Miclyn Express Offshore Exits Iran, Pulls Out Crew and Vessels

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Singapore-headquartered Miclyn Express Offshore revealed Thursday that it has ceased operations in Iran due to ongoing international sanctions against the country.

The company said in a statement that its last three vessels and crew operating in the region discontinued operations at the end of December last year, and were safely withdrawn during the period. One of the vessels is an anchor handling utility tug named "Miclyn Orion", while the other two – "Express 60" and "Express 61" – are service and utility crew vessels.

Commenting on the company's decision, Miclyn's General Manager for Corporate Finance and Investor Relations, Adam Clayton, told Rigzone that the decision to exit Iran was made recently.

"It's been a difficult process … weighing up the company's potential legal and ethical responsibilities under the sanctions against our responsibility to protect our assets and most importantly, our people operating in Iran and our ability to manage their safe withdrawal," Clayton said.

"In the end, a decision was made to make an immediate, unannounced withdrawal to ensure the safety of the company's people and recovery of its vessels," Clayton added.

The three vessels and all of Miclyn's employees onboard are at present in the Hamriyah Free Zone – in the United Arab Emirates – waiting for an alternative assignment. 

Miclyn is aiming to redeploy the three vessels in the Middle East; a region which it views can yield a better return rate than Iran.
Miclyn also stated in its disclosure that it has doubts about the recoverability of receivables and deposits amounting to $5.4 million, and that the company will make a provision against the full amount for its 2013 financial year.

The AFP reported Wednesday that Iran claimed to have shot down two U.S.-made RQ-11 reconnaissance drones in the past 15 months, adding to a ScanEagle drone and RQ-170 Sentinel stealth aircraft that it already claims to have captured. There were no proofs or location details offered to support the country's claim.

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