BH Global Corporation Limited ("BH Global"), is pleased to announce that BOS Offshore & Marine Pte Ltd ("BOS"), a 90% owned subsidiary of the Group, has entered into a Memorandum of Understanding ("MoU")
with strategic project partners Penguin International Limited ("Penguin International"), Danfoss, Durapower Technology
(Singapore) Pte Ltd ("Durapower") and Bureau Vitas Marine (Singapore) Pte Ltd ("BV") for the joint design, development
and construction of Singapore's first plug-in hybrid electric fast launch.
The scope of cooperation includes integrating hybrid electric solutions, testing and certification. The know-how
generated will support Singapore's push towards the adoption of hybrid electric propulsion systems for its maritime
industry.
Under the MoU, the five parties will contribute their respective expertise into the collaborative relationship:BOS will provide technical and commercial expertise in the development of commercially viable Plug-in Parallel Hybrid
Electric Propulsion Systems ("BOS EP System") for small-to-medium sized vessels for operation in and around Singapore.Penguin International, a leading designer, builder, owner and operator of aluminium high-speed vessels, will design,
construct and commission a newbuild hybrid launch boat with the BOS EP System installed, and will operate the vessel on
commercial routes.Danfoss and Durapower will support the testing and integration of their power drive trains and energy storage systems
respectively with the BOS EP System.BV will review and endorse test facilities and procedures necessary towards certification of the BOS EP System. The
hybrid launch will be classed by BV as a hybrid vessel.
In addition, BOS will spearhead further collaborations to develop the BOS Marine Electric Integration Centre, and drive
initiatives towards the digitalisation of vessel operations with data analytics capabilities and smart connectivity
features, and the development of a complete electrification ecosystem in Singapore.
This collaboration provides the Group with a clear roadmap towards realising its goal of becoming a leading player in
the Singapore maritime industry's drive towards achieving global standards on carbon emission reductions. The Group
intends to achieve this by offering environmentally sustainable solutions and expertise, with continual efforts on
research and development and collaborations with local homegrown companies.
Commenting on the signing of the MoU, Mr Vincent Lim, Chief Executive Officer of BH Global said "It is a great honour to
partner with Penguin International and other industry players with solid expertise in their respective fields. This
collaboration is a significant stride for BH Global towards its goal of delivering environmentally friendly and
commercially viable solutions for the local maritime industry, contributing positively to Singapore's push towards
reduction of carbon emissions and environmental sustainability in local maritime operations. Most importantly, we are
working collaboratively with Singaporean homegrown companies towards the realisation of this goal, putting Singapore on
the world map as a global maritime member with the ability to deliver technologically advanced solutions towards the
global goal of reducing carbon emissions."
"Penguin is honoured to team up with like-minded companies like BH Global, Danfoss, Durapower and Bureau Veritas in this
landmark project," said Penguin International's Managing Director Mr James Tham. "We are mindful of the role we play in
Singapore's marine ecosystem. This privatelyfunded collaborative partnership is the best way forward in commercialising
proven technologies in marine hybrid propulsion for the benefit of Singapore."About BH Global Corporation Limited (Bloomberg Code: BHGM.SP)
BH Global Corporation Ltd is an established group providing comprehensive solutions in supply chain management, design
and manufacturing, engineering, and surveillance and cyber security to a multitude of industries across the globe. With
more than half a century of experience and presence in the marine and offshore, oil and gas, industrial, petrochemical
and commercial sectors, the Group has built strong synergies and expertise that strategically position it to develop
turnkey solutions focused on electrification, digitisation and environmental sustainability. Through excellent research
and development and project management capabilities, BH Global has a unique platform which is proficient in producing
integrated solutions to capture growth opportunities, executing swift and impactful value-added services to its clients
worldwide. For more information, please refer to the website,www.bhglobal.com.sgAbout BOS Marine & Offshore (BOS)
BOS is a Project Management Engineering company that specializes in Electrical, Instrumentation & Telecommunication for both offshore and onshore oil and gas industries. BOS also provides a wide range of services such
as Project Management, Procurement Management, Detailed Engineering and Project Sales and Proposal. BOS is also the
exclusive distributor of renowned FPI's GRE (Glass Reinforced Epoxy) pipes in Singapore, Japan and Vietnam. BOS pays
meticulous attention to details in engineering design. Also, BOS assists clients to develop customized solutions from
initial evaluation to project planning and execution to installation and commissioning, including on-going maintenance
which ensures seamless integration in order to minimize expenditure and maximize operational efficiency.About Penguin International Limited
Penguin International is a Singaporean homegrown, publicly listed designer, builder, owner and operator of aluminium
high-speed crafts. Through a group of wholly owned, integrated subsidiaries, Penguin International operates a fleet of
crewboats and passenger ferries, as well as shipyards in Singapore and Batam, Indonesia. Penguin International serves
customers worldwide. Since 1995, Penguin International has delivered more than 200 aluminium workboats, patrol crafts
and passenger ferries to ship owners around the world, including over 150 of its proprietary-designed Flex offshore
crewboats and armoured security boats. For more information, please refer to the website, http://www.penguin.com.sg/About Danfoss
Danfoss engineers the technologies that enable the world of tomorrow to do more with less. We meet the growing need for
infrastructure, food supply, energy efficiency and climate-friendly solutions. Danfoss was founded in 1933 by Mads
Clausen in Nordborg, Denmark, where the headquarters is still located. As a privately held company Danfoss has grown
from a solo enterprise into a world-leader. We employ almost 28,000 people and serve customers in more than 100
countries. For more information, please refer to the website, https://www.danfoss.com/en-sg/About Durapower
Durapower Technology Group specialises in the research and design, manufacturing and system integration of advanced
lithium-ion battery technology for automotive vehicles and stationery energy storage systems. Durapower has company
presence in Singapore, China, the Netherlands and Thailand, and a global network of customers in the electric automotive
and energy storage sectors in the international market. Durapower is a tier-one supplier to vehicle manufacturers and
has its battery systems integrated in thousands of EVs (Electric Vehicles), HEVs (Hybrid Electric Vehicles) and PHEVs
(Plug-in Hybrid Electric Vehicles) and other applications in about 20 countries across China, Europe, Japan, India and
Southeast Asia. For more information, please refer to the website, https://www.durapowerbattery.com/About Bureau Vitas
Created in 1828, Bureau Veritas is a global leader in Testing, Inspection and Certification (TIC), delivering high
quality services to help clients meet the growing challenges of quality, safety, environmental protection and social
responsibility. As a trusted partner, Bureau Veritas offers innovative solutions that go beyond simple compliance with
regulations and standards, reducing risk, improving performance and promoting sustainable development. Bureau Veritas is
recognized and accredited by major national and international organizations. For more information, please refer to the
website, https://group.bureauveritas.com/