15 Jul 2002

Update on the proposed privatisation of SembCorp Marine by way of a scheme of arrangement

Further to the announcement dated June 24, 2002 relating to the Scheme, the Board of Directors of SembCorp Marine Ltd ("SCM") hereby announces the following:-

  1. the Securities Industry Council has confirmed that the following directors of SCM are considered independent for the purposes of the Scheme and are therefore required to make recommendations to shareholders of SCM in respect of the Scheme:-
    – Tan Kwi Kin
    – Chee Keng Soon
    – Giam Chin Toon
    – Er Kwong Wah
    – Kiyotaka Matsuzawa
    – Naoteru Tsuda
    (collectively, the "Independent Directors"); and
  2. ANZ Singapore Limited has been appointed as the financial adviser to the Independent Directors for the purposes of the Scheme

The directors of SCM (including any who may have delegated detailed supervision of this Announcement) have taken all reasonable care to ensure that the facts stated in this Announcement are fair and accurate and that no material facts have been omitted from this Announcement, and they jointly and severally accept responsibility accordingly.

July 15, 2002

By order of the Board

SEMBCORP MARINE LTD

Lim Seh Li
Company Secretary

Submitted by Lim Seh Li, Company Secretary on 15/07/2002 to SGX

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