Static, I'm not disagreeing with you but I would say we don't really know how Babcock MCS and their subdivision are getting on really as their reporting of $ is all internal. The commentary with their last investor report is all text and new bid win values with a comment of 'broadly maintaining MCS margins'. Nothing about MCS made (or lost!) $XX in the last 6 months which I think is really what we'd all like to see!
Not in any way a dig, I wish CHC employed similar rigour to their operations sometimes but without doubt, having access to a huge bank account and diversified model have helped Babcock weather the storm significantly better than CHC or BRS.