Sembcorp Marine's Subsidiary Dolphin Shipping Company Forms Joint Venture Company With Entraco Venture Corporation

Singapore, Dec 31, 2007

Dolphin Shipping Company Pte Ltd, a wholly owned subsidiary of SembCorp Marine, has entered into a joint venture partnership with Entraco Venture Corporation Pte Ltd to own and operate a fleet of support vessels.

The joint venture company, to be named Dolphin Workboats Pte Ltd, will own and manage a fleet of vessels, including tugs and barges, to provide support services to the Group’s South-east Asian operations.

The issued share capital of Dolphin Workboats is S$1 million, comprising 1 million ordinary shares at S$1 each, to be funded internally by Dolphin Shipping Company and Entraco Venture Corporation under a 50:50 joint venture structure.

The above investment is not expected to have any significant effect on SembCorp Marine’s earnings per share and net tangible asset per share for the year ending December 31, 2007.

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About Dolphin Shipping Company Pte Ltd

Dolphin Shipping Company, a fully-owned subsidiary of SembCorp Marine, is in the ship owning and ship chartering business. The company manages and operates various types of marine and offshore vessels.

About Entraco Venture Corporation Pte Ltd

Entraco Venture Corporation is a marine and offshore contractor based in Singapore and specialises in the provision of integrated support services in engineering, procurement, construction, installation, project management, and marine transportation both locally and globally.

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