Where to ...supply base?, page-52

In December 2015 MRM was beaten down, dropping from 40c (and in the 90s) in November to low 20s.
This was on the back of oil price declines that I punted was a temporary aberration, and I bought up a lot for me to average down my holdings to the 40s.
As the price recovered in 2016 I was able to sell out, largely based on the analysis of how dreadful business was at Gulfmark and Transocean that AHS posted, and the slowness that MMA seemed to writing down their assets, which made me feel they were being absurdly optimistic.
At that time, the supply base was still in hand, the price of oil still looked like it might be a short term dip and the bulk of the CAPEX deferment from the oil sector had yet to be flagged.

So I guess I am saying if you could buy this at 22c a year and a half ago when things were much rosier, it looks much worse value now, even if the immediate threat of death has been delayed by selling off the family silver. I can understand holders might decide to hold on, especially if they have already had the pain of falls from $3+, but it is hard to see where enthusiastic buyers will emerge from.