In my opinion any comparisons made between Neptune Marine and...

In my opinion any comparisons made between Neptune Marine and MRM are completely meaningless, Neptune took over many smaller profitable companies in dive support and specialist maintenance and bought an old vessel which provides a specific type of service in an area of the market MRM do not operate. The only time MRM and NMS come together is when a Mermaid Vessel is on hire to take NMS personnel out for either ROV, or Dive jobs for Oil majors, or is chartered directly by NMS I would imagine.

From what I can understand about NMS from months of reading its forum is that the management was huge (due possibly to purchasing companies whose owners and current managers were critical and needed to be kept on to meet client relationship and operational requirements), under which circumstances one would assume an integrated strategic plan would be exceptionally difficult to formulate to take advantage of synergies.
Mermaid Marine has grown as an integrated service provider to Oil and Gas with a stable and responsible management, has had and delivered on its strategic planning as visited at every shareholder presentation.
NMS might also call itself an integrated service provider, however in completely different areas to MRM which operate contract vessel services to clients, vessel hire (Mostly Tug and Barge, anchor handling, survey and supply activities to Oil and Gas construction projects) Supply base services through the Dampier supply base (some would argue that this is the best part as it is the only multi-user facility with all services available including laydown, quaratine, wharf services.)

Finally slipway capability for third party users it is the biggest outside Singapore and Perth I believe from prior posts, obviously very handy for routine maintenance, survey requirements and god forbid emergency repairs.

It also provides in house skilled tradesmen and engineerrs in all areas for the fleets needs on site in Dampier.

Neptune however I thought were specialists in Underwater manitenance and repairs, survey of pipelines etc, and specialist ROV and dive services.

So I guess what I would say is that I see almost no comparisons which hold up between NMS and MRM, nor any reason NMS woes should reflect on MRM. This is all my opinion only pieced together from being an MRM holder for years, carefully watching NMS spectacular fall from grace (BTW if they do manage to save the wreckage I will be happy to get in very low now as I think there is still legs in the services they provide) but this is the first time I have considered them as I see them as High risk Speculative, MRM on the other hand are blue chip to me, have been a stellar part of my portfolio for 7 years.

Hope some of this helps.