INTRODUCTION

The Board of Directors of Marine & General Bhd (“M&G”) is pleased to announce that its subsidiary, Jasa Merin (Malaysia) Sdn Bhd (“JMM”), received a Work Order Award (“WOA”) from PETRONAS Carigali Sdn. Bhd. (“PCSB”) for the provision of one (1) Anchor Handling Tug & Supply Vessel (“Vessel”) on 6 April 2021.

DURATION OF WOA

The WOA, which is expected to commence in early June 2021, is for a primary duration of three hundred and fifteen (315) days from the commencement date.

RISK FACTORS

Risk factors affecting the WOA are mainly operational risks. Notwithstanding this, JMM shall ensure strict compliance with the safety and operational procedures in the execution of the WOA requirements and has developed a programmed maintenance schedule which stringently adheres to the International Safety Management (ISM) Standards in maintaining the performance and seaworthiness of its Vessels.

FINANCIAL EFFECTS

The WOA is estimated to have a value of approximately RM 13 million for the primary term, is expected to contribute positively to the earnings of M&G for the financial period ending 30 April 2022. The WOA is not expected to have any effect on the share capital and shareholding structure of M&G. There are no significant risks involved in JMM fulfilling its obligations under the WOA.

DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders have any direct or indirect interest in the WOA awarded.

DIRECTORS’ STATEMENT

The Board of Directors of M&G is of the opinion that the acceptance of this WOA is in the best interest of M&G.

This announcement is dated 7 May 2021.