Miclyn Express Offshore Limited

ABRN 141 683 552

3 Harbour Front Place

#11-01/04 HarbourFront Tower 2

Singapore 099254

Telephone: +65 6545 6211

Fax: +65 6545 9211

Internet: www.miclynexpressoffshore.com

23 April 2013

Earnings Guidance

As we approach the end of Financial Year 2013 ("FY13") Miclyn Express Offshore Limited (ASX:MIO) ("MEO" or "the Company") can be more definitive about the likely final result and would like to take this opportunity to clarify its previous outlook statement for FY13 and offer some insight into expectations for Financial Year 2014 ("FY14").
As previously stated, earnings for FY13 have been negatively impacted by vessel delivery delays, downtime on high value assets, asset redeployment from Australia to South East Asia as well as the completion of a major contract for DB Schenker impacting the Third Party Vessel and Shipyard segments. The Company would like to inform the market that EBITDA for FY13 will likely end up in the range of US$90-91 million, excluding the one off US$4.6 million Iran provision made in the first half of FY13.
In recent months however, the Company has announced a number of long term contract wins and redeployed a number of its high value assets. This success coupled with a significant number of vessel additions that will be fully deployed in Financial Year 2014 ("FY14") gives the Company no reason to offer guidance against FY14 analyst consensus which sits at approximately US$110 million.
The Company would also like to take the opportunity to announce that it has signed a term sheet for a new US$300 million loan facility. The loan facility will consist of a US$160 million Term Loan and a US$140 million Revolving Credit Facility with an all in rate of 2.95% + LIBOR which is lower than the Company's existing loan facility. There will be a one off write off of the upfront costs associated with the Company's existing loan facility amounting to US$2.2 million, impacting FY13 NPAT. The refinancing exercise provides MEO with additional capital for a large number of emerging opportunities that will provide even further earnings growth in the future.

About MIO

Miclyn Express Offshore 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 Group 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, as well as project transportation and the offshore civil construction industry. The Group operates a vertically integrated business model through its vessel chartering and shipyard businesses. The shipyard provides in-house vessel newbuilding, conversion, repair and maintenance services, as well as third party vessel conversion, repair and maintenance services when spare capacity exists.

For further enquiries, please contaet:

Adam Clayton

GM, Corporale Finance & lnvestor Relations

Miclyn Express Offshore

Tel: +65 6829 6122

Mob: +65 8298 5155

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