Miclyn Express Offshore Mulls Listing on Singapore Exchange

Singapore-based service vessels provider Miclyn Express Offshore is looking into the possibility of listing on the Singapore Exchange (SGX) in the next two to three years following its delisting from the Australian Securities Exchange (ASX) last December, a senior company official told local daily The Business Times (BT) Friday.

"There is a bigger retail investor interest in Singapore than in Australia, so SGX is perfect for our [company] size," Miclyn CEO Diederik de Boer said, as quoted in the BT.

MacQuarie Capital, the investment banking arm of MacQuarie Group, sold its majority stake in Miclyn to two private equity companies -- Champ Marlin Holdings and Hong Kong's Headland Capital Partners' subsidiary SEA6 Limited. The sale prompted the Miclyn's delisting from the ASX, de Boer told BT.

These 2 private equity firms may exit from the company in the next 2-3 years, with Miclyn likely to seek a listing on SGX then, he said, adding that it was also possible for them to consider a trade sale to exit the business.

Miclyn now has a fleet -- comprising 32 offshore supply vessels (OSV), 64 crew/utility vessels (CUV), 11 tugs and 24 barges and 4 coastal survey vessels -- of 135 vessels. Another 4 OSVs and 8 CUVs will join the fleet after construction, bringing the total fleet to 147 vessels.

The company's main markets are in Asia, Australia and the Middle East, which together provided 88 percent of its revenue in the first half of financial year 2014 that ended in December.