Matt Lyne: Yes. And our criteria is the same, as it’s always been. I mean a meaningful return on the reactivation costs, over that initial firm contract. So that’s the same, way we’re looking depending as we’ve looked at everything else.
Q – Doug Becker: No, that all makes sense and very consistent. Maybe switching to 2Q revenue efficiency was very strong in the first quarter. Is this a strong performance continuing this quarter and just maybe some of the parameters that are baked into the 2Q revenue guidance for revenue efficiency.
Anton Dibowitz: Revenue efficiency is solid in the second quarter. I think I’m not sure if this is the question you’re alluding to, but our EBITDA guidance for the second quarter is in line with what we expected at the beginning of the year. I think some people — and obviously, we don’t know what’s in your model. I think some people model kind of a linear growth of our revenue and earnings through the year where we had a lot of rigs that were transitioning between contracts, doing SPSs, moving locations, when you look at the 247 going all the way to Australia plus the DS -7coming to work middle of the year. So for us, there’s more a ramp towards — in the third quarter and the fourth quarter versus a linear progression when you compare kind of quarter-to-quarter guidance versus what we’ve given for the full year.
Matt Lyne: Yes. And when we think Q2 versus Q1, I mean, kind of big drivers of the revenue growth are more operating days on the floater fleet. So we’ll have particularly the DS-7 starting up in June and then just more days on the DPS-5 and DS-12 since they started contracts in the first quarter. And then we’ve got a couple of ships that roll to higher rates in the second quarter. And then all these jackups that have really a drag in the first quarter as it relates to idle time and contract prep and survey work, they’re going back to work in the second quarter. And so we’ll see a lift there. So we’re excited about the second quarter. We’ll see EBITDA up based on our guidance, almost 80% relative to the first quarter. So — and then as Anton mentioned, big jump in second half of the year versus first half with the DS-7 online, impact of the higher DS-16 contract.
North Sea basically kind of working — I mean everything is working in the North Sea — moving to some higher rates, and then we got the contribution from the 2 jackups in Australia. So we expect a pretty meaningful ramp across the year.
Q – Doug Becker: Got it. Thank you very much
Operator: Thank you. This concludes our question-and-answer session. I would now like to turn the conference back over to Nick Georgas for any closing remarks.
Nick Georgas: Thanks, MJ, and thanks again to everyone on the call for your interest in Valaris. We look forward to speaking with you again when we report our second quarter 2024 results. Have a great rest of your day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
