Miclyn Express Offshore to acquire 50% of Uniwise Towage Limited
Miclyn Express Offshore announces that it has executed a Sale and Purchase Agree ment to acquire 50% of the shares in Uniwise Towage Limited (“UWT”) from Svitzer Asia Pte. Ltd. (“Svitzer”), a subsidiary of the global A.P. Moller - Maersk Group, the company said in its press release. Domiciled in Thailand, UWT operates a fleet of five (5) state of the art Mar ine Support Vessels (MSVs) and Utility Vessels supporting tanker lifting, static tow, drilling rig activities, anchor handling, SPM maintenance, floating hose maintenance, cargo transportation, stand - by, fire - fighting and oil spill response.
The vessels are all chartered long term to oil companies in Thailand. The business has been operating since 1999 as a joint venture between Svitzer and the Unithai Group, MEO’s existing joint venture partner in Uniwise Offshore (“UWO”). MEO has agreed to pur chase all of Svitzers shares in UWT for a consideration of US$18.9 million. This transaction is not expected to have a material impact on MEO’s financial results for Financial Year 2014.
Commenting on the acquisition, MEO Chief Executive Officer, Mr Diederik de Boer, said: “This acquisition is a natural extension of the position we have built up in Thailand in offshore vessel support services. We are very comfortable with our Joint Venture partners having worked with them for a number of years. The integration of UWO and UWT will be seamless given that the two business es already share office space and resources. We look forward to developing this new venture and working with our customers in Thailand to continue to uncover new opportunities for growth through delivery of operational excellence.”
About MIO
Miclyn Express Offshore is a leading provider of service vessels to the expanding offshore oil and gas industry, across South - East Asia, Australia and the Middle East. The Group charters a di verse range of OSVs, Crew/Utility Vessels, Tugs, Barges and Coastal Survey Vessels to a wide range of customers operating across all phases of the offshore oil and gas cycle, namely exploration, development and production, as well as project transportation and the offshore civil construction industry. The Group operates a vertically integrated business model through its vessel chartering and shipyard businesses.