Wednesday, April 7, 2010

Added Mermaid Maritime to the portfolio

Added 5,000 shares (at $0.725) of Mermaid Maritime, the Thai offshore company. Company owns two tender rigs and has a third to be delivered later this year. Currently, one existing tender rig is awaiting a new contract; strong oil prices could see the rig secure a higher charter rate, which could be a catalyst for share price performance in the near term. The stock trades slightly below book, has a long track record of specialisation in the area of offshore services, and has a strong parent (Thoresen Thai Agencies), so corporate governance issues are unlikely to arise.

1 comment:

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