Miclyn Secures Multiple Offshore Service Vessels Contracts

Miclyn Express Offshore has announced that a key customer in Thailand has recently awarded the Company two long term Offshore Service Vessels (OSV’s) contracts.

The Miclyn Constructor I and the MEO Sovereign II, both internally constructed OSV’s, have been awarded 2 year contracts commencing in February 2013 and March 2013 respectively.

MEO has also recently secured additional OSV contracts in South-East Asia and Middle East. The Miclyn Endurance was recently awarded a 1+1+1 year contract in Malaysia commencing in February 2013, the MEO Galaxy was awarded a 9 month + 3×1 month contract in Malaysia commencing in March 2013 and the Miclyn Power was awarded a 4.5 year contract in Qatar commencing in April 2013.

Including the Miclyn Victory and Miclyn Enterprise contracts announced on 18 January 2013, the Company has now signed seven new OSV contracts worth US$56 million since the start of the calendar year.

CEO Diederik de Boer said, “Whilst we have experienced some earnings softness in Financial Year 2013, largely due to a high level of re-contracting activity, asset redeployment and softer than anticipated market conditions, we have been able to leverage off our strong operating performance and customer relationships to secure a number of long term OSV contracts”.

In line with its fleet renewal strategy, MEO has also entered into agreements to sell two Crew/Utility Vessels for a modest disposal gain. The vessels are aged 23 years and 26 years and will exit the fleet in April 2013 as part of a renewal program that includes seven new Crew/Utility Vessel deliveries between January and June 2013.

Press Release, April 4, 2013

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