• 2014 February 26 13:11

  Miclyn Express Offshore announces sale of Batam Shipyard to ASL Marine

  

  Miclyn Express Offshore Ltd. and its wholly-owned subsidiary PT. Loh & Loh Construction Indonesia announced that the Company have entered into a conditional sale and purchase agreement dated Jan. 24 2014 with ASL Marine Holdings Ltd. and its wholly-owned subsidiary, PT. Sukses Shipyard Indonesia , pursuant to which the purchaser has agreed to acquire the property and fixed assets in respect of a shipyard  from the vendor, for the cash consideration of $20.0 million (equivalent to approximately SGD 25.6 million based on the exchange rate of $1: SGD 1.279), the company said in its press release.
  The parties are in the midst of seeking regulatory approvals and confirmations for the acquisition, and intends to complete this transaction as soon as possible.
   
  About MEO
  Miclyn Express Offshore Ltd. is headquartered in Singapore and is a leading provider of offshore vessel services. It operates a range of offshore support vessels, crew/utility vessels, tugs and barges for customers in the offshore oil and gas industry across South-East Asia, Australia and the Middle East.
  PT. Loh & Loh Construction Indonesia is a wholly owned company of MEO which holds the Sale Assets. MEO had previously used the shipyard to build, convert and customize vessels as well as service its South East Asian based fleet and other third party vessels when spare capacity existed. MEO has undertaken to dispose the Sale Assets in order to focus on its core vessel chartering business.

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