Set to grind higher, page-31

Hi Croasian.

Good post.

I do agree with many points you make including the need for a CR and patience is a virtue...

In relation to other uses of OSVs they are pretty limited. Most OSVs are sent straight to stack, and with so many stacked in Asia they are now starting to pop up in Aussie waters in abundance, for example they are popping up around Cairns (and islands) and are totally cold stacked I believe (some describe it as permanent storage). I also understand more boats are still to come and there is a growing market for moorings... Every now and again they run bilge pumps...

In relation to vessel values, see below information from US operator Gulfmark Offshore. The data is missing the BV but one could perhaps extrapolate in general terms that boat values have recently deteriorated.

I note Gulfmarks share price has significantly decreased in last week or so following perhaps the volatility in oil price, OPEC uncertainties etc.

Link to presentation sourced from also attached.

Best regards.

http://phx.corporate-ir.net/Externa...9NjQ1MzI1fENoaWxkSUQ9MzUxNDg5fFR5cGU9MQ==&t=1