In the News: 2007

Lombard's Portfolio Company, Mermaid Maritime PCL, Completes IPO and Commences Trading on the Singapore Exchange

San Francisco, California
16 October 2007

Lombard Investments, Inc. (“Lombard”) announced today that its portfolio company, Mermaid Maritime PCL (“Mermaid”) (ticker: MMT.SGX) successfully completed its IPO on the Singapore Exchange, selling 158,000,000 common shares at a price per share of S$1.56, reflecting a market cap of S$816 million (approximately US$558 million).  The institutional tranche was over-subscribed by over 10 times and the retail tranche was fully subscribed. 

The offering proceeds will help finance the purchase of additional vessels and offshore oil drilling rigs.

In June 2004, Lombard acquired 16.7% of Mermaid, and in March 2005 increased its investment in the Company to 21.3%, enabling Mermaid to enter the offshore oil drilling business.  Post IPO, Lombard continues to hold 15.6% in the Company.

According to Lombard's Surasak Khaoroptham, “We foresee a strong outlook for the maritime industry and Mermaid given the rising global demand for oil and gas.  We have been working with Mermaid to develop new opportunities for the Company to capitalize on these market trends and capture further growth.  The proceeds from the IPO listing will help the Company reach its growth targets.  We are very excited to work with Mermaid in this next phase of expansion.”   

About Mermaid Maritime PCL:
Established in 1982, Mermaid has grown to become a leading provider of offshore marine and contract drilling services in Southeast Asia. Mermaid initially focused on sub-sea engineering services, including saturation diving for energy-related inspection and maintenance.  As world oil and gas exploration and production activities increased, Mermaid expanded into contract drilling by acquiring offshore rigs and support vessels in order to service this demand. Mermaid now provides a wide range of marine and contract drilling services with operational facilities in Thailand, Indonesia, China and Vietnam.  (www.mermaid-maritime.com)

About Lombard Investments:
Lombard is a leading international private equity investment manager with offices in Bangkok, Hong Kong and San Francisco. Formed in 1985, Lombard has made more than 75 controlling and minority investments in Asia and North America. The firm's investors include some of the world's largest and most respected financial institutions, major pension funds, and corporations, as well as family offices in Asia, North America and Europe.  (www.lombardinvestments.com)

More information is available by contacting:

Mr. Thomas Smith Managing Director, Lombard Investments Email: tsmith@lombardinvestments.com

Mr. Pote Videt Managing Director, Lombard Investments Email: pote@lombardinvestments.com