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SEMBCORP MARINE · vessels at 11 per cent, bulk carriers at 8 per cent, passenger vessels at 2 per...

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  • 29 Tanjong Kling Road,

    Singapore 628054

    Tel: (65) 6265 1766

    Fax: (65) 6261 0738 / 6265 0201

    Website: www.sembcorpmarine.com.sg

    Company Reg. No: 196300098Z

    AN

    NU

    AL R

    EP

    OR

    T 2

    00

    8SEM

    BC

    OR

    P M

    AR

    INE

    Annual Rep

    ort 08

  • Corporate Profile, Vision & Core Values 2

    Letter To Shareholders 4

    At A Glance 10• Group Financial Highlights 11• Group Quarterly Results 12• Financial Calendar 14• Corporate Directory 15• Corporate Structure 16• Significant Events 18• Awards & Accolades 22

    Corporate Governance And Transparency 24• Board Of Directors 38• Management Team 44• Investor Relations 46• Shareholders’ Information 48• Share Prices And Monthly Volumes 49

    Risk Management & Financial Review 50• Risk Management 51• Group Five-year Financial Summary 54• Value Added Statement & Productivity Ratios 58• Economic Value Added 60

    Market Review & Outlook 62

    Corporate Social Responsibility 68

    Human Capital 72

    Promoting Health, Safety, Security And Environment 78

    Competitive Edge & Capabilities 90

    Contents

  • Sembcorp Marine aims to be the world leader in ship repair, shipbuilding, ship conversion,

    rig building and offshore engineering & construction, providing innovative solutions that

    exceed its customers’ expectations. While anchoring itself for future growth, the Group

    continues to commit itself to fulfilling the changing needs and aspirations of its employees. Community ResponsibilityWe view our business as being an integralpart of society. We are committed to be aresponsible corporate citizen, both locallyand globally, contributing to communityimprovements, and to create a caringorganisation.

    Sembcorp Marine is a leading global marine and offshore engineering group specialising in

    a full spectrum of integrated solutions ranging from ship repair, shipbuilding, ship conversion

    and rig building to offshore engineering & construction. As one of the largest marine and

    offshore engineering leaders in Asia, the Group has a global network spanning six strategic

    hubs – Singapore, China, India, USA, Brazil and the Middle East. Sembcorp Marine’s Singapore

    hub consists of Jurong Shipyard, Sembawang Shipyard, PPL Shipyard, SMOE and Jurong SML,

    supported by P.T. Karimun Sembawang Shipyard and P.T. SMOE (Batam) in Indonesia.

    CORPORA TE V ISION

    IntegrityWe believe in and perform our duties withhonesty, dedication and responsibility.We value loyalty, trustworthiness, reliabilityand openness as essential personalattributes in our corporate culture.

    Health, Safety, Security andEnvironmental PreservationWe are committed to continuously promote asafe and healthy work environment for ourcustomers, employees, contractors and thecommunity. We take responsibility for our ownsafety, security and for others both on and offthe job.

    InnovativenessWe believe that innovation and creativity are crucialto stay ahead of the competition and bring aboutbetter efficiency in the organisation. We secureindustry leadership through constant innovativetechnological and engineering solutions andencouraging entrepreneurship.

    QualityWe constantly and consciously strive to achieve world-class quality standards in everything we do for ourcustomers, to improve our quality of life and to add valuefor our shareholders. We believe in continuousimprovement and enhancing our competencies to meetrapid global changes.

    People-CentrednessWe respect and value every individual regardless of his or her position inour organisation. We provide equal opportunities and a conduciveenvironment for employees to attain their full potential. We reward allemployees fairly, benchmarking their performance to best practices. Webelieve in building a learning organisation for our people to acquireknowledge and skills to achieve professionalism.

    TeamworkWe are committed to working together andhaving trust in one another to achievecommon organisational goals and results.We believe in promoting closer relationshipsand developing team spirit among ourpeople to encourage speedy and opencommunication and to care for each other.

    Customer ServiceOur customer is the key to our success. We continueto provide innovative solutions that add value toour customers and to build lasting relationshipswith them based on trust and shared purpose.

    CORE VALUES

    CORPORATE PROFILE

    2 Sembcorp Marine Ltd • Annual Report 2008 3

    Sail-away of FPSO Hai Yang Shi You 117.

  • 4 Sembcorp Marine Ltd • Annual Report 2008 5

    Dear ShareholdersSembcorp Marine achieved an outstanding year of solid growthin 2008, posting record highs in revenue and profit.

    Record Earnings in 2008Group turnover grew by 12 per cent from $4.5 billionin 2007 to $5.1 billion in 2008, driven mainly by itscore businesses of rig building, ship conversion andoffshore, and ship repair.

    At $430 million, profit after tax and minority interest(PATMI), following a one-off charge of $44 million inthe fourth quarter arising from the commercialsettlement with BNP Paribas of foreign exchangetransactions, was 78 per cent higher than the $241million in 2007.

    Were this one-off charge of $44 million excluded, thePATMI for 2008 would have been $474 million. Thisis 31 per cent higher than the PATMI for 2007 whichwould have been $362 million had the one-off foreignexchange charge and non-operating items for thatyear been excluded.

    Group operating profits recorded an increase of 44per cent from $349 million in 2007 to $502 million in

    2008, while group pre-tax profits rose 49 per centfrom $365 million in 2007 to $545 million in 2008.These increases came mainly from the higherrevenue and operating margins from the rig buildingand ship repair businesses, offset by the lowercontributions from the Cosco Shipyard Group.

    Earnings per share increased 78 per cent to 20.83cents in 2008. Return on equity improved 80 per centto 29 per cent, while economic value added saw anincrease of 843 per cent to $337 million.

    Foreign Exchange TransactionsDuring the year, Sembcorp Marine’s subsidiary JurongShipyard had reached a full and final amicablesettlement with BNP Paribas for the claim of US$50.7million, strictly on commercial basis. Arising from thesettlement, a charge of US$30.0 million was expensedin the Group’s Income Statement in the fourth quarterof 2008. Going forward, any other settlements arisingfrom the foreign exchange transactions, if any, will berecognised as and when they are realised.

    REVENUE BY SECTORS (FY 2008 VS FY 2007)

    2008

    16%

    56%

    27%

    1%

    2007

    16%

    55%

    25%

    2%

    2%

    Ship repair Rig building Ship conversion/offshore Shipbuilding Others

    LETTER TOSHAREHOLDERS

    $’m $’m

    $5.1 billion $4.5 billion

    $2,840

    $1,354$795

    $73

    $2

    $2,499

    $1,131

    $82

    $71$731

  • LETTER TO SHAREHOLDERS

    6 Sembcorp Marine Ltd • Annual Report 2008 7

    DividendThe Board of Directors has recommended a final one-tier tax-exempt dividend of 6.00 cents per share to bepaid on 13 May 2009, subject to the approval ofshareholders at the Annual General Meeting on 17April 2009. This is in addition to the interim one-tiertax-exempt dividend of 5.00 cents per share paid on1 September 2008. Total dividend for 2008 will be11.00 cents per share, an increase of 26 per cent from8.73 cents per share paid in 2007.

    Review of Business OperationsAll three core businesses of the Group grew in 2008.Group turnover increased 12 per cent from $4.5 billionin 2007 to $5.1 billion in 2008 on the back of stronggrowth in the rig building, ship conversion and offshore,and ship repair businesses. Rig building accountedfor 56 per cent of total turnover in 2008, followed byship conversion and offshore at 27 per cent, ship repairat 16 per cent and others at 1 per cent.

    • Ship Conversion and Offshore

    The ship conversion and offshore business registeredthe highest growth at 20 per cent from $1.1 billion in2007 to $1.4 billion in 2008. Major completions within

    the year included three tankers converted to floating-production-storage-offloading (FPSO) vessels and onetanker converted to a floating-storage-offloading (FSO)vessel. Other specialised conversions completedincluded a newbuilt hull to heavy-lift derrick pipelayvessel and the topsides fabrication and integration ofa newbuilt FPSO.

    At year end, work-in-progress projects included theconversion of a scientific vessel to an integrated oceandrilling scientific vessel; the conversion of twoFPSOs; the conversion of a heavy-lift crane vessel;the conversion of a passenger and car carrier into anaccommodation and repair vessel; the conversion oftwo hulls to ultra-deepwater semi-submersibledrilling rigs; the construction of an offshore platformintegrated deck, and the construction of an offshoreplatform. Other projects in the planning andengineering stages included the HBD offshore platform,a fallpipe rock dumping vessel and a floating-drilling-production-storage-offloading (FDPSO) conversion.

    • Rig Building

    The rig building business registered a 14 per centgrowth at $2.8 billion compared with $2.5 billion in2007. A record total of 11 rigs were delivered on time

    or ahead of schedule during the year. These includedtwo units of sixth-generation semi-submersible rigsand nine units of jack-up rigs.

    Landmark deliveries during the year includedthe turnkey construction of two ultra-deepwatersemi-submersible drilling rigs built based on theFriede & Goldman Millennium Class design. Thisaccomplishment of delivering two sixth-generationsemi-submersibles in a year was made possible byJurong Shipyard’s proprietary breakthrough ‘Load-outand Mating-in-dock’ and ‘Transverse Skidding’ rigconstruction techniques.

    An impressive nine deep drilling offshore jack-up rigswere delivered during the year. These turnkey jack-uprigs were built based on the Group’s proprietary PacificClass 375 design.

    The Group’s rig building order book as at year endcomprised eight units of sixth-generation Friede &Goldman design ultra-deepwater semi-submersibledrilling rigs, 11 units of proprietary design Pacific Classdeep drilling jack-up units, a CJ70 design harsh-environment jack-up rig and a heavy-lift jack-up barge,all of which were in varying engineering, productionand construction stages.

    • Ship Repair

    Ship repair recorded turnover growth of 8.7 per centfrom $731 million in 2007 to $795 million in2008. A total of 269 vessels were docked for repairsand maintenance, an improvement over 256 vesselsin 2007. Vessels from customers under Alliance,Favoured Customer Contracts and other regularcustomers accounted for 86 per cent of the repairs.

    The average value per vessel grew 3 per cent from$2.86 million per vessel in 2007 to $2.95 million pervessel in 2008. Tankers accounted for 42 per cent ofvessels repaired followed by offshore vessel upgradingat 15 per cent, liquefied natural gas (LNG) and liquefiedpetroleum gas (LPG) carriers at 12 per cent, containervessels at 11 per cent, bulk carriers at 8 per cent,passenger vessels at 2 per cent and the remaining 10per cent comprising a mix of vessels such as dredgersand cargo vessels.

    Associate and Joint-Venture ContributionsTotal pre-tax profit contributions from associates andjoint-venture companies declined 20 per cent to $65.3million in 2008 from $81.8 million in 2007. This declinecame mainly from the Cosco Shipyard Group.

    11.00

    8.73

    1.30*

    1.30

    2.80*

    2.80

    3.20*

    3.20

    3.50*

    3.50

    3.60*

    3.60

    3.60*

    3.60

    2.80*

    2.80

    5.40*

    5.40

    4.30*

    4.30

    8.90*

    8.90

    DIVIDEND

    cents

    2000 2001 2002 2003 2004 2005 2006 2007 2008

    12

    10

    8

    6

    4

    2

    0

    FY Dividend*Interim Dividend Final Dividend

    199919981997

    5.16

    3.57*5.00

    6.00

    *FY Dividend adjusted for 2 bonus shares for every 5 ordinary shares Operating Margin Gross Profit Margin

    %

    MARGIN & PROFIT EXPANSION

    2007 20082003 2004 2005 2006

    $’million

    2002

    12.9

    9.99.1

    7.7

    12.6

    8.99.5

    7.0

    8.8

    6.8

    8.0

    5.9

    8.3

    6.4

    14

    12

    10

    8

    6

    4

    2

    0

    740

    640

    540

    440

    340

    240

    140

    4090 74 93125

    228

    349

    502

    128102

    120

    170

    295

    411

    655

    Operating Profit Gross Profit

  • Goh Geok Ling Tan Kwi KinChairman Group President & CEO

    2 March 2009

    LETTER TO SHAREHOLDERS

    8 Sembcorp Marine Ltd • Annual Report 2008 9

    Managing the ChallengesThe Group’s focus on increasing operational efficiencythrough innovation, production process improvementsand well-accepted proprietary designs saw operatingmargins increasing from 5.9 per cent in 2005 to 9.9per cent in 2008.

    In line with its innovation strategy, the Group continuesto improve and streamline its work processes formaximum operational efficiency, resource utilisationand cost efficiency. Critical in ensuring its competitiveedge and relevance in the fast-changing offshore andmarine market, the Group will continue to invest inresearch and development to further enhance itsproprietary engineering, design and productioncapabilities. It is also in partnership with varioustechnology partners from the government, educationaland private sectors for several research and developmentprojects, including the development of the region’sfirst water ballast treatment system.

    Equally important is the need to raise health, safety,security and environmental standards and to invest inpeople development. These efforts will support the

    Group’s efforts to maintain the trust and confidenceof customers and stakeholders and to build a safety-conscious, well-trained and capable workforce to deliveradded value and service excellence.

    Going forward, the Group will continue to strivetowards delivering creditable performance and valueto shareholders. Its strategy to ride through thesechallenging times is to maintain a strong balance sheetand to be in a net cash position.

    Outlook and ProspectsThe world economy continues to deteriorate since theend of 2008. While we remain cautiously optimisticof our results in 2009, we are also prepared that shouldthe financial market deteriorate further as the yearprogresses, we may receive possible requests forcancellations from our customers. If these situationsshould arise, the Group will naturally make the necessaryannouncements expeditiously.

    Despite the uncertain global economic climate, theGroup is confident that the long-term fundamentalsand outlook for the marine and offshore industry

    $’million

    NET ORDER BOOK (excluding ship repair)

    Shipbuilding Jack-up Rig Ship Conversion & Offshore Semi-submersible Rig

    10,000

    9000

    8000

    7000

    6000

    5000

    4000

    3000

    2000

    1000

    0

    2003

    1,08177192

    584

    228

    2004

    2,288

    589

    1,212

    487

    2005

    5,341

    2,018

    992

    298

    2,033

    2006

    5,472

    2,240

    948

    86

    2,198

    2007

    6,960

    2,726

    1,536

    2,692

    2008

    9,019

    2,991

    1,819

    4,209

    continue to be positive in the light of continued globalreliance on oil and gas and the accelerating depletionof oil and gas reserves.

    Having weathered through several economic down-cycles since its inception in 1963, Sembcorp Marinehas proven its resilience, adaptability and fortitude.The Group is optimistic about riding through thisdownturn buoyed by a strong $9.0 billion net orderbook for rig building, ship conversion and offshoreprojects, including new orders of $5.7 billion securedin 2008. These marine and offshore engineeringprojects will provide the Group with a solid base-loadof orders to keep its shipyards busy with progressivecompletion and deliveries from 2009 to early 2012.

    For ship repair, the Group believes that Singapore’sstrategic location and reputation as an internationalmaritime centre coupled with its strategic alliancesand partnerships fostered with long-term customerswill provide a stable base-load to cushion the impactof the current economic turmoil.

    The market for large FPSO units and productionplatforms is expected to remain strong based onowners’ long-term commercial viability of the projects.Such projects have longer gestation periods andconstitute part of the owners’ investment portfoliodesigned to provide future output to replacedepleting reserves.

    Board & ManagementThe Board would like to extend a warm welcome toMr Richard Edward Hale OBE and Mr Lim Ah Doo, bothof whom were appointed directors of Sembcorp Marine.

    Mr Richard Edward Hale OBE, appointed a non-independent director to the Board on 22 April 2008,was subsequently appointed Deputy Chairman on7 May 2008. His vast experience in the corporate worldwould further add value to the Group and its operations.

    Mr Lim Ah Doo, who joined the Board as anindependent director on 7 November 2008, broughtwith him more than 25 years of experience in theinvestment banking industry and corporate world.

    His appointment underscored Sembcorp Marine’scommitment to further enhance effective corporategovernance.

    Mr Kiyotaka Matsuzawa stepped down as anindependent director due to health reasons with effectfrom 7 May 2008. The Board would like to thankMr Matsuzawa and his alternate director Mr HirohikoSakurai for their contributions.

    Mr Tan Tew Han, an independent director appointedto the board on 17 April 2003 and serving as Chairmanof the Audit and Special Committees, has decided tostep down with effect from 24 February 2009 due tohis personal commitments. The Board would like tothank him for his invaluable contributions during hissix-year tenure.

    On behalf of the Board, we would like to express ourheartfelt gratitude to our valued customers, partnersand business associates for their steadfast support andcontinued trust in us. We also like to thank our dedicatedteam of management, employees and subcontractorsfor their hard work and commitment. As we braceourselves for the challenges ahead, it is important forus to forge ahead and rise above the odds as oneunited team.

    Finally, we would like to express our sincereappreciation to all our valued shareholders for theircontinued interest and unwavering belief in theGroup during these challenging times. We are gratefulfor your relentless support and will continue to deliveron our commitment to maximise returns on ourshareholders’ investments.

    6

  • 10 Sembcorp Marine Ltd • Annual Report 2008 11

    AT A GLANCEGROUP FINANCIAL HIGHLIGHTS

    For the year (S$’000) 2008 2007 % Change

    Group Income StatementRevenue 5,063,948 4,513,123 12Profits

    EBITDA 572,544 413,109 39Operating Profit 501,837 349,029 44Profit Before Tax 544,958 364,721 49Attributable Profit - include FX & NoI# 429,918 240,989 78Attributable Profit - exclude FX & NoI# 473,667 362,273 31

    Group Balance SheetTotal Assets 4,611,817 4,462,847 3Total Liabilities 3,251,858 2,757,131 18Net Tangible Assets 1,311,858 1,672,471 (22)

    Shareholders’ Funds 1,317,985 1,680,060 (22)Minority Interests 41,974 25,656 64Capital Employed 1,359,959 1,705,716 (20)

    Bank Balances, Fixed Deposits and Cash 2,054,032 740,477 177Interest-bearing Borrowings (222,238) (441,669) (50)Net Cash 1,831,794 298,808 513

    Financial RatiosEarnings Per Share (EPS)

    EPS - include FX & NoI# (cents) 20.83 11.72 78EPS - exclude FX & NoI# (cents) 22.95 17.62 30

    Dividend Per ShareOne-tier tax-exempt (cents) 11.00 8.73 26

    Net Assets Value per share (cents) 64.11 81.13 (21)Net Tangible Assets per share (cents) 63.81 80.76 (21)

    Return on Turnover - include FX & NoI# (%) 8.49 5.34 59Return on Turnover - exclude FX & NoI# (%) 9.35 8.03 16

    Return on Total Assets - include FX & NoI# (%) 9.48 6.11 55Return on Total Assets - exclude FX & NoI# (%) 10.44 9.18 14

    Return on Equity - include FX & NoI# (%) 28.68 15.97 80Return on Equity - exclude FX & NoI# (%) 31.60 24.00 32

    # FX & NoI - Foreign exchange transactions and Non-Operating Items

    AT A GLANCE

    Naming of PetroJack IV built by Jurong Shipyardon 13 December 2008.

  • AT A GLANCE

    12 Sembcorp Marine Ltd • Annual Report 2008 13

    GROUP QUARTERLY RESULTS

    2008 ($’000) 1Q 2Q 3Q 4Q Total

    Turnover 916,118 1,386,093 1,144,246 1,617,491 5,063,948Operating Profit 79,464 111,455 142,148 168,770 501,837EBITDA 95,234 128,332 160,586 188,392 572,544Profit before Tax 115,146 160,720 180,937 88,155 544,958Attributable Profit 91,339 128,253 140,894 69,432 429,918Earnings per share (cents)

    Year-to-date 4.41 10.62 17.45 20.83Earnings per share (cents)

    In-quarter 4.41 6.21 6.83 3.38 20.83

    2007 ($’000) 1Q 2Q 3Q 4Q Total

    Turnover 953,743 1,051,598 1,171,069 1,336,713 4,513,123Operating Profit 74,101 74,048 74,051 126,829 349,029EBITDA 87,354 87,990 92,685 145,080 413,109Profit before Tax 84,663 106,699 96,381 76,978 364,721Attributable Profit 73,738 85,100 81,359 792 240,989Earnings per share (cents)

    Year-to-date 3.59 7.74 11.70 11.72Earnings per share (cents)

    In-quarter 3.59 4.15 3.96 0.02 11.72

    2008 QUARTERLYTURNOVER

    1800

    1600

    1400

    1200

    1000

    800

    600

    400

    200

    0

    $’million

    1Q

    916.1

    2Q

    1,386.1

    3Q

    1,144.2

    4Q

    1,617.5

    2007 QUARTERLYTURNOVER

    1800

    1600

    1400

    1200

    1000

    800

    600

    400

    200

    0

    $’million

    1Q

    953.7

    2Q

    1,051.6

    3Q

    1,171.1

    4Q

    1,336.7

    2008 QUARTERLYOPERATING PROFIT

    180

    160

    140

    120

    100

    80

    60

    40

    20

    0

    $’million

    1Q

    79.5

    2Q

    111.5

    3Q

    142.1

    4Q

    168.8

    2007 QUARTERLYOPERATING PROFIT

    180

    160

    140

    120

    100

    80

    60

    40

    20

    0

    $’million

    1Q

    74.1

    2Q

    74.0

    3Q

    74.1

    4Q

    126.8

    91.3

    115.1

    128.3

    160.7

    140.9

    180.9

    73.7

    84.7 85.1

    106.7

    81.4

    96.4

    69.4

    88.2

    2008 QUARTERLY PROFIT BEFORETAX AND ATTRIBUTABLE PROFIT

    Profit before Tax

    Attributable Profit

    200

    180

    160

    140

    120

    100

    80

    60

    40

    20

    0

    $’million

    4Q3Q2Q1Q

    0.8

    77.0

    2007 QUARTERLY PROFIT BEFORETAX AND ATTRIBUTABLE PROFIT

    Profit before Tax

    Attributable Profit

    200

    180

    160

    140

    120

    100

    80

    60

    40

    20

    0

    $’million

    4Q3Q2Q1Q

  • AT A GLANCE

    14 Sembcorp Marine Ltd • Annual Report 2008 15

    FINANCIAL CALENDAR

    Financial Year 2008

    Financial Year

    Announcements ofResults & Dividends

    2007 Full Year

    Quarter 1, 2008

    Quarter 2, 2008

    Quarter 3, 2008

    2007 FinalDividend Payment

    Delivery ofAnnual Report

    Delivery of EGM Notice

    Annual GeneralMeeting/ExtraordinaryMeeting

    2008 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

    Feb 22

    May 7

    Aug 5

    Nov 4

    May 16

    Apr 7

    Mar 31

    Apr 22

    Financial Year 2009

    Financial Year

    Announcements ofResults & Dividends

    2008 Full Year

    Quarter 1, 2009

    Quarter 2, 2009

    Quarter 3, 2009

    2008 FinalDividend Payment

    Delivery ofAnnual Report

    Delivery of EGM Notice

    Annual GeneralMeeting/ExtraordinaryMeeting

    2009 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

    Feb 24

    May 8

    Aug 4

    Nov 4

    May 13

    Apr 2

    Apr 2

    Apr 17

    Registered Office29 Tanjong Kling Road, Singapore 628054

    Telephone : (65) 6265 1766

    Fax : (65) 6265 0201/ (65) 6261 0738

    Website : www.sembcorpmarine.com.sg

    E-mail : [email protected]

    Share RegistrarKCK Corpserve Pte Ltd

    333 North Bridge Road

    #08-00 KH Kea Building

    Singapore 188721

    AuditorKPMG LLP

    Certified Public Accountants

    Singapore

    Audit Partner : Tan Wah Yeow

    (appointed during financial year ended

    31 December 2008)

    Principal BankersDBS Bank Ltd

    Oversea-Chinese Banking Corporation Limited

    Standard Chartered Bank

    The Hongkong and Shanghai BankingCorporation Limited

    United Overseas Bank Limited

    Share ListingSembcorp Marine’s shares are listed on the

    Singapore Exchange Securities Trading Limited

    Joint Company SecretariesTan Yah Sze

    Kwong Sook May

    CORPORATE DIRECTORY

    Corporate Office Building.

  • AT A GLANCE

    16 Sembcorp Marine Ltd • Annual Report 2008 17

    CORPORATE STRUCTUREas at 31 March 2009

    100%

    100%

    100%

    100%

    85%

    100%

    30%

    100%

    90%

    60%

    100% 85%

    100%

    85.8%

    100%

    100%

    35%

    100%

    100%

    100%

    100%

    100%

    70%

    Baker Marine Pte Ltd

    Singapore Shipyards

    Jurong Shipyard Pte Ltd

    Sembawang Shipyard Pte Ltd

    SMOE Pte Ltd

    Jurong SML Pte Ltd

    PPL Shipyard Pte Ltd

    Supporting CompaniesOverseas Shipyards

    Sembcorp Marine Ltd

    P.T. Karimun Sembawang Shipyard(Indonesia)

    Cosco Shipyard Group (China)

    SembMarine (Middle East) Pte Ltd

    Sembcorp-Sabine Industries Inc (USA)

    P.T. SMOE (Indonesia)

    Sembcorp Marine Technology Pte Ltd

    R&D

    Shenzhen Chiwan Offshore Petroleum EquipmentRepair & Manufacture Co. Ltd (China)

    Bulk Trade Pte Ltd

    Jurong Marine Services Pte Ltd

    JPL Industries Pte Ltd

    Jurong Autoblast Services Pte Ltd

    Shanghai Jurong MarineEngineering & Technology Co. Ltd (China)

    JPL Services Pte Ltd

    Jurong Machinery andAutomation Pte Ltd

    Jurong Integrated Services Pte Ltd

    Jurong Marine Contractors Pte Ltd

    Dolphin Shipping Company Pte Ltd

  • JANUARY• Sail-away of West Triton, a Pacific Class 375 jack-

    up rig, following its delivery by PPL Shipyard toSeadrill in December 2007

    • Delivery of Sapura 3000, a DP2 heavy lift andpipelay vessel, by Sembawang Shipyard, toNautical Vessels

    • Launch of Green Wave Environmental CareCompetition for Schools 2008 and AwardPresentation Ceremony for 2007 winners

    FEBRUARY• Delivery of Ashmore Guardian, a patrol vessel

    converted from a fishing vessel, by Jurong SML toGardline Australia

    • Strike steel of Pacific Class 375 jack-up rig (P2022)by PPL Shipyard for Egyptian Drilling Company

    • Announcement of full-year 2007 financial results

    MARCH• Delivery of West Sirius, the first of four F&G ExD-

    design ultra-deepwater semi-submersible rigsbuilt by Jurong Shipyard for Seadrill

    • Naming and delivery of PetroJack II, a PacificClass 375 jack-up rig built by Jurong Shipyard forPetroJack

    • Delivery of Wan Hai 317, the sixth 2,646 TEUproprietary design Jubilee Class newbuiltcontainership by Jurong Shipyard for Wan HaiLines after its naming in January 2008

    • Keel-laying of Topaz Driller (P2021), a PacificClass 375 jack-up rig built by PPL Shipyard forVantage Drilling

    • Participation in Seatrade Cruise exhibition bySembawang Shipyard in Miami, Florida, with afocus on the passengership repair market

    • Participation in the Careers 2008 recruitment fair

    APRIL• Naming of WilForce, a Pacific Class 375 proprietary

    design jack-up rig, following its delivery by PPLShipyard to Awilco Offshore in March 2008

    • Delivery of Raroa, a floating-production-storage-offloading (FPSO) vessel converted from a tanker,by Jurong Shipyard to Tanker Pacific OffshoreTerminals

    • Delivery of Pontresina, a proprietary Jubilee Classdesign 2,646 TEU containership built by JurongShipyard for Reederei F Laeisz, after its naming inJanuary 2008

    • 45th Annual General Meeting and ExtraordinaryGeneral Meeting for shareholders

    • Signing of a Strategic Alliance Agreement withRio de Janeiro-based Mac Laren Shipyard to operatea shipyard in Brazil for all future offshore oil andgas related projects to be undertaken in Brazil

    MAY• Delivery of Aban VIII, a Pacific Class 375 design jack-

    up rig built by PPL Shipyard and Sembawang Shipyardfor Aban Singapore, after its naming in April 2008

    • Naming and delivery of Sedra II, the second 5,100 dwtdouble-hull bunker tanker built by Jurong SML forKuwait Oil Tanker Company

    • Announcement of first-quarter 2008 financial results

    • Participation in the Offshore Technology Conference2008, a key event for the offshore oil and gas industry

    • Donation of $195,000 to disaster victims of CycloneNargis and the Sichuan earthquake

    JUNE• Keel-laying of Aquamarine Driller (P2020), a

    Pacific Class 375 jack-up rig by PPL Shipyard forVantage Drilling

    • Strike-steel of Pacific Class 375 jack-up rig (P2026)by PPL Shipyard for Seadrill

    • Participation in Posidonia 2008, a key exhibitionin Athens, Greece, for the international shippingand maritime community

    AT A GLANCE

    18 Sembcorp Marine Ltd • Annual Report 2008 19

    SIGNIFICANT EVENTS

  • JULY• Delivery of Deep Driller 7, the third Pacific Class

    375 jack-up rig built by PPL Shipyard for DeepDrilling Invest

    • Delivery of Dhirubhai-1, India's first deepwaterFPSO vessel converted from a tanker by JurongShipyard for Aker Contracting FP, after its namingin June 2008

    • Keel-laying of a self-elevating heavy-lift newbuildjack-up barge by Jurong Shipyard for AramcoOverseas Company

    AUGUST• Sail-away of Hakuryu-10, a Pacific Class 375

    jack-up rig, from PPL Shipyard after its delivery toJapan Drilling Co. in June 2008 and its naming inJuly 2008

    • Announcement of half-year 2008 financial results

    • Sponsorship of the National Day Parade 2008SPARK! interactive spectators' display andparticipation in the parade marching contingent

    • National Day Observance Ceremony graced byMr Gan Kim Yong, Acting Minister for Manpower

    SEPTEMBER• Delivery and sail-away of Maersk Convincer, the

    second Pacific Class 375 jack-up rig built by JurongShipyard for Maersk Contractors, after its namingin August 2008

    • Delivery of Queensway, a floating-storage-offloading(FSO) vessel converted from a tanker by JurongShipyard for Tanker Pacific Offshore Terminals, afterits blessing ceremony in August 2008

    • Strike-steel of a Pacific Class 375 jack-up (P2028)by PPL Shipyard for Egyptian Drilling Company

    • Sponsorship of International Enterprise Singapore'sLatinAsia Business Forum 2008

    • Participation in the Shipbuilding, Machinery &Marine Technology event, the world's largestmaritime exhibition in Hamburg, Germany, bySembawang Shipyard

    OCTOBER• Keel-laying of a GustoMSC CJ70 design harsh-

    environment newbuild jack-up rig by Jurong Shipyardfor PetroProd D&P I after its strike-steel in February2008

    • Strike-steel of proprietary design Pacific Class 375 jack-up rig West Elara (P2027) by PPL Shipyard for Seadrill

    • Sponsorship of the first Singapore Nautical Runorganised by Maritime and Port Authority of Singapore

    DECEMBER• Delivery of Emerald Driller, a Pacific Class 375

    jack-up rig built by PPL Shipyard, to VantageDrilling ahead of schedule

    • Delivery of FPSO Hai Yang Shi You 117 aftermodularisation and integration of topsidesby SMOE and Sembawang Shipyard and afterits sail-away ceremony in November 2008

    • Naming of PetroJack IV, the fourth PacificClass 375 jack-up rig contracted by PetroJack,in Jurong Shipyard

    • Delivery of Aban Abraham after majorupgrades and refurbishment by SembawangShipyard to Aban Offshore

    • Official opening of the new ProjectCoordination Centre at Jurong Shipyard

    • Participation in 'Meeting Global Challengesand Opportunities in the Marine & OffshoreIndustry' conference organised by theAssociation of Singapore Marine Industries

    AT A GLANCE

    20 Sembcorp Marine Ltd • Annual Report 2008 21

    SIGNIFICANT EVENTS

    NOVEMBER• Delivery of West Taurus, the second of four F&G ExD-design ultra-

    deepwater semi-submersible rigs by Jurong Shipyard for Seadrill,ahead of schedule after its naming in September 2008

    • Sail-away of WilSeeker, a Pacific Class 375 jack-up rig, after itsdelivery by PPL Shipyard to Awilco Offshore in September 2008and its naming in October 2008

    • Delivery of Aoka Mizu, a newbuilt FPSO conversion by SembawangShipyard from a newbuilt hull, to Bluewater Energy Services, afterits naming in May 2008

    • Keel-laying of Pacific Class 375 jack-up West Leda (P2026) by PPLShipyard for Seadrill

    • Strike-steel of a Pacific Class 375 jack-up rig (P2023) by PPL Shipyardfor Egyptian Offshore Drilling Company

    • Strike-steel of a HBD offshore platform by SMOE for MaerskOlie og Gas AS

    • Official opening of PT SMOE Indonesia's new Phase II YardDevelopment

    • Announcement of third-quarter 2008 financial results• Donation of $300,000 in SchoolBAG grants by Sembcorp Marine

    to 1,492 needy students

  • AT A GLANCE

    22 Sembcorp Marine Ltd • Annual Report 2008 23

    SingaporeInternational 10012th Ranking:Sembcorp MarineRanking for 12th highestoverseas revenue in thisyear’s SingaporeInternational 100 Rankingby International EnterpriseSingapore

    AT A GLANCEAWARDS & ACCOLADES

    Most Transparent Company Award(Non-Electronics Manufacturing)Runner-up: Sembcorp MarineRecognition by the Securities Investors Association ofSingapore for excellence in corporate governanceand transparency

    H.E.A.L.T.H. AwardsPlatinum Awards:Jurong Shipyard, Jurong SML ShipyardPlatinum Awards by the Health PromotionBoard to Jurong Shipyard and Jurong SMLfor achieving at least two Gold Awardsconsecutively and demonstrating tangibleresults in workplace health promotionprogrammes

    Workplace Safety & Health Innovation Awards

    Innovation Awards:Jurong Shipyard & Sembawang ShipyardAwards by the Ministry of Manpower to JurongShipyard’s Safe Stage Team and Sembawang Shipyard’sHull Spiderz Team for their respective innovative “HPHook” and the “Spider Grab” innovations, which ledto safety excellence and workplace improvement

    H.E.A.L.T.H. AwardsSmoke-Free Award: Jurong SML ShipyardSmoke-Free Award by the Health Promotion Board forcomprehensive and effective quit-smoking initiativesat the workplace

    Workplace Safety & Health Innovation Awards

    Safety & Health Recognition Awards:Sembawang ShipyardAwards by the Ministry of Manpower for five projects– Aban Abraham, Aban VIII, BW Endeavour, Hai YangShi You 117 and Sapura 3000 – for achieving zeroincidents over a million man-hours

    Friend of the Arts Award

    Recipient: Sembcorp MarineAward by the National ArtsCouncil in recognition ofSembcorp Marine’scontributions to the Singaporearts community

    SHARE Corporate AwardWinner: Sembawang ShipyardAward by the Community Chest of Singapore for itsemployees’ strong support of SHARE donations andother fund-raising activities

    H.E.A.L.T.H. AwardsGold Award:Sembawang ShipyardGold Award by the Health PromotionBoard to Sembawang Shipyard foractive promotion of workplace health

    Minister for Defence AwardWinner: Jurong SML ShipyardAward by the Ministry of Defence foroperational readiness, serviceabilityof assets and commitment towardsTotal Defence

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29 Tanjong Kling Road, Singapore 628054 Tel: (65) 6265 1766 Fax: (65) 6261 0738 / 6265 0201 Website: www.sembcorpmarine.com.sg Company Reg. No: 196300098Z ANNUAL REPORT 2008 SEMBCORP MARINE A n nua l R eport 0 8
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