The Board of Directors of Wah Seong Corporation Berhad ("WSC") is pleased to announce that its indirect wholly-owned subsidiary, WS Engineering & Fabrication Pte. Ltd. ("WSEF”), a company incorporated in Singapore and having its primary place of business at No. 5 Pandan Road Singapore 609299 has been awarded a contract by Yinson Azalea Production Pte. Ltd., a company incorporated in Singapore and having its registered office at 600 North Bridge Road, #23-01 Parkview Square, Singapore 188778 valued at USD127,089,115.00 (equivalent to RM557,654,328.00 based on the exchange rate of USD1.00 to RM4.3879) for the supply of certain FPSO topside modules (“Contract”).

The scope of work of the Contract involves engineering, procurement and construction of certain FPSO topside modules. The work and services of the Contract are expected to be completed within 24 months.

The work and services to be performed under the Contract are within the business scope of the Engineering Division of the WSC Group and the risks are the normal operational risks associated with the said business.

The Contract is expected to contribute positively to the earnings of WSC Group over the contract period. The Contract is project specific and is not renewable.

None of the Directors, major shareholders, chief executive of WSC and/or persons connected to them have any interest, direct or indirect, in the Contract.

The Board is of the opinion that the Contract secured is in the ordinary course of business and are in the best interest of the Company.

This announcement is dated 7 December 2022.