Real Issues ?, page-3

Hi VH

My thoughts post AGM were that management, in particular Jeff, impressed in elements.

I agree that hoping OPEC will stop their strategy is not likely. They, Saudi in particular, started this engineered crisis and they ain't going to take their foot off the gas yet. Maybe, just maybe, at the June meeting next year.

MMA is operating in an oversupplied market for OSVs and it ain't going to get easier for a while, maybe a year. Disappointing re Inpex contract start date delay, atter of surviving it.

Their inventory management seems sound tho. They are actually getting synergy from the Jaya assets which is allowing cold and warm storage and alternative use of the ship yard etc.

I felt some confidence come though re asset sales likely and they seem keen to sell non strategic boats or not needed type one offs. Jeff mentioned innovative techniques underway to do so.

The video at the end of the AGM re the sea trails of the MMA Privillege was awesome. Hopefully that one is paid for, a very nice boat.