True. "The Company expects its gearing to be around 2.2 – 2.3x...

True.

"The Company expects its gearing to be around 2.2 – 2.3x Net Debt:EBITDA at the end of FY13."

This is slightly above their target range for 2013, and this is a small concern, but I still think they can service their debt atm. You are correct, if the market deteriorates any further, then it could be a problem.

The mining services have been hit hard already, and on days like these with announcements like these, they get hit harder... to extremely undervalued levels.

It could drop further back to 09 levels, but today is an entry point. Just like in 09, the world is not going to end. The fact that the US gold price has dropped and the US is easing its market stimulatory, suggests the opposite.