Milestones

2003

The dry bulk fleet expanded significantly from twenty-five vessels to thirty-three vessels due to the strong freight market. TTA changed its par value from Baht 10 per share to Baht 1 per share.

2005

TTA won the Best Performance Award in the Service Industry category from the SET.

2006

TTA stressed greater diversification in its business by increasing its stake in Mermaid to 74.01% as of 30 September 2006 to increase its exposure in the rapidly expanding offshore oil and gas markets.

TTA was named one of the 200 best listed companies in Asia with revenues under US$ 1 billion from Forbes Asia magazine.

2007

TTA issued convertible bonds in an amount of US$ 169.80 million to fund a gradual fleet renewal and expansion plan.

Mermaid raised SG$ 246 million from its initial public offering on the Singapore Exchange Securities Trading Limited.

2008

TTA expanded its business in Indonesia with a 49% acquisition of PT Perusahaan Pelayaran Equinox.

TTA won Thailand’s Best-Managed Medium-Cap Corporation Award from Asiamoney Magazine.

2009

TTA established Soleado Holdings Pte. Ltd. as an investment holding company for projects, assets, or companies outside of Thailand.

TTA acquired an 89.55% stake in Unique Mining Services Public Company Limited, a coal logistics company in Thailand.

TTA acquired a 100% stake in Baconco Co., Ltd., a fertiliser company in Vietnam.

TTA acquired a 21.18% stake in Merton Group (Cyprus) Ltd., which is a partner in the Philippines.

Mermaid raised SG$ 156 million by way of a rights issue to pursue its business growth.

2010

TTA acquired a 38.83% stake in Petrolift Inc., a petroleum tanker company in the Philippines.

Mermaid acquired a 100% stake in Subtech Ltd. in Seychelles to expand its subsea engineering services in the Middle East and Persian Gulf.

Mermaid disposed of its investments in the KM-1 tender rig project to its Malaysian partners and Worldclass Inspiration Sdn. Bhd.

TTA issued unsubordinated and unsecured domestic debentures of Baht 4.0 billion to refinance existing loans and to increase working capital.

TTA redeemed the first maturity of convertible bonds amounting to US$ 34.30 million. The aggregate principal amount of outstanding bonds as of 30 September 2010 was US$ 68.60 million.

TTA acquired three second-hand and one new build dry bulk vessel. Mermaid took delivery of one second-hand and three new build subsea vessels.

The total owned fleet as of 30 September 2010 consisted of twenty-seven dry bulk vessels, eight offshore support vessels, and two tender drilling rigs. Additionally, approximately 8.48 dry bulk vessels were chartered in to meet client demand.

1904

Thoresen was established in Hong Kong and initially provided shipping services to Norwegian companies on the coast of China and Asian businesses trading between China and Siam.

1926

Thoresen & Co., Ltd., Hong Kong established a branch office in Thailand to provide ship agency and brokerage services.

1986

In order to separate the ship agency and brokerage businesses from the ship owning business, Thoresen Thai Offshore Ltd. changed its name to Thoresen Thai Agencies Ltd. on 20 October 1986. All ship agency and brokerage activities were transferred to this company.

1993

Thoresen Thai Agencies Ltd. became a holding company. It was decided that Thoresen Thai Agencies Ltd. would own shares of all newly established Thoresen Group companies, including all vessel owning companies, as the dry bulk fleet started to expand.

1994

Thoresen Thai Agencies Ltd. converted into a public limited company.

1995

The ordinary shares of Thoresen Thai Agencies Plc. (“TTA”) were listed on the Stock Exchange of Thailand (“SET”).