The Board commissioned specialist international maritime investment bank Pareto Securities to conduct a strategic review of its business plan and financial model.
1. The non-core asset sale program the Company is working through is appropriate in the circumstances as it has allowed the Company to:
2. The regional structure of Australia/New Zealand, South East Asia and the Middle East/Africa (as the geographical focus for the Company's operational strategy) is appropriate for MMA’s fleet and organisational structure.
3. The Subsea Inspection, Maintenance and Repair (IMR) business is a new sector for MMA and MMA would benefit from increased scale and value adding services to extract more leverage from these assets.
4. Significant progress has been made in eliminating costs from the business and permanently lowering MMA’s cost structure while maintaining operational excellence.