Autosime, I have been thinking something else. Maybe Neptune did not know at that point the extent to which Marine and Civil going into Adminstration would have on their bottom line. No mention has been made of how Marine and Civil affected Neptune and you know what, Neptune and specifically CLange are not in the business of knocking companies like Marine and Civil or disclosing problems of other companies they deal with. We all knew Marine and Civil going into administration would mean something for Neptune's profit. It could be Neptune have written down the loss from M&C on their books but will add it back on should M&C survive.
I think before we go making anymore claims against Neptune, lets wait for the Prospectus which is due out any time now. We are all just making assumptions about what has happened to Neptune. Lets try and now think of the Cap Raising and moving on from this.
Here's some research for you Autosime, maybe now we can all understand why Neptune has not fared too well in the last 12 - 18 months.
Mermaid Maritime reports net loss of Baht 456.5 million
($15.1 million) on revenues of Baht 3.5 billion ($120 million) for full year to end September.
Result a year earlier was profit of Baht 747.4 million ($24.7 million) and revenues of Baht 5.2
billion ($170 million). Lower results are put down to ?lower day rates and asset utilisation in our
subsea group?. Decrease in revenue for subsea group is put at 25.3%. Drilling group also had
lower utilisation levels. Subsea asset utilisation for year is put at 39.5% down from 59.8% while
average day rates ?fell by 21.7%?. Mermaid adds ?weak market conditions, and further uncertainty
as a result of Deepwater Horizon incident, have led to a number of contracts being delayed or
cancelled?. While ?reasonable volume? of tenders for grade two DP DSVs is outstanding, Mermaid
notes ?slow results with respect to contract awards as many of these submitted tenders remain
outstanding or have long validity periods?. Rates are also still seeing ?downward pressure as a
result of decreased global demand and increased availability as new vessels are completed and
join the DSV fleet?. Rates are expected to ?remain challenging throughout 2011?. Company notes
that covenants of two loans held by subsidiaries have been breached but discussions
DOF Subsea reports loss of NKr 94.8 million on revenues of
NKr 2.5 billion for third quarter. Result a year earlier was profit of NKr 550.9 million on NKr 2.1
billion though that period did include NKr 363 million of unrealised currency gains. Contractor
notes activity in quarter was low in Far East due to ?seasonal variations?, but high in Brazil and
North Sea. Result for main DOF company in period was profit of NKr 174 million on NKr 1.2 billion
revenues compared to NKr 497 million profit and NKr 1.12 billion revenues a year earlier.
Helix reports net loss of $85.6 million for second quarter on revenues
of $299.3 million. Result compares with profit of $100.2 million and revenues of $494.6 million for
second quarter last year. Latest period included one-off non-cash charge of $159.9 million
reducing carrying value of some of Helix?s oil and gas properties and reflecting lower expected
reserves. Aside from charges, Helix says results show ?sharp sequential improvement in operating
income reflecting improved market activity? with Q-4000, Express and Helix Producer-1 all
assisting BP with Macondo blow-out. Companies production and field interests remain for sale.
Cal Dive reports net loss of $11 million for second quarter included
$3.7 million non-cash tax adjustment. Revenues were $124.2 million. Result a year earlier was
profit of $28.6 million on revenues of $260.3 million. Contractor says fall in results was due to
reduction in hurricane repair work and lack of new construction activity in Gulf of Mexico, along
with lower vessel utilisation and day-rates worldwide. Also noted is ?reducing spending due to lag
effect of decreased offshore drilling in 2009? and uncertainty caused by BP Macondo situation. Cal
Dive adds that Gulf assets have seen stronger utilisation since mid-May but at lower day-rates
than last year.
NMS Price at posting:
8.4¢ Sentiment: Hold Disclosure: Held