(Unless stated otherwise, all abbreviations used herein shall have the same meaning as those mentioned in the Company's announcement dated 10 February 2020.)

We refer to the Letter of Offer from Vahana Holdings Sdn Bhd (“VHSB”) dated 10 February 2020 and our announcement on the even date in relation to the receipt of the offer from VHSB to acquire the entire issued and paid-up share capital of Vahana Offshore (M) Sdn Bhd, which currently owns the entire issued and paid-up share capital of Aryan-Inspire Pte Ltd, Arjun-Aspire Pte Ltd and Vahana Marine Solutions DMCC based on the terms and conditions as set out in the Letter of Offer (“Offer”) (“Proposed Transaction”).

Upon due deliberation, the Board (save for the interested directors namely, Tan Sri Nathan Elumalay and Narishnath Nathan) has resolved to accept the Offer, subject to the finalization and execution of a definitive share sale agreement in respect of the Proposed Transaction (“Definitive Agreement”) and the fulfillment of the conditions precedent set out in the Letter of Offer and the Definitive Agreement. A copy of the letter from Eversendai to VHSB is attached.

The Company and VHSB have on 10 March 2020 mutually agreed to extend the exclusivity period from 10 March 2020 to 31 March 2020 for the parties to finalise the terms and conditions of the Proposed Transaction and to execute the Definitive Agreement.

Upon the execution of the Definitive Agreement, the Company shall make the relevant announcements in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

This announcement is dated 10 March 2020.