Redtiger66
My view 5 years ago re post
5/8/2010
Mermaid Marine Australia is in one of the fastest growing industries in the world. As a service provider to the oil and gas sector, it will see enormous growth going forward
Over the last year there has been an explosive change in demand for its services. This will not be changing anytime soon
The company has invested heavily - spending close to one hundred and fifty million dollars {AUD $150,000,000} on infrastructure (supply bases) and capital spending (marine vessels) over the last 12 to eighteen months,in anticipation of the future demand for its services
Mermaid Marine are heaviy leveraged to the Gorgon and Pluto Projects, and will be involved in Wheatstone, Ithysis, Browse and many other developments over the next few years
Mermaid Marine's international operations are growing year in and year out, working in areas which allow them to make good profits
They are exposed to all the major and minor players in the industry
If there is a benchmark for reliability and reputation, Mermaid Marine Australia would be at the top of the table
The results for the end of the financial year 2010 will not hold any surprises
As said on this forum several times before the company is a quiet achiever with an excellent track record. Its management team have developed a five year plan and have been consistant in implementing it
TODAY
I had held this stock over many years. I stopped holding pre Jaya acquisition. I was totally against board direction into international market.
The board had become very cocky and lazy for the last few years in my opinion.
When Gorgon and Pluto materialised - previous board had the foresight to envisage preparation. Mermaid were in the right place at the right time.
I felt the wheels started to come off - when Mermaid did not win supply base tender up in Darwin and response from Jeff Weber to this. They obviously were resting on their laurels and did not do enough homework to be the successful tenderer for Darwin Supply Base.
Instead they focused all their energies into the international market
The fact of oil prices coming off just accelerated in my view the inevitable
My view is that the CEO made a fatal error (re Jaya). He is a one man board - like prime minister Rudd before he was replaced (he did not listen to anyone)
Time for a complete board overhaul. Will it come - doubt it.
So in answer to your question Redtiger66 - even though I do not own stock - I follow company and from time to time comment with an opinon (like you did on the starpharma site and provided unsubstantiated information - which you knew was totally fabricated)
The above is my opinion and not investment advice
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