Come on man, if MRM won't be getting any more work; if other offshore vessels aren't getting any more work... why would MRM need the bases and slipway for?
Can't have it both way in the one argument.
While I take your point that ideally, for the long term when oil prices pick up and offshore is the go... then a couple of bases etc. would be great. But when you're putting out fire, keeping the bankers away for a couple of years... when business on those bases are low and in decline in the current climate... might be a "strategic" move to get out, take the cash, pay the bankers... everyone is happy.
Then move operations and repair to the other two bases in Asia... cheaper as well.
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With oil dropping... got to ask ourselves why are the oilers just keep pumping more of a valuable resource just to make less money?
Game theory and grand strategy is at play, not supply and demand.
A couple more big shakes and those shalers and small time operator who aren't broke yet will definitely hedge their oil/gas. And they'd be happy to do it.
Are there anything stopping a big oil company from buying those cheap and locked in oil? Nope.
So lock it in, be sure the company is covered no matter where the oil price is... then watch to see if the big boys then jack up oil, make money on both their own fields as well as some on the hedges.
That and buying out weaker players.
That or oil is so plentiful that no one care to have them anymore.
MRM Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
