Disposition of an Asset of a Subsidiary Company

Ref. No. COR:MS/EL06021e/ms

16 November 2006

Subject: Disposition of an Asset of a Subsidiary Company

To : The President of the Stock Exchange of Thailand

Thoresen Thai Agencies Public Company Limited (TTA) hereby reports the sale of the vessel, M.V. Nico Sattahip, on behalf of Darium Thai Offshore Ltd. (the Company), a subsidiary of Mermaid Maritime Ltd. (MML), which, in turn, is a subsidiary of TTA, as follows:

1. The Parties Involved:

2. Details of the Asset Disposed:

3. General Characteristics of the Transaction:

M.V. Nico Sattahip was sold at a price of USD 3,250,000 (United States Dollars Three Million Two Hundred and Fifty Thousand only) or Baht 118,365,000 (Baht One Hundred Eighteen Million Three Hundred and Sixty Five Thousand using a USD/THB exchange rate of 36.42), which is the current market price. The transaction equals 0.51% of the total assets of TTA and its subsidiaries as of 30 September 2006 (the total assets of TTA and its subsidiaries as of 30 September 2006 amounted to Baht 23,168,270,363).

4. Net Book Value of M.V. Nico Sattahip as of 16 November 2006 was approximately Baht 105.02 million. After deducting expenses from selling the vessel, including commissions, the accounting gain from the sale is approximately Baht 12.48 million.

Thoresen Thai Agencies Public Company Limited
Page 2 Ref. No. COR:MS/EL06021e/ms

5. Benefit from the Transaction:

Since M.V. Nico Sattahip is 31 years old, it is not economical to keep the vessel in service. The Board of Directors of Darium Thai Offshore Ltd. unanimously resolved to sell the said vessel, and the proceeds from the sale will be used for further investment.

6. Delivery Date:

16 November 2006

7. General Information of Darium Thai Offshore Ltd.:

Darium Thai Offshore Ltd. is a 51.00% owned subsidiary company of MML, with a registered and paid-up share capital of Baht 212,400,000, divided into 212,400 ordinary shares at a par value of Baht 1,000 each.

Currently, the Company owns and operates two vessels for providing services in the offshore oil and gas industry, namely, M.V. Nico Sattahip, and M.V. Nico Bangkok. M.V. Nico Sattahip is a supply vessel used to carry spare parts, provisions, and equipment from land to offshore installations and is also used for crew accommodation.

After the sale of M.V. Nico Sattahip, the Company will own and operate one vessel, M.V. Nico Bangkok.

When this transaction is included with other asset dispositions in the past six months, it is not subject to the Rules, Procedures and Disclosure of Information of the Stock Exchange of Thailand regarding the Connected Transactions or the Acquisition and Disposition of Assets of Listed Companies.

 

Yours faithfully,