Ann: Quarterly Investor Update, page-3

It's in the update.....you answered your own question.....mobilisation (& demob costs). They now are at full utilisation. The rigs they have on order are prebooked, all of them & that's unheard of. You have the ability to make enquiries tomorrow at the meeting to assuage your doubt or alternatively give weight to your conviction.

You've been selling, I'm in the market happily accumulating at these prices. Balance sheet is healthy, forward order book is full, margins are increasing due to the inability to procure idle rigs...they don't exist, historically massive amounts of exploration capital on miners balance sheets through raises (last three quarters have seen record amounts raised each quarter on quarter & explorer IPO's are flying with an ASX backlog); a better macro setup for drillers here we might not see & that's born out in the M & A activity in the industry of the last week as well. They're set, in the right business at the right time. Some such as yourself are seemingly losing patience & it doesn't dissuade me at all.

Still my conviction industrial pick for FY22 and comfortably so.