(Caption: Contract signing in Royal Caribbean’s office in Miami, Florida, USA – Clockwise from top left, Mr. Joseph Miorelli, Director Technical Projects - Newbuild and Mr. Kevin Douglas, Vice President of Technical Projects - Newbuild, both with Royal Caribbean Cruises Ltd.; Mr. William Baumgartner, Senior Vice President of Marine Operations for Royal Caribbean International and Azamara Club Cruises; Mr. P. K. Ong, Managing Director of Sembawang Shipyard and Deputy President of Sembcorp Marine; Minas Miliaras, Associate Vice President of Marine Operations for RCL Cruises Ltd.; and Ms Wong Lee-Lin, Executive Director, Sembawang Shipyard Pte Ltd.)Sembcorp Marine’s wholly-owned subsidiary Sembawang Shipyard has secured an agreement with RCL Cruises Ltd., a member of the Royal Caribbean Cruises Ltd. group, to perform the extensive revitalisation of Royal Caribbean International’s Voyager of the Seas.

This milestone revitalisation contract will further boost Singapore’s status as a major Asian cruise hub and reinforce Sembawang Shipyard’s reputation as one of the world’s leading shipyards in the highly specialised segment of cruise ships repair, refurbishment and conversion.

Mr. P.K. Ong, Deputy President of Sembcorp Marine and Managing Director of Sembawang Shipyard said "We are very pleased to be chosen by Royal Caribbean for the revitalisation of Voyager of the Seas.  We have over the recent few years, focused strongly on the development of our fast-growing niche markets, one of which is the cruise ship repairs/upgrades and conversion market.   As such, we are delighted with this award from Royal Caribbean.   Our dedicated Sembawang cruise ship project team has worked very well with Royal Caribbean’s team on several ships and look forward to another successful collaboration on Voyager of the Seas.   We thank Royal Caribbean for the support and the confidence in our Shipyard.”

Mr. Kevin Douglas, Vice President, Technical Projects and Newbuild, Royal Caribbean Cruises Ltd. said “Sembawang Shipyard is a very technically competent and efficient shipyard, and, as such, is one of our preferred partners. We are very happy to work with them again as part of Royal Caribbean International’s ongoing fleetwide revitalization. The Shipyard will help introduce on Voyager of the Seas many of the innovative and most popular onboard amenities that debuted on the Oasis-class of ships, as well as brand new innovative concepts that will greatly elevate the experience for our guests.”

Sembawang Shipyard has successfully performed the revitalisation of Royal Caribbean International’s Rhapsody of the Seas in 2012 and the Legend of the Seas in 2013.  The agreement to revitalise Voyager of the Seas, the largest cruise ship homeporting in Asia, reinforces Sembawang Shipyard’s position as one of the world’s leading shipyards and Asia’s number 1 shipyard for cruiseship repairs, refurbishment and conversion.   Voyager of the Seas is scheduled to enter the shipyard in 4th Quarter 2014.    She sails out from Sydney for the winter and spring seasons, and in North Asia for summer and autumn.

The above contract is not expected to have any material impact on the consolidated net tangible assets per share and earnings per share of Sembcorp Marine for the year ending December 31, 2014.

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