CARSEM AWARDS CHINA CONSTRUCTION CONTRACT TO SEMBCORP ENGINEERS AND CONSTRUCTORS

Scotts Valley, CA-March 18, 2003- Carsem-Suzhou Ltd., located in the Shanghai-China region, announced today that they awarded a US $7.7 million contract to SembCorp Engineers and Constructors Ltd. (SembE&C) for the construction of a 172K sq. ft. (16K sq. m.) world-class assembly and test facility. The facility will be located on 430K sq. ft. (40K sq. m) of land in the Suzhou Industrial Park. Carsem is a leading provider of turnkey packaging and test services to the semiconductor industry with factories currently located in Ipoh, Malaysia, and sales offices across the USA and the UK.

The construction will begin in April and will be completed by December 2003. Staff recruiting for the China facility will begin during the second quarter of 2003 and the initial training of the new staff will be conducted in Carsem's existing Malaysian factories. Customer qualifications will begin during the first quarter and the factory will be in full production by the second quarter of 2004.

David Comley, Carsem's Group Managing Director, stated, "The China market has tremendous growth potential and a significant number of our customers have expressed a major interest in utilizing the capabilities of this new factory. The details of which package and test technologies will be installed are still being discussed with our key customers."

Based in Singapore, SembE&C is the largest engineering and construction company in Southeast Asia, excluding Japan and Korea. With more that 20 years of experience, the company has successfully completed numerous projects ranging from commercial and high tech manufacturing facilities to process engineering and infrastructure developments in Singapore, China and the Asia-Pacific Region. SembE&C is a certified ISO 9001, ISO 9002, ISO 14001, OHSAS 18001 and People Developer Standard company.

About Carsem
Carsem is a leading provider of turnkey packaging and test services to the semiconductor industry, and offers one of the widest ranges of package & test portfolios in the world. To meet the growing demands of the telecommunications and wireless markets for smaller, faster, thermally-efficient devices, Carsem's portfolio includes several advanced technologies, such as the Micro Leadframe Package (MLP), Small Scale Ball Grid Array (SSBGA), Flip Chip On Leadframe (FCOL), and a SiP (System-in-Package) capability. Carsem also offers a full range of turnkey test services for RF, mixed-signal, linear, digital and power devices. Our factories maintain world-class quality standards having achieved SAC Level 1, ISO-9001, ISO-14001, QS-9000, TS16949 certifications, and are supported with a global network of sales and engineering support offices. Carsem is a member of the Hong Leong Group with factories located in Ipoh, Malaysia, Suzhou, China and sales offices across the USA, plus the UK. Carsem, Inc. sales headquarters is located at 269 Mt. Hermon Road, Suite 104, Scotts Valley, CA 95066, phone (831) 438-6861, fax (831) 438-6863, web site: www.carsem.com.

About SembCorp Engineers and Constructors Ltd (SembE&C)
SembE&C is a wholly-owned subsidiary of Asia's foremost engineering services group, SembCorp Industries.Ê With core capabilities in the areas of process engineering & design, heavy civil engineering & infrastructure works and building construction, SembE&C is the largest engineering and construction company in Southeast Asia, excluding Japan and Korea.Ê With more than 1600 employees worldwide, SembE&C has operations in China, India, Mexico, the Middle East, Southeast Asia and the United Kingdom.Ê It acquired Simon-Carves, a United Kingdom-based engineering consultancy firm, in 2001.Ê For more information, please visit our website at www.sembcorpenc.com