Investor Relations - News

MTQ Subsea Technology Pte Ltd

We refer to our announcement dated 26 November 2002 on the disappearance of a submersible remotely operated vehicle ("ROV") unit belonging to MTQ Subsea Technology Pte Ltd ("MTQ Subsea"), a subsidiary of MTQ Corporation Limited (the "Company"), and our subsequent announcement on 26 March 2003 regarding MTQ Subsea's claim against the insurers of the ROV unit.

Further to our announcement of 26 March 2003, the Board of Directors of the Company wishes to announce that, following unsuccessful attempts at settlement, MTQ Subsea will be proceeding with legal action against the insurers of the ROV unit.

The management of MTQ Subsea believes that its claim against the insurers has reasonable prospects for success. Further announcement will be made by the Company to inform of any significant development with respect to this matter.

By order of the Board

Kuah Kok Kim
Chairman & Chief Executive Officer