PTT Exploration and Production Public : Establishment of the new joint venture company “Zeaquest Co., Ltd.”

PTTEP 13061/00-6833/2020

Investor Relations
Tel. [phone]

17 September 2020

President

The Stock Exchange of Thailand

93 Ratchadaphisek Road, Dindaeng

Bangkok 10400

Dear Sir,

Subject: Establishment of the new joint venture company 'Zeaquest Co., Ltd.'

PTT Exploration and Production Public Company Limited (PTTEP) would like to announce that AI and Robotics Ventures Company Limited ('ARV') (a subsidiary of PTTEP) and Mermaid Subsea Services (Thailand) Company Limited (a subsidiary of Mermaid Maritime Public Company Limited) have set up a new joint venture company under the name of Zeaquest Co., Ltd. in order to develop AI and robotic technologies to provide underwater inspection, repair and maintenance services to oil & gas and renewable energy corporates operating in offshore businesses in Asia and globally, with a registered capital of 155 million Baht and equal shareholding at 50% by both ARV and Mermaid Subsea Services (Thailand) Company Limited. The objective of the joint venture is to be an internationally renowned leader in inspection, repair and maintenance services using AI and robotic technology. The new joint venture company is expected to complete the registration within September 2020.

The establishment of this joint venture is in line with the company's strategy of expanding investment into new businesses through the use of technology and innovation to enhance efficiency and create long-term sustainability.

Please be informed accordingly.

Sincerely yours,

Phongsthorn Thavisin

Phongsthorn Thavisin

President and Chief Executive Officer