in each location.
MIO will continue to apply funds in line with its strategy of expansion in the OSV segment and renewal and expansion in the Crew/Utility Vessel segment to generate attractive returns for shareholders.

Outlook
The contract win and vessel acquisitions reaffirm MIO’s confidence in sustaining strong growth in the 2nd half of financial year 2011 and beyond.

Delivering Operational Excellence