Annmarie Gayle: I think it’s all of the above. Because then if you imagine that’s exactly right. The key thing about the Echoscope technology is that, although upfront, it’s very, very costly. There’s quite a significant return on investment for users. If we take just block placement, if you’re placing a block on the water, like breakwaters, before we enter that market, you’re placing four blocks per day. With the EPA score, depending on the type of block we’re placing anywhere between 180 to 270 blocks per day, hugely transformational, hugely. So the cost. Then when you think of the Echoscope PIPE, let’s think about our previous generation of our technology, the Echoscope. We generated on the water, one real time 3D image and that’s powerful, because if you’re in a darkened room, and you can’t see anything and you have one torch, that is a no torch, way to think about PIPE is that Echoscope PIPE is that there are many torches now.
And therefore the many torches, what that is going to do to the industry is that they can use a single stencil for different parts of the survey operation. Currently, you’re using the Echoscope, you’re using a different sensor for short range, you’re using many, many different sensors. And the fact that we can now have a light in one sensor, we can do a long range of short range, we can set up if you like 10 sequences, if you think of a music, we can set up 10 sequences and therefore using you can get 10 different images. Think of your iPhone, where you can have all these different filters and use all these different targets to get a different image. This is what the Echoscope PIPE is doing underwater. So its capabilities, its cost, its time, it’s data security.
It is all of the above. So we’re really excited about Echoscope PIPE.
Graham Mattison: Right. Great. Thank you. And then one other question. That’s a theme, there’s a tremendous amount of money being invested in the offshore renewable space. Are you starting to see demand from that area now? Or is that more of a trend that’s going to be growing next year and beyond?
Annmarie Gayle: No, we’re seeing that and we’re quoting a lot of rental opportunities, because then that’s a great question for us. Thank you for raising that. That’s really actually right in our swim lane. And because then it’s the only technology that can visualize the moving cable, as you are taking out your cable, you have a precise cable touchdown point on the water within your engineering spec. And we’re the only technology that can image this moving cable. And in addition, as you saw last year, we were awarded a new patent where now we can also using the Echoscope we can automatically track the cable into position and predict the cable touchdown point. So offshore renewables and I remember in 2019, where there was quite a lot of offshore renewable projects going on.
Without exception, we were almost on all of those projects. And I think that’s the year our rentals went through the roof. And so we are very, very excited. And also in the U.S. also what’s going to happen because Europe has the lead in terms of the experience for these offshore installations. Many of our customers are moving to the States like Boskalis, and the of the world. And those are people we supply into and already talking about the U.S. market for that and supplying our technology for those operations in the U.S. So offer renewables, we’re super, super excited about it. Similarly, for oil and gas, which our business started as an oil and gas we don’t now because then oil and gas, then the price of oil fell over the last three, four years.
We sort of created new markets for technology, but on the rebound of oil and gas projects. There’s also that opportunity for the business. So we’re super excited about offshore renewables and similarly about oil and gas, where we started our business.
