Miclyn Express Offshore (MEO) has executed a sale and purchase agreement to acquire 50 per cent of the shares in Uniwise Towage (UWT) from Svitzer Asia, a subsidiary of the A.P. Moller – Maersk Group.
Based in Thailand, UWT operates a fleet of five advanced marine support vessels and utility vessels supporting tanker lifting, static tow, drilling rig activities, anchor handling, SPM maintenance, floating hose maintenance, cargo transportation, standby, fire-fighting and oil spill response.
The vessels are all chartered long-term to oil companies in Thailand. The business has been operating since 1999 as a joint venture between Svitzer and the Unithai Group, MEO's existing joint venture partner in Uniwise Offshore.
MEO has agreed to purchase all of Svitzers shares in UWT for a consideration of US$18.9 million.
