And just sort of what do you see is the major sticking points in terms of slowing down the timeframe for new announcements?
Karl Fredrik Staubo: The key gating item for all this projects is all of the, call it, engineering upstream integration with midstream, like technically making — planning the project and making it work. Once you have a plan that sort of everybody is comfortable with, then you need to get the governmental and approvals, subject to what the jurisdiction that can take very long. But it can also be somewhat more efficient. I think at the end of the day, the commercial terms are super important. But it’s not the sticking bit, because if all the other things work, it’s a matter of sort of dividing the cake. But, the one thing that takes time is to bake the cake, not to divide it, to put it that way. In terms of timing, I think what we see is that — we were trying to highlight that a bit in this presentation.
It’s important to secure the attractive delivery. And we really see that our ability to drive value with these clients is more significant. If you have more people wanting something, then there is available that tends to drive value in our favor. So for now, I think we’re most focused on the correct execution to drive value as opposed to have a firm deadline and having to be painted into a corner.
Sean Morgan: Yes. I mean, I think that kind of goes without saying you don’t want to sign up to bad commercial terms. So — and then, obviously, a lot of success selling forward some of your, I guess, floating exposure volumes on TTF and oil. And just kind of curious, what’s the limit on, I guess, in this probably different for TTF and oil in terms of kind of forward selling some of that commodity exposure you have. You’ve gone to 2024, as you kind of look at the forward curves, like over the next few months, would you try and kind of sell forward more exposure at end of €˜24, €˜25 and how far could that process really take you kind of from where we are right now?
Karl Fredrik Staubo: So, the commodity linkages are on Hilli, and Hilli has the contract till July 26th. So, what we are looking to do is, we can and probably will hedge TTF volumes all the way out there, if we like the overall price. So for us, it’s really a matter of weighing the price dynamics in the market with what we can lock in and provide cash flow visibility for. You also have some relationship to the margin or value at risk that you have between now and the timing or when you start producing those forward volumes. But with our balance sheet now, that’s not a real constraint. On the Brent, we haven’t hedged thus far. Part of the reason is because we have a ceiling on the Brent tariffs at 1 or 2. So if you do it, you need to do sort of a collar to make sure that you don’t end up with two massive margin calls and it’s bigger potential margin volumes there.
So, we are likely to do more TTF, if we find the overall price level attractive. We are currently less likely to do anything on the brand side. But that can change subject — if we can lock in 1 or 2 out the long period. You do it because that’s your max earnings anyway.
Operator: Our next question comes from the line of Greg Lewis from BTIG.
Greg Lewis: Karl, I had a question. You mentioned — and realizing you have a pretty strong cash position at this point in time, and you mentioned around potentially refinancing existing projects. As we think about the loan to value comment you made, and I can appreciate the slide earlier, where you kind of were marking where other projects have been reselling. Could we see the potential financing based on implied value, which could be higher than the construction price?
