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Lombard
Media
In the News: 2004Lombard and Thoresen Thai Agencies Plc form an alliance to invest Baht 408 million in Mermaid Maritime Ltd.PR Newswire The Board of Directors of Mermaid Maritime Ltd. ("Mermaid") announced today that Lombard's Thailand Equity Fund and Thoresen Thai Agencies Plc. have invested new equity capital into the Company to fund expansion. Thailand Equity Fund subscribed to 50% of the new shares for a total investment of Baht 204 million (approximately US$5.2 million), representing approximately 16.7% of the enlarged capital of the privately- held Company. Since its inception in 1982, Mermaid, based in Thailand, has pioneered many complex and specialized critical support marine services to both the shipping and the oil and gas industries in Thailand. Until the early nineties, the Company's core business was inspection, servicing and replacement of ship-borne safety equipment, such as inflatable life rafts and firefighting systems. In the mid nineties, Mermaid expanded into the offshore oil and gas industry, and the Company now owns and operates a fleet of offshore service vessels, as well as purpose-built diving and remote operated vehicle support vessels. Mermaid is the only internationally accredited commercial diving operation in Thailand, and the only Thai company that is sanctioned by all the major international Classification Societies, the International Marine Contractors Association, as well as the Thai Harbor Department. Claus Jorgensen, the Managing Director of Mermaid said, "The investment by the Thailand Equity Fund and Thoresen Thai Agencies will strengthen the Company's ability to implement continued growth initiatives for the bustling offshore oil and gas industry in South-East Asia. The industry is entering a new era of growth and Mermaid will benefit from the increased oil exploration in the region. We welcome the Thailand Equity Fund to our Board and believe their global network, financial resources and corporate finance experience will make them an outstanding partner." Thailand Equity Fund is a US$245 million special purpose mutual fund sponsored by Lombard Investments, Inc., headquartered in San Francisco, and the private equity group of the International Finance Corporation (IFC), part of the World Bank Group. The fund was formed with the support of the Government of the Kingdom of Thailand to make private equity investments in operationally competitive Thai businesses. Investors in the fund include the IFC, California Public Employees' Retirement System (CalPERS), Asian Development Bank, DEG (a member of Germany's KfW Group), the Ministry of Finance of the Government of Thailand, and fifteen leading Thai banks and other institutions. Mr. Jean-Pierre Noel, Lombard's Director in Bangkok said, "We are excited to have Mermaid as part of our portfolio and believe the Company is well positioned to benefit from the region's strong demand for energy. "The Company has a unique market position, a deep management team and is backed by strong shareholders. We will work with the Company on its plan to list on the Stock Exchange of Thailand." More information is available by visiting www.lombardinvestments.com or by contacting:
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2010 Lombard |