Mermaid Awarded Conoco Phillips Indonesia's 2009 Inspection, Repair And Maintenance Contract

Latest project valued at approximately US$7.85 million was secured by Mermaid's subsidiary Seascape Surveys.

Mermaid Maritime Public Company Limited ("Company") wishes to announce that its subsidiary PT Seascape Surveys Indonesia ("Seascape Surveys") has been awarded the 2009 Inspection, Repair and Maintenance (IRM) contract by Conoco Phillips Indonesia. The project, which will commence in early June 2009, will utilize Mermaid Offshore Services Ltd.'s ("MOS") chartered DP2 vessel M.V. 'Binh Minh', and MOS' remotely operated vehicle (ROV) systems. Seascape Surveys will be providing survey, positioning and reporting on the project which has a total value of approximately USD 7.85 million and is scheduled to run for approximately four (4) months.

The Seascape Surveys group provides hydrographic survey and positioning services to the offshore oil and gas industry. Prior to MOS' acquisition of 80% of this group in 2008, they were MOS' largest subcontractor. MOS is a wholly owed subsidiary of the Company. The acquisition allowed the implementation of the Company's strategy to provide a range of high quality sub-sea engineering services "in-house".

Additional Disclosures Pursuant to SGX Requirements:

Financial Effects

Assuming that the contract had commenced and had been completed within the most recent financial year (the Company'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 the Company for that financial year and the performance of the contract would not have had an effect on the net tangible assets per share of the Company for that financial year.

Interest of Directors and Controlling Shareholders

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

Please be informed accordingly.

Vincent Siaw
Company Secretary
03 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 the Company. This announcement has been prepared and released by the Company.

For more information on Mermaid, please see: www.mermaid-maritime.com