Ann: Quarterly Investor Update, page-12

You are pointing out the lag in revenue compared to the expected shorter term expenses and lease costs. Accordingly I would expect that a little more patience is required to see the company's peak results. The rig renewals obviously are another matter to consider and it would appear that having renewed most of their fleet over quite a short period that slower renewal of say 5 rigs a year will eventually mean they would have a fleet of very old, medium age and new rigs at the end of the 20 year period. Wasn't that where they were before the major renewal recently?