Seahorse platform license for SLP

Sembmarine SLP Ltd (SLP), a subsidiary of Sembcorp Marine, is pleased to announce that it has been awarded an exclusive license by Seahorse Platform Partners Ltd (SPPL) to use its patented SEAHARVESTERTM and SeaHorseTM technology in the design and construction of Minimum Facilities Platform (MFPs) for the North Sea, Irish waters and other territorial waters of the UK.

In addition SLP and SPPL have a signed a Memorandum of Understanding by which, subject to contracts, SPPL will award an additional exclusive license for the technology for use in the design and construction of MFPs for South East Asia and Australasia (excluding Malaysia and Brunei).

Paul Thomson, SLP's Managing Director said "This is a very important agreement for SLP. We have enjoyed a long and productive relationship with SPPL and successfully delivered eighteen MFPs based on the SEAHARVESTERTM technology which we have developed for the North Sea. This exclusive license underlines SPPL's confidence in our ability to achieve even greater success with our joint solutions for marginal fields in the future. And following the investment in SLP by Sembcorp Marine's subsidiary SMOE of Singapore in September last year, it is a natural progression for us to combine our strengths to provide MFPs for marginal fields in South East Asia."

Patricia Blandford, SPPL's CEO said "Our SEAHARVESTERTM and SeaHorseTM technology has proven itself in more than 170 platforms worldwide and over the years SLP has adapted the designs originally utilised in the Gulf of Mexico for the stringent conditions of the North Sea. It was not only SLP's knowledge and experience of MFPs that led us to award the exclusive license but also SLP's ability to satisfy the client's requirements safely, on time and to a high standard of workmanship. SLP's new association with SMOE opens up new and exciting opportunities for us all in a part of the world where marginal field development is in its infancy."
 
The above is not expected to have any material impact on the consolidated net tangible assets and earnings per share of Sembcorp Marine for the financial year ending 31 December 2013.