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Mma Offshore Limited

( ASX:MRM ) - Transportation

News

Pressure Mounts On MMA Offshore

Marine services business, MMA Offshore (MRM), is under a lot of pressure. Contracts are under review by customers as they revise expenditure plans. The company has signalled Australian fleet utilisation fell to around 60% from 82% in the March quarter and day rates are down 10-15%. International vessel utilisation is around 60% as well and day rates are down 15-30%. Supply base activity in Western Australia is also down sharply. Little improvement is expected in the June quarter.

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Rough Seas Ahead

Mermaid Marine (ASX: MRM) is one of Australia’s largest marine services providers. The company has performed very well in the last five years on a wave of capital expenditure into the domestic oil and gas sectors. But is this growth likely to continue?

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Analyst Views