JAYA HOLDINGS LIMITED

13 Tuas Crescent

Singapore 638707

Tel: +65 6265 1010

Fax: +65 6864 5555

Jaya reports results for 3rd Quarter FY10

" Net profit attributable to equity holders at $4.6 million, down 79%

compared to 3rd Quarter FY2009.

" For the 9 months FY2010, net profit attributable to equity holders up

25% to $72.4 million. SINGAPORE, 13 May 2010 FOR IMMEDIATE RELEASE


For the Third Quarter ended 31 March 2010 ("3QFY10"), Jaya Holdings Limited (the "Company", and together with its subsidiaries, the "Group") reported consolidated revenue of $10.0 million or 86% lower than that of the previous corresponding quarter ("3QFY09").
• The Offshore Shipping Division revenue was lower mainly due to a reduced fleet size of 20 vessels as compared to 24 vessels a year ago as a result of higher vessel sales in previous quarters. Soft market conditions for charters resulted in lower fleet utilisation of 54% for the quarter under review compared to 77% in the previous corresponding quarter, and a lower average daily vessel charter rate of $10,563 compared to $11,378 in the previous corresponding quarter. This was partly due to a vessel undergoing repair works during the quarter which is now back on charter.
• No revenue was recorded for the Shipbuilding Division for the quarter under review as there were no new vessel sales due to the timing of receipt of contractual commitments from customers which slipped into the subsequent quarter.
The Group's Net Profit attributable to equity holders for the 3rd Quarter under review amounted to $4.6 million, a decrease of 79% over the previous corresponding quarter. This Net Profit included $3.3 million of costs relating to the Group's restructuring exercise and $9.2 million from write back of cancellation/deferment costs.

JAYA HOLDINGS LIMITED

13 Tuas Crescent

Singapore 638707

Tel: +65 6265 1010

Fax: +65 6864 5555


For the nine months under review, the Group achieved Net Profit of $72.4 million against $58 million in the previous corresponding period. This Net Profit included $29.3 million of costs relating to the Group's restructuring exercise and $10.2 million from write back of cancellation/deferment costs.
The chartering market has continued to be weak during the period under review and is expected to remain challenging in the near term as the global charter fleet expands with new vessels coming on line. Despite improved market sentiment and an anticipated recovery of the industry, charter rates are unlikely to recover quickly due to the present vessel oversupply situation, and the timing lag for increased oil and gas sector spending budgets to translate into an actual greater demand for offshore supply vessels ("OSV"). However, the Group is encouraged by two term charter contracts it has recently won amounting to US$10 million in total for two of its mid-size Anchor Handling Tug and Supply Vessels ("AHTS"), and the recent uptick that it has seen in charter demand and the performance of its Offshore Shipping Division as a whole.
Over the past nine months, the Group has capitalised on the improved market sentiment and sold 14 vessels at competitive prices. The sale and purchase market is showing renewed strength as the financing markets open up to support prospective buyers of OSVs. The Group continues to see a consistent and encouraging flow of buying interest and has recently contracted 7 vessels for sale amounting to approximately US$110 million for delivery within the next two quarters.
The successful restructuring of the Group's borrowings, the reconfiguration of its new vessel building programme and cash accumulated through vessel sales have placed the Group in a stronger financial position to capitalize on a sustained recovery of the offshore oil and gas sector when it happens.
Jaya's CEO Mr Chan Mun Lye said: "Despite the challenging operating environment, Jaya was able to improve its results for the last nine months as compared to the previous corresponding period. The Company's dual pronged strategy has enabled it to increase vessel sales and disposals opportunistically in the past nine months to build cash and mitigate the shortfall in charter earnings. Going forward, we will continue to build on the positive momentum and seek to aggressively increase charter revenue."

JAYA HOLDINGS LIMITED

13 Tuas Crescent

Singapore 638707

Tel: +65 6265 1010

Fax: +65 6864 5555


ABOUT THE COMPANY www.jayaholdings.com

SGX mainboard listing: March 1992

Jaya is an offshore chartering and shipbuilding company providing essential support services to the oil and gas exploration and production ("E&P") industry. Through its chartering division, Jaya owns a versatile fleet of young and sophisticated vessels that cater to the oil & gas sector. Its chartering fleet, currently consisting of 20 vessels, services a wide base of high- profile clients across the globe. Jaya is vertically integrated with shipbuilding capabilities which allow its chartering operations to enjoy significant cost advantages. Jaya also builds and sells offshore vessels to third party operators and charterers. These vessels are mainly anchor handling tug supply vessels (AHTSes) and platform supply vessels (PSVs), but include work barges as well. Jaya owns three shipyards, located in Singapore, Batam and Nantong Qidong in China with a total capacity of 91.7 acres spanning a total shoreline of 1,250m.

FOR FURTHER ENQUIRIES MS THAI KUM FOON JAYA HOLDINGS LIMITED

+65 62651010 enquiry@jayaholdings.com

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