As expected, Q4 was bad, Q1 2013 will be similar. Beginning in Q2, utilization rates should improve significantly. Long term contracts will begin to drive revenue, and new rigs coming on line will ramp earnings. Possible catalyst post Q2 will be the establishment of a dividend. The big positive in this report for me was the 3 year contract in the 600's for a 2015 delivery. 2015 is when supply will be expanding, so locking in those rigs at current market day rates should prove to be an excellent strategy. Forget DRYS, I will be buying ORIG on dips.