Headland Completes Investment in Miclyn Express Offshore

Tue Oct 4, 2011 10:00am EDT

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Headland Completes Investment in Miclyn Express Offshore

Headland establishes position in attractive oil and gas services sector

Headland Capital Partners Limited (“Headland”) has announced that The Headland Private Equity Fund 6 L.P. (“Headland Fund 6”), has acquired a 26.45% equity shareholding in Miclyn Express Offshore Limited (“MEO”) for US$141 million. Headquartered in Singapore, MEO is one of the largest providers of offshore vessels to the oil and gas industry in Southeast Asia, Australia and the Middle East with a fleet of over 120 vessels comprising Offshore Support Vessels, Crew/Utility Vessels (Crewboats), tugs, barges and coastal survey vessels.

Over the past several years, Headland has devoted substantial time and effort evaluating potential investment opportunities in the offshore oil and gas services sector which it believes has attractive mid to long-term growth prospects. Demand for vessel chartering in Southeast Asia, Australia and the Middle East is expected to be driven by the robust and rising levels of exploration and production expenditure in these geographies.

Mr. Paul Kang, Senior Partner, Headland Capital Partners, commented, “We are excited to be shareholders in MEO. MEO’s experienced management team has a clear and proven strategy for driving above industry growth and delivering strong financial performance across market cycles. Its industry leadership and operational excellence sets it apart from its peers. We look forward and are committed to working with the company to help continue its growth and development.”

About Headland Capital Partners

Headland Capital Partners Limited, formerly, HSBC Private Equity (Asia) Limited, has been advising private equity and venture capital funds since 1989. Headland endeavours to be a trusted and commercially-minded investment partner for entrepreneurial management teams in Asia and strives to assist these teams to build upon or achieve industry leadership positions for their businesses. The firm believes such partnerships support these companies and their management teams to attain sustainable financial success while delivering attractive returns for its advised funds.

During its history, Headland has advised six regional private equity funds, with aggregate capital of approximately US$2.9 billion. Current active funds, with committed capital of approximately US$2.0 billion, include: The Headland Private Equity Fund 6 L.P. and The Headland Private Equity Fund 3 Limited. Funds advised by Headland have invested in more than 100 companies located primarily in Greater China, South Korea and Southeast Asia.

About Miclyn

Miclyn Express Offshore (MEO) is a leading provider of service vessels to the expanding offshore oil and gas industry across South-East Asia, Australia and the Middle East. The company is headquartered in Singapore and has been operating through its predecessor entities since the 1970s.

The company charters a diverse range of OSVs, Crew/Utility Vessels, Tugs, Barges and Coastal Survey Vessels to a wide range of customers operating across all phases of the offshore oil and gas cycle, namely: exploration, development and production. MEO also provides chartering services to the marine civil construction industry. The company has a strong local presence in many of its markets with access to support centre’s in Australia, Indonesia, Saudi Arabia, Thailand and the UAE.

Headland Capital Partners Limited
Douglas Ng, +852 3798 8347
Senior Partner
douglasng@headlandcp.com

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