Keppel Completes Divestment of Entire Stake in SPC

The board of directors of Keppel makes reference to its announcement dated May 24, 2009 in relation to the conditional sale and purchase agreement entered between its wholly-owned subsidiary, Keppel Oil & Gas Services Pte Ltd ("KOGS"), and PetroChina International (Singapore) Pte Ltd, under which KOGS will sell its entire shareholding in SPC comprising 234,522,797 ordinary shares in the capital of SPC, representing approximately 45.51% of the total issued share capital of SPC (excluding treasury shares), to the Purchaser.

The Company wishes to announce that the Purchaser has obtained the approvals and consents as are required by the Purchaser from the relevant authorities (including the relevant authorities of the People’s Republic of China) having jurisdiction over the Purchaser and/or the transactions described or contemplated in the Agreement on terms which have been accepted by the Purchaser, and that the condition precedent to the sale of the Sale Shares has been satisfied.

The Company wishes to further announce that subsequent to the satisfaction of the condition precedent to the sale of the Sale Shares, the Company has today completed the sale of the Sale Shares to the Purchaser. Accordingly, the Company no longer holds any interest in SPC and SPC has ceased to be an associated company.


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