Ann: Quarterly Investor Update, page-14

Yes, perhaps the best/most open briefing I think they may have presented. No surprises/obfuscation in answering the many questions that were posed. They are cautiously optimistic for trading conditions for at least the balance of the financial year. The forward order book looks comparatively full.

It was good to have confirmation that they have 92-93 working rigs, not the 99 that are on the books meaning their fleet utilization is actually higher than would seem. Seven are obsolete/worn to the point that they have little use beyond scrap/parts wrecking.

I'm relieved they're not considering further expansion by way of consolidating competitors but rather have a continued organic growth mindset where opportunities present. Little likelihood of capital calls going forward at this time. It seems shareholder returns via dividends and buybacks are now their focus. The net $15million debt aim by EOFY 24 seems conservative even if they continue with the biannual dividend of 2c/share & continue with a moderately paced share buyback. They see deep value in their own equity at these levels with it being a solid opportunity for the company in reducing the shares on issue & in turn enhanced ROE for shareholders that remain invested. I'm happy with this. Reason to be optimistic it would seem. Hopefully the market recognises this with a re-rate over time.

Fingers crossed for benign weather conditions for the coming summer to keep things on track