Amendments to the names of directors in MMPLC ESOP

Ref. No. COR:MS/EL07013e/ms

13 July 2007

Subject : Amendments to the names of directors of the Company's subsidiaries who will be allocated warrants

Attention: President The Stock Exchange of Thailand

Following the disclosure by Thoresen Agencies Public Company Limited ("the Company") of information relating to the allocation of warrants to employees (including employees who are directors) (ESOP Scheme) of Mermaid Maritime Public Company Limited and its subsidiaries ("Mermaid Group") to the SET on 4 July 2007, the Company would like to amend the list of names of directors of Mermaid Group who will be allocated the warrants as stated in Clause 3.5 of the ESOP Scheme as follows.

3.5 List of the director(s) of Mermaid Group who will be allotted the Warrants and the number of Warrants to be allotted are as follows:

Cont. 2.../

In this connection, Mr. Magne Hovden will be allocated more than 5 per cent of the total number of warrants, as detailed in Clause 3.6 of the ESOP Scheme. In addition, we would like to inform you that Mr. Magne Hovden attended the meetings as director of Mermaid Drilling (Malaysia) Sdn.Bhd. 2 times out of 2 meetings.

Please be informed accordingly.

Yours faithfully,
Thoresen Thai Agencies Public Company Limited