Absolutely right Baggy. There is no doubt this would have been a...

Absolutely right Baggy. There is no doubt this would have been a lucrative contract with Chevron and MRM would have no doubt bid in conjunction with a marine crew company.

I expect they would have had a problem with little remaining capacity in existing fleet. A large proportion of their fleet is on long term charter. They may not have had the right spec vessel to perform the work and given their gearing at 31%, they don't have a heap of headroom at the moment.

Pacific Basin the vessel company that won this work have the tugs and barges idle ready for this work, therefore they would have been in the box seat. They are also a hell of a lot bigger than MRM, as they also run bulk carriers. Utilisation is the name of the game at the moment and OMSA consortium would have priced accordingly.