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INTRODUCTION
The Board of Directors of Sealink International Berhad ("SEALINK" or "the Company") is pleased to announce that SEALINK Group had secured contracts for sale of two (2) Offshore Support Vessels for a total consideration of approximately RM67 million.
DETAILS OF THE CONTRACTS
Sealink Engineering and Slipway Sdn Bhd, a wholly owned subsidiary of SEALINK, had secured contracts for the sale of two (2) Offshore Support Vessels and the Vessel are expected to be delivered by the fourth quarter of 2010.
FINANCIAL EFFECTS
The contracts, valued at approximately RM67 million are expected to contribute positively to the earnings and net assets of SEALINK for the financial year ending 31 December 2010 and beyond. Notwithstanding this, the above contracts are not expected to have any material effects on the share capital and shareholding structure of the Company.
DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS
None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the contracts.
DIRECTORS' STATEMENT
The Board of Directors of SEALINK is of the opinion that the acceptance of the contracts is in the best interest of the Company.
This announcement is dated 27 October 2010.
ABOUT SEALINK GROUP
SEALINK Group is an Integrated Service Provider which builds, owns and operates a diverse fleet of offshore marine support vessels, serving mainly the global offshore oil and gas exploration and production industry. Being one of the largest tug and barge operator in Malaysia for the oil and gas industry, it is now strengthening its position to be the major provider for offshore marine support vessels for other niche areas in the industry.
It has a young fleet of offshore marine support vessels predominantly focused on and used in the offshore oil & gas industry. With its diverse fleet of 33 vessels, it can cater to a wide base of reputable clients in the various segments of the industry.
Presently, SEALINK owns two shipyards located in Miri, Sarawak. The two shipyards has the capacity to construct up to 17 vessels a year. |
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