MESSAGE FROM LIONEL LEE, EMAS GROUP MD

EMAS AMC

MESSAGE FROM MD

HEADLINE NEWS

EMAS ENERGY

EMAS MARINE

EMAS PRODUCTION

01

Over the past months, EMAS has been doing well across all core business divisions to shine

on the global stage. In July and August, the subsea-orderbook was amplified when the Group

secured another three Letters of Awards/Letters of Intent worth an estimated aggregate value of

US$85 million. EMAS AMC also attained yet another breakthrough when it was awarded a new

contract by Chevron Thailand Exploration and Production Ltd, Chevron Offshore (Thailand) Ltd

and Chevron Pattani. The award serves as an important affirmation of the growing relationship we

have built with Chevron in the Asia Pacific region.

On the operational front, the successful commissioning of Lewek EMAS in Vietnam marks our

inaugural project involving the combined efforts of EMAS AMC, EMAS Energy, EMAS Marine and

EMAS Production together with our yards. This is truly a landmark achievement as it is our first

fully integrated cross-division project delivery.

Armed with award contracts of over US$600 million, EMAS is moving steadily towards

achieving our target. We are certain that by harnessing the capabilities and track record of

EMAS AMC, coupled with our expanding fleet of subsea construction vessels, we will be

able to capitalize on the global growth in the oil and gas industry to create greater value for

our stakeholders.

Yours Sincerely,

Lionel Lee

CHARTING

EMAS ENERGY

GLOBAL SEAS

EMAS AMC

EMAS MARINE

EMAS PRODUCTION• FPSO/FSO design & supply

• Operation & Maintenance of

Production Facilities

• Mooring & Riser System Design &

Supply

• Turret System Design & Supply

• Lewek EMAS

• Lewek Fulmar and Lewek Lark

• Floater & FPSO

installation

• SURF installation

• Lewek Crusader

• Pipeline Process Systems

Testing and Commissioning

Above: Chim Sao Field Installation, a showcase of fully integrated FPSO delivery, transportation, installation and commissioning services

02

EMAS AMC

MESSAGE FROM MD

HEADLINE NEWS

EMAS ENERGY

EMAS MARINE

EMAS PRODUCTION

With three Letters of Awards/Letters of Intent boasting an estimated aggregate value of US$85 million being secured by the Group,

EMAS is on track to continuing the growth of its subsea business and establishing itself as a leading global service provider in the

oil and gas (O&G) industry.

Within the next six months, EMAS AMC — the Group’s subsea offshore construction division — will be executing various projects

across the Asia-Pacific region. These will include offshore field development projects in waters off Indonesia, Papua New Guinea,

Russia and Western Australia for oil majors, national as well as independent oil and gas companies. Primarily, the scope of work

involves the provision of subsea umbilical, riser and flowline (SURF) installations, platform installations, offshore support and

accommodation services.

Another yielding partnership tie-up will see Aker Solutions, with which EMAS has a five-year co-operative agreement, engaged in the

deepwater Tamar gas project off Israel starting in the second quarter of next year. An $88 million contract awarded by Noble Energy,

EMAS will cover the installation of approximately 330 kilometers of umbilicals and subsea equipment while Aker will be fabricating

the umbilicals in the U.S.

Mr Lionel Lee, Group Managing Director of EMAS said, “The subsea orderbook has seen a substantial growth in the past

months and is set to further amplify with the subsea construction sector growing in response to depleting shallow fields and

increased energy demands from nations such as China and India. These awards testify to our ability in drawing top clients

from the O&G sector with challenging projects that requires exacting precision and timely execution, for which we have built

a track record for.”

The EMAS Group is evaluating merger, acquisition and partnership opportunities with the objective of strengthening EMAS Production’s

technological expertise in the floating production sector. Potential considerations for any opportunities will be focused on partners

that will bring a “cultural and geographical” fit, as was in the case of the Group’s recent tie-up with Aker Solutions. The particular deal

featured a five year co-operative agreement between both Groups and resulted in the acquisition of Aker Marine Contractors (AMC)

by EMAS and the subsequent formation of EMAS AMC, which catapulted EMAS into the top ranks of subsea contractors.

Mr Lim Kwee Keong, Chief Executive Officer of EMAS Production, shared that EMAS Production’s experience from its past two FPSO

projects clearly emphasized the benefits of leveraging on sister companies’ expertise in various aspects along the FPSO value chain,

especially in critical areas relating to the Engineering, Installation and Commissioning of such vessels.

An example of successful collaboration between entities within the EMAS Group is the engineering and design of the turret and

mooring system for EMAS’s latest FPSO, the Lewek EMAS, by London Marine Consultants (LMC). LMC joined the EMAS fold about

three years ago. The smooth and timely execution of the delivery, installation and hook-up of the Lewek EMAS in the Chim Sao field

in Vietnam, a project in which all the divisions within EMAS were actively involved, is a notable example of the synergies derived from

the Group’s integrated capabilities. In this case, the entire installation and hook-up operation — a phase in FPSO operations which is

prone to cost and timing overruns — was completed in under six weeks.

EMAS Production was established only in 2007 and currently operates two FPSOs. The first FPSO, Lewek Arunothai, has been

deployed as a gas-compression FPSO in Thailand’s North Arthit field since 2009. EMAS Production’s latest FPSO, the Lewek EMAS,

was converted in Singapore’s Keppel Shipyard and recently commenced her deployment in Vietnam on a firm six year contract with

options for extension for up to another six years. Pipeline projects which EMAS Production is bidding for could eventually see the

company deploy FPSOs in Africa and Europe.

EMAS TO ENHANCE TECHNOLOGICAL EXPERTISE IN FLOATING PRODUCTION BUSINESS

STEADY GROWTH IN ORDERBOOK

EMAS AMC Provides offshore installation and

subsea construction services at any

water depth, anywhere in the world.

Services include:

• EPIC SURF, IMR & Subsea

• Construction

• Heavy Lift (Platform Structures &

Subsea Manifolds)

• Floatover Installation

• EPIC Pipelay - Flexibles & Rigid

(S-Lay/ Reel-Lay)

• Decommissioning

EMAIL:

EMAS_AMC@EMAS.COM

EMAS AMC

MESSAGE FROM MD

HEADLINE NEWS

EMAS ENERGY

EMAS MARINE

EMAS PRODUCTION

03

EMAS AMC Oslo has successfully completed the installation, tow and hook-up of the world’s largest harsh water FPSO. The installation of the anchor system, which was done using BOA Deep C, was completed in February, and the tow of the FPSO from Korea to Norway was completed in March. The last phase involved the tow of the FPSO to field and hook-up to the pre-installed anchor system. The job, requiring three towing tugs and two installation vessels, took two weeks.

The Skarv project, commissioned by BP Norway, was on location in the Norwegian Sea in August 2011. Skarv is a gas and oil reservoir located in the Norwegian Sea and discovered by BP in 1998. The Marine scope for the Skarv Project was split into three offshore campaigns.

HIGH END CONSTRUCTION VESSEL NEAR COMPLETION At the STX Søviknes yard on the West coast of Norway, there has been good progress in the final building stage of the AMC Connector. Marine sea trails were successfully conducted in early September, four weeks ahead of plan.

The AMC Connector’s world record carousel capacity, 9000t pay load capacity for HV cables and umbilicals, cranes, VLS and ROV’s capable for complex subsea construction in deep water, in combination with high transit speed and very flexible deck layout, makes her unique in the cable installation market.

Commissioning is well under way on the two heave compensated offshore cranes —

400t and 50t respectively — while preparation is ongoing for the integration of two work class ROV’s delivered and operated by EMAS AMC. Vessel installation and integration of the 3000t and 6000t capacity turntables are ongoing, while final factory testing is being performed on the horizontal lay tower which is to be installed on the vessel in early October.

BOA DEEP C OFF TO NORTH SEA JOB IN UK SECTOR FOR BIBBY OFFSHORE, ATHENA The BOA Deep C commenced a job in early August for Bibby Offshore where EMAS AMC will provide the vessel, construction crew and as well as ROV services through frame agreement with Oceaneering.

The vessel contract for Boa Deep C, supporting Bibby Offshore in their contract to Ithaca Energy (UK) for development of the Athena Field, was secured in January. The Athena

Above: AMC Connector undergoing sea trial

EMAS AMC OSLO

SUCCESSFUL COMPLETION OF THE SKARV PROJECT

CONTINUES ITS STEADY PROGRESS

04

EMAS AMC

MESSAGE FROM MD

HEADLINE NEWS

EMAS ENERGY

EMAS MARINE

EMAS PRODUCTION

Field lies approximately 180 km North-East of Aberdeen with the closest existing facility being the Talisman operated Claymore platform approximately 18km to the West.

The base case development consists of four producers and one water injection well. The FPSO BW Carmen will be turret-moored. After the contract award, both office and vessel staff have been involved in technical review, solution finding and approval of operation procedures in close corporation with Bibby Offshore.

The scope of work is divided into three campaigns:

1: Installation of nine suctions anchors and mooring chains

2: Installation of Mid Water Arch

3: Flow line/umbilical/riser lay operations

BOA DEEP C DONATES SAFETY PRIZE TO CHARITYThe BOA Deep C completed a flexible riser recovery and installation job together with Bibby Offshore at Maersk Jancie. As a sign of their appreciation, Maersk gave out a Maersk safety award for a job well-performed with zero injuries and zero recordable incidents.

Boa Deep C donated part of their prize money to the Royal National Lifeboat Institution – a charity run organisation for all lifeboat services around the British Isles.

EMAS AMC HOUSTON

BOA SUB C BEGINS WEST AFRICA CAMPAIGNThe Boa Sub C headed to West Africa in early September to begin a four month long engagement. Boa Sub C will complete various SURF projects offshore Equatorial Guinea before heading to Angola to hook-up the Bourgogne FPSO for the PSVM (Plutão, Saturno, Vênus and Marte) development in Block 31 for Modec. The FPSO will be installed in approximately 2,000 meters water depth. Project management and operations planning was performed from the EMAS AMC offices in Houston, Texas. Boa Sub C will be mobilised to the Gulf of Mexico in early 2012.

U.S. FLAGGED AMC AMBASSADOR HEADED FOR THE GULF OF MEXICOAfter successfully completing her sea trials, the U.S. flagged Jones Act certified AMC Ambassador is currently being mobilised to the Gulf of Mexico for additional upgrades and modifications. It is expected to be reading for operations in early 2012. AMC Ambassador is a multipurpose offshore support vessel with IMR capabilities, able to carry out subsea construction and field development work, deepwater intervention tasks and flying leads.

EMAS AMC HOUSTON REACHES KEY SAFETY MILESTONEEMAS AMC Houston recently recorded one million Offshore Project Man-hours without any Loss Time Incidents (LTI). C.J. D’ Cort, CEO of EMAS AMC commented, “We are very proud of this milestone. We are dedicated to providing an injury free workplace for our employees, subcontractors and clients. This acknowledgement is evidence that our diligence is paying off with excellent results. Our senior management at EMAS AMC believe safety is a core value and they are each committed to maintaining the highest standards in both Safety and Quality. With this support, we experience strong employee participation to achieve the desired corporate Safety Culture. We will remain focused on providing an injury free workplace through continuous improvement and strive to maintain our Zero Target goal. My sincere appreciation goes out to our employees and management for ensuring that HSSEQ is consistently at the forefront of our business.”

EMAS AMC

MESSAGE FROM MD

HEADLINE NEWS

EMAS ENERGY

EMAS MARINE

EMAS PRODUCTION

EMAS MARINE Provides• Offshore support vessels• Marine assurance• Manpower• Vessel management for the oil and

gas industry

Manages a fleet of more than 37 ves-sels including AHTS, PSVs, DSVs, Self propelled jack-ups and accomodation and construction barges, and special-ised vessels.

EMAIL:EMAS_MARINE@EMAS.COM

05

EMAS ENERGYOffers a broad spectrum of well serv-ices combining onshore and offshore drilling with fully integrated well in-tervention equipment and services, including:

• Drilling • Well Intervention • Well Stimulation• Well Abandonment • Pipeline & Process services• Oil tool rentals

EMAIL:EMAS_ENERGY@EMAS.COM

The Lewek Explorer 340 has been successfully performing workover operations for PTTEP, a petroleum exploration and production company in the S1 area on mainland Thailand, for the last 18 months. Now, PTTEP has taken a second HWO unit — the Lewek Explorer 600 — from EMAS.

PTTEP contacted EMAS back in June about the possibility of providing a second HWO unit and an agreement was made in July to add another HWO unit to our existing contract. They recognised that the move would help them achieve their production targets a nd increase domestic production.

This addition of a second unit is a reflection of the success we have been having with PTTEP and recognition of our safety record and standards as a valuable service partner to an equally valuable client.

EMAS is honoured to have clinched the DP Employer of the Year Award in the International

Dynamic Positioning Excellence Awards 2011. Incepted by the International Dynamic

Positioning Operators Association (IDPOA), the annual award serves to recognize

organisations and individuals who have contributed to the success of dynamic positioning

(DP) today. It bears testament to the skills, dedication and efforts of outstanding industry

players who have continually driven DP excellence.

In particular, the criteria for the DP Employer of the Year award seeks to recognize

“a company or organisation that has delivered outstanding support, training,

promotion, mentoring, CPD or new concepts and opportunities to benefit

employees.” Said IDPOA’s Executive Director Steven Jones, “The employer of the year

award really is an important one. It provides recognition for a ship-owner which

appreciates the value of its most valuable resource, its people. EMAS won based on

the investment and commitment not simply in ships and hardware but in supporting

and developing its people. Congratulations to all involved”.

As the recipient for this award, EMAS has won special praise for its leadership and vision, led

from the very top. With the achievement of this industry accolade, EMAS is certain to continue

its strive for excellence in the DP industry and scale even greater heights in the future.

Above: Lewek Explorer 600

EMAS AMC

MESSAGE FROM MD

HEADLINE NEWS

EMAS ENERGY

EMAS PRODUCTION

06

EMAS Production’s second FPSO, the Lewek EMAS, was recently installed offshore

Vietnam on the Chim Sao Oil field. The FPSO was installed by the newly built Lewek

Crusader on its maiden project and was supported by the Lewek Fulmar and the Lewek

Lark. This project demonstrated the breadth and depth of the EMAS Group, offering its

full range of services to a single project in an execution model that is unparalleled in the

region.

EMAS Production provided the FPSO, EMAS AMC installed the FPSO and its flexible

risers, TRIYARDS (a subsidiary of EMAS) provided fabrication support, EMAS Energy

undertook the pre-commissioning and EMAS Marine towed the FPSO to the field in

an impressive, integrated delivery.

The Lewek EMAS boasts a large internal turret with one of the most complex swivel stacks

deployed in South East Asia. The turret was designed by London Marine Consultants

(LMC), an EMAS owned company, and is the largest and most complex design undertaken

by them to date.

Once connected on station via nine 800m long mooring chains, the FPSO was then

connected to the flexible risers that will deliver and export oil and gas after processing

onboard the vessel. Final connection of all items was completed as of 1st October. Final

testing is currently being made prior to the first oil coming onboard.

The Lewek Crusader performed excellently while managing to complete its scope safely

and on time. The project also saw one of the first uses of the Lewek Fulmar, which was

used to tow the FPSO from Singapore to Vietnam.

Manager of Project Services, Yossi Azran-Alemberg, commented, “The team pulled

together to meet a challenging deadline, overcoming numerous technical challenges

and tight schedules with no accidents or lost time”.

The FPSO will work on behalf of a UK Independent Oil Company, Premier Oil, on a flagship

project in SE Asia for a minimum of six years with a possible extension of up to twelve

years.

A VIEW FROM THE TOP

EMAS PRODUCTIONOwns and operates FPSOs, covering

• Conversion management

• Operations and maintenance of pro-

duction facilities

• Engineering and design for mooring

and riser systems

• Turret and fluid transfer systems for

FPSOs

EMAIL:

EMAS_PRODUCTION@EMAS.COM

Above: Operations in the Chim Sao oilfield