Chart has short term potential, page-420

A couple of points below....

Gulf of Mexico:

- Stated above that 'we don't have operations in the Gulf Of Mexico'... Righto...

Take a look at revenue by geographic source in the following preso
http://www.mmaoffshore.com/images/mma---oeciesaiyo.pdf

Further MMAs activities are not new in the region. The incident in 2011 with the sinking in the Trinity 2 jack up boat is well published:

http://www.mmaoffshore.com/images/mma---ahseingeiz.pdf

http://m.smh.com.au/business/mermaid-marine-denies-abandoning-oil-workers-20120302-1u7m9.html


'MRM has nothing to do with these bankrupt US operators .... You are confusing a dromedary with a horse'... Righto...

- My research indicates that the offshore services market is very competitive and each competing company has near identical trends in things like day rates, utilisation trends and stacked vessel number trends.
- competitor Revenue numbers in March 16 were in the order of only 50 percent of what they were in March 15.
- We have not heard from MMA for some time but when we did hear from then their trends were exactly the same as the industry. As I've said before this makes sense in a competitive industry.
- Each US competitor I have looked at has had to do asset impairment on their fleet recently (additional impairments)due to stacking, rates etc
- competitor sites to look at include Tidewater and Gulfmark.
- the earnings calls from Gulfmark are worth listening too. The CEO predicts that by the end of this calendar year the first market to have an uptick in utilisation will be the Gulf of Mexico, importantly tho he predicts rates will go down but utilisation will go up. The CEO also predicts the Asia based fleet will be the last to kick off (it's is also the last to stop). Realistically it's not hard to see a good number of boats entirely out of work for a 2 year period atleast. And we only just have started this period for many boats..
- MMA mid last year impaired the value of boats and the supply base some what. They also issued the sensitivity assumptions re impairments (page 65 of annual report or thereabouts). Given the significantly deteriorated trading conditions, vessels out of work for multiple years scenario, additional impairment just must be a matter of time.

The below linked analysis is from Morgan's in November 15. Conditions have deteriorated from the time this was written significantly by all evidence I can find.

https://my1.morgans.com.au/r.cfm/617FAD87-EC37-4E64-8CEE-776037004467

I believe thus the scenario that the business continues on its merry way is unlikely now. Scenarios involving capital raising seem likely. A scenario involving total loss, while would hope would not happen, should not be ruled out either.