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Miclyn pulls out of Iran

Miclyn pulls out of Iran
Singapore: Miclyn Express Offshore (MEO) said last week it has ceased operations in Iran due to ongoing international sanctions against the country.

MEO's last three vessels and their crew operating in the region ceased operations at the end of December. The anchor handling utility tug and two service and utility crew vessels, were safely withdrawn as the company made the decision to pull out after careful consideration.

MEO expressed doubt about accounts receivable and deposits amounting to $5.4m, and said it will make a provision against the full
amount for FY2013. The three vessels and all MEO's employees onboard are now in the UAE's Hamriyah Free Zone awaiting alternative employment. MEO is aiming to redeploy the three vessels in the Middle East market.

TAGS: Offshore
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