UGL did give an undertaking to update the market re Ichthys prior to or with the half yearly which is due 16/02/2015 so not long to wait for news good or bad.
Real SP has fallen from $3.90 to $1.70 or 56% in just over 3 months so one would assume that the bad news has definitely been factored in.
One thing that seems to have been forgotten is that Australia is awash with unemployed engineers .
Wages have fallen dramatically in this field.
From a turnover of $1820 m Ugl paid $960 m to staff and sub contractors there will be substantial savings going forward.
Ugl also paid $22 m in interest no longer a factor fuel and accommodation costs are falling very quickly.
They have contracts, they have cash, and for the first time in many years their cost of doing business is falling. I am thinking that the $1.70' s is a reasonable entry point will find out how clever I was in a couple of weeks
UGL Price at posting:
$1.73 Sentiment: Buy Disclosure: Held
