My experience with MRM, page-60

there is a good chart in todays KAR agm preso - showing utilisation rates for rigs versus water depth .........

if you look at recent asset sales of offshore support vessels - they have been in the 30-40c in the $ range .....

as Astroider has pointed out - this stock is "being played" ......and (imho) the reason for this is there is a hole in the bal sheet ......the fact that management haven't been open and candid is (imho) disappointing .....see the legal dispte ....

having said that - it is a medium term (2 year) play on a turn around in oil prices (and then the lagged effect on expl spend.....and then development spend on infrastructure in the event of success etc etc).

as Astro has also pointed out - the "insto's" have provided the opportunity for the hedge funds - by lending out stock ......it is for this reason I haven't ventured into owning the stock ........

IF the company had excess cash/liquid assets ........given it has fallen from 2.00 to 45c ......and if management were interested in shareholder returns ....then surely they would have enacted a share-buy back ......

shall continue to watch with interest ......

rgds
V_H