$140 million impairment charge says it all, page-20

The cream of Mermaid's work has now dried up in Australia. When Gorgon and Pluto were being built - company was there with infrastructure right time and right place. These were lucrative contracts which had lots of profits going Mermaid's way because of shortage of labour and extreme demand for service providers in this sector. Oil price was not an issue

Fast track several years later - all this lucrative work has dried up. Margins are extremely tight. Overheads are high. Company has invested hundreds of millions of dollars in international markets and guess what oil is down

What Mermaid was three years ago is completely different to what it is today. What the environment for it's services several years ago is completely different to what it is today



As time goes on this company will still have massive overheads, with little to offer new shareholders.

It would definitely be wise to sit on the sidelines from my side of fence