20 Jun 2002

Award of Petrobas Conversion Project

SembCorp Marine wishes to announce that its wholly-owned subsidiary, Jurong Shipyard Pte Ltd (“Jurong Shipyard”), has secured a notice of award from Petrobras Netherlands B.V. (“Petrobras”) for the conversion of Petrobras’ Felipe Camarao tanker into a giant floating, production, storage and offloading vessel to be installed in the Campos Basin, offshore Brazil. Valued at US$244 million (approximately S$439 million), the contract details are being discussed and a further announcement will be made at the appropriate juncture.

Submitted by Lim Seh Li, Company Secretary on 20/06/2002 to the SGX