LFX News.

SAPURACREST MAKES PRIMARY LISTING OF USD80 MILLION CONVERTIBLE BONDS ON LFX .

Labuan, Malaysia, Thursday, 16 December 2004 – Labuan International Financial Exchange (LFX), lists its 24 th instrument today. SapuraCrest Dana SPV Pte. Ltd., a Labuan incorporated offshore company and wholly-owned subsidiary of SapuraCrest Petroleum Berhad (SapuraCrest), listed its five (5) year 2.5% unsecured guaranteed redeemable convertible bonds (CB) on the offshore exchange.

The primary listing of the CB, has raised the market capitalisation of LFX to USD9.71 billion (RM36.91 billion). LFX has 24 financial instruments listed to-date, comprising 14 conventional debt instruments and exchangeable bonds, five (5) investment funds and five (5) Islamic certificates (Sukuk).

The listing of the CB on LFX signifies the increasing confidence of Malaysian corporations and issuers on the opportunities offered by LFX in meeting their capital needs.

Yusli Mohamed Yusoff, Chairman of the LFX Board and CEO of Bursa Malaysia Berhad, the Holding Company of LFX said that LFX is now entering into its second phase of development where more Malaysian corporations and issuers are seeking primary listing on the exchange.

"This would be a significant step forward in realising LFX’s vision as the premier offshore exchange within the Asia-Pacific region. In addition, the success of LFX, despite its relatively 'young' age would contribute and complement the expansion of the offshore financial activities in Labuan International Offshore Financial Centre (IOFC)".

SapuraCrest is an oil and gas service provider based in Malaysia and its principal businesses are installation of pipelines and facilities, offshore oil and gas drilling, provision of offshore geotechnical and geophysical services, and other marine services including hook-up and commissioning, underwater inspection and maintenance services, and operations and maintenance. SapuraCrest is listed on the Second Board of Bursa Malaysia Securities Berhad.

The CB, which are due in 2009, are convertible into new ordinary shares of SapuraCrest and guaranteed by SapuraCrest.

The listing sponsor for the listing on LFX is CIMB (L) Limited (“CIMB Labuan”). Licensed by LFX, a listing sponsor is primarily responsible to arrange for the listing of instruments on LFX and for any subsequent post listing obligations arising.

The proceeds from the issuance of the CB is intended to be used for investment/capital expenditure, repayment of borrowings and the general working capital requirements of the SapuraCrest group of companies.

CIMB Labuan was the Sole Global Co-ordinator, and acted together with Credit Suisse First Boston as Joint Lead Managers and Joint Bookrunners for the transaction, which was oversubscribed by investors in Asia, UK and Europe.

About Labuan International Financial Exchange (LFX):

LFX is an international offshore financial exchange based in Labuan, the international offshore financial centre of Malaysia. LFX is web-based at www.lfx.com.my and utilise international networking and electronic communication systems to facilitate exchange listing and trading facilities. LFX facilitates the listing of both conventional and Islamic multi-currency financial instruments and allows the issuer the flexibility to structure instruments for listing that best suit their funding needs. LFX is a company limited by shares and is wholly-owned by Bursa Malaysia Berhad.