SINGAPORE – Miclyn Express Offshore (ASX:MIO) has ceased operations offshore Iran.
The company has withdrawn its final three vessels and crew from the country waters.
Mounting pressure by international sanctions against Iran led to the decision. The company said it had to weigh its potential legal and ethical responsibilities under the sanctions against its responsibility to protect its assets and to secure the safe withdrawal of its staff.
Miclyn expects to redeploy the vessels elsewhere in the Middle East at similar or better returns than they achieved offshore Iran.