The Board of Directors of SBI Offshore Limited announced that Ms. Amy Soh Wai Ling has tendered her resignation on 16 August 2017 and her last day of service will be September 15, 2017. Given the scale of the Group's existing operations and in the interim, the Board has decided to promote Ms. Yvonne Goh, the company's existing Assistant Finance Manager to Finance Manager to handle and/or oversee all matters and functions relating to financial, accounting, compliance, reporting and administration. The effective date and the terms for the formal promotion of Ms. Yvonne Goh as Finance Manager is currently being finalized.

In addition, the Board announced that Mr. Jack Liew Boon Cheong has been appointed as an executive to assist the existing Chairman on matters pertaining to strategy, operations and potential business activities. For avoidance of doubt, the appointment of Mr. Jack Liew Boon Cheong as an executive does not fall under key management. The Board and the reconstituted audit and risk management committee as announced on 4 September 2017 confirm, that they are satisfied that the existing systems and measures implemented for financial reporting and compliance are sufficient to ensure compliance with all laws, rules and regulation.

Furthermore the Board confirms that the announcements made recently and on the spate of resignations, do not have a material impact to the existing business operations of the Group and the on-going review of the Group's strategy and going forward. Details of Ms. Amy Soh's resignation as a Chief Financial Officer and Ms. Yvonne Goh's appointment as a Finance Manager as required under Rule 704(6) of the Listing Manual of the Singapore Exchange Securities Trading Limited Section B.