Operator: Our next question is coming from Jeffrey Campbell of Alliance Global Partners. Please go ahead.
Jeffrey Campbell: Good morning. Philipp, first, I just want to ask what are the expected benefits of the MOSWEC PowerBuoy versus the current solutions?
Philipp Stratmann: Thanks, Jeff. Good morning and thanks for joining us. The PowerBuoy that we have right now is entirely fit for purpose. What we are looking at and similar to what I mentioned to Shawn is having a seamless, consolidated offering in the marketplace. By finishing the development of the MOSWEC system, we’ll be able to start consolidating whole shapes when it comes to the buoy platforms, which will give us the ability to have one common whole shape, whether you’re using — with a wave energy converter or without a wave energy converter, as we have done in the past with hybrid, thus further streamlining the offering and making it more cost efficient for our customer base.
Jeffrey Campbell: And do you anticipate there being any manufacturing benefits from that as well, maybe in terms of internal costs for the company?
Philipp Stratmann: Absolutely. If you think about the supply chain benefits of moving to a common whole shape across all of the buoy systems, you rapidly start being able to scale up, raw materials sourcing, you start consolidating working on assets. And obviously, it becomes much easier to install the finished goods side. So there’s a whole bunch of benefits that come from the consolidation of efforts as opposed to just the €œbenefit€ of a common whole shape for the customer.
Jeffrey Campbell: And I was wondering, can you provide us with any kind of sense of what the revenue implications might be at USV sales, if you get some meaningful portion that USV stated desired by the Navy in 2023?
Philipp Stratmann: Yes. So as stated in — we feel comfortable with the 9 million booking forecast we put out for the current fiscal year, and we will work on expanding that for the next fiscal year. And I think the interest that we’re seeing in the market and the broader demand picture is giving us comfort that our sales team and commercial team can start concentrating on converting opportunities into additional orders and backlog.
Jeffrey Campbell: Well, without asking for too much specificity, and should I take from that, that the 9 million estimate that’s on the books contains both commercial sales and forward payments of development projects, and but also some military sales as well.
Philipp Stratmann: Yes. I mean as we are seeing with the efforts that we’ve got ongoing, currently on a digital horizon and the work that we’ve discussed previously, that we’ve been doing for Naval Postgraduate School. We look forward to having a robust pipeline that contains a healthy mix of government and commercial orders and government being the defense and national security space, as well as efforts around in non-defense spending on the government side.
Jeffrey Campbell: And my last question is, with regard to the oil and gas business, where we’re generally led to believe that offshore oil and gas development is due to be fairly static over the next future years. There can be a few exceptions, like ExxonMobil, offshore Guyana, but in general, fairly static. So I’m wondering what areas of application you find that you believe you can grow into the industry, even as it itself seems to be sort of consolidating and pulling that?
Philipp Stratmann: Yes, I think we will continue. As I mentioned, we will continue to support our oil and gas and energy with large customers in the offshore world with solutions around monitoring of leased areas surface and subsea. As we’ve previously stated, we can support decommissioning efforts and well monitoring. And those specifically on the oil and gas side, our efforts will continue to pursue from an opportunistic standpoint.
Jeffrey Campbell: Okay. Thanks very much. Appreciate the answers.
Philipp Stratmann: You’re welcome. Thank you, Jeff.
Operator: Thank you. The next question is coming from Shawn Severson of WTR. Please go ahead with your follow up.
Shawn Severson: Thanks. Phil kind of a quick follow up question. How will you be looking at in-house maybe the government looking at maintenance on a product like this? So when you’re talking about an infield deployment? How would that power maintenance be taken care of, would you train them to do this, or do you envision them deploying and it’s a bigger picture question to not just for that, but bigger rollout of maintenance and service things that you need for?