I think if you just follow kind of the exploration activity and the rig contracts that are being taken on I would consider that to be a level of enthusiasm and is certainly attractive enough to draw the capital into those basins. We remain very focused. Our intent is certainly to treat those basins and to create early success as we have done in Guyana and Mozambique. And that is by working very closely with our partners, building upon our long-term relationship and bringing them something that is unique and different from the rest of the market, and that is the iEPCI 2.0.
Arun Jayaram: Great, I will handle it back. Thanks Dough.
Operator: Luke Lemoine with Piper Sandler. Your line is open.
Luke Lemoine: You just had a monster quarter in orders and raised your guide for the year, but this doesn’t include any 2.0, which you have talked about could be I believe, over $8 billion in orders through 2030. Can you talk more about this product? When do you think an order can be received and maybe how conversations are going with customers?
Douglas Pferdehirt: Sure, Luke. Thanks. Actually, it was a pretty big quarter for us in terms of our milestone on the journey. We have been working through a joint industry program with all of the major players that you would expect and they are actually working with us on a standard all electric system that will provide them the – will fulfill the opportunity set that they need. At the same time, and I talked about this maybe a quarter – this – maybe last quarter or the quarter before, but what’s really drawing our attention is the CC U.S. or, in particular, what we call the integrated carbon transportation system, where we will be taking from the emitter and taking the CO2 offshore and injecting it Subsea, which would certainly be the most favorable way to do it, both from an ESG point of view and from a social point of view as well.
So the CO2 market is really looking like it is going to benefit from our configurable [eCO2.0] (Ph), as we call it. It is a tree that is designed to be unique for that application, and we are seeing several opportunities for that at this time as well. The benefit we have is we have over 600 systems installed using our all electric technology, mainly around the valve actuation. So they have been in the water a long time. They have been tested for a long time. They are the industry standard. So we will be able to build upon that as we build out the complete subsea all electric architecture. And I do want to include our relationship we have with Halliburton in that as well because it is also about providing electric controls in the wellbore as well that don’t rely on electric hydraulic, which then we can go to an all-electric system.
So I think what we have put together between our own technology and that with our partners is quite unique. And we continue to be excited, not only again for the traditional energy, but also for the CO2 market when it comes to all electric systems.
Luke Lemoine: Alright, great. Thanks Dough.
Operator: Kurt Hallead with the Benchmark Company. Your line is open.
Kurt Hallead: So Doug, yes, I wanted to maybe get a little bit more insight around this competitive moat that FTI has been able to develop with the Subsea 2.0 as well as the iEPCI, et cetera. And you kind of heavily emphasize the amount of business that is coming in because of that dynamic. So how much of a competitive moat is that how long can you sustain it? And what are the key factors for an oil company when they are deciding to kind of go with what you are doing? Is it economics related? Is it execution related? Just wanted to give a little bit more color because I know the real – you got a lot of opportunities here extending out into the end of the decade. And clearly, the oil companies find a lot of value in what you are doing. So just looking for more and more color on that.
