Miclyn Express Offshore expands fleet

meo-vesselJANUARY 18, 2013 — Singapore based Miclyn Express Offshore reports that its Thai Joint Venture, Uniwise Offshore, has placed an order for two 90 t bollard pull AHTSs. The vessels will be constructed over an 18 month period at an undisclosed external shipyard on what MEO calls "attractive payment terms." The vessels are targeted for long term deployment with core customers in Thailand who have extensive and growing offshore drilling programs.

In line with its fleet renewal strategy, MEO has also entered into an agreement to acquire two additional new crew/utility vessels from an external shipyard. The company now has seven crew/utility vessels on order. The two recently acquired vessels will be delivered in January 2013 and are targeted for South East Asian operations. Three will join the Uniwise Offshore fleet in March 2013. A further two will be delivered in the first quarter of FY 2014 . These purchases replace six vessels recently sold.

MEO has also purchased a "Shoalbuster" for its Australian operations. The vessel was previously operated and bareboat chartered by Samson Express Offshore, MEO's Australian subsidiary, . It was acquired from a liquidator and is currently servicing a long term contract awarded to Samson for operations in Hay Point on the East Coast of Australia.

MEO had previously announced that the Sovereign 1 and Sovereign 2, two AHTS vessels constructed in its own shipyard, would be delivered in second quarter FY 2013.

"Unfortunately due to technical reasons we have missed this delivery target," says the company. "Sovereign 1 was mobilized to Malaysia in January 2013 for a short term contract and [the company] is hopeful of securing a long term follow on contract. Completion of Sovereign 2 has been delayed until the end of January and a number of long term contract opportunities are currently being pursued.

MEO has recently secured a number of significant contract wins. The Miclyn Enterprise was awarded a two year extension by a core customer in Thailand. MEO's 70% owned business, Express Offshore Solutions, was recently awarded two contracts to transport large quantities of line pipe for projects in the Middle East and Singapore. The Miclyn Victory was awarded a one-year contract and will be used in a towing capacity for material transportation from South East Asia to North West Australia. Two of MEO's recently acquired crew/utility Vessels secured five-year contracts with a national oil company in Malaysia. The aggregate value of these contract awards is approximately US$35 million.

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