Ann: Trading Update, page-23

my take on it is as follows:

1. the banks allowed the company a further 3 months to come up with 37m odd, as they have comfort on asset values as GoldB has indicated.
2. this implies a liquidity issue inside of MRM at present (ie if they had to pay the cash - there may be a liquidity issue inside the entity).
3. no chg to forecast earnings .....

as AHS has said - there is a time lag betwixt activity inside the E&P industry and oil price (historically 12-18 months.......it is "slightly" different onshore versus offshore)

I also agree with GoldB - this is a call option over oil prices......

I also understand what AHS is saying - the 2nd hand market for "older" type vessels is in the 20-30c / $ range ......I haven't seen sales data on newbuilds that are specialised ....

I rekon if they raised 50-100m .....it would trade throu the cycle in relatoive safety ........

having said all that - I do concur with GB - oil is trending up.......

rgds
Value_Hunter