Mermaid Extends Subsea Services To South America

Mermaid Maritime Public Company Limited ("Mermaid") is pleased to announce that its wholly owned subsidiary Mermaid Offshore Services Ltd. ("MOS"), a leading provider of sub-sea engineering services to the offshore oil and gas industry, is presently providing offshore installation services in Brazil for Petrobras through a contract with Global Industries Brazil potentially worth US$14-18 million. The work involves saturation and air diving services supported by remotely operated vehicle ("ROV") intervention, all utilizing the DP2 Dive Support Vessel "Mermaid Commander".

Financial Effects

Assuming that the contract had commenced and had been completed within the most recent financial year (Mermaid's last financial year ended 30 September 2008), the performance of the contract would have had a material effect on the earnings per share of Mermaid for that financial year but the performance of the contract would not have had an effect on the net tangible assets per share of Mermaid for that financial year since the contract would have had been performed utilizing existing Mermaid assets.

Interest of Directors and Controlling Shareholders

None of the directors or controlling shareholders of Mermaid has any interest, direct or indirect, in the contract. There are also no new directors proposed to be appointed to Mermaid in connection with the contract.

Please be informed accordingly.

Vincent Siaw
Company Secretary
09 June 2009

Macquarie Securities (Singapore) Pte Limited was the Sole Global Coordinator, Bookrunner and Underwriter for, and Macquarie Securities (Asia) Pte Limited was the Issue Manager for, the initial public offering of Mermaid. This announcement has been prepared and released by Mermaid. For more information about Mermaid, please visit www.mermaid-maritime.com