New Issue: Singapore Petroleum $184.4 million convertibles yield 1.75%, up 47%

New York, March 29 - Singapore Petroleum Co. Ltd. priced $184.4 million of five-year convertible bonds at par to yield 1.75% with a 47% initial conversion premium.

The Singapore integrated oil and gas company will use proceeds for potential strategic acquisitions and investments and for general corporate purposes.

J.P. Morgan (SEA) Ltd. was bookrunner for the offering, which was placed with institutional and sophisticated investors. The offering will not be registered in the United States, and the securities will not be publicly offered in Singapore.

Issuer:	Singapore Petroleum Co. Ltd.
Issue:	Convertible bonds
Amount:	$184.4 million
Maturity:	May 3, 2009
Coupon:	1.75%
Price:	Par
Yield:	1.75%
Initial conversion premium:	47%
Conversion price:	S$3.90, in stock or cash at company's option (Exchange rate: S$1.6898 = $1)
Call:	Non-callable
Put:	May 3, 2008
Bookrunner:	J.P. Morgan (SEA) Ltd.
Pricing date:	March 28

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