SCOMI SECURES STRATEGIC INVESTOR FOR INDONESIAN COAL LOGISTIC BUSINESS

KUALA LUMPUR, July 12 (Bernama) -- Scomi Marine Bhd has entered into heads
of agreement with PT Rig Tenders Indonesia TBK (PTRT) and Portside Offshore Inc.
(POI), which is owned by a privately managed Indonesian fund, in relation to POI
acquiring a significant stake in PTRT.

PTRT is an 80.54 per cent-owned subsidiary of Scomi Marine Services Pte Ltd
(Scomi Marine Services), which in turn, is wholly owned by Scomi Marine.

The exercise involves Scomi Marine Services disposing its 100 per cent
equity interest in CH Logistics Ltd (CHL), CH Ship Management Pte Ltd, Goldship
Pte Ltd and Sea Master Pte Ltd, a unit of CHL, to PTRT.

Grundtvig Marine Pte Ltd, a unit of Scomi Marine Services, would also
dispose its entire equity interest in PT Batuah Abadi Lines, to PTRT, Scomi
Marine said in a statement today.

"The aggregate disposal consideration amounts to US$171.8 million
(approximately RM550 million)," it said adding that PTRT plans to satisfy the
acquisition in cash.

Scomi Marine said the corporate exercise was subject to approvals from the
relevant shareholders and regulatory authorities in Malaysia, Singapore and
Indonesia.

It said PTRT was also proposing to undertake a renounceable rights issue
that would entail the issuance of 1.3 billion to 1.8 billion rights shares to
raise additional funds.

Scomi Marine Services, with its 80.54 per cent stake in PTRT, would renounce
its entitlement to rights shares, and POI would subscribe for all rights shares
that are renounced or not subscribed to, it said.

"Following the completion of the exercise, Scomi Marine Services' equity
interest in PTRT will be diluted and PTRT will cease to become a subsidiary of
Scomi Marine Services but will instead become an associated company," it said.

Scomi Marine president Mukhnizam Mahmud said the marine logistics and
offshore support vessel businesses in Indonesia have become increasingly
challenging.

He said significant capital expenditure was required to replace vessels and
tap opportunities in terms of opening up new markets in order to stay
competitive.

He said together with POI, the company would have the capability, capacity
and global network required to take the significantly enlarged PTRT to greater
heights of success.

"We have identified India as a primary target market with enormous demand
and high growth opportunities," Mukhnizam said.

This exercise would also enable Scomi Marine to tap into the growing demand
for Indonesian national vessels as a result of the new cabotage laws that will
be taking effect, he said.

"We are confident that Scomi Marine shareholders will continue to benefit
from PTRT's success in the foreseeable future via our remaining interests in
PTRT," he said.
-- BERNAMA