Dear Shareholders,

Penguin continued to thrive during an exceptionally challenging year, and its resilience, in part, is testament to the firm foundation that its former Chairman Mr. Heng Kheng Seng has laid for the past 38 years as Founder of the Group.

As I take over as Chairman, I wish to record my appreciation to Mr. Heng for his vision and success in transforming Penguin into a public-listed integrated marine and offshore services group. As with any organisation, I am sure issues may abound, but I believe that we would be able to resolve them with the concerted efforts of the directors, management and staff.

Being a long-time industry player, I�ve always appreciated Penguin�s fundamentals and potential for growth. I first invested in Penguin in 2005 and presently, I am now a major shareholder.

I am grateful for the opportunity to be the Group�s Chairman, and I assure you that I will not take this added responsibility flippantly, but will do my utmost to steer Penguin to higher evels of achievement.

Moving ahead, Penguin will continue to build on its core strengths of being an integrated ship builder, owner and operator. We were able to pull through the recent economic crisis mainly because we chose to focus on our core shipbuilding and chartering activities without depending on any vessel sales. This underscores the Group�s resilience.

Indeed, our strategic focus on being an integrated player will continue to be our engine of growth while we are anchored on maintaining a culture of teamwork that helps to elevate productivity, service quality and reliability. Our focus will enable us to be the best in our field as we seek to expand our geographical influence, our capacity and capabilities.

Together with my fellow directors on the Board, we are mindful that the operating environment would continue to be challenging, requiring us to be vigilant and prudent. We will continue to look to our management and staff for their support and commitment, as we, the Penguin family, reach for greater heights.

With God�s grace and everyone�s support, I look forward to another exciting year ahead!

Jeffrey Hing Yih Peir
Chairman