Singapore: One of the leading names in the offshore support vessel sector sees some overcapacity hitting certain parts of the segment but is still bullish that oil and gas developments will push rates up in general.
Adam Clayton is the corporate finance and group commercial head for Miclyn Express Offshore (MEO). MEO is a provider of service vessels to the offshore oil and gas industry across Southeast Asia, Australia and the Middle East. The company is headquartered in Singapore and has been operating through its predecessor entities since the 1970s.
“We are seeing some oversupply in certain segments such as mid size PSVs,” says Clayton, “but we also believe that continued demand will provide opportunities for growth for the stronger service providers in the market.”
MEO’s current fleet stands at 149 ships, with another nine vessels on order.
Recently, MEO took over Uniwise Towage, something Clayton describes as a “natural extension” of the position the company has built up in Thailand.
“The acquisition bought us greater long term exposure to our core customers in the region so we are very pleased with getting this deal over the line,” says Clayton.
In terms of new areas for growth MEO recently won eight long term vessel charters from an oil major in Brunei.
“We are currently in the process of setting up a local entity in Brunei and we are committed to developing local resources in country,” says Clayton. [06/06/14]