MGC love your MMA posts- I am quietly waiting for Thursdays announcement with great positive sentiment.
A couple of points that I think you alluded to but didn't spell out:
Since the AGM and profit projections, MMA have purchased three new vessels (I think the fourth was already committed and built by MMA and delivered before the AGM but could be mistaken, it is working for Apache), one for Geokinetics the 70m PSV, and 2 were purchased "on spec" as the MD announced as they were great opportunities.
2 of these vessels immediately went into work in Australia and are currently working on Pluto, I would think the returns from these vessels whilst not making a huge impact in the Dec figures will have an outstanding impact in the second half. and both will contribute to the taxation rebate benefits you have spoken about if the company applies the benefit to the results in the first half figures .
I agree with your assesment of possible abnormal profit result this half- a very savvy management team who seem to have taken advantage of all at their disposal to utilise their strong cash position post GFC to purchase good assets cheaply, and position themselves to reap maximum benefits from upcoming Gorgon support work.
Good Luck to all MMA holders, this is one of the best managed, diversified, and high performing companies around in the oil and gas support sector IMHO
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