what needs to be done !

BLY is significantly under valued compared to peers. BLY's exposure to the mining boom and fundamental growth factors of product restocking and rig utilisation going in to 2012 and the seasonality of rig bookings to the end of 2011 are simply not being translated into the share price. Forget about the moronic performance of the ASX this is a global company. We equity holders should be all over BLY!

So, BLY needs to do something to impact of the share price and good results are just not cutting through! -

What should BLY management do?

1. Grow via acquisition.
Management got burnt pre GFC by having 700 mil in debt which is now gone - the debt built up BLY's rigs and scale - is BLY gun shy on acquisitions? MAJ / Austdrill, Barminco ? Private unlisted companies? Where is BLY's next growth story coming from - it's not as if they don't have the financial firepower to fund it!

2. Internal Capital - if you're not growing you're going backwards. Dividends are ok, BUT the better option is off market buybacks of low holdings >500 shares and or tenders to take advantage of the WOEFULLY LOW SHARE PRICE - if the market is undervaluing the share price then suspend the next divy and institute a buyback on market.

3. Communication
Where is the upsell on BLY as a company ? where is the investor presentations spruking the business ? why are the investor briefings and AGM not webcasted ! The investor relations team need a rocket up there arses !

4. Global Listings - are US investors and Fund managers able to access BLY stock easlity or should BLY dual list on the NYSE ?

Frustration.
The value of our company is reflected in the shareprice and forward PE and the company management is focused on the business not on growing the business and our wealth . Treading water is not enogh - we need to be buying rigs in China and Russia and extending the fleet via acquisition - this business of using CAPEX to build better rigs is fine but lets add a few by taking a risk and buying a business - even a business in Mining services outside of drilling perhaps ?

Lets get those lines of communication opening and get the shareprice moving UP !

what do you other BLY holders think ?



Jake

PS: OP ED Only not advice.