Hess Extends Drilling Contract for Mermaid's Tender Rig MTR-1

Mermaid Maritime Public Mermaid Limited announced that the original scope of work in the drilling contract between its 95% owned subsidiary MTR-1 Limited and Hess (Indonesia-Pangkah) Limited which commenced on December 19, 2006, utilizing the tender drilling rig 'MTR-1' has been completed, and Hess has extended the contract to cover additional drilling services a further period of between 100 to 180 days.

This extension commenced on February 10, 2009, and the value to MTR-1 Limited during the period of this extension is between US $10 million to US $20 million, including demobilization. Note that the details of this extension were also summarized as part of Mermaid's business presentations posted on SGXNET and Mermaid's website on February 16, 2009 and February 26, 2009.

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