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33.0¢ mma offshore limited

Ann: Trading Update, page-9

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yellowfin

205 Posts.

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24/12/16

10:33

Post #: 21548456
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Originally posted by croasian ↑

While it was good news that 1 week before payment was due they got an extension for 3months the fact that they needed it says their liquidity position does not support your confidence. There were no more vessel sales mentioned just more positive talk, they did do well selling what they did.
Once the $37.5m for March is due another $37.5m will be due in June. For all the wonderful confidence of the bank they are putting the acid on MRM - make no mistake about that.
If they weren't demanding this accelerated repayment schedule then I would have seen MRM as chugging through no dramas.
Until this stuff is sorted then views on the oil market are irrelevant as our timeframe is the next 6-12 months in survival mode. If they pull that off it's worth much more I don't know when.
Please don't mistake me for the Grinch, I am not predicting or hoping for tough times just explaining why I am happy to remain on the sidelines until the turnaround is clear. It's good to tune out of markets for a while so I will see how long I can.
Merry Xmas all and good on holders for supporting this business at the time when it is most needed.

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The oil and gas industry is littered with boom/bust cycles.........MRM will get through this one and recover 2017 through 2018.

MRM Price at posting: 27.0¢ Sentiment: Buy Disclosure: Held
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