Acquisition of 50% of Uniwise Towage Limited

By 28 October, 2013Announcements

Miclyn Express Offshore (ASX:MIO) (“MEO” or the “Company”) is pleased to announce that it has executed a Sale and Purchase Agreement to acquire 50% of the shares in Uniwise Towage Limited (“UWT”) from Svitzer Asia Pte. Ltd. (“Svitzer”), a subsidiary of the global A.P. Moller-Maersk Group. Domiciled in Thailand, UWT operates a fleet of five (5) state of the art Marine Support Vessels (MSVs) and Utility Vessels supporting tanker lifting, static tow, drilling rig activities, anchor handling, SPM maintenance, floating hose maintenance, cargo transportation, stand-by, fire-fighting and oil spill response. The vessels are all chartered long term to oil companies in Thailand. The business has been operating since 1999 as a joint venture between Svitzer and the Unithai Group, MEO’s existing joint venture partner in Uniwise Offshore (“UWO”). MEO has agreed to purchase all of Svitzers shares in UWT for a consideration of US$18.9 million. This transaction is not expected to have a material impact on MEO’s financial results for Financial Year 2014.

Commenting on the acquisition, MEO Chief Executive Officer, Mr Diederik de Boer, said: “This acquisition is a natural extension of the position we have built up in Thailand in offshore vessel support services. We are very comfortable with our Joint Venture partners having worked with them for a number of years. The integration of UWO and UWT will be seamless given that the two businesses already share office space and resources. We look forward to developing this new venture and working with our customers in Thailand to continue to uncover new opportunities for growth through delivery of operational excellence.”

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