There is hope that they could sort out with the banks but it...

There is hope that they could sort out with the banks but it certainly is more at the hope end of the scale of you know what I mean.

It's good news re the new boats getting some work, but what your not hearing about is anything other than the brand new ones.

From what I can see the industry is cut throat re any new contracts and its ultra competitive. We also know that MRM have not won some of the Aussie ones lately.

The US (largely) competitor companies give a good feel of how bad the oversupply is.

Should in coming weeks get updates from say Transocean (a drill and rig co, but very similar trends). Their industry outlook section of the quarterly updates should give you a better feel if there are any green shoots.

Mind you, Transocean has a better balance sheet than many of the OSV suppliers like MRM, so bear in mind there are similarities and differences therefore.

We also need to bear in mind coming impairments from MRM, should see that in next six weeks. It will be interesting getting their sign off on annual account this year..

I hate to say it as I know you topped up recently but I don't think it's going up anytime soon.