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Comprehensive Strategic Review

If Halom's resolutions to remove the Managing Director and Chief Executive Officer and have two new non-executive directors appointed to the board of directors at MMA's upcoming AGM are successful, Halom’s nominated board members will advocate for MMA to conduct a comprehensive strategic review under refreshed oversight to:

  • assess the implications of the protracted cyclical downturn in the OSV industry upon MMA’s optimal operating strategy, activity levels, pricing and competitive dynamics;

  • provide a fresh and independent perspective on MMA’s operational efficiency, productivity, go-to-market strategy, client/counterparty engagement, pricing structures, cost base and working capital management;

  • assess the reality of MMA’s financial position, earnings and liquidity outlook, including thorough scenario analysis to understand the viability of the business with its current capital structure and endeavour to implement a good solution;

  • re-evaluate the wisdom of distressed asset sales at substantially below book value in a grossly oversupplied secondary market for OSV vessels as a primary strategy to solve MMA’s debt issues; and

  • explore realistic and executable strategies to address MMA’s current financial position – including (in Halom’s view) its unsustainable liquidity outlook and finances, relative to current earnings. We envisage this would include due consideration of recapitalisation initiatives and whether an accelerated and a holistic strategic process should be initiated to stabilise MMA’s balance sheet and to reset its leverage to a sustainable level.

Protecting value in MMA's platform for the benefit of all stakeholders

Our objective, as MMA’s largest shareholder, is to protect, preserve and restore value in the Company’s underlying platform for the benefit of all stakeholders – shareholders, employees, suppliers, clients and lenders.


We would like to thank MMA’s operational employees for their hard work through challenging times in recent years. Halom has seen many cyclical challenges in the OSV sector. We understand the impact this has on people involved in the business and empathise with the challenges and uncertainty MMA’s employees have faced and are facing.

It is unfortunate that excessive leverage has exacerbated the impact of the current cycle for MMA’s staff.  Halom is of the firm view that the Company’s financial situation needs to be addressed as a matter of urgency in order to create a more certain and stable environment for the Company and its employees going forward.

Clients, counterparties and suppliers

Halom, being financially backed by Michael Kum, is well resourced. We are primarily OSV industry people since the 1970s. Using the experience gained from the various upturn and downturn cycles since the 1970's, we have a good understanding of the current challenges facing MMA.

Our objective is beyond simply stabilising the Company. We want to ensure that MMA can not only survive, but thrive at the commencement of the upturn in the OSV market. We want MMA to continue to deliver its market-leading service quality, safety performance, good union relationships and be actively responsive to clients’ requirements.​

This necessitates a focus by the Board and management pertaining to strategic and operational matters in the business, rather than ‘managing the capital structure’. The latter is what occurs when a Company is dramatically over-leveraged, burning cash and lacking a holistic balance sheet solution. Presently, it is not sustainable and we advocate that MMA takes decisive and corrective action to rectify this.

Protecting value
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