Vessels worth S$13.5m

Singapore, 13 June 2007

a SESDAQ-listed marine logistics company that provides offshore support

vessels and specialized services to the oil and gas industry, is pleased to

announce that its wholly-owned subsidiary, Swissco Offshore Pte Ltd has

recently placed order for three more vessels worth S$13.5m.

The Group has placed order for a 70m offshore support workboat from a Chinese

shipyard and expects delivery in 2H08. Prior to deployment, the vessel will be

retro-fitted in Singapore with specialized and enhanced equipment to enable the

vessel to carry out higher value services. This highly specialized vessel will be

able to accommodate up to 100 persons safely and comfortably in a harsh

offshore environment, while carrying out her role as a support vessel in the oil &

gas industry.

The Group has also placed order for another two vessels from an East Malaysian

shipyard in Sarawak that had delivered vessels to the Group previously. The

order includes a 26m multi-purpose workboat and a 31m utility offshore support

vessel. These two vessels are expected to be delivered by 1H08 to join the

Group?s current growing fleet.

?We have established ourselves as a provider of specialized yet versatile vessels

in a niche market. Our recent orders are a testament to our staunch commitment

to the exacting needs of the industry? said CEO, Alex Yeo.

The Group currently operates a fleet of 17 offshore vessels and expects to take

delivery of seven more vessels for the rest of FY2007 and six in FY2008. The

Group aims to reach a target fleet size of 30 to 35 in two years? time.