Question-and-Answer Session
[Operator Instructions] Your first question comes from the line of Stephen Gengaro.
Stephen Gengaro - Jefferies & Company, Inc.
Thanks, good morning. Just a quick question as it pertains I guess to Pazflor specifically, but also generally your margin expectations for '08, when you look at the pricing and the backlog vis-ŕ-vis a year ago and then Pazflor is a large part of that, can you give us a sense for kind of magnitude of your expectations for margin going forward?
William H. Schumann III - Executive Vice President and Chief Financial Officer
Steven, this is Bill Schumann. As you know, our margins in '05... I'm sorry... '06 were 8.5%, we brought them up to 10% this year in 2007 I should say. And 2008 we would hope to get as much as 100 basis points more, so it's going to be difficult. We’ve got a lot of work to execute but we think we can get to close to 11%.
Stephen Gengaro - Jefferies & Company, Inc.
And then as a follow-up to that on Pazflor, is that job at similar margins to the rest of your backlog?
William H. Schumann III - Executive Vice President and Chief Financial Officer
Yes, it is.
Stephen Gengaro - Jefferies & Company, Inc.
Very good, thank you.
Operator
Your next question comes from the line of Brad Handler.
Brad Handler - Wachovia
Thanks. Good morning, guys. I guess, I would like to come back to the subsea also. Could you just give us a lay of the land a little bit for... I know you have your large project list, but if you could just give us a little in terms of what's coming up for you? And then maybe some comments about Angola, specifically, does winning Pazflor for example, kind of suggest that now Sonangol turns and make sure they award other work to other parties, that's sort of thinking?
John T. Gremp - Executive Vice President - Energy Systems
Brad, this is John.
Brad Handler - Wachovia
Hi John.
John T. Gremp - Executive Vice President - Energy Systems
With regards to the future projects, winning Pazflor, winning Combustíveis, all those were on our list. We are pleased that those projects that were on the list have now moved into the award com [ph]. So as we look at the list, some of our target projects or off of it but going forward, we've got our Woodside Frame Agreement, which? there will be some call offs on that, which will be fairly sizeable in the next couple of years.
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