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INTRODUCTION
The Board of Directors of Sealink International Berhad ("SEALINK" or "the Company") is pleased to announce that on the 3 September 2008, Sealink Group, has entered into a strategic alliance with Boustead Penang Shipyard Sdn Bhd, a wholly-owned subsidiary of Boustead Heavy Industries Corporation Berhad ("BHIC") via the signing of 2 contracts for a total consideration of RM62 million.
DETAILS OF THE CONTRACTS
Sealink Shipyard Sdn Bhd ("SSSB"), a wholly owned subsidiaries of Sealink, have signed contracts to construct the hulls for two 111-metre accommodation work barges for Singapore-based Swire Pacific Offshore Operations Pte. Ltd.
The construction of these hulls will take place at SSSB shipyard in Miri and these are expected to be completed by August 2009. BHIC will construct the remaining parts of the barges at its shipyard in Pulau Jerejak, Penang.
BHIC is currently constructing a total of four vessels including two 7,000 dead weight tonne (DWT) oil and chemical carriers and two anchor handling tug vessels for Sealink.
FINANCIAL EFFECTS
The contracts, valued at approximately RM62 million 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
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 are in the best interest of the Company.
ABOUT THE COMPANY
SEALINK is an integrated service provider which owns, operates and builds a diverse fleet of offshore marine support vessels, serving the global offshore oil and gas exploration and production industry. Originally a tug and barge operator, it has moved aggressively to refocus its resources on strengthening its current businesses.
SEALINK has a young fleet of marine support vessels, predominantly focused on the oil & gas sector. Its vessels cater to a wide base of reputable clients from all parts of the world.
SEALINK has put in place an aggressive new building program that will, over the next three years, increase the current chartering fleet by over 33%.
SEALINK owns two shipyards, located in Miri, Sarawak and the shipyards can build up to 15 vessels a year. SEALINK is currently expanding the shipyards to increase its manufacturing capacity to 17 vessels per annum.
This announcement is dated 3 September 2008.
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