Disposition of an Asset of a Subsidiary Company
Ref. No. COR:MS/EL07008e/pc
30 April 2007
Subject : Disposition of an Asset of a Subsidiary Company
To : The President of the Stock Exchange of Thailand
Thoresen Thai Agencies Public Company Limited ("TTA") hereby reports the sale of the vessel, M.V. Nico Bangkok, on behalf of Darium Thai Offshore Ltd. (the "Company"), a subsidiary of Mermaid Maritime Public Company Limited ("MMPLC"), which, in turn, is a subsidiary of TTA, as follows:
1. The Parties Involved:
- Seller: Darium Thai Offshore Ltd.
- Buyer: Lewek Scarlet Shipping Pte. Ltd., Singapore
- Relationship between Buyer and Seller: None
2. Details of the Asset Disposed:
| Name of Vessel | Type of Vessel | Main Propulsion | Year Built |
| M.V. Nico Bangkok | Supply Vessel | 1940 x 2 KW | 1983 |
3. General Characteristics of the Transaction:
M.V. Nico Bangkok was sold at a price of USD 4,415,744 (United States Dollars Four Million Four Hundred Fifteen Thousand Seven Hundred Forty Four), or Baht 159,177,414.98 (Baht One Hundred Fifty Nine Million One Hundred Seventy Seven Thousand Four Hundred Fourteen and Ninety Eight Satangs), which was the current market price. The transaction equals 0.67% of the total assets of TTA and its subsidiaries as of 31 December 2006 (the total assets of TTA and its subsidiaries as of 31 December 2006 amounted to Baht 23,679,430,441).4. The Net Book Value of the Asset Disposed:
The Net Book Value of M.V. Nico Bangkok was approximately Baht 157.51 million.After deducting expenses from selling the vessel, including commissions, the accounting loss from the sale is approximately Baht 2.88 million. The loss is due to the appreciation of the Thai Baht against US Dollars.
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| Thoresen Thai Agencies Public Company Limited | |
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5. Benefit from the Transaction:
Since M.V. Nico Bangkok is a standard supply vessel, MMPLC felt that it was the right time to divest the vessel and liquidate the Company. MMPLC's strategy is to own and operate specialized and higher value added offshore vessels. The Company's Board of Directors unanimously resolved to sell the said vessel, and the proceeds from the sale will be deposited in the Company's bank accounts and will be returned to shareholders after the Company is liquidated.6. Date of Transfer:
The vessel is officially transferred to the Buyer on 30 April 2007.7. General Information of Darium Thai Offshore Ltd.:
Darium Thai Offshore Ltd. is a 51.00% owned subsidiary company of MMPLC, with a registered and paid-up share capital of Baht 212,400,000, divided into 212,400 ordinary shares at a par value of Baht 1,000 each.Currently, the Company owns and operates one vessel, namely M.V. Nico Bangkok. After the sale of M.V. Nico Bangkok, the Company will be liquidated.
When this transaction is included with other asset dispositions in the past six months, it is not subject to the Rules, Procedures and Disclosure of Information of the Stock Exchange of Thailand regarding the Connected Transactions or the Acquisition and Disposition of Assets of Listed Companies.
Yours faithfully,
Thoresen Thai Agencies Public Company Limited
| _____________________________ (M.L. Chandchutha Chandratat) Managing Director | _____________________________ (Ms. Nuch Kalyawongsa) Director, Group Finance/Accounting |