Conversion of MML into a Public Limited Company

Back Jan 17, 2007

Ref: COR:MS/EL07001e/ms

16 January 2007

Subject : Conversion of Mermaid Maritime Ltd. into a Public Limited Company

To : The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Public Company Limited ("TTA") hereby reports that Mermaid Maritime Ltd. ("MML"), a subsidiary company of TTA, has converted into a public limited company. The change in its status was registered with the Public Limited Company Registrar, Business Development Department, Ministry of Commerce, on 15 January 2007.

For the time being, MML's board of directors, shareholders, and share capital remain the same.

The share capital of MML is 383,205,340 Baht, divided into 38,320,534 ordinary shares with a par value of Baht 10 per share. TTA is the major shareholder, owning 78.09% (direct plus indirect investment) of MML's shares.

MML acts as the holding company through which specialised offshore services are provided. Its two main business activities are subsea inspection, repair, maintenance and light construction work on offshore platforms, structures, and vessels; and offshore drilling for the oil and gas industry.


Yours faithfully,
Thoresen Thai Agencies Public Company Limited


M.R. Chandram S. Chandratat


M.L. Chandchutha Chandratat
Managing Director


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