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June 13, 2002

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First Wave books order from Crest unit
First Wave/Newpark Shipbuilding announced today that it was recently awarded a major contract by Sasaran Perdana Sdn Bhd, a wholly owned subsidiary of Crest Petroleum Bhd, for the drydocking, repair and refurbishment of the semi-submersible tender assisted platform drilling rig to be renamed the "Teknik Hidayat." The refurbishment will be performed at First Wave's Pelican Island Facility in Galveston, Texas and is expected to continue into the fourth quarter 2002. The rig is expected to arrive in Galveston in mid-June 2002.

Crest Petroleum Bhd announced on April 19 2002 that it had purchased the hull of the semi-submersible rig, Pan Producer from Pan Holdings Inc. with the intention of refurbishing the rig into an accommodation unit with crane and communication equipment for the purpose of supporting offshore oil and gas development projects in South-East Asia. Subsequently, the rig ownership was transferred to Sasaran Perdana Sdn Bhd (Sasaran Perdana), a wholly owned subsidiary of Crest.

According to a Crest Petroleum announcement posted on the web page of the Kuala Lumpur Stock Exchange, Sasaran Perdana entered into a rig repair and refurbishment agreement with Newpark Shipbuilding on May 24. Under the Agreement, Newpark will undertake repair, modification and refurbishment works on the rig at an estimated cost of $5.2 million (RM19.76 million). The Crest announcement says that payment for the execution of the works is being sourced from internally generated funds, and will be made according to an agreed milestone schedule contained in the agreement.

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