Not too bad. Probably a clean with grinder, treat rust and prime and repaint. I had a look under my 96 940 today and noticed my sill ends are just starting to bubble, so will do the above. Sill very good as owner in past must of treated the chassis cavity as rubber bungs in ends.
Pity I noticed battery tray corners rusting through to the offside front wheel arch under the battery cables. Not bad for the age though!
James.