Investor Relations - News

Update On Completion Of Asset Purchase Agreement

We refer to the announcement made by the Directors of MTQ Corporation Limited (the "Company") on 13 September 2005.

The Directors of the Company are pleased to announce that pursuant to the Asset Purchase Agreement dated 28 July 2005 and made among (i) Oceaneering International AG ("Buyer"), (ii) Oceaneering International, Inc., (iii) the Company, and (iv) MTQ Subsea Technology Pte Ltd ("MTQST") and MTQ Subsea Limited (together with MTQST, the "Sellers"), the balance sale consideration of US$218,750 was paid by the Buyer to the Sellers today and the replacement subsea unit for Super Mohawk 1 was delivered to and accepted by the Buyer.


By Order of the Board
MTQ CORPORATION LIMITED

Fong Choon Seng
Company Secretary
9 November 2005