Autosime, I have been thinking something else. Maybe Neptune did...

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.