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December 9, 2009

Tanker operator plans Indonesian offshore services JV

Chemical tanker operator PT Berlian Laju Tanker Tbk (BLT) is looking to get a chunk of the growing Indonesian offshore support vessel market. It is planning to take a 50 percent stake in a proposed joint venture with Miclyn Express Offshore (MEO).

The JV will be branded as PT BLT Miclyn Offshore (PT BMO) and both parties are targeting to incorporate PT BMO as soon as possible with the intention for completion by end December 2009.

BLT says the new JV will be well positioned to benefit from the Indonesian OSV market. Indonesia has set ambitious target to increase its offshore oil production.

"More importantly," says BLT, "Indonesian authority has made serious progress in the implementation of the cabotage rule. Under the cabotage principle, only domestic ship owners (with Indonesian flags) are allowed to operate in Indonesian waters. BLT is well placed to benefit from the implementation of such rule being the largest Indonesian shipping company."

The JV will enable BLT to leverage on MEO's expertise to tap into the offshore support vessel market in Indonesia.

"Given its large and diversified fleet and years of experience, MEO is one of the prominent names in the offshore support vessel industry in both local and international markets. We are pleased to be associated with such market leadership where we can combine the strengths and expertise of both parties to provide top-notch maritime services catered to our customers' needs," says Ms Siana Anggraeni Surya, Director of Business Development in BLT


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