great find DW - i dip my cap to ya.anyone wanna convert the...

great find DW - i dip my cap to ya.

anyone wanna convert the currency ?

Announcement
Subject : CONTRACT FOR SUPPLY OF ONE (1) UNIT OF REMOTELY OPERATED VEHICLE (“ROV”)



Contents : INTRODUCTION

The Board of Directors of AMRB is pleased to announce that the Group’s sixty (60) percent-owned subsidiary, Eastar Offshore Pte Ltd (“Eastar Offshore”) had received an additional order from an Australian company, Neptune Marine Services Ltd for one (1) unit of ROV at a contract sum of approximately RM6.8 million [“the Contract”].


DETAILS OF THE CONTRACT

The purchase order dated 10 April 2008 is for the supply of one (1) unit of work-class SWIFT ROV. The ROV is expected to be delivered to the client tentatively by December 2008.

This is the third unit ordered by Neptune Marine Services Ltd, making the total value ordered approximately RM18.9 million.


APPROVAL REQUIRED

The Contract is not conditional upon any approvals being obtained from any authorities.


RATIONALE

The Contract is in line with the Group's core business in providing integrated marine support services to the offshore oil and gas facilities.


FINANCIAL EFFECTS

The Contract is expected to contribute positively to the Group’s future earnings and net tangible assets for the financial year ending 31 December 2008. Notwithstanding this, the Contract is not expected to have any material effects on the share capital and shareholding structure of the Company.


DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the Contract save for En Azmi bin Ahmad, En Shaharuddin bin Warno @ Rahmad and En Abd Rahman bin Mohd Hashim who are deemed major shareholders of Eastar Offshore.

En Azmi bin Ahmad, En Shaharuddin bin Warno @ Rahmad and En Ahmad Hassanudin bin Ahmad Kamaluddin are directors of AMRB and Eastar Offshore.


DIRECTORS' STATEMENT


The Board of Directors of AMRB is of the opinion that the acceptance of the Contract is in the best interest of the Company.

This announcement is dated 11 April 2008.