AT A GLANCE AT A GLANCE GROUP FINANCIAL HIGHLIGHTS

For the year (S$’000) 2007 2006 % Change

Annual Report 2007 Annual Report Group Profit & Loss Account Revenue 4,513,123 3,545,049 27 Profits EBITDA 413,109 273,831 51 Operating Profit 349,029 228,233 53 Profit Before Tax 364,721 310,871 17 Attributable Profit - include FX & NoI# 240,989 238,388 1 Attributable Profit - exclude FX & NoI# 362,273 217,848 66

Group Balance Sheet Marine Ltd Total Assets 4,462,847 3,429,501 30 Total Liabilities 2,757,131 2,059,278 34 Net Tangible Assets 1,672,471 1,324,682 26 Shareholders' Funds 1,680,060 1,338,339 26 Minority Interests 25,656 31,884 (20) Capital Employed 1,705,716 1,370,223 24 Fixed Deposits, Bank & Cash Balances 740,477 503,488 47 Borrowings (441,669) (390,988) 13 Net Cash 298,808 112,500 166

Financial Ratios Earnings Per Share (EPS) EPS, include FX & Nol# (cents) 11.72 11.71* - EPS, exclude FX & Nol# (cents) 17.62 10.70* 65 Dividend Per Share Net Dividend (cents) 8.73 8.93* (2) Net Assets Value per share (cents) 81.13 65.30* 24 Net Tangible Assets per share (cents) 80.76 64.64* 25 Return on Turnover - include FX & Nol# (%) 5.34 6.72 (21) Return on Turnover - exclude FX & Nol# (%) 8.03 6.15 31 Return on Total Assets - include FX & Nol# (%) 6.11 8.28 (26) Return on Total Assets - exclude FX & Nol# (%) 9.18 7.57 21 Return on Equity - include FX & Nol# (%) 15.97 19.83 (19) Return on Equity - exclude FX & Nol# (%) 24.00 18.12 32

* Adjusted for two Bonus Shares for every five existing ordinary shares # FX & NoI - Unauthorised foreign exchange transactions & related expenses and Non-Operating Items

10 11 AT A GLANCE GROUP QUARTERLY RESULTS

2007 ($'000) 1Q 2Q 3Q 4Q Total 4Q 2007 Quarterly Profit Before 2006 Quarterly Profit Before # (excluding FX & NoI) $'m Tax and Attributable Profit $'m Tax and Attributable Profit

Annual Report 2007 Annual Report Turnover 953,743 1,051,598 1,171,069 1,336,713 4,513,123 1,336,713 Operating Profit 74,101 74,048 74,051 126,829 349,029 126,829 160 160 EBITDA 87,354 87,990 92,685 145,080 413,109 145,080 155.2 Profit before Tax 84,663 106,699 96,381 76,978 364,721 155,207 Attributable Profit 73,738 85,100 81,359 792 240,989 120,366 140 140 Earnings per share (cents) 128.6 Year-to-date 3.59 7.74 11.70 11.72 17.62 120 120.4 120

Earnings per share (cents) 106.7 in-quarter 3.59 4.15 3.96 0.02 11.72 5.82 100 100 103.8 96.4 95.3

84.7 85.1 80 81.4 80 2006 ($'000) 1Q 2Q 3Q 4Q Total 4Q 77.0 75.7 73.7 71.4 (excluding FX & NoI)# Sembcorp Marine Ltd 60 60 Turnover 499,107 1,041,207 673,275 1,331,460 3,545,049 1,331,460 56.1 57.5 54.9

Operating Profit 50,741 49,537 39,720 88,235 228,233 88,235 44.7 EBITDA 60,804 60,033 51,710 101,284 273,831 101,284 40 40 40.8 Profit before Tax 56,100 71,350 54,861 128,560 310,871 103,837 Attributable Profit 40,833 57,543 44,713 95,299 238,388 75,695 20 20 Earnings per share (cents) Year-to-date 2.01* 4.84* 7.04* 11.71* 10.70 0 0.8 0 Earnings per share (cents) 1Q 2Q 3Q 4Q 4Q 1Q 2Q 3Q 4Q 4Q in-quarter 2.01* 2.83* 2.20* 4.67* 11.71* 3.66 Exclude FX & Nol # Exclude FX & Nol #

Profit before Tax Attributable Profit Profit before Tax Attributable Profit * Adjusted for two Bonus Shares for every five existing ordinary shares # FX & NoI - Unauthorised foreign exchange transactions & related expenses and Non-Operating Items

2007 Quarterly 2006 Quarterly 2007 Quarterly 2006 Quarterly $'m Turnover Contributions $'m Turnover Contributions $'m Operating Profit $'m Operating Profit

1400 1400 140 140 1,336.7 1,331.5 126.8 1200 1200 120 120

1,041.2 1000 1,051.6 1,171.1 1000 100 100 953.7 88.2 800 800 80 80 74.1 74.0 74.1 673.3 600 600 60 60

499.1 50.7 49.5

400 400 40 40 39.7

200 200 20 20

0 0 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

12 13 AT A GLANCE FINANCIAL CALENDAR

Financial Year 2008

2008 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Report 2007 Annual Report Financial Year Announcements of Results & Dividends

2007 Full Year Feb 22 Quarter 1, 2008 May 7 Quarter 2, 2008 Aug 5 Quarter 3, 2008 Nov 4

2007 Final May 16 Dividend Payment Sembcorp Marine Ltd Delivery of Apr 7 Annual Report

Delivery of EGM Notice Mar 31 CORPORATE DIRECTORY

Annual General Meeting/Extraordinary Apr 22 Meeting Registered Office Principal Bankers 29 Tanjong Kling Road, 628054 DBS Bank Ltd Telephone : (65) 6265 1766 Oversea-Chinese Banking Corporation Limited Fax : (65) 6265 0201/ (65) 6261 0738 Standard Chartered Bank Website : www.sembcorpmarine.com.sg The Hongkong and Shanghai Banking E-mail : [email protected] Corporation Limited Financial Year 2007 Limited 2007 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Share Registrar Financial Year KCK Corpserve Pte Ltd Share Listing Announcements of 333 North Bridge Road Sembcorp Marine’s shares are listed on the Securities Trading Limited Results & Dividends #08-00 KH Kea Building 2006 Full Year Feb 15 Singapore 188721 Quarter 1, 2007 May 2 Joint Company Secretaries Kwong Sook May Quarter 2, 2007 Aug 2 Auditor Tan Yah Sze Quarter 3, 2007 Nov 1 Ernst & Young Certified Public Accountants 2006 Final May 18 Dividend Payment Singapore Delivery of Audit Partner: Daniel Soh Apr 4 Annual Report (appointed during financial year ended Annual General 31 December 2003) Meeting/Extraordinary Apr 20 Meeting

14 15 AT A GLANCE Sembcorp Marine Ltd CORPORATE STRUCTURE as at 19 March 2008 Annual Report 2007 Annual Report

Singapore Shipyards Overseas Shipyards Supporting Companies

Jurong Shipyard Pte Ltd P.T. Karimun Sembawang Shipyard JPL Services Pte Ltd (Indonesia) Bulk Trade Pte Ltd 100% 100% 70% 100%

Jurong Machinery and Sembawang Shipyard Pte Ltd Cosco Shipyard Group (China) Automation Pte Ltd JPL Industries Pte Ltd Sembcorp Marine Ltd 100% 30% 100% 60.1%

Jurong Integrated Services Pte Ltd Jurong Marine Services Pte Ltd SMOE Pte Ltd Sembcorp-Sabine Industries Inc (USA) 100% 100% 100% 100%

Jurong Marine Contractors Pte Ltd Jurong Autoblast Services Pte Ltd Jurong SML Pte Ltd P.T. SMOE (Indonesia) 100% 90% 100% 100%

Shenzhen Chiwan Offshore Petroleum Equipment Dolphin Shipping Company Pte Ltd Repair & Manufacture Co. Ltd (China) PPL Shipyard Pte Ltd SembMarine (Middle East) Pte Ltd 35% 85% 60% 100%

Shanghai Jurong Marine Engineering & Technology Ltd (China) 70%

R&D

Sembcorp Marine Technology Pte Ltd Baker Marine Pte Ltd 100% 85%

16 17 AT A GLANCE Supporting Companies ORGANISATION STRUCTURE Jurong Integrated Services

as at 19 March 2008 Executive Director : Chang King Board of Directors Email: [email protected]

Group President & CEO : Tan Kwi Kin President & COO : Wong Weng Sun Jurong Machinery & Automation Annual Report 2007 Annual Report Deputy President : Ong Poh Kwee Executive Director : Chew Yam Poey Email: [email protected]

Staff Support Group Shipyards (Singapore) JPL Services

Human Resource Finance Jurong Shipyard Director : Wong Peng Kin Email: [email protected]

Wong Peng Kin, Director, Group HR Maureen Leong, Director, Group Finance Chairman : Goh Geok Ling [email protected] [email protected] Managing Director : Wong Weng Sun

Sembcorp Marine Ltd Tan Cheng Tat, Chief Financial Officer Executive Director : Lee Yeok Hoon Jurong Marine Contractors Low Siew Lian, Deputy CFO Email: [email protected] [email protected] Director : Lee Yeok Hoon Engineering Email: [email protected] Sembawang Shipyard Seow Tan Hong, Senior Vice President Investor Relations & Communications [email protected] Shipyards (Overseas) Chairman : Goh Geok Ling Judy Han, Senior Vice President [email protected] Managing Director : Ong Poh Kwee P.T. Karimun Sembawang Shipyard Executive Director : Wong Lee Lin (Indonesia) Email: [email protected] President Director : Ng Thiam Poh Corporate Development Email: [email protected]

Wee Keng Hwee, Senior Vice President Internal Audit SMOE [email protected] Toh Chin Hock, Asst Vice President Chairman : Goh Geok Ling Cosco Shipyard Group (China) [email protected] Managing Director : Ho Nee Sin Executive Director : Aw Chin Leng Representative : K. C. Yeoh Email: [email protected] Email: [email protected] Corporate Counsel & Company Secretary

Risk Management Tan Yah Sze, Vice President (Legal) & Jurong SML P.T. SMOE (Indonesia) Joint Company Secretary [email protected] Ng Thiam Poh, Chief Risk Officer Chairman : Wong Weng Sun Kwong Sook May [email protected] Joint Company Secretary Executive Director : Freddie Woo General Manager : D.T. Loy Email: [email protected]

PPL Shipyard Sembcorp-Sabine Industries Inc (USA) Administration President : John Chen Chairman : Tang Kin Fei Email: [email protected] Jessie Lau, Administration Manager Deputy Chairman : Benety Chang [email protected] Managing Director : Douglas Tan Email: [email protected]

18 19 AT A GLANCE SIGNIFICANT EVENTS

Contracts Secured Ceremonies & Deliveries

January May June January

Annual Report 2007 Annual Report • Award of US$524 million ultra-deepwater sixth- • Award of US$535.5 million turnkey contract by • Award of US$190 million contract by Offshore • Delivery of YÙUM K’AK’NÁAB FPSO, converted generation semi-submersible rig building contract Seadrill Limited to Jurong Shipyard for the Group Corp to PPL Shipyard to build its third from a tanker by Sembawang Shipyard for by PetroRig III Pte Ltd to Jurong Shipyard. construction of its third sixth-generation ultra- BMC Pacific 375 jack-up rig. Bergesen Worldwide Offshore. deepwater semi-submersible rig. • Award of two conversion contracts worth US$88 August February million to Jurong Shipyard for the conversion of • Award of US$198 million rig building contract • Strike steel of PetroRig II newbuild semi- a tanker to an FPSO for Aker Contracting FP AS by Offshore Group Corp to PPL Shipyard for submersible by Jurong Shipyard for PetroRig II and the conversion of scientific research vessel the construction of its fourth BMC Pacific 375 Pte Ltd. Joides Resolution into an integrated Ocean Drilling jack-up rig. Programme vessel for Overseas Drilling Limited. • Launch of Al Wataniah IV, a 5,100 dwt tanker by • Award of US$442 million contract to Jurong Jurong SML for Kuwait Oil Tanker Company SAK. Sembcorp Marine Ltd Shipyard by Larsen Oil & Gas-managed PetroProd Ltd to build a harsh-environment jack-up rig. • Award of US$190 million jack-up rig contract to PPL Shipyard by Taiwan’s Offshore Group Corp. February • Award of US$300 million contract to SMOE from Malaysia’s Carigali-PTTEPI Operating Company Sdn Bhd to construct an offshore platform integrated deck. • Award of S$150 million FPSO conversion contract to Sembawang Shipyard from Holland’s Bluewater Energy Services. March • Award by Noble Drilling Holding LLC to Jurong • Award of US$80 million contract to PT SMOE to Shipyard to convert a second baredeck hull • Delivery of FSO Cidade de Macae MV15, converted build two offshore platforms for TOTAL E&P Indonesie. into a semi-submersible rig. from a tanker by Jurong Shipyard for Modec Inc.

April • Naming ceremony for Wan Hai 316, a 2,646 TEU containership built by Jurong Shipyard for September Wan Hai Lines. • Award of US$201 million contract by Egyptian Drilling Company to PPL Shipyard for the construction of a BMC Pacific 375 jack-up rig.

November April • Award of S$300 million contract to Sembawang Shipyard from Equinox Offshore Accommodation • Award of US$149 million contract by Awilco • Award of US$221 million contract by Avonway Limited for the conversion of one plus five options Offshore ASA to PPL Shipyard to build its fourth Ltd to Sembawang Shipyard to design, construct and commission a DP3 heavy lift crane vessel. of passenger/car ferries to DP2 accommodation BMC Pacific 375 jack-up rig. and repair vessels.

20 21 AT A GLANCE SIGNIFICANT EVENTS

Ceremonies & Deliveries Acquisitions & Events

• Delivery of Soehanah, a BMC Pacific 375 jack- • Delivery of Deep Driller 4, a BMC Pacific 375 January April up rig built by PPL Shipyard for PT Apexindo jack-up rig for Deep Drilling Invest Pte Ltd by Annual Report 2007 Annual Report Pratama Duta Tbk. PPL Shipyard. • Green Wave Environmental Care Competition • Participation in the inaugural SeaAsia 2007, a for schools. premier maritime showcase of Singapore’s marine • Delivery of 15 units of floating pontoons to Defence • Delivery of WilSuperior, a BMC Pacific 375 and offshore industry. Science and Technology Agency (DSTA) for the jack-up rig for Awilco Offshore ASA by PPL February National Day floating performance platform. Shipyard. • Full-year 2006 financial results announcement. May October • Learning Journey at Jurong Shipyard by Mr Lim • Naming and delivery of Maersk Completer, a BMC • Sail away of Petrobras 54 FPSO. Swee Say, NTUC Secretary-General and Minister, Pacific 375 jack-up rig built by Jurong Shipyard • Naming and delivery of Al Wataniah IV, the first Prime Minister’s Office, and NTUC union leaders. for Maersk Contractors. 5,100 dwt tanker built by Jurong SML for Kuwait Oil Tanker Company SAK and launching of second

Sembcorp Marine Ltd sistership Sedra II.

November • Naming of Raroa FPSO, converted from a tanker by Jurong Shipyard for Tanker Pacific. • Strike steel for Saudi Aramco’s heavy lift jack-up • 44th Annual General Meeting & Extraordinary barge and Seadrill’s West Orion semi-submersible General Meeting for shareholders. rig in Jurong Shipyard. • Launching of Hakuryu 10 newbuild jack-up rig May by PPL Shipyard for Japan Drilling. • Acquisition of 35 per cent equity stake in Shenzhen July • Strike Steel for P2020 and P2021, two newbuild Chiwan Offshore Petroleum Equipment Repair & jack-up rigs by PPL Shipyard for Offshore Group Manufacture Co. Ltd by SMOE for S$1.3 million. March • Strike steel for Noble Jim Day semi-submersible Corp. rig in Jurong Shipyard. • Signing of memorandum of understanding to June December collaborate with National University of Singapore August • Participation in Nor-Shipping exhibition, one of • Naming of West Sirius, the first of three units of on their Offshore Technology Research Programme the world’s leading tradeshows for the European • Naming and delivery of Stybarrow Venture sixth-generation ultra-deepwater semi-submersible to advance research and development. marine and offshore industry in Norway. MV16 FPSO, converted from a tanker by Jurong built by Jurong Shipyard for Norway’s Seadrill Shipyard for Modec Inc. Limited. • Christening ceremony of Petrobras 54 FPSO, converted from a tanker for Petrobras SA at Mauá Jurong in Brazil.

• Participation in Careers 2007. • Participation in SPRING Singapore’s Business • Delivery of West Triton, a BMC Pacific 375 jack- Excellence Best Practice Series. up rig by PPL Shipyard to Seadrill Limited.

22 23 AT A GLANCE SIGNIFICANT EVENTS

Acquisitions & Events

• Participation in Offshore Technology Conference, October the world’s leading annual tradeshow and Annual Report 2007 Annual Report conference in the offshore oil and gas industry in • Strategic partnership with Pipavav Shipyard Limited Houston, Texas, USA. in India. • Sponsorship of LatinAsia Biz Forum, a networking event to further strategic connections with Brazil and Latin America. • Signing of memorandum of understanding by Jurong Shipyard and Sembawang Shipyard with Ngee Ann Polytechnic’s Marine & Offshore Technology Centre of Innovation to collaborate with small- and medium-sized enterprises to enhance the industry’s competitive edge. Sembcorp Marine Ltd • Announcement of discovery of unauthorised forex transactions. • Sale of 39 million ordinary shares in Cosco Corporation for a pre-tax profit of S$230 million. • Participation in JobsCentral Career Fair to attract August capable talents continuously into the group of • Establishment of Sembcorp Marine Technology, companies. a new research and development centre. November • Half-year 2007 financial results announcement. • Participation in National Day Parade at Marina • Contribution of S$264,550 by Sembcorp Marine Bay. to 1,255 students under the SchoolBAG scheme. • Formation of SembMarine (Middle East), a joint venture between Sembcorp Marine and Nasser Mohammed Al-Mukairish and Partners.

December • Acquisition of 70 per cent equity stake in Shanghai Jurong Marine Engineering & Technology Co by Jurong Shipyard. • Formation of Dolphin Workboats, a joint venture equally owned by Dolphin Shipping Company and Entraco Venture Corporation. • Acquisition of entire shareholding of Sabine Industries (renamed Sembcorp-Sabine Industries, Inc) from PPL Shipyard. September • Participation in MaritimeONE NetworkONE reception organised by the Association of Singapore Marine Industries, in collaboration with the Maritime & Port Authority, Singapore Maritime Foundation and Singapore Shipping Association.

24 25 AT A GLANCE AWARDS AND ACCOLADES

Singapore International 100 Awards Innovation Excellence Award Singapore Corporate Award

Annual Report 2007 Annual Report 11th Ranking : Sembcorp Marine Winner : Jurong Shipyard Best Annual Report Award Ranking for 11th highest overseas revenue earned Recognition for its strong innovation culture and Silver Award: Sembcorp Marine in Singapore International 100 by International sustainable organisation-wide innovation systems Award for its 2005 Annual Report for mainboard- Enterprise Singapore. by the Singapore Quality Awards Governing Council. listed companies with a market capitalisation of more than $500 million which reported a wider scope of disclosures beyond the minimum regulatory requirements.

Sembcorp Marine Ltd IR Magazine SEA Awards Excellence in Investor Relations Award : Ms Judy Han High commendation for Senior Vice President, Investor Relations & Communications of Sembcorp Marine, for demonstrating excellence in investor relations.

Most Transparent Company Award Workplace Safety & (Non-electronics manufacturing) Health Innovation Award OEC Hall of Fame Winner : Sembcorp Marine Winners : Jurong Shipyard & Sembawang Shipyard PPL Shipyard Recognition by the Securities Investors Association’s Recognition for Jurong Shipyard’s LIFE Team for its (Singapore) 8th Investors’ Choice Awards Ceremony. The Offshore Energy Center “Electro-Hydraulic Cylinder Nut Extractor” and inaugurated PPL Shipyard Sembawang Shipyard’s Safe T Locker Team for its into its Hall of Fame, which “T-Grinder Fabricator and Safe T Holder” inventions. recognises and honours individuals and companies for significant contributions in the development of technologies in the offshore marine industry. The yard was honoured for its MOM Annual Safety & pioneering technologies Health Performance Award and innovations in the area of drilling rigs Silver Award : SMOE Pte Ltd construction. SMOE won the Silver Award given by the Ministry of Manpower (MOM) for attaining a cumulative 12.5 million manhours without LTI (Lost Time Incidents) on the Bohai FPSO Project.

26 27