Sembcorp Marine Secures Evergreen Favoured Customer Contract From International Gas Transportation Company Limited

Singapore, Dec 15, 2008

Sembcorp Marine is pleased to announce the award of an evergreen favoured customer contract (FCC) from International Gas Transportation Company Limited (IGTC) to provide repairs, upgrades and other marine services for its fleet of LNG ships which are operated by North West Shelf Shipping Service Company Pty Ltd (NWSSSC) on behalf of the North West Shelf Venture participants, BHP Billiton Petroleum Pty Ltd, BP Australia Shipping Pty Ltd, Chevron Australia Transport Pty Ltd, Japan Australia LNG (MIMI) Downstream Services Pte Ltd, Shell Development (Australia) Pty Ltd and Woodside Petroleum Holdings Pty Ltd. This contract signifies the first time that a major LNG operator has committed to an evergreen long-term maintenance and refit contract. At a time when Singapore is preparing itself to be a major hub in the LNG sector, the selection of Sembcorp Marine as the evergreen partner of IGTC, is a great boost to Singapore’s marine and offshore industry and reinforces Sembcorp Marine’s global leadership position in the highly specialised LNG carriers’ repairs, upgrading and life extension work.

The contract, signed in Singapore by Mr. Noel Hart, General Manager of NWSSSC on behalf of IGTC, and Ms Wong Lee-Lin, Executive Director of Sembawang Shipyard Pte Ltd, will see NWSSSC’s fleet of liquefied natural gas (LNG) carriers regularly dry-docking at Sembcorp Marine’s Sembawang Shipyard and Jurong Shipyard, which are subsidiary shipyards in the Sembcorp Marine Group.

NWSSSC is the main shipping advisor to International Gas Transportation Company Limited (IGTC), the Bermuda-registered parent shipping company of the North West Shelf Venture. NWSSSC provides advice and expertise to assist IGTC in managing its fleet of 7 LNG carriers and ensuring the safe, efficient and reliable transportation of liquefied natural gas (LNG) from Australia’s North West Shelf to the Venture’s customers in Japan, China and South Korea.

“This contract marks another milestone for NWSSSC and Sembcorp Marine and will ensure that NWSSSC, on behalf of International Gas Transportation Company Limited (IGTC) can continue to deliver safe, reliable and high quality LNG transportation services to the North West Shelf Venture’s North Asian customers” said Mr. Noel Hart, General Manager of NWSSSC.

"This is a significant achievement for Sembcorp Marine as it is the first evergreen FCC contract signed between a renowned LNG ship operator and a Singapore shipyard group. As part of the Group's strategy to become the world leader in the repairs and life extension of LNG carriers, we have achieved an important step in getting into the big league of specialised LNG carriers refit and life extension work. We are honoured and grateful to be awarded this contract by NWSSSC. We look forward to delivering value-added improvements for both our organisations and to setting international benchmarks for the maintenance standard of LNG carriers" said Ms Wong Lee-Lin, Executive Director of Sembawang Shipyard.

With the signing of this evergreen FCC contract, six Venture-owned Moss-Rosenberg LNG carriers and one membrane LNG carrier are scheduled to undergo major refits and regular maintenance in Sembcorp Marine's Sembawang Shipyard and Jurong Shipyard from 2009.

This contract is not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2008.

About Sembcorp Marine

Sembcorp Marine is a leading global marine and offshore engineering group, specialising in a full spectrum of integrated solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering and construction solutions through a network of strategically located shipyards centred around the hubs of Singapore, China, Brazil, USA, India and the Middle East. Sembcorp Marine is also recognised as an industry leader in ship repair and a niche player in the repairs and upgrading of specialised LNG carriers. Its key Singapore shipyards are Jurong Shipyard and Sembawang Shipyard.

Sembawang Shipyard has one of the largest integrated ship repair facilities in Southeast Asia. The shipyard's world-class reputation is based on the company's commitment to high quality standard, Health, Safety and Environment standard, timely delivery, superior customer service and innovative solutions. The shipyard has five docks totaling 775,000 dwt with adjacent engineering facilities. It has almost four kilometres of continuous deep and sheltered berthage of up to 14 metres in depth.

About International Gas Transportation Company Limited

IGTC is the parent shipping company of the North West Shelf LNG Venture and is equally owned by BP, BHP Billiton, Chevron, MIMI (a joint Mitsubishi and Mitsui company), Shell and Woodside companies.

The IGTC owned fleet consists of 7 LNG carriers built for the Australia-Japan and South Korea trade routes and provide LNG transportation services to the LNG Sellers of the North West Shelf Venture. The North West Shelf LNG carriers are all named after birds which are either permanent inhabitants or regular visitors to both Australia’s North West and Japan. The vessels are Northwest Sanderling, Northwest Snipe, Northwest Shearwater, Northwest Sandpiper, Northwest Seaeagle, Northwest Stormpetrel and Northwest Swan.

For media and analysts enquiries, please contact:
Ms Judy Han
Senior Vice President
Investor Relations & Communications
Tel: 65-62627203, Fax: 65-62610738

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