My experience with MRM, page-58

Naja ERA's achillies heel was its production mine with major regulatory risk, otherwise could probably have ridden out depressed uranium prices.

MRM very different beast - service a whole bunch of different clients. While no doubt MRM's operating conditions are quite subdued & likely to remain so for some time yet (with oil & gas majors heavily restricted cap-ex), MRM are one of the stronger players in the industry & will survive, & the subdued operating backdrop is more than factored in at current share price. Still plenty of vessel activity supplying & supporting offshore long-term production assets, just at skinnier margins than in the past - less adrenaline but hardly the end of the world.

Company's current share price much more a product of short selling / algorithmic mischief, reluctance & fear of fundies to hold any "mining services" companies at the moment (even though MRM quite different), & finally short-termism that's so rife in investment community these days.

MRM should receive a significant re-rating some time in next 12 months. If the market or management don't do it soon, at these levels PE or a strategic suitor will step in & do it for them.