1. INTRODUCTION

The Board of Directors of CPB is pleased to announce that Carimin Marine Services Sdn. Bhd., a wholly-owned subsidiary of the Company, had on 27 January 2023 accepted a work order award from Hibiscus Oil & Gas Malaysia Limited (“Hibiscus”) for the provision of Accommodation Work Boat for or more than 150 pax for HML’s Integrated Asset Program 2023 (“Work Order”).

2. INFORMATION OF HIBISCUS

Hibiscus [Registration No.: 199402000030 (993565-H)] is a private limited company incorporated in Malaysia on 11 August 1994 and having its business address at Level 33, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur, Wilayah Persekutuan. Hibiscus is principally engaged in oil and gas exploration, development and production.

3. DETAILS OF THE WORK ORDER

The Work Order will be for a duration of ten (10) months i.e., two hundred and seventy five (275) days.

4. FINANCIAL EFFECTS

The Work Order will not have any material effects on the net assets and gearing of CPB and its subsidiaries (“CPB Group”) for the financial year ending 30 June 2023. However, the Work Order is expected to contribute positively to the earnings of CPB Group over the duration of the Work Order.

5. RISK FACTORS

The potential risks involved in the Work Order are the same with any other projects undertaken by CPB Group which are considered normal operational risks.

6. APPROVAL REQUIRED

The Work Order is not subject to the approval from the Company’s shareholders and/or any regulatory authorities.

7. INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED WITH THEM

None of the Directors and/or major shareholders of CPB and/or persons connected with them have any interest, whether direct or indirect, in the Work Order.

8. STATEMENT OF THE DIRECTORS

The Board of Directors of the Company is of the opinion that the Work Order is in the ordinary course of business and is in the best interest of CPB Group.

This announcement is dated 22 February 2023.