The Board of Directors of WSC wishes to announce that Wasco Energy De Mexico S.A. DE C.V. (“WE De Mexico”), an indirect wholly-owned subsidiary of the Company, had appointed Mr. Federico de Palacio Ruiz Cabañas of Agustín Manuel Chávez No. 1-001, Col. Centro de Ciudad Santa Fe, 01210 México City as the Liquidator of WE De Mexico to voluntary liquidate and dissolve WE De Mexico in accordance with the rules and regulations of the General Corporations Law of Mexico further to the General Extraordinary Shareholders’ Meeting of WE De Mexico held on 22 October 2019. The minutes of the General Extraordinary Shareholders’ Meeting was submitted to the Public Registry of Commerce of Mexico and notarized by a Notary Public through a Public Deed No. 15791 dated 25 November 2019 (“Public Deed”). The Public Deed and all supporting documents pertaining to the Members’ Voluntary Liquidation of WE De Mexico were received by the Company on 9 December 2019.

WE De Mexico was incorporated on 26 February 2016 with its total issued and paid-up share capital of Fifty Thousand Mexican Pesos ($50,000) comprising 50,000 shares of One Mexican Peso ($1.00) each. WE De Mexico was principally involved in the provision of pipe coatings services to the oil and gas industry. The shareholders of WE De Mexico are Wasco Coatings Limited and Wasco Coatings HK Limited, both being the indirect wholly-owned subsidiaries of the Company with equity interests in WE De Mexico of 99.99% and 0.01% respectively.

The Member’s Voluntary Liquidation of WE De Mexico will not have any effect on the share capital and shareholdings of the substantial shareholders of WSC and will not have any financial impact on the gearing, earnings and net assets of WSC Group for the financial year ending 31 December 2019.

None of the Directors, major shareholders of WSC and/or persons connected to them have any interest, direct or indirect, in the Member’s Voluntary Liquidation of WE De Mexico.

This announcement is dated 9 December 2019.