In the News: 2005

Mermaid Maritime, Lombard's Portfolio Company, Raises Over US$27 Million For Expansion Of Services For The Oil And Gas Industry

PR Newswire
21 April 2005

Mermaid Maritime Ltd. ("Mermaid"), Thailand's leading provider of offshore marine services, announced it raised over US$27 million (approximately Baht 1.1 billion) from existing shareholders, Thoresen Thai Agencies Plc., Thailand Equity Fund as well as from a new institutional investor, UOB Venture Management Private Limited.

The funding will enable Mermaid to facilitate capital expenditures of up to Baht 3 billion over the course of the year to accommodate its continued rapid growth in the regional offshore oil and gas industry.

"Thailand is seeking to increase its production of natural gas, and all major operators like PTTEP, Unocal and Chevron have announced increased capital expenditures for the next few years in order to meet the country's demand for energy" said Mr. Jean-Pierre Noel's Director in Bangkok. "In addition, the rapid growth of demand from China and India is adding additional incentives to develop new fields regionally. Mermaid is well positioned to take advantage of the strong growth in demand for services related to oil and gas development".  This latest round of financing will provide Mermaid with the capital needed to expand its supply vessels fleet, as well as to enter new related businesses such as saturation diving and contract drilling.

The Thailand Equity Fund is a USD245 million private equity fund sponsored by Lombard Investments, Inc., headquartered in San Francisco, and 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.