MEO acquires subsea vessel in Hallin assets sell-off

NOVEMBER 17, 2014 — Singapore based Miclyn Express Offshore (MEO) looks to have picked up a bargain in the assets sell-off resulting from Superior Energy Services' decision to shut up shop at its subsea services division, Hallin.

MEO today reported it had acquired the former Hallin DP2 Subsea Operations Vessel Windermere.

Windermere is designed for wellhead servicing, inspection and construction diving, and remotely operated vehicle (ROV) support.

"This acquisition is a game-changing milestone in the evolution of our global business," said Mr. Diederik de Boer, CEO of the Miclyn Group. "Our ongoing fleet expansion program remains a strategic priority for us as we enhance our service offering to clients across expanding geographies. Windermere enables MEO to offer a wider range of value-added services, thus reinforcing our commitment to the needs of our clients across expanding geographies and demonstrating our consistent industry leadership position."

Delivered from Singapore shipbuilder PaxOcean in 2010, Windermere features a moonpool, a 15-man saturation diving system plus an air diving system. She also has an active heave-compensated 50 MT SWL knuckle-boom subsea crane to provide true operating capability down to 1,500 m in water depth. The vessel accommodates up to 120 personnel with onboard facilities including a 700 sq.m deck, plus an elevated helipad at the bow.

Effective immediately Windermere will be chartered for a period of five years to a subsea services provider in South East Asia.

MEO recently announced that in spite of recent oil price volatility it had lifted its forward orderbook to approximately US$800 million, an all-time high for the company. This growth is expected to increase as the company continues to execute its business strategy and seeks opportunities to invest in new assets backed by long term contracts with core customers.

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