MSV valuation multiples, page-3

Hi Captain,
Thanks for your comments. Just to be sure, MSV will actually be slightly larger (by rig count) than DDH if it takes up the option for the 3 on 9 rig purchase. As to your point with respect to coal.....MSV have zero exposure to thermal coal, they only service developmental drilling on metallurgical coal for which there currently is no commercially viable substitute in coke/steel making. For mine it was a business risk when it was a large component of their business. Now that's swung the other way.....if gold tanks for any reason they have a very large & growing exposure to it. Ideally I'd like as broad an exposure to as many commodities as possible. Gold for now is the 'low hanging fruit' & they're taking the opportunity while it presents itself.