Unidentified Analyst: Thank you. And I think a good follow-up, exactly what’s my next question that you are saying that you are keeping your shareholders’ interest in mind. So, separate to the M&A part, are you actively having discussions around capital structure, shareholder returns? And I know how you can optimize that on a standalone basis. I guess you said that the RCF for €˜23 might be net negative for the full year, but any color you can share or thoughts you have had around that would be helpful as well.
Dominic Savarino: Yes. Fredrik, this is Dominic. With regard to our view on that from a debt stack perspective as well as returning money to shareholders, it’s a €“ it’s really as we have said in the past, it’s really a 2024 issue as we get €“ as we progress through 2023 and early €˜24 and pay down our RCF. At that time, we would have the opportunity to investigate opportunities to convert our current debt stack to something that is more regular way that enables us to relieve ourselves of some of the constraints we have from the covenants that are related to the emergence from bankruptcy. So, once we go through that process and have the cash flow generation to optimize our current outstanding debt and then consider opportunities at that point, it’s really an end of 2024 story before we are able to really take advantage of that opportunity.
Unidentified Analyst: Thank you very much. And just two quick one on there, Ocean GreatWhite, you mentioned a few €“ that you had some opportunities in sites for that. Have you any color on whether or not you think BP will exercise those options? And have that changed after the EPL? I am just thinking on this in kind of relation to your activation costs and the payback of that, which I think kind of is covered by the firm period, but the options would give you economics above that.
Dominic Savarino: Fredrik, our understanding is that the and BP project will qualify for investment credits that apply against the most recent energy profits levy. So, from that perspective, I believe, BP in that project are shielded from the excess tax costs associated with that. The rig has eight priced options with BP estimated at roughly 60 days each. And we would anticipate that BP will ultimately exercise most, if not all of those options. That timeframe, should they proceed in that manner would have us well placed for the future opportunities that are present, west of Shetland starting in late €˜24 or early 2025.
Unidentified Analyst: Great. Thank you so much. That’s all for me.
Dominic Savarino: Thank you, Fredrik.
Operator: I show no further questions at this time. I would now like to turn the conference back to Bernie Wolford for closing remarks.
Bernie Wolford: Thanks all for your participation in today’s call. We look forward to speaking to you again in the next quarter. And I will note that we recently updated our investor deck on our website. So, the latest and greatest information is available there. Thank you very much. Have a good day.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
