Yep but the market doesn’t trust them. My take is as they have...

Yep but the market doesn’t trust them. My take is as they have failed to deliver for so long despite plenty of promises the wider market wants to see the proof.

Im thinking end of the year or early next before we see a re rate on the back of new work materialising into NPAT.

Despite the new work utilisation isn’t changing much and utilisation is the key here. Having said that I like the fact no new capital expenditure is required yet. Let’s wring a few pesos out of the current fleet.

By the end of the year the idle surface rigs should also be dealt with which will help. Or not as has been the case with SWK for ages.

Sentiment change to buy as at these levels there should be upside but I wouldn’t put the house on it