MEO to take Svitzer stake in Thailand's UWT

OCTOBER 29, 2013 — Singapore based Miclyn Express Offshore (ASX:MIO) reports that it has executed a sale and purchase agreement to acquire the 50% stake in Thailand's Uniwise Towage Limited (UWT) held by Svitzer Asia Pte. Ltd., a subsidiary of A.P. Moller-Maersk Group, or a consideration of US$18.9 million.

UWT operates a fleet of five state of the art marine support vessels (MSVs) and utility vessels supporting tanker lifting, static tow, drilling rig activities, anchor handling, SPM maintenance, floating hose maintenance, cargo transportation, stand-by, fire-fighting and oil spill response. The vessels are all chartered long term to oil companies in Thailand. The business has been operating since 1999 as a joint venture between Svitzer and the Unithai Group, MEO's existing joint venture partner in Uniwise Offshore.

Commenting on the acquisition, MEO Chief Executive Officer, Mr Diederik de Boer, said: "This acquisition is a natural extension of the position we have built up in Thailand in offshore vessel support services. We are very comfortable with our Joint Venture partners having worked with them for a number of years. The integration of UWO and UWT will be seamless given that the two businesses already share office space and resources. We look forward to developing this new venture and working with our customers in Thailand to continue to uncover new opportunities for growth through delivery of operational excellence."

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