Kurt Hallead: That’s great. That’s great color. I appreciate that. So maybe a follow-up here as you kind of referenced significant opportunities to tap into the production spending profile, your customer base and hence, the dynamic related to the ChampionX acquisition. When you look at the production chemicals piece of the business, ChampionX is a clear leader there. And just kind of curious as to, is there, for a lack of a better phrase, like some secret recipes and production chemicals that you guys are bringing to the table that could potentially enhance margins and substantially boost the revenue growth rate or boost the ChampionX position?
Olivier Le Peuch: I think there are multiple aspects to this, okay? First and foremost, I think we have been operating also in production chemicals, albeit at a smaller scale in the international market. We are actually having quite a portfolio in reservoir chemicals that are helping us extract recovery and optimize our intervention and stimulation program also in international markets. And we believe that combining this will help us open and compare and optimize fit for reservoir solutions, fit for process facility solution. And I think we both are coming from different positional strengths. We have a process portfolio, equipment process portfolio, both onshore and onshore. We have reservoir chemicals and subsurface domain expertise and fluid expertise and they have obviously fluids and understanding of the reservoir, of the production chemistry portfolio.
So I think combining both, I think, is, in our opinion, a unique opportunity and the feedback from customers is indicating that they see a lot of potential in this combination. We’ll obviously try to add and extend this to a full integrated production solution, including digital including lift solutions, including intervention and including process equipment optimization that we deliver on FPSO and other places. So the place where this will have further effect, in my opinion, is an offshore environment. And also, we will compare and complement each other on trying to find low carbon and solutions that help also created further differentiated portfolio of sustainable production chemical portfolio for the market. So we have quite an upside in technology, in addition to having an upside on market expansion to use our international footprint to complement the strength of ChampionX production chemical in North America.
Kurt Hallead: Thanks, Olivier. Appreciate it.
Olivier Le Peuch: Welcome. Thank you.
Operator: And our last question comes from Luke Lemoine with Piper Sandler. Please go ahead.
Luke Lemoine: Hey, good evening. Olivier, on carbon capture, understand what SLB is doing and what Aker is doing. But can you help frame how you see this business developing along with how the combinations greater than the two stand-alone entities?
Olivier Le Peuch: Yeah. Great question. First and foremost, I think we see CCS is certainly the most obvious and the most attractive market, total addressable markets adjacent to our space where we can contribute to decarbonization of the industrial space. So we believe we are first at market position and a lot of play into the sequestration through our technology, to our digital and solution to deliver not only site selection, but also site characterization and development of sites for carbon sequestration. So that’s — and by doing this, we have significant access to a large number of customers within oil and gas through that, and beyond oil and gas through the operator, the emitters, that are willing to develop. So we have this as a starting point that give us market access across many of the FIDs and many of the projects, and we quoted more than 30 projects, we are always part of at any point in time.
And I think we have had quite a lot of experience there. So we also have invested into capture technology that we have done, such as RTI for non-aqueous solvent, which are trying — where we are trying to disrupt the intervention, we have to disrupt the economics of capture for low stream — local concentration stream of CO2 in hard-to-abate sector. But what Aker Carbon Capture brings into this is a commercial solution platform or recommercialize that will serve us as a base for expansion for deployment of our capture technology. And also we’ll build on the initial success they have had to deploy this platform to some European markets and use our footprint where we see the market evolving fast in North America, Middle East and in Asia and using this platform and being the go-to-market for this carbon capture solution that they are offering, but supplementing it with our innovation that we are investing in and using this as a platform to deploy innovation.
So combining sequestration and capture to offer this combined opportunity for the customers as technology solution and using the platform of the commercial carbon capture, Aker Carbon Capture, that exists today, is commercial, and using it as a platform to deploy and add and supplement this with new disruptive technology. That’s the purpose, and that’s the intention we have, that’s the ambition we have in this market.
Luke Lemoine: Okay. And then maybe on North America, it’s a smaller piece of your business, but can you talk about how you see it developing over the course of the year past 2Q?
Olivier Le Peuch: Yeah. I think we have been originally guiding and we are keeping our guidance that we believe that on a full year basis, it will be more muted than we had anticipated at the beginning of the year, considering the softness of the market at the start of the year, the persistent low gas price, the capital discipline and also the consolidation in the market. And we expect, going forward, we guided low-single digit growth sequentially. We anticipate at the end of the year to still outperform the market that will see a year-on-year decline on the activity by posting muted, but positive growth. But the shortfall that we may have, considering this offset will be fully offset by international growth as we commented where we see resilience, and we see further growth potential in many markets. So hence, we have reiterated our full year guidance.
