Deep water drilling will not stop as the local economies would...

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.