MOS, Subtech Win Subsea Contracts in Gulf of Thailand, Sakhalin and Qatar

Mermaid Maritime Public Company Limited (“Mermaid”) announced that its business units Mermaid Offshore Services Limited (“MOS”) and Subtech Qatar Diving and Marine Services LLC (“Subtech”) have been awarded a series of contracts from existing clients for the provision of subsea services to support offshore oil and gas fields in the Gulf of Thailand, Sakhalin and Qatar.

The combined value of these contract awards is approximately USD 30 million. Details are as follows:

Mermaid’s DP2 dive support vessel (“DSV”) ‘Mermaid Commander’ has been contracted to provide a complete service package comprising dive crew, construction management and all necessary support services, manpower and equipment to complete various work scopes to be performed at various locations within the Gulf of Thailand. The contract is scheduled to commence in May 2013 for approximately 100 days.

Mermaid’s DP2 remotely operated vehicle (“ROV”) support vessel ‘Mermaid Sapphire’ has been contracted to provide turnkey diving and ROV services in the Gulf of Thailand equipped with diving gear for air diving intervention, qualified divers, diving supervisors, ROVs and qualified ROV personnel. The contract is schedule to commence in February 2013 for approximately 45 days. The ‘Mermaid Sapphire’ has also been contracted to provide an ROV inspection spread in Sakhalin, Russia, utilizing ROVs and qualified ROV personnel, inspection co-ordinators and engineers. The contract is scheduled to commence in May 2013 for approximately 45 days.

Mermaid’s DP2 construction barge ‘Mermaid Siam’ has been contracted to provide accommodation services for over 100 offshore personnel inclusive of ancillary services to support offshore construction works in Qatar. The contract is scheduled to commence in May 2013 for a period of five months with a three month extension option.

“These multiple wins across various regions are notable as they reflect our ongoing efforts to support our clients wherever they may operate and also the confidence and satisfaction that our clients have in our quality services”, said Chalermchai Mahagitsiri, Chief Executive Officer of Mermaid.

“We thank our valued clients for once again expressing their confidence in Mermaid in the form of these awards. Our growth remains within our core areas of historical focus and we are proud to continue to offer the same level of quality of services that has accounted for our success to date”, said Paul Whiley, Executive Director of Mermaid’s Subsea Group.

This announcement follows a number of significant deals for Mermaid over the last few months. In October 2012, two Mermaid associated companies, namely Zamil Mermaid Offshore Services Company LLC and Asia Offshore Drilling Limited, concluded deals with Saudi Arabian Oil Company (“Saudi Aramco”), the largest oil and gas company in the world, namely a USD 530 million inspection, repair, and maintenance (“IRM”) contract and a USD 235.5 million jack-up drilling services contract. Meanwhile in November 2012, Subtech announced a USD 25 million contract with Total, a leading international upstream oil and gas company, utilizing the ‘Mermaid Siam’ in Qatar and last week MOS announced a USD 30 million subsea construction services contract award from China Offshore Oil Engineering Co. Ltd. (“COOEC”) utilizing its DP2 DSV ‘Mermaid Endurer’ in China.

None of the directors or controlling shareholders of Mermaid have any interest, direct or indirect, in the said contracts. There are also no new directors proposed to be appointed to Mermaid in connection with the said contracts.

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Press Release, January 29, 2013