Singapore: Express Offshore Solutions Wins Pipe Transport Contracts

Miclyn Express Offshore’s subsidiary, Express Offshore Solutions (“EOS”), has secured further project and pipe transportation contracts totalling US$14.1 m in revenue.

These contracts involve both direct and transhipment transportation of pipes from fabrication yards to installation vessels using cargo vessels, tugs and barges. The projects are taking place in South East Asia as well as the Middle East, with the execution of the present awards extending until October 2012.

The largest of these projects involves transport of line pipe in Malaysia for a major offshore installation Contractor on a large pipeline installation project. The EOS business requires a low capital commitment and leverages strongly on MIO’s existing assets. EOS will be utilising six tugs and five barges from MIO’s fleet for these new projects.

Chief Executive Officer Diederik de Boer said “The award of these contracts further enhances EOS’ competitiveness in a niche market. Clients are showing confidence in the management, execution methods and equipment provided by EOS and MIO. EOS has already exceeded expectation in its first year of operations and is well on track to becoming a dominant player in the project and pipe transportation market.”

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Source: MIO, March 28, 2012