MMA Privilege Sea Trials Video, page-23

AHS I agree strongly with the takeover sentiment. It's better to buy stocks on their merits and if you do sometimes takeovers come.
There's a video of Simon Marais saying the same thing, follow the value. If you buy for a takeover and it doesn't occur you are in trouble. If you buy for the long term earnings then you won't suffer such disappointment - I think Ck you and I have bought at a good price so won't be dissapointed either way.
I would say I don't expect a takeover but then it will surely come. Its a realistic possibility but I am not losing sleep over it.
Furthermore I am not convinced that takeovers are a great thing, a quick buck yes but often shareholders sell their companies for a steal. That may be a 100% profit where more was available.
I think this half MMA is going to start burning cash - given announcements to date. I have been waiting it out for the last 18 months to see how bad things would get here.
If I was the bank and this homeowner couldn't afford interest this half I would certainly look at the probability of things coming right before foreclosing.
Everyone loses when they start doing that, a decision not taken lightly but will be done if neccessary.
In the case of MMA, stacking the boats in Batam will reduce their operating costs. Yes sure the fleet is aging and needs to be updated, when the new vessels are complete though that's an operating cost that won't be ongoing while the company is in survival mode.
CAPEX makes investing in resources a bad decision in general (relative to say a wind or hydro turbine) but at some point the price becomes too attractive to miss out on.
That's what I will be looking for in the results, evidence that they can survive. I don't have all the facts of the case here but my feeling is that they will.
This company is relatively easy to understand - I like that. The sale of the older vessel that Ck posted is interesting. It says to me that they maybe can't sell the specialised modern vessels but a tug is a tug (of the anchor handling variety).
They can be converted into a new life but may not comprise most of the fleet.
As has been posted on this thread the 2 new vessels going straight to INPEX may not seem like much but it's a big increase in utilisation at good rates.