for personal use only - asx from the fundamentals of ... the group’s professional staffing service...

www.oilfield-workforce.comOILFIELD WORKFORCE GROUP LIMITED

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CONTENTS

1 About Oilfield 01

2 Chairman’s Statement 02

3 Directors Details 03

4 Financial Statements 04

Statement by directors

Independent auditor's report

Corporate governance statement

Statements of financial position

Consolidated statement of profit or loss and other comprehensive income

equity

Consolidated statement of cash flows

Notes to the financial statements

5 Asx Additional Information 52

6 Notice of AGM 56

7 CDI Voting Form 61

Consolidated statement of changes in

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Oilfield Workforce Group Limited and its subsidiaries

ABOUT OILFIELD Oilfield Workforce is a global recruitment company headquartered in Singapore, listed on the Australia Stock Exchange (ASX: OFW). With years of experiences to offer, we focus on providing manpower resources from individual specialists to project teams to the oil and gas industry. By breaking down the energy market into individual niches and micro-specialism from across a range of specialist and technical disciplines, Oilfield Workforce powers a knowledge-led need based model, delivering solutions to global Energy market. Oilfield Workforce provides a combination of project management support, project engineering support, construction supervision, third party/vendor inspection and recruitment and selection. The scopes of services are provided at various phases of a project ranging from exploration to production and construction to maintenance. Stemming from the fundamentals of loyalty, commitment and deliverance and integrating our 13 years of industry experience, Oilfield Workforce takes on a partnership approach with many established and young industry players and dispatches the best resources from industry to them. It is this belief of building sound working relationships and delivering the best resources from the industry to all our clients that enabled Oilfield Workforce to earn credibility and loyalty among clients. The Group’s professional staffing service provide customers with turnkey solutions and its expertise covers all stages of the project cycle, from exploration to maintenance, across multiple disciplines, from project management, project engineering, design engineering contract, cost, planning, construction commissioning, third party inspection and operations.

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CHAIRMAN’S STATEMENT

Dear Shareholder On behalf of the Board, I have the pleasure of presenting the Annual Report of Oilfield Workforce Group Limited and its subsidiaries (“Oilfield” or the “Group”) for the financial year ended 31 December 2015 (“FY2015”). Year in Review It has been yet another difficult year for the oil & gas industry, and for Oilfield. The uncertainty and volatility in oil prices have severely injured the oil & gas market. Against this backdrop, the Group delivered a revenue of US$7.2 million and net loss of US$0.22 million which representing an increase of 51% in revenue and 78% reduction in net loss over the preceding financial year (“FY2014). Cash generation has improved on last year and the business remains conservatively geared. During the year in review, the Group was able to maintain a tight rein on operation expenses, decreased by 27% as compared with the preceding year. This was a challenging year for the Group both strategically and operationally. The Group was fully committed and continued to pursue the same strategy as in previous years. In view of the depressed market for the oil and gas industry, we have sought to mitigate the risk of exposing to one sector. Leveraging on our resources and expertise, we introduced the plan to further diversify our business model and provide services to our existing and new customers. With over 12 years of industry experience, the Group has been well acquainted with the upswings and downtrends of the global economic cycle and its impact on the oil and gas industry. As we step into 2016, we will continue our strategy of diversification and explore feasible business opportunities.

Future Outlook and Prospect There is clearly ongoing uncertainty in relation to the oil price which the industry has already responded by reducing the capital expenditures profile and many companies, including international oil companies and large US oil independents have deep cuts in staffing. Such effects could last for a prolonged period, causing growth in the oilfield services sector to remain subdued. In view of the challenging industry outlook, the Group intend to remain prudent and will focus on maintaining a robust balance sheet with strong access to liquidity, generating the highest returns and positioning for price recovery. The Group will continue the efforts to improve our operational and capital efficiency at reduced cost. The Group will continue to take actions in the best interests of long term value. Acknowledgement and Thanks On behalf of the Board, I would like to thank the management and all our staff for their commitment and continued dedication towards the Group throughout these challenging time. I also would like to thank all the Board members for their support and contribution. We are also thankful for the continued support and positive alliance from our various stakeholders and, last but not least, the continuing support of our shareholders. Supported by a great team of people, we are confident that once the market turbulence over, we will emerge stronger in the years to come. Clarence Choo Chairman and Chief Executive Officer

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DIRECTORS’ DETAILS Mr Choo Gim Ann (Clarence) Chairman and Chief Executive Officer Founder, Mr Clarence Choo established Oilfield Workforce Group Limited in 2009, bringing with him over 17 years experiences in the manpower solutions industry. In his current capacity as Chairman and Chief Executive Officer, Mr Choo is responsible for overall strategy, growth, worldwide marketing and sales within the Group. Mr Choo started his career in manpower solutions at Technilink International Limited, a manpower solutions provider, in 1999. In his 10 years career at Technilink International, Mr Choo was responsible for filling skilled and specialist positions for top-tier companies within the oil and gas industry. His last position held at Technilink International was as General Manager and was responsible for overseeing business development and overall profitability of the business. Mr Choo left Technilink International for a short tenure as Managing Director at OWI Group (Singapore), further broadening his network on the oil & gas, energy and infrastructure industries. In 2009, Mr Choo entrepreneurial drive and extensive network in the oil and gas space birthed the formation of Oilfield Workforce Group. Ms Lim YunFei Angelina Executive Director and Chief Operating Officer Ms Angelina Lim, was over a decade’s experience in manpower solutions for the oil and gas industry, holds the position of Chief Operating Officer at Oilfield Workforce Group, where her duties include managing the Group’s day to day operations to ensure smooth and efficient running. After acquiring her Diploma in Electronics, Computer and Communication Engineering from Nanyang Polytechnic Singapore, Ms Lim embarked on her career in oil and gas manpower solutions at Technilink International Limited, a manpower provider for the oil and gas, petrochemical, power generation and marine construction industries. Ms Lim left her position as Operations Manager at Technilink International to take up the role of Operations Manager at OWI Group (Singapore) after six years with the company. In 2009, Ms Lim joined CEO Clarence Choo at Oilfield Workforce Group and was appointed as Chief Operating Officer in November 2012. Mr Tan Kiang Yong (Vincent) Independent Director Mr Vincent Tan has over a decade of Business Development experience in the engineering and information technology industry in Asia, having a Bachelor Degree (Honors) in Engineering (Electrical) from National University of Singapore (NUS).

Mr Wong Alan Dak Lun Independent Director Mr Wong is a partner of Mitchell & Partners, a firm of Chartered Accountants in Sydney, Australia. He has over 35 years’ experience in providing commercial as well as professional advice to clients across broad range of industries. He is actively participating in the management of various property and investment groups with interest across Australia and Asia, including development of strategies to maximise investment returns, assisting in the raising of private equity and managing operations to achieve strategic goals. Mr Wong serves as director on the boards of a number of companies in Australia and Asia. His role include executive and non-executive directorships. He holds a Bachelor of Commerce degree from the University of NSW and is an FCA at the Institute of Chartered Accountants of Australia. Criteria for an “independent” director Where this Charter or the charter of a Board Committee requires one of more “independent” directors, the following criteria are to be considered by the Board to determine if the relevant person is independent. An “independent” director is non-executive director who is not a member of management and who is free of any business or other relationship that could materially interfere with, the independent exercise of their judgement. When determining the independent status of a director, the Board will consider whether the director: (a) Is a substantial shareholder of the Company (that is, holds 5%

more of the issued voting shares of the Company) or an officer of, or otherwise associated directly with, a substantial shareholder of the Company;

(b) Is employed, or has previously been employed, in an executive capacity by the Company, and there has not been a period of at least three years between ceasing such employment and serving on the Board;

(c) Has within the last three years been a principal of a material professional adviser or a material consultant to the Company, or an employee materially associated with the service provided;

(d) Is a material supplier or customer of the Company, or an officer of or otherwise associated directly or indirectly with a material supplier or customer; or

(e) Has a material contractual relationship with the Company other than as a director of the Company.

Family ties and cross-directorships may be relevant in considering interests and relationships which may compromise independence and should be disclosed by directors to the Board.

DIRECTORS MEETINGS During the Year 2015 of meetings of Directors (including Board sub-committees were held). Attendance by each Director during the year was as follows.

Held Attend Held Attend Held Attend Held AttendChoo Gim Ann Clarence 4 4 4 4 4 4 4 4

Tan Kiang Yong Vincent 4 4 4 4 4 4 4 4

Lim YunFei Angelina 4 4

Wong Alan Dak Lun 4 4

Board of Director Nomination & Remuneration Committee

Audit Committee Risk Management CommitteeDirectors

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FINANCIAL STATEMENTS Oilfield Workforce Group Limited and its subsidiaries 31 December 2015 (Prepared under International Financial Reporting Standards) Company information Company registration number

201134138G

Registered office in Singapore Contact detail in Singapore Registered office in Australia Contact detail in Australia

9 Temasek Boulevard Tower 2 #08-01B Singapore 038989 +65 6871 8893 Boardroom Pty Ltd Grosvenor Place, Level 12 255 George Street, Sydney, NSW, 2000 Australia +61 2 9290 9600

Directors

Choo Gim Ann (Executive Chairman) Lim Yunfei, Angelina (Executive Director) Tan Kiang Yong (Independent Non-Executive Director) Wong Alan Dak Lun (Independent Non-Executive Director)

Audit Committee

Tan Kiang Yong (Chairman) Choo Gim Ann

Remuneration Committee


Nomination Committee


Company secretary Share registrar

Thum Sook Fun (Appointed on 17.02.2015) Boardroom Pty Ltd Grosvenor Place, Level 12 255 George Street, Sydney, NSW, 2000 Australia

Principal bankers DBS Bank Limited The Hongkong and Shanghai Banking Corporation Limited

Auditor Foo Kon Tan LLP

Chartered Accountants 47 Hill Street #05-01 Singapore Chinese Chamber of Commerce & Industry Building Singapore 179365 Partner-in-charge: Mr Yeo Boon Chye (Year of appointment: Financial year ended 31 December 2012)

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DIRECTORS’ STATEMENT for the financial year ended 31 December 2015 The directors submit this annual report to the members of the Company together with the audited consolidated financial statements of the Group and statement of financial position of the Company for the financial year ended 31 December 2015. Opinion of the directors In the opinion of the directors, (a) the financial statements are drawn up so as to give a true and fair view of the financial position

of the Company and of the Group as at 31 December 2015 and of the financial performance, changes in equity and cash flows of the Group for the financial year ended on that date in accordance with the provisions of the Singapore Companies Act, Chapter 50 and International Financial Reporting Standards; and

(b) at the date of this statement, there are reasonable grounds to believe that the Company will be

able to pay its debts as and when they fall due.

The Board of Directors has, on the date of this statement, authorised these financial statements for issue. Names of directors The directors of the Company in office at the date of this report are: Choo Gim Ann (Executive Chairman) Lim Yunfei, Angelina (Executive Director) Tan Kiang Yong (Independent Non-Executive Director) Wong Alan Dak Lun (Independent Non-Executive Director) Arrangements to enable directors to acquire shares or debentures During and at the end of the financial year, neither the Company nor any of its subsidiaries was a party to any arrangement of which the object was to enable the directors to acquire benefits through the acquisition of shares in or debentures of the Company or of any other corporate body.

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DIRECTORS’ STATEMENT for the financial year ended 31 December 2015 (Cont’d) Directors’ interest in shares or debentures According to the Register of Directors' Shareholdings kept by the Company under Section 164 of the Companies Act, Cap. 50, none of the directors who held office at the end of the financial year had any interest in the shares or debentures of the Company or its related corporations, except as follows: Holdings registered in the Holdings in which director name of director or nominee is deemed to have an interest As at As at As at As at Name of director 1.1.2015 31.12.2015 1.1.2015 31.12.2015 Number of ordinary shares The Company - Oilfield Workforce Group Limited Choo Gim Ann 1,000,000 1,000,000 38,750,000 38,750,000 Lim Yunfei, Angelina 224,000 224,000 - - Tan Kiang Yong 4,000 4,000 - - Mr Choo Gim Ann, by virtue of the provisions of Section 7 of the Companies Act, Cap. 50, is deemed to have an interest in the whole of the issued share capital of the wholly-owned subsidiaries of the Company.

Share options No options were granted during the financial year to take up unissued shares of the Company or any subsidiaries. No shares were issued during the financial year to which this report relates by virtue of the exercise of options to take up unissued shares of the Company or any subsidiaries. There were no unissued shares of the Company or any subsidiaries under option at the end of the financial year. Audit Committee The Audit Committee at the end of the financial year comprises the following members: Tan Kiang Yong (Chairman) * Choo Gim Ann Tan Kiang Yong is an Independent Non-Executive Director. The Audit Committee performs the functions in accordance with the Audit and Risk Committee Charter and Section 201B(5) of the Companies Act, Cap.50. The main responsibilities of the Audit Committee are to: (i) review, assess and approve the audit plan of the Company’s independent auditor and the annual

full and concise reports, the half-year financial report and all other financial information published by the Company or released to the market;

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DIRECTORS’ STATEMENT for the financial year ended 31 December 2015 (Cont’d) Audit Committee (Cont’d) (ii) assist the board in reviewing the effectiveness of the organisation’s internal control environment

covering: - effectiveness and efficiency of operations; - reliability of financial reporting; and - compliance with applicable laws and regulations

(iii) determine the overall scope of the external audit and the assistance given by the Company’s officers to the auditors;

(iv) oversee the effective operation of the risk management framework;

(v) recommend to the board the appointment, removal and remuneration of the external auditor, and review the terms of their engagement, the scope and quality of the audit and assess performance;

(vi) consider the independence, objectivity and competence of the external auditor on an ongoing basis;

(vii) review the nature and approve the level of non-audit services provided by the external auditor

and ensure it does not adversely impact on auditor independence;

(viii) review and monitor related party transactions and assess their propriety;

(ix) report to the board on matters relevant to the committee’s role and responsibilities; and (x) review legal and regulatory matters that may have a material impact on the financial statements,

related compliance policies and programmes and any reports received from regulators. In fulfilling its responsibilities, the Audit Committee: (i) receives regular reports from management and the external auditor;

(ii) liaises and monitors the performance and effectiveness of the external auditor, including the

terms of engagement, audit plan and findings and assessment of independence;

(iii) meets with the external auditor at least once a year, or more frequently if necessary to discuss the results of their respective examinations and their evaluation of the Company's system of internal accounting controls;

(iv) reviews the processes the CEO and CFO have in place to support their certifications to the board;

(v) reviews any significant disagreements between the auditors and management, irrespective of whether they have been resolved;

(vi) meets separately with the external auditor at least once a year without the presence of management; and

(vii) provides the external auditor with a clear line of direct communication at any time to either the Chair of the Audit Committee or the Chair of the Board.

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DIRECTORS’ STATEMENT for the financial year ended 31 December 2015 (Cont’d) Audit Committee (Cont’d) The Audit Committee has authority, within the scope of its responsibilities, to seek any information it requires from any employee or external party. The Audit Committee has full access to management and is given the resources required for it to discharge its functions. It has full authority and the discretion to invite any director or executive officer to attend its meetings. The Audit Committee also recommends the appointment of the external auditor and reviews the level of audit and non-audit fees. The Audit Committee is satisfied with the independence and objectivity of the external auditor and has recommended to The Board of Directors that the auditor, Foo Kon Tan LLP, be nominated for re-appointment as auditor at the forthcoming Annual General Meeting of the Company. Independent auditors The auditor, Foo Kon Tan LLP, Chartered Accountants, has expressed its willingness to accept re-appointment. On behalf of the Directors

............................................................ CHOO GIM ANN ............................................................ TAN KIANG YONG Dated: 29 February 2016

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INDEPENDENT AUDITOR’S REPORT to the members of Oilfield Workforce Group Limited Report on the financial statements We have audited the accompanying financial statements of Oilfield Workforce Group Limited (the “Company”) and its subsidiaries (the “Group”) which comprise the statements of financial position of the Group and the Company as at 31 December 2015, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group for the financial year then ended, and a summary of significant accounting policies and other explanatory information. Management’s responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act (the “Act”) and International Financial Reporting Standards (“IFRS”), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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INDEPENDENT AUDITOR’S REPORT to the members of Oilfield Workforce Group Limited (Cont’d) Opinion In our opinion, the consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with the provisions of the Act and International Financial Reporting Standards so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2015, and of the financial performance, changes in equity and cash flows of the Group for the financial year ended on that date. Report on other legal and regulatory requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditor, have been properly kept in accordance with the provisions of the Act. Foo Kon Tan LLP Public Accountants and Chartered Accountants Yeo Boon Chye Partner in charge of the audit Date of appointment: 1 November 2012 Singapore, 29 February 2016

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CORPORATE GOVERNANCE STATEMENT The Board of Directors of the Oilfield Workforce Group Limited (Company) is committed to maintaining high standards of Corporate Governance. This Corporate Governance Statement (Statement) discloses the extent to which the Company has followed the 3rd Edition of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (ASX Principles and Recommendations). The information in this Statement has been approved by the Board and is current as at 31 December 2015.

Principle 1 Lay solid foundations for management and oversight Recommendation 1.1 Companies should establish the function reserved to the Board and those delegated to senior executives and disclose those functions. The Board’s responsibilities are set out in the Company’s Board Charter, which is available on the Company’s website (http://www.oilfield-workforce.com/investors_relations). Delegation to senior executives is set out in Board policies and in operating policies and procedures. Recommendation 1.2 Companies should undertake appropriate checks before appointing a person, or putting forward to security holders a candidate for election, as a Director; and provide security holders with all material information in its possession relevant to a decision on whether or not to elect or re-elect a director. Prior to appointing a Director or executive, or putting forward to security holders a candidate for election or re-election, the Company undertakes an internal due diligence process to ensure the candidate is of good fame and character. Qualifications and experience are carefully considered in the context of the overall organisation, with appropriate background and reference checks undertaken. The Company ensure that all material information for the election / re-election of Directors is provided to security holders in order for them to make an informed decision. Recommendation 1.3 Companies should have a written agreement with each Director and senior executive setting out the terms of their appointment. The roles and responsibilities of directors and senior executives form part of appointment letters and/or service contracts. Recommendation 1.4 The company secretary should be accountable directly to the Board, through the Chair, on all matters to do with the proper functioning of the Board. The company secretary is accountable to the Board, through the Chair, as required.

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Recommendation 1.5 A company should have a diversity policy, disclose the contents thereof and report on the measurable objectives for achieving gender diversity. The Company is committed to establishing and maintaining employee and Board diversity, which recognises the strategic and personal advantages that arise from a workplace where decisions are based on merit and all employees are treated equally. The Board has adopted a Diversity Policy, which is available on the Company’s website (http://www.oil field-workforce.com/investors_relations). To ensure the Company's commitment to promoting diversity is ongoing, the measureable objectives will be derived from, but not limited to, the following assessment strategies:

(a) Assessing the prevalence of female employees in the organisation against the prevalence of females in senior management and Board positions.

(b) Assessing the prevalence of ethnically and culturally diverse employees in the organisation against the prevalence of ethnically and culturally diverse employees in senior management and Board positions.

(c) Assessing the Company's human resource policies and objectives against the Diversity Policy. (d) Assessing the Company's education and communication policies, promotion and materials

against the Diversity Policy. (e) Assessing the Company's performance objectives against the flexibility needs of a varied range

of employees.

Please see below statistics on the proportion of women employees in the whole organisation, women in senior executive positions and women on the Board: 2015

Male (%) Female (%) Board of Directors 75% 25% Senior management 33% 67% Non-senior management 64% 36%

Total Company wide 62% 38%

Recommendation 1.6 Companies should disclose the process for evaluating the performance of the Board, its committees and individual directors and disclose if a performance evaluation was undertaken in the reporting period. The Company has adopted a performance evaluation process for the Board and its Committees and the Board considers this process appropriate for the size and composition of the Board. The performance evaluation for the Board and its Committed was conducted during the reporting period.

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Recommendation 1.7 Companies should disclose the process for evaluating the performance of senior executives and disclose if a performance evaluation was undertaken in the reporting period. The Company has adopted an annual performance evaluation process. In addition, under its Charter, the Remuneration and Nomination Committee is required to review and report to the Board on the performance of senior executives. A copy of the Charter is available on the Company’s website (http://www.oilfield-workforce.com/investors_relations). The Company has conducted a performance evaluation for senior executives during the reporting period in accordance with the process disclosed. Principle 2 Structure the Board to add value Recommendation 2.1 The Board should have a Nomination Committee which has at least three members, a majority of whom are independent directors; and is chaired by an independent director. The Company has to disclose the charter of the Committee, its members, meetings held during the reporting period as well as individual attendances. The Company has combined the Nomination Committee with the Remuneration Committee. The Board has adopted a formal Remuneration and Nomination Committee Charter which includes the following:

• a description of the procedure for the selection and appointment of new Directors and the re-election of incumbent Directors; and

• the Board’s policy for the Nomination and appointment of Directors. A copy of the Charter is available on the Company’s website (http://www.oilfield-workforce.com/ investors_relations). Information on the Committee’s membership, meetings held during the reporting period as well as individual attendances can be found in the Director’s Report. Recommendation 2.2 A company should have and disclose a board skills matrix setting out the mix of skills and diversity that the Board currently has or is looking to achieve in its membership. The names of the Directors, and their qualifications and experience are stated under the Directors Information section of the Financial Report with the term of office held by each Director. Recommendation 2.3 A company should disclose the names of its independent directors; relevant director’s interests and the length of service of each director. Information on each of the directors, including skills, experience and expertise relevant to each director in office at the date of the Annual Report, the period they have been in office, the names of the Directors considered by the Board to constitute independent Directors are included in the Director’s Report.

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Recommendation 2.4 The majority of the Board should be independent Directors. At the date of this report, the Board consists of two independent Directors (Wong Alan Dak Lun and Kiang Yong Tan) and two non-independent Directors (Clarence Choo and Angelina Lim). The Company does not have a majority of independent Directors on its Board. The Board acknowledges the ASX Corporate Governance Council’s recommendation that a majority of the Board should be independent non-executive Directors. Given the Company’s current size and circumstances, the Board believes that the size and structure of the Board is reasonable and appropriate. Recommendation 2.5 The Chair should be an independent Director and not the CEO. The Chairman of the Board (Clarence Choo) is not an independent Director. However, the Board believes that Clarence Choo is the most appropriate person to act as Chairman given his extensive knowledge of the Company’s overall operations and important business relationships. Clarence Choo is Chairman and Chief Executive Officer (CEO). Given Mr Choo’s expertise and relationships, and the reasons outlined above, the Board believes that Mr Choo is the best qualified person for both the roles of Chairman and CEO. The Board acknowledges the ASX Corporate Governance Council’s recommendation and in conjunction with the Remuneration and Nomination Committee will continue to evaluate the appropriateness of Mr Choo holding both roles. Recommendation 2.6 A company should have a program for inducting new Directors and provide appropriate professional development opportunities for Directors to develop and maintain the skills and knowledge needed to perform their role as Directors effectively. The Remuneration and Nomination Committee has been delegated the responsibility to establish and facilitate an induction program for new Directors with all such information and advice which may be considered necessary or desirable for the Director to commence their appointment to the Board, including information and advice regarding: (i) the Group financial, strategic, operational and risk management position; (ii) the rights, duties and responsibilities of the directors; (iii) the roles and responsibilities of senior executives; and (iv) the role of Board committees. A copy of the Committee’s Charter is available on the Company’s website (http://www.oilfield-workforce.com/investors_relations). No formal professional development processes have been put in place, but Directors may seek independent professional advice at the expense of the Company following conclusion with the Chairman as agreed by the Board.

Principle 3 Act ethically and responsibly Recommendation 3.1 Companies should establish a Code of Conduct and disclose the Code or a summary of it. The Company is committed to high standards of corporate governance and professional behaviour. The Board has adopted a Code of Conduct, which is available on the Company’s website (http://www.oil field-workforce.com/investors_relations).

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Principle 4 Safeguard integrity in corporate reporting

Recommendation 4.1 The Board should establish an Audit Committee which has at least three members, all of whom are non-executive Directors and a majority of whom are independent Directors; and is chaired by an independent Director, who is not the chair of the Board. The Company has to disclose the charter of the Committee, its members and their qualifications and experience, meetings held during the reporting period as well as individual attendances. The Board has established an Audit and Risk Management Committee, but it does not consist of only non-executive Directors and does not have a majority of independent Directors. The Board acknowledges the ASX Corporate Governance Council’s recommendations, but in light of the current size of the Board, the Company does not have a sufficient number of independent and non-executive Directors to achieve the recommended composition. However, the Committee is chaired by an independent Director and has three members. The Board has adopted a formal Audit and Risk Management Committee Charter, which is available on the Company’s website (http://www.oilfield-workforce.com/investors_relations). The name and qualifications of those appointed to the Audit Committee and their attendance at meetings of the Committee and the number of meetings of the Audit Committee are included in the Directors’ Report. Recommendation 4.2 The Board should, before it approves the entity’s financial statements for a financial period, receive from its CEO and CFO a declaration that, in their opinion, the financial records of the entity have been properly maintained and that the financial statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the entity and that the opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. The Board has received assurance from chief executive officer that the declaration provided in accordance with section 295A of the Corporations Act is founded on a sound system of risk management and internal control and that the system is operating effectively in all material respects in relation to financial reporting risks. Recommendation 4.3 The Company’s External Auditor should attend its AGM and should be available to answer questions from security holders relevant to the audit. The External Auditor attends all AGMs to answer questions from security holders. Principle 5 Make timely and balanced disclosure

Recommendation 5.1 Companies should establish written policies designed to ensure compliance with ASX Listing Rule disclosure requirements and disclose those policies or a summary of it. The Board has adopted a Continuous Disclosure and External Communication Policy, which is available on the Company’s website (http://www.oilfield-workforce.com/investors_relations).

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Principle 6 Respect the rights of security holders

Recommendation 6.1 A company should provide information about itself and its governance to investors via its website. Information on the Company, its operations and governance can be found on the Company’s website (http://www.oilfield-workforce.com/investors_relations). Recommendation 6.2 A company should design and implement an investor relations program to facilitate effective two-way communication with investors. The Company does not have a formal investor relations program. The Company is committed to communicating effectively with shareholders through ongoing releases to the market via the ASX, providing shareholders the opportunity to ask questions at the general meetings of the Company and by giving shareholders ready access to balanced and understandable information about the Company and Corporate Proposals, which is available on the Company’s website (http://www.oilfield-workforce.com /investors_relations). Recommendation 6.3 A listed entity should disclose the policies and processes it has in place to facilitate and encourage participation at meetings of security holders. The Company respects the rights of its shareholders and encourage their participation at general meetings, to facilitate the effective exercise of those rights: 1. The Company provides appropriate notice periods and disclosure to promote shareholder attendance

and participation at the general meetings of the Company; and 2. External Auditor requested to attend the Annual General Meeting and be available to answer

shareholders’ questions about the conduct of the audit, and the preparation and content of the Auditor’s Report.

Recommendation 6.4 A company should give security holders the option to receive communications from, and send communications to, the entity and its security registry electronically. To facilitate effective communication with shareholders, the shareholders have the option to receive communication and to communicate with the Company electronically. Principle 7 Recognise and manage risk

Recommendation 7.1 The Board should have a committee to oversee risk which has at least three members, a majority of whom are independent Directors; and is chaired by an independent Director. The Company has to disclose the charter of the Committee, its members, meetings held during the reporting period as well as individual attendances. The Board has established an Audit and Risk Management Committee which has a formal Charter that outlines the Company’s policies on risk oversight and management of material business risks. A copy of the Charter is available on the Company’s website (http://www.oilfield-workforce.com/investors_ relations). Further details of the Audit and Risk Management Committee are contained within the Director’s Report.

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Recommendation 7.2 The Company’s risk management framework should be reviewed at least annually by the Board or a committee, to satisfy itself that it continues to be sound; and disclose, in relation to each reporting period, whether such a review has taken place. The Board has adopted a formal Audit and Risk Committee Charter which includes a requirement for management to design and implement the risk management and internal control system to manage the Company's material business risks and report to it on whether those risks are being managed effectively. Management reported to the Board as to the effectiveness of the Company’s management of its material business risks during the reporting period. Recommendation 7.3 A company should disclose if it has an internal audit function, how the function is structured and what role it performs; or if it does not have an internal audit function, that fact and the processes it employs for evaluating and continually improving the effectiveness of its risk management and internal control processes. The Company has not established an internal audit function due to the size of the Company, however the Board has delegated the responsibility of internal control systems to senior management who manage the Company’s material business risks and report to the Board on the effectiveness of those systems on a regular basis. The Board is confident that the current internal control processes are adequate, taking into account the size of the Company. Recommendation 7.4 A company should disclose whether it has any material exposure to economic, environmental and social sustainability risks and, if it does, how it manages or intends to manage those risks. The Company takes its compliance with economic, environmental and social sustainability with the utmost care and attention. The Company employs local employees as a priority and seeks to ensure the communities reap the economic benefits of the operating environment’s natural assets.

Principle 8 Remunerate fairly and responsibly

Recommendation 8.1 The Board should have a Remuneration Committee which has at least three members, a majority of whom are independent Directors; and is chaired by an independent Director. The Company has to disclose the charter of the Committee, its members, meetings held during the reporting period as well as individual attendances. The Board has established a Remuneration and Nomination Committee. The Board has adopted a formal Remuneration and Nomination Committee Charter which includes the Company’s policy on prohibiting the entering into transactions in associated products which limit the economic risk of participating in unvested entitlements under any equity-based remuneration schemes. A copy of the Charter is available on the Company’s website (http://www.oilfield-workforce.com/investors_relations). The Company’s Remuneration and Nomination Committee does not have a majority of independent Directors. The Board acknowledges the ASX Corporate Governance Council’s recommendations though in light of the current size of the Board, Oilfield does not have a sufficient number of independent Directors to achieve the recommended composition at this time. However, the Committee is chaired by its independent Director and has three members. The Remuneration and Nomination Committee Charter specifies that executive Directors must not be present at or participate in decisions relating to their own remuneration. The names of members of the Nomination and Remuneration Committee and their attendance at meetings of the Committee are included in the Directors’ Report.

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Recommendation 8.2 Companies should clearly distinguish the structure of non-executive Directors remuneration from that of executive Directors and senior management. The Remuneration and Nomination Committee Charter sets out the obligations on the Remuneration and Nomination Committee with respect to considering the remuneration for executive and non-executive Directors of the Company. Non-executive Directors receive a fixed fee only, while Executive Directors may be eligible for performance bonuses. Recommendation 8.3 A company which has an equity-based remuneration scheme should have a policy on whether participants are permitted to enter into transactions (whether through the use of derivatives or otherwise) which limit the economic risk of participating in the scheme; and disclose that policy or a summary of it. Please refer to Recommendation 8.1.

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The annexed notes form an integral part of and should be read in conjunction with these financial statements.

STATEMENTS OF FINANCIAL POSITION as at 31 December 2015 The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014

Note US$ US$ US$ US$ Assets Non-current Investment in subsidiaries 4 110,976 1,979,724 - - Plant and equipment 5 - - 55,456 113,870

110,976 1,979,724 55,456 113,870 Current Trade and other receivables 6 113,808 5,946,276 4,358,124 5,322,457 Cash and cash equivalents 7 24,184 594,196 2,176,184 1,998,281

137,992 6,540,472 6,534,308 7,320,738 Total assets 248,968 8,520,196 6,589,764 7,434,608 Equity Capital and reserves Share capital 8 8,021,818 8,021,818 8,021,818 8,021,818 Exchange translation reserve 9 - - (18,528) (7,825) Accumulated losses (7,861,434) (2,131,928) (2,251,609) (2,047,065) Total equity 160,384 5,889,890 5,751,681 5,966,928 Liabilities Non-current Obligations under finance leases 10 - - - 2,446 Deferred tax liabilities 11 - - - 8,238 - - - 10,684 Current Trade and other payables 12 88,584 2,630,306 808,430 1,086,572 Obligations under finance leases 10 - - 3,121 18,424 Bank overdraft 7 - - 22,532 - Current tax payable - - 4,000 352,000 88,584 2,630,306 838,083 1,456,996 Total equity and liabilities 248,968 8,520,196 6,589,764 7,434,608

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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME for the financial year ended 31 December 2015

The Group Year ended Year ended 31 December 2015 31 December 2014 Note US$ US$

Revenue 3 7,196,905 4,762,364 Cost of sales 13 (5,480,461) (3,156,938) Gross profit 1,716,444 1,605,426 Other income 14 2,962,962 321,677 Selling and distribution expenses 15(a) (645,289) (755,607) Administrative expenses 15(b) (1,465,183) (1,683,871) Other operating expenses 15(c) (3,131,146) (466,898) Finance costs 15(d) (436) (1,328) Loss before taxation 16 (562,648) (980,601) Taxation 17 358,104 5,756 Loss after taxation (204,544) (974,845) Other comprehensive (expense)/income after tax: Items that may be reclassified subsequently to profit or loss Exchange translation difference arising from consolidation

18

(10,703)

60,661 Other comprehensive (expense)/income for the year, net of tax (10,703) 60,661 Total comprehensive expense for the year (215,247) (914,184) Loss per share 19 Cents Cents Attributable to owners of the Company: - Basic (0.30) (1.43) - Diluted (0.30) (1.43)

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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the financial year ended 31 December 2015 Exchange Share Accumulated translation Total capital losses reserve equity US$ US$ US$ US$ Balance at 1 January 2014 8,021,818 (1,072,220) (68,486) 6,881,112 Loss after taxation - (974,845) - (974,845) Other comprehensive income, net of tax - - 60,661 60,661 Total comprehensive (expense)/income for the year

- (974,845) 60,661 (914,184)

Balance at 31 December 2014 8,021,818 (2,047,065) (7,825) 5,966,928 Loss after taxation - (204,544) - (204,544) Other comprehensive expense, net of tax - - (10,703) (10,703) Total comprehensive expense for the year - (204,544) (10,703) (215,247) Balance at 31 December 2015 8,021,818 (2,251,609) (18,528) 5,751,681

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CONSOLIDATED STATEMENT OF CASH FLOWS for the financial year ended 31 December 2015 Year ended Year ended 31 December 2015 31 December 2014 US$ US$ Cash Flows from Operating Activities Loss before taxation (562,648) (980,601) Adjustments for: Depreciation of plant and equipment 61,198 55,873 Plant and equipment written off 4,045 - Interest income (7,390) (19,036) Interest expense 436 1,328 Operating loss before working capital changes (504,359) (942,436) Decrease in trade and other receivables 964,333 36,043 (Decrease)/increase in trade and other payables (288,166) 532,730 Cash generated from/(used in) operating activities 171,808 (373,663) Interest paid (436) (1,328) Income tax refunded/(paid) 1,866 (104,260) Net cash generated from/(used in) operating activities 173,238 (479,251) Cash Flows from Investing Activities Acquisition of plant and equipment (7,508) (37,162) Interest received 7,390 19,036 Net cash used in investing activities (118) (18,126) Cash Flows from Financing Activity Repayment of obligations under finance leases (17,749) (18,369) Net cash used in financing activity (17,749) (18,369) Net increase/(decrease) in cash and cash equivalents 155,371 (515,746) Cash and cash equivalents at beginning of year 1,998,281 2,514,027 Cash and cash equivalents at end of year (Note 7) 2,153,652 1,998,281

The cash and cash equivalents comprise: Year ended Year ended 31 December 2015 31 December 2014 US$ US$ Cash and bank balances 2,176,184 1,998,281 Less: Bank overdraft (22,532) - Cash and cash equivalents at end of year (Note 7) 2,153,652 1,998,281

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NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2015 1 General information The financial statements of the Company and the Group for the financial year ended 31 December 2015 were authorised for issue in accordance with a resolution of the directors on the date of the Directors’ statement. The registered office is located at 9 Temasek Boulevard Tower 2 #08-01B, Singapore 038989. The Company was incorporated and domiciled in Singapore on 25 November 2011 under the name of Oilfield Workforce Group Pte. Ltd. as a private limited company. On 8 November 2012, the Company converted from a private limited company into a public limited company and assumed the present name Oilfield Workforce Group Limited. On 25 January 2013, the Company was admitted to the Official Listing of Australian Securities Exchange (“ASX”) Limited and commenced trading on 29 January 2013. The principal activity of the Company is that of investment holding company. The principal activities of its subsidiaries are stated in Note 4 to the financial statements. 2(a) Basis of preparation The financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) including related Interpretations to International Financial Reporting Interpretations Committee (“IFRIC”), as issued by the International Accounting Standards Board (“IASB”). The financial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below. The financial statements are presented in United States dollar (“US$”) which is the Company’s functional currency. All financial information is presented in US$, unless otherwise stated. Significant accounting estimates and judgements The preparation of the financial statements in conformity with IFRS requires the use of judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the financial year. Although these estimates are based on management’s best knowledge of current events and actions, actual results may differ from those estimates. The critical accounting estimates and assumptions used and areas involving a high degree of judgement are described below: Significant judgements used in applying accounting policies Income taxes (Note 17) The Group has exposure to income taxes in numerous jurisdictions. Significant judgement is required in determining the group-wide provision for income taxes. There are also certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. When the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

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Notes to the financial statements for the financial year ended 31 December 2015 2(a) Basis of preparation (Cont’d) Significant judgements used in applying accounting policies (Cont’d) Determination of functional currency The Group measures foreign currency transactions in the respective functional currencies of the Company and its subsidiaries. In determining the functional currencies of the entities in the Group, judgement is required to determine the currency that mainly influences sales prices for goods and services and of the country whose competitive forces and regulations mainly determines the sales prices of its goods and services. The functional currencies of the entities in the Group are determined based on management’s assessment of the economic environment in which the entities operate and the entities’ process of determining sales prices. Gross and net revenue The Group assesses at the end of the reporting period whether the Group acts as a principal or an agent and considers factors such as if the Group has primary responsibility for providing the goods or services to the customer, bears inventory risks before or after the customer order, during shipping or on return, has latitude in establishing prices, either directly or indirectly and bears the customer’s credit risks for the amount receivable from the customers. When deciding the most appropriate basis for presenting revenue or costs of revenue, both the legal form and substance of the agreement between the Group and its business partners are reviewed to determine each party’s respective role in the transaction. Where the Group’s role in a transaction is that of principal, revenue is recognised on a gross basis. This requires revenue to comprise the gross value of the transaction billed to the customer, after trade discounts, with any related expenditure charged as an operating cost. Where the Group’s role in a transaction is that of an agent, revenue is recognised on a net basis, with revenue representing the margin earned. Going concern The Group reported a loss after taxation of approximately US$205,000 (2014 - US$975,000) and total comprehensive expense of approximately US$215,000 (2014 - US$914,000) for the financial year ended 31 December 2015. This may cast doubt on the Group’s ability to operate as a going concern due to the challenging environment and lack of business visibility in the Oil and Gas industry. However, in the opinion of the directors of the Group, the financial statements prepared on a going concern basis is appropriate on the basis that appropriate measures will be taken to reduce the operating costs as well as to continue to increase its revenue. In addition, the Group had a positive net tangible asset position of approximately US$5,752,000 (2014 - US$5,967,000) and the Group’s current assets exceeded the current liabilities by approximately US$5,696,000 (2014 - US$5,864,000) as at 31 December 2015. The Group also reported a positive operating cash flow of approximately US$173,000 (2014 - negative US$479,000) for the financial year ended 31 December 2015. The existing cash flows are sufficient to allow the Company and the Group to repay its liabilities as and when they fall due. There is no default in payment to fulfil obligations to creditors.

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Notes to the financial statements for the financial year ended 31 December 2015 2(a) Basis of preparation (Cont’d) Critical accounting estimates and assumptions used in applying accounting policies Impairment in investment in subsidiaries (Note 4) Determining whether investment in subsidiaries is impaired requires an estimation of the value-in-use of that investment. The value-in-use calculation requires the Company to estimate the future cash flows expected from the cash-generating units and an appropriate discount rate in order to calculate the present value of the future cash flows. Management has evaluated the recoverability of the investment based on such estimates. If present value of estimated future cash flows decrease by 10% from management’s estimates, the Company’s allowance for impairment will increase by approximately US$11,000 (2014 – US$198,000). The carrying amount of the investment in subsidiaries is disclosed in Note 4 to the financial statements. Depreciation of plant and equipment (Note 5) Plant and equipment are depreciated on a straight-line basis over their estimated useful lives. Management estimates the useful lives of plant and equipment to be within 3 to 5 years. The carrying amount of the Group’s plant and equipment as at 31 December 2015 was US$55,456 (2014 – US$113,870). Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised. If depreciation on plant and equipment increases or decreases by 10% from management, the Group’s loss for the financial year will increase or decrease by approximately US$6,000 (2014 – US$6,000). Allowance for bad and doubtful debts (Note 6) The Group assesses at the end of each reporting period whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. Full impairment is made for specific debts for which the directors of the Group are of the opinion that debts are not recoverable. The carrying amount of the Group’s loans and receivables at the end of the reporting period is disclosed in Note 6 to the financial statements. The accounting policies used by the Group have been applied consistently to all periods presented in these financial statements. 2(b) Interpretations and amendments to published standards effective in 2015 On 1 January 2015, the Group adopted IASs and IFRSs that are mandatory for application from that date. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective IASs and IFRSs. This includes the following which are relevant to the Group: Reference Description Amendments to IAS 19 Defined Benefit Plans: Employee Contributions Various Annual Improvements to IFRSs 2010-2012 cycle Annual Improvements to IFRSs 2011-2013 cycle The directors do not anticipate that the adoption of the above IASs and IFRSs will have a material impact on the financial statements of the Group and the Company in the period of their initial adoption except for the following:

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Notes to the financial statements for the financial year ended 31 December 2015 2(b) Interpretations and amendments to published standards effective in 2015 (Cont’d) Improvements to IFRSs 2010 to 2012 cycle Related Par ty Disc lo sures Improvements to IFRSs 2010-2012 cycle Related Party Disclosures clarify that an entity providing key management personnel services to the reporting entity or to the parent of the reporting entity is a related party of the reporting entity. In addition, an entity that uses a management entity is required to disclose the expenses incurred for management services. The improvements to IFRSs 2010-2012 cycle Related Party Disclosures are effective from annual periods beginning on or after 1 July 2014. As this is a disclosure standard, it will not have any impact on the financial performance or the financial position of the Company and the Group when implemented. Improvements to IFRSs 2010 to 2012 cycle Operat ing Segments Improvements to IFRSs 2010-2012 cycle Operating Segments clarifies that an entity shall only provide reconciliations of the total of the reportable segments’ assets to the entity’s assets if the segment assets are reported regularly. In addition, the entity is required to disclose the judgements made by management in applying the aggregation criteria to operating segments. The improvements to IFRSs 2010-2012 cycle Operating Segments are effective from annual periods beginning on or after 1 July 2014. As this is a disclosure standard, it will not have any impact on the financial performance or the financial position of the Group when implemented. 2(c) IAS and IFRS not yet effective The following are the new or amended IAS and IFRS issued that are not yet effective but may be early adopted for the current financial year: Reference

Description

Effective date (Annual periods

beginning on or after)

Amendments to IAS 1 Presentation of Financial Statements Disclosure initiative

1 January 2016

Amendments to IAS 7 Statement of Cash Flows Disclosure initiative

1 January 2017

IFRS 15 Revenue from Contracts with Customers 1 January 2018 IFRS 9 Financial Instruments 1 January 2018 IFRS 16 Leases 1 January 2019

Various Annual Improvements to IFRSs 2012-2014

cycle 1 January 2016

Except for IAS 1, IFRS 15, IFRS 9 and IFRS 16, the directors expect that the adoption of the other standards above will have no material impact on the financial statements in the period of initial application. The nature of the impending changes in accounting policy on adoption of IAS 1, IFRS 15, IFRS 9 and IFRS 16 are described below. Amendments to IAS 1 Presen ta t ion o f Financ ia l Sta tements IAS 1 Presentation of Financial Statements clarify that materiality applies to the whole of financial statements and that the inclusion of immaterial information can inhibit the usefulness of financial disclosures. Furthermore, the amendments clarify that companies should use professional judgement in determining where and in what order information is presented in the financial disclosures. IAS 1 is effective for annual periods beginning on or after 1 January 2016. The Group is currently determining materiality to apply the whole of financial statements and where and in what order information is presented in the financial disclosures.

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Notes to the financial statements for the financial year ended 31 December 2015 2(c) IAS and IFRS not yet effective (Cont’d) IFRS 15 Revenue f rom Contrac t s w i th Customers IFRS 15 Revenue from Contracts with Customers establishes a framework for determining when and how to recognise revenue. The objective of the standard is to establish the principles that an entity shall apply to report useful information about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The standard replaces IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 113 Customer Loyalty Programmes, IFRIC 115 Agreements for Construction of Real Estate, IFRIC 118 Transfer of Assets from Customers and IFRIC 31 Revenue - Barter Transactions involving Advertising Services. The new standard applies to contracts with customers. However, it does not apply to insurance contracts, financial instruments or lease contracts, which fall into the scope of other standards. IFRS 15 is effective for annual periods beginning on or after 1 January 2018. The Group is currently assessing the impact to the financial statements. IFRS 9 Financ ia l Ins t ruments IFRS 9 Financial Instruments replaces the IAS 39 and it is a package of improvements introduced by IFRS 9 which include a logical model for: - Classification and measurement; - A single, forward-looking “expected loss” impairment model; and - A substantially reformed approach to hedge accounting. IFRS 9 is effective for annual periods beginning on or after 1 January 2018. The Group is currently assessing the impact to the financial statements. IFRS 16 Leases IFRS 16 specifies the recognition, measurement, presentation and disclosures for leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. The Group is currently reassessing all operating leases. 2(d) Summary of significant accounting policies Investment in subsidiaries In the Company’s separate financial statements, investment in subsidiaries are stated at cost less accumulated impairment losses on an individual subsidiary basis. Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances. All intra-group balances, income and expenses and unrealised gains and losses resulting from intragroup transactions and dividends are eliminated in full. Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control and continue to be consolidated until the date that such control ceases.

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Notes to the financial statements for the financial year ended 31 December 2015 2(d) Summary of significant accounting policies (Cont’d) Consolidation (Cont’d) A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it:

- de-recognises the assets (including goodwill, if any) and liabilities of the subsidiary at their carrying amounts as at that date when control is lost;

- de-recognises the carrying amount of any non-controlling interest; - de-recognises the cumulative translation differences recorded in equity; - recognises the fair value of the consideration received; - recognises the fair value of any investment retained; - recognises any surplus or deficit in profit or loss; - re-classifies the Group’s share of components previously recognised in other comprehensive income

to profit or loss or retained earnings, as appropriate. A subsidiary is an investee that is controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Thus, the Group controls an investee if and only if the Group has all of the following: - power over the investee; - exposure, or rights or variable returns from its involvement with the investee; and - the ability to use its power over the investee to affect its returns The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Group. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill if any), and liabilities of the subsidiary and any non-controlling interest. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/permitted by applicable IASs and IFRSs). The fair value of any investment retained in the former subsidiary at the date when the control is lost is regarded as the fair value on the initial recognition for subsequent accounting under IAS 39, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. Plant and equipment and depreciation Plant and equipment are stated at cost less accumulated depreciation and impairment losses, if any. Depreciation is computed utilising the straight-line method to write off the cost of these assets over their estimated useful lives as follows: Computers 3 years Furniture and fittings 3 years Office equipment 3 years Renovation 3 years Motor vehicles 5 years

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Notes to the financial statements for the financial year ended 31 December 2015 2(d) Summary of significant accounting policies (Cont’d) Plant and equipment and depreciation (Cont’d) The cost of plant and equipment includes expenditure that is directly attributable to the acquisition of the items. Dismantlement, removal or restoration costs are included as part of the cost of plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the asset. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of plant and equipment. Subsequent expenditure relating to plant and equipment that have been recognised is added to the carrying amount of the asset when it is probable that future economic benefits, in excess of the standard of performance of the asset before the expenditure was made, will flow to the Group and the cost can be reliably measured. Other subsequent expenditure is recognised as an expense during the financial year in which it is incurred. For acquisitions and disposals during the financial year, depreciation is provided from the month after acquisition and to the month of disposal respectively. Fully depreciated plant and equipment, if any, are retained in the books of accounts until they are no longer in use. Depreciation methods, useful lives and residual values are reviewed, and adjusted as appropriate, at each reporting date as a change in estimates. An item of plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in the profit or loss in the financial period the asset is derecognised. Financial assets Financial assets include cash and financial instruments. Financial assets, other than hedging instruments, can be divided into the following categories: financial assets at fair value through profit or loss, held-to-maturity investments, loans and receivables and available-for-sale financial assets. Financial assets are assigned to the different categories by management on initial recognition, depending on the purpose for which the investments were acquired. The designation of financial assets is re-evaluated and classification may be changed at the reporting date with the exception that the designation of financial assets at fair value through profit or loss is not revocable. All financial assets are recognised on their trade date - the date on which the Group and the Company commit to purchase or sell the asset. Financial assets are initially recognised at fair value, plus directly attributable transaction costs except for financial assets at fair value through profit or loss, which are recognised at fair value. Derecognition of financial instruments occurs when the rights to receive cash flows from the investments expire or are transferred and substantially all of the risks and rewards of ownership have been transferred. An assessment for impairment is undertaken at least at each reporting date whether or not there is objective evidence that a financial asset or a group of financial assets is impaired. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group currently has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Non-compounding interest and other cash flows resulting from holding financial assets are recognised in the profit or loss when received, regardless of how the related carrying amount of financial assets is measured. Other than loans and receivables, the Group does not have any investments and accordingly, there is no investment to be classified as financial assets at fair value through profit or loss, assets held-to-maturity or available-for-sale.

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Notes to the financial statements for the financial year ended 31 December 2015 2(d) Summary of significant accounting policies (Cont’d) Financial assets (Cont’d) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivables. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets, if any. Loans and receivables include trade and other receivables and deposits held in banks. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. If there is objective evidence that the asset has been impaired, the financial asset is measured at the present value of the estimated future cash flows discounted at the original effective interest rate. Impairment losses are reversed in subsequent periods when an increase in the asset’s recoverable amount can be related objectively to an event occurring after the impairment was recognised, subject to a restriction that the carrying amount of the asset at the date of impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. The impairment or write back is recognised in the profit or loss. Impairment of non-financial assets The carrying amounts of the Group’s non-financial assets subject to impairment are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. If it is not possible to estimate the recoverable amount of the individual asset, then the recoverable amount of the cash-generating unit to which the asset belongs will be identified. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level. Individual assets or cash-generating units that include intangible assets, if any, with an indefinite useful life or those not yet available for use are tested for impairment at least annually. All other individual assets or cash-generating units are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss, if any, is recognised for the amount by which the asset’s or cash-generating unit’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell and value-in-use, based on an internal discounted cash flow evaluation. All assets are subsequently reassessed for indications that an impairment loss previously recognised may no longer exist. An impairment loss is charged to the profit or loss unless it reverses a previous revaluation in which case it is charged to equity. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount or when there is an indication that the impairment loss recognised for the asset no longer exists or decreases. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised. A reversal of an impairment loss is recognised as income in the profit or loss.

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Notes to the financial statements for the financial year ended 31 December 2015 2(d) Summary of significant accounting policies (Cont’d) Cash and cash equivalents Cash and cash equivalents include cash on hand and deposits with financial institutions which are readily convertible to cash and which are subject to an insignificant risk of changes in value. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account. Dividends Final dividends proposed by the directors are not accounted for in shareholders’ equity as an appropriation of retained profit, until they have been approved by the shareholders in a general meeting. When these dividends have been approved by the shareholders and declared, they are recognised as a liability. Interim dividends are simultaneously proposed and declared, because the articles of association of the Group grant the directors the authority to declare interim dividends. Consequently, interim dividends are recognised directly as a liability when they are proposed and declared. Financial liabilities The Group’s financial liabilities include trade and other payables and obligations under finance leases. Financial liabilities are recognised when the Group becomes a party to the contractual agreements of the instrument. All interest-related charges are recognised as an expense in “finance cost” in profit or loss. Financial liabilities are derecognised if the Group’s obligations specified in the contract expire or are discharged or cancelled. Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, an only when, the Group currently has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the amortisation process. Finance lease liabilities are measured at initial value less the capital element of lease repayments (see policy on “Finance Leases”). Trade and other payables are initially measured at fair value, and subsequently measured at amortised cost, using the effective interest method. Leases Where the Group is the lessee, Finance leases Where assets are financed by lease agreements that give rights approximating to ownership, the assets are capitalised as if they have been purchased outright at values equivalent to the lower of the fair values of the leased assets and the present value of the total minimum lease payments during the periods of the lease. The corresponding lease commitments are included under liabilities. The excess of the lease payments over the recorded lease obligations are treated as finance charges which are amortised over each lease term to give a constant effective rate of charge on the remaining balance of the obligation.

The leased assets are depreciated on a straight-line basis over their estimated useful lives as detailed in the accounting policy on “Plant and equipment and depreciation”.

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Notes to the financial statements for the financial year ended 31 December 2015 2(d) Summary of significant accounting policies (Cont’d) Leases (Cont’d) Operating leases Rentals on operating leases are charged to the profit or loss on a straight-line basis over the lease term. Lease incentives, if any, are recognised as an integral part of the net consideration agreed for the use of the leased asset. Penalty payments on early termination, if any, are recognised in the profit or loss when incurred. Income taxes Current income tax for current and prior periods is recognised at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither accounting or taxable profit or loss at the time of the transaction. A deferred income tax liability is recognised on temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilised. Deferred income tax is measured: (i) at the tax rates that are expected to apply when the related deferred income tax asset is realised

or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of reporting period; and

(ii) based on the tax consequence that will follow from the manner in which the Group expects, at

the end of reporting period, to recover or settle the carrying amounts of its assets and liabilities. Current and deferred income taxes are recognised as income or expense in the profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognised either in other comprehensive income or directly in equity. Employee benefits Pension obligations The Group participates in the defined contribution national pension schemes as provided by the laws of the countries in which it has operations. In particular, the Singapore incorporated companies in the Group contribute to the Central Provident Fund (“CPF”), a defined contribution plan regulated and managed by the Government of Singapore in respect of eligible employees. The contributions to national pension schemes are charged to the profit or loss to which the contributions relate. Employee leave entitlements Employee entitlements to annual leave are recognised when they accrue to employees. Accrual is made for the unconsumed leave as a result of services rendered by employees up to the end of reporting period.

Key management personnel Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Group. Directors are considered key management personnel.

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Notes to the financial statements for the financial year ended 31 December 2015 2(d) Summary of significant accounting policies (Cont’d) Related parties A related party is defined as follows: (a) A person or a close member of that person’s family is related to the Group and Company if that

person: (i) has control or joint control over the Company; (ii) has significant influence over the Company; or (iii) is a member of the key management personnel of the Group or Company or of a parent

of the Company.

(b) An entity is related to the Group and the Company if any of the following conditions applies: (i) the entity and the Company are members of the same group (which means that each

parent, subsidiary and fellow subsidiary is related to the others). (ii) one entity is an associate or joint venture of the other entity (or an associate or joint

venture of a member of a group of which the other entity is a member). (iii) both entities are joint ventures of the same third party. (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third

entity. (v) the entity is a post-employment benefit plan for the benefit of employees of either the

Company or an entity related to the Company. If the Company is itself such a plan, the sponsoring employers are also related to the Company;

(vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the

key management personnel of the entity (or of a parent of the entity). Revenue recognition Revenue is recognised when the significant risks and rewards of ownership have been transferred to the buyer. Revenue excludes goods and services taxes and is arrived at after deduction of trade discounts. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods. Revenue from rendering of services is recognised when services are rendered and accepted by customer. Interest income is recognised on a time-apportioned basis using the effective interest rate method. Functional currencies Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The consolidated financial statements of the Group and the statement of financial position of the Company are presented in United States dollar, which is also the functional currency of the Company. Conversion of foreign currencies Transactions and balances Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency translation differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognized in profit or loss. However, in the consolidated financial statements, currency translation differences arising from borrowings in foreign currencies and other currency instruments designated and qualifying as net investment hedges and net investment in foreign operations, are recognised in other comprehensive income and accumulated in the currency translation reserve.

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Notes to the financial statements for the financial year ended 31 December 2015 2(d) Summary of significant accounting policies (Cont’d) Conversion of foreign currencies (Cont’d) Transactions and balances (cont’d) When a foreign operation is disposed of or any borrowings forming part of the net investment of the foreign operation are repaid, a proportionate share of the accumulated translation differences is reclassified to profit or loss, as part of the gain or loss on disposal. Foreign exchange gains and losses that relate to borrowings are presented in the income statement within “finance costs”. All other foreign exchange gains and losses are reported as other income and administrative expenses respectively. Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined. Non-monetary items that are measured at historical cost in foreign currencies are translated using the exchange rates at the date of the transactions. Group entities The results and financial position of the Group entities that have a functional currency different from the presentation currency and are therefore translated into the presentation currency as follows: (i) Assets and liabilities are translated at the closing exchange rates at the end of reporting period; (ii) Income and expenses for each statement presenting profit or loss and other comprehensive

income (i.e. including comparatives) shall be translated at exchange rates at the dates of the transactions; and

(iii) All resulting currency translation differences are recognised in other comprehensive income and

accumulated in the exchange translation reserve. Operating segments No information by operating segments is presented as the principal operation of the Group relates entirely to one sole business segment, i.e. the provision of skilled contract labour and related value added services to the Oil and Gas industry. Financial instruments Financial instruments carried on the statements of financial position include cash and cash equivalents, financial assets and financial liabilities. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item. These instruments are recognised when contracted for. Disclosures on financial risk management objectives and policies are provided in Note 22 to the financial statements. 3 Principal activities and revenue Revenue of the Group represents provision of skilled contract labour and related value added services to the Oil and Gas industry.

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Notes to the financial statements for the financial year ended 31 December 2015 4 Investment in subsidiaries

Details of the subsidiaries are as follows: Country of incorporation/ Proportion of principal place Cost of ownership interest Name of business investments and voting rights held Principal activities 2015 2014 2015 2014 US$ US$ % % Subsidiaries held by the Company Oilfield Workforce Hong Kong - 1,785,941 - 100 Liquidated International Limited Oilfield Workforce Singapore 76,340 76,340 100 100 Provision of skilled International Pte. Ltd. 1 contract labour and related value added services to the Oil and Gas industry Oilfield Workforce Singapore 77 77 100 100 Inactive Consultancy Pte. Ltd. 1 OFW Services (Malaysia) Malaysia 157,450 157,450 100 100 Provision of skilled Sdn. Bhd. 2 contract labour and related value added services to the Oil and Gas industry Oilfield Workforce Australia 11 11 100 100 Inactive (Australia) Pty Ltd 3 Oilfield Workforce Mão De Brazil 4,896 4,896 100 100 Inactive Obra Técnica Ltda 3 Oilfield Workforce ME Dubai 27,229 27,229 100 100 Provision of skilled DMCC 4 contract labour and related value added services to the Oil and Gas industry Oilfield Workforce (Brunei) Brunei 80,076 80,076 100 100 Provision of skilled Sdn. Bhd. 5 contract labour and related value added services to the Oil and Gas industry 346,079 2,132,020

31 December 31 December 2015 2014 The Company US$ US$ Unquoted equity investments, at cost 346,079 2,132,020 Less: Impairment loss on investment in subsidiaries

Balance at beginning of year (152,296) - Allowance for the year (148,600) (152,296) Allowance no longer required 65,793 - Balance at end of year (235,103) (152,296)

110,976 1,979,724

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Notes to the financial statements for the financial year ended 31 December 2015

4 Investment in subsidiaries (Cont’d) 1 Audited by Foo Kon Tan LLP, Singapore 2 Audited by HLB Ler Lum, Malaysia 3 Inactive during the financial year and not required by laws to be audited 4 Audited by HLB Hamt, Dubai, United Arab Emirates 5 Audited by BDO Chartered Accountants, Brunei The impairment loss of US$148,600 (2014 - US$152,296) has been recognised in profit or loss at the Company level as the recoverable amounts of the subsidiaries on net cash at disposal were lower than the cost of investments as at 31 December 2015. The impairment loss is made to reduce the cost of investments to their recoverable amounts. 5 Plant and equipment Furniture Office Motor Computers and fittings equipment Renovation vehicles Total The Group US$ US$ US$ US$ US$ $ Cost At 1 January 2014 37,579 12,290 23,675 44,888 71,129 189,561 Additions 16,916 6,616 2,254 11,376 - 37,162 Exchange translation difference - - (50) - - (50) At 31 December 2014 54,495 18,906 25,879 56,264 71,129 226,673 Additions 3,568 - 3,940 - - 7,508 Written off - (2,423) (299) (4,202) - (6,924) Exchange translation difference (44) (251) (43) (418) - (756) At 31 December 2015 58,019 16,232 29,477 51,644 71,129 226,501 Accumulated depreciation At 1 January 2014 17,272 3,476 6,003 16,072 14,157 56,980 Depreciation for the year 13,751 4,729 7,956 15,485 13,952 55,873 Exchange translation difference (6) (12) (10) (22) - (50) At 31 December 2014 31,017 8,193 13,949 31,535 28,109 112,803 Depreciation for the year 14,972 6,089 8,123 18,061 13,953 61,198 Written off - (964) (226) (1,689) - (2,879) Exchange translation difference (15) (18) (16) (28) - (77) At 31 December 2015 45,974 13,300 21,830 47,879 42,062 171,045 Net book value At 31 December 2015 12,045 2,932 7,647 3,765 29,067 55,456 At 31 December 2014 23,478 10,713 11,930 24,729 43,020 113,870

As at 31 December 2015, the net book values of motor vehicles acquired under finance leases for the Group amounted to US$29,067 (2014 - US$43,020).

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Notes to the financial statements for the financial year ended 31 December 2015 6 Trade and other receivables The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ Trade receivables 1,122 226,070 3,836,517 4,992,312 Non-trade Amount owing by subsidiaries 5,772,239 5,650,507 - - Less: Impairment loss on receivables

Balance at beginning of year (13,860) - - - Allowance for the year (5,729,950) (13,860) - - Balance at end of year (5,743,810) (13,860) - -

Net amount owing by subsidiaries 28,429 5,636,647 - - Advances to contractors - - 1,078 1,450 Deposits 47,684 47,684 260,078 93,926 Prepayments 17,746 14,047 185,935 123,444 GST receivables - - 128 - Other receivables 18,827 21,828 74,388 111,325 112,686 5,720,206 521,607 330,145 113,808 5,946,276 4,358,124 5,322,457

Trade and other receivables are denominated in the following currencies: The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ United States dollar 44,810 1,937,494 2,703,870 4,354,327 Singapore dollar 47,683 894,773 1,239,674 590,553 Australian dollar 21,315 3,098,003 17,746 40,740 Malaysian ringgit - 16,006 2,625 36,604 United Arab Emirates dirham - - 29,927 52,422 Euro - - 178,076 244,834 Brunei dollar - - 30,638 2,977 Philippine Peso - - 2,558 - Chinese Yuan - - 153,010 - 113,808 5,946,276 4,358,124 5,322,457

The Company and The Group Trade receivables are usually due within 30 to 60 days and do not bear any effective interest rate. All trade and other receivables are subject to credit risk exposure. However, the Group does not identify specific concentrations of credit risk with regards to trade and other receivables, as the amounts recognised resembles a large number of receivables from various customers. Impairment on trade and other receivables is made when certain debtors are identified to be irrecoverable. Based on historical default rates, the directors of the Company are of the opinion that no impairment is necessary in respect of trade receivables not past due or past due but not impaired as these receivables are mainly arising by customers that have a good credit record with the Group.

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Notes to the financial statements for the financial year ended 31 December 2015 6 Trade and other receivables (Cont’d) (i) Financial assets that are neither past due nor impaired

Trade receivables that are neither past due nor impaired are customers with a good collection track record with the Company and the Group is as follows.

The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ Current - - 1,310,420 1,641,363

Other receivables of the Company and the Group that are considered current and not past due

amounted to US$94,940 (2014 - US$5,706,159) and US$335,544 (2014 - US$206,701) respectively.

(ii) Financial assets that are past due but not impaired

The ageing analysis of trade receivables past due but not impaired is as follows:

The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ Past due 0 to 30 days - - 769,393 466,742 Past due 31 to 60 days - - 508,697 1,182,645 Past due over 61 days 1,122 226,070 1,248,007 1,701,562 1,122 226,070 2,526,097 3,350,949

(iii) Financial assets that are past due and impaired Other receivables

The carrying amount of other receivables individually determined to be impaired is as follows:

The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ Gross amount 5,743,810 13,860 - - Provision for impairment (5,743,810) (13,860) - - - - - -

Impairment on non-trade amount owing by subsidiaries are made on specific debts for which the

directors of the Company are of the opinion that these debts are long outstanding and are not recoverable.

The Company The non-trade amount owing by subsidiaries represents advances which are unsecured and interest-free. They have no fixed term of repayment and are repayable only when the cash flow of the borrowers permit.

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Notes to the financial statements for the financial year ended 31 December 2015 7 Cash and cash equivalents The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ Fixed deposit - 577,392 - 577,392 Cash on hand - - 4,806 2,612 Bank balances 24,184 16,804 2,171,378 1,418,277 24,184 594,196 2,176,184 1,998,281 Less: Bank overdraft (unsecured) - - (22,532) - 24,184 594,196 2,153,652 1,998,281 For the purpose of the consolidated statement of cash flows, cash and cash equivalents are presented net of bank overdraft which are repayable on demand and form an integral part of cash management. Cash and cash equivalents are denominated in the following currencies: The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ United States dollar 2,021 2,208 2,074,256 1,034,123 Singapore dollar - - 48,484 202,193 Australian dollar 22,163 591,988 34,172 595,597 Malaysian ringgit - - 2,440 118,600 Brunei dollar - - 11,721 47,547 United Arab Emirates dirham - - 5,111 221 24,184 594,196 2,176,184 1,998,281

The fixed deposit matured during the financial year. The bank overdraft is denominated in Singapore dollar. 8 Share capital Number of ordinary shares Amount 31 December 31 December 31 December 31 December 2015 2014 2015 2014 The Company and The Group US$ US$ Issued and fully paid, with no par value Balance at beginning and end of year 68,000,000 68,000,000 8,021,818 8,021,818 The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at shareholders’ meetings. All shares rank equally with regard to the Company’s residual assets.

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Notes to the financial statements for the financial year ended 31 December 2015 9 Exchange translation reserve 31 December 31 December 2015 2014 The Group US$ US$ Balance at beginning of year (7,825) (68,486) Movement during the year (10,703) 60,661 Balance at end of year (18,528) (7,825)

The presentation currency which gives rise to translation difference relates to the effect on the exchange difference arising from share capital and accumulated losses of the foreign subsidiaries. Exchange translation reserve is non-distributable. 10 Obligations under finance leases 31 December 31 December 2015 2014 The Group US$ US$ Minimum lease instalments payable: Due not later than one year 3,207 19,717 Due later than one year but not later than five years - 1,627 3,207 21,344 Less: Finance charges allocated to future periods (86) (474) Present value of minimum lease payments *3,121 20,870 Present value of minimum lease payments: Due not later than one year 3,121 18,424 Due later than one year but not later than five years - 2,446 3,121 20,870

* The carrying amount approximates the fair value of the finance leases Obligations under finance leases are denominated in Singapore dollar. The amount payable within one year is included under current liabilities whilst that payable after one year is included under non-current liabilities. The Group leases motor vehicles from non-related parties under finance leases. The lease agreements do not have renewal clauses but provide the Group with options to purchase the leased assets at nominal values at the end of the lease term. The finance lease obligations are secured by the underlying assets (Note 5). The weighted average effective interest rate of obligations under finance leases at the end of the financial year is 4.35% (2014 - 4.35%) per annum. 11 Deferred tax liabilities 31 December 31 December 2015 2014 The Group Note US$ US$ Balance at beginning of year 8,238 8,238 Charged to profit or loss 17 (8,238) - Balance at end of year - 8,238 Deferred tax liabilities were to be settled after one year. The balance was related to tax on effect of excess of tax written down value over net book value of qualifying plant and equipment. At the end of the reporting period, there are no deferred tax liabilities on net investment in subsidiaries as the majority of the subsidiaries are in loss-making positions.

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Notes to the financial statements for the financial year ended 31 December 2015 12 Trade and other payables The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ Accruals 82,215 78,000 745,246 1,043,645 Non-trade Amount owing to subsidiaries - 2,541,595 - - Tax withheld from contractors - - 25,549 10,532 GST payables - - 28,963 6,554 Dividend payable 1,054 1,054 1,054 1,054 Other payables 5,315 9,657 7,618 24,787 6,369 2,552,306 63,184 42,927 88,584 2,630,306 808,430 1,086,572 Trade and other payables are denominated in the following currencies: The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ United States dollar 3,637 2,541,595 192,740 3,036 Singapore dollar 82,215 82,447 556,622 1,000,037 Euro - - 34,560 - Australian dollar 2,732 6,264 2,732 3,227 Malaysian ringgit - - 7,239 44,836 Brazilian real - - - 3,689 United Arab Emirates Dirham - - 5,968 27,993 Brunei dollar - - 8,569 3,754 88,584 2,630,306 808,430 1,086,572 The Company and The Group The fair value of trade and other payables have not been disclosed as, due to their short duration, management considers the carrying amounts recognised in the statements of financial position to be reasonable approximation of their fair values. Accruals relate mainly to provisions for salaries and related costs of employees and contractors. The Company The non-trade amount owing to subsidiaries represented advances which were unsecured and interest-free. The said amount has been fully repaid as at 31 December 2015. 13 Cost of sales

Cost of sales consists mainly of services rendered by contractors and certain employee benefit costs.

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Notes to the financial statements for the financial year ended 31 December 2015 14 Other income Year ended Year ended 31 December 31 December 2015 2014 The Group Note US$ US$ Exchange gain 16 392,096 292,188 Interest income 7,390 19,036 Waiver of debt from a former subsidiary 16 2,541,595 - Others 21,881 10,453 2,962,962 321,677 15(a) Selling and distribution expenses Year ended Year ended 31 December 31 December 2015 2014 The Group Note US$ US$ Employee benefit costs 16 583,609 687,077 Entertainment expenses 24,048 24,490 Marketing expenses - 5,825 Upkeep of vehicles 17,303 17,322 Advertisement & recruitment expenses 20,329 20,893 645,289 755,607 15(b) Administrative expenses Year ended Year ended 31 December 31 December 2015 2014 The Group Note US$ US$ Employee benefit costs 16 889,176 870,816 Directors’ fee 16 96,802 89,040 Rental of office 153,894 151,886 Consultancy fee - 12,781 Depreciation of plant and equipment 5,16 61,198 55,873 Entertainment expenses 63 301 Professional fee 58,356 198,922 Travelling expenses 2,142 76,415 Telecommunication expenses 25,638 28,615 Subscription fee 19,764 12,503 Printing and stationery 5,583 8,741 Upkeep of vehicles - 330 Insurance 55,015 46,540 Bank charges 7,560 8,948 Secretarial fee 36,349 42,275 Others 53,643 79,885 1,465,183 1,683,871

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Notes to the financial statements for the financial year ended 31 December 2015 15(c) Other operating expenses Year ended Year ended 31 December 31 December 2015 2014 The Group Note US$ US$ Exchange loss 16 585,506 466,898 Plant and equipment written off 5,16 4,045 - Loss on liquidation of a former subsidiary 16 2,541,595 - 3,131,146 466,898

15(d) Finance costs The Group Finance costs relate to mainly expense on finance leases (see Note 10). 16 Loss before taxation Year ended Year ended 31 December 31 December 2015 2014 The Group Note US$ US$ Loss before taxation have been arrived at after charging/(crediting):

Loss on liquidation of a former subsidiary 15(c) 2,541,595 - Depreciation of plant and equipment 5,15(b) 61,198 55,873 Plant and equipment written off 5,15(c) 4,045 - Exchange loss (net) 14,15(c) 193,410 174,710 Directors’ fee 15(b) 96,802 89,040 Waiver of debt from a former subsidiary 14 (2,541,595) - Employee benefit costs: Directors of the Company - salaries and related costs 481,551 454,858 - CPF contributions 31,635 18,489 Key management personnel (other than directors) - salaries and related costs 150,927 394,004 - CPF contributions 13,700 14,209 Other than directors and key management personnel - salaries and related costs 1,941,154 977,988 - CPF contributions 175,081 52,401 2,794,048 1,911,949 Employee benefit costs charged to: Cost of sales 1,321,263 354,056 Selling and distribution expenses 15(a) 583,609 687,077 Administrative expenses 15(b) 889,176 870,816 2,794,048 1,911,949

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Notes to the financial statements for the financial year ended 31 December 2015 17 Taxation Year ended Year ended 31 December 31 December 2015 2014 The Group Note US$ US$ Current taxation 4,000 - Deferred taxation 11 (1,157) - 2,843 - Over provision in respect of prior years - current taxation (353,866) (5,756) - deferred taxation 11 (7,081) - (360,947) (5,756) (358,104) (5,756)

The tax credit on the results of the financial year varies from the amount of income tax determined by applying the Singapore statutory rate of income tax on Group's results as a result of the following: Year ended Year ended 31 December 31 December 2015 2014 The Group US$ US$ Loss before taxation (562,648) (980,601) Tax at domestic rate applicable to (loss)/profits in the countries concerned (93,564) (135,525) Tax effect on non-taxable income (29,149) (43,896) Tax effect on non-deductible expenses1 119,951 158,669 Singapore statutory stepped income exemption (4,865) (1,546) Tax effect on Productivity and Innovation Credit (11,249) (7,420) Deferred tax asset on temporary differences not recognised 21,734 31,408 Over provision in respect of prior years (360,947) (5,756) Others (15) (1,690) (358,104) (5,756) 1 This is related to disallowed expenditure incurred in the ordinary course of business. Subject to agreement with Tax Authority, the Group has unabsorbed capital allowances and tax losses of US$2,000 (2014 - US$2,000) and US$133,000 (2014 - US$46,000) respectively, available for offset against future taxable profits provided that the provision of tax legislation are complied with. The related tax benefits of US$31,000 (2014 - US$11,000) have not been recognised in the financial statements. The effective tax rate of the Group is 16.6% (2014 - 13.8%). 18 Other comprehensive (expense)/income Year ended 31 December 2015 Before tax Tax expense Net of tax The Group US$ US$ US$ Exchange translation difference (10,703) - (10,703) Year ended 31 December 2014 Before tax Tax expense Net of tax The Group US$ US$ US$ Exchange translation difference 60,661 - 60,661

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Notes to the financial statements for the financial year ended 31 December 2015 19 Loss per share The basic and diluted loss per share are calculated by dividing the net loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the financial year. Year ended Year ended 31 December 31 December 2015 2014 The Group US$ US$ Net loss attributable to equity holders of the Group (204,544) (974,845) Weighted average number of ordinary shares for purpose of calculating basic and diluted loss per share 68,000,000 68,000,000 Basic loss per share (cents) (0.30) (1.43) Diluted loss per share (cents) (0.30) (1.43) There are no dilutive potential ordinary shares that were outstanding during the financial year. 20 Operating segments The Chief Operating Decision Maker monitors the Group’s operating results regularly for the purpose of making decisions about resource allocation and performance assessment. Consolidated results are also reviewed regularly by the Chief Operating Decision Maker. No information by operating segments is presented as the principal operation of the Group relates entirely to one sole business segment, i.e. the provision of skilled contract labour and related value added services to the Oil and Gas industry. Neither does the Group have any vertical integrated operations in rendering its manpower supply. The only discrete financial information provided which is reviewed by the Chief Operating Decision Maker is on consolidated basis as the manner in which business segment is operated is much confined to the Chief Operating Decision Maker. (1) Geographical information

For geographical segment revenue information, the allocation is based on the geographical location where the projects with customers are located is as follows:

Sales Revenue by Geographical Market

Year ended Year ended 31 December 31 December 2015 2014 The Group US$ US$ Australia 8,935 - Singapore 2,647,494 648,227 China 350,342 409,099 Bangladesh - 125,436 Vietnam 1,241,534 493,837 Malaysia 1,665,950 1,311,596 Indonesia 765,990 851,243 Nigeria - 308,709 Dubai 40,251 49,520 Philippines 225,968 4,023 United States of America 208,670 560,674 Thailand 37,500 - Myanmar 4,271 - 7,196,905 4,762,364

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Notes to the financial statements for the financial year ended 31 December 2015 20 Operating segments (Cont’d) (1) Geographical information (Cont’d) Non-current Assets by Geographical Area

The following table shows the carrying amount of the non-current assets by geographical area in which the non-current assets are located:

31 December 31 December 2015 2014 The Group US$ US$ Singapore 47,146 93,441 Malaysia - 6,987 Dubai 7,797 12,541 Brunei 513 901 55,456 113,870

Information about Major Customers Revenue from five (2014 - five) major customers arising from sales attributable to the provision of skilled contract labour and related value added services to the Oil and Gas industry amounted to US$5,930,225 (2014 - US$3,332,627), representing 83% (2014 - 70%) of revenue, broken down as follows:

31 December 31 December 2015 2014 Top five major customers: US$ US$ McDermott Asia Pacific Pte Ltd - 318,846 Siemens Pte. Ltd 2,264,544 - PT Workforce Indonesia 675,428 527,183 Wison Offshore & Marine Ltd 602,271 1,000,760 Vetco Gray Pte Ltd 1,146,448 992,001 Total E & P Borneo 1,241,534 493,837 5,930,225 3,332,627

21 Commitments 21.1 Operating lease commitments (non-cancellable) At the end of the reporting period, the Group was committed to making the following lease rental payments under non-cancellable operating leases for rental of office premises and equipment with an original term of more than one year: Year ended Year ended 31 December 31 December 2015 2014 The Group US$ US$ Not later than one year 116,532 134,643 Later than one year and not later than five years 1,528 107,732 Later than five years - -

The leases on the Group’s office premises and equipment on which rentals are payable will expire earliest on 31 May 2016 (2014 - 30 June 2015) and latest on 30 September 2017 (2014 - 30 September 2017), and the current rent payable on the leases are between US$113 and US$8,093 (2014 - between US$892 and US$8,842) per month and are subject to revision on renewal of lease agreements.

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Notes to the financial statements for the financial year ended 31 December 2015 21 Commitments (Cont’d) 21.2 Letters of undertaking

The Company

The Company has given letters of undertaking to provide financial support for the following subsidiaries which had aggregate net tangible deficits of approximately US$532,000 (2014 - US$693,000) and for subsidiaries with aggregate net current liabilities of approximately US$540,000 (2014 - US$788,000) as at 31 December 2015 to enable them to continue to operate as going concern and to meet their respective obligations as and when they fall due: Oilfield Workforce International Pte. Ltd. Oilfield Workforce Consultancy Pte. Ltd. Oilfield Workforce (Australia) Pty Ltd Oilfield Workforce Mão De Obra Técnica Ltda Oilfield Workforce ME DMCC

22 Financial risk management objectives and policies The board of directors meets periodically to analyse and formulate measures to manage the Group's exposure to market risk, including principally changes in interest rates and currency exchange rates. Generally, the Group employs a conservative strategy regarding its risk management. As the Group’s exposure to market risk is kept at a minimum level, the Group has not used any derivatives or other instruments for hedging purposes. The Group does not hold or issue derivative financial instruments for trading purposes. There has been no change to the Company’s and the Group’s exposure to these financial risks as the manner in which it manages and measures the risk. Market risk exposures are measured using sensitivity analysis indicated below. As at financial years ended 31 December 2014 and 2015, the Group’s financial instruments mainly consisted of cash and cash equivalents, receivables and payables. 22.1 Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. Currency risk arises when transactions are denominated in foreign currencies. In terms of operations, the sales and purchases are denominated mainly in United States dollar and Singapore dollar. The extent of currency risk exposure is mainly for transactions which are denominated in foreign currencies, Singapore dollar (“S$”), Australian dollar (“A$”), Malaysian ringgit (“RM”), Euro (“EUR”), Brunei dollar (“BND”), United Arab Emirates Dirham (“AED”) and Chinese Yuan (“CNY”). The Group does not use any financial derivative such as foreign currency forward contracts, foreign currency options or swaps for hedging purposes. The Group will continue to monitor its foreign exchange exposure. The risk arising from movement in foreign exchange rate is minimised as exposure to foreign currency risk is insignificant to the Group.

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Notes to the financial statements for the financial year ended 31 December 2015 22 Financial risk management objectives and policies (Cont’d) 22.1 Currency risk (Cont’d) Sensitivity analysis Taking references to Notes 6, 7, 10 and 12, with all other variables being held constant, a 5% strengthening/weakening of the S$, A$, RM, EUR, BND, AED and CNY against United States dollar at the reporting date would have either decreased or increased the Company’s and the Group’s net loss after tax and equity by the amounts shown below:

31 December 2015 31 December 2014 The Company US$ US$ Singapore dollar - strengthened 5% (2014 - 5%) (1,727) 40,616 - weakened 5% (2014 - 5%) 1,727 (40,616) Australian dollar - strengthened 5% (2014 - 5%) 2,037 184,186 - weakened 5% (2014 - 5%) (2,037) (184,186) The Group Singapore dollar - strengthened 5% (2014 - 5%) 35,294 (11,408) - weakened 5% (2014 - 5%) (35,294) 11,408 Australian dollar - strengthened 5% (2014 - 5%) 2,459 31,656 - weakened 5% (2014 - 5%) (2,459) (31,656) Malaysian ringgit - strengthened 5% (2014 - 5%) (109) 5,518 - weakened 5% (2014 - 5%) 109 (5,518) Euro - strengthened 5% (2014 - 5%) 7,176 12,242 - weakened 5% (2014 - 5%) (7,176) (12,242) Brunei dollar - strengthened 5% (2014 - 5%) 1,690 2,338 - weakened 5% (2014 - 5%) (1,690) (2,338) United Arab Emirates Dirham - strengthened 5% (2014 - 5%) 1,454 1,233 - weakened 5% (2014 - 5%) (1,454) (1,233) Chinese Yuan - strengthened 5% (2014 - 5%) 7,651 - - weakened 5% (2014 - 5%) (7,651) -

22.2 Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no exposure to interest rate risk as at 31 December 2015. The Group’s exposure to interest rate risk arises primarily from obligations under finance leases and bank overdraft. Interest rate is fixed.

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Notes to the financial statements for the financial year ended 31 December 2015 22 Financial risk management objectives and policies (Cont’d) 22.2 Interest rate risk (Cont’d) The following table sets out the carrying amount, by maturity, of the Group’s financial instruments that are exposed to interest rate risk: Within 1 - 5 More than 1 year years 5 years Total The Group $ $ $ $ 2015 Fixed rate Obligations under finance leases (3,121) - - (3,121) Floating rate Bank overdraft (22,532) - - (22,532) 2014 Fixed rate Fixed deposits 577,392 - - 577,392 Obligations under finance leases (18,424) (2,446) - (20,870) Sensitivity analysis of interest rate risk At the end of the reporting period, if interest rate increases/decreases by 1% per annum with all other variables held constant, the Group’s loss net of tax and equity would have decreased/increased as follows: < -------------------------- (Decrease)/Increase ------------------------ > Year ended 31 December 2015 Year ended 31 December 2014 Loss after Loss after taxation Equity taxation Equity The Group US$ US$ US$ US$ Interest rate - decreased by 1% per annum 257 257 (5,565) (5,565) - increased by 1% per annum (257) (257) 5,565 5,565 22.3 Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s and the Group’s exposure to credit risk arises primarily from trade and other receivables and bank deposits. For trade receivables, the Company and the Group adopt the policy of dealing only with customers of appropriate credit history, and obtaining sufficient security where appropriate to mitigate credit risk. Cash is held with reputable financial institutions. For other financial assets, the Company and the Group adopt the policy of dealing only with high credit quality counterparties. The carrying amount of trade and other receivables represents the Group’s maximum exposure to credit risk in relation to its financial assets. No other financial assets carry a significant exposure to credit risk. The Company’s and the Group’s objective is to seek continual growth while minimising losses incurred due to increased credit risk exposure.

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Notes to the financial statements for the financial year ended 31 December 2015 22 Financial risk management objectives and policies (Cont’d) 22.3 Credit risk (Cont’d) Credit risk concentration profile The Group determines concentrations of credit risk by monitoring the services sector profile of its trade receivables on an on-going basis. The credit risk concentration profile of the Group’s trade receivables at the end of the reporting period is as follows: 31 December 31 December 2015 2014 The Group US$ US$ By geographical areas Singapore 840,927 233,629 China 828,093 1,344,311 Indonesia 464,464 603,344 Malaysia 263,633 643,824 United States of America 1,037,379 1,710,517 Other countries 402,021 456,687 3,836,517 4,992,312

The Group’s trade receivables comprise 3 debtors (2014 - 3 debtors) that represent 79% (2014 - 85%) of trade receivables. Wison Offshore & Marine Ltd, PT Oilfield Workforce Indonesia (“Prime”) and Siemens Pte Ltd represent 50% (2014 - 63%), 12% (2014 - 11%) and 17% (2014 - 3%) of trade receivables for the financial year ended 31 December 2015 respectively. 22.4 Liquidity risk Liquidity or funding risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Group manages the liquidity risk by maintaining sufficient cash to enable them to meet their normal operating commitments. The table below analyses the maturity profile of the Company’s and the Group’s financial liabilities based on contractual undiscounted cash flows: Less than Between 2 More than 1 year and 5 years 5 years Total The Company US$ US$ US$ US$ As at 31 December 2015 Trade and other payables 88,584 - - 88,584 As at 31 December 2014 Trade and other payables 2,630,306 - - 2,630,306

Less than Between 2 More than 1 year and 5 years 5 years Total The Group US$ US$ US$ US$ As at 31 December 2015 Trade and other payables 753,918 - - 753,918 Bank overdraft 22,532 - - 22,532 Obligations under finance leases 3,207 - - 3,207 779,657 - - 779,657 As at 31 December 2014 Trade and other payables 1,069,486 - - 1,069,486 Obligations under finance leases 19,717 1,627 - 21,344 1,089,203 1,627 - 1,090,830

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Notes to the financial statements for the financial year ended 31 December 2015 22 Financial risk management objectives and policies (Cont’d) 22.5 Market price risk Price risk is the risk that the value of a financial instrument will fluctuate due to changes in market prices. The Group does not hold any quoted or marketable financial instrument. Hence, there is no exposure to any movement in market prices. 23 Dividends The Company and the Group The directors do not recommend any final dividend in respect of the current financial year ended 31 December 2015. 24 Capital management The Group’s and the Company’s objectives when managing capital are: (a) To safeguard the Group’s and the Company’s ability to continue as a going concern; (b) To support the Group’s and the Company’s stability and growth; (c) To provide capital for the purpose of strengthening the Group’s and the Company’s risk

management capability; and (d) To provide an adequate return to shareholders. The Company and the Group actively and regularly reviews and manages its capital structure to ensure optimal capital structure and shareholder returns, taking into consideration the future capital requirements of the Company and the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. The Company and the Group currently does not adopt any formal dividend policy. The Company and the Group monitor capital on the basis of its equity ratio, which is calculated as being equity as a percentage of total assets. The Company’s and the Group’s equity ratios are as follows: 2015 2014 The Company US$ US$ Total equity 160,384 5,889,890 Total assets 248,968 8,520,196 Equity ratio 64% 69%

2015 2014 The Group US$ US$ Total equity 5,751,681 5,966,928 Total assets 6,589,764 7,434,608 Equity ratio 87% 80%

There were no changes in the Company’s and the Group’s approach to capital management during the financial year ended 31 December 2015. The Company and the Group are not subject to externally imposed capital requirement.

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Notes to the financial statements for the financial year ended 31 December 2015 25 Financial instruments (a) Fair values The carrying amount of the financial assets and financial liabilities with a maturity of less than one year is assumed to approximate their fair values. The Company and the Group do not anticipate that the carrying amounts recorded at the end of the reporting period would be significantly different from the values that would eventually be received or settled. (b) Financial instruments by category The carrying amount of the different categories of financial instrument is as disclosed on the face of the statements of financial position, except for the following: The Company The Group 31 December 31 December 31 December 31 December 2015 2014 2015 2014 US$ US$ US$ US$ Loans and receivables 120,246 6,526,425 6,348,245 7,197,294 Financial liabilities, at amortised cost 88,584 2,630,306 779,571 1,090,356 26 Comparative figures Certain comparative figures have been reclassified to conform with current year’s presentation:

Year ended 31 December 2014 Consolidated statement of profit or loss and other comprehensive income

As reported Reclassifications

As restated

US$ US$ US$

Selling and distribution expenses - 755,607 755,607 Administrative expenses 2,906,376 (1,222,505) 1,683,871 Other operating expenses - 466,898 466,898 2,906,376 - 2,906,376

There is no significant impact on the statement of financial position as at 1 January 2014 and other notes to the financial statements as to the reclassifications made thereon to the financial report. Accordingly, the statement of financial position as at 1 January 2014 is not presented.

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ASX ADDITIONAL INFORMATION The shareholder information set out below was applicable as at 29 February 2016. At this date the Company has 68,000,000 ordinary shares held by 249 shareholders. SUBSTANTIAL SHAREHOLDERS

Oilfield Workforce 35,386,385 RHB Securities Singapore Pte 11,208,000 HSBC Custody Nominees 6,787,000 Lim Yunyi Serena 4,214,615 Citicorp Nominees Pty Limited 3,777,000

TWENTY LARGEST SHAREHOLDERS

Holder Name Balance at 29-02-2016 % Oilfield Workforce 35,386,385 52.039% RHB Securities Singapore Pte 11,208,000 16.482% HSBC Custody Nominees 6,787,000 9.981% Lim Yunyi Serena 4,214,615 6.198% Citicorp Nominees Pty Limited 3,777,000 5.554% Mr Clarence Choo 1,000,000 1.471% Nicolas Sim Heok Hoo 977,000 1.437% HSBC Custody Nominees 625,000 0.919% Mrs Yun Fei Angelina Lim 581,000 0.854% BNP Paribas Noms Pty Ltd 500,000 0.735% Ms Beverley Hung 473,614 0.696% Mok Ngan Nooi 411,308 0.605% Tan Yueling 411,307 0.605% BNP Paribas Noms Pty Ltd 230,000 0.338% Secret Recipe Manufacturing 125,000 0.184% Soh Kinn Yeow 60,000 0.088% Mr John Charles Plummer 50,000 0.074% Mr Colin Robert Harris & 46,000 0.068% Pok Yuan Foo 30,000 0.044% Lai Meng Hong 30,000 0.044%

DISTRIBUTION OF SHAREHOLDINGS

Holding Ranges Holders Total Units % 1 - 1,000 1 1,000 0.001 1,001 - 5,000 198 795,571 1.170 5,001 -10,000 22 154,000 0.226 10,001 - 100,000 13 342,200 0.503 100,001 - 99,999,999,99 15 66,707,229 98.099 TOTAL 249 68,000,000 100.000

The number of shareholders’ holdings less than a marketable parcel is 0.001. VOTING RIGHTS All ordinary shares carry one vote per share. NUMBER OF ORDINGARY SHARES SUBJECT TO ESCROW 0

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OILFIELD WORKFORCE GROUP LIMITED Unique Entity Number (UEN): 201134138G (Incorporated in the Republic of Singapore)

ARBN 160 966 585

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the 4th Annual General Meeting of the members of Oilfield Workforce Group Limited (the “Company”) will be held on Friday, 22 April 2016 at 9 Temasek Boulevard #08-01B Suntec Tower Two Singapore 038989 at 10:00 a.m. to transact the following business:-

AS ORDINARY BUSINESS:

1. To receive the Audited Financial Statements of the Company for the financial year ended 31 December 2015 together with the Directors’ Report and Auditors’ Report thereon

(Resolution 1) 2. To re-elect Mr. Wong Alan Dak Lun as Director pursuant to Article 86 of the

Articles of Association of the Company

(Resolution 2) 3. To re-appoint Messrs Foo Kon Tan LLP as Auditors and to authorise the

Directors to fix their remuneration

(Resolution 3) 4. To transact any other routine business which may properly be transacted at an

Annual General Meeting.

AS SPECIAL BUSINESS:

5. To consider and if thought fit, to pass the following resolutions as Ordinary Resolutions, with or without any modification:

5.1 Directors’ fees To approve the payment of Directors’ Fees of up to S$120,000 for

the current financial year ending 31 December 2016.

(Resolution 4) 5.2 Authority to issue and allot shares “That pursuant to Section 161 of the Companies Act, Cap. 50 (the

“Act”) and with regard to the Listing Rules of the Australian Securities Exchange (ASX), the Directors of the Company be authorised and empowered to:-

(i) issue shares in the capital of the Company (whether by way of rights, bonus or otherwise); and/or

(ii) make or grant offers, agreements or options (collectively, “Instruments”) that might or would require shares to be issued, including but not limited to the creation and issue of (as well as adjustments to) options, warrants, debentures or other instruments convertible or exchangeable into shares; and/or

(iii) (notwithstanding the authority conferred by this Ordinary Resolution may have ceased to be in force) issue shares in

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pursuance of any Instruments made or granted by the Directors of the Company while this Ordinary Resolution was in force,

Provided that:-

(a) the aggregate number of shares to be issued pursuant to the Ordinary Resolution (including shares to be issued in pursuance of the Instruments made or granted pursuant to the Ordinary Resolution and including shares which may be issued pursuant to any adjustment effected under any relevant Instruments) shall not exceed 15% of the current issued capital, being the limit prescribed by the ASX Listing Rules;

(b) in exercising the power to make or grant Instruments (including the making of any adjustment under any relevant Instrument), the Company shall comply with the Listing Rules and Regulations of the ASX for the time being in force (unless such compliance has been waived by the ASX) and the Articles of Association of the Company; and

(c) unless revoked or varied by the Company in General Meeting, such authority shall continue in force until the conclusion of the next Annual General Meeting of the Company following passing of the Ordinary Resolution, or the date by which the next Annual General Meeting of the Company is required by law to be held, whichever is earlier.

(Resolution 5)

BY ORDER OF THE BOARD __________________________ CHOO GIM ANN Director Date: 31 March 2016

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VOTING EXCLUSION

Resolution 4

The Company will disregard any votes cast on Resolution 4 by the Chair, any Director of the Company and their associates.

However, the entity need not disregard a vote if it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.

EXPLANATORY NOTES TO RESOLUTIONS

1. Resolution 1 – Annual Report

The financial statements of Oilfield Workforce Group Limited and its controlled entities for the year ended 31 December 2015 and the reports of the Directors and Auditors are set out in the Audited Accounts as released to the ASX and available on the Company’s website.

2. Resolution 2 – Re-election of Mr Wong Alan Dak Lun as Director

Mr Wong will retire pursuant to Article 86 of the Articles of Association of the Company. Mr Wong is the Independent Director of the Company and has over 35 years’ experience in providing commercial as well as professional advice to clients across a broad range of industries. He is actively participating in the management of various property and investment groups with interests across Australia and Asia, including development of strategies to maximise investment returns, assisting in the raising of private equity and managing operations to achieve strategic goals.

Mr. Wong serves as a director on the boards of a number of companies in Australia and Asia. His roles include executive and nonexecutive directorships. He holds a Bachelor of Commerce degree from the University of NSW and is an FCA at the Institute of Chartered Accountants in Australia.

3. Resolution 3 – Appointment of Auditors

The current Auditors, Foo Kon Tan LLP, Certified Public Accountants will hold office until the conclusion of this Meeting. They have expressed their willingness to accept re-appointment. Shareholders are asked to consider their re-appointment as Auditors and to authorise the Directors to fix their remuneration.

4. Resolution 4 – Directors’ Fees

Item 5 is to seek approval for the payment of Directors’ Fees on a current year basis.

5. Resolution 5 – Authority to issue shares

The proposed ordinary resolution, if passed, will empower the Directors of the Company, from the date of this Meeting until the next Annual General Meeting, or the date by which the next Annual General Meeting is required by law to be held, whichever is earlier, to issue shares and convertible securities in the Company up to a maximum of 15% of the current issued capital in the Company. This authority will, unless revoked or varied at a General Meeting, expire at the next Annual General Meeting of the Company.

For clarity, this resolution is not seeking approval for:

• The issue of securities pursuant to the requirements of ASX Listing Rule 7.1A; nor

• The issue of securities to related parties, pursuant to the requirements of ASX Listing Rule 10.11.

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ADDITIONAL NOTES

1) A member entitled to attend and vote at the Annual General Meeting (the “Meeting”) is entitled to appoint a proxy or proxies (not more than two proxies) to attend and vote on his/her behalf. A proxy need not be a member of the Company.

2) The instrument appointing a proxy or proxies must be under the hand of the appointer or of his/her attorney duly authorised in writing. Where the instrument appointing a proxy or proxies is executed by a corporation, it must be executed either under its seal or under the hand of an officer or attorney duly authorised.

3) To be effective, the instrument appointing a proxy must be deposited at the Registered Office of the Company not less than forty-eight (48) hours before the time appointed for holding the Meeting:

9 Temasek Boulevard #08-01B Suntec Tower Two Singapore 038989

To obtain a copy of CHESS Depositary Nominee’s Financial Services Guide, go to www.asx.com.au/CDIs or phone 1 300 300 279 if you would like one sent to you by mail

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OILFIELD WORKFORCE GROUP LIMITED ARBN 160 966 585

CDI Voting Instruction Form

Annual General Meeting

FOR ALL ENQUIRIES CALL: (within Australia) 1300 737 760 (outside Australia) +61 2 9290

9600

FACSIMILE +61 2 9290 9655

ALL CORRESPONDENCE TO: Oilfield Workforce Group Limited

9 Temasek Boulevard #08-01B Suntec Tower Two

Singapore 038989

For your vote to be effective it must be received by 10:00 a.m. on 22 April 2016

STEP 1 – CHESS Depositary Nominees will vote as directed

I/We ___________________________________________________________________________________________

of ___________________________________________________________________________________________ being a holder of CHESS Depositary Interests of the above Company hereby direct CHESS Depositary Nominees Pty Ltd to vote the shares underlying my/our holding at the Annual General Meeting of Oilfield Workforce Group Limited to be held at 10:00 a.m. on 22 April 2016 and at any adjournment of that meeting.

By execution of this CDI Voting Form the undersigned hereby authorises CHESS Depositary Nominees Pty Ltd to appoint such proxies or their substitutes to vote in their discretion on such business as may properly come before the meeting. Where no direction is given and the Chairman votes as proxy, you acknowledge that the Chairman will vote in favour of the proposed resolutions.

STEP 2 - Items of Business For Against Abstain*

Resolution 1 –

Adoption of the Directors’ Report and the Audited financial statements of the Company

¨ ¨ ¨ Resolution 2 –

Re-election of Mr Wong Alan Dak Lun as Director ¨ ¨ ¨ Resolution 3 –

Re-appointment of Foo Kon Tan LLP as Auditors of the Company ¨ ¨ ¨

Resolution 4 –

Approval of Directors’ Fees for the financial year ending 31 December 2016

¨ ¨ ¨ Resolution 5 Authority to issue and allot Shares ¨ ¨ ¨

*If you mark the Abstain box for a particular item, you are directing your proxy not to vote on your behalf on a show of hands or on a poll and your votes will not be counted in computing the required majority on a poll.

STEP 3 - PLEASE SIGN HERE This section must be signed in accordance with the instructions overleaf to enable your directions to be implemented.

Individual or Securityholder 1 Securityholder 2 Securityholder 3

Sole Director and Sole Company Secretary Director Director/Company Secretary

Contact Name ……………………………….…............Contact Daytime Telephone ……………………………Date / / 2016

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CDI Voting Instruction Form

Oilfield Workforce Group Limited - Annual General Meeting How to vote on Items of Business You can vote by completing, signing and returning your CDI Voting Instruction Form. This form gives your voting instructions to CHESS Depositary Nominees Pty Ltd, which will vote the underlying shares on your behalf. You need to return the form no later than the time and date shown above to give CHESS Depositary Nominees Pty Ltd enough time to tabulate all CHESS Depositary Interest votes and to vote on the underlying shares.

Signing Instructions Individual: Where the holding is in one name, the security holder must sign.

Joint Holding: Where the holding is in more than one name, all of the security holders should sign.

Power of Attorney: If you have not already lodged the Power of Attorney with the Australian registry, please attach a certified photocopy of the Power of Attorney to this form when you return it.

Companies: Only duly authorised officer/s can sign on behalf of a company. Please sign in the boxes provided, which state the office held by the signatory. i.e. Sole Director, Sole Company Secretary or Director and Company Secretary.

Lodgement This form (and any Power of Attorney under which it is signed) must be received no later than 10:00 a.m. on Monday, 22 April 2016. Any form received after that time will not be valid for the scheduled meeting. Forms may be lodged: * By Mail 9 Temasek Boulevard #08-01B Suntec Tower Two Singapore 038989

!In Person 9 Temasek Boulevard #08-01B Suntec Tower Two Singapore 038989 Attending the Meeting If you wish to attend the meeting, please bring this form with you to assist registration.

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