what a golden opporunity to buy, page-25

That shows little understanding of the drilling industry environment. A significant portion of the industry is made up of small to medium sized owner operators with far less overhead costs than that of BLY. Many of whom own their equipment and therefore can park it up without the risks of breaching loan agreements. They can work at cost which will be lower than BLY and keep rigs in the field. There are plenty of professional operators out there that match BLY in identical equipment, just not on such a large and cumbersome scale. When costs are king, BLY suffers from their own operating systems. They just can't compete - hence their focus on cutting cost and becoming more efficient. To little to late. They should of started looking at these things when the global investment into mining and exploration started to decrease from the 2H2010. Instead the increased their borrowings and now find themselves in this situation of posting a -33% EBITDA.