Ann: Half Yearly Report and Accounts , page-14

There was some blah in the report on this. It's to do with the Mitchell Drilling acquisition and went something like this. MD acquired for $150m. Valuation said $50m of P&E, balance "goodwill" - talked about the customer base, skills, know-how etc. part of the transaction had conditions associated with it. Would need to re-read report to be precise - but that's from my first read - all service companies (successful ones) would have a market value way in excess of their tangible assets, so this may not be a concern for AJL. And MD seem to be performing as expected - another good sign.