Reference is made to our announcements on 3 June 2020 in relation to the award to Sapura Offshore Sdn Bhd (Singapore Branch) (“SOSB”) a wholly owned subsidiary of SEB, in respect of the Engineering, Procurement, Construction and Installation contract for the Single Buoy Mooring (SBM) Pipeline Rejuvenation Phase II Project (“Contract”) by Shell Eastern Petroleum (Pte) Ltd. (“Shell”) and on 8 June 2023 in relation to the rescaling or descoping of the Contract.

The Board of Directors of SEB wishes to announce that there have been further developments on the Contract following SOSB’s receipt of a letter dated 20 September 2023 from Shell and a Without Prejudice meeting between SOSB and Shell on 5 October 2023.

Following thereon, without admission of liability and reserving all of SOSB’s rights, the Contract is considered terminated by Shell.

SOSB has sought advice from its external counsel and will continue to do so on SOSB’s legal position therein.

This announcement is dated 10 October 2023.