Mermaid’s Seascape Bags IRM Contract in Indonesia

Mermaid Maritime Public Company Limited (“Mermaid” or “Company”) announces that its subsidiary PT Seascape Surveys Indonesia (“Seascape”) has been awarded an initial of two (2) years contract, with a one (1) year option, to provide offshore Inspection, Repair and Maintenance (“IRM”) services to a major Indonesian based upstream oil and gas operator.

The estimated contract value for the initial term is USD 55 million and will utilise the Indonesian flagged DP2 vessel, M.V. ‘Endeavour’, which is on long-term charter to Seascape. Seascape will be directly providing full service air diving and remotely operated vehicle (“ROV”) spreads for this IRM campaign through in-house resources and is the first major diving contract Seascape has undertaken to date.

“This marks another important step in the development of Seascape, as we further expand our service offerings into diving services based on the demand for our services from the Indonesian market”, said Mr. Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.

“For Seascape, this is our first diving contract, which will be performed directly by Seascape through in-house resources. We believe this a tremendous accomplishment for Seascape and appreciate the trust that our client has in Seascape to undertake this project”, added Mr. Peter Reichlmeier, Managing Director of Seascape.

Press Release, September 16, 2013