I'm not too concerned, here are my positives that no one on the...

I'm not too concerned, here are my positives that no one on the threads have mentioned yet:

1) Gearing at mid 30s is fine. Look at news around the world - The Offshore services companies currently doing cap raisings are doing so to get their gearing down to the 20s from 50-70%. Some companies even have debt to equity at 130%!. Asset sales plus cost reduction program will keep profit respectable. The best course of action is to save cash immediately to strengthen the company's balance sheet and increase flexibility going forward. A divy cut would be a great thing for long term holders.

2) Australia still providing work at utilization rates and margins higher then anywhere else - This should keep MMA afloat with cash until a change in oil. These contracts have very little risk of being cancelled. And avoid the need for a capital raising.

I really believe we are being maneuvered into a take over. MMA have a very young fleet, capacity in the valuable deep water section, and the share price is being savaged! Far more than other offshore services companies around the world, even though MMA are in a far better position. AMP have just bought a company in europe.

Also a positives for the industry - Pipe-laying is forecast to increase.

Now sorry, the bad points
1) Oil will likely be weak until 2016/17. And even then supplies onshore look like they will absorb some of the growth once an uptick commences.

2) Faith in management... there are plenty of options for Management, but will they make the right choices?. I'd want a preference of utilization over margins. But they are obviously trying to maintain margins... Also how about a bit more information release? Be nice to know what is going on...

Dont lose faith long term holders. Short terms get out... its not worth the guesswork and hearthache