Ann: FY14 Full Year Results Presentation, page-3

Agreed, those idle rigs really need to be contracted. On a positive note AGL has been approved to frack 4 wells at Gloucester which will hopefully open the gates to more exploration and production in NSW. That could help earnings going forward.
The company is still growing nicely, albeit not as quickly as we would have liked, but look around the sector and you'll see pretty poor FY14 results and negative commentary going forward, whereas TTN have forecast increased EBIT of 14%. I think management have been extremely cautious on the back of a few downgrades so I wouldn't be surprised if FY15 saw EBIT growth higher than 14%.
According to my valuations the company is trading at a 50% discount but headwinds remain. If some of those clear, we'll see price appreciation.
Good luck to all