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Offshore & Marine April 18, 2002

Offshore & Marine April 18, 2002. Integration of KFELS & KHZ under Keppel Offshore & Marine on 1 May 2002. Keppel O&M will be a leading player in the offshore and marine industry and one of Singapore’s few truly global players Keppel O&M’s business activities will span four continents

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Offshore & Marine April 18, 2002

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  1. Offshore & MarineApril 18, 2002

  2. Integration of KFELS & KHZ under Keppel Offshore & Marine on 1 May 2002 • Keppel O&M will be a leading player in the offshore and marine industry and one of Singapore’s few truly global players • Keppel O&M’s business activities will span four continents • Strong Singapore base • Yards in US, Brazil, Middle East, Azerbaijan, Norway, Philippines • Design offices in China and Bulgaria • Keppel O&M is a global leader in jack-up drilling rigs, FPSO and FSO conversions and large tanker repair • Keppel O&M’s achievements are based on its track record with customers of delivering on time and on budget, global reach and its proprietary designs Keppel OM Overview v.4

  3. Global Reach of Keppel Offshore & Marine O&M(1 yard) KFELS Bulgaria CSC AHI(1 yard) China Engineering Office Houston Center AMFELS(1 yard) KPM(3 yards) KFELS (2 yards) KS (2 yards) KSD (2 yards) (Singapore) FELS Setal/ BrasFELS(2 yards) Keppel O&M yards Other facilities Keppel OM Overview v.4

  4. Vision of Keppel Offshore & Marine “To be a Global Leader in the provision of design and engineering solutions, shipyard services and products to the offshore and marine industries.” Keppel OM Overview v.4

  5. In pursuit of this vision, the immediate priorities are to: • Ensure maximum value creation from the KHZ and KFELS integration • Implement an integrated strategy to achieve global leadership in segments of the offshore and marine industries Keppel OM Overview v.4

  6. Keppel O&M is on target to deliver synergies of at least $10M in 2002. Synergy levels for 2003 are currently estimated to be $20M Priority sources of value in the integration will be: • Expansion in global leadership (working together to strengthen current positions and penetrate new segments and geographies, e.g.: offshore business in Middle East) • Achieve world class performance in business practices (i.e.: materials, equipment and services procurement, productivity, use of IT) • Better utilisation of combined resources Keppel OM Overview v.4

  7. Strategy of Keppel Offshore & Marine 1. Near market, near customer 2. Leading edge technology 3. Cost competitiveness 4. Singapore hub • Global company with multi-local footprint • Leverage KOM’s global reputation and customer relationships to strengthen global leadership • Deliver high value, competitively priced solutions to customers with footprint of local yards in strategic locations • Leverage ownership of proprietary designs in jackup systems/rig designs • Maintain technological advantage to stay competitive in high value added segments of business • Achieve world class business practices to maintain cost competitiveness • procurement, productivity, use of IT • Harness potential of lower cost locations • China, Vietnam and Indonesia • However paramount to have significant stake with management control to add value • Merger of KHZ/KFELS will strengthen position in Singapore • Singapore to focus on high value added activities • Upgrade Singapore as knowledge hub for technology development and productivity enhancement to support global network of yards Keppel OM Overview v.4

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