For myself I was concerned with the loss of the RIO contract...

For myself I was concerned with the loss of the RIO contract recently.
Agree that they are selling the marine services at the bottom, PRG certainly didn't buy SKE at the top although with hindsight they could have waited for them to be more distressed.
I wouldn't agree with your $2 valuation for the company though I think that will prove low. You are essentially applying a low PE multiple to cyclical low earnings.
One could do the same to MND and decide it is overvalued which is certainly not the case there IMO. If MND is on a PE of 20 then a PE of 10 here is not crazy and accounts for the different nature of the sectors in which they operate.
I have changed my sentiment to hold though and am considering free-floating the stock to recycle capital into the very strong opportunities presently available.
Nightmare MLD is much more expensive than PRG in my opinion.