text: The audit opinion expressed in this report has been formed on the above basis. 
  
  **Audit Opinion**
  
  In our opinion, the financial report of Mermaid Marine Australia Limited is in accordance with: 
  
  (a)  the Corporations Law, including: 
  
  (i) 
  
  giving a true and fair view of the company’s and consolidated entity’s financial 
  position as at 30 June 2000 and of their performance for the year ended on that date; 
  and 
  
  (ii)  complying with Accounting Standards and the Corporations Regulations; and 
  
  (b) other mandatory professional reporting requirements. 