Miclyn Express Offshore (MIO) is pleased to announce that it has been awarded a 5 year contract worth approximately US$130 million for 21 Crew/Utility Vessels to service Chevron`s production logistics in the Gulf of Thailand. The new contract is a continuation of a long standing relationship between MIO and Chevron in the region, under which MIO provides all of Chevron Thailand’s Crew/Utility Vessel requirements and a number of larger Offshore Support Vessels. The contract will be executed jointly by MIO and its Thai Joint Venture, Uniwise Offshore.
CEO Diederik de Boer said “MIO is proud to be a provider of choice to Chevron’s South- East Asian operations. As Chevron has grown in the region, MIO has been able to expand its service offering through continued operational excellence, safety performance and investment in the region. We look forward to continuing this growth and further developing this mutually beneficial relationship. This is a landmark deal for MIO and provides us with a strong earnings base for the next several years”.
MIO is also pleased to announce that CEO Diederik De Boer has renewed his employment contract for an additional 2 years.
Chairman Neil Hamilton said “we are delighted that Diederik has committed to extend his employment contract, providing stability in the leadership of MIO going forward. Diederik’s dedication and passion for the business has been the driving force behind its success. The Board looks forward to working with Diederik in continuing to deliver value to our shareholders.”
“We still expect Financial Year 2012 EBITDA to be up 20-25% on Financial Year 2011” said Mr Hamilton.
