there are 2 basic factors that drive MRM's revenues: 1. how many...

there are 2 basic factors that drive MRM's revenues:

1. how many vessels are in use (utilisation rate)
2. day rate per "class" of vessel....

no1 - you can get a reasonable estimate on - by reading the announc's, and checking the operations of the companies they work for........a few of the ship masters used to post abt this also .....

no2 - is much more problematic - in that in other (non_Oz) jurisdictions - the requirments to operate a vessel are "different" to Oz, and there are many many "stacked" vessels........

this implies there wont be a major uptick in day rates (apart from very specilisaed vessels) until such time as either the ones laid up are scrapped , or b/c of increased repair/maintance costs - its not economic to run an "old boat" ........

for tugs / AHS's classes - this is some ways off (imho) ......

for speciliased vessels (dive support / cable lay etc) - its going to depend on supply in each area .........

MRM prob has 5 or 6 specialised boats........

IF THEY STOP working for "free" (see the ann rpts re write-off's of receivables - which, again imho - is "how" MRM has been gaining work .....ie bid market, and then rebate "excess" via w/off off of recievables to "large customers" .........)..... then the stock stands a chance ........

from an earnings perspective - there isn't much to be attracted to this story .......

from an asset perspective, and pot leverage to rebound in activity (and hence profit potential) there is some merit ......

pretty obvious that this thing is basically operating to keep its bankers "afloat" (imho), and the fact that the board / management haven't been replaced tells me that they are in agreement with their lenders .......

anyhoo - its an "interesting one", but too much risk for me personally (ie I cant see over the hill .....), others may have better vision than myself - so goodluck !

rgds
Value_Hunter