Is there a single offshore exposed company that one can point to and say management did well over the last ten years? MRM has increased SoI by 1,600% over the last decade. The nature of the downturn was quite extreme – even for an industry that is highly cyclical. Most of the offshore drillship co's went bust. There is really no where for them to hide when the tide goes out as hard as it did between 2014-2020.
MCE got to the end of the last cycle debt free and owning their plant and the property it was on. They are not world's best management, but they're not as terrible as some are trying to portray.
