Mermaid Sells Mermaid Performer Subsea Vessel

Mermaid Maritime Public Company Limited (“Mermaid” or “Company”) announces that its wholly owned subsidiary Mermaid Offshore Services Ltd. (“MOS”) had entered into a Memorandum of Agreement with Prospect Marine Limited, for the sale of its subsea utility vessel “Mermaid Performer”.

Mermaid Performer is a 31- years-old and a smallest vessel among other vessels owned by MOS. The marketability in the recent years of this type of vessel has been declined. As part of the fleet renewal plan, MOS takes this opportunity to dispose “Mermaid Performer” to minimise the cost of the Company.

The total consideration for the Sale is USD 670,000. Full payment of the consideration was received on delivery of the vessel to Prospect Marine Limited. The consideration was arrived based on negotiations on a willing-buyer willing-seller basis.

The net book value of the vessel with equipment as at 13 September 2013 is Baht 10,346,387 equivalent to approximately USD 321,716 based on the exchange rate of USD 1.00- THB 32.16.

Press Release, September 16, 2013