results out this week

so the week we have been waiting for finally arrives - and a report that will show some serious growth in revenues and profitability of NMS..... or will it ?

the SP remaining in the doldrums indicates to plenty that this company is going nowhere, whether it be thru debt, lack of contracts, no demand for nepsys or a myriad of other reasons.

some of us beg to differ, and provide plenty of argument why we disagree - but the proof is always hard to find, due to the lack of news coming from lange & crew.

so lets discuss what we do know.

1. neptune pegasus - the mystery website link to a vessel they may, or may not, have acquired. the thread shows some folk believe its a done deal - the question remaining is 'what is such a big boat going to be used for?'

2. GOM repairs after hurricane IKE - evidence is the storm created plenty of problems, but different to katrina. katrina blew rigs off their moorings, which in turn ripped apart pipelines and other equipment. IKE on the other hand didnt destroy many large rigs, but the resulting storm surge was huge, creating a lot of damage to pipelines that was repairable, and not scrapped, like katrina. this work is ongoing and the key to some great figures i expect from USUS. see cal dives recent FY report for similar evidence.

3. sea struct have apparently signed a new contract, according to their own website. info is scarce on this one - hopefully more this week.

4. tri-surv (that other great high margin business, besides nepsys) won that inpex project for survey work on the ichthys field - as yet no word on the survey for the pipeline - all 800km of it. the field survey was to take 4 months and be worth $8m+ ..... in the past that '+' can be worth a lot.

5. the recent results from other companies on the ASX with offshore O&G segments in their business - the most notable so far CLOUGH. they have gone from a mining services business with an O&G arm into what appears a solely offshore O&G business - they know where the money is. just as significant is the coming weeks WORLEY results - they might just shock the market with their ability to earn great revenues despite being labelled a mining services company - their purchase of INTEC last year is proving a perfect transition into offshore O&G.

6. the outlook of the oil majors, especially those working in australasian waters. while all want to make it clear the credit crisis makes things cloudy, they have undoubted confidence in the near future, and the long term, of further ongoing development of various oil & LNG fields. the recent decision to restart reindeer is a prime example.

if the dumb analysts are true to form, theyll continue to assume all engineering & services companies are tied to the wallets of mining companies - while it becomes abundantly clear to some of us that offshore has no credit crunch, no financial crisis, just work work work.

A RERATING OF THIS SECTOR IS SURELY UPON US - AND SOON.