The board of directors of Courage Marine Group Limited hereby announced that Mr. Lai Ming Wai resigned as an executive director and the chief executive officer of the company with effect from 31 March 2017 due to his other personal engagements which require more of his dedications. However, Mr. Lai will remain as a director of various subsidiaries of the company to ensure a smooth transition of his duties. Subsequent to Mr. Lai's resignation, his day-to-day management responsibilities as an executive director and the chief executive officer of the company will be temporarily taken up by other executive directors of the company until a suitable candidate is appointed to fill the vacancy.