Hi all. I still maintain a bearish stance re Mermaids position....

Hi all.

I still maintain a bearish stance re Mermaids position.

Noting:

- Share price of overseas competitors such as Gulfmark Offshore and Farstad firstly increased from oil price low levels, and now have decreased back to near their lows.
- I am of the view that asset impairment will come. Sparked by low overall utilisations, stacked boats, and low day rates on the remaining working boats. Likely I think the next impairment will be post 30 June, arrived at during the accounting and auditing process during the year end accounts process.
- Shorts are on the rise. 50 to 60 percent per day is now starting to show.

Pretty sure that come late July the SP will be at a very different level to today.

Sorry to be a bear, and sorry if I've called it wrong.

Good luck to all.