Ann: Quarterly Investor Update, page-5

I think we are on the same page here. I commented on rig utilisation because it was well down on last year and 25% of your fleet is fairly steep but as you have said these numbers are only a snapshot and it may be that a number of contracts may have ended at about the same time. Fair comment. You are also agreeing that Nathan would not tie them up on marginal short term contracts when it is apparent that longer term or higher margins can be forecast. I certainly agree with that and made that point in my last post. Looking at past years performances I am guessing that there are several factors at play here - new more efficient and profitable rigs - better margins being gained with better contract timing and management - better rigs attracting more and better clients. I am hoping that I am right and I am quietly confident that I am.