Announcement Of Cessation As Chief Financial Officer
22 March 2011
| Resignation Details | |
| Name Of Person | Mr. Sataporn Amornvorapak |
| Age | 38 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 07/06/2011 |
| Detailed Reason(s) for Cessation | Mr. Amornvorapak has tendered his resignation to persue personal and other professional interests. |
| 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. Amornvorapak has served as the Company's Chief Financial Officer since 01 September 2008. He has performed a key supporting role in contributing to the growth of the Company. The Company would like to thank Mr. Amornvorapak for his contribution over the past few years and wish him all the success in his future endeavours. |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please elaborate | The Nomination Committee of the Board has already commenced the search and selection process for a replacement Chief Financial Officer. The Company will make another announcement once a new Chief Financial Officer is appointed. |
| Date of Appointment to current position | 01/09/2008 |
| Job Title | Chief Financial Officer |
| Role and Responsibilities | Overall finance, banking and accounting functions of the Group. |
| 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) | 3 |
| Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months | Six (6) inclusive of this announcement. |
| Shareholding in the listed issuer and its subsidiaries | Mr. Amornvorapak's direct shareholding interest is as registered owner of 76,000 ordinary shares in the Company. |
| 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) | None. |
| Present Directorship | Mr. Amornvorapak is also a director of the following subsidiaries of the Company: - Mermaid Drilling Ltd. - MTR-1 Ltd. - MTR-2 Ltd. - Mermaid Drilling (Singapore) Pte. Ltd. - MTR-1 (Singapore) Pte. Ltd. - MTR-2 (Singapore) Pte. Ltd. - Mermaid Offshore Services Ltd. - Mermaid Training and Technical Services Ltd. - Seascape Surveys (Thailand) Ltd. - Nemo Subsea AS - Nemo Subsea IS - Subtech Ltd. (Seychelles) - Mermaid Offshore Services Pty. Ltd. On or before his cessation, Mr. Amornvorapak will resign from his directorship of these companies. |