Announcement Of Cessation As Executive Director, Mermaid Drilling Ltd.
31 August 2011
| Resignation Details | |
| Name Of Person | Mr. Stephen Gregor Lenz |
| Age | 57 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 31/08/2011 |
| Detailed Reason(s) for Cessation | Mr. Lenz has decided to step down from his position following structural changes in the Company's investment and operations management of its associate, Asia Offshore Drilling Limited. |
| 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? | Yes |
| If yes, please elaborate | Mr. James McGhee Nicol, General Manager for Mermaid Drilling Ltd., shall take over Mr. Lenz's responsibilities within Mermaid Drilling Ltd. |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please elaborate | Mr. Lenz has been an Executive Director of Mermaid Drilling Ltd. since 13 August 2008. Throughout this time, he led and maintained sound operating standards for the Company's tender rigs. The Company would like to thank him for his contributions and insights and wish him well. |
| Date of Appointment to current position | 13/08/2008 |
| Job Title | Executive Director, Mermaid Drilling Ltd. |
| Role and Responsibilities | Responsible to manage and provide leadership for the offshore drilling business of the Company. |
| 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 | Nine (9) inclusive of this announcement. |
| Shareholding in the listed issuer and its subsidiaries | 7,500 shares. |
| 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) | Kencana Mermaid Drilling Sdn. Bhd. Mermaid Kencana Rig 1 Pte. Ltd. Mermaid Kencana Rigs (Labuan) Pte. Ltd. Asia Offshore Drilling Limited |
| Present Directorship | Mermaid Drilling Limited MTR-1 Limited MTR-2 Limited Mermaid Driling (Malaysia) Sdn. Bhd. Mermaid Drilling (Singapore) Pte. Ltd. MTR-1 (Singapore) Pte. Ltd. MTR-2 (Singapore) Pte. Ltd. MTR-3 (Singapore) Pte. Ltd. Asia Offshore Rig 1 Limited Asia Offshore Rig 2 Limited Asia Offshore Rig 3 Limited Asia Offshore Drilling Pte. Ltd. Upon his cessation, Mr. Lenz will resign from his directorship of these companies. |