Ann: Trading Update, page-6

Hi Dang.

I just re ran the most recent earnings call from Gulfmark Offshore as a sanity check.

They predict that the downturn in the OSV market still has a min of 2 years to go..

Gulfmarks comments accord with those of Transocean the big rig co which is a good benchmark. Transocean predict recovery in 2020 or at best 2019.

My take on it all is that the entire industry is totally unsustainable and the period to recovery to assist a sustainable level will be prolonged and measured in years not quarters, multiple years at that.

Given the prognosis really hasn't changed for the industry as a whole I am very curious as to how you think that MRM will be able to survive during the next say year given that the industry will absolutely be no better.

Indeed the industry could get worse as we are potentially not even at the bottom of the cycle of the offshore vessel industry.

What am I missing?