With reference to the Company's announcement on 13 April 2011 in relation to the MoU entered into between RFSB and SEW Infrastructure Limited for the proposed collaboration to undertake the tendering, bidding and manufacturing of any contract involving the engineering, design, procurement and fabrication of structures and facilities in relation to structures for the oil and gas industry and any other industries in India.

RFSB had on 4 July 2011, signed a MoU with SEW from India to participate in the bid for Development of WO-16 Cluster & SB-14 Well Head Platforms Project (“the Project”).

RFSB and SEW are desirous of participating in the bids and agreed to form a Consortium to submit Tender to OIL & NATURAL GAS CORPORATION LIMITED (“ONGC”) for the Project by exclusively collaborating with each other, and to execute and perform the Project, if the Tender is accepted by ONGC.

RFSB and SEW, as a Consortium wish to establish and set out the terms of their collaboration relating to the Project and vis-à-vis ONGC.

This Consortium and all the provisions hereof shall automatically be terminated on the date of the occurrence of the earliest of any one of the following events:

a) The Consortium not being qualified by ONGC;

b) The Project being cancelled or indefinitely postponed by the ONGC;

c) The Contract being awarded by the ONGC to another bidder;

d) All the responsibilities of the Consortium in the Contract are fulfilled.

The Company wishes to inform that to date there has been no material development since the signing of the MoU in relation to the Project dated 4 July 2011.

This announcement is dated 13 September 2011.