Further to the Company's announcement made on 21 October 2025 pertaining to the award of the contract to its joint venture company, Rawabi Sapura Limited Company (“Rawabi Sapura”) for the provision of Tanajib Diving Support Services for Saudi Aramco, the Company wishes to make the following clarifications to the aforesaid announcement:

1.  Contract Value

The estimated contract value will be dependent on the client’s actual charter duration and operational requirements, which can only be confirmed closer to the commencement date in 2027. Based on parameters such as the applicable daily charter rate for a seven-year contract period and assuming full utilisation of all vessels throughout the contract period, the estimated contract value is expected to exceed the materiality threshold for the purpose of a Bursa announcement.

2.  VTEB’s Percentage of Shareholding in Rawabi Sapura

Rawabi Sapura is a joint venture between Sapura Saudi Arabia Company (“Sapura Saudi”) and Rawabi Vallianz Offshore Services Company Limited.  Sapura Saudi holds 50% equity interest in Rawabi Sapura.  Sapura Saudi is a wholly owned subsidiary of Sapura Offshore Sdn Bhd, which in turn is an indirect wholly owned subsidiary of the Company. The Rawabi Sapura results shall be accounted for using the equity method as per the requirements of MFRS 128 Investments in Associates and Joint Ventures. 

This announcement is dated 23 October 2025.