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    SBI Offshore's Graess Energy Secures First Solar Power Contract in The Maldives

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    WeR1 Consultants Pte Ltd
    SBI Offshore Limited announced that its 51%-owned subsidiary, Graess Energy Pte Ltd, through a collaboration with GSS and CMEC, received a letter of award to sell solar power in the Maldives. GSS will design, engineer and build a 1.5 megawatt solar PV system on government buildings in the Greater Male region. Graess Energy will cooperate with CMEC in a special purpose company to own, operate and sell the solar power to STELCO under a 20-year power purchase agreement. The total cost of the PV system is expected to be around US$3.5 million and will generate an estimated US$550,000 in annual revenue. This award allows Graess

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    SBI Offshore's Graess Energy Secures First Solar Power Contract in The Maldives

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    WeR1 Consultants Pte Ltd
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    SBI Offshore Limited announced that its 51%-owned subsidiary, Graess Energy Pte Ltd, through a collaboration with GSS and CMEC, received a letter of award to sell solar power in the Maldives. GSS will design, engineer and build a 1.5 megawatt solar PV system on government buildings in the Greater Male region. Graess Energy will cooperate with CMEC in a special purpose company to own, operate and sell the solar power to STELCO under a 20-year power purchase agreement. The total cost of the PV system is expected to be around US$3.5 million and will generate an estimated US$550,000 in annual revenue. This award allows Graess

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    SBI Offshore’s Graess Energy Secures First Solar Power Contract in the Maldives

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    SBI Offshore’s Graess Energy Secures First Solar Power Contract in the Maldives

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    SBI Offshore Limited announced that its 51%-owned subsidiary, Graess Energy Pte Ltd, through a collaboration with GSS and CMEC, received a letter of award to sell solar power in the Maldives. GSS will design, engineer and build a 1.5 megawatt solar PV system on government buildings in the Greater Male region. Graess Energy will cooperate with CMEC in a special purpose company to own, operate and sell the solar power to STELCO under a 20-year power purchase agreement. The total cost of the PV system is expected to be around US$3.5 million and will generate an estimated US$550,000 in annual revenue. This award allows Graess

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    © All Rights Reserved
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    Download as pdf or txt
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    SBI Offshore's Graess Energy Secures First Solar Power Contract in The Maldives

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    WeR1 Consultants Pte Ltd
    SBI Offshore Limited announced that its 51%-owned subsidiary, Graess Energy Pte Ltd, through a collaboration with GSS and CMEC, received a letter of award to sell solar power in the Maldives. GSS will design, engineer and build a 1.5 megawatt solar PV system on government buildings in the Greater Male region. Graess Energy will cooperate with CMEC in a special purpose company to own, operate and sell the solar power to STELCO under a 20-year power purchase agreement. The total cost of the PV system is expected to be around US$3.5 million and will generate an estimated US$550,000 in annual revenue. This award allows Graess

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    SBI Offshore Limited

    (Incorporated in the Republic of Singapore on 1 October 1994)


    (Company Registration Number: 199407121D)

    FIRST SOLAR POWER CONTRACT


    FOR GRAESS ENERGY
    SINGAPORE, 1 OCTOBER 2015 SGX Catalist-listed SBI Offshore Limited (SBI Offshore or the
    Group) announced today that its 51%-owned subsidiary, Graess Energy Pte Ltd ("Graess Energy"),
    through a collaboration between Grss Solartechnik Schweiz SA (GSS) and China Machinery
    Engineering Corporation (CMEC"), has received a letter of award for the sale of solar power in the
    Maldives.
    GSS, a related company of Graess Energy, will design, engineer and build the solar photovoltaic (PV)
    system ("PV System") to be installed on the rooftops of government buildings in the Greater Male region.
    Graess Energy will cooperate with CMEC in the form of a special purpose company (SPC) to own,
    operate and sell solar power to State Electric Company Ltd ("STELCO"), a company wholly-owned by the
    Government of Maldives.
    CMEC is a major international EPC (engineering, procurement and construction) company in China
    specializing in infrastructure, agriculture and power projects. CMEC will own 70% of the SPC and Graess
    Energy will hold the remaining 30% stake.
    A Power Purchase Agreement (PPA) is expected to be signed in the middle of October 2015 between
    STELCO and the SPC for a period of 20 years before the full ownership of the PV System is transferred to
    STELCO. The PV System will have an initial generation capacity of 1.5 megawatts and its total cost is
    expected to be in the region of US$3.5 million. Total revenue from the sale of power is expected to be
    about US$550,000 per year. With this award, Graess Energy will continue its effort to pursue more solar
    PV projects in the Maldives.
    "We are grateful for this award and see this as a significant step in our endeavor to penetrate the Maldives
    market as the Government of Maldives is promoting greater use of renewable energy. said Mr. Chan Lai
    Thong, Executive Chairman of SBI Offshore.
    SBI Offshore, which provides engineering, fabrication and equipment solutions to the offshore and marine
    industry, received approval from its shareholders on 28 September 2015 to diversify into the renewable
    energy business.
    The Group will undertake all renewable energy projects through Graess Energy, whose other shareholder is
    the Grss Group, a leading EPC specialist for solar PV projects in Europe. Grss Group will expand into the
    Asia-Pacific region through the Singapore-based Graess Energy.
    The PV System is expected to be completed in the first quarter of 2016 and the PPA is not expected to
    have a material impact on the Groups earnings per share and net tangible asset per share in the current
    financial year ending 31 December 2015.
    None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in this
    award and PPA, save for their respective shareholdings in the Company.
    ## End of Release ##

    SBI Offshore Limited


    (Incorporated in the Republic of Singapore on 1 October 1994)
    (Company Registration Number: 199407121D)

    Issued on behalf of SBI Offshore Limited by WeR1 Consultants Pte Ltd

    Media & Investor Relations Contact:


    WeR1 Consultants Pte Ltd
    38A Circular Road Singapore 049394
    Tel: (65) 6737.4844 Fax: (65) 6737.4944
    Ian Lau, [email protected]
    Grace Yew, [email protected]
    About SBI Offshore Limited
    Established in 1994, SBI Offshore provides engineering, fabrication and equipment solutions to the
    offshore and marine industry. Since its public listing in November 2009, it is evolving into an integrated
    engineering solutions provider to the O&G industry with strategic alliances.
    The Groups customers include some of the leading owners and builders of mobile offshore drilling and
    production units in the world. The Groups current distribution network encompasses Singapore, China,
    Indonesia, Malaysia, South Korea and Vietnam.
    For more information, please visit: http://www.sbioffshore.com
    About Grass Group
    Grass Group was founded in 1994 as a construction company specializing in cladding works and has
    undertaken various projects worldwide. Cognizant of the potential in renewable energy, Grass Group
    directed its focus towards solar energy from the year 2000 onwards and have since successfully installed
    about 2,000 megawatts of solar power. As one of the leading EPC contractors in the Europe for solar PV
    power plants, Grass Groups current scope of expertise include design, engineering, development,
    installation, operation and maintenance of solar PV power plants worldwide.
    For more information, please visit: http://www.graess.eu
    This press release has been prepared by the Company and its contents have been reviewed by the
    Companys sponsor, PrimePartners Corporate Finance Pte. Ltd. (the Sponsor) for compliance with the
    Singapore Exchange Securities Trading Limited (the SGX-ST) Listing Manual Section B: Rules of Catalist.
    The Sponsor has not verified the contents of this press release.
    This press release has not been examined or approved by the SGX-ST. The Sponsor and the SGX-ST
    assume no responsibility for the contents of this press release, including the accuracy, completeness or
    correctness of any of the information, statements or opinions made or reports contained in this press
    release.
    The contact person for the Sponsor is Mr Lance Tan, Director, Continuing Sponsorship, at 16 Collyer Quay,
    #10-00 Income at Raffles, Singapore 049318, telephone (65) 6229 8088.

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