From recent information available it seems it's absolute continued bloodshed in the off shore services industry and the March quarter from the information we can actually see has seen more boats stacked, lower utilisation of those still working and further again lower day rates for the remaining working boats.
In big overhead businesses due to upkeep costs of not used boats, general overheads, redundancies, and debt payments it soon feels like MRM is a very nervous proposition. New information is making me change sentiment.
In any case, despite price of oil going up, there is going to be a delay in work to any offshore firms. In any case again the sheer number of stacked boats will take some working through before day rates can go up.
Do you think MRM can continue to survive in meantime by selling say the supply base or do you think a capital raising will happen instead?
