BLT, Miclyn Express form JV to tap Indonesian offshore support market

IDX and SGX-listed shipping firm PT Berlian Laju Tanker Tbk (BLT) is looking to capture Indonesian offshore support vessel market through a proposed joint venture with Miclyn Express Offshore (MEO).

With a 50% stake in the proposed JV which will be branded as PT BLT Miclyn Offshore (PT BMO), BLT expects to broaden its charterers? base and strategically penetrate the Indonesian offshore support vessel market that has an estimated market size of US$200 million to US$250 million in revenues at present, the company said in a release Wednesday.

With vessels such as Anchor Handling Tug and Supply (AHTS), platform and multipurpose supply vessels, accommodation platform, rig transport, seismic vessels, subsea support vessels, anchor handling tugs, crewboats and others, the sector provides support for upstream offshore activities within Indonesian waters, it added.

Both parties are targeting to incorporate PT BMO as soon as possible with the intention for completion by end December 2009.(alex)