Announcement Of Cessation As Executive Director, Mermaid Offshore Services Ltd.
08 April 2011
| Resignation Details | |
| Name Of Person | Mr. Stephen William Davey |
| Age | 63 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 01/05/2011 |
| Detailed Reason(s) for Cessation | Personal/family related reasons. |
| 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. Davey was appointed as an Executive Director of Mermaid Offshore Services Ltd. ("MOS") on 16 September 2010. During his time at MOS, Mr. Davey completed a business reorganization and identified a number of key performance improvement areas that are currently being undertaken. Furthermore, Mr. Davey, contributed to increasing order backlog, based on letters of intent, by more than ten (10) times during the past six (6) months. Mr. Davey leaves MOS in a stronger position to recover from what has been extremely difficult market conditions with fleet utilization trending towards target levels. The Company would like to thank Mr. Davey for his contributions and wish him all the success in his future endeavors. |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| If yes, please elaborate | NA |
| Date of Appointment to current position | 16/09/2010 |
| Job Title | Executive Director, Mermaid Offshore Services Ltd. |
| Role and Responsibilities | Responsible to manage and provide leadership for the subsea engineering services business of the Company. |
| 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) | Two (2). |
| Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months | Seven (7) 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) | CTC Marine Projects Ltd. |
| Present Directorship | None. |