GPASAS, trust me, though I am happy for the return that we have...

GPASAS, trust me, though I am happy for the return that we have made on BLY, it is no comfort knowing that it was made at the expense of others. I'm glad that BLY didn't hurt your overall investment position, and good luck for the future. I have sincerely appreciated the conversation over BLY, and no doubt it assisted others (as what HotCopper, was set up to do). Cheers Stoeger

PS. The drillers in our pool have the opinion that it would be a shame if BLY did cease to trade, as they have said more than once, BLY set the benchmark for industry pricing. However, operationally they see that BLY will be crippled for sometime to come (if they survive), unless they change, their high cost operating systems, and make themselves more efficient. One problem with so many rigs parked up and running others so lean, is when it comes time to put rigs back in the field, though you have surplus, it can just be as expensive, as buying new equipment. Remembering, mechanically 35% of the fleet hasn't worked since 2012 (etc.2013, 2014....), and that all consumables will be burnt up by current utilisation until used. The debt that funded the massive turnover from previous years, is just as likely return to start things up again. It is this point, their massive cancerous debt, that make the outlook for BLY so grim and tough. The numbers speak for themselves and they are not in control of their own destiny - the lenders have all the cards.

As an investment/position our pool is done for BLY, less the industry environment changes drastically!

Good luck as always to all.

A shot across the bow of BLY. STOP trying to come up with new was to patent a circle. You have already destroyed consumer loyalty to your own detriment. Trying to invent new ways to make other contractors, dependant on your consumables, opened the resentment that flung the doors open to the flooding of cheaper generic consumable suppliers. Quality, most will say, generally has caught up, and it makes no to point to buy at 30 to 40% higher, when one is drilling with a profit margin of less the 5%.

ahhhh, that feels better. Sorry if I've stolen minutes of somebodies time, in reading that.

Cheers