Charisma Energy to Supply 5 OSVs to Middle East

Singapore-based Charisma Energy Services Limited (the Company or together with its subsidiaries, the Group) announced Thursday that the Company has secured a 7-year contract with an approximate value of $72 million to provide a fleet of 5 offshore support vessels to support the marine and oil & gas activities of a Middle Eastern national oil company in the Arabian Sea (the Project).

The Project will be funded through internal resources as well as bank borrowings and is expected to commence in 3Q2014. The Project is expected to have a positive impact on the Group’s earnings per share and net tangible asset per share for the financial year ending Dec. 31.

None of the Directors or substantial shareholders of the Company has any interest, directly or indirectly, in the Project, save for their shareholdings in the Company.