Headland Backs Offshore Oil And Gas Vessel Business

Headland Capital Partners has acquired a 26.45% equity shareholding in Singapore-headquartered Miclyn Express Offshore Limited (MEO) for US$141 million. The Headland Private Equity Fund 6 L.P has invested in the business. MEO is a provider 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.

PRESS RELEASEHeadland 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.”
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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 commerciallyminded
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.