Time to buy. Compelling at these prices. I am not expecting the...

Time to buy. Compelling at these prices. I am not expecting the company to announce any more contracts. The order book has strengthened slightly and the quote book is it a record high. The new LNG projects in Australia should support the company's diversification from bouyancy risers and add incrementally to the order book. FY12 will be a poor year for MCE, but $20 million normalized NPAT for less than $200 million equity value is a great opportunity while this stock is down and out. A push to $40 -$50 million NPAT in FY 13 / 14 will make today's close look like a bargain sale. If you are unsure about the industry, google "brazil offshore subsalt" to get a feel for what is happening in the market.