18 Feb 2004

Acquisition of Associate Company by Pacific Workboats Pte Ltd

The Board of Directors of SembCorp Marine Ltd ("SembCorp Marine") wishes to announce that its associate company, Pacific Workboats Pte Ltd ("Pacific Workboats"), has acquired all the paid up capital of Smart Matrix Limited ("Smart Matrix") for US$1.00 (S$1.70). Smart Matrix is a company incorporated in the British Virgin Islands with an authorized share capital of US$50,000 and a paid up share capital of US$1.00 (S$1.70).

SembCorp Marine owns 50 per cent of the equity stake in Pacific Workboats through its wholly-owned subsidiary, Dolphin Shipping Co Pte Ltd, (“Dolphin Shipping”), whose main activities include ship owning and ship operations.

Smart Matrix Limited will be used as a vehicle for Pacific Workboats to build and own vessels.

This acquisition has no material impact on the earnings and NTA per share of SembCorp Marine.

For media & analysts enquiries, please contact:

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