Nimrod Sea Assets Limited Investment Update (5888F)

TIDMNSA

RNS Number : 5888F

Nimrod Sea Assets Limited

28 July 2016

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH SUCH AN OFFER OR SOLICITATION IS UNLAWFUL.

NIMROD SEA ASSETS LIMITED

(the "Company")

Investment Update

28 July 2016

The Company has been informed that a winding-up application has been filed in Singapore in respect of Swiber Holdings Limited. The application was filed by the Board of Directors of Swiber Holdings Limited on 27 July 2016 and provisional liquidators have been appointed.

The Company owns a 26% share in Bukit Timah Offshore DIS which is the Norwegian partnership which owns the "Swiber Else-Marie", "Swiber Anne-Christine" and "Swiber Mary-Ann". These vessels are chartered to an affiliate of Swiber Holdings Limited and Swiber Holdings Limited is the guarantor of the charterer. The vessels are mortgaged to United Overseas Bank Ltd.

The Company's investment in Bukhit Timah Offshore DIS had a fair value of USD 5,796,425 as at 31 March 2016. The Directors believe that, in light of the winding-up proceedings in respect of Swiber Holdings Limited, it is now unlikely that the Company will recover anything from this investment and it should, accordingly, be fully written down.

For further information please contact:

Nimrod Capital LLP + 44 (0) 20 7382 4565

Richard Bolchover

Marc Gordon

END OF ANNOUNCEMENT

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July 28, 2016 13:30 ET (17:30 GMT)