Buncle I think you are right. MRM have nothing to do with actual...

Buncle I think you are right. MRM have nothing to do with actual mining or transportation. Some research below was from 12th October but summarises their main business. Low oil prices haven't seen anyone cut back oil exploration or production like the miners have.

Company Background
Mermaid Marine is a diversified marine operator of tug services, workboats, barges and labour for hire in Australia. The company also provides a range of marine related services to major oil and gas exploration and production companies. The company was established in the early 1980’s, and since then has grown dramatically. Mermaid Marine focuses on four activities: Vessels operations; Dampier and Broome supply base; Manning and Management Systems; Safety.

The main purpose of this update is to address the somewhat drastic falls in oil prices and how this may affect Mermaid's performance. Oil prices fell to near 12-month lows of $85 on Friday as a wider market slide stirred demand concerns and outweighed calls by some OPEC members to cut output to prop up prices. The producer group announced it will hold an emergency meeting on November 18 in Vienna to discuss the impact of the financial crisis on oil markets, which has helped knock prices from a record peak over $147 a barrel in July.

Mermaid services some of the largest international oil and gas companies including the likes of Shell, BHP and Exxon-Mobil. There are concerns that with the falling oil prices that demand for Mermaid's services will wane much the same. We believe that considering the established nature of the companies it is in partnership with, and the long-term demand for oil and gas, that Mermaid is not in jeopardy of losing any contracts or its services being required to a substantially lesser degree.

We do not expect to see oil and gas companies scale back their exploration and drilling activities offshore due to the pullback in the oil price. The oil price remains on a long-term upward trend and the long-term demand for oil and gas is also positive. Mermaid has positioned itself as a key supplier of marine services in the vicinity and remains a rock solid business in a niche industry. Contracts for their services well into FY09 remain in place and the fleet is close to full capacity.

A strong management team is in place, with good experience in the marine industry, proven to drive growth.
Gearing is at 23.5% and cash at bank is a very handy $56.2m
Continued high levels of activity should remain in place despite the pullbacks in oil prices.
Institutional Shareholders include Invesco Australia Ltd (5.10%), Colonial First State Global Asset Management Group (3.93%) and Argo Investments Ltd. (3.11%).
The share price has not broken its 52-week lows despite the overall market making new lows. This is a sign of strength.