Ann: New Contract Award, page-3

Agree. Decent Revenue base they're building and that's before any announcements on the $100m SURF pipeline they've tendered on. Very strong chance they do the entire Revenue of last year in this current half and probably more importantly this is relating to maintenance style activities (not driven by new rig builds).
A pretty simple story from here given MCE's facility is already built, customer relationships are in place and the IP is deeply embedded within MCE. Really just need oil to stay above $50 a barrel and these replacement contracts will keep rolling in given MCE are 80% of the riser buoyancy market.

Existing stacked rigs simply being re-activated would be a meaningful tailwind. This is probably reliant on oil staying around $60 a barrel or above, which feels pretty likely given the level of under-investment and demand is recovering from a pandemic.

If they were to win a SURF contract the stock is really going to rocket. $100m of tenders would likely equate to 8-10 individual contracts and they'd only need one to make a difference. This would then also really open up their addressable market in a big way, all the while still simply using their existing facility. A solid SURF contract would arguably be a game changer for this business, they'd then have 3 meaningful product segments and a much more stable Revenue base with a floor likely of around $45-55m ($15-20m of replacement buoyancy work, $15m of Coatings and $10-20m of SURF work).
This is pre any meaningful resumption in O&G capex which if this were to occur MCE would be a very significant beneficiary. For context, they earned >$100m of EBITDA during the last upswing. MCE's enterprise value is currently around $8m.......