Headland Capital Partners’ Private Equity Fund 6 has acquired a 26.45% equity shareholding in Miclyn Express Offshore Limited (MEO) for USD141 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.
Paul Kang, Senior Partner, Headland Capital Partners, says: "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."
