Todays announcement of small UK crews for tugs will slash $5...

Todays announcement of small UK crews for tugs will slash $5 million in labour costs per annum. They've cleaned their balance sheet over the last 6 months by getting rid of the dead wood through asset sales and have used these funds to reduce debt. I think this stock is ready for a re-rating. You can't rule out a takeover also.

$1.60 seems to have been a barrier for the stock and four times it has failed to clear this point since Mar 04. It's broken that point today with plenty of upside portential. Any other thoughts.

Profit results shld be out about 26 August.