Press Release

SGX Catalist-listed ES Groups FY2011 net profit rises 256.9% to S$4.5M; proposes dividend of 0.2 cents per share
Net profit growth outpaced revenue growth of 14.6% Revenue and margins improved on higher contributions from operations in Thailand Progress completions of two bunker vessels lifted property, plant and equipment by 131.7% to S$32.4M Directors proposed dividends of 0.2 cents per share for FY2011; second dividend payment since its listing in FY2010
In S$ millions Revenue New Building & Conversion Repair Gross Profit GP Margin Profit after tax Profit att. to Owners EPS (cents) NAV (cents)
* percentage point change

FY2011
47.1 27.0 20.1 12.6 26.8% 4.5 4.0 2.81 21.19

FY2010
41.1 19.0 22.1 10.3 25.1% 1.3 1.6 1.21 20.47

Changes (S$)
6.0 8.0 (2.0) 2.3 3.2 2.4 1.60 0.72

Changes (%)
14.6 42.1 (9.0) 22.6 1.7* 256.9 151.6 132.2 3.5

SINGAPORE, 24 February, 2012: SGX-Catalist-listed ES Group (Holdings) Limited (the Company, and together with its subsidiaries, ES Group or the Group) announced today that its net profit for the financial year ended 31 December 2011 (FY2011) rose 256.9% to S$4.5 million from S$1.3 million for the financial year ended 31 December 2010 (FY2010) on higher contributions from operations in Thailand. The net profit was achieved on the back of S$47.1 million revenue for FY2011, 14.6% higher than S$41.1 million achieved in FY2010, as the Group completed its first engineering, procurement and construction (EPC) services project for an offshore barge delivered to Subsea 7 S.A. in April 2011 and revenue recognised from the progress completion of two jack-up blocks. Gross profit for ES Group increased 22.6% to S$12.6 million in FY2011 from S$10.3 million in FY2010 while gross profit margin increased to 26.8% from 25.1%, respectively, due to completion of higher margin projects and project management effectiveness for work done on projects during the year. The Groups bottom-line also benefited from a one-time gain of S$0.3 million from the disposal of a freehold property in August 2011 and the absence of one-off IPO expenses of S$0.8 million incurred in FY2010. This was partly offset by administrative expenses of S$0.9 million. Earnings per share, on a fully diluted basis, rose to 2.81 cents in FY2011 from 1.21 cents while net asset value per share increased to 21.19 cents as at 31 December 2011 from 20.47 cents a year earlier. While the Group generated positive cash from operations of S$1.7 million, cash and cash equivalents declined to S$0.3 million from S$7.8 million a year earlier mainly due to investments partly funded by term loans in two bunker vessels which are due for completion in mid-2012. The aforesaid Group-owned bunker vessels also contributed to the increase in property, plant and equipment to S$32.4 million at the end of FY2011 from S$14.0 million a year earlier. The Directors have proposed a final dividend of 0.2 cents per share representing 7.1% of net profit attributable to the owners of the Company for FY2011. This will be the second dividend payment by the Group since its listing in 2010. Last year, the Group paid dividends of 0.336 cents per share.

Mr Christopher Low, ES Groups Chief Executive Officer, said, Building upon the momentum in FY2011, we continue to expand our business development efforts, supported by our engineering and procurement centre in Dalian, China, and our shipyard in Thailand. As part of the Groups expansion of its revenue base, it has ventured into the business of owning and chartering bunker vessels. The Group expects to start recording revenue from the charter of two bunker vessels owned by the Group in the second half of FY2012, he added. The Group remains on the lookout for opportunities to expand its core business while exploring mergers and acquisitions to enhance shareholder value. Barring unforeseen circumstances, the Board of Directors expects the Group to remain profitable in FY2012. #End of Release#

About ES Group

ES Group is a Singapore-headquartered marine and offshore group involved in new building, conversion and repair of ocean-going vessels. The Group designs, builds, converts and repairs a wide range of vessels, such as tugs, barges, rigs, offshore support vessels, oil tankers and cargo ships. The Group performs repairs on marine and offshore structure and vessels of all types and sizes, whether afloat or dry-docked. ES Group, whose customers include wellknown shipyard operators Sembawang Shipyard Pte Ltd, Keppel FELS Ltd and Singapore Technologies Marine Ltd, has workshop and repair facilities in Singapore and owns and runs a 70,000 sq m shipyard in Thailand via its 50 per cent-owned subsidiary. ES Group was listed on SGX-Catalist on 9 July 2010.
Issued on behalf of the Company by WeR1 Consultants Pte Ltd

Investor Relations Contact: WeR1 Consultants Pte Ltd Tel: +65-6737 4844 Fax: +65-6737 4944 Josephine Auxilio, josephine@wer1.net Lai Kwok Kin, laikkin@wer1.net
This announcement has been prepared by the Company and its contents have been reviewed by the Companys Sponsor, Collins Stewart Pte. Limited for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (SGX-ST). Collins Stewart Pte. Limited has not independently verified the contents of this announcement. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement. The contact person for the Sponsor is Mr. Alex Tan, Managing Director, Corporate Finance, Collins Stewart Pte. Limited at 77 Robinson Road #21-02 Singapore 068896, telephone: (65) 6854-6160.