Ref: No. COR:MS/EL13003e/ms
29 January 2013
Subject: Mermaid wins COOEC subsea services contract in China
To: The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Public Company Limited ("TTA") would like to confirm that Mermaid Offshore Services Ltd. ("MOS"), a 99.99% owned subsidiary of Mermaid Maritime Public Company Limited ("Mermaid"), has won a key deal with a potential value of up to USD 40 million with China Offshore Oil Engineering Co. Ltd. ("COOEC").
The subsea services contract will utilise MOS's specialised DP2 dive support vessel, M.V. Mermaid Endurer, along with a complement of additional equipment and personnel. M.V. Mermaid Endurer has been outfitted with the latest technological and cutting edge safety enhancements, positioning it as one of the top vessels in its class.
The contract with COOEC is scheduled to commence in March 2013 for approximately six months. Contract revenues are expected to be USD 30 million but a 60 day extension option, if exercised, would increase total potential revenues up to USD 40 million.
This announcement follows a number of significant deals for Mermaid over the last few months. In October 2012, two Mermaid joint ventures, 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 drilling contract. Meanwhile in November 2012, a Mermaid subsidiary, Subtech Qatar Diving and Marine Services LLC announced a USD 25 million contract with a leading international upstream oil and gas operator in Qatar.

Information about M.V. Mermaid Endurer

M.V. Mermaid Endurer was built in 2010 and is a purpose-built DP2 dive support and light construction vessel.

Information about MOS, ZMOS, Subtech, and AOD

MOS is a company incorporated in Thailand and is a leading provider of sub-sea engineering services to the offshore oil and gas industry. MOS provides sub-sea inspection, repair and maintenance services, light construction services, and emergency repair and call out services. MOS's existing fleet consists of nine (9) sub-sea support vessels (including one chartered-in vessel), three of which are specialized dive support vessels, and 12 ROV systems, including deepwater and ultra-deepwater heavy construction class systems.
Cont. 2.../
Thoresen Thai Agencies Plc.
Page 2 Ref. No. COR:MS/EL13003e/ms

Zamil Mermaid Offshore Services Company LLC ("ZMOS") is company incorporated in Saudi Arabia and an associate company between Mermaid and Zamil Offshore Services Company LLC. Mermaid owns a 40% stake in ZMOS.
Asia Offshore Drilling Limited ("AOD") is a company incorporated in Bermuda and an associate company between Mermaid and Seadrill Ltd. Mermaid owns a 33.75% stake in AOD.
Subtech Qatar Diving and Marine Services LLC ("Subtech") is a company incorporated in Qatar which MOS has a 97% rights on profits.
Yours faithfully,

Thoresen Thai Agencies Public Company Limited


M.L. Chandchutha Chandratat Ms. Thitima Rungkwansiriroj
President & Chief Executive Officer Executive Vice President
Corporate Finance and Accounting

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