a little bit of optimism....

Think of the future earnings potential:

They posted strong 2008 results recording a profit of $10.9 million. Effectively, this is a $17 million turnaround from the 2006 loss of $6.5 million.
They have given future guidance of $22-$24 million for '09 year and already have $50m in confirmed contracts for the first quarter of 2009

Christian Lange also estimated that an additional $40 billion would be spent on subsea services in Australia alone over the next 5 years

It's on an '08 adj PE of 16.5 and forward PE of 7.5. In a normal market, a forward PE of 7.5 would be very cheap but currently, the small caps have been heavily discounted.

I also note that Richard Pratt is on the NMS share registry.

I think NMS is an interesting growth story and they are in a strong position to benefit from the increase in workflow from the oil and gas sector with projects both domestically and offshore.

Drilling outlook for the next few years is strong... :)