I have never yet seen a loss reported that wasn't the best case scenario drawing in every receivable and deferring every payable to make it the best looking number possible. The only exception would be an unrecoverable quarter or year, where you just chuck everything in, hoping it's an anomaly and the next quarter will be better.The fact the CEO is gone and the warning about the sustainability of the business implies there may be more to the story. Babcock and Bristow have both made similar comments about the market conditions in the North Sea.
A bad market and competitive pricing to remain in business is one thing, but to all drive yourselves into bankruptcy is another. I hope their Customers are all paying close attention to the situation.