1. INTRODUCTION 2. THE ACQUISITION. 2.1 The Acquisition

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1 ( TEKALA or the Company ) Acquisition by Gerak Armada Sdn Bhd ( GASB ), a wholly-owned subsidiary of Tekala, of 4,900 ordinary shares in Offshore Constructor (Labuan) Limited ( OCL ) representing 49% of the issued and paid-up share capital of OCL not already owned by GASB for a cash consideration of RM10,691,781 ( Acquisition ) 1. INTRODUCTION The Board of Directors of Tekala ( Board ) wishes to announce that GASB, a wholly-owned subsidiary of Tekala, has on 14 November 2011 entered into a Share Purchase Agreement ( SPA ) with Offshore Construction & Engineering Sdn Bhd ( OCE ) for the Acquisition. The acquisition of the balance 49% equity interest in OCL not already held by Tekala Group represents a strategic move of Tekala Group to increase its investment in OCL for more effective operational control. The Acquisition was also completed on 14 November 2011 in accordance with the terms and subject to the conditions of the SPA. 2. THE ACQUISITION 2.1 The Acquisition Pursuant to the Acquisition, GASB, a wholly-owned subsidiary of Tekala, acquired 4,900 ordinary shares in OCL ( Sale Shares ) representing 49% of the issued and paid-up share capital of OCL not already owned by GASB from OCE for a cash consideration of RM10,691,781 ( Purchase Consideration ). As at 13 November 2011 and prior to the Acquisition, OCL was a subsidiary of Tekala in which Tekala had an effective equity interest of 63.25% in the following manner: GASB holds a direct 51% of the equity interest in OCL; and GASB holds 25% of the equity interest in Offshoreworks Holdings Sdn Bhd, the ultimate holding company of OCE, which in turn holds the remaining 49% of the equity interest in OCL. The Acquisition increased Tekala s effective equity interest in OCL from 63.25% to 100%. The shareholding structure of OCL before and after the Acquisition is as follows: Before the Acquisition Offshoreworks Holdings Sdn Bhd OCE 100% Offshoreworks Sdn Bhd 100% 25% Tekala GASB 100% 49% 51% OCL

2 Page 2 After the Acquisition Offshoreworks Holdings Sdn Bhd OCE 100% Tekala Offshoreworks Sdn Bhd 100% 100% 25% GASB OCL 100% 2.2 Background information on OCL and OCE OCL is principally engaged in the business of vessel chartering for the oil and gas industry. OCL owns a 300-men accommodation work barge of 10,420 gross tonnage, named Offshore Safeena ( Vessel ), the acquisition of which was partially funded by a Trade Facility-Structured Commodity Financing-I of USD27,720,000 exended by Al Rajhi Banking and Investment Corporation (Malaysia) Berhad ( Al Rajhi ) ( Al Rajhi Facility ). On 20 February 2009, OCL entered into the a bareboat charter agreement with OCE to charter the Vessel to OCE on a bareboat basis for a period of three (3) years commencing on 1 March 2009, with an option to extend the charter period for an additional two years and a further option to renew the charter period for an additional two years thereafter, at a daily charter rate of USD20,000 per day ( Bareboat Charter Agreement ). OCE had subsequently agreed and undertaken to exercise the option to extend the bareboat charter period up to a total period of 7 years. On 30 August 2010 and at OCE s request, OCL entered into a time charter agreement with an endcharterer ( End Charterer ) ( Time Charter Agreement ). OCE had initially intended to enter into a time charter agreement with the End Charterer but was unable to furnish to OCL an irrevocable letter of instruction to the End Charterer (duly acknowledged and consented to by the End Charterer) for a payment directly to OCL s accounts with Al Rajhi of a portion equal to the charter hire due from OCE to OCL under the Bareboat Charter Agreement. In place of such letter of instruction, OCL agreed to enter into the Time Charter Agreement subject to, amongst others, the following terms and conditions of a letter agreement dated 30 August 2010 and made between OCE and OCL ( Letter Agreement ): (i) (ii) (iii) Notwithstanding the execution of the Time Charter Agreement, the Bareboat Charter Agreement shall remain in full force and effect save and except in respect of the provisions under paragraph (ii) below. For the avoidance of doubt, OCE shall continue to be bound by all its obligations under the Bareboat Charter Agreement (including but not limited to costs and expenses for maintenance, repairs and insurance). For so long as the Vessel is on-hire ( On-Hire Periods ), no payment of charter hire pursuant to the Bareboat Charter Agreement ( Bareboat Charter Hire ) shall be due from OCE to OCL for On-Hire Periods. The daily charter hire as agreed or may be agreed from time to time between OCL and the End Charterer ( Time Charter Hire ) shall accrue wholly to OCL and shall be paid to OCL s accounts as OCL may notify the End Charterer.

3 Page 3 (iv) OCE is wholly liable for all payment obligations, costs and expenses under and responsible for all obligations (including maintenance, repairs, insurance and the provision of crew, meals and other services) placed on OCL pursuant to the Time Charter Agreement as if it were a party to the Time Charter Agreement in place of OCL. Any costs and expenses chargeable by the End Charterer to either OCE directly or to OCL but deducted from the Time Charter Hire shall be: (1) deducted or set off against any amount due from OCL to OCE; or (2) in the event that there shall not be any such amount due from OCL to OCE, such costs and expenses shall be charged by OCL to OCE. Subject to the continued performance and fulfillment by OCE of its obligations above and provided that OCL receives payment of the Time Charter Hire in full and without deduction or set-off by the End Charterer in respect of each day on-hire under the Time Charter, OCL shall pay to OCE the difference between the Time Charter Hire and the Bareboat Charter Hire for each such day that the Vessel remains on-hire pursuant to the Time Charter Agreement. The Time Charter Agreement currently has a remaining tenure up to 1 March 2012, which is extendable subject to mutual agreement, and the daily Time Charter Hire amounts to USD25,500 per day. Please refer to Appendices I and II for further information on OCL and OCE, respectively. 2.3 Basis and justification for the Purchase Consideration The Purchase Consideration was arrived at on a willing seller-willing buyer basis after taking into consideration, inter alia, the following: (c) the unaudited net tangible assets ( NTA ) of OCL as at 13 November 2011 of RM89,261,627; the market value of the Vessel of approximately USD27,000,000 (equivalent to RM83,937,600) as appraised by Maphilindo-Insight Sdn Bhd on 20 September 2011 based on comparison of crafts/vessels fitted with fittings/equipment of similar nature or as close in similarity of which recently transacted around the region; and provision of any doubtful debts of OCL. The Purchase Consideration of RM10,691,781 was derived as follows: RM Unaudited NTA of OCL as at 13 November ,261,627 Less: Impairment loss for the Vessel (1) (57,617,831) Less: Impairment of trade receivables of OCL (2) (9,823,835) Adjusted NTA of OCL as at 13 November 2011 ( Adjusted NTA ) 21,819,961 % of equity interest in OCL to be acquired 49% Adjusted NTA of OCL attributable to the Sale Shares 10,691,781 (1) Based on the unaudited management accounts of OCL as at 13 November 2011 ( Management Accounts ), the net book value of the Vessel is RM141,555,431. (2) The trade receivables amounting to RM9,823,835 are impaired as they are considered doubtful debts due to disputes of amount due by the debtors.

4 Page 4 A comparable analysis of the Purchase Consideration with various comparable companies listed on Bursa Malaysia Securities Berhad whose revenue predominantly derived from marine vessel operations and offshore support services in the oil and gas industry ( Comparable Companies ) is set out below. It should be noted that the Comparable Companies may not be directly comparable to OCL due to various factors, which include, amongst others, the marketability of its shares, size and diversity of businesses, profit track record, management strength, shareholders profile, differing taxation rates, financial strength and future prospects. Price-to-book ratio ( PBR )* Price-to-earnings ratio ( PER )* Comparable Companies (times) (times) Alam Maritim Resources Berhad 1.31 N/A Dayang Enterprise Holdings Sdn Bhd Perdana Petroleum Berhad 0.68 N/A Perisai Petroleum Teknologi Bhd ~ Sealink International Berhad Tanjung Offshore Berhad ~ Simple average * Based on the closing market prices as at 11 November 2011, being the market day immediately preceding the signing of the SPA, and the latest audited financial statements of the Comparable Companies for the financial year ended ( FYE ) 31 December 2010 ~ Excluded from the calculation of the simple average as it is deemed an outlier N/A Not applicable as these companies were loss-making Based on the Adjusted NTA, the Purchase Consideration represents a PBR of 1.00 time, which is below the average PBR of the Comparable Companies of 1.33 times. Based on the audited profit after tax of OCL for the FYE 31 March 2011 of RM18,346,213, the Purchase Consideration represents a PER of 1.19 times, which is markedly below the average PER of the Comparable Companies of times. 2.4 Liabilities to be assumed Tekala Group will not assume any liabilities, including contingent liabilities and guarantees, arising from the Acquisition, other than the following: liabilities reflected in the statement of financial position of OCL, which have already been consolidated in the financial statements of Tekala as OCL was, prior to the Acquisition, already a subsidiary of Tekala; and increase in the limit of its corporate guarantee for the existing bank borrowings of OCL up to 100% upon completion of the Acquisition. As set out in Section 2.7.5, OCL is required to procure the release of Mohd Amran Bin Abd Wahid ( MAW ) as guarantor for the Al Rajhi Facility within six (6) months after the completion date of the SPA. Accordingly, Tekala Group is required to issue a corporate guarantee for up to 100% of the Al Rajhi Facility upon completion of the Acquisition. 2.5 Source of funding The cash consideration of RM10,691,781 will be financed via the internally generated funds of Tekala Group.

5 Page Additional financial commitment required As the vessel chartering business of OCL is already operational, there will be no additional financial commitment required from OCL pursuant to the Acquisition. 2.7 Salient terms of the SPA The salient terms of the SPA include, amongst others, the following: Sale Shares Upon the terms and subject to the conditions of the SPA, in consideration of the mutual covenants contained in the SPA and further in reliance upon the warranties and representations by OCE and GASB as stipulated in the SPA, OCE agrees to sell and GASB agrees to purchase the Sale Shares for the Purchase Consideration, free from encumbrances together with all rights attached thereto as at the completion of the SPA Purchase Consideration (c) The total consideration payable by GASB for the purchase of the Sale Shares shall be 49% of the Adjusted NTA, which amount shall be subject to adjustment (if any) pursuant to paragraph (c) below. The Purchase Consideration amounts to RM10,691,781 based on the Adjusted NTA according to the Management Accounts. Within 60 business days after completion of the SPA, OCE and GASB shall cause OCL s auditors to verify and confirm the amount for the Adjusted NTA ( Auditors Verification ). The Adjusted NTA in Auditors Verification shall be final and binding on the parties. In the event that the Purchase Consideration based on the Auditors Verification differs from the Purchase Consideration based on the Management Accounts, the following shall occur: (i) (ii) (iii) if the Purchase Consideration based on the Auditors Verification is more than the Purchase Consideration based on the Management Accounts, the Purchase Consideration shall be revised upwards to the amount based on the Auditors Verification; if the Purchase Consideration based on the Auditors Verification is less than the Purchase Consideration based on the Management Accounts, the Purchase Consideration shall be revised downwards to the Purchaser Consideration based on the Management Accounts; and if the Purchase Consideration based on the Auditors Verification is the same as the Purchase Consideration based on the Management Accounts, there shall be no adjustment to the Purchase Consideration Settlement of Purchase Consideration A sum of RM5,000,000 shall be paid by GASB to OCE at completion of the SPA ( Initial Consideration Amount ). Within 10 business days from the issuance of the Auditors Verification, GASB shall make payment to OCE of the amount equivalent to the difference between the Purchase Consideration adjusted according to Section 2.7.2(c) above (if any) and the Initial Consideration Amount ( Remaining Consideration Amount ).

6 Page Completion Completion of the purchase of the Sale Shares shall take place in the following manner: (i) OCE s solicitors forwards to GASB s solicitors the following documents ( Vendor s Completion Documents ); (1) share certificates to the Sale Shares; (2) valid and registrable (undated and unstamped) transfer form(s) in respect of the Sale Shares duly executed by OCE as transferor; (3) a resolution of the board of directors of OCL approving the following: (aa) (bb) transfer of the Sale Shares to GASB; and execution of the letters of termination of the Bareboat Charter Agreement dated 20 February 2009 between OCL as the owner and OCE as the charterer and Shareholders Agreement ( Bareboat Charter Agreement Termination Letter and Shareholders Agreement Termination Letter, respectively); (4) a resolution of the members and board of directors of OCE, Offshoreworks Sdn Bhd and members of Offshoreworks Holdings Sdn Bhd approving the items set out in paragraph (3)(aa) to (bb) above; (5) the original resignation letter of Amir Ruddin Bin Salleh as director of OCL; (6) the original Bareboat Charter Agreement Termination Letter duly signed by OCE and OCL, to be effective on the completion date of the SPA; and (7) the original Shareholders Agreement Termination Letter duly signed by the OCE and OCL, to be effective on the completion date of the SPA. (ii) against the receipt by GASB of the Vendor s Completion Documents, GASB shall settle the Initial Consideration Amount. If any requirements of paragraph (i) above are not complied with by OCE on the completion date of the SPA, GASB may: (i) (ii) (iii) defer the completion of the SPA with respect to some or all of the Sale Shares to a date not more than 30 days after that date; proceed to completion of the SPA so far as practicable but without prejudice to any other rights which GASB may have under the SPA; or issue a notice of termination notice to OCE without prejudice to any other rights which GASB may have under the SPA. (c) Notwithstanding that the Remaining Consideration Amount (if any) shall be paid by GASB to OCE after the issuance of the Auditors Verification, the completion of the SPA shall be deemed to occur as of the date the Initial Consideration Amount is transferred to the bank account designated by OCE whereupon the legal and beneficial ownership in and to the Sale Shares shall for all intents and purposes be deemed transferred to GASB and any claim which OCE may have against GASB shall be only in relation the unpaid Remaining Consideration Amount, if any.

7 Page Post completion action Settlement of Remaining Consideration Unless otherwise agreed by OCE and GASB in writing, within 10 business days from the issuance of the Auditors Verification, GASB shall make payment to OCE of the Remaining Consideration Amount, if any, by transferring the Remaining Consideration Amount in RM to a bank account designated by OCE. Release of guarantee of MAW In respect to the Al Rajhi Facility and whereby MAW is a personal guarantor for the Al Rajhi Facility, GASB shall use its best endeavours to procure the release of MAW as guarantor for the Al Rajhi Facility within six (6) months after the completion of the SPA. (c) Additional Payments to OCE In the event that OCL is able to collect within the period 12 months from the completion of the SPA any of the amounts of doubtful debts owed to OCL which have been provided for by OCL in the Management Accounts and verified by OCL s auditors pursuant to Section above ( Doubtful Debts Provided Amount ), GASB shall make payment of an amount in RM equivalent to 49% of the collected Doubtful Debts Provided Amount to the Vendor ( Additional Payment ). The Additional Payment shall be paid by GASB to OCE within 30 days from the date OCL collects Doubtful Debts Provided Amount. For the avoidance of doubt, OCE shall not be entitled to any of the Doubtful Debts Provided Amount if the monies are received by the Company after the 12-months period after the completion of the SPA. 3. RATIONALE The Acquisition represents a strategic move by Tekala Group to increase its effective equity interest in OCL from 63.25% to %. OCL is involved in the business of vessel chartering. OCL currently owns the Vessel which is presently on charter under the Time Charter Agreement. As such, the Board believes that the Acquisition would allow Tekala Group to fully consolidate the future earnings contribution from OCL, thereby contributing positively to the financial performance of Tekala Group. As part of the terms and conditions of the SPA, OCL will terminate the Bareboat Charter Agreement with OCE. By eliminating the intermediary (i.e. OCE as the bareboat charterer), OCL could potentially enjoy higher net income from the Time Charter Hire. The existing Time Charter Agreement is expected to provide Tekala Group with a steady flow of income and reduce its exposure to any market risks over the charter period. 4. OUTLOOK AND PROSPECTS 4.1 Overview and outlook of the Malaysian and global economy The global economic outlook remains fluid and increasingly worrying. Further deterioration in the economic and financial environment in the Eurozone will likely weaken U.S. further, with repercussions for international trade. Further monetary policy easing beside the "operation twist" will be necessary in 2012 to revive the U.S. economy. China and other emerging economies are heading for a soft landing in the near term. Weaker global outlook, which reduces demand for commodities, will bring about lower inflationary pressures ahead. In turn, this may provide leeway for policy easing in selected economies, such as China.

8 Page 8 In Malaysia, the 2Q11 gross domestic product ( GDP ) growth edged lower to 4.0% year-on-year due to a weaker domestic demand. By sector, services (6.3%) and manufacturing (2.1%) were the main growth engines. Economic growth momentum will probably moderate from 2H11 onwards arising from a weaker exports outlook. Further implementation of Economic Transformation Programme and Budget 2012 handouts will boost domestic demand, but unlikely to offset underperformance in net exports. Against this background, Malaysian Institute of Economic Research ( MIER ) downgrades 2011 GDP growth rate to 4.6% year-on-year. For 2012, MIER revises the GDP growth forecast to 5.0%. (Source: Malaysian Economic Outlook, 3rd quarter of 2011, MIER) 4.2 Overview and prospects of the oil and gas industry World oil demand growth in 2011 is forecast at 0.9 million of barrels per day ( mb/d ), unchanged from the previous report. Despite the emerging winter season, Organisation for Economic Co-operation and Development ( OECD ) oil demand is expected to see a further contraction as a result of slowing economic momentum, particularly in the European Union. Moreover, United States ( US ) gasoline demand has been on the decline for the past four months reflecting the sluggish economy. The forecast for global oil demand growth in 2012 also remains unchanged at 1.2 mb/d. However, uncertainties in the world economic outlook for the coming year have increased due to the challenges facing the OECD economies. Non-Organization of the Petroleum Exporting Countries ( OPEC ) supply in 2011 is forecast to increase by 0.2 mb/d, representing a downward revision of around 140 tb/d from the previous report. In 2012, non-opec supply is forecast to grow by 0.8 mb/d, in line with the previous assessment. Brazil, Canada, Colombia, the US, Ghana, and Russia are expected to be the main contributors to next year s growth, while Norway, United Kingdom, and Mexico are anticipated to experience the largest declines. OPEC natural gas liquids and non-conventional oils are estimated to average 5.7 mb/d in 2012, indicating growth of 360 tb/d over the current year. In October 2011, OPEC production averaged mb/d, a minor increase over the previous month. Product markets showed mix performance in October Light distillates continued to lose ground due to weak naphtha demand in the petrochemical industry and gasoline consumption remained below year-ago levels. This was offset by a vibrant recovery in middle distillates and fuel oil across the globe, on the back of strong demand and a tighter market which kept margins on the healthy side. In the US, weekly data showed middle distillate demand reaching a two-year high of more than 4 mb/d. Looking ahead, with the start of the winter season, middle distillate demand is expected to continue to support product markets. Demand for OPEC crude in 2011 has been revised up by 0.1 mb/d from the previous assessment to stand at 30.0 mb/d. At this level, the demand for OPEC crude is 0.3 mb/d above the previous year. In 2012, demand for OPEC crude is projected to average 30.0 mb/d, about 0.1 mb/d higher than in the previous report and unchanged from the current year. (Source: OPEC Monthly Oil Market Report 2011, Organisation of the Petroleum Exporting Countries, November 2011) OCL is involved in the vessel chartering business in the oil and gas industry. OCL currently owns the Vessel which has an ongoing time charter agreement. OCL s business prospects are dependent on the prospects of the oil and gas industry in Malaysia as well as the surrounding region. Notwithstanding the uncertainties in the world oil demand for the coming year, the Board believes that the prospects and future financial performance of OCL are expected to be favourable in the medium to long term.

9 Page 9 5. RISK FACTORS The Acquisition per se does not represent new risks to Tekala Group as OCL is already a subsidiary of Tekala Group. With the Acquisition, Tekala Group will be increasing its exposure to the risks inherent in the oil and gas industry in Malaysia and surrounding region currently faced by Tekala Group through its investment in OCL. These include but not limited to the fluctuation in global crude oil prices and demand for petroleum products, dependence on few oil and gas operators, competition from increase in the supply of vessels in the market by its competitors, various operational risks such as fire, accidents, explosions and breakdown of the Vessel, foreign currency fluctuation and changes in general economic, political, business and credit conditions. Although the Board and management of Tekala would take appropriate measures to limit such risks, no assurance that any changes to these factors will not adversely affect the performance of OCL and Tekala Group. To certain extent, the commercial risks faced by Tekala Group in respect of the Acquisition will be mitigated by the existing Time Charter Agreement. 6. EFFECTS OF THE PROPOSED DISPOSAL 6.1 Share capital and shareholdings of the substantial shareholders The Acquisition will not have any effect on the issued and paid-up share capital of Tekala and the shareholdings of Tekala s substantial shareholders as it does not involve any issuance of new ordinary shares of RM1.00 each in Tekala ( Tekala Shares ). 6.2 Earnings and earnings per share ( EPS ) As set out in Section 2.3 above, the Purchase Consideration is arrived at based on the Adjusted NTA of OCL after taking into account the following non-recurrent impairment losses for the financial year ending 31 March 2012: RM Impairment loss for the Vessel (57,617,831) Impairment of trade receivables (9,823,835) Total (67,441,666) As OCL is an existing subsidiary of Tekala Group, the earnings and EPS of Tekala Group for the financial year ending 31 March 2012 is expected to be negatively impacted by its 63.25% share of the above impairment losses amounting to approximately RM42.66 million and RM0.28 per share, respectively. The said impairment losses however have no impact on the cash flows of Tekala Group. Save as disclosed above, the Acquisition is expected to contribute positively to the future earnings and the EPS of Tekala Group. 6.3 Net assets ( NA ) As OCL is an existing subsidiary of Tekala Group, the NA of Tekala Group for the financial year ending 31 March 2012 is expected to be negatively impacted by its 63.25% share of the impairment losses incurred by OCL as set out in Section 6.2 above, amounting to approximately RM42.66 million. Save as disclosed above, the Acquisition will not have any material effect on the NA of Tekala Group, as the Acquisition will be satisfied entirely in cash and the Purchase Consideration is arrived at based on the Adjusted NTA.

10 Page Gearing The Acquisition will not have any material effect on the gearing ratio of Tekala Group, as the Acquisition is fully funded via internally generated funds and the borrowings of OCL have already been consolidated in the statement of financial position of Tekala Group for the FYE 31 March Notwithstanding the above, as set out in Section above, OCL is required to procure the release of MAW as guarantor for the Al Rajhi Facility within six (6) months after the completion date of the SPA. Therefore, Tekala Group is required to issue a corporate guarantee for up to 100% of the Al Rajhi Facility upon completion of the Acquisition, thereby increasing its contingent liabilities. 7. APPROVALS REQUIRED The Acquisition is not subject to the any approvals being obtained. Based on the audited financial statements of Tekala Group and OCL as at 31 March 2011, the highest percentage ratio applicable to the Acquisition under Paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Securities is 22.89%. In this regard, Tekala is also not required to seek its shareholders approval for the Acquisition in a general meeting. 8. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH THEM None of the Directors and/or major shareholders of Tekala and/or persons connected with them, has any interest, direct or indirect, in the Acquisition. 9. DIRECTORS STATEMENT The Board, having considered all aspects of the Acquisition (including the rationale, the salient terms of the SPA, the prospects of OCL and the risks of the Acquisition), is of the opinion that the Acquisition is in the best interest of Tekala. 10. TIMEFRAME FOR THE COMPLETION The Acquisition has been completed on 14 November The Remaining Consideration Amount shall be payable in the first quarter of 2012, subject to the terms and conditions of the SPA. 11. DOCUMENT FOR INSPECTION The SPA and the valuation letter for the Vessel prepared by Maphilindo-Insight Sdn Bhd are available for inspection at Tekala s registered office at Wisma Tekala, Lot 2, Lorong Indah Jaya 29, Taman Indah Jaya, Jalan Lintas Selatan, Sandakan, Sabah, Malaysia during normal office hours from 8.30 a.m. to 5.00 p.m. on Mondays to Fridays (except for public holidays) for a period of three (3) months from the date of this announcement. This announcement is dated 14 November 2011.

11 INFORMATION ON OCL APPENDIX I 1. DATE AND PLACE OF INCORPORATION OCL was incorporated in Federal Territory of Labuan, Malaysia under the Labuan Companies Act, 1990 on 16 December As at 13 November 2011, the issued and paid-up share capital of OCL is USD13,002, (equivalent to RM47,530,051) comprising 10,000 OCL Shares*. * Shares in a Labuan company have no par or nominal value effective 11 February 2010 pursuant to Section 46 of Offshore Companies (Amendment) Act Any amount standing to the credit of the share premium account before the effective date becomes part of OCL s share capital. 2. DESCRIPTION OF BUSINESS OCL is principally engaged in the business of vessel chartering. OCL currently owns a 300-men accommodation work barge of 10,420 gross tonnage, named Offshore Safeena. 3. DIRECTORS AND SHAREHOLDERS The Directors of OCL and their shareholdings in OCL as at 13 November 2011 are as follows: Direct Indirect Substantial shareholders No. of shares % No. of shares % Amir Ruddin Bin Salleh - - 4,900 (1) Seah Tee Lean Quek Siew Hau Seah Sen David Seah Lim Ted Hing (1) Deemed interested through Offshoreworks Holdings Sdn Bhd, Offshoreworks Sdn Bhd and OCE The substantial shareholders of OCL and their shareholdings in OCL as at 13 November 2011 are as follows: Direct Indirect Substantial shareholders No. of shares % No. of shares % GASB 5, ,900 (1) OCE 4, Tekala - 10,000 (2) Offshoreworks Sdn Bhd - 4,900 (3) Offshoreworks Holdings Sdn Bhd - 4,900 (4) Mohd Amran Bin Abd Wahid - 4,900 (5) Amir Ruddin Bin Salleh - 4,900 (5) (1) Deemed interested through Offshoreworks Holdings Sdn Bhd (2) Deemed interested through GASB and Offshoreworks Holdings Sdn Bhd (3) Deemed interested through OCE (4) Deemed interested through Offshoreworks Sdn Bhd (5) Deemed interested through Offshoreworks Holdings Sdn Bhd 4. SUBSIDIARIES AND ASSOCIATE COMPANIES As at 13 November 2011, OCL does not have any subsidiaries or associate companies.

12 INFORMATION ON OCL (Cont d) APPENDIX I 5. FINANCIAL INFORMATION A summary of OCL s financials results for the financial period from 16 December 2008 (date of incorporation) to 31 March 2010, the FYE 31 March 2011, and the financial period from 1 April 2011 to 13 November 2011 is set out below: Audited Unaudited Financial period from 16 December 2008 to 31 March 2010 FYE 31 March 2011 Financial period from 1 April 2011 to 13 November 2011^ RM 000 RM 000 RM 000 Revenue 27,461 22,874 17,560 Profit before tax ( PBT ) 16,577 18,366 6,840 PAT ( PAT ) 16,557 18,346 6,828 NA 64,087 82,433 89,262 Total borrowings 86,191 58,715 56,014 Current ratio (times) Gearing ratio (times) PBT margin (%) PAT margin (%) ^ Before taking into account the non-recurrent and non-cash write downs, namely impairment loss for the Vessel of approximately RM57.62 million and impairment of trade receivables of approximately RM9.82 million.

13 INFORMATION ON OCE APPENDIX II 1. DATE AND PLACE OF INCORPORATION OCE was incorporated in Malaysia under the Act on 9 September 2002 under the name of Rainbow Offshoreworks Sdn Bhd and subsequently changed its name to OCE. As at the 13 November 2011, the authorised share capital of OCE is RM5,500,000 comprising 5,500,000 ordinary shares of RM1.00 each, all of which are issued and fully paid up. OCE is a wholly-owned subsidiary of Offshoreworks Sdn Bhd. 2. DESCRIPTION OF BUSINESS OCE is principally involved in construction, engineering, hook up and commissioning works for the oil and gas industry. 3. DIRECTORS AND SHAREHOLDERS The Directors of OCE and their shareholdings in OCE as at 13 November 2011 are as follows: Direct Indirect Substantial shareholders No. of shares % No. of shares % Amir Ruddin Bin Salleh - - 5,500,000 (1) Tamsir Bin Samsun (1) Deemed interested through Offshoreworks Holdings Sdn Bhd and Offshoreworks Sdn Bhd The substantial shareholders of OCE and their shareholdings in OCE as at 13 November 2011 are as follows: Direct Indirect Substantial shareholders No. of shares % No. of shares % Offshoreworks Sdn Bhd 5,500, Offshoreworks Holdings Sdn Bhd - 5,500,000 (1) Mohd Amran Bin Abd Wahid - 5,500,000 (2) Amir Ruddin Bin Salleh - 5,500,000 (2) (1) Deemed interested through Offshoreworks Sdn Bhd (2) Deemed interested through Offshoreworks Holdings Sdn Bhd 4. SUBSIDIARIES AND ASSOCIATE COMPANIES OCE does not have any subsidiary companies as at 13 November As at 13 November 2011, OCE holds 49% of the equity interest in its associate company, OCL.