Singapore: Miclyn Express Offshore Announces New Contracts

Miclyn Express Offshore (“MIO”) announces that through its Thai Joint Venture, Uniwise Offshore, it has been awarded a 3 year firm contract, plus 2 x 1 year extension options, to provide coil tubing marine support services to Chevron`s production activities in the Gulf of Thailand.

Uniwise Offshore will purchase a Platform Supply Vessel (“PSV”), currently under construction in a Chinese Shipyard, to fulfil the service requirements. The vessel will commence operation in October 2012. The new contract is a continuation of a long standing relationship with Chevron in the region.

CEO Diederik de Boer said, “This new vessel represents our sixth Offshore Service Vessel (“OSV”) servicing Chevron in the Gulf of Thailand. We have been able to leverage off our strong operating track record in Crew/Utility Vessels to further increase our exposure to Chevron’s OSV operations. We look forward to further developing our relationship with Chevron and continuing to service them with operational excellence”.

In addition, MIO announces that it has secured a 2 year firm contract with PT Seascape Surveys Indonesia for the charter of its subsea support vessel Miclyn Endeavour.

The vessel will be supporting subsea, survey, inspection and repair activities. The combined firm value of the two new contracts is US$23.8 million.

MIO also discloses that Miclyn Grace and Miclyn Grand have been withdrawn from their contracts with Saudi Aramco (announced 29 November 2011) due to issues surrounding technical suitability for their intended application.

MIO however announced that the Miclyn Grace and Miclyn Grand have been redeployed into Qatar for a 3 year firm charter, plus 2 x 1 year extension options, with HBK Power Cleaning in support of their offshore platform maintenance services in the region. The profitability of the vessels is largely unchanged under the new contracts, although some downtime was sustained as a result of the redeployment.

CEO Diederik de Boer said “The withdrawal was indeed a disappointment but MIO remains dedicated to continuing its exceptional service to Saudi Aramco for existing vessels under charter in Saudi Arabia and will pursue further expansion opportunities with this important customer. Through our extensive commercial network in the Middle East we were able to redeploy the vessels into Qatar, a region with significant growth potential, in part due to our relatively low exposure. The redeployment of these vessels has not changed our expectation that Financial Year 2012 EBITDA will be up 20-25% on Financial Year 2011”.

Subsea World News Staff , June 12, 2012;  Image: Miclyn Express Offshore

Share this article

Follow Subsea World News

Events>

<< May 2017 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! It is also;…

read more >

IMCA ROV SEMINAR

This seminar is designed to assist IMCA members in dealing with these, with a programme of technical and operational topics affecting…

read more >

Offshore Wind Energy 2017

In 2017, EWEA and RenewableUK will join forces to bring you the greatest conference and exhibition Europe has ever known in the history…

read more >

UTC 2017

The subsea industry has, as all other parts of the oil & gas industry, been seriously rattled by the most severe downturn in the hydrocarbon energy era. However, the realization of what hit us and actions to be taken to sustain a healthy and profitable future is still on-going – unfortunately with thousands of colleagues paying the price by losing their job as one of the most severe consequences. At this time, there are signs that we have reached bottom in terms of most industry indicators, but few experts expect a sharp recovery. Many seem to believe that a slow recovery is what the industry needs in order to avoid an unsustainable capacity build-up, as seen in the period after the financial crisis. Considering the uncertainty of what the future will bring, this year’s UTC Program Committee have decided to challenge all of us to present ideas, experiences, technological innovations, business models and execution models for how to shape our subsea future and explain how and why subsea is the future.
UTC welcomes abstracts based on the topics listed below. If selected, please consider writing a paper in addition to the UTC presentation. From 2017, UTC papers will be published in an international database.

More info

read more >