Miclyn’s Vessels Support Construction of LNG Terminal (Australia)

Miclyn Express Offshore’s Australian subsidiary, Samson Express Offshore (“Samson”), has been awarded contracts for three vessels by Saipem Leighton Consortium (“SLC”) to support construction activities at a LNG terminal development project in North-West Australia.

Samson VI and Samson VII (Multicats) and Cape Mac (ASD Tug, bareboat chartered from a Third Party) will commence operation in July/August 2012 for a duration of 1 year firm, plus an option to extend for 183 days. The aggregate firm value of the three new contracts is A$24m.

CEO Diederik de Boer said, “We now have a broad range of Australian compliant vessels working on the North-West Shelf and we are delighted to extend our high quality service offering to SLC, a major player in the region. These contracts will assist in maintaining our strong levels of utilisation in the Tug fleet leading into Financial Year 2013 as well as support future earnings in our Third Party Vessel segment”.

New Vessel

Miclyn also announced the acquisition a new 70 meter, 150 man Accommodation/Multipurpose Support Vessel to be renamed MEO Galaxy. The vessel will initially work on a medium term project in Malaysia and is targeted for a  number of long term contract opportunities shaping up in the region in this promising niche segment.

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Press Release, August 3, 2012