Ann: Investor Presentation Dec 17 Half Year Results, page-11

I think describing your analysis as pathetic is a little self-flagellating - it's a legitimate question to ask whether MCE will get back to generating sustainable positive cash flows. The last 3 or so years haven't been pretty (in fact, they've been downright terrible) but i think they have to be viewed in the relevant context, i.e. the most severe and protracted downturn in oil capex (and particularly offshore oil capex, MCE's market) in 30+ years.

My personal view is that 2H17 will mark the nadir of MCE, given that 1H18 showed tentative signs of improvement (no more restructures/redundancies, small revenue improvement and smaller EBITDA loss), and they've got US$19m orders to support FY19/20...but it's still a very long back to the glory days of $20m+ EBITDA.