21 Oct 2002

The proposed privatisation of SembCorp Marine Ltd – Result of court meeting held on October 21, 2002

SembCorp Marine wishes to announce that at the Court Meeting of Scheme Shareholders held this morning, the Scheme Shareholders have not approved the Scheme of Arrangement to privatise the Company (the “Scheme”) as announced by the Company on June 24, 2002. Accordingly, the Scheme will not become effective and binding. The Company will remain as a listed subsidiary of SembCorp Industries Ltd and the shares in the Company will continue to be traded on the main board of the Singapore Exchange Securities Trading Limited. Mr Tan Kwi Kin, President and CEO of SembCorp Marine said, “We accept and respect our minority shareholders’ decision. We would like to assure our shareholders that we will continue to focus our efforts on our core activities of ship repair, newbuilding, ship conversion and offshore engineering. At the same time, we will also continue to pursue our global hub strategy involving the creation of a network of strategically located shipyards around the world. We thank all shareholders for their strong support of SembCorp Marine.”

Responsibility Statement

The Directors of the Company (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. Where any information has been extracted from published or publicly available sources, the sole responsibility of the Directors of the Company has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this Announcement.

By Order of the Board

SembCorp Marine Ltd
Lim Seh Li (Ms)
Company Secretary