Announcement Of Cessation As General Manager, Mermaid Drilling Ltd.
23 March 2012
| Resignation Details | |
| Name Of Person | Mr. James McGhee Nicol |
| Age | 52 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 13/04/2012 |
| Detailed Reason(s) for Cessation | Resignation to persue personal 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 | The Company has re-appointed Mr. Stephen Gregor Lenz as Executive Director of Mermaid Drilling Ltd. Mr. Nicol's responsibilities will be assumed by Mr. Lenz upon his return. In the interim, all functions within Mermaid Drilling Ltd. shall report to the Company's Chief Executive Officer, Mr. Bruce Muir Gemmell. |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please elaborate | Mr. Nicol has been the General Manager of Mermaid Drilling Ltd. since 1 November 2010. 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 | 01/11/2010 |
| Job Title | General Manager |
| Role and Responsibilities | To manage and oversee the day-to-day operations of the offshore tender rig drilling and accommodation barge business of the Company including providing leadership and direction to ensure that the activities and focus of the operations teams offshore and onshore are effectively managed and co-ordinated. |
| 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 | Eight (8) inclusive of 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) | Kencana Mermaid Drilling Sdn. Bhd. |
| 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. As part of his cessation, Mr. Nicol will also resign from his directorship of these Mermaid companies. |