Disappointing - after singing their praises on HC I am now...

Disappointing - after singing their praises on HC I am now embarrassed. I really thought we had turned the corner. Happy to take start up losses on Orexplore but not the main game. Not now after all these years. Start up costs are just a function of business and need to be recovered in the contract rates. We appear to have to wait to Q4 before we attain planned profitability. Was hoping to see higher utilisation rates too. If they cant make money in this market they will never get there. Market has spoken - heading back to 20c again! i thought these days were gone. There was no hint of this for the CR - and they would have known. Naughty.

That said it will be more profitable to attract increased business from existing clients - thats about the only good news i read. Still no guidance for the year. Was looking for around $30m to $35m EBITDA but that aint going to happen. 70% utilisation ave for qtr - a bit of latitude with increased rigs about to go to work but lets hope they get rig util up to over 85% - 90% - cant have 30% of fleet sitting around doing nothing! Are you kidding me? Lease out spare rigs or take a position in a well credentialed miner short on cash. I hate idle equipment depreciating away taking its toll on net EBIT. Sorry I am a bit negative but I am running out of patience and need a drink. Time for a wee dram and calm down! A wee Glendronach matured in sherry casks with a splash of rainwater and sep water chaser. I wish I was going to AGM - I would have something to say. Vote down the remuneration report! No doubt the performance bonuses will be payable regardless. Have changed to hold.