Mermaid Maritime Raises Baht 1,073 Million New Equity Through A Rights Issue To Existing Shareholders

12 April 2005
The Board of Directors would like to announce that Mermaid Maritime Ltd. (“Mermaid”) has increased the Company's capital by issuing 17,888,335 new ordinary shares to existing shareholders which includes Thailand Equity Fund and Thoresen Thai Agencies Plc. Thailand Equity Fund subscribed to 4,078,801 shares for a total investment of approximately Baht 245 million and holds 21.3% of the Company after the capital increase. Thoresen Thai Agencies Plc subscribed to fully maintain its 50% shareholding in Mermaid.

In addition to the above, UOB Venture Management Private Limited (UOBVM) has acquired 4,166,666 existing shares through the Asean China Investment Fund to secure a 10.87% interest in the Company after the capital increase. UOBVM is a wholly owned subsidiary of United Overseas Bank Limited, one of Asia's leading international banking and financial groups. UOBVM manages a family of venture capital funds, providing financing to unlisted companies through direct equity investment. Its venture capital and direct investment activities cover the Asean and China region as well as the United States of America. UOBVM is the investment advisor to Asean China Investment Fund L.P. that makes privately negotiated equity and equity-related investments in the Asean China growth corridor. The current sponsors include Asian Development Bank, the China Development Bank, the State Secretariat of Economic Affairs of Switzerland, and the United Overseas Bank Group, the Japan Asia Investment Co., Ltd. (JAIC), and Proparco (the French Investment and Promotion Company for Economic Cooperation).

Since its inception in 1982, Mermaid has established one of the leading marine safety and offshore sub-sea engineering businesses in Thailand and SE Asia . The Company now owns and operates a fleet of offshore service vessels as well as purpose-built diving and ROV support vessels. Mermaid is also the only internationally accredited commercial diving operation in Thailand able to offer air, mixed gas and saturation diving to the offshore industry. It is also the only Thai company that is sanctioned by all the major international Classification Societies, the International Marine Contractors Association as well as the Thai Harbor Department.

To accommodate its continued rapid growth in the offshore oil & gas industry, Mermaid raised a total of Baht 1,073 million in new equity from a Rights Issue to existing shareholders. The equity capital will eventually facilitate new capital expenditure of up to Baht 3.5 billion over the course of this year.

Mermaid expects to list on an appropriate stock exchange next year.

 Press Enquiries:

Mermaid Maritime Co. Ltd.
Philip Adkins
Managing Director
14th Floor, Orakarn Building
26/26-27 Soi Chidlom, Ploenchit Road,
Lumpini, Pathumwan Bangkok 10330 Thailand
Tel: +66(0) 2 255 3115 - 6