SembCorp Marine Sale Of 4.6 Million Shares In Cosco Corporation (S) Ltd

Singapore, Sep 30, 2005

The Board of Directors of SembCorp Marine (“SCM”) wishes to announce that SCM has disposed 4,600,000 ordinary shares (“Cosco Shares”) in Cosco Corporation (S) Ltd (“Cosco”) at $2.55 per share.

After the disposal, SCM still holds 35,000,000 Cosco Shares, which comprised 3.2% of the share capital of Cosco.

This disposal will result in an extraordinary gain of approximately S$9.91million to SCM which will be taken in the financial year ending December 31, 2005. The net proceeds from the sale of Cosco Shares will be used as working capital.

For illustrative purposes only, based on the audited financial statement for the year ended December 31, 2004 and assuming that the transaction was effected on January 1, 2004, the proforma consolidated earnings per SCM share would have been 7.34 cents instead of 6.65 cents.

None of the directors of SCM has any interest in the transaction.

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For media & analysts enquiries, please contact:

Mr Wee Sing Guan
Chief Financial Officer
Tel No: (65) 6262 7207
Fax No: (65) 6261 0738

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