Saudi Aramco Hires Three MIO’s Vessels

Miclyn Express Offshore Limited announced that Saudi Aramco has awarded the Company contracts for three Crew/Utility Vessels. The contracts are 5 years in duration with 2 optional years to extend. The aggregate value for the firm period of the three new contracts is US$26m.

The contracts will commence between December 2012 and January 2013. In line with its fleet renewal strategy, MIO has also excercised an option under an existing agreement with a Singapore Shipyard to purchase an additional two new Crew/Utility Vessels. The new vessels will be delivered in the first quarter of Financial Year 2014.

As part of the Company’s strategy to rebalance its Tug and Barge fleet, MIO has entered into an agreement with an Australian customer to sell two of its smaller Barges (250 foot). The gain on disposal to be realised in Financial Year 2013 is approximately US$0.3m. MIO has also commenced construction of two 400 foot Ballastable Barges in its Batam Shipyard. The Barges will be delivered in the first quarter of Financial Year 2014.

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MIO, October 18, 2012