Ann: Trading Update, page-74

Additional to Tidewater, the big rig company Transocean (a very good proxy for the OSV companies) reported last week.

In a nutshell Transocean contracts are still falling off and day rates are still going down not up.

Transocean is a very good company and likely have the balance sheet to likely make it through the very extended downturn.

But from what I read there are nil greenshoots in the industry and therefore we would expect MRM to have nil chance of positive earnings from current position and nil chance of liquidating assets at anything other than fire sale prices (15 percent of book value perhaps?).