Ann: Refinancing Update , page-46

Throughout this difficult period for BLY, management has adopdted a very conservative approach to their announcements with regards to refinancing. So from what that they have said in this announcement i am completely certain that refinancing is a done deal.

With markets in general improving i can see that the banks confidence in BLY will continue to grow thus adding more to the chances of BLY getting the refinancing they need.

Once refinancing in behind us the next focus will be paying down that debt and comming out of this mess a stronger company.

For potential investors, bear in mind that BLY has around 20-25% for the worlds drilling market (not just Australia) with an industry turnover of about 12 billion a year.

This will be a great company.

A round of applause for BLY management.