Olivier Le Peuch: No. That’s — I think that’s a market comment directionally and in line with some independent market analysts view. This is five to or single-digit to teens digit decline and we align with this view and I think our market activity will decline accordingly.
Scott Gruber: Got it. Appreciate the color. Thanks.
Olivier Le Peuch: Thank you.
ND Maduemezia: We can take the next call now?
Operator: And it is from the line of Roger Read with Wells Fargo. Please go ahead.
Roger Read: Hi. Thanks. Good morning.
Olivier Le Peuch: Good morning, Roger.
Roger Read: I’d just like — I’d like to come back to your positive commentary on the increase in the offshore and particularly deepwater. I was just curious to the extent you can share it with us kind of the way to think about the impact on Schlumberger, excuse me, SLB, as we go from kind of a conventional land rig, an international land rig, shallow water and the deepwater, right, like so what’s the sort of multiple of revenues, potential margin expansion as you go across those?
Olivier Le Peuch: Yeah. I think we have commented this before and we have commented that offshore is an intensity of 5 times revenue intensity per rig and we maintain that view, whether this can expand depending on the intensity, depending on the market mix, depending on the pricing, I think is, I would say, a floor to some extent. But, yes, we see the deepwater accelerating and I think it’s something that is not only in one region, but I think it’s pretty broad. As I commented, it’s Latin America, it’s Africa, it’s East Med and is to some extent also East Asia. Hence, this addition, I mean, we are not talking about necessarily 50 rigs, but one and twos and threes rigs in those regions. And the fact that they are relating to also a content of exploration and appraisal is creating a mix that is favorable in the quarters to come, I would say.
Roger Read: Okay. And then my unrelated follow-up is to come back on the CapEx. Understand 2022 running a little hot and the growth rate a little slower in 2023 based on that accelerated CapEx. But what’s the right way for us to think about CapEx as a percent of revenue, because for a bit, it seemed like kind of 5% to 6% running a little above that in 2022 and by my own calculations maybe still running above that in 2023. So I just wondered if there’s been a change in how you are thinking about it or it just reflects market conditions as we look into 2023 in the middle of the decade?
Stephane Biguet: So, I think, you clearly have to distinguish the CapEx portion, which is directly correlated to the level of activity and the APS investments. So together as we guided, this is a total envelope for 2023 of $2.5 billion to $2.6 billion. Within this, the CapEx portion, as we said, we will continue to target a range of 5% to 7% of revenue. So it allows us to flex it based on activity, but we will not go above this and it will be probably pretty similar to the percentage we saw in 2022.
Roger Read: Okay. Great. So no change in how you are thinking about the investments and how that affects return on capital employed and everything going forward?
Stephane Biguet: No, no, no. Not at all. Still the same target range.
Roger Read: All right. Great. Thank you.
Operator: And our next question is from Luke Lemoine with Piper Sandler. Please go ahead.
Luke Lemoine: Hey. Good morning. You have
Olivier Le Peuch: Good morning, Luke.
