Miclyn Express Offshore (“MIO”) is pleased to announce that it’s new business unit,
Express Offshore Solutions (“EOS”), has secured four project and pipe transportation
contracts to date totalling US$16.7m in revenue. These contracts involve the direct or
transshipment transportation of pipes and project cargo using cargo vessels, tugs and
barges. EOS is currently active in the Asia Pacific region including Australia. Execution of
the present awards will extend until February 2012. The largest of these projects involves
transport of line pipe from India to SE Asia for development of a Korean managed
offshore LNG development project.
EOS requires a low capital commitment and leverages on MIO’s existing assets, at
present utilising three tugs and four barges.
Chief Executive Officer Diederik de Boer said “The award of these four contracts will
establish a track record for EOS and increase competitiveness for future pipe
transportation projects in the Oil and Gas segment in the Middle East, Asia and Australia,
where we are seeing a strong pipeline of opportunities. The progress of EOS is extremely
pleasing considering the business was formed less than six months ago. We look
forward to further extending this new earnings stream as we aim to become a dominant
player in project and pipe transportation.”