Ann: Change in substantial holding-MRM.AX, page-7

AHS,

I don't thitsssiblt to possible to put a short term value on the stock, as
1. oversupply in the industry, means no one will make their cost of capital
2. break up value - probably 50-70c.....

HOWEVER, if one believes oil price will increase over the next 18 months, then (imho) MRM is a call option over the oil price .......

it will be a slow process, as the excess capacity will need to be either de-mobed, or find a new home......plus the lag betwixt oil price and industry activity.......if one looks at the offshore wells drilled, we are around 20-30%of "normal" ......(ie the process will take 3-4 years). once the cap structure is repaired - its a long dated call (imho).

rgds
v-h