The presentation that went with the December half profit...

The presentation that went with the December half profit announcement stated vessel utilisation was 60%. The Australian vessel business is protected by the requirement to man the ships with Australian crew. So, the Australian vessel utilisation is likely to be higher than 60% and the Jaya fleet utilisation lower; if the Australian fleet utilisation is 70% then the Jaya utilisation is approximately 50%. At this level revenue wont cover cash cost and, at that point, the business is currently worthless. I have no doubt MRM would have survived this oil price shock prior to the Jaya acquisition. If the current oil price conditions remain for (say) another 2 years then Jaya is the millstone I allude to above.