Ann: Quarterly Investor Update, page-7

Agreed - I cannot find any. The only point I would make is that this report is built almost entirely around their margin. Without that margin things would have been quite different. The margin was sufficient to overcome a reduction in both number of shifts and rigs utilised. I would not take anything away from management on this point as one of the most difficult operational jobs is to increase margins in a competitive industry and they have proven that increased borrowings for new and improved rigs was the methodology. They are now focused on capital management and I am happy with that as long as they do not lose sight of the margin factor.