Time to off-load this Mermaid, page-29

Hi Croasian and Dang.

I think you are both missing an important, very important point re the leverage.

The assets are both Much less than the declared value in the 30 June accounts if you need to sell them. Other providers in the industry have written down boats to much higher percentages much more often. As evidence, I've said it before, but the accomodation barge they sold (mentioned in announcements recently and the AGM video) was sold at a loss I deduce. So it must have been sold under its book value if it was sold at a loss?

From my reading of the industry both brand new boats and old stacked ones alike are being written down. Brand new boats under construction are still being cancelled from orders. What could be the re sale of the brand new boat if it's original owner decided to quit it out pre delivery and lug the penalty?

So if one was to work out the real leverage it's got too be much much higher.

It's tight..