Singapore: MIO to Acquire 3 New Crew/Utility Vessels

Miclyn Express Offshore (MIO) has recently concluded a US$45 million upsize of its Term Loan Facility. A significant proportion of the proceeds will be used to reduce the balance of the Company’s Revolving Credit Facility, providing flexibility for future investment in fleet expansion.

The interest margin for the upsized facility remains at 2.75% + LIBOR.

CEO Diederik de Boer said, “We are very pleased with the outcome of the facility upsize and thank our lenders for their continued support. The proceeds of the upsize provide us with increased capacity for investment and we are seeing a number of opportunities for capital deployment at strong returns. MIO remains committed to maintaining prudent gearing levels”.

In line with its fleet renewal strategy, MIO has entered into an agreement to sell 6 Crew/Utility Vessels to a Mexican counterparty and acquire 3 new Crew/Utility Vessels from a Singaporean shipyard. The average age of the 6 vessels being disposed is over 25 years and the gain on disposal of US$1.2 million will be realised in Financial Year 2013.

The 3 new vessels will be injected into Uniwise Offshore, MIO’s Thai Joint Venture, in the second half of Financial Year 2013 as part of the Chevron fleet plan announced on 10 May 2012.

[mappress]

Press Release, October 3, 2012