Ann: Change in substantial holding-MRM.AX, page-2

Singapore substantial shareholder increasing holdings in MMA offshore. Looks like taking very substantial position.

My thoughts are that the industry is in major stress and MRM might do well by a cash backed investor with a long term view taking a position that is prepared to back it. In my opinion the next 2 or 3 years in the offshore industry will be horrible. The offshore industry is simply now about running the remaining boats into the ground, for what ever cash contract you can get. Better running a boat into the ground than paying to stack it now and wreck it later.

But long term, if you have the cash to back it, the industry will return, once the excess of boats are literally rusted out of the system. All IMO.

I'd be very interested to hear everyone's thoughts on this major investors next steps. I know Croasian has been close to CDD where we saw a major investor buy at over $3 a stake and then floor the price to an eventual CR 40 cents, reducing debt as priority.

Appreciate all thoughts on likely course.