Mermaid Newbuild DP2 Dive Support Vessel 'Mermaid Asiana' Awarded Offshore Installation Job With CUEL In The Gulf Of Thailand

Mermaid Maritime Public Company Limited ("Mermaid") is pleased to announce that its wholly owned subsidiary Mermaid Offshore Services Ltd. ("MOS"), a leading provider of sub-sea engineering services to the offshore oil and gas industry, has been awarded a contract with CUEL Limited ("CUEL"), one of the region's major Engineering, Procurement, Construction, Installation & Commissioning contractors, to provide saturation and air diving services supported by remotely operated vehicle ("ROV") intervention, all utilizing the newbuild DP2 Dive Support Vessel ("DSV") 'Mermaid Asiana' for CUEL's clients in the Gulf of Thailand. This contract, potentially worth an initial US$10 million, is part of the ongoing support Mermaid provides to CUEL in the Gulf of Thailand for CUEL's various clients since 2006.

The contract is scheduled to commence during the third (3rd) calendar quarter of 2009 following delivery of the DP2 DSV 'Mermaid Asiana', currently under construction at ASL Marine Ltd.'s shipyard in Singapore. The work was initially assigned to the DP2 DSV 'Mermaid Commander' and Mermaid is pleased that its newest vessel will now be utilized on this high profile project.

Financial Effects

Assuming that the delivery of the 'Mermaid Asiana' and the contract had commenced and had been completed within the most recent financial year (Mermaid's last financial year ended 30 September 2008), the performance of the contract would have had a material effect on the earnings per share of Mermaid for that financial year but the performance of the contract would not have had an effect on the net tangible assets per share of Mermaid for that financial year since the contract would have had been performed utilizing this chartered vessel and other Mermaid owned assets.

Interest of Directors and Controlling Shareholders

None of the directors or controlling shareholders of Mermaid has any interest, direct or indirect, in the contract. There are also no new directors proposed to be appointed to Mermaid in connection with the contract.

Please be informed accordingly.

Vincent Siaw
Company Secretary
09 June 2009

Macquarie Securities (Singapore) Pte Limited was the Sole Global Coordinator, Bookrunner and Underwriter for, and Macquarie Securities (Asia) Pte Limited was the Issue Manager for, the initial public offering of Mermaid. This announcement has been prepared and released by Mermaid. For more information about Mermaid, please visit www.mermaid-maritime.com