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MEO Secures Contract Wins in Asia, Expands Fleet

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Singapore-headquartered Miclyn Express Offshore (MEO) is starting on a fleet renewal strategy, announcing a series of new orders and contract wins Friday.

The company's Thai joint venture, Uniwise Offshore, placed an order for two anchor handling tugboats (AHTS), targeted for long-term deployment in Thailand. The AHTS are scheduled to be constructed over an 18 month period.

Separately, MEO has also entered into agreements for crew and utility vessels and a multi-purpose tugboat.

The company gave a commitment to purchase two additional crew and utility vessels; bringing the number of its crew and utility vessels on order to seven. Three of the vessels will join Uniwise's fleet in Thailand, while two of the vessels will be deployed on five-year contracts in Malaysia with state-backed Petronas. The remaining two vessels will join MEO's fleet in 2014.

It also bought a multi-purpose tugboat, known also as a "shoalbuster", from a liquidator to service a long-term contract on the east coast of Australia. The tug, which was contracted to MEO's Australian subsidiary Samson Express Offshore, will remain tied to Samson for operations in Hay Point.

MEO's General Manager for Corporate Finance and Investor Relations Adam Clayton, told Rigzone Friday that the AHTS, and crew and utility vessels will be built by Singapore's Penguin Shipyard.

Meanwhile, MEO is looking to secure a long-term contract for one of its internally-constructed AHTS; Sovereign 2. 

"We do not have a long-term contract for Sovereign 2 yet, but we have tenders outstanding," Clayton confirmed late Friday. 

 

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