Mermaid to Provide Subsea Services for CUEL's Clients Offshore Thailand

On September 3, 2008, CUEL Limited awarded Mermaid Offshore Services Limited, with a Service Agreement valued at approximately US $27 million to provide services for the Subsea Completion Program in the Gulf of Thailand, as part of the Company's strategy to provide the full stream of EPCIC services to CUEL's clients in the Gulf of Thailand and Asia Pacific Region.

The scope of activities under this Service Agreement include the Subsea Services, Riser Installation, ROV support and Diving Support Services for offshore facilities and also supporting personnel, equipment and services for CUEL's projects. The collaboration between the two organizations will increase quality and safety for construction of offshore facilities.