The Board of Directors of MISC wishes to announce that the Company, through its vessel-owning entities, namely Polaris LNG Three Pte. Ltd. ("Polaris 3") and Polaris LNG Four Pte. Ltd. (“Polaris 4”), has signed two (2) Time Charter Parties (“TCPs”) with Exxon Mobil Corporation’s wholly owned subsidiary, SeaRiver Maritime LLC. (“SeaRiver”), for the time charter of two (2) newbuild Liquefied Natural Gas Carriers (“the Vessels”) for operations in international waters.

Pursuant to the TCPs, the Vessels will be chartered by SeaRiver for a firm period of 10 years. The charters for the Vessels are expected to commence in 2026.

Polaris 3 and Polaris 4 are both private companies limited by shares incorporated in Singapore with issued and paid-up capital of USD10.00 divided into 10 ordinary shares and are indirect wholly owned subsidiaries of MISC.

SeaRiver, headquartered in Spring, Texas, United States, is a wholly owned subsidiary of ExxonMobil.

The TCPs do not have any effect on the issued and paid up share capital and substantial shareholding in MISC. The TCPs are also not expected to have any material impact to the earnings per share, gearing and net assets per share of the MISC Group for the financial year ending 31 December 2022.

The risk factors affecting the TCPs include commercial, project execution, country and operational risks, which the MISC Group will take appropriate measures to mitigate.  

None of the directors or substantial shareholders of MISC or persons connected to them have any interest, direct or indirect, in the TCPs. 

This announcement is dated 30 September 2022.