Historic Volatility In RevenuesPast episodes of zero revenue and losses highlight that the business is exposed to cyclical offshore demand and contract timing. That structural volatility makes future cash flows uneven, complicates planning and increases the probability that current gains could reverse if market conditions soften.
Capex Pressure On Cash FlowMaterial capex in 2025 depresses free cash flow despite positive operating cash flow. Persistent high capital intensity for vessels and equipment can constrain free cash conversion, force reliance on external financing for growth, and limit distributions or deleveraging.
Historical Liabilities And Negative Equity RiskA track record of high liabilities and past negative equity shows structural balance-sheet fragility during downturns. Recurrence of such conditions would restrict access to credit, increase funding costs, and could necessitate dilutive recapitalizations or asset sales to restore solvency.