Australian Contract Wins

By 18 February, 2011Announcements

Miclyn Express Offshore Limited’s (“MIO”) Australian Joint Venture, Samson Express Offshore (“Samson”), has secured a contract for three vessels with John Holland Pty Ltd in relation to port expansion at Cape Lambert in the Pilbara region of Western Australia. The contract will utilise one Tug, one Barge, and one Crew Transfer Vessel. Samson will charter in the Crew Transfer Vessel from a third party, and the barge from MIO. The vessels will commence work in February 2011 for a firm contract period of 12 months, with extension options in place. Total value of the firm contracts is estimated at A$6.5 million.

The Company is also pleased to announce that pursuant to the award of contract by Schenker Australia Pty Ltd announced on 23 August 2010, the project is currently utilising 1 Offshore Service Vessel (“OSV”), 4 Tugs and 5 Barges for the Chevron Operated Gorgon Project. This spread of 10 vessels is better than the expected utilisation of no more than 3 Tugs and 4 Barges at any one time, as was announced on 23 August 2010. The vessels are contracted at staggered periods ending between March and August 2011, with extension options in place.

The Gorgon Project is operated by an Australian subsidiary of Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47 percent), ExxonMobil (25 percent) and Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (one percent) and Chubu Electric Power (0.417 percent).
These contracts are another step towards increasing MIO’s Australian content in line with the Company’s geographical growth strategy.

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