CH Offshore Ltd: Charter Of Vessel

Sep 30, 2008

The Board of Directors of CH Offshore Ltd (the “Company”) is pleased to announce that the Company has today entered into a bareboat charter (the “Charter”) of a new 12,240 brake horse power, 150 ton bollard-pull anchor-handling tug/supply vessel (the “Vessel”) with a third party. The Company will take delivery of the Vessel from the building yard in Japan around 19 November 2008, about 1.5 months earlier than the contractual delivery date.

Under the Charter, the Company will charter the Vessel to the third party for a primary period of 7.5 months, with an option to the Charterer to extend the charter period for another 9 months.

The total gross contract value for the Charter, including the period of extension under the option, is approximately US$12 million.

None of the Directors or controlling shareholders of the Company has any direct or indirect interest in the Charter. The Charter is not expected to have a material effect on the net earnings per share and net tangible assets per share of the Company for the financial year ending 30 June 2009.

By Order of the Board
Valerie Tan May Wei
Company Secretary
30 September 2008

CH OFFSHORE LTD press release