Sembcorp Marine wishes to announce that it has awarded the turnkey construction contract for Phase I of the New Yard Development project to Zhen Hua (S) Engineering Pte Ltd for a total contract value of S$443.25 million.

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The contract is part of the S$750 million projected costs for Phase I of the New Yard Development announced on 4th November 2009 and relates to a land area of 73.3 hectares located at Tuas View Extension on the west of Singapore. This turnkey construction contract is for the design and construction of the proposed 4 VLCC drydocks, wharves, quays, piers and other ancillary works for the New Yard Phase I Development project.

Construction work is expected to commence immediately upon the signing of the construction contract on 18 November 2009 with completion scheduled for May 2013.

The above contract is not expected to have any material impact on the earnings and net tangible assets per share of Sembcorp Marine for the year ending December 31, 2009.

About Zhen Hua (S) Engineering Pte Ltd & China Harbour Engineering Company Ltd
Zhen Hua (S) Engineering Pte Ltd is a subsidiary of China Harbour Engineering Company Ltd (CHEC), one of the largest state-owned enterprises in China. CHEC is a major international operating division of China Communications Construction Company Ltd (CCCC), a Fortune 500 company. CCCC’s H shares are listed on the Main Board of Hong Kong Stock Exchange.

China Harbour Engineering Company is a full service provider with business operations in the five core areas of Marine Engineering, Road and Bridge, Dredging and Reclamation, Port Machinery and Survey & Design.

About Sembcorp Marine
Sembcorp Marine is a leading global marine and offshore engineering group specialising in a full spectrum of integrated solutions ranging from ship repair, shipbuilding, ship conversion and rig building to offshore engineering & construction. As one of the largest marine and offshore engineering leaders in Asia, the Group has a global network spanning six strategic hubs – Singapore, China, India, USA, Brazil and the Middle East. Sembcorp Marine’s Singapore hub consists of Jurong Shipyard, Sembawang Shipyard, PPL Shipyard, SMOE and Jurong SML, supported by P.T. Karimun Sembawang Shipyard and P.T. SMOE (Batam) in Indonesia.

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Source: SembCorp Marine

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