Mermaid Offshore to Provide Subsea Services to Cuel Offshore Thailand

Mermaid Maritime Public Company Ltd. has announced that its wholly owned subsidiary, Mermaid Offshore Services Ltd., has secured a contract with Cuel Limited, one of the region's major Engineering, Procurement,
Construction, Installation & Commissioning contractors, to provide saturation and air diving services supported by remotely operated vehicle (ROV) intervention, all utilizing the vessel Mermaid Commander for Cuel's various clients in the Gulf of Thailand.

This latest project which supports Cuel's 2009 subsea installation program is part of a major long term agreement with Cuel in the Gulf of Thailand for various clients of Cuel with options to extend up to the end of 2013. In the event that the contract is extended until the end of 2013, the contract's total estimated value would be US $150-200 million.

MOS had carried out work for Cuel's subsea installation programs for 2006, 2007 and 2008.