Yes and no. You probably have it on the watchlist because it's trading at a very low multiple and price/NTA.
The ships they have are worth a lot on the books ($1B in fixed assets, despite the fact that vessels are not fixed by any means). Debt is around $440m so you are looking at a theoretical book value of $1.50 per share.
However, this $1B fleet is not bring in much earnings, and there's excess capacity everywhere in an industry where demand is falling off a cliff. A fire sale of the vessels (if there's a market at all) will quickly reduce a good part of the NTA margin. So if vessels are sold @ 60% of book value, you get net equity of ~$150m after debt, compared to market cap of $90m @ 24c.
This would all work pretty well IF MRM can actually survive the banking covenant. Any further deterioration in the EBITDA (which is more than possible due to the low earning visibility) might see a breach and who knows what happen after that.
MRM with it's current fleet can potentially earn >$60m at the cycle's peak. The question is if the peak is ever coming back, and if MRM will survive to see it again.
To invest now would probably require assumption of total loss. Or one can potentially wait until the balance sheet issue is fixed before taking a position.