Mermaid Maritime CEO Denis William Welch quits

Welch initiated and led moves that set the future direction of of the company.

Mermaid Maritime Public Company Limited (“Mermaid”) announced Wednesday that Mr Denis William Welch resigns as Chief Executive Officer effective 30 September to pursue another senior executive opportunity on a regional level based in Singapore.

During his tenure as CEO Mr. Welch undertook a strategic review of Mermaid’s two businesses and executed a number of significant changes. Mermaid’s subsea engineering services division, Mermaid Offshore Services Ltd. (“MOS”), has devised a turnaround plan centered around reduced operating costs, business process improvements, and the opening of a new commercial office in Singapore to be closer to international customers.

New appointments with considerable industry experience have been made to the MOS management team, and they will take leading roles in executing and delivering this future plan. Mermaid’s tender rig drilling division, Mermaid Drilling Ltd. (“MDL”), has streamlined its overall cost structure for the operations of its existing two tender rigs after the decision by Mermaid to invite Seadrill Limited (“Seadrill”) as Mermaid’s equal partner in Asia Offshore Drilling Limited (“AOD”), with Seadrill leading the operations and commercial and technical management of the AOD rigs, thus increasing AOD’s competitive advantage and marketability.

Mr. Welch also acted as interim CEO of AOD and participated in the second round of fund raising for this company. Oslo Axess-listed AOD is Mermaid's new business venture that achieved first mover advantage in the now apparent newbuild jack-up construction boom by ordering three high-specification Mod V - B Class jack-up rigs from Keppel FELS Limited in Singapore, according to a Mermaid report.

The Board of Directors of Mermaid thanks Mr. Welch for his leadership in setting the future direction of Mermaid.

Following the resignation of the CEO, both the MOS and MDL business divisions of the Company will report to the Executive Chairman.

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