Dang. There is a very good archive of ASX releases and Annual...

Dang.

There is a very good archive of ASX releases and Annual Reports on MMA's website at the below link:
http://www.mmaoffshore.com/investors/asx_announcements.phtml

I'd encourage you to have a good read of releases, perhaps going back to inception.

Some points I'd look out for:

- The JV supply base was only the Broome base. This was indeed only a smallish contributor to earnings.

- The Dampier base, the Jewel of the Crown, was a major contributor to earnings and source of competitive advantage. MRM solely owned this base, hence the Jewel in the crown.

The earlier annual reports will illustrate the importance of Dampier, and MRMs founders knew it.

The current management instead of building or maintaining strategic real estate and advantage thought the company would be best served by buying more boats. That has not worked out well for them!!!!

Make no mistake, The sale of the Dampier base is complete disaster for the company. Effectively, MRM now has no competitive advantage, and has now a fleet of boats from multiple operators in SE Asia (and far beyond) hovering over Australian waters, with nothing stopping them coming now! So less work and lower prices ahead for MRM.

I am pretty sure that MRM arranged the supply base sale at fire sale rates, because if they didn't they would have gone under at 28 Feb.