Mermaid Maritime Public Company Limited Announced that it has entered into two facility agreements with Thoresen Thai Agencies Public Company Limited, to borrow from the Lender an aggregate amount of USD 55,000,000.00. The objective of the Loans is for the Company's working capital for subsea pipe laying operations and the transportation, installation and decommissioning projects that were awarded by a leading petroleum exploration and production company in Thailand. The material terms of the Loans are set out in the table below.

(1) Non-Revolving Loan amount: USD 5,000,000 Interest rate: 7% per annum Maturity date: within 2 years Collateral: none Purpose: for the cable lay equipment purchase deposit which is being acquired to operate the Projects (2) Non-Revolving Loan amount: USD 50,000,000 Interest rate: 7% per annum Maturity date: within 3 years Collateral: none Purpose: to support working capital to operate the Projects. The aggregate interest payable on the Loans is USD 5.75 million. Based on the latest audited consolidated financial statements of the Company and its subsidiaries (the "Group"), i.e. for the financial year ended 31 December 2022, the value of the latest audited consolidated net tangible assets of the Group was approximately USD 160.94 million.

Therefore, the Amount at Risk is 3.58% of the Group's FY2022 audited consolidated net tangible assets. Since the Loans were executed in or around the 4th quarter of 2023, the audited consolidated net tangible assets of the Group for FY2022 was relevant for the determination of the Amount at Risk.