So we are positive about the exploration. We don’t see a setback for customers on exploration, and we see that the breadth of exploration appraisal in offshore and in onshore market is much higher than it was a couple of years ago. It touched many geographies and basins from Southeast Asia to obviously, Middle East, Africa and North and South America. It’s very broad and that is what I think is quite unique in this cycle.
Marc Bianchi: Very good. Thank you very much.
Stephane Biguet: Thank you.
Olivier Le Peuch: Thank you, Marc.
Operator: Our next question is from Luke Lemoine with Piper Sandler. Please go ahead. One moment please. Mr. Lemoine, your line is now open. Please go ahead.
Luke Lemoine: Thanks. Olivier, good morning. You’ve alluded the enhanced capabilities of the new OneSubsea and maybe to fine tune it a bit more. Could you talk about what you’d like to achieve on a commercial basis and maybe qualitatively on an operational level within the first year and maybe the next few years as well?
Olivier Le Peuch: I think first and foremost is to continue to satisfy fully the customer base and the backlog that we have, respectively, from Aker Solutions, from the organic OneSubsea secured in the last 18 months. And I think execution will be the first priority, first and foremost, to make sure the performance by joining team would not be affected. And I think we have been reassured from the engagement that our team that this is the case. I think next, I believe that what we want to achieve is to demonstrate for every customers that we have in the portfolio today that the combination of our engineering, new technology portfolio, a broader portfolio and integration capability that SLB brings with Subsea 7 and the rest of the SLB portfolio is differentiated and will add value to all the backlog that we have.
And third and maybe the most interesting and the most exciting part that we are seeing is that customer at the onset of this announcement have come to us for asking partnership to be explored so that we can unlock economics, we can unlock recovery, and we can accelerate the path to decarbonization of deepwater operation to you by the combining and using and leveraging the full portfolio we have. So I would say performance and execution. I would say, sell up and integration capability for technology. And finally, this partnership model that I believe will be defining the new era for Subsea.
Luke Lemoine: All right. Thanks, Olivier.
Olivier Le Peuch: Thank you.
Operator: Next, we go to Neil Mehta with Goldman Sachs. Please go ahead.
Neil Mehta: Yes, thank you. I had a couple of geography questions. The first is around North America, recognizing it’s a smaller part of the growth driver of the business. But what are you seeing real time in this market? And do you think we’re in a bottoming phase as we move into 2024?
Olivier Le Peuch: Yes. Great question, Neil. I think indeed, our hypothesis for the way forward and [indiscernible] specifically discuss the U.S. land activity. The apologies we have is that by the combination of the gas price, creating a little bit of a pull on supply and a pull on activity on gas as well as the favorable oil commodity price. We create a pull on the private, E&P privates coming back into this market, the magnitude of which is, at this point, difficult to judge. And I think there are plenty of scenarios and it will be a little bit of the swing factor, more opinion in the 2024 planning. Yes, we believe that the trough is beyond us, so it’s about, at this point, and we see incremental from H2 of this year in the U.S. market going forward, our biggest incremental gain.
We will come back to that as we guide 2024. When it comes to North America offshore, I think here from Canada to Gulf of Mexico, we see a robust and steady activity going forward. And we see that will continue to benefit to our exposure, and the OneSubsea JV will continue to magnify this where we’ve opportunity to do so. And we are very satisfied with our performance there. So I believe that the activity and the outlook is, if anything, steady and has a potential for upside in 2024.
Neil Mehta: Thanks, Olivier. And then just a follow-up is on Russia. You put out a release a couple of months ago talking about how you continue to wind down the business, and our expectation is that’s going to go to zero here. But just any update on where you stand there and any color you can give to the market? Thank you.
Olivier Le Peuch: As you could find in today’s key [ph] document that we are releasing, Russia revenue percent approximately 5% of our consolidated revenue year-to-date. And we expect it indeed to decline as a percentage but not to zero in 2024. And any guidance that we provide will always include the Russia effect and how we anticipate this to happen. This has always been built in our model and does not impact our financial guidance, as I said. And I remind you that we continue to ensure that our remaining presence in Russia meets and exceeds all international sanctions.
Neil Mehta: That’s great. Thanks, Olivier.
Olivier Le Peuch: Thank you.
James McDonald: Leah, do we have any further calls on the line?
Operator: Yes, Mr. Hallead — Kurt Hallead with Benchmark. You may go ahead.
Kurt Hallead: Hey, good morning, everybody.
Olivier Le Peuch: Good morning.
Stephane Biguet: Good morning.
Kurt Hallead: Olivier, I’m kind of curious, just this week, it looks like the U.S. has agreed to lift sanctions on the export of Venezuelan oil products. I know that Venezuela had been a fairly large market for Schlumberger prior to the sanction dynamics, and I think you guys have maintained a presence there. So just kind of curious as to what you think the opportunity could be once the sanctions are lifted in terms of providing incremental revenue growth.
