Miclyn Express Offshore announced that it has entered into an agreement to purchase four new Crew/Utility Vessels from a Singaporean shipyard. Two vessels will be delivered in December 2011, with the remaining two to be delivered in April 2012.
These vessels are targeted for deployment in the Middle East and South East Asia against upcoming fleet renewal and expansion opportunities in each location, in line with the company’s segment strategy.
CEO Diederik De Boer said “These vessel purchases reaffirm MIO’s confidence in sustaining strong earnings growth in FY12 and beyond. We are in a strong position with our geographical spread and stand to benefit from a sector that is showing signs of strength. We are well capitalised, have high cash delivery and see a strong pipeline of opportunities that will enable us to continue to drive the company’s organic growth in future financial years”.
About Miclyn Express Offshore
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.
Source: Miclyn Express Offshore, October 25, 2011