zhanginu There are quite a few OSV companies bigger than MRM -...

zhanginu

There are quite a few OSV companies bigger than MRM - eg. PACC Offshore and CH Offshore (which has no debt). MRM could be a good strategic acquisition due it's presence in Aus - given we will be the biggest LNG producer come a few years. But the issue is Aus is quite costly in terms of labour and hence our cost of production is quite high - with oil trading so low it is unlikely we will any more than the billions already committed to the Browse Basin.

Most OSV share prices have dropped about 50-60% so MRM isn't alone - and most companies have had utilisation and day rates fall by similar amounts. Based on this it's pretty obvious offshore exploration and production work is starting to dry up.

I'm expecting MRM to be in the red today given the fall in oil price given the news that OPEC is unlikely to lower it's output. Hopefully I'm wrong.