Monday 10 February 2020

Mermaid Maritime Public Company Limited (the “Company”) has annouced that it has incorporated an indirect wholly owned subsidiary, Mermaid Subsea Services (UK) Limited (“MSS UK”), in the United Kingdom on 7 February 2020.

The Company intends to utilize MSS UK as a vehicle to expand the provision of its subsea andrelated services into the North Sea sector. Further details of MSS UK are as follows:

• Name of subsidiary company: Mermaid Subsea Services (UK) Limited
• Initial issued and paid-up capital : GBP 100,000 comprising 100,000 ordinary shares
• Percentage of issued and paid-up capital held by the Company :100% held by Mermaid Subsea Services (Thailand) Limited which is in turn wholly owned by the Company

The incorporation of MSS UK is funded using internal resources and the incorporation itself is not expected to have any material impact on the net tangible assets per share and earnings per share of the Company as a group for the financial year ending 31 December 2020.

None of the Directors, substantial shareholders or controlling shareholders of the Company has any interest, direct or indirect, in the incorporation of MSS UK, other than through their respective shareholdings in the Company.