posted this news as it was pertinent to M4M shareholders.
It highlights difficulties contracting companies with established history in their field have in securing contracts with Majors in a market M4M is competing in. I'm sure this contract would have been on M4M radar as a potential contract for their new mining services division. The value of the contract is not that significant or for a significant duration ~$20m over 12months or $1.67M/mnth. The published last EBITA margin by MLG was 10.9% therefore one contract win of this magnitude will bring EBITA of $2.18m/a if cost structures are similar.
Thought this would be a good reference for people to look into regarding a company operating in a similar space to what M4M want to operate in.
Only holdings in MLG and RIO will be inconsequential as these shares are held by the ETFs I invest in.
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