One of the main selling points of the ROV business was the packaging of the vehicles aboard a vessel. With the vessel now gone the ROV business is left to compete with spot vessel of opportunity projects or rig drill support. These markets are fiercely competitive and suited to full size work class vehicles (particularly in the Australian market) rather than the small ?swift? vehicles that nms have. So the sale of the vehicles may look better on the books but it is a nail in the coffin of the ROV business.
With ROV uncompetitive... What are we left with? A diving outfit with a survey offshot and Seastruct. Does this add up to the net worth of the shares on offer. Sorry that was rhetorical and does not need to be answered ;-)
NMS Price at posting:
4.1¢ Sentiment: Sell Disclosure: Held
