25 Nov 2005

Sembcorp Marine Increases Shareholding in Joint Shipyard Management Services Pte Ltd

SembCorp Marine Ltd (“SCM”) wishes to announce that it has increased its shareholding in associated company, Joint Shipyard Management Services Pte Ltd (“JSMS”), from 1 ordinary share of S$1, representing 25 per cent in the issued and paid-up capital of JSMS, to 32 ordinary shares of S$1 each, representing 32 per cent in the issued and paid-up capital of JSMS at a cash consideration of S$31.

JSMS is a joint venture company set up by a consortium of shipyards comprising SembCorp Marine Ltd (“SCM”), Singapore Technologies Marine Ltd (“ST Marine”), Keppel Shipyard Limited (“Keppel Shipyard”) and Pan-United Marine Limited (“Pan-United Marine”) pursuant to a Shareholders’ Joint Venture Agreement (JVA) dated July 21, 1995 to provide dormitory accommodation to foreign workers employed by each of the four respective shipyards. The shareholdings held by SCM, ST Marine, Keppel Shipyard and Pan-United Marine then were 1 ordinary share of S$1 each, representing a 25 per cent in the capital of JSMS.

Final shareholdings in JSMS after the additional subscription are as follows:

Shareholders Percentage Shareholdings

SCM32
ST Marine30
Keppel Shipyard24
Pan-United Marine14
  
Total100

The new shareholding structure will reflect the actual number of dormitory units owned by the respective shareholders

For media & analysts enquiries, please contact:

Judy Han (Ms)
Senior Vice President
Investor Relations & Communications
Tel No : (65) 6262 7203
Fax No : (65) 6261 0738
Email : judy@sembcorpmarine.com.sg

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