Message from management, page-5

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Hi VH

Interesting day, I’ve seen the written releases but not yet watched the AGM recording.

None the less, seeing what I have, I think it’s potentially at inflection point. Overseas competitors are saying the same thing, ie the bottom is in for Offshore Vessels, OSV’s.

We see that say Hornbeck offshore and the rig supplier Transocean are saying the same thing .. ie bottom is in.

However... those same companies are just operating at or near breakeven... they are just about more or less running those boats/ rigs and crews at cash breakeven (maybe some contribution to interest if lucky but certainly not for depreciation).

That’s kind of like buying a car, signing up to Uber to be a driver, getting some shifts that allow you to pay your petrol, go to Maccas for drivethrough to exist, but not allow for any depreciation or say buying some new tyres... Hmmm... lots of fun.?? good use of time??

However on the positive side the day rates could improve and the company could make some money (which they would best use to pay back debt IMO). The company does have some good people working for it.

On the other hand this fiasco could go one for some more years. In that case it’s hard to see the business (which doesn’t make a dime today and perhaps for next year or 2) having any value other than the cash in the bank.

I’d say it’s a binary outcome of good vs bad outcomes.

Share price could as easily half as double if one takes a 2 to 3 year view IMO.