Sembcorp Marine's Subsidiary Jurong Shipyard Secures FPSO Conversion Contract From MODEC

Dec 09, 2008

Jurong Shipyard, a wholly-owned subsidiary of Sembcorp Marine, has secured an approximately S$200 million contract to convert the Very Large Crude Carrier (VLCC) tanker, the MV “PSVM” (ex Bourgogne), to a Floating Production Storage and Offloading (FPSO) vessel for MODEC.

This conversion contract involves the installation of an external turret mooring system and process facilities, which include gas turbine generators, oil separation, gas injection/gas lift and water injection system. Planned delivery to MODEC is 1Q 2011.

The FPSO is designed to operate for 20 years without dry-docking and it will have production capacity of 150,000 barrels of oil per day and a storage capacity of 1,600,000 barrels of oil.

The FPSO will be delivered to BP for deployment in the Plutão, Saturno, Vênus and Marte (“PSVM”) Fields in Block 31 offshore Angola, located in water depths of between 1,500 and 2,500m.

This conversion 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 MODEC

MODEC is an international general contractor specializing in engineering, procurement, construction and installation of floating production systems including Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels, Tension Leg Platforms (TLPs), Production Semi- Submersibles, Mobile Offshore Production Units (MOPUs) and other new technologies which will meet the challenges of various types of gas production floaters. The company also provides Floating Production System operation and maintenance services around the world.

About Jurong Shipyard

Jurong Shipyard, a fully-owned subsidiary of Sembcorp Marine, is a leading shipyard offering integrated services and customized solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering to a worldwide clientele. Apart from its proven track record in the building and servicing of jack-up and semi-submersible rigs, Jurong Shipyard is also a global leader in the EPC conversion of tankers to floating, production, storage and offloading units (FPSOs), floating storage tankers (FSOs) and floating production units (FPU).


For media and analysts enquiries, please contact:

Ms Judy Han
Senior Vice President
Investor Relations & Communications
Tel: 65-62627203
Fax: 65-62610738
Email: judy@sembcorpmarine.com.sg
Website: http://www.sembcorpmarine.com.sg

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