more money than sense, page-24

My research is totally different.

- Asset values write down. Not enough written down, evidenced that both MRM can not sell their boats and competitors are achieving sales of less than 20% of book value.

- Banking arrangements. MRM's last update was that they were in discussions with their bank as they did not meet asset sales targets.

- Likely turning point of offshore activity is years away. No less than 2, and that is at the optimistic end.

- Revenue in coming foreseeable future will be lower than in past period as old contracts run off and more assets go into stack.

- Contacts in this space can have up to 8 or 10 firms going for the 1 contract, sometimes each firm pitching multiple assets.

- Firms are pitching at day rates just to get cash operating costs back. No margin to maintain the boats and certainly no return on capital holders money.

- Have you seen the oil price?