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A JOINT LETTER FROM OUR CHAIRMAN & OUR MANAGING DIRECTOR15ANNUAL REPORT 2013One ferry has already gone on-hireand the second one is scheduled tocommence her charter by 2Q2014.This leaves us with only one laid-upferry, which we will continue to activelymarket for sale or charter.Among our operating ferries, most ofthem are deployed in eastern Singaporeto support a long-term local project.Even within this operating fleet, weconstantly strive to maximise returns byplacing selected ferries into regional timecharter projects at opportune moments.SUSTAINABLE GROWTHLooking ahead, we will continue to presson with our proven “Flex Your Fleet”strategy by enhancing and expandingour product line-up, increasing ourshipbuilding capacities in Singapore andBatam, and adding to our own Flex fleetfor charters in Southeast Asia.In FY2014, we will be rolling out the newFlex-40 Series, which is an upgradedand enhanced version of our flagshipFlex-38 Series, and features upsizedfuel and passenger capacities, improvedseating, re-engineered propulsion anda Palfinger knuckle-boom deck craneas standard equipment.Lest we become typecast as only acrewboat builder, we will also deliverthree newbuild Flex Ferries this yearto a regional ferry operator. These238-pax monohull ferries are designedby our design partner BMT Nigel Gee,which also designed the Flex-25 in closecollaboration with our own design team.We also plan to add new features toour existing Flexes and introduce moremodel types to our product line-up. Formore information on our latest modeltypes, please visit www.penguin.com.sg.On the capacity front, we are expandingour shipbuilding slots in both yardsthrough cost-effective means and addingFlexes to our own fleet in a deliberateand tactical manner.STAYING AHEADof demand-driven production and fleetexpansion, is our key to staying aheadof the competition and anchoring ourcore clients.Above all, we will continue to manageour business conservatively. We maytake on debt selectively, but we will notfund our build-for-stock programme withborrowings. We may appear aggressivein our building programme, but we willonly build to meet demand. As we growour fleet, we will also keep a close eyeon dayrates and utilisation.We would like to thank you, ourshareholders, for your faith in us. Wewould also like to express our deepappreciation to our employees, towhom we owe our success, and to ourIndependent Directors, whose guidanceand trust we are grateful for.JEFFREY HING YIH PEIRExecutive ChairmanOur relentless drive in research anddevelopment, as well as upgrades andenhancements, amidst a blistering paceJAMES THAM TUCK CHOONGManaging Director

16KEY CORPORATE MILESTONESPENGUIN INTERNATIONAL LIMITEDPenguin builds first aluminium vessel.Penguin Shipyard delivers two50-metre FSIV, each with a topspeed of 32 knots, the largest andfastest ever built in Southeast Asia.1995200219721997Mr. Heng Kheng Seng sets upsole proprietorship to operatetwo wooden ferries betweenSingapore and its offshore islands.Penguin goes public on the StockExchange of Singapore.Pelican Offshore Services isestablished to own and operate afleet of crewboats and Fast SupplyIntervention Vessels (FSIV).Penguin builds first FSIV for Pelican.

KEY CORPORATE MILESTONESANNUAL REPORT 2013PT Kim Seah Shipyard commissionsnew 100-metre workshop in Batam.Penguin Shipyard delivers:50th Flex crewboat, aFlex-38SL with an expandeddeck. First “Pocket Rocket”Flex-25 crewboat.20112013Penguin Shipyard delivers 30thFlex-36 crewboat.2006Penguin Shipyard delivers the firstFlex-36 crewboat. 2012Penguin Shipyard delivers:First “Green” Crewboat,Flex-38, designed for fuelefficiency. First “Raw Speed” Crewboat,Flex-38S, designed for speedefficiency. First armour-plated crewboatdesigned for anti-piracymissions. 17

BOA RD O F DIRECT O RS18PENGUIN INTERNATIONAL LIMITEDMR. JEFFREYHING YIH PEIRMR. JAMESTHAM TUCK CHOONGMS. JOANNATUNG MAY FONGExecutive ChairmanManaging DirectorFinance andAdministration DirectorMr. Hing was appointed Chairmanof Penguin on 24 February2010 and re-designated asExecutive Chairman on 28April 2011. As Chairman,he is responsible for thedevelopment and strategicdirection of Penguin, managingthe quality, quantity andtimeliness of the informationflow between Managementand the Board, as well asensuring compliance withPenguin’s guidelines oncorporate governance.Mr. Tham was appointedManaging Director on 1 October2008 and was last re-elected inApril 2012. He was previouslythe Chief Operating Officerand an Executive Director fromAugust 2008, responsible forstrategic business development,focusing on key overseasmarkets, mergers andacquisitions, as well as investorrelations. Mr. Tham joinedPenguin in November 2006as its Business DevelopmentDirector.Ms.Tung was appointedFinance and AdministrationDirector in May 2008 andlast re-elected in April 2011,where she is responsible forthe Group’s accounting andfinance, corporate reporting,management informationsystem and human resourcefunctions.Mr. Hing is a substantialshareholder in Penguin. Prior tohis appointment as Chairman,he served as Non-ExecutiveDirector from February 2009.He was last re-elected in April2012. Mr. Hing has more than30 years’ experience in themarine and offshore industry,in a variety of roles rangingfrom finance to businessdevelopment. He is thefounder and managingdirector of Trinity OffshorePte. Ltd., a Singapore-basedowner-operator of offshoresupport/utility vessels. As anexperienced entrepreneur inthe marine and offshore industry,Mr. Hing brings to Penguin hisbusiness acumen and his globalnetwork of industry contacts.An accountant by training, Mr.Hing has served in variousroles as auditor, accountant,senior executive and directorof diversified corporations.Prior to joining Penguin, Mr.Tham served in a variety ofroles in the offshore oil and gasindustry. He previously workedas a Petroleum Correspondentwith Upstream, the internationaloil and gas newspaper; aBusiness Development Managerwith New York-based SeacorHoldings Inc; and later servedas a Corporate Advisor to thegroup, as well as to severalindependent petroleumexploration companies inthe region. Mr. Tham holds aBachelor of Science Degreein Journalism and a Bachelorof Business AdministrationDegree.Ms. Tung joined the Groupin 2000 as an Accountant,and was promoted to GroupFinancial Controller in 2006,and subsequently Financeand Administration Directorin 2008. Her duties andresponsibilities have, over theyears, been expanded to includemanagement of the Penguin’saccounting and finance activities,as well as corporate reportingand related Group administration.Prior to joining the Group, sheserved as an accountant in a broadrange of industries, includingelectronics and transportation.She was also a regional internalauditor at a major JapaneseMNC. Ms. Tung is a memberof the Institute of SingaporeChartered Accountants andholds an ACCA professionalqualification.

19BOA RD O F DIRECT O RSANNUAL REPORT 2013MR. ONGKIAN MINMR. WONGNGIAM JIHMR. CHANMOON KONGMR. TAYKIM HOCKLead Independent DirectorIndependent DirectorIndependent DirectorIndependent DirectorMr. Ong was appointed tothe Board in September 1997and last re-elected in April2013. He is Chairman of theAudit Committee, a positionhe has held since October1997, and a member of theRemuneration and NominatingCommittees. In line with theCode of Corporate Governance2012, he was appointed theLead Independent Directoron 3 May 2013.Mr. Wong was appointed tothe Board in May 2006 andlast re-elected in April 2013.He is the Chairman of theNominating Committee, aposition he was appointedto on 15 August 2008, anda member of the Audit andRemuneration Committees.Mr. Chan was appointed tothe Board on 28 April 2011and last re-elected in April2012. He is the Chairman ofthe Remuneration Committeeand a member of the Auditand Nominating Committees.Mr. Tay was appointed tothe Board in August 2012and was last re-elected inApril 2013. He is a memberof the Audit, Remunerationand Nominating Committees.Mr. Tay retired as Head Marine& Offshore Engineering ofIMC Industrial Group on 31May 2012. He has held severalsenior management positionsincluding Senior GeneralManager of Keppel Offshore& Marine, President & ChiefExecutive Officer of KeppelFELS Brasil S/A, President ofFSTP Brasil Ltda, Presidentof Administrative Council ofBrasFELS SA, Chief OperatingOfficer of Intraco Ltd, andManaging Director of SelcoShipyard Ltd.Mr. Ong was awarded thePresident’s Scholarship andPolice Force Scholarship in 1979.Mr. Ong served as a Memberof Parliament of Singaporefrom January 1997 to April2011. He holds a Bachelorof Laws (Honours) externaldegree from the Universityof London and a Bachelor ofScience (Honours) degree fromthe Imperial College of Scienceand Technology in England.Mr. Ong was called to the Barof England and Wales in 1998and to the Singapore Bar thefollowing year.In addition to practicing as aconsultant with Drew & NapierLLC, a leading Singapore lawfirm, he is a Senior Advisorof Alpha Advisory Pte Ltd(a financial and corporateadvisory firm) and CEO ofKanesaka Sushi Private Limited,which invests in and operatesJapanese fine-dining restaurants.Currently, Mr. Ong also servesas Chairman of Hupsteel Ltdand as non-executive directoron the Board of several otherSingapore-listed companies.Mr. Wong is the Chief FinancialOfficer of Keppel Offshore &Marine Ltd and director ofa number of companies inthe Keppel Group, includingKeppel Singmarine Pte Ltd,Keppel Smit Towage Pte Ltdand Keppel Nantong ShipyardCo. Ltd. He has extensiveexperience of more than 38years in finance and accounting.Mr. Wong holds a Bachelor ofBusiness Administration degreefrom the National Universityof Singapore.Mr. Chan is the Senior VicePresident of Sembcorp IndustriesLtd, a company involved inthe provision of essentialenergy and water solutions toboth industrial and municipalcustomers. Mr. Chan graduatedfrom the University of Londonwith a Bachelor of Engineering(Honours) Degree. He startedhis career with the Sembcorpgroup and has accumulatedmore than 30 years of experiencein the ship repair, marine andlogistics business.Mr. Tay graduated from theUniversity of Singapore withBachelor of Engineering(Mechanical).

20KE Y M A N A GEMENT PERS O NNELPENGUIN INTERNATIONAL LIMITEDMR. CHEWKIA HOEMR. PHILIPTAN KEOK TONGMR. RICKYCHOO GEOK TONGGeneral ManagerGroup OperationsGeneral ManagerGeneral ManagerPenguin International LimitedPenguin Shipyard International Pte LtdPT Kim Seah Shipyard IndonesiaMr. Chew joined the PenguinGroup in June 2013 as GeneralManager of Group Operationst o o v e r s e e t h e G ro u p ’sshipbuilding and shipmanagement operations.Mr. Tan was appointed GeneralManager of Penguin ShipyardInternational Pte Ltd in January2009. He is responsible for theGroup’s shipbuilding, repairand conversion activities inSingapore and Batam.Mr. Choo was appointedGeneral Manager of theGroup’s Batam shipyard, PTKim Seah Shipyard Indonesia,in March 2011.Mr. Chew possesses closeto 20 years of experiencein shipbuilding and shipmanagement, specialising inhigh-speed aluminium craft.Prior to joining the PenguinGroup, he had worked in varioussupervisory and managerialpositions in the constructionand operation of crewboatsand Fast Supply InterventionVessels.Mr. Chew graduated fromNgee Ann Polytechnic in 1992with a Diploma in Shipbuildingand Offshore Engineering,and holds a UK Bachelorof Engineering HonoursDegree in Marine Technology(Small Craft Design) and aGraduate Diploma in MarketingCommunications, as well asprofessional certificates indynamic positioning, weldingtechnology, safety and riskmanagement.Mr. Choo, who was the yard’sDeputy General Manager fromMr. Tan was previously General June 2009, now overseesManager of Penguin Shipyard’s all shipbuilding, repair andBatam subsidiary, PT Kim Seah conversion activities in Batam.Shipyard Indonesia.He possesses more than 30Mr. Tan possesses more than years of hands-on working30 years of hands-on working experience in shipbuildingexperience in the marine and and repair, including close tooffshore industries, including 10 years working at a majormore than a decade in Batam shipyard in Batam.as Assistant General Managerof newbuilding projects at a During the course of his work,major shipyard.Mr. Choo has managed theconstruction of a variety ofDuring the course of his vessels, including anchorcareer, Mr. Tan has overseen handlers, crewboats, crudenewbuilding order books oil tankers, chemical tankersamounting to more than and landing craft. 200 million across a myriadof vessels, including anchorhandlers, crewboats, chemicaltankers, cable-laying bargesand landing craft.

21KE Y M A N A GEMENT PERS O NNELANNUAL REPORT 2013MR. CHINGCHIEW WAIMR. PHILIPCHAN BAN ENGMR. ADRIANCHING BOON WANMR. SOMUDORASAMYDeputy General ManagerDeputy General ManagerGeneral ManagerSenior Commercial ManagerPT Kim Seah Shipyard IndonesiaPT Kim Seah Shipyard IndonesiaPelican Ship ManagementServices Pte LtdPelican Offshore Services Pte LtdPelican Offshore Services Pte LtdMr. Ching was appointedDeputy General Manager ofthe Group’s Batam shipyard,PT Kim Seah Shipyard Indonesia,in April 2013.Mr. Chan was appointedDeputy General Manager ofthe Group’s Batam shipyard,PT Kim Seah Shipyard Indonesia,in November 2013.Mr. Ching joined the PenguinGroup in September 2013as General Manager of theGroup’s ship management andcrewboat-owning subsidiaries.A certified Fire Safety Managerand Port Facility SecurityOfficer, he is responsible forall operational activities inBatam, including security,facilities and sub-contractormanagement.With close to four decadesof shipbuilding experience,Mr. Chan is responsible forall production activities inBatam, including productionplanning, project managementand quality control.A Class 1 Foreign-GoingMaster with over a decadeof seagoing experience, Mr.Ching is responsible for thesafe and efficient operation ofthe Group’s fleet of crewboats,Fast Supply Intervention Vesselsand passenger ferries.Prior to joining the PenguinGroup in January 2008, Mr.Ching had worked in variousmanagerial positions in thefood & beverage and propertydevelopment industries inSingapore.Prior to joining the PenguinGroup, Mr. Chan had workedas a Production Manager at aSingapore-based aluminiumshipyard for close to twodecades.Mr. Ching graduated in 1985from California State University,Fresno, with a Bachelor ofScience Degree in BusinessAdministration.Mr. Chan holds a Diplomain Business Efficiency andProductivity in ProductionManagement from Singapore’sNPB Institute for ProductivityTraining, as well as an AdvancedCraft Certificate in Shipbuildingfrom City and Guilds of LondonInstitute.Prior to joining the PenguinGroup, Mr. Ching had workedin various managerial positionsin the offshore support andoil exploration industries formore than two decades.Mr. Ching graduated fromSingapore Polytechnic in 1994with a Diploma in NauticalStudies. He went on to obtaina Higher Diploma in NauticalScience, a PostgraduateDiploma in Port & ShippingAdministration and a Masterof Science in Marine Policyfrom the United Kingdom.Mr. Somu was appointed SeniorCommercial Manager in January2014. He is responsible for allcommercial and contractingaspects of the Group’s charteringand sale & purchase activities.Mr. Somu, who was CommercialManager from January 2011,joined the Penguin Group as aCommercial Executive in October2009. He possesses more thana decade of experience in theoffshore and marine industries.Mr. Somu holds a Degree inSocial Science, specialising inEconomics and Management,from the University of ScienceMalaysia in Penang.

KE Y M A N A GEMENT PERS O NNEL22PENGUIN INTERNATIONAL LIMITEDMR. LAWCHWAN YAWMR. HOKAI KAYMR. VINCENTKOH SOON GUANMR. MARVINKWAN KAM FYEGroup Financial ControllerHuman Resource ManagerManagement ReportingTeam ManagerManagement InformationSystems ManagerPenguin International LimitedPenguin International LimitedPenguin International LimitedPenguin International LimitedMr. Law was appointed GroupFinancial Controller in November2008. He is responsible for theGroup’s finance, accounting andrisk management functions. Mr.Law joined the Penguin Groupas an Accountant in May 2001and was later promoted toGroup Accountant in August2006, and then Group FinanceManager in July 2008, beforebeing appointed to his currentposition.Mr. Ho joined the PenguinGroup in August 2008 asHuman Resource Manager. Heis responsible for all aspects ofthe Group’s Human Resourceactivities, including policyformulation, employeecommunication, discipline,recruitment and personneldevelopment. Mr. Ho alsooversees safety and securityat the Group’s shipyards.Mr. Koh was appointed Managerof the Group’s ManagementReporting Team in November2011. He is responsible for thetimely and accurate generationand analysis of the Group’soperational and financialactivities in support of SeniorManagement’s decisionmaking and risk managementprocesses.Mr. Kwan was appointed Managerof the Group’s ManagementInformation Systems departmentin August 2013. His primaryresponsibility is to manage theimplementation, maintenanceand review of a variety ofsoftware and hardware ITsolutions in support of theGroup’s shipbuilding, repairand vessel operating activities.Mr. Koh was previously theGroup’s Management InformationS y s t e m s M a n a g e r f ro mDecember 2009 and SystemAnalyst from 2005.Previously, Mr. Kwan was theGroup’s Assistant MIS Managerfrom July 2011 and SeniorMIS Support Executive fromMay 2009.Mr. Koh holds an Honours Degreein Computing from AustonInstitute of Management andTechnology, and a Diploma inComputer Information Systemsfrom Singapore Polytechnic.Mr. Kwan possesses morethan a decade of hands-onexperience in the IT industry.Prior to joining the PenguinGroup, he had worked invarious IT positions across amyriad of sectors, includinggovernment agencies andfinancial institutions.Prior to joining the PenguinGroup, Mr. Ho served as HumanResource and AdministrationManager at an internationalproperty development groupin Singapore for 15 years.Mr. Law is a member ofthe Institute of SingaporeChartered Accountants andthe Malaysian Institute ofAccountants. He graduatedfrom the University of Malayain 1996 with a Bachelor of Mr. Ho possesses a backgroundAccounting Honours degree. in naval operations and holds aGraduate Diploma in BusinessAdministration from the SingaporeInstitute of Management anda Diploma in AdministrativeManagement from the Instituteof Administrative Management.Mr. Kwan graduated fromTemasek Polytechnic witha Diploma in InformationTechnology in 1999. He alsoholds a UK Bachelor of ScienceHonours Degree in Computingfrom the University of Greenwich.

CORP ORAT E INF O RMAT IO NANNUAL REPORT 2013DIRECTORSBANKERSJeffrey Hing Yih PeirJames Tham Tuck ChoongTung May FongOng Kian MinWong Ngiam JihChan Moon KongTay Kim HockMalayan Banking BerhadUnited Overseas Bank LimitedSHARE REGISTRARCOMPANY SECRETARIESBoardroom Corporate & AdvisoryServic

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