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Miclyn Express Offshore Limited’s (“MIO”) Australian Joint Venture, Samson Express Offshore (“Samson”), has secured a contract for three vessels with John Holland Pty Ltd in relation to port expansion at Cape Lambert in the Pilbara region of Western Australia. The contract will utilise one Tug, one Barge, and one Crew Transfer Vessel. Samson will charter in the Crew Transfer Vessel from a third party, and the barge from MIO. The vessels will commence work in February 2011 for a firm contract period of 12 months, with extension options in place. Total value of the firm contracts is estimated at A$6.5 million.

The Company is also pleased to announce that pursuant to the award of contract by Schenker Australia Pty Ltd announced on 23 August 2010, the project is currently utilising 1 Offshore Service Vessel (“OSV”), 4 Tugs and 5 Barges for the Chevron Operated Gorgon Project. This spread of 10 vessels is better than the expected utilisation of no more than 3 Tugs and 4 Barges at any one time, as was announced on 23 August 2010. The vessels are contracted at staggered periods ending between March and August 2011, with extension options in place.

The Gorgon Project is operated by an Australian subsidiary of Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47 percent), ExxonMobil (25 percent) and Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (one percent) and Chubu Electric Power (0.417 percent).
These contracts are another step towards increasing MIO’s Australian content in line with the Company’s geographical growth strategy.

•Contract executed for the sale of Miclyn Constructor II and long term charter of Magellan I

•Further fleet renewal in the Crew/Utility Vessel segment

•Sale of additional OSV executed in line with pre existing contractual arrangement

Miclyn Express Offshore (“MIO”) has executed contracts involving two Offshore Service Vessels (“OSV’s”) from the company`s internal newbuilding program. Accommodation Work Barge, Miclyn Constructor II, has been sold to a Malaysian counterparty for a disposal gain of US$3.7m. The vessel will be delivered in December 2010. The sale is concurrent with the long term charter by the same party of MIO’s 8200 BHP Anchor Handling Tug, Magellan I (currently under construction in MIO’s Batam shipyard), from March 2011 for 2 years firm + 2 year extension option. The transaction has allowed MIO to strategically reduce its exposure to the Accommodation Work Barge sub segment, which has seen an increase in supply since the commencement of the MIO newbuilding program.

MIO has sold 2 of its more mature and smaller Crew/Utility Vessels in line with its fleet renewal strategy (Express 8 and Express 14). An OSV (Miclyn Might) has also been sold to a Norwegian customer as part of a pre-existing arrangement following the expiry of a long term charter. The aggregate gain on disposal for the 3 vessels is US$1.2m.

Funds received from the four vessel sales disclosed above will be deployed into expansion opportunities in other OSV classes and continued fleet renewal in the Crew/Utility Vessel segment.

Results for the calendar year ending 31st December may fall somewhat short of initial expectations, primarily due to the late delivery of the Miclyn Constructor II (now sold); the delayed realisation of anticipated Australian growth (Australian revenues have grown strongly this quarter, with an excellent pipeline of work into the second half of the financial year); and slower than anticipated recovery of the tug and barge segment (which has substantially improved this quarter, with a stable outlook in the coming months).
MIO remains on track to deliver solid growth in the second half of its 2011 financial year.

Tug and Barge Project

MIO is pleased to announce it has received confirmation from DB Schenker Australia Pty Ltd (“Schenker”) in relation to the charter of tugs and barges for transportation services from Indonesia to Barrow Island, Australia as part of services Schenker will provide to the Gorgon project. The project will commence in September, 2010 for a period of 10 months, with known potential for scope change dictated by overall project scheduling considerations. The award of this contract follows extensive feasibility and operational reviews. Barge preparation works to meet the unique Barrow Island Environmental and Quarantine requirements are being under taken at MIO’s Batam Shipyard.

The contract will utilise a range of tug and barge sizes, with staggered start and completion dates for each unit. No more than 3 tugs and 4 barges will be utilised at any one time. The Australian tug component will be operated through our Samson joint venture (“JV”) of which MIO owns 50%.

“Whilst our tug and barge fleet underperformed in financial year 2010, this contract win greatly assists in meeting forecast performance in calendar year 2010 providing the fleet with utilisation uplift at attractive margins. This contract confirms the strength of our recent Samson acquisition, combining the strengths of both organisations to provide a superior service offering. It also represents a positive step towards increasing our Australian content in line with our geographical growth strategy” said Mr Diederik De Boer, Chief Executive Officer of MIO.

Vessel sales

MIO has sold 2 mature crew/utility vessels in line with its fleet renewal strategy in this segment; Mahakam Express 1 and Express 50. These vessels were sold for a modest aggregate gain.

Tracking to forecast

MIO remains on track to achieve CY 2010 forecast, with the full-year contribution of these new contract wins supporting further earnings growth in FY 2011.

MIO continues to execute its declared strategy

•Six new crewboats purchased against long term charter contracts for operations in Thailand, UAE and Saudi Arabia

•Two Samson-owned crewboats en-route to Saudi Arabia from Australia to operate on long-term contracts

•One crewboat sold for a total disposal gain of US$0.1m

Vessel Additions and New Charter Contracts

MIO recently entered into agreements to purchase six new crewboats from third party shipyards against long term charter contracts:

All charter contracts have extension options in place (at charterers’ discretion). Crewboats operating in Thailand will be acquired through 50% owned joint venture Uniwise Offshore (“UWO”).

Samson Supplier and Samson Supporter are en-route to Saudi Arabia. They will begin work in June 2010 for 18 months firm with charter extension options in place. This transaction leverages Samson assets towards higher yielding charter opportunities through MIO customer relationships in locations with existing support infrastructure.

Aggregate revenue contribution of the firm contracts outlined above is approximately US$22.7m, of which US$9.1m is attributable to FY 2011.

Vessel Disposal

Crewboat AOS 7 has been sold to an external party who will utilise the vessel in an unrelated business segment. Total disposal gain on the sale of the vessel was US$0.1m.
Strategy Execution
The transactions outlined above are executed in line with MIO’s strategy of:

•Organic growth through fleet renewal whereby older vessels are sold and replaced with newer, higher specification vessels that achieve higher margins and are more suited to attract long term charters

•Execution of customer lead CAPEX decisions with attractive payback periods
MIO remains on track to achieve CY 2010 forecast, with the full-year contribution of these new contract wins supporting earnings growth in FY 2011.

• 50.0% acquisition of Samson completed on 8 April, 2010 for A$23.0 million
• Four vessels secure charter contracts with an aggregate value of A$11.0m for use in
the Gorgon gas project and Dalrymple Bay port expansion
• Miclyn Moon sold for disposal gain of US$1.1m
Samson Maritime Acquisition

Miclyn Express Offshore Limited (“Miclyn Express Offshore”) (ASX : MIO) has completed
the 50.0% acquisition of Samson Maritime (“Samson”) on 8 April, 2010, in line with the
pre-existing acquisition plan and timeline.

Acquisition highlights include:
• Samson has excellent customer relationships, including Boskalis, one of the key
initial offshore contractors to the Gorgon project

• Samson has strong relationships with key unions in Australia, providing access to
scarce Australian crew and staff

• Samson operates a supply base at Point Samson providing support infrastructure
to the fleet and proximity to the north-west shelf

The acquisition provides Miclyn Express Offshore with immediate access to the
anticipated growth in Samson’s business as well as a platform for injecting its own
vessels into charter opportunities in Australia, including the significant activity anticipated
in the North-West Shelf oil and gas projects.

Total consideration for the acquisition was A$23.0 million, including A$17.5 million in
cash and A$5.5 million in MIO script at IPO price. The cash portion was funded using
Australian dollar proceeds of Miclyn Express Offshore’s recent IPO.
Of the cash consideration, A$7.8 million was used to acquire new shares in Samson
which provides funds to reduce gearing and thereby increase the growth capacity of the
company.

The remaining cash and shares are for the acquisition of existing Samson shares from
the founders and now co-owners Benjamin Ward and Jeremy Williams. In accordance
with the pre-existing acquisition plan, the delivery of the MIO shares issued as part of the
acquisition is deferred until late February 2011. Both founders will continue to run the
day-to-day operations of Samson and as critical value-drivers of the business have
signed up to 3-year contracts. Board representation will reflect ownership.

Miclyn Express Offshore CEO Diederik de Boer said “We are delighted to realise our
vision of a shared fleet with Samson, and to create a platform whereby other assets in
our substantial fleet can be positioned for the exceptionally strong growth we anticipate in
our segment in Australia. Jeremy Williams and Ben Ward have built an excellent
business in Australia, and we look forward to growing that in partnership with them”.
Samson co-owner Ben Ward stated “The acquisition is the result of a strong relationship
between Miclyn Express Offshore and Samson over the past two years and with renewed
balance sheet strength and access to a broader fleet Samson is well positioned to
execute its Australian growth strategy”.

New Australian Charter Contracts

Samson have secured four new charter contracts for two Miclyn Express Offshore
vessels (Miclyn Legend and Miclyn Express 3) and two Samson vessels (Fine Time and
Top Cat).

Miclyn Legend and Fine Time will be utilised in the development of Barrow Island to
support the Gorgon gas project, while the Miclyn Express 3 and Top Cat will be utilised in
the port expansion project in Dalrymple Bay, Queensland.

The total value of the four new contracts is A$11.0m. Charter terms range from 6-12
months and firm up utilisation in line with our CY 2010 forecast. Charter rates by vessel
are also in line with our CY 2010 forecast.

The utilisation of Miclyn Legend and Miclyn Express 3 is in accordance with our strategy
of placing Miclyn Express Offshore vessels into growing charter opportunities in Australia
through Samson.

Sale of Miclyn Moon

The Miclyn Moon, originally constructed in 1974, was sold for a disposal gain of
US$1.1m. The sale is in line with the execution of our fleet renewal strategy whereby we
sell off our older vessels and replace them with newer, higher specification vessels that
achieve higher margins and are more suited to attract long term charters.

• Purchase of AHTS against a 5 year contract
• Purchase of 4 new Crew/Utility Vessels

As stated in MIO’s ASX announcement dated 31 December 2010, funds received from its recent vessel sales, including the sale of Miclyn Constructor II, are earmarked for deployment into expansion opportunities in other Offshore Service Vessel (“OSV”) classes and continued fleet renewal and expansion in the Crew/Utility Vessel segment.
In line with this, MIO has purchased a 5500 BHP Anchor Handling Tug/Supply Vessel (“AHTS”) against a 5 year contract with a key customer in Thailand. The vessel will be renamed “MEOTHAI1” and will commence work in February 2011. MEOTHAI1 will be 50% owned through MIO’s Thailand joint venture.

MIO has also contracted to purchase 4 new Crew/Utility Vessels from a Singaporean shipyard operator with deliveries scheduled for June 2011 (3 units) and July 2011 (1 unit). These vessels are targeted for deployment in the Middle East and South East Asia against upcoming fleet renewal and expansion opportunities in each location.
MIO will continue to apply funds in line with its strategy of expansion in the OSV segment and renewal and expansion in the Crew/Utility Vessel segment to generate attractive returns for shareholders.

Outlook
The contract win and vessel acquisitions reaffirm MIO’s confidence in sustaining strong growth in the 2nd half of financial year 2011 and beyond.