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Freehills takes slick oil IPO deal
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Freehills takes slick oil IPO deal

Freehills is acting as Australian legal counsel to Miclyn Express Offshore as it seeks to raise between $502 million and $623.7 million in an initial public offer.

FREEHILLS is acting as Australian legal counsel to Miclyn Express Offshore as it seeks to raise between $502 million and $623.7 million in an initial public offer.

The company is offering about 161 million shares for between $1.85 and $2.30 per share when it commences trading, expected on the 26 March, the Singapore based company said last week.

Its prospectus was lodged this week, when chairman Neil Hamilton said an increasing proportion of new exploration and production activity is being conducted offshore as demand for oil and gas rises and onshore oil reserves deplete.

“Miclyn Express is well positioned to meet expected market growth through further investment in vessel renewal and fleet expansion,” Hamilton said.

The company provides service vessels to the offshore oil and gas industry in South-East Asia, Australia and the Middle East.

Freehills partners Philippa Stone and Tony Sparks worked on the deal, as well as senior associate Faith Sing and lawyers Carl Hornigold, Ivan Yu and Sally Choi.

Freehills’ Sparks said: “This was a key strategic acquisition for Miclyn Express Offshore, with the negotiation being conducted in a tight timeframe and in the midst of preparing for the launch of the IPO.”

Freehills has also acted for Miclyn Express Offshore on its acquisition of a 50 per cent interest in Samson Maritime, a marine services company headquartered in Fremantle, Western Australia.

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