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

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.