TRI MARINE COMPLETES SALE OF SWORDFISH BUSINESS TO FAR OCEAN

Singapore Processing Facility Now Owned by Far Ocean


FOR RELEASE: April 7, 2003

SINGAPORE— TriMarine International (Pte) Ltd. completed the previously announced sale of its frozen fish loins and steak business to Far Ocean Sea Products Pte Ltd by handing over its Singapore production facility on 31 March.

Tri Marine decided to sell its modern fish processing plant and its frozen swordfish business in order to focus on tuna.

Chen, Hamby and Quek
Chen, Hamby and Quek

"This was not an easy thing to do, because TriMarine has had its own wharf and processing plant in Singapore since 1972. Business-wise, however, it makes a lot of sense to redeploy assets from the mature swordfish business to our growing tuna supply business." stated Joe Hamby, managing director of TriMarine.

He added, "We are blessed with a lot of opportunity in the tuna supply business. Recently, we signed supply contracts with the major tuna brands in the U.S.A. and in Europe. We are working hard at rationalizing and refurbishing our large Tuna Fishing Fleet. We are expanding and diversifying our production capacity for finished product and for cooked and cleaned tuna loins."

"This year we have increased our time chartered reefer carrier fleet. This allows us to better serve our contract and owned purse seiner fleets as well as to insure availability of reefer capacity for delivery of tuna to our plants and customers."

The swordfish business and the Singapore base were operated by TriMarine subsidiary company Tri-Oceanic Pte Ltd. Tri-Oceanic will continue to operate a ship agency business in Singapore. Tri Marine will maintain its offices in Singapore as well as those in American Samoa, Thailand, Spain, Mexico, Ecuador, Colombia, Federated States of Micronesia, Taiwan, Panama, Italy, U.S.A. and Solomon Islands.

Background on Tri Marine

Tri Marine is a tuna supply company with focus on supply of tuna and tuna products to the leading brands of tuna. It has offices in 14 countries and processing activities in plants located strategically around the world. Its tuna purse seiners operate in the Western Pacific and the Eastern Tropical Pacific. Tri Marine was formed in Singapore in 1972. Since then the company has grown to be one of the largest tuna supply companies in the world. Tri Marine is privately owned.