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Business Description: Miclyn Express Offshore (MIO) is a provider of service vessels to the offshore oil and gas industry across South-East Asia, Australia and the Middle East. The company is headquartered in Singapore. The Group charters a diverse range of OSVs, Crew/Utility Vessels, Barges and Coastal Survey Vessels to a range of customers operating across all phases of the offshore oil and gas cycle, namely: exploration, development and production.
Strategy Analysis: MIO is focused on maintaining a vessel mix that is conducive to long-term charterability. The company also aims to maintain a young fleet through an ongoing fleet renewal program focusing on Crew/Utility Vessels whilst adding to its fleet of specialised OSVs.
Miclyn Express Offshore reported NPAT down 22.5% to US$25.16m for the half-year ended 31 December 2012. Revenues from ordinary activities were US$127.96m, up 1.4% from last year. Basic and Diluted EPS was 9 US cents compared to 12 US cents last year. Net operating cash flow was US$30.76m compared to US$49.14m last year. The interim dividend declared was 2.2 US cents, compared with 3.0 US cents last year. 1HFY13 earnings were lower than anticipated mainly due to vessel delivery delays and downtime on some of the company's high value assets. The company continues to face earnings challenges in the second half of the year with earlier than expected run off of assets in Australia that have been subsequently redeployed into SE Asia at lower returns as well as the expectation of lower contribution from Third Party Vessels as project work winds down. However, the company expects a return to growth in FY14 as new vessels and potential projects come on line.
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