David Smith: It seems like it might actually come out ahead. I also wanted to focus on your two higher spec semis in the UK, the Ocean GreatWhite and the Ocean Endeavor. I did notice that the Endeavor on the fleet status report looks like it got pushed forward a quarter, but I am going to ask anyways, if you can tell us anything about what those contract termination provisions might look like?
Bernie Wolford: Sure, David. Both the GreatWhite and the Endeavor have contract termination provisions that allow our customers to terminate for convenience, but in the event they would choose to do that. In effect, the payments that they would owe us, allow us to recover the full economic benefit for the firm terms of the contract. So, we would not be out any EBITDA as a result of those cancellations, and we would obviously have the opportunity to market those units to other clients.
David Smith: That’s great. And if I could throw one more follow-up on Eric, those both look like deepwater rigs. If the UK stayed €“ it went softer for longer, is there any reason those rigs couldn’t be marketed for deepwater work and is the Eastern Med or maybe West Africa?
Bernie Wolford: Yes. We could consider marketing both of those rigs outside of the North Sea. I mean both have capabilities through to further regions, whether it’s a large deck space for remote operations or in the case of the GreatWhite operating in high current environments. And we obviously continue to access opportunities both in the North Sea and outside. But I have to tell you, our base case right now is to keep those rigs in the North Sea area. The GreatWhite is really ideally suited for west of Shetland’s work, and there are a number of programs coming up late €˜24 or €˜25, where that rig could potentially secure a further term. And the Endeavor is a workhorse rig with a huge deck space that allows it to load up on completions and related equipment onboard the rig and provide a relatively low-cost platform for our customers to drill and complete wells offshore.
David Smith: Great. Appreciate all that color. Thank you.
Bernie Wolford: Thank you.
Operator: Please standby for our next question. Our next question comes from Fred Bookstein with Clarkson Securities. Your line is now open.
Unidentified Analyst: Hey Bernie and Dominic. I hope you are well. I have two, I think broader questions. First, I wanted to touch a bit on the M&A discussion. There has been a few M&A transactions after the kind of bunch of drillers emerged from Chapter 11 and Diamond has been a name that has been mentioned as a potential in €“ candidate to be part of that for some time. So, I was wondering if you are thinking around kind of where you fit in this offshore drilling sphere has changed? Do you have to be where you are today, or are you actively looking for something to do either being acquired or acquiring something else?
Bernie Wolford: Yes. Thanks for the question, Fredrik. I will start by noting we are ultimately pursuing the interest of our shareholders. And as our stock currently trades today, in terms of multiples on 2024 EBITDA, we are relatively low compared to the majority, if not all of our peers. And so primarily, we are seeking value for our shareholders. I will say Diamond is in a unique position where we can continue as a standalone driller with optionality to consolidate smaller peers or, obviously, we have the option to consolidate with a larger peer. As you know, we previously disclosed we explored consolidation, and I can tell you that we continue to evaluate opportunities today.
