Miclyn Express Offshore Ends Iranian Operations

Miclyn Express Offshore Limited has informed that it has ceased operations in Iran.

The Company’s last three vessels and crew operating in the region ceased operations by the end of 2012 calendar year and were safely withdrawn over the course of the past week. The Company has said it has been considering its position in this operation for some time in the face of international sanctions against Iran.

Miclyn Express Offshore said: “It’s been a difficult process for both management and Board members, weighing up the Company’s potential legal and ethical responsibilities under the sanctions against our responsibility to protect to our assets and most importantly our people operating in Iran and our ability to manage their safe withdrawal. In the end a decision was made to make an immediate, unannounced withdrawal to ensure the safety of the Company’s people and recovery of its vessels.”

This decision results in some doubt about the recoverability of receivables and deposits amounting to US$5.4m.

The Company added: “In light of this we will be making a provision against the full amount, impacting our earnings in the first half of Financial Year 2013. This is a one off adjustment that has occurred as a result of unprecedented circumstances. It does not impact the true underlying value of Miclyn. The Company is confident that the vessels can be redeployed in the Middle East reasonably quickly on similar or better returns than they were achieving in Iran.”

January 3, 2013

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