ANNOUNCEMENT PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE OF SHARES DESPATCH OF THE OFFERING CIRCULAR AND ITS ACCOMPANYING DOCUMENTS

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1 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES. THE MATERIAL SET OUT HEREIN IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER FOR SALE OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES DESCRIBED HEREIN MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND ANY APPLICABLE STATE LAWS. THERE IS NO INTENTION TO REGISTER ANY PORTION OF ANY OFFERING IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES. PLEASE SEE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT. CIMC RAFFLES OFFSHORE (SINGAPORE) LIMITED (FORMERLY KNOWN AS YANTAI RAFFLES SHIPYARD LIMITED) (Incorporated in Singapore on 7 March 1994) (Registration Number D) ANNOUNCEMENT PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE OF SHARES DESPATCH OF THE OFFERING CIRCULAR AND ITS ACCOMPANYING DOCUMENTS Unless otherwise defined, all terms used herein shall bear the same meanings as in the Offering Circular (defined below). 1. DESPATCH OF THE OFFERING CIRCULAR The Directors of CIMC Raffles Offshore (Singapore) Limited ( CIMC Raffles ) wish to announce that copies of the offering circular dated 15 July 2010 ( Offering Circular ) in relation to the Rights Issue together with copies of the PAL and the VPS Subscription Form, as the case may be, will be despatched by the Company to the Entitled Shareholders on or around 16 July A copy of the Offering Circular is attached hereto. The Offering Circular and the accompanying PAL and VPS Subscription Form have not been and will not be approved by, lodged with or registered by any regulatory body or authority in any jurisdiction. In particular, the Offering Circular and the accompanying PAL and VPS Subscription Form do not constitute a prospectus or an offer information statement under the Securities and Futures Act, Chapter 289 of Singapore, and have not been lodged with, registered by or approved by the Monetary Authority of Singapore, and also do not constitute a prospectus under the Norwegian Securities Trading Act of 29 June 2007 and have not been reviewed or approved by or registered with the Register of Business Enterprises, the Financial Supervisory Authority of Norway or any other regulatory body or authority in Norway. 2. ACCEPTANCES OF PROVISIONAL ALLOTMENTS OF RIGHTS SHARES, SUBSCRIPTIONS FOR RIGHTS SHARES AND APPLICATIONS FOR EXCESS RIGHTS SHARES Acceptances of provisional allotments of Rights Shares and (if applicable) applications for excess Rights Shares under the Rights Issue may be made by Entitled Registered Shareholders only on the PAL through the Share Registrar. Subscriptions for Rights Shares (including, if applicable, subscription for excess Rights Shares) under the Rights Issue may be made by Entitled VPS Shareholders only on the VPS Subscription Form through the VPS Registrar. 1

2 More information on the procedures for acceptance, excess application and payment for the Rights Shares by Entitled Registered Shareholders, and for subscription for the Rights Shares (including, if applicable, subscription for excess Rights Shares) and payment by Entitled VPS Shareholders, may be found in the Offering Circular. For investors who hold Shares through a nominee, acceptances of and (if applicable) excess applications for, or subscriptions for, the Rights Shares must be done through the nominee. Such investors are advised to provide their respective nominees with the appropriate instructions early in order for such nominees to make the relevant acceptances of and (if applicable) excess applications for, or subscriptions for, the Rights Shares on their behalf by the relevant Closing Date. Any acceptance of and (if applicable) excess applications for, or subscription for, the Rights Shares made directly through the Share Registrar, the VPS Registrar and/or CIMC Raffles will be rejected. For practical reasons and in order to avoid any violation of any securities laws or other legislation which may be applicable, the Offering Circular and its accompanying documents will only be despatched to Registered Shareholders and VPS Shareholders as at the Books Closure Date with registered addresses in Singapore and Norway, and such other Registered Shareholders and VPS Shareholders as at the Books Closure Date with registered addresses outside Singapore and Norway where CIMC Raffles is satisfied, at its absolute discretion, that it is not precluded from offering the Rights Shares to them either unconditionally or after compliance with conditions which it regards as acceptable. Non-Entitled Shareholders will not be entitled to participate in the Rights Issue. No provisional allotment of Rights Shares and no issue of VPS Subscription Rights will be made to Non-Entitled Shareholders, and no purported acceptance of and (if applicable) excess application for the Rights Shares, or purported subscription for the Rights Shares (including, if applicable, subscription for excess Rights Shares), by Non-Entitled Shareholders will be valid. 3. TRADING OF VPS SUBSCRIPTION RIGHTS Entitled VPS Shareholders may trade their VPS Subscription Rights on the NOTC from 9.00 a.m. on 20 July 2010 to 4.30 p.m. on 26 July 2010, Norwegian time, during which the VPS Subscription Rights will be traded on the NOTC. The Offering Circular and the accompanying documents will not be despatched to persons purchasing the VPS Subscription Rights on the NOTC ( Purchasers ) if their registered addresses with the VPS Registrar are outside Singapore and Norway ( Foreign Purchasers ). Foreign Purchasers may not trade any VPS Subscription Rights or subscribe for any Rights Shares pursuant to such VPS Subscription Rights unless CIMC Raffles and its counsels are satisfied that such action would not result in the contravention of any applicable securities laws in any jurisdiction. Foreign Purchasers who wish to subscribe for Rights Shares should make the necessary arrangements with the VPS Registrar. 4. WHERE TO COLLECT THE OFFERING CIRCULAR Entitled Shareholders who do not receive the Offering Circular and the accompanying documents by 20 July 2010 may obtain copies of the documents from: In respect of the Offering Circular and the PAL Kinetica Pte. Ltd. 6 Temasek Boulevard 29th Floor, Suntec Tower Four Singapore

3 In respect of the Offering Circular and the VPS Subscription Form DnB NOR Bank ASA Registrars Department Stranden 21 NO-0021 Oslo Norway Purchasers should also note the last date and time for subscription for the Rights Shares by Entitled VPS Shareholders as stated below. Purchasers may obtain the VPS Subscription Form accompanied by the Offering Circular from DnB NOR Bank ASA, Registrars Department for the period up to 4.30 p.m. on 26 July 2010 (or such other time(s) and/or date(s) as may be announced from time to time by or on behalf of the Company). 5. IMPORTANT DATES AND TIMES Entitled Shareholders and Purchasers are requested to take note of the following important dates and times in respect of the Rights Issue: Last date and time for trading of the VPS Subscription Rights on the NOTC Last date and time for subscription for the Rights Shares (including, if applicable, subscription for excess Rights Shares) by Entitled VPS Shareholders Last date and time for acceptance of and (if applicable) application and payment for Rights Shares by Entitled Registered Shareholders 26 July 2010 at 4.30 p.m., Norwegian time 26 July 2010 at 4.30 p.m., Norwegian time 2 August 2010 at 5.00 p.m., Singapore time Please also see the section Expected Timetable of Key Events in the Offering Circular for information on the other important times and dates for the Rights Issue. The above timetable is indicative only and is subject to change. As at the date of the Offering Circular, CIMC Raffles does not expect the above timetable to be modified. However, CIMC Raffles may modify the above timetable subject to any limitation under any applicable laws. In such an event, CIMC Raffles will publicly announce the same through an announcement to be posted on CIMC Raffles website at and, where permitted, the website of the Norwegian Securities Dealers Association at BY ORDER OF THE BOARD MAI BO LIANG Chairman 15 July

4 About CIMC Raffles Offshore (Singapore) Limited CIMC Raffles Offshore (Singapore) Limited was incorporated in 1994 in Singapore, and was admitted to the NOTC, which is administered by the Norwegian Securities Dealers Association, in CIMC Raffles Offshore (Singapore) Limited is able to produce a wide range of offshore marine facilities, including semi-submersible drilling rigs, jack-up drilling rigs, heavy lift carriers, pipelay vessels, fall pipe vessels, accommodation barges, platform supply vessels, floating production storage and off-loading vessels, floating storage and off-loading vessels, permanent floating production units and anchor handling supply tug vessels. Investor Contact Andrew Lai Company Secretary CIMC Raffles Offshore (Singapore) Limited Tel: (+65) andrew.lai@kcpartnership.com Marketing & Corporate Communications Manager CIMC Raffles Offshore (Singapore) Limited Fax: (+86) ir@cimc-raffles.com 4

5 IMPORTANT NOTICE This Announcement is for information purposes only and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire, the Rights, the VPS Subscription Rights or the Rights Shares or to take up any entitlements to Rights Shares, in any jurisdiction in which such an offer, invitation or solicitation is unlawful. No person should acquire any Rights, VPS Subscription Rights or Rights Shares except on the basis of the information contained in the Offering Circular. The information contained in this Announcement should not be distributed, forwarded to or transmitted in or into any jurisdiction where to do so might constitute a violation of applicable securities laws or regulations. The issue, exercise or sale of rights and the acquisition or purchase of Rights Shares are subject to specific legal or regulatory restrictions in certain jurisdictions. CIMC Raffles assumes no responsibility in the event there is a violation by any person of such restrictions. The distribution of this Announcement, the Offering Circular, the provisional allotment letters and/or the VPS subscription form into jurisdictions other than Singapore or Norway may be restricted by law. Persons into whose possession this Announcement and such other documents come should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Neither the content of CIMC Raffles website nor any website accessible by hyperlinks on the CIMC Raffles website is incorporated in, or forms part of, this Announcement. This Announcement may contain or incorporate by reference forward-looking statements regarding the belief or current expectations of CIMC Raffles, the Board and other members of its senior management about the CIMC Raffles businesses and the transactions described in this Announcement. Generally, words such as may, could, will, expect, intend, estimate, anticipate, believe, plan, seek, continue or similar expressions identify forward-looking statements. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of CIMC Raffles and are difficult to predict, that may cause actual results to differ materially from any future results or developments expressed or implied from the forward-looking statements. Such risks and uncertainties include the effects of continued or increasing volatility in international financial markets, economic conditions both internationally and in individual markets in which the CIMC Raffles Group operates, and other factors affecting the level of the CIMC Raffles Group s business activities and the costs and availability of financing for the CIMC Raffles Group s activities. Any forward-looking statement contained in this Announcement based on past or current trends and/or activities of the CIMC Raffles Group should not be taken as a representation that such trends or activities will continue in the future. No statement in this Announcement is intended to be a profit forecast or to imply that the earnings of CIMC Raffles for the current year or future years will necessarily match or exceed the historical or published earnings of CIMC Raffles. Each forward-looking statement speaks only as of the date of the particular statement. CIMC Raffles expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in CIMC Raffles expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. 5

PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE TO RAISE GROSS PROCEEDS OF US$100.5 MILLION

PROPOSED RENOUNCEABLE NON-UNDERWRITTEN RIGHTS ISSUE TO RAISE GROSS PROCEEDS OF US$100.5 MILLION NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES. THE MATERIAL SET OUT HEREIN IS NOT INTENDED, AND SHOULD NOT BE CONSTRUED, AS AN OFFER FOR SALE OF THE