Speech by Mr Ho Cheok Yuen President & CEO of Keppel AmFELS

at the Company’s Renaming Ceremony on 15 November 2004 A very good afternoon, - Honourable Congressman Solomon Ortiz; - Honourable Senator Eddie Lucio; - Mr Lim Chee Onn; - Mr Tong Chong Heong; - Valued Customers; - Distinguished guests, fellow colleagues, ladies and gentlemen. A very warm welcome to all our guests. I thank all our customers, business associates and friends for taking your precious time off to join us on this special occasion. It is our privilege to have with us the Honourable Congressman Ortiz and Senator Lucio. We are also very honoured by some of our customers who have specially flown down to Brownsville just to be with us this afternoon. Today we are gathered here for the renaming ceremony of AMFELS. One of our aims is to bring employees together in a common vision and shared values of delivering world-class services and solutions, on time and on budget. Our vision is to be a provider of choice and a partner in solutions to our customers in the Gulf of Mexico. This vision is bolstered by the strength of the Keppel Offshore & Marine group as we draw on the expertise and resources of our network of 16 sister yards worldwide to deliver on our promises to our customers. Keppel AmFELS has come of age at 14 (years old) with the support and resources from our sister shipyards, particularly Keppel FELS in Singapore. Our fast-track growth and development is evident in our ability to build jackups and platforms. Going forward, we will be working very closely with our sister companies in the Keppel Offshore & Marine group for better synergy and transfer of knowledge and expertise. We will also forge a distinctive Keppel Offshore & Marine culture that will reinforce our common vision. AMFELS is a people-oriented organisation, committed to the development of the community in Brownsville, Texas. In line with this commitment and in commemoration of the renaming of Keppel AmFELS, I am pleased to announce that today we are donating US$10,000 to the University of Texas Brownsville to establish a scholarship to be awarded to an outstanding and deserving undergraduate. Our Group Chairman, Mr Lim Chee Onn, will later present the scholarship to the University. The scholarship expresses our conviction that education contributes to the progress of a people. We want to support the efforts to raise the level of education amongst our youths. Our strong emphasis on social responsibility can be seen through the shipyard’s consistent support of educational and welfare services. In 2003, the employees of Keppel AmFELS and its subcontractors raised US$121,000 for United Way of Southern Cameron County, a reputable charity for the equipping of youth, adults and families. This year, they donated more than US$220,000, making us one of the largest supporters of United Way.

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I am happy to note that whether it is in the community or business, our people, who are our most valuable assets, remain fully committed, hard working and tenacious. I wish to thank all our employees for their dedication that has built Keppel AmFELS to where we are today. Your continual dedication will help ensure many more successful years for the Company. Our appreciation also goes to all our customers for your support and for the opportunity to participate in the growth of your company. The local government and regulators have been very supportive and encouraging. On behalf of Keppel AmFELS, I would like to especially express our gratitude to Congressman Ortiz and Senator Lucio for their continual guidance all these years. Thank you.

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