26 September 2012
Debt Raising, Crew/Utility Vessel Renewal
Miclyn Express Offshore (“MIO” or “the Company”) is pleased to announce that it has recently concluded a US$45 million upsize of its Term Loan Facility. A significant proportion of the proceeds will be used to reduce the balance of the Company’s Revolving Credit Facility, providing flexibility for future investment in fleet expansion. The interest margin for the upsized facility remains at 2.75% + LIBOR.
CEO Diederik de Boer said, “We are very pleased with the outcome of the facility upsize and thank our lenders for their continued support. The proceeds of the upsize provide us with increased capacity for investment and we are seeing a number of opportunities for capital deployment at strong returns. MIO remains committed to maintaining prudent gearing levels”.
In line with its fleet renewal strategy, MIO has entered into an agreement to sell 6 Crew/Utility Vessels to a Mexican counterparty and acquire 3 new Crew/Utility Vessels from a Singaporean shipyard. The average age of the 6 vessels being disposed is over 25 years and the gain on disposal of US$1.2 million will be realised in Financial Year 2013. The 3 new vessels will be injected into Uniwise Offshore, MIO’s Thai Joint Venture, in the second half of Financial Year 2013 as part of the Chevron fleet plan announced on 10 May 2012.
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