Viking Offshore and Marine Limited (Catalist:557) entered into a conditional agreement to acquire 30% stake in Smart Earl Investment Pte Ltd from Chan Kwan Bian for $30 in cash on November 4, 2013. Under the terms of agreement, Viking Asset Management will purchase 30 ordinary shares of Smart Earl for $30 million, payable upon completion. Viking intends to use funds raised from the rights issue of shares and warrants that was completed in April 2013 and internal sources of funds and/or external borrowings to finance the transaction. The transaction is subject to obtaining the approval of Viking Offshore and Marine Limited's shareholders; conducting a due diligence exercise; and approvals or consents of any government or regulatory authorities or third parties. Viking Offshore and Marine Limited shall be entitled to nominate a new Director to the Board of Directors of Smart Earl on completion. As of November 20, 2013, the meeting of Viking Offshore and Marine Limited's shareholders will be held on December 5, 2013.

Viking Offshore and Marine Limited (Catalist:557) completed the acquisition of 30% stake in Smart Earl Investment Pte Ltd from Chan Kwan Bian on January 2, 2014.