Time to off-load this Mermaid, page-79

My reading of the balance sheet doesn't agree with that.

There are liabilities due over the next year, of which the $90M (principal and interests like you were saying) is a part of that.

But there are also current assets they're expecting to come in over the next 12 months.

Difference between that is the net current liabilities of some $7.5M. But note that line item assumptions we've been on about... how that was conservative and so MRM is only either -$1.9 or even positive etc.

So it's not that over the next 12 months their EBITDA is forecast to be only $25M while their debt are $90M.

It's that over the next 12 months, EBITDA is $25M on top of whatever the current assets (cash and revenues and boat sales and tax returns) is at 30th June 2016.

The new $75 + 3.7% interests on remaining debt ($300M, so interests = $11.1M?)... so that new $86.1M financing repayment will start from 1st July 2017.

True that the earning of that $25M EBITDA incur costs... but if we assume that DA real cash expenses are cut down to the minimum (say $10M), tax is a return of at least $10M, interests for FY18 at $11.1M... earnings after tax and DA would still be $25M and so they will have $14M after the interest payment during FY18.

Then there's no cash for that $75M principal repayment in FY18 either. Not from that EBITDA estimate anyway.

But boat sales for another $25M might be achieved? New work on INPEX at full speed. Oil rebalancing and winning new jobs.