$140 million impairment charge says it all, page-24

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Austinhealeysprite

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31/07/16

21:58

Post #: 18411865
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Originally posted by antibotter ↑

Croasian - you missed my point completely. Mermaid was the main player several years ago in Australia with 2 supply service bases, infrastructure in place and business growing. This was due to projects like Gorgon and Pluto. This is what fed Mermaid it's work, and plenty of it

. These multi billion dollar projects combined and other smaller ones were worth in excess of 100 billion dollars, and as we know the budget blew out substantially

However today this is not the case. Today the work has completely dried out compared to what it was once - with Gorgon and Pluto completed, Mermaid needed to turn its attention to international waters to try and sustain at least its revenue stream, profit and hopefully grow business

Building new vessels, buying out Jaya for 600 million dollars put nail in coffin

The board got it all wrong - Weber should have been replaced 4 years ago. He was just lucky to fill the position of CEO when things started to move in oil/gas sector in Australia.

If one can recall he also wanted to sell business about 8 years ago for a dollar a share. Luckily board came to senses and rejected offer. Company went on to make a mint for its shareholders and sat around the $3.50 at it's peak

Yes they were the good old days

The company is in decline and from my point of view cannot survive long in this current form

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Agree. I once heard an employee describe MRM as the Titanic. I think he was right.

MRM Price at posting: 29.5¢ Sentiment: Sell Disclosure: Held
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$140 million impairment charge says it all, page-24

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