MERMAID SECURES CONTRACT FOR ROV SUPPORT SERVICES WITH PTTEP IN THE GULF OF THAILAND

28 February 2010

PTTEP contract for ROV support services valued at approximately USD 3 million is the first major work assignment for Mermaid’s newbuild DP2 ROV Support Vessel “Mermaid Sapphire”.

Mermaid Maritime Public Company Limited (“Company”) is pleased to announce that its wholly owned subsidiary Mermaid Offshore Services Ltd. (“MOS”), one of the region’s leading provider of sub-sea engineering services to the offshore oil and gas industry, has secured a contract with PTT Exploration and Production Public Company Limited (“PTTEP”) to provide remotely operated vehicle (“ROV”) support services utilizing the newbuild DP2 ROV Support Vessel M.V. “Mermaid Sapphire” to PTTEP’s offshore facilities and offshore fields in the Gulf of Thailand (“Contract”). The Contract is the first major work assignment for this newbuild vessel and is scheduled to commence in the third financial quarter of 2010. The Contract has an estimated duration of sixty (60) days and a potential value of approximately USD 3 million.

Financial Effects
Assuming that the Contract had commenced and had been completed within the most recent financial year (the Company’s last financial year ended 30 September 2009), the performance of the Contract would have increased the earnings per share of the Company for that financial year but would not have had an effect on the net tangible assets per share of the Company for that financial year.

Interest of Directors and Controlling Shareholders
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the Contract. There are also no new directors proposed to be appointed to the Company in connection with the Contract.

Mermaid Maritime Public Company Limited