Noble (NBLWF) 4 May 232023 Q1 Earnings call transcript

Good morning. My name is Brianna and I will be the conference operator today. At this time, I would like to welcome everyone to Noble Corporation First Quarter 2023 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. you. thank Instructions] [Operator

to of conference Investor like Macpherson, to Vice President Relations. turn would over the Ian I

Thank you, Brianna first quarter and welcome everyone earnings call. to conference XXXX Noble Corporation's

with of You located a noblecorp.com. at also section slide This be Relations on our presentation the will at supporting of call the by earnings our can Investor website statements copy our find report accompanied find conference that schedules and can along website. a you

and feature CEO, will Today's prepared our President Eifler. remarks Robert call from

As Denton, of Also Kawaja, are contracts, well Operations. Richard on joining Barker. Joey of as our Senior CFO, the call Senior and Marketing Blake Vice President President Vice and

During to based management regarding to from not and differ risks certain that and therefore course uncertainties. certain forward-looking are this to related upon not these make any are assumptions statements facts. does and of may factors results forward-looking various materially cause statements these Such normal statements. assume current and actual subject could companies the historical Many statement expectations update are call, to of and obligation we matters our business

Also, referencing we financial measures note the today. that call non-GAAP on are

measures, You report filed measure supplemental required find for the SEC. our disclosure the GAAP with can directly most issued comparable and these in the reconciliation and associated including earnings yesterday

Noble. CEO that, I'll With now turn to Robert of the President and over Eifler, call

prepared the call results with always. begin your contract Richard market Ian. everyone. and turning progress happy for to and as and to I'll financial take the Welcome over remarks And broader us morning. today. Thank awards, call be on before Good to some commentary outlook some you on operations you, opening will provide outlook. thank After with our recent remarks then our questions review the joining

again to for a company. our to of integration an our fleet exciting is opportunities improving market. with profound steady place of I as footing the team fantastic great exciting a global take today. start on our X embraced to outset in off recontracting integration moment such a second all we find and Page business offshore combined to shore-based and as solid future express crews XXXX slides, of continue quarter to QX my make was And at earnings this continue our Noble would headway who on of our like to Starting ahead our the have appreciation industry into full

financials, a to million expect status synergies. our improves, but Richard of to the over the will building quarter course and and $XXX of progressively of our integration in our adjusted improving the for the was year what blocks speak realize the start earnings contracted continue we year, good as a more EBITDA be we to first fleet view, to

the additional encounter I's we on Mexico, slippage aside, call. some contract we As the last startup delays did that to due in an Globetrotter described of with the quarter's permitting

the weeks. resolved Fortunately, Petronas in two we now with permit have that one expected the contract to Globetrotter within to commence I's issue next is

March, which of teams onshore So offshore not the great the the for month our contracts about was operational to for And during like overall. performance. excellent results subtraction and considering quarter that we expected of contribution insignificant, we'd previously the commend the feel first

updated new our several and We're pleased report. release are status press to fleet announce contract that shown in earnings awards

two combined Prosser in a July. Malaysia Tom First on operators contracts for estimated awarded days the jackup has side, from duration starting of XXX in been new the Noble

the an compared a half of year, next in first rig Australia. well So most placed profile through contract now of lower rate years. will this prior we couple Malaysia, the improved utilization full previously cost This for modest of is indicated, as had day margin with idle its in processor over contribution in but the a be to operating uplift

secured contracts we've Next, across recently and commitments fleet. floater new the several

one priced undisclosed Discoverer for campaigns semi-submersible in Ecopetrol the reemerging under this Colombia contract Noble addition has an First, incremental with to one. a evaluation rate. at received in exploration Colombia drilling basin with well several sixth-gen is a

cautiously commence Ecopetrol Ecopetrol the to the contract time in between The QX conclusion its expected startup and is filling we the window about optimistic month, this contract of for current are discover noble more on the and contract.

Mexico, of a well, to Noble finishing QX, at expected per undisclosed customer Valiant currently has the back for to to awarded had in the commence is Kozak. which Surinam, Kosmos Gulf U.S. is Faye drill been been Valiant Gulf Mexico the well mobilize to previously contract Additionally, will and the $XXX,XXX a day, that of and to program XXXX. with Prior the in that, one well, the an assigned

this fourth awarded sequence one in then will And contract, contract direct the nice into continuation the quarter. follow the Kosmos a Valiant which of newly will for creates

elsewhere, have We in XXXX to participate Gulf day rate ample the as contract Valiant this XXXX, we expect Mexico opportunities of and and U.S. its would both environment the in in for rig days. improving the

potential The we for accommodate was quarter, well long to finalize hope rig and some on the the the Faye which work swap fourth Kozak term to announced Kosmos soon. starting in

years four will least, backlog, commercial our enabling thus This evenly extending but Guyana. Guyana, be not each and in XXXX. of to into QX, from Last drillships term distributed has additional across ExxonMobil announce committed happy under QX, very XXXX an X.X agreement them that of we're additional the

additional pricing this proven speaks mutually of combination and collaboration And long believe engagement model. of commercial plus the backlog the directly and productive success this incredibly model beneficial term be commitment development. has unique an for Guyana to market that to new The we

to with project. been small class and play entrusted our that in further world We to honored part have pleased to work are continue

increased the from beginning With these as signings, our May at up billion, X the have backlog of $X.X billion of year. to $X.X

our resolve whitespace. the It could term appears and to should contracts have of weeks, as optimistic bolster fleet backlog, variability finalizing we status also additional coming these on and around further some potentially contracts still commitments, In addition the near we're today. recent that our UDW sheet could over which of some

finish more these to contracts work of over we So look get you. patience to your the line updating appreciate as and some forward we

with an Last as demand I'd that, then, quarter, outlook. the to count detailed low-XXs of description UDW the a rig that estimate that as in incremental on geographic a concluding now we provided term turn to broader XX like incremental now. top So units of contracted well rig of near XX prevailed market to

that volatility outlook underlying recent immediately have months Oil we tightness highly our from roll has nothing or or March robust. customers customer and no price ensued and And news. sentiment But we forward economics into fundamentally with that forward, we remain XXXX. news As of bank prevail in the going failures observed optimistic changed remain pause in two continues planning. will jolting change

last Contracted up utilization XX% from at very momentum or expected, or slightly there rigs or steadily stacked in effective now fleet dozen With behind market either shipyards. stranded are deepwater fleet creeping of cold that has the the premium so is to UDW utilization marketed bidding in the tightness increasing XX this of increased out quarter. as rigs XX existing sideline

is continue we reactivated which in a previously As capacity of to dynamic idle pricing. this some stated, average at near below into term the market expect

$XXX,XXX that hot have push scarcity per term to premium will availability the rates near day. leading continue for While toward rigs edge

contract. primarily representing off and Africa, two the growth over UDW tenders for near floating expected Petrobras is rigs outstanding with for Brazil by component floaters, largest incumbent across South America coming West for Brazil including term Demand and only one the eight outside seven units demonstrated versus

for an six also We one for two expect up. additional Petrobras eight to the to rigs additional coming more near in medium the indicates tender units need to for This term.

some recently extending into recent an the start windows observed the inducement late-XXXX customary to have into be attract bidding, and subject tenders wider as are seen been dates tender in results. delivery most to These reactivations delays, can the of for as

Noble Turning fleet. back the to

that of term deal a term inefficiencies leverage, meaningful attractive As have every we amount to the approximately offset being under repricing four the operating structure of Guyana, half This addition our with currently reprice arise to of now the fleet marketed hold a CEA contract that affords backlog the for partial the which short year, rigs us six utilization floater exposed a it months. over today, contracts. in from in next rollovers great short stands still

As rates backlog of relatively some utilization utilization on contract periodic high surveys underlying in opportunity area floater and our upside supply fleet floater thereafter. significantly have gaps is before our peak is leaves previously number over composition near the stated, moving weighing of term. This demand. other the where normalizing the forward. tenure an pursue exceptionally fleet SPS tight our The the to for we lower XXXX, Despite will

see contracting that point. been a our some indications in has of year and willing to are customers floater Guyana, longer whether is Up question the term arrangement has We motivated on volume Apart start a key customer main multi significant basis? are. contracts. been this to unique from Petrobras taking A that

has of an all than of contract contracts ago. average months at other and a comparable you floater average look fixture compared If duration months, XX% floater per the awarded, XX period of under Brazil, excluding is a to average Exxon more Petrobras eight new which been the the Guyana the awards increase duration during year-to-date year of

the possible be implied reactivate term won't generally contract begun to to the or additional to to reactivations demand deepwater trend to And are would so continue an operators multiyear of require this because satisfy simply dozen And XX these acceleration it And rigs. we expect high So, sideline expand. and has reactivations. already around of contractors rigs aligned spec XX without support. motivations

interesting previously opportunities this drillship appropriate Meltem We disciplined cold to rig. approach with we'll stack Seventh are our and our reactivate maintain evaluate to contract continuing with coverage, outlined Generation

million would reactivate. a reminder, in least longer require to the total at estimate a we $XXX As capital year or Meltem

and new underway do to this Jakob the that a the could $XXX,XXX Edge XXX Norway a to of what are in have on the we jackups, outlook Leading backlog. for activity jackup provide North for same while our bidding last days And rates the essentially range. additional as is process our day welcome Tom Sea addition we are contracts quarter. here Now $XXX,XXX outside now year. plug The described combined

conditions generally more jackups over continue spot through of Interceptor year. nature. XXXX and we market Intrepid beyond. are to muddle the continuing This ultraharsh the incremental this for Noble soft includes demand very in balance And improving are and These see which to Noble possibilities

Additionally, Noble early starting leg undergoing XXXX. its into marketability Allen and Regina to with jacking is system jobs in repairs

than So view total ample beyond for EBITDA more our improvement contribute there but to this year. jackups XX% of will year, be prior that should headroom change no no our about this

excluding this of the year over balance the in at jackups approximately are range. stack the average the $XXX,XXX today, warm rate contracted of XX the Regina an Noble in remaining Highlander, Allen As day XX%

for potential relative day a jackup EBITDA when and baseline to as indicators fleet four is low our of from So utilization. the and today, frame we future revenue fairly for rates

semi And recovery Norway Obviously, driver harsh constructive for an a indicator. is the us. market leading a is in important tightening

the addition Norway restoring a for is demand In jackups. incremental important supply balanced to to jackup Equinor which XXXX demand situation work, for more

our there Sea. now capture be of appropriate jackups, for is than continue these fungible deploy that returns. wherever North to for For than may non-Norway-class more CJ-XXs, to our is assets UK opportunities provide best long some are these near visibility excuse strategy the to term rigs southern -- Since and these geographically me global the and better

we have and for a term. where in recontracting some about we're stand trajectory contract recently deepwater had promising wins a fleet, up for defaulter optimistic additional and we still quality near both nice remains very the summarize, our But jackup high signing the few bifurcated backlog We've currently. outlook for fleets. from the To somewhat

call to I'd With to over the over the that, go to financials. pause and like Richard turn now

recently I afternoon brief Thank then my some morning rest and first of discuss the outlook or remarks you, of over completed and our Robert results, for good quarter our the highlights will the today year. go good refinancing all. In

quarter was expenditures EBITDA the Contract million, Diluted down for Capital drilling was first for $XXX the diluted earnings from Adjusted slightly QX, $XXX first million million. share in $XXX $X.XX, quarter revenue in was $X.XX. in and XXXX. million $XX down EPS adjusted the quarter. services totaled QX from was million per $XXX

fleet, the As partially was and our on decrease in increased by fewer sequential anticipated, jackup driven revenue EBITDA was by floaters. day days by offset which operating rate

of Noble was the XX% Tom decrease compared the Noble XX% market of the jackups and which quarter. Regina during Invincible, but fourth contracted in utilized was highly quarter, by Allen, This for quarter in the first XX fourth off-contract to driven of the first all primarily XXXX. Noble quarter majority XXXX, of Prosser, the we're Our were

first rates by the our $XXX,XXX similar rates embedded anticipate day I edge we expectations. sequentially Our a across above to expansion on used in the revenue trending XX% average visible Noble Globetrotter to increasing per floater versus higher, day. with quarters rate average to day, upside quarter, impact marketed X% floaters in the delayed were in and are EBITDA the The XX and ahead. quarter Mexico the With approximately negative floater quarter, $XXX,XXX day leading our still fourth backlog per fleet further and have did repricing start our support for

that scheduled As is summarized at remainder of the billion $X.X on $X.X slides, is for X start year. Presentation and May of of XXXX. XXXX conversion X that backlog of Earnings billion approximately the $X.X total Page approximately at billion This our stood for over from this billion, revenue includes the up scheduled $X.X as

and to and and notes month agreement, redeeming integration benefits five of priorities, principal X% of senior for of provides are no for including allocation million securing and million the basis, a operate XXXX. XXXX refinancing to We and which payments, ample on stated includes due this and complete our capital refinancing, related $XXX to streamlined liquidity structure a steady years, business effectively no provides to restated amount There capital other credit flexibility that on pleased return the senior and maturity execute secured shareholders. last also the senior were numerous We capital unlocks believe maturity us. which April issuing amortization issued cycle our commitment an amended in unsecured notes revolving prior new very $XXX

unsecured Noble Additionally, it outcome years for many believe the an terrific bond. driller an we in establish re become a efficient regulatory first to is supported offshore to structure by

in we million to remains this the three to have synergies of continue of quarter year. $XXX the runway over cost annual target fourth integration track, Our quarters expect on realized of

$XX quarter, the achieved of we As end of have of the first synergies. approximately million

EBITDA guidance, Referring are and billion, reimbursable non-cash including our $X.XX between $XXX maintaining we amortization. to billion year full the excluding of Regina Page revenue million million $XXX related and Noble to between insurance leg any earnings and slides, expenditures proceeds. customer and combined approximately reimbursable includes capital X million capital given of $X.XX $XXX and million, the $XXX CapEx revenue and total which the expected Adjusted $XXX of Allen repair of

relative X a delayed the been remain the we of Noble at confident start to the with the outlook our these While year. start of has ranges, Globetrotter contract discrete setback

for So all by of this gaps as work well but timing potential always with are which leaves in subject to else believe EBITDA attainable, equal us wins, to This additional Adjusted as this do order be determined half uncertainty, could derisk to contracts. as contracting the range. between example we upper

fourth expect to to steadily contribution each continue a quarter the highest expected be with upward of the the progression EBITDA of year. We EBITDA quarter,

took contract from most repricing several in that effect X into the and the both QX towards of positively from and of CEA revenue progress Kozack the notably Sea Mexico, quarter startup commencement Innovator's QX. Viking improvements Noble of North of end full Globetrotter contract a the realize the we expect the in in Noble As areas, QX, Faye recent the pricings we to most March, Noble

proviso of same that that would few look ahead an fourth derisk EBITDA this annualized to that of year, a run we pending the there Adjusted quarter subject for aforementioned we As contract billion rate to we $X to view. approach could around awards were this the serve believe

capital that million, $XXX in to cash in a build driven negative of the and I of during driven first the would was repurchase extended majority to million note restrictions purchased quarter. the we In the The QX, by we which that to significantly XX we first free were our refinancing, shares. flow incurred second unwind $XXX this subject quarter blackout primarily by million pending of the we shares. expect of quarter, limited networking ability

shareholders. of now we refinancing the capital With forward much to look our us, return up ramping behind to very

remarks, like pass my concludes the back That for Robert, comments. to closing to I call and now

for annualized quarter rearview in our XXXX cash EBITDA mirror our remain have Thank expected going shareholders of our adjusted robust. beyond of viable year, progression to financial refinancing quarterly fourth Richard. With to an outlook the extremely billion significant free EBITDA the $X and of you, path upward we'll this of a We continues to majority the XXXX and look to return and now forward. flow a in through

us be program might can when expect appropriate. execute to to share You a continue and our on to continuously evaluate repurchase if dividend repurchase and

to proud help best better customers. part Drilling of of this to Maersk and serve colleagues, incredible with both be company, I exceptional am to together the so to legacy a work bring and our Noble our

we As supply stages from which commercial pipeline early encouraged customers, activity from drilling still offshore redefined our by our company, the well under and of journey both a as of creating the cycle. structurally deep leading we business, investment very dynamics in continue remain side protracted to on as of the emergence our is the

to for back With operator questions. like I'd the turn call the to that,

[Operator with Instructions] from question of Kurt comes First Hallead caller a Benchmark.

Hey, good everybody. morning,

Hey, Kurt, how you? are

Thank Good. very Good. you much.

potential contracts the you get on in you just I of announcements up XXXk Obviously, us pricing announcements that of I'm for but see give we're range? color here my to year? improvements edge just wouldn't the you these to the question yeah, evolving? back specifics. some obviously continued you you that the additional the XXXk the dynamic you throughout trying you pushing groundwork the these half the that could out how of, as before did gauge per I end dynamic, up coming don't have call, here laid to in tease rates the feel year. And are into this guess potentially the guess recent of above in some So you contract through can around And about contract these how leading have additional year,

we We're priced Sure, comfortable market, it goes, in feel I believers yeah. big the very and mean, with not we've writing line. the where market finish where over with these. the

don't But pricing making job of ahead group sure our I incredible get ourselves. of around want we're marketing So and did effectively. an to looking that corners

through. I'm And they when fixtures that if so and will well these come be comfortable quite appreciated

Got it. that. Appreciate Thanks. Thanks for that.

the a well? on to the have would before of a be that Meltem, year potentially here as for contract possibility the So that end

approach I'd qualify kind quarter that say criteria. as as per I of -- couple we've going contracts It's basically criteria forward. three, where said could kind year of that our year, per only we've really planning mentioned There's one But only that would to an of said taking. conservative to we're now. right for a last relax for before, we're today not that we now

trying So - ends that we're up -- we're rig that yes, capable opportunity that pick just be excuse the me highly that back it. for work patient and possibility. And in It's a to it's rig the right a and marketplace. think we

I So and see it's want but chasing we'll put it, to happens. to don't what opportunities, we a are percentage actively

that. Appreciate great. Maybe to up just you be returning wrap shareholders. referenced cash going to if Okay, you're I

have that to companies consideration of Have of to flow some kind you cash percentage allocate. of you pegged going of may they number shareholders? return cash So flow to a a were that the certain percentage free given

Yeah, Kurt.

specific it. was Obviously a that. number helpful here put to on April, that the refi we got haven't done in We

majority. now. number right a to a we're specific not saying significant it putting now we're So But

Okay, that's color. the Appreciate great. you. Thank

you. Thank

Barclays. with Our comes Eddie from next question Kim

morning. good Hi,

the up quick on a Meltem. follow Just

induce a Petrobras justify And XXXX into reactivation bidding of currently you rig? So that how now? to would their tenders. sitting secure to Meltem to the to [ph] some the Are looking contract of you you of contract setting work some might long on commence be dates ideally, cold mentioned stack some be late

public current few show specific I guess there. results would that. the for tender of rig. tenders And things the with the we're Yeah, not that that our so One, a Petrobras have we reasons in

and I end It is put to to or where contract. of up work risk that termination bidding of rights For a tolerance to before around I've perform rig liquidated the termination work or one maiden time looking want a some might previously, in. shipyard thing, rights and damages might presuppose that we outlined reactivation that including into rig question the don't criteria kick

public that to future we speaking, the was Meltem. any sit by us as we quite that a is in from works two looked three think mean I the But for precluded the that timeframe doesn't at rates, tenders, fit it years would terms to initial financials. didn't means. contract well contract that at Again, rig. now think So for the that for be that important Generally something the the around current an best extremely are there

That understood. it, sense. all Got makes

us $XXX,XXX Just that prepared year, be same week. kind the level pushed next my that follow-up think out, are bypass of a to contract by earlier your of those. do that some is, Would the highlighted peers day, at rates the we'll day is towards a would get trending you signed or that late on see remarks the this you year? Does end of that expect mid or

fixture. into couple year, this place, up starting in and the to see see fall need change very have There's believe that year. things a I much that still said I possible I but rates. Obviously to work we that see we it this it's for believe, not another step think that

the for you'll that on out flat clean see of terms that there's we rates contract contracts and meet path think in value in they're for a thing some a I threshold. one for. sure rate, tendering lot need just I oil of to think But a execute that Petrobras

rate from remarks, see And much some we here. to XXXX, some very that's conducive in said in appreciation there, I as tightness the some some

Thank Understood. I'll turn Okay, it great. back. you.

Thanks Eddie.

final with Our from comes Stene question Clarkson Securities. Fredrik

taking my for Hope Thank all guys. question. are Hey well. you you

of reaching the a the quarter. the million, the and at around for wanted the of years end year, EBITDA When the by gave develop how that's we $XXX potentially run the reaching $XXX and could or guidance -- the Richard look rate the be you by to more but $XXX guess we million expect or about end to million more her, can how you adjusted also jackups end have $XXX any today color expecting any of improved look think this by and that will of idea only do slope on financials see But I how of you the helpful. at repricing million you through XXXX we're continue deliver super your guess then this work give to year, I not billion year performance develop projected a sorry, for be you of based kind So to your bit and touch and I can on will $X floaters, point. would

yeah. So

our was guidance XXXX is of same the obviously, So start the at for what as year. the it

So but see million. path $XXX EBITDA million. QX was EBITDA, that guidance $XXX which that path can That's to Adjusted se, of is EBITDA We towards a not a billion QX, see for $X we in per sure. annualized

candidly contributing year. is to jackup EBITDA not Our this fleet much

So XX% we about EBITDA. see only our of

year. think you option XXXX, numbers will, necessarily upside this in think incorporated as the upside or there's beyond I not that's So or significant value, you EBITDA if

move XXXX. see sit that think quarterly we I I as as very about think through as today, optimistic here we well. XXXX we progression So And EBITDA a in we're

for prepared some term that can short don't Thank guess, impacts the bit And having but a you you [ph] the at there's ways this you And utilization being contracts, this contracting of obviously of I in fleet by on are touch year, you. meaningful there of other coverage fleet. but also a kind to of disclose the strategies, a some look SPF about hand, for market more repricing kind are helping fleet. remarks assets the of coming strategy. bit term part often. that the wanted particularly short two on parts actual these your I repriced on you large of with to your need said what up

you actively, term managing of out amount [ph] the actually So you are contract of further? in kind looking want your chasing particular are short Or in or work? you reprice taken because limit -- how or you're term holding short you any strategy to to now actual just portfolio you have of have this floaters

work That It's because can question, friction and strategy. something, in contracting point, if they it I'll a create effect fill some and which our case long bit a of in to cetera. your assets contracts with your And that I've time do and something whitespace. between just mentioned it for it But known inefficient just in it. can our you sometimes led to find of in good has just probably generally little to a wells the of function was take Fredrik, time, fall hasn't whitespace, It et on a but then that's that's all, to SPS. prior customer your offshore first no and it's in between to customers, signing speaking discussed missed everyone

while strategy se. does it some maybe tactics affect, So efficiency, some or affect some it doesn't really per

past don't think us we've that term benefit and big it we longer slightly thankful years journey our thankfully one putting our different component think Noble's been felt reprices And on over tier others. we're a here, played, I just to couple very haven't pressured I the Because I drillships, think, been than has -- take to as that's present. the of contracts. very to to have [indiscernible] of since and

fleet. large a have We

We fleet. have I world, the Tier largest X fleet EDW [ph] but scale global the our have certainly we in think with

in the sit has said, today a we And where for I've from pricing pricing, think and we where And our room I contracts, implications. long we fact see today. couple of there's helpful despite fleet some increasing, term that see as it

our us in may away those by longer are from in, you seen strategy. fact, of not So though we no in I by that announced contract, guess we are excluded means all means have far, win of no on term participating it so some those, even bidding from is from, been shying have

I'd out the in a seek the is more seventh I would think a question. in If little generation that bit generation to our likely, than think, we're term that I we sixth there little answers mix And fleet, give is fleet. bit color last of your helpful.

And framework. capital it started, I since on the when for queue, one was me, super helpful, super least else helpful. allocation just at Final the no in one

by need to congratulations, you or way, sense flexibility a income met certain more You're certain on so buying for a you're get amount the the have of or kind gives which policy we -- of back well defined you new criteria have that shares, net visibility paybacks. amount what be today? paying shareholder Are that even in needs than -- that you more off your we cash of flow, to

it's Yeah, good question. a very

that the and around visibility very refi us that better through structure, to important obviously on. business our manage just It The focused gives gives was something better. allows capital And cycle we very it us. to are us us

cash expect in So of and QX. that obviously negative expect for an the we generate to QX were reverse And year. level flow flow cash into attractive here, obviously, free we then free entire we to

looking we're free obviously our today majority going to flow cash specific putting it's but a that, today. closer return to to it's to We're to percentage not to be than a XXX% say So significant I shareholders. XX% think fair of that now

nice Thank all you very color. answers. That's for good

you. Thank

have call to like We Ian no now at over the turn to Macpherson. further I time. questions this back would

look next quarter. dialing everyone continued in your for with we Noble and interest forward to speaking in you for Thank and again you

concludes Thank that Ladies and today's joining. for gentlemen, you call.

disconnect. now may You