Adam Thalhimer: Okay. And then, Scott, do you have any sense for like dry docking schedule in 2024?
Scott Kornblau: Yes, a little early. I’ll give more color on the next call. But I’ll tell you, it’s probably going to be relatively flat to this year. I think it’s going to be in that 3 to 4 range. I will say though, Adam, that the way we have it scheduled out now, and again, I’ll give more color on the year-end call, it is much more weighted to the beginning of the year than the end, especially on some of the hydraulics as we get ready to execute this LNG, will go ahead and pull those dry docks to the left, so we can get those done and out of the way. So, once we get on payroll, we don’t have to stop.
Adam Thalhimer: Got it. And then high level, for next year, we still have some vessels in dry dock. And then I’m curious what the revenue — like what is your annual revenue potential at this point, given all the moving pieces with the boats, now that we have a full backlog, I’m just curious.
Scott Kornblau: Yes, I mean I’m not going to give the full potential because, as you know, a lot of it depends on mix and when the jobs are starting. I will say, though, of our roughly $1 billion of backlog with some of these large capital projects, they’re going well into 2025 and one of the LNG projects is going into 2026. So, we will earn rough numbers of the backlog, probably about half of it next year in 2024. So, there is still some white space for us to fill next year, but we also have a lot more backlog already into 2025 into 2026 and we typically have a couple of years out.
Adam Thalhimer: Great. Okay. Thanks guys.
Operator: Thank you. Our next question will come from Jon Tanwanteng of CJS Securities. Your line is open.
Jon Tanwanteng: Hi, good morning. Thank you for taking my question. My first one, just on the wind, I guess, end market is, do you expect the Equinor project to be pushed out or canceled or somehow renegotiated on your end? And if so, what are your options for the Acadia and the timing of delivery of the financing construction if that happens?
Lasse Petterson: Yes. We — the only thing that we know is that we have been informed by Equinor that they are reevaluating the new situation as New York were reluctant to or did not renegotiate those PPAs. So, we are expecting information from them in the fourth quarter. There are a number of other projects that are going forward and we have biddings in most of these projects that have the installation windows from 2026 and onwards. It’s a bit of a fluid situation, as you can see in the press with the headlines. But the outlook for Orsted Wind towards the end of this decade is very good.
Jon Tanwanteng: Okay. Are those projects that are still — you’re still in bidding on, are they under better contract agreements with the states that they’re supplying power to? We have not been updated to reflect the cost and the interest rates that have been coming up.
Lasse Petterson: Yes. Most of the projects that has now been canceled or delayed was — had power purchase agreements from 2018 and 2019 before COVID and before the inflationary pressures that we’ve seen has kicked in since then. That includes Empire, that includes Ocean Wind, that includes the revolution win for Orsted. So, now that we see the new PPAs coming through, there are projects that has been awarded since then, which have — that has adjustments for inflation going forward, and those projects are continuing. And the new PPAs that has just been bid for New York had inflation adjustments included RWE, CIP, TotalEnergies were successful in winning those projects. And we are currently in discussions to tender those projects for them.
Jon Tanwanteng: Okay. So, it’s fair to say that the projects that are scheduled for 2026 and on pretty much have the risk priced in and don’t have as much potential for cancellation to push out as we’ve seen in the ones that have made the news recently?
