Update Result Of Annual General Meeting No. 01/2012

Mermaid Maritime Public Company Limited ("Company") refers its previous announcement on 26 January 2012 regarding the results of the Annual General Meeting of Shareholders No. 01/2012. Pursuant to the regulations of the Securities and Exchange Commission Thailand, the Company's Employee Share Option Plan for 2012 ("ESOP 2012") requires approval from the shareholders of Thoresen Thai Agencies Public Company Limited ("TTA"), Mermaid's majority shareholder. At TTA's Annual General Meeting of Shareholders on 31 January 2012, approval was not given, and consequently the ESOP 2012 programme will not be implemented. Prior ESOP programmes in effect are not affected by this outcome.

The Company is committed to recognizing and awarding the contributions and continued dedication of its executives and employees and believes a long term incentive programme is significant to advance its best interests. The Company recognizes that its employees and executives need to be properly incentivized for their contributions to the Company and will explore alternative long term incentive programme(s) for its employees and executives, based on the performance of the Company.

Please be informed accordingly.

Mark D'Alelio
General Counsel
1 February 2012