Girish Saligram: Yes. Look, some of this, David, as you are well aware, is a little bit more dependent on logistics and mobilization, etcetera. We are very excited about both MPD and TRS and especially some of the new product launches that we have had in both. On TRS, we have talked about our StringGuard solution, which I am excited about more deployment of the fully automated Vero solution. And then on MPD, we launched Modus, which really cracks this performance segment. That’s likely to be a bit more of a 2025 inflection than a second half of ‘24. More based on availability of assets and getting that fully deployed in throughout the world. So, I think we will probably see more of that in ‘25. But look, I think it’s also really important to point out that while these two of our clients are critical.
It’s a lot more time that we spend on talking with them. Rest of the portfolio is actually growing really well as well. And you see that for example in some of the WCC growth we have seen over the last couple of years, and especially also on DRE, our drilling services business, our Wireline business, our completions business in WCC, all of those are also showing tremendous growth and actually helping that overall ecosystem. So, one of the things we are seeing and we are excited about, talk about the solution mindset is to pull through from different product lines.
David Anderson: And just one final question, I will just come back to the capital. The amount of CapEx that you are spending there, I would think from TRS probably just judging from where the rig count was before, where it is today. But you probably don’t need to build that capacity in TRS, however on the other side MPD, you probably do because that seems to be on kind of pretty much every deepwater rig uses. Am I thinking about that, right?
Girish Saligram: Yes. Look, it’s a little bit of a mix, David. Some of these things in MPD, for example, as I have talked about on Modus, that’s certainly a lot more capital injection, because you have got to actually build new packages, right. So, that does take-up. And of course every new systems that we deploy in deepwater, we build a new system that is additional CapEx. TRS, historically, we have had a lot more equipment. But when you think about things like Vero, again, our fully automated solution, we are building new systems with that, but the order of magnitude of that CapEx dollar investment is very different and much higher on the MPD side.
David Anderson: That’s what I thought. Thank you. Appreciate it.
Operator: Thank you. And our next question comes from Ati Modak with Goldman Sachs. Please go ahead.
Ati Modak: Yes. Thanks. Good morning team. You talked about the early stages of the integration of the acquisitions that you made last quarter. You are seeing incremental opportunities. So, maybe can you provide some color in terms of revenue synergies or cost synergies that you think we can actually get in that asset over the next couple of years here?
Girish Saligram: Yes. Hey, Ati, again, as we talked about in the first quarter, these are kind of much smaller businesses and so, not things that will automatically and by directly by themselves move the needle on the total company. So, it’s all baked in. But look, we think about these as sort of smaller technology acquisitions that over the next few years, we really hope to build that into $100 million type of platforms. And that’s kind of the goal that we see and that will come from a combination of taking their products, their solutions, their services, scaling them with our footprint, especially on the international side. But at the same time also seeing look, where does it give complementarity. So, I will give you a couple of examples on the Ardyne business that we acquired, right.
It was predominantly focused in the North Sea and we continue to see a great opportunity in the North Sea growth, but also the ability to take that to the Middle East, to North America, to Latin America, to Asia that gives us scale and growth and we hope to grow that significantly over the next few years. On the probe and impact selective business as the Wireline products businesses, right, now, this really gives us an ability to have a comprehensive Wireline portfolio and allows us to really become a partner of choice for other service companies to really provide Wireline products and technology in places where we don’t have a footprint, right. So, that’s the kind of thing that we are thinking about. So, we will give more color on that, but look, our hope is to really grow these businesses and that’s what it’s about.
It’s about growth and using our scale versus to say we are going to get cost synergies out of it.
Ati Modak: Got it. Appreciate that. And then I think you spoke about just a little bit on the market penetration status for the MPD offering. Can you just give us any color on where it stands now and where the incremental room is to grow onshore maybe a little bit? And then it seems like there are some equipment manufacturers that are focused on MPD. Maybe also give us an update on what the competitive landscape is either on the equipment or the service side?
Girish Saligram: Sure. So, look, I think the really good news with MPD is we see adoption growing. And we have highlighted a few examples before especially countries in the Middle East. We talked about an award with PDO in Oman. That’s another great illustration of growing adoption. But in totality adoption on a global basis all-in is still sort of order of magnitude around 10%, so – which is where the excitement comes in. So, as we talk about product launches like Modus, it really gets to that performance tier of the market that allows customers to now have a solution between kind of your basic MPD service and the very high end that we used to offer. So, this is – hits a sweet spot and opens up a new segment. As an example, on the offshore side, this really opens up a jack-up market that we are very excited about on the Modus side of it.
