Why I'm not buying BOL, at this stage, page-6

Not sure why you have chosen to ignore the most obvious message in the presentation, which is that ECoast which accounts for 2/3 of revenue is up by 8% as is margin compared to PCP.
Business is so strong on the ECoast that they are shipping equipment East to cope with demand.
The cost cutting will make BOL more competitive and therefore increase the chances of winning some of the $45 mill of tenders they have bid for, So if we assume they bid for a similar amount of tenders per year over your 3 yr projections that's close to $135 mill of new business. Your NO GROWTH projection assumes they will not win any of this business, which is completely unrealistic.
Further there main customer segment of resources has bounced back which is a further tail wind.

It is further likely assets sales will drop, given the increasing pipeline of potential work and prospect of less idle equipment.
Mining services companies are being rerated as resource sectors improves so this further poses questions about the veracity of your commentary.
Bottom line - to the completely ignore the upside here based on the fundamental changes to cost structure and consequent increased competitiveness at the same time as their markets rebound seems unfair.