Ann: Jebsen and Jessen Claim Update, page-6

Good point. There is a similar valuation discrepancy with a number of the Norwegian based competitors which are generally trading at 1.2x P/BV or more.
Given the announced asset sales, MRM's net debt should be about $50m or less by Dec this year. Accordingly, if the share price can reach 1x BV, this will mean a share price of about $1.10 by year end.
What's more, with the debt position now under control, and new O&G and offshore renewables projects coming on line, this price could prove conservative.