Certain employees of MODEC subsidiary charged for bribery and corruption

Tokyo, Nov. 11, 2022

We have been notified that certain employees of our subsidiary, MODEC Offshore Production Systems (Singapore) Pte. Ltd., have been charged in the Singapore courts for offences relating to bribery and corruption.

As the matter is before the Singapore courts, we are not in a position to make any further comments on the matter to avoid interfering with the judicial process. We will continue to actively cooperate with the Singapore authorities. We will make further announcements promptly if and when we are aware of any material developments and are permitted to make such announcements.

MODEC takes a zero-tolerance approach towards bribery and corruption. The allegations were made in a whistleblower’s report submitted via our internal reporting system and were internally investigated by us with the assistance of external counsel.

Following our internal investigations, a report was made to the Corrupt Practices Investigation Bureau (“CPIB”) of Singapore. We have been fully cooperating with the investigations, have followed the progress of the matter, and have made preparations to manage the outcome and implications.