Deep water drilling will not stop as the local economies would be ruined. Locals have already srtarted jumping up and down. It may have a temporary halt but not permanent. But markert fear is usually irrational. NMS had $37 mill cash at 1/1/10 and 8% gearing - plenty to see it though a lean couple of years. The O & G will be robust long term. The current selling looks like orderly distribution on high volume which is a worry - when will it end. Certainly no accumulators chasing this stock. Are there any indications that a big holder is bailing?? As you mention omec NTA is 12 cents/share.
NMS Price at posting:
7.6¢ Sentiment: LT Buy Disclosure: Held