Breakeven, page-20

I’m going to have a rough go at working out the share price here. Please excuse this in advance as it could be a litte rough round the edges..

Having said that let’s assume:
- Debt is $200m
- The remaining boats are worth $200m if you had to shift them and could shift them
- Most work at hand and coming up in future is plus or minus cash break even (as is typical in industry due to intense capacity of boats and the large stacking of redundant fleet capacity).
- I speculate (it’s pure speculation) that the recent 3 year Subsea 7 contract was thread bare rates (why would Subsea 7 have locked in otherwise?)
- Thus the real value in the enterprise is actually the recently raised cash!

Thus the circa $70m of cash at hand and 858m shares on issue would result in a share price of about 8 cents!

Happy to be corrected.