Ann: Quarterly Investor Update, page-7

Most had been flagged previously, still a small miss on my numbers for the quarter - the difference probably relates to the met coal take-up (?).

I recall a total figure of $9.3million in SMS exposure during the last analyst call. There's still a discrepancy of $300K & not sure where that comes from.

I think some positives were mentioned by another poster, however keep in mind the SMS contract is costing the company around $3.5 million in lost revenue each quarter on a comparative basis.

I've been keeping an eye on outlook commentary from all other listed drilling companies, the strength in tendering is industry wide, irrespective of commodity (with the exception of thermal coal & to a lesser degree met coal) & jurisdiction. Most anticipate full rig utilization this calendar year (which hasn't happened for a decade) which should see margins increase. If you want leveraged exposure (via increased rig utilization & expanding margins) to a rampant commodities industry, you could do far worse I think.

Looking for EBITDA% to return to 19% next quarter.

My two bits worth.....the rewards are all still there if you're there for the mid term. For me this presents as a buying opportunity, not a change in thesis ( dependent on macro environment staying equal) but I understand the hit to short term sentiment.....however I think that's the opportunity.