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CH OFFSHORE LTD

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					CH OFFSHORE LTD
Co Reg. No. 197600666D




Pursuant to Clause 704(14) of the Listing Manual, the Board of Directors of CH Offshore Ltd (the
“Company”) wishes to announce that at the Extraordinary General Meeting held on 10th August 2006
at 11.05 a.m. the following resolutions were put to the meeting and duly passed:

Ordinary Resolutions

1.     Resolution 1 - The Proposed Disposal

       (a)    That approval be and is hereby given for the disposal (the “Proposed Disposal”) by
              the Company of two vessels registered in the ownership of the Company under the
              laws and flag of Singapore, the “Beryl” and the “Zircon” (the “Vessels”), for an
              aggregate cash consideration of US$23.0 million and on the terms and conditions of
              two separate memoranda of agreement dated 25 April 2006 (the “MOAs”) made
              between (1) the Company as vendor and (2) MarineCo Limited as purchaser; and

       (b)    That the Directors any and of them be and are hereby authorised to complete and do
              all such acts and things (including modifying the MOAs and executing all such
              documents as may be required under or pursuant to the MOAs) as they or he may
              consider necessary, desirable or expedient to give effect to this Resolution 1 as they
              or he may deem fit.

2.     Resolution 2 - The Proposed Beryl Bareboat Charter

       (a)    That approval be and is hereby given for the entry into by MarineCo Limited of a
              bareboat charter in relation to the “Beryl”, for a minimum period of three years for
              US$4.38 million, and on the terms and conditions of an agreement dated 8 June 2006
              (the “Beryl Bareboat Charter”) made between (1) MarineCo Limited as owner and
              (2) Gemini Sprint Sdn Bhd (“Gemini”) as bareboat charterer; and

       (b)    That the Directors and any of them be and are hereby authorised to complete and do
              all such acts and things (including modifying the Beryl Bareboat Charter and
              executing all such documents as may be required under or pursuant to the Beryl
              Bareboat Charter) as they or he may consider necessary, desirable or expedient to
              give effect to this Resolution 2 as they or he may deem fit.

3.     Resolution 3 – The Proposed Zircon Bareboat Charter

       (a)    That approval be and is hereby given for the entry into by MarineCo Limited of a
              bareboat charter in relation to the “Zircon”, for a minimum period of three years for
              US$4.38 million, and on the terms and conditions of an agreement dated 8 June 2006
              (the “Zircon Bareboat Charter”) made between (1) MarineCo Limited as owner and
              (2) Gemini as bareboat charterer; and

       (b)    That the Directors and any of them be and are hereby authorised to complete and do
              all such acts and things (including modifying the Zircon Bareboat Charter and
              executing all such documents as may be required under or pursuant to the Zircon
              Bareboat Charter) as they or he may consider necessary, desirable or expedient to
              give effect to this Resolution 3 as they or he may deem fit.

4.     Resolution 4 – The Proposed Beryl Ship Management Agreement

       (a)    That approval be and is hereby given for the entry into by Gemini of a ship
              management agreement in relation to the “Beryl”, for a period of three years for a
              management fee payable by Gemini to Chuan Hup Agencies Pte Ltd (“CHA”) of
           US$7,000 per month, and on the terms and conditions of an agreement dated 8 June
           2006 (the “Beryl Ship Management Agreement”) made between (1) Gemini as
           bareboat charterer and (2) CHA as manager; and

     (b)   That the Directors and any of them be and are hereby authorised to complete and do
           all such acts and things (including modifying the Beryl Ship Management Agreement
           and executing all such documents as may be required under or pursuant to the Beryl
           Ship Management Agreement) as they or he may consider necessary, desirable or
           expedient to give effect to this Resolution 4 as they or he may deem fit.

5.   Resolution 5 – The Proposed Zircon Ship Management Agreement

     (a)   That approval be and is hereby given for the entry into by Gemini of a ship
           management agreement in relation to the “Zircon”, for a period of three years for a
           management fee payable by Gemini to CHA of US$7,000 per month, and on the
           terms and conditions of an agreement dated 8 June 2006 (the “Zircon Ship
           Management Agreement”) made between (1) Gemini as bareboat charterer and (2)
           CHA as manager; and

     (b)   That the Directors and any of them be and are hereby authorised to complete and do
           all such acts and things (including modifying the Zircon Ship Management Agreement
           and executing all such documents as may be required under or pursuant to the Zircon
           Ship Management Agreement) as they or he may consider necessary, desirable or
           expedient to give effect to this Resolution 5 as they or he may deem fit.

6.   Resolution 6 – The Proposed Beryl Time Charter

     (a)   That approval be and is hereby given for the entry into by Gemini of a time charter in
           relation to the “Beryl”, for a period of three years for a daily charter rate of US$5,998,
           and on the terms and conditions of an agreement dated 8 June 2006 (the “Beryl Time
           Charter”) made between (1) Gemini as bareboat charterer and (2) Oilserve Marine
           Sdn Bhd (“Oilserve”) as time charterer; and

     (b)   That the Directors and any of them be and are hereby authorised to complete and do
           all such acts and things (including modifying the Beyl Time Charter and executing all
           such documents as may be required under or pursuant to the Beryl Time Charter) as
           they or he may consider necessary, desirable or expedient to give effect to this
           Resolution 6 as they or he may deem fit.

7.   Resolution 7 – The Proposed Zircon Time Charter

     (a)   That approval be and is hereby given for the entry into by Gemini of a time charter in
           relation to the “Zircon”, for a period of three years for a daily charter rate of
           US$6,200.06, and on the terms and conditions of an agreement dated 8 June 2006
           (the “Zircon Time Charter”) made between (1) Gemini as bareboat charterer and (2)
           Oilserve Marine Sdn Bhd (“Oilserve”) as time charterer; and

     (b)   That the Directors and any of them be and are hereby authorised to complete and do
           all such acts and things (including modifying the Zircon Time Charter and executing all
           such documents as may be required under or pursuant to the Zircon Time Charter) as
           they or he may consider necessary, desirable or expedient to give effect to this
           Resolution 7 as they or he may deem fit.


8.   Resolution 8 – The Proposed Adoption of an IPT Mandate

     (a)   That approval be and is hereby given, for the purposes of Chapter 9 of the Listing
           Manual (“Chapter 9”) of the Singapore Exchange Securities Trading Limited, for the
           Company, its subsidiaries and associated companies that are entities at risk (as that
           term is used in Chapter 9), or any of them, to enter into any of the transactions falling
             within the types of interested person transactions described in paragraph 6.8 of the
             Circular with any party who is of the class of interested persons described in
             paragraph 6.7 of the Circular, provided that such transactions are made on normal
             commercial terms and in accordance with the review procedures for such interested
             person transactions;

       (b)   That approval given in paragraph (a) above (the “IPT Mandate”) shall, unless revoked
             or varied by the Company in general meeting, continue in force until the conclusion of
             the next Annual General Meeting of the Company; and

       (c)   That the Directors and any of them be and are hereby authorised to complete and do
             all such acts and things (including executing all such documents as may be required)
             as they or he may consider expedient or necessary or in the interests of the Company
             to give effect to the transactions contemplated and/or authorised by the IPT Mandate
             and/or this Resolution 8.


Submitted by Valerie Tan May Wei, Company Secretary on 10 August 2006 to the SGX

				
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