Ann: Appendix 3B, page-3

Judging from the industry headwinds and the management capability, this is one of the worst investment decisions I made. 

OSV to rig count simply too high.  Nothing is worse than throwing money at buying commodities equipment and hope to make a killing. 
The whole industry is paying a heavy price for irrational capital allocation during boom time. 

Made a mistake of buying something that has very upside and huge downside.