Listed on the Growth Enterprise Market (“GEM”) since November 2005, TSC Offshore Group Limited (“TSC Offshore” or the “Company”, together with its subsidiaries as the “Group”, stock code: 8149), a product and service provider dedicated to the world oil and gas drilling industry, today submitted an application for a proposed transfer (“Proposed Transfer”) of listing from the GEM to the Main Board of the Stock Exchange of Hong Kong Limited (“Stock Exchange”).

“We believe it is the right timing to seek a listing transfer to the Main Board. Since our initial public offer, we have seen continued growth in our operations, product lines as well as results. It is time to pursue a higher corporate profile, and wider recognition among the investment public. And this can be achieved through listing on the Main Board, which has more stringent listing requirements and can provide higher liquidity for the trading of the Company’s shares. The Proposed Transfer will therefore be beneficial to our future growth, as well as financial flexibility and business development,” said Mr Jiang Bing Hua, the Executive Chairman of TSC Offshore.

The Company’s profit attributable to equity shareholders for 2008 soared by 163 per cent to approximately US$10.3 million, and stood at US$3.9 million in 2007 and US$4.3 million in 2006, which had exceeded the profit requirements of HK$20 million in the most recent year, and HK$30 million for two preceding years, for listing on the Main Board.

Mr Jiang remarked: “Our success has largely due to the timely adjustment of our corporate strategy according to market changes. We had pursued aggressive growth through internal growth and acquisitions of suitable businesses in the past years when the market was booming. However, in view of the recent global economic slowdown, we have, since the middle of 2008, switched to “building a solid foundation for further growth in future, with a focus on high technology equipment and capabilities for deepwater equipment”. We have now become one of a few companies in the world that is capable of undertaking a wide range of projects, from small pipe handling upgrading jobs to large comprehensive rig turnkey upgrading projects. It is our intention to have our business nature remained unchanged following the Proposed Transfer.”

About TSC Offshore

TSC Offshore is a product and service provider in the world onshore and offshore oil and gas drilling industry. The Group is principally engaged in the provision of rig products and technology (drilling equipment, mechanical handling equipment, solid control systems, jacking systems, tensioning systems, conduct tensioning unit (“CTU”)), oilfield supply chain solution (such as rig expendables and accessories for both onshore and offshore rig operations) and turnkey solutions for both new build and upgrade rigs.

- End -

Issued by: TSC Offshore Group Limited
Through : CorporateLink Limited