Further to the announcement dated 11 February 2003, the Board of Directors of Samudera Shipping Line Ltd (the "Company" or "SSL") wishes to announce that its subsidiary PT Samudera Shipping Services ("PTSSS"), a company incorporated in Indonesia, had on 26 March 2003 completed the Acquisition of 4 vessels ("Vessels") in accordance with the Sale and Purchase Agreement (the "Agreement") entered into with PT Cumawis and PT Tankindo Perdana (hereinafter referred collectively as the "Vendors") on 11 February 2003.
The Vendors have procured the assignment or novation of the relevant charterparties in relation to the Vessels in favour of PTSSS and procured the crew members of the Vessels and relevant employees (as agreed by the contracting parties) to accept employment with PTSSS, in accordance with the Agreement.