US$130m Contract Award from Chevron, CEO Employment Contract Renewal

By 10 May, 2012Announcements

10 May 2012

US$130m Contract Award from Chevron, CEO Employment Contract Renewal

Miclyn Express Offshore (“MIO”) is pleased to announce that it has been awarded a 5 year contract worth approximately US$130 million for 21 Crew/Utility Vessels to service Chevron`s production logistics in the Gulf of Thailand. The new contract is a continuation of a long standing relationship between MIO and Chevron in the region, under which MIO provides all of Chevron Thailand’s Crew/Utility Vessel requirements and a number of larger Offshore Support Vessels. The contract will be executed jointly by MIO and its Thai Joint Venture, Uniwise Offshore.

CEO Diederik de Boer said “MIO is proud to be a provider of choice to Chevron’s SouthEast Asian operations. As Chevron has grown in the region, MIO has been able to expand its service offering through continued operational excellence, safety performance and investment in the region. We look forward to continuing this growth and further developing this mutually beneficial relationship. This is a landmark deal for MIO and provides us with a strong earnings base for the next several years”.

MIO is also pleased to announce that CEO Diederik De Boer has renewed his employment contract for an additional 2 years. Chairman Neil Hamilton said “we are delighted that Diederik has committed to extend his employment contract, providing stability in the leadership of MIO going forward. Diederik’s dedication and passion for the business has been the driving force behind its success. The Board looks forward to working with Diederik in continuing to deliver value to our shareholders.” “We still expect Financial Year 2012 EBITDA to be up 20-25% on Financial Year 2011” said Mr Hamilton. 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.

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