Time to off-load this Mermaid, page-23

I'll need to do a finer estimate of cashflows and liabilities repayment to see if it'll need a cap raising in a hurry. So far it seem like it could last til next financial year. Then if it win the few jobs that Weber was saying they're tendering in the second half of FY17, then if oil pick up a bit and stay there, might not need cap raising.

But I have a feeling that the market is assuming that MRM have to repay all of its current debt or else go broke. That's not really true.

The $200M of that $380M or so were rolled over back in 2014 when it raised the debt and equity for Jaya.

So if we assume for a second that a company needs to have borrowing, and given MRM's relatively low debt ratio... lenders aren't yet at that much of a risk that they'll demand further equity.

MRM is definitely not at the level of Santos when it did a cap raising, so who knows.