ANNOUNCEMENTS

V.Group acquires prominent Offshore IRM services provider Core-IRM

Singapore – August 29th 2014

V.Group is pleased to announce that it has concluded the acquisition of Core-IRM, a prominent IRM (Inspection, repairs and maintenance) services provider with an excellent track record in Offshore Oil & Gas markets in South East Asia.Announcing the acquisition, Clive Richardson, V.Group CEO & President commented, “We are delighted to welcome Allan Nicolson and the Core-IRM team to V.Group. This acquisition will further expand the range of services that V.Group offers to its clients in the offshore and marine services market. Allan will continue to lead Core-IRM as Managing Director and will be supported by V.Group’s extensive installed base of marine and offshore services in Asia and other locations globally. Core-IRM’s customer base includes blue chip offshore operators and services companies, who have welcomed the greater technical assurance and scale benefits that the combined business will offer”.

The primary service offerings of Core-IRM include Sub-sea services like UWILD (Underwater Inspection in Lieu of DryDock), Hull Cleaning and a range of Specialist Surveys (including Non destructive testing, Rope Access work, Calibration of Pressure Relief Valves, LOLER, NIMS / IMS Inspections, EX surveys). Core-IRM also undertakes Offshore project based engineering and other inspection works.

Core-IRM is head-quartered in Singapore with a subsidiary in Malaysia. It operates across SE Asia through a proven network of regional representatives. Core-IRM is led by an offshore O&G experienced management team supported by accredited divers, rope access technicians and inspectors.

As part of V.Group, Core-IRM will benefit from the extensive in-water service capabilities of UMC (V.Group’s in-water services company) and also gain access to a global network of offices in prominent offshore O&G service locations such as the Middle East, Indian Sub-continent, Brazil, Europe, West Africa and Australia.

Commenting on the new phase for the business, Allan Nicolson, Core-IRM’s Managing Director stated, “My team and I are excited about becoming a part of V.Group and look forward to leveraging on V.Group’s unparalleled marine and offshore technical capabilities globally to extend Core-IRM’s footprint globally as well as extending our service capabilities. Our clients include global O&G operators who value our quality services at competitive pricing and have welcomed the prospects of us being able to service them globally, as part of the V.Group organization”.

Martin Stafford, Group Director – Marine Services, commented, “Our engagement with Core-IRM has indicated tremendous alignment in the drive to deliver assured performance to our clients and Allan and his team share our relentless focus on quality, cost effectiveness, technical expertise and responsiveness to customers requirements. The combined capabilities of our businesses adds great value to all stakeholders and will position V.Group at the forefront of in-water service capabilities globally

Performance Assured