Announcement Of Cessation As Managing Director
09 June 2010
| Resignation Details | |
| Name Of Person | Mr. David Stewart Simpson |
| Age | 50 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 25/07/2010 |
| Detailed Reason(s) for Cessation | Mr. Simpson has tendered his resignation to pursue personal and other professional 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 | Mr. Simpson has served as the Company's Managing Director for the past four (4) years, having performed a key role in implementing strategies contributing to the growth of the Company. The Board of the Company would like to thank Mr. Simpson for his contributions to the Company over his tenure as Managing Director and wishes him all the success in his future endeavours. |
| Any other relevant information to be provided to shareholders of the listed issuer? | Yes |
| If yes, please elaborate | The Nomination Committee of the Board has already commenced the search and selection process for a replacement Managing Director. On Mr. Simpson's departure, if a suitable replacement has not yet been appointed, an Executive Committee comprising M.L. Chandchutha Chandratat (Executive Chairman), Mr. Tom Springall (Non-Executive Director) and Mr. John Crane (the Company's former Chief Financial Officer and Head of Business Development of Thorsen Thai Agencies Public Company Limited, the Company's controlling shareholder) will oversee and report to the Board on matters related to Company business in the interim. In such a case, Mr. Steve Lenz (Head of Drilling) and Mr. Mark Shepherd (Head of Sub-Sea Services) will continue with their day-to-day operational responsibilities and report to the Executive Committee. The Company will make another announcement once a new Managing Director is appointed. |
| Date of Appointment to current position | 01/06/2006 |
| Job Title | Managing Director |
| Role and Responsibilities | Responsible for carrying out the strategies and policies as established by the Board and the overall management of the Company and its subsidiaires. |
| 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 | 1 (The Company has not made any previous announcements on cessation of appointments in the past 12 months) |
| Shareholding in the listed issuer and its subsidiaries | Mr. Simpson's direct shareholding interest is as registered owner of 176,900 ordinary shares in the Company. He has no indirect shareholdings in the Company. |
| 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) | Managing Director, Africa Oilfield Services Ltd. (2002-2006) |
| Present Directorship | Mr. Simpson is also a director of the following subsidiaires of the Company: - Mermaid Drilling Ltd. - MTR-1 Ltd. - MTR-2 Ltd. - Mermaid Drilling (Malaysia) Sdn. Bhd. - Mermaid Drilling (Singapore) Pte. Ltd. - MTR-1 (Singapore) Pte. Ltd. - MTR-2 (Singapore) Pte. Ltd. - Mermaid Kencana Rig 1 Pte. Ltd. - Mermaid Kencana Rig 2 Pte. Ltd. - Mermaid Kencana Rigs (Labuan) Pte. Ltd. - Mermaid Offshore Services Ltd. - Mermaid Training and Technical Services Ltd. Upon his cessation, Mr. Simpson will resign from his directorship of these subsidiaries. |