Question-and-Answer Session
Operator
Thank you. Ladies and gentlemen, we will now be conducting the question-and-answer session. (Operator instructions). Our first question comes from Jim Crandell with Barclays. Please state your question.
James Crandell – Barclays Capital
Good morning.
Jack Moore
Good morning Jim.
Charles Sledge
Good morning Jim.
James Crandell – Barclays Capital
Jack, could you address what do you see in terms of the pushing out of the deepwater or subsea projects, those projects which are first of all that are at the stage or near the stage where you would expect subsea tree orders and then also deepwater projects that are more in the earlier stages?
Jack Moore
Well let me as I said there a conscious effort to see the existing projects through. I think while operators are admittedly nervous about the price environment, they're still far down the road, Jim with the current projects, but we don’t really see anything that is tendered or in the works being shoved out to the right to any material degree. I expect, we’ve always seen the big projects move to the right, and for not all together reasons of price, the political issues and our partner approvals and others, and I just think some of that is probably going to be a little bit more testing in this environment but I don’t see anyone back in a way from the commitments they have already made.
James Crandell – Barclays Capital
So, would you think that we could see subsea tree orders for this year in the same general range as 2008?
Jack Moore
You know I haven’t seen quest as a forecast for ?09, the last forecast I have saw, and they do a pretty good job of handicapped on the future was a number that was probably going to be 10% greater than '08’s number and the number we have provided is slightly less than 400. So could have been 450 to 500, but I think it depends on some of the larger projects like clouds and the satellites and Block 31 second phase. We’ve already made the decision that we are going to probably expect that in 2010 instead of 2009, and it could happen in '09, but we think it’s a 2010 event. So, the timing of those when they land makes a big difference on the quest numbers because they are such a big numbers.
James Crandell – Barclays Capital
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