Announcement Of Cessation As Chief Executive Officer
16 August 2012
| Resignation Details | |
| Name Of Person | Mr. Bruce Muir Gemmell |
| Age | 51 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 16/08/2012 |
| Detailed Reason(s) for Cessation | Due to differences in expectations on the role of a Chief Executive Officer ("CEO") at this stage of growth of the Company. |
| Is there any difference of opinion on material matters between the person and the Board of directors? | No |
| If yes, please elaborate | NA |
| Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? | No |
| If yes, please elaborate | NA |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please elaborate | The Company would like to thank Mr. Gemmell for his contributions as CEO and wish him success in his future endeavors. |
| Date of Appointment to current position | 16/01/2012 |
| Job Title | Chief Executive Officer |
| Role and Responsibilities | The CEO is responsible for carrying out the strategies and policies as established by the Board and for the overall management, development and financial performance of the Company and its subsidiaries. |
| Does the AC have a minimum of 3 members (taking into account this resignation)? | Yes |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 2 |
| Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months | Twelve (12) inclusive with this announcement. |
| Shareholding in the listed issuer and its subsidiaries | None. |
| Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries | None. |
| Other Directorship | |
| Past Directorship (for the last five years) | CSOTL Offshore Ltd. |
| Present Directorship | Mermaid Offshore Services Ltd. Mermaid Training and Technical Services Ltd. Seascape Surveys (Thailand) Ltd. Subtech Limited (Seychelles) Subtech Qatar Diving & Marine Services LLC Subtech Saudi Arabia Limited Mermaid Offshore Services Pte. Ltd. Mermaid Offshore Services Pty. Ltd. Nemo Subsea AS Nemo Subsea IS Mermaid Drilling (Singapore) Pte. Ltd. MTR-1 (Singapore) Pte. Ltd. MTR-2 (Singapore) Pte. Ltd. MTR-3 (Singapore) Pte. Ltd. As part of his role as CEO, Mr. Gemmell was appointed onto the board of these subsidiaries of the Company. Following his cessation as CEO, Mr. Gemmell has tendered his resignation from the board of these subsidiaries of the Company. |
| Other Notes | |
| Footnotes | The Executive Committee has appointed Mr. Chalermchai Mahagitsiri, who is the Company's Executive Vice Chairman, as interim CEO of the Company. The appointment is supported by the Nomination Committee. The Company has also commenced the search for a new CEO and will make an announcement when a new appointment is made. |