Ann: FBR MOU with UAE Ministry of Energy & Infrastructure, page-38

I personally feel fbr should prioritise the work in the uae over the work in Mexico. It’s always good to be able to play one country off against the next to seek maximum benefit. Ultimately, the decision to progress with the Mexico deal will depend on the benefit they can provide over and above the benefit if pursuing Australian and uae expansion opportunities. Hard to know for sure but I feel like the uae would be able to offer us a better deal for the first batch of machines than Mexico. More do because of the risks of Mexico in terms of rule of law, cartels, bribery, ip theft, etc…

We know the work is there for hx machines. I therefore feel fbr would benefit if they now focused on manufacturing partnerships to actually build out the fleet of hx machines. I also feel like these types of announcement would be better received by the market.

not investment advice. Do your own research, etc etc…