Pan-United Wins Singapore's First Ultra-large AHTS Contract

Pan-United Marine Limited ("PUM" or the "Group") has won two shipbuilding contracts, worth a total of S$98 million, to build two UT788 CD anchor handling, towing, and supply (AHTS) vessels from Lewek Shipping Pte Ltd, a subsidiary of the integrated support services provider Mainboard-listed Ezra Holdings Limited.

The two 30,000bhp AHTS vessels will be built in PUM's Singapore yard for delivery in end 2009.

"The earlier strategy that we adopted to focus on higher value-added projects has certainly paid off for our Group," said Henry Ng, PUM's Executive Chairman. "Apart from their being the first ultra-large AHTS vessels to be built by a Singapore – and possibly Asian – yard, they are also the largest AHTS vessels ever to be designed by Rolls-Royce Marine, a world-leading provider of vessel design as well as equipment for the offshore sector. We are pleased to have the Ezra Group's continued confidence."

The contracts lift PUM's outstanding orderbook to about S$574 million, from S$476 million at end-March. PUM recently announced its 1Q07 results which posted a near-doubling of its operating profit to S$11.2 million on sharply higher ship repair and conversion activities.

The PUM Group is a regional player with shipyard facilities that owns and operates two shipyards: a 11ha yard in Singapore and a 28ha yard in Tanjung Uncang, on the northwest coast of Batam, Indonesia. Both shipyards achieved ISO 9001:2000 certification in quality management of the design, building, conversion, and repair of ships and offshore & onshore engineering structures. The Singapore yard won three other Code certifications.

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