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INTRODUCTION
The Board of Directors of Sealink International Berhad ("SEALINK" or "the Company") is pleased to announce that on the 24 September 2008, Sealink Group has secured contracts for a long term charter of an offshore support vessel and the sale of another offshore support vessel for a total consideration of approximately RM81 million.
DETAILS OF THE CONTRACTS
Seagood Pte Ltd, a wholly owned subsidiary of Sealink, had secured a long term charter for a Multi Purpose Vessel which will be completed and delivered in October 2008 by Sealink Engineering and Slipway Sdn Bhd ("SESSB"), a wholly owned subsidiary of Sealink. The charter contract is for a period of three (3) years commencing November 2008.
SESSB had on the same date secured a contract for the sale of one (1) Anchor Handling Tug and Supply Vessel and the vessel is expected to be delivered within the first quarter of 2009.
Both of these contracts are from established clients overseas and involved in the oil and gas industry.
FINANCIAL EFFECTS
The contracts, valued at approximately RM81 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 is in the best interest of the Company.
This announcement is dated 24 September 2008.
ABOUT THE COMPANY
SEALINK 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. Originally a tug and barge operator, it has now moved aggressively to refocus its resources on strengthening its current businesses.
It has a young fleet of offshore marine support vessels, predominantly focused on and used in the oil & gas sector. With its 30-odd vessels, it can now cater to a wide base of reputable clients from all parts of the world.
In line with its business expansion, SEALINK has already put in place an aggressive new building program that will, over the next three years, increase the current chartering fleet by over 33%, with the view to increasing its revenue.
Presently, SEALINK owns two shipyards, located in Miri, Sarawak and the two shipyards would be able to build up to 17 vessels over the next 12 months, after the shipyard expansion.
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