it is also hard to not renew a production drilling contract...

it is also hard to not renew a production drilling contract unless the mine is going to stop operating, so HDX's coal business earnings are very defensive.

exploration drilling is always first to go.

however there are always other pressures - operating margins may tighten up on new drilling contracts, Reichdrill may sell/maintain less rigs?, etc

So HDX not necessarily 100% immune from industry pressures.

However surely profits from the new acquisitions will be very visible at the next report.

Gosouth