3 August 2012
Australian Contract Wins, OSV Acquisition
Miclyn Express Offshore (“MIO”) is pleased to announce that its Australian business, Samson Express Offshore (“Samson”), has been awarded contracts for three vessels by Saipem Leighton Consortium (“SLC”) to support construction activities at a LNG terminal development project in North-West Australia. Samson VI and Samson VII (Multicats) and Cape Mac (ASD Tug, bareboat chartered from a Third Party) will commence operation in July/August 2012 for a duration of 1 year firm, plus an option to extend for 183 days. The aggregate firm value of the three new contracts is A$24m.
CEO Diederik de Boer said, “we now have a broad range of Australian compliant vessels working on the North-West Shelf and we are delighted to extend our high quality service offering to SLC, a major player in the region. These contracts will assist in maintaining our strong levels of utilisation in the Tug fleet leading into Financial Year 2013 as well as support future earnings in our Third Party Vessel segment”.
MEO is also pleased to announce the acquisition a new 70 meter, 150 man Accommodation/Multipurpose Support Vessel to be renamed MEO Galaxy. The vessel will initially work on a medium term project in Malaysia and is targeted for a number of long term contract opportunities shaping up in the region in this promising niche segment.
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