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INTRODUCTION
The Board of Directors of Sealink International Berhad ("SEALINK" or "the Company") is pleased to announce that on the 9 August 2008, Sealink Group, signed contracts for the sale of two (2) Multi Purpose Vessels ("MPV"). For the third quarter of 2008, Sealink has thus secured contracts for the sale of three (3) offshore vessels (including the 2 abovementioned units). Sealink has also secured a long term charter for a Utility Vessel ("UV").
DETAILS OF THE CONTRACTS
Sealink Engineering and Slipway Sdn Bhd and Sealink Shipyard Sdn Bhd ("SSSB"), both wholly owned subsidiaries of Sealink, have signed contracts for the sale of three (3) offshore vessels consisting of two (2) MPVs and one (1) Anchor Handling Tug ("AHT"). The AHT will be delivered within the next 2 weeks whilst the two (2) MPVs are expected to be delivered in the first half of 2009.
The UV was delivered to SSSB to its chartering division last week and the charter will commence in about one (1) week.
The two (2) MPVs and one (1) AHT were sold to established ship owners from Europe and Singapore whilst the UV is to be transferred to Sealink's chartering division.
Sealink Pacific Sdn Bhd, a wholly owned subsidiary of Sealink, had secured a long term charter for the UV to be delivered in the next one (1) week, from an established charterer in Malaysia. The charter secured is for a period up to ten (10) years, including the option for extension.
FINACIAL EFFECTS
The Contracts valued at approximately RM138 million (excluding the extension period) are expected to contribute positively to the earnings and net assets of SEALINK for the financial year ending 31 December 2008 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
Save for the Internal Transfer, 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 or the Company.
This announcement is dated 11 August 2008.
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