text: Bare boat charters, although useful for the busy times encountered in 1998 exposed the 
  
  Company to a high level of fixed costs. The vessels were valuable earners and the transfer of the 
  
  Mermaid Achiever, Mermaid Eagle and Mermaid Reunion to Company ownership has proved 
  
  to be the right decision for all market conditions. Although there have been no contracts yet let 
  
  for work of any significance by producers on the North West Shelf, underlying day to day activity 
  
  has returned. Expressions of interest for major project work have been issued and as an indication 
  
  of better trading conditions, an unaudited profit of $496,721 has been recorded for the two 
  
  months to 31st August 2000. The trend has continued in September. 