The board of CMIC Ocean En-Tech Holding Co., Ltd. announces that Mr. Huang Jin has resigned as a non-executive Director with effect from 24 March 2023 due to his other business commitments. Mr. Yu Zhiliang has been re-designated from a non-executive Director to an executive Director. He has also been appointed as the CEO; Mr. Zhan Huafeng has been appointed as a non-executive Director and a member of the Remuneration Committee; Mr. Zhang Menggui, Morgan ("Mr. Zhang") has been re-designated from an executive Director to a non-executive Director; and Mr. Jiang Binghua has been re-designated from an executive Director to a non-executive Director and ceased to be a member of the remuneration committee of the Company. As Mr. Jiang will assume non-executive duties following the said re-designation, he has also resigned as the chief executive officer of the Company (the "CEO"). Mr. Jiang has confirmed that he has no disagreement with the Board and there are no matters relating to his re-designation as a non-executive Director and resignation as CEO that need to be brought to the attention of the Stock Exchange and/or the Shareholders. Mr. Yu, aged 54, was a non-executive Director from 9 December 2022 to 24 March 2023 and the chairman of the Board from 9 December 2022. He is the deputy general manager (with general manager ranking) of China Merchants Industry Holdings Co., Ltd, a controlling shareholder the Company. Mr. Yu served as the staff member and deputy principal staff member of Guangdong
Province Electric Engineering Industry Department from July 1991 to May 1997; the deputy principal staff member and principal staff member of the Science and Technology Department of the Economy and Trade Committee of Guangdong Province and the principal staff member and deputy director of the Technological Progress and Equipment Department of the Economy and Trade Committee of Guangdong Province successively from May 1997 to June 2004; a deputy director and director of the Planning and Development Division of the State-owned Assets Supervision and Administration Commission of Guangdong Province from June 2004 to August 2008; a deputy general manager of Guangdong Steel Group Company Limited from August 2008 to December 2010; a director and general manager of Guangdong Guangye Assets Management Co., Ltd. from December 2010 to September 2016; the president of Guangdong Guangye Assets Management Co., Ltd. from September 2016 to March 2017; the president of Guangdong Guangye Group Co., Ltd. from March 2017 to January 2019; and the head of the Environmental Industry Preparatory Division of China Merchants Group from January 2019 to December 2020. Mr. Yu obtained a degree of Master of Business Administration from South China University of Technology in 2001 and a doctorate degree in management specialising in Management Science and Engineering from South China University of Technology in 2004.
Mr. Yu has entered into a service agreement with the Company for a fixed term of three years commencing from 24 March 2023 (which shall continue for further successive periods until
terminated by either party giving at least three months' prior written notice). He is subject to retirement by rotation and re-election at annual general meeting(s) of the Company in accordance
with the articles of association of the Company and the Listing Rules. Mr. Yu will not receive any directors' fee or other emoluments from the Company. Mr. Zhan, aged 38, has been appointed as the Vice President of the Company with effect from 24 March 2023. Mr. Zhan is currently the deputy general manager of Youlian Shipyard Co., Ltd. He served at China Merchants Industry Holdings Co., Ltd. successively from 2018 to 2022 with last position as office directors. Mr. Zhan worked at China Merchants Heavy Industry (Jiangsu) Co., Ltd. and China Merchants Cruise Shipbuilding Co., Ltd. successively from 2013 to 2019 with last position as director of human resources department; and at Youlian Shipyard (Shekou) Co., Ltd. successively from 2008 to 2018 with last position as assistant to the manager of the human resources department. Mr. Zhan has entered into a service agreement with the Company for a fixed term of three years commencing from 24 March 2023 (which shall continue for further successive periods until terminated by either party giving at least three months' prior written notice). He is subject to retirement by rotation and re-election at annual general meeting(s) of the Company in accordance with the articles of association of the Company and the Listing Rules. Mr. Zhan will not receive
any directors' fee or other emoluments from the Company. Mr. Zhang, aged 64, is a co-founder of the Company and has been an executive Director since 18 March 2005 and until his re-designation as a non-executive Director with effect from 24 March 2023. He is the director of overseas affairs of the Company and also a director of a number of subsidiaries of the Company. He obtained his bachelor's degree majoring in drilling engineering
from China University of Petroleum in 1982 and acquired his master's degree in petroleum engineering from University of Alaska-Fairbanks in the U.S.A. in 1989 and he received an
executive master's degree in business administration from China Europe International Business School in 2012. He has over 40 years of experience in the oil and gas industry. Prior to founding
the Company, he worked for a subsidiary of China National Petroleum Corporation in China and for Cook Inlet Region Inc. in Alaska. He is currently a member of several oil industry associations
and professional organizations including the Society of Petroleum Engineers and the American Drilling Engineers.