28 March 2012
Express Offshore Solutions Contract Awards
Miclyn Express Offshore (“MIO”) is pleased to announce that its 70% owned business, Express Offshore Solutions (“EOS”), has secured further project and pipe transportation contracts totalling US$14.1m in revenue. These contracts involve both direct and transhipment transportation of pipes from fabrication yards to installation vessels using cargo vessels, tugs and barges.
The projects are taking place in South East Asia as well as the Middle East, with the execution of the present awards extending until October 2012. The largest of these projects involves transport of line pipe in Malaysia for a major offshore installation Contractor on a large pipeline installation project. The EOS business requires a low capital commitment and leverages strongly on MIO’s existing assets. EOS will be utilising six tugs and five barges from MIO’s fleet for these new projects. Chief
Executive Officer Diederik de Boer said “The award of these contracts further enhances EOS’ competitiveness in a niche market. Clients are showing confidence in the management, execution methods and equipment provided by EOS and MIO. EOS has already exceeded expectation in its first year of operations and is well on track to becoming a dominant player in the project and pipe transportation market.” About MIO Miclyn Express Offshore is a leading provider of service vessels to the expanding offshore oil and gas industry, across South-East Asia, Australia and the Middle East. The Group charters a diverse range of OSVs, Crew/Utility Vessels, Tugs, Barges and Coastal Survey Vessels to a wide range of customers operating across all phases of the offshore oil and gas cycle, namely exploration, development and production, as well as project transportation and the offshore civil construction industry. The Group operates a vertically integrated business model through its vessel chartering and shipyard businesses. The shipyard provides in-house vessel newbuilding, conversion, repair and maintenance services, as well as third party vessel conversion, repair and maintenance services when spare capacity exists.
For further enquiries, please contact: Adam Clayton GM, Corporate Finance & Investor Relations Miclyn Express Offshore Tel: +65 6829 6122 Mob: +65 8298 5155