recent market update (21/04) already providing negative news
some potentially negative news that may impact on them in the near term
*over 60% of drilling service revenue base derived from copper and iron ore - iron ore contract prices could be settled soon, some expect 40% drop, may impact number of rigs standing idle, let alone daily rig hire charges (the days of 10K a day for a UDR1000 just to park on site are rear view mirror material) irrespective of the majority of their clients being the majors (bhp culled a lot of their nickel rigs when the price dropped)
*the co looking to commence the "formal refinancing process in the next several weeks" regarding april 2010 debt maturity - will the credit market be amenable, let alone the potential for broker negative sentiment should the odd rumour waft around
*major shareholders have in the last week ceased to become substantial holders - yet still have more to offload, should they elect to, further stalling any sp recovery in the near term
like some other co's boarts chose to load up with debt in recent years for acquisitions and expansion
since the beginning of the year trainee, cross and relief drillers have taken pay cuts to work as offsiders just to keep their jobs
will be interesting to see if any of the above pans out and if it correlates to the astroanalysis
some vsa would be interesting
cheers