Press Release

Subject: Subsea Global Solutions Acquires Underwater Contractors Pte. Ltd. (Singapore) and Gray Diving Services Pty. Ltd. (Australia)

Subsea Global Solutions, world’s leading commercial diving company, has today announced that it has acquired Underwater Contractors Pte. Ltd. (UWC), a prominent commercial diving firm based in Singapore, and Gray Diving Services Pty. Ltd. (GDS), a commercial diving firm based in Sydney, Australia, through separate transactions. With these two tandem acquisitions, Subsea Global Solutions expands its global footprint in the Asia-Pacific region beyond Busan, South Korea, where it had a local office for the last 7 years and increases the number of its home ports worldwide to 13.

Commenting on the acquisitions, Paul Peters, CEO of Subsea Global Solutions said; “This is a significant milestone in the history of Subsea Global Solutions. We are absolutely delighted to expand our global footprint to Singapore, a strategic commercial shipping hub where most of our clients visit regularly, as well as to Sydney, a critical port for our cruise business. With well-known brandslike UWC and GDS joining our organization, we will solidify our leadership in our market segment and will be able to truly support our clients from these key locations with our own personnel, boats, gear, and equipment. We look forward to joining our forces.”

Echoing Paul Peters, Capt. Satnam Singh Kumar, Executive Director-Asia Pacific for Subsea Global Solutions said; “This is an exciting day for Subsea Global Solutions, as local presence at these two locations was a fundamentally critical move to create true value for our local and global clientele. Under the exemplary leadership of its founder Michael Gan, UWC has gradually developed into a true power house in the commercial diving industry not only in Singapore, but also on a global scale. With GDS, our initial goal is to build on its very successful marine construction and inspection business, and further enhance its capabilities through our new in-house environmentally-friendly hull cleaning reclaim system which is designed to meet and exceed the regulations.”

Michael Gan, Founder and Managing Director of UWC added; “After many years of competing with one another, we are excited to finally merge with our long-standing friends and become part of their successfully growing network. We are proud of what we have built at UWC in Singapore, delivering a consistent and reliable service to our clients since our foundation. This is a new chapter for UWC, one that will position us well to add better value to their operations in today’s uncertain market conditions”. Russ Gately and Greg Vitnell, Co-owners of GDS commented; “We have a long history of working with Subsea Global Solutions, sharing personnel, know-how and expertise on countless joint-projects. We have been assessing our options on how to position GDS for long-term success after our planned retirement and joining our forces with Subsea Global Solutions was the natural choice to ensure our business continued to prosper in the years ahead.”

About Subsea Global Solutions

Subsea Global Solutions, a portfolio company of GenNx360 Capital Partners, is the globally-formed corporation with wholly-owned assets and personnel in USA (Miami, Tampa, Long Beach, Houston, Port Angeles), the Caribbean (Curacao, Trinidad), Canada (Vancouver, Halifax, Saint John), South Korea (Busan), and Brazil. With dedicated staff situated globally, Subsea Global Solutions has revolutionized the methods of repair and maintenance for ships and advanced procedures used in underwater marine construction. Our name serves to accentuate the shared values of the SUBSEA GLOBAL SOLUTIONS companies, and our commitment to be “The One Source for Global Underwater Solutions.” All offices are approved by the major classification societies.

About UWC

Underwater Contractors Pte. Ltd. was founded by Michael Gan about 40 years ago in Singapore performing commercial diving and marine-related services primarily to the commercial shipping industry. It has grown to become one of the most trusted brands in the market, thanks to its well-deserved reputation for “reliability and consistency” in servicing its clients. This reputation has enabled the company to develop a very loyal global clientele that has been supporting UWC’s business over the years.

About GDS

Gray Diving Services Pty was originally formed in 1945 by William (Bill) Gray starting in a small backyard garage located in suburban Rockdale NSW. The company expanded and progressed through several evolutions of partnerships until 1999 when employees and minority owners Greg Vitnell and Russell Gately secured 100% of the company. The company has grown and expanded its range of clientele, services, capabilities and equipment inventory in time and has contributed to major infrastructure projects in NSW. Today, it is serving to the demanding marine and sub-marine construction industry from a 10,000 sq. ft. multi-level building at Taren Point on the Southern shores of Botany Bay in Sydney.

www.subseaglobalsolutions.com

Contact:

Harun Duzgoren
Executive Director, Business Development & Strategy
Subsea Global Solutions
+1 305 571 9700
harun.duzgoren@sgsdiving.com

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Carmen Rojas
Director of Investor Relations
GenNx360 Capital Partners
+1 212 257 6772
crojas@gennx360.com

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