Ann: Market Update, page-9

I was a holder but sold out about a year ago , and have maintained an interest since, Titan completely misread the market, and still continue to do so. The commentary about November to January being quite and expecting an uptick soon is laughable. Where is this uptick coming from, the rch model is defunct, dead, existed during the best of the boom times. It would appear they are left with onerous leases on buildings with little or no hope of hire at a profit. No wonder the ceo jumped. 1 rig working? Another dead weight. Hofco slowing with a 1.9 million ear out to be paid. It was apparent at the Agm guidance would not be met. Any optermism around a looming uptick is misplaced. In fact I would think it likely a tightening of conditions are more likely. Titan is at the bottom of the food chain, their oxygen gets cut of first.