some facts: from last preso: Second half activity expected to be...

some facts:

from last preso:

Second half activity expected to be significantly lower than first half with full year EBITDA in line with​

previous guidance of $75m - $85m


H1 - 66.3m

so H2 = 8.7 to 18.7m

Targeting an additional ~$50m in vessel sales by end of FY2016. this means without asset sales, interest coverage is low 2's to under 3 ....

SE Asia - "
Day rates have reduced by 40 - 50% from Jun-14"

Middle East - "

The market is relatively stable in terms of utilisation but rates have reduced by over 30% since​

2014"

The links that AHS has provided show nil respite in competition and day rates since the half-year release.........this strongly suggests a write-down in carrying value is possible (likely imho).

when one looks at the books - you will notice that "Jaya" is financed via an intercompny loan.......this is likely to have min net worth and gearing covenants, plus a parental guarantee......

I have mentioned this "risk" previously.....

it will be interesting to see how this plays out.

rgds
V_H