Announcement Of Cessation As Chief Executive Officer
21 September 2011
| Resignation Details | |
| Name Of Person | Mr. Denis William Welch |
| Age | 62 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 30/09/2011 |
| Detailed Reason(s) for Cessation | To pursue another senior executive opportunity on a regional level based in Singapore. |
| 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? | No |
| If yes, please elaborate | NA |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please elaborate | During his tenure as Chief Executive Officer ("CEO") of Mermaid Maritime Public Company Limited ("Mermaid" or the "Company"), Mr. Welch undertook a strategic review of Mermaid's two businesses and executed a number of significant changes. Mermaid's subsea engineering services division, Mermaid Offshore Services Ltd. ("MOS"), has devised a turnaround plan centered around reduced operating costs, business process improvements, and the opening of a new commercial office in Singapore to be closer to international customers. New appointments with considerable industry experience have been made to the MOS management team, and they will take leading roles in executing and delivering this future plan. Mermaid's tender rig drilling division, Mermaid Drilling Ltd. ("MDL"), has streamlined its overall cost structure for the operations of its existing two tender rigs after the decision by Mermaid to invite Seadrill Limited ("Seadrill") as Mermaid's equal partner in Asia Offshore Drilling Limited ("AOD"), with Seadrill leading the operations and commercial and technical management of the AOD rigs, thus increasing AOD's competitive advantage and marketability. Mr. Welch also acted as interim CEO of AOD and participated in the second round of fund raising for this company. Oslo Axess-listed AOD is Mermaid's new business venture that achieved first mover advantage in the now apparent newbuild jack-up construction boom by ordering three high-specification Mod V - B Class jack-up rigs from Keppel FELS Limited in Singapore. The Board of Directors of Mermaid thanks Mr. Welch for his leadership in setting the future direction of Mermaid. |
| Date of Appointment to current position | 15/02/2011 |
| Job Title | Chief Executive Officer |
| Role and Responsibilities | Responsible for carrying out the strategies and policies as established by the Board and for the overall management, development and financial performance of the Company and its subsidiaries. |
| 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 | Ten (10) 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) | Singapore Companies: One World Maritime Pte. Ltd. Drydocks World - Southeast Asia Pte. Ltd. Labroy Marine Pte. Ltd. Labroy Shipping Pte. Ltd. Elastrade (Pte) Ltd. Intone Pte. Ltd. Yukon Marine Pte. Ltd. Labroy Ship Services Pte. Ltd. Grandsand Construction Pte. Ltd. Dinar Venture Pte. Ltd. Labroy Bulk Carriers Pte. Ltd. Labroy Shipbuilding And Engineering Pte. Ltd. Hylynx Pte. Ltd. Crown Shipping Pte. Ltd. Labroy Offshore Engineering Pte. Ltd. Heng Huat Shipbuilding & Construction Pte. Ltd. Tellus Engineering Construction Pte. Ltd. Well Commercial Pte. Ltd. Drydocks World - Singapore Pte. Ltd. Pan-United Venture Pte. Ltd. Advantec Shipping Pte. Ltd. MTS Marinetech Pte. Ltd. Tellus Marine Engineering Pte. Ltd. Heng Huat Machinery & Engineering Pte. Ltd. Tellus Offshore Industries Pte. Ltd. Tellus Shipbuilding And Repair Services Pte. Ltd. Tellus Oceanic Pro Pte. Ltd. Fa Lodge Property Management Pte. Ltd. Fame Engineering Pte. Ltd. Datum Pointt Holdings Pte. Ltd. Datum Pointt Pte. Ltd. Kleans Corporation Pte. Ltd. Kmech Corporation Pte. Ltd. Indonesia Companies: PT. Nanindah Mutiara Shipyard PT. Graha Trisaka Industri PT. Segara Gloria Anugrah Marine PT. Drydocks World Pertama Mauritius Company: Labroy Offshore Ltd. |
| Present Directorship | Mermaid Drilling Ltd. MTR-1 Ltd. MTR-2 Ltd. Mermaid Offshore Services Ltd. Mermaid Training and Technical Services Ltd. Seascape Surveys (Thailand) Ltd. Mermaid Drilling (Malaysia) Sdn. Bhd. Mermaid Drilling (Singapore) Pte. Ltd. MTR-1 (Singapore) Pte. Ltd. MTR-2 (Singapore) Pte. Ltd. MTR-3 (Singapore) Pte. Ltd. Seascape Surveys Pte. Ltd. Mermaid Offshore Services Pte. Ltd. Nemo Subsea AS Nemo Subsea IS Subtech Limited (Seychelles) Mermaid Offshore Services Pty. Ltd. Upon his cessation, Mr. Welch will resign from his directorship of these companies. |
| Other Notes | |
| Footnotes | Following the resignation of the CEO, both the MOS and MDL business divisions of the Company will report to the Executive Chairman. To comply with good corporate governance, the Board of Directors shall consider the appointment of a Lead Independent Director during such time as this reporting protocol remains. The Company will make another announcement when the appointment of a Lead Independent Director is made. |