2010 Media Releases

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has initiated coverage of Miclyn Express Offshore Ltd(ASX: MIO) with a Buy rating.

Research Analyst Tim Plumbe said “Miclyn Express Offshore provides an opportunity for investment in the recovering global and buoyant Western Australian oil and gas sector. With a strong balance sheet and new vessels generating good returns, combined with Miclyn’s recent 50% investment in Samson Maritime Services, Miclyn Express Offshore is well positioned to capitalise on future growth opportunities.”

According to Deutsche Bank, Miclyn Express Offshore’s competitive advantage lies within its strong relationships with key industry players and its fleet of specialised vessels which typically attract longer term contracts at a higher charter rate.

In addition, Plumbe said “We expect Miclyn to deliver a step up change in earnings in FY11 driven by the combined impact of the Samson acquisition, a recovery in vessel utilisation levels and a full period contribution of 8 new vessels at higher charter rates than the fleet average”.

Downside risks for the company include an aggressive competitive environment impacting vessel earnings, project delays and union activity impacting utilisation and implementation risk on Samson Maritime investment.

Miclyn Express Offshore provides offshore vessel support services through all phases of the oil and gas cycle and marine civil construction, with a focus on shallow water projects. The company charters a fleet of 102 vessels to which a further 11 vessels were added following Miclyn’s recent 50% investment in Samson Maritime for AUD 23 million.

For further information, please contact:

Amy King +61 (0) 2 8258 2505