CUEL Taps Mermaid for Offshore Installation Gig in Gulf of Thailand

Mermaid Maritime Public Company Ltd.

Mermaid Offshore Services Ltd. ("MOS"), a leading provider of sub-sea engineering services to the offshore oil and gas industry, has been awarded a contract with CUEL Limited ("CUEL"), 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 newbuild DP2 Dive Support Vessel ("DSV") 'Mermaid Asiana' for CUEL's clients in the Gulf of Thailand. This contract, potentially worth an initial US $10 million, is part of the ongoing support Mermaid provides to CUEL in the Gulf of Thailand for CUEL's various clients since 2006.

The contract is scheduled to commence during the third (3rd) calendar quarter of 2009 following delivery of the DP2 DSV 'Mermaid Asiana', currently under construction at ASL Marine Ltd.'s shipyard in Singapore. The work was initially assigned to the DP2 DSV 'Mermaid Commander' and Mermaid is pleased that its newest vessel will now be utilized on this high profile project.