The Board of Directors (the " Board" ) of the Company refers to the announcement made on 

23 January 2013 (the " Offer Announcement" ) by Credit Suisse (Singapore) Limited and 

Nomura Singapore Limited, for and on behalf of Fincantieri Oil & Gas S.p.A. (the " Offeror" ), a 

direct wholly-owned subsidiary of Fincantieri – Cantieri Navali Italiani S.p.A., in relation to the 

mandatory unconditional cash offer (the " Offer" ) by the Offeror to acquire all the issued 

ordinary shares (" Shares" ) in the capital of the Company, other than those already owned, 

controlled or agreed to be acquired by the Offeror, its related corporations and their 

respective nominees. 

The Board wishes to inform shareholders of the Company (" Shareholders" ) that it has on    

28 January 2013 appointed Ernst & Young Corporate Finance Pte. Ltd. (the " IFA" ) as the 

independent financial adviser to advise the Directors of the Company who are considered 

independent for the purposes of the Offer (the " Independent Directors" ).  

A circular containing,   inter alia, the advice of the IFA and the recommendation of the 

Independent Directors in relation to the Offer (the " Circular" ) will be sent to Shareholders in 

due course. 

advice of the IFA set out in the Circular to be issued in due course.   

     

Expect it to be favourable to the minority shareholders!