Ann: New contract award and operational and financial update, page-8

When judging MCE's performance over the last 3-4 years, one has to remember that their industry went through (and is only just starting to recover from) the steepest downturn anyone has seen in their lifetimes. Any supplier leveraged to the deep sea O&G capex cycle got obliterated, as did MCE - when your entire industry contracts something like 70-80% (in terms of total capex) in a very short space of time, i don't think it's overly constructive to say that management haven't delivered. Frankly, just by not going bankrupt, MCE did better than many other capital-intensive businesses heavily levered to the deepwater O&G capex cycle.