US$23m Contracts Awarded, New Vessel Acquisition

By 13 February, 2012Announcements

Miclyn Express Offshore Limited (“MIO”) is pleased to announce new long term charter contracts for two of its highest value, specialised Offshore Service Vessels (“OSVs”). The Miclyn Enterprise will commence a two year contract with a key customer in Thailand in February 2012. The Miclyn Endeavor (formerly Solstice) will commence a two year contract with a leading underwater contractor in March 2012. The aggregate value of the contracts is approximately US$23 million.

The Company is also pleased to announce that it has purchased a new Multicat Tug, Zumaia VII (to be renamed Samson VII). The vessel is designed specifically to support near shore civil construction projects. The new vessel will follow her sister vessel, Samson VI, into Australian waters to meet the growing demand for vessel services generated by the high level of activity in the development of the mining and LNG sectors in the region.

CEO Diederik de Boer said “the strategy of MIO is geared towards maintaining high levels of utilization. We are delighted to have secured long term contracts for two of our highest value assets. The addition of Samson VII will further increase our exposure to near shore civil construction projects in Australia and judging by the demand for her sister vessel, she is a welcomed addition to the fleet. As stated at our recent AGM, we expect Financial Year 2012 EBITDA to be up 20-25% on Financial Year 2011”.

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