Miclyn Express Offshore announced that it’s Thai Joint Venture, Uniwise Offshore, has placed an order for two 90tn bollard pull AHTS. The vessels will be constructed over an 18 month period in an external shipyard on attractive payment terms. The vessels are targeted for long term deployment with 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 be injected into Uniwise Offshore, MEO’s Thai Joint Venture, in March 2013 as part of the Chevron fleet plan announced on 10 May 2012. A further two will be delivered in the first quarter of Financial Year 2014 as announced on 18 October 2012. These purchases replace the 6 vessels recently sold and come into a strong market where the Company is seeing excellent returns and long contract awards.
MIO has also purchased a “Shoalbuster” for its Australian operations. The vessel was previously operated and bareboat chartered by Samson Express Offshore (“Samson”), MIO’s Australian subsidiary, contributing to the Company’s Third Party Vessel segment. 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. This vessel compliments Samson’s traditional near shore fleet and will achieve an attractive payback period.
The Company had previously announced that the Sovereign 1 and Sovereign 2, internally constructed AHTS vessels, would be delivered in second quarter of Financial Year 2013. Unfortunately due to technical reasons the Company have missed this delivery target. Sovereign 1 was mobilised to Malaysia in January 2013 for a short term contract and MIO 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.
MIO has furthermore recently secured a number of significant contract wins. The Miclyn Enterprise was awarded a 2 year extension by a core customer in Thailand. MIO’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 1-year contract and will be used in a towing capacity for material transportation from South East Asia to North West Australia. Two of MIO’s recently acquired Crew/Utility Vessels secured 5-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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MIO, January 18, 2013