21 Jun 2004

SembCorp Marine’s Subsidiary Jurong Shipyard Signs Acceptance Of Notice Of Award For US$628.8 Million (S$1.068 Billion) P-54 FPSO EPC Turnkey Project

Following our earlier announcement dated June 7, 2004, SembCorp Marine is pleased to announce that its subsidiary, Jurong Shipyard has signed and accepted the Notice of Award from Petrobras Netherlands BV (PNBV) on June 17, 2004 in Brasilia, Brazil to convert the VLCC Barăo De Mauá into a Floating Production Storage Offloading (FPSO) platform, the P-54 for US$628.8 million (S$1.068 billion).

With this award, the current total order book for SembCorp Marine stands at S$2.2 billion.

Details of the P-54 FPSO EPC conversion project are available on our earlier press release dated June 7, 2004.

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

Wee Sing Guan
Chief Financial Controller
Tel No: (65) 6262-7207