Question-and-Answer Session
Operator
Thank you, sir. We will now begin the question-and-answer session. (Operator instructions) Our first question comes from the line of James West with Barclays Capital. Please go ahead.
James West – Barclays Capital
Good morning guys.
Bob Peebler
Good morning, James.
James West – Barclays Capital
Bob, if we looked at the North American business currently and let’s say there weren’t major issues with credit for Land contractors, due you think at this point, given the work you’ve done FireFly, given the very successful projects that have already happened that you would see sales come through.
Bob Peebler
Yes.
James West – Barclays Capital
And then if we look at the market overall, let me think about full wave it’s market share, I think the last time we did a lot of work and it was around 8% of the overall seismic business. Going into this downturn, it seems to me like you have an opportunity to increase market share as you sell some additional equipment although at a lower pace and you are going to see definitely retirements of older systems. Is that an accurate statement and how do you see full wave technology being positioned as we come out of this downturn?
Bob Peebler
Well, one of the places, James, that I think we have the greatest short term interest is actually in China and in some other areas in Asia, but we have had some real success, as I mentioned in the script, we had some real success in December, finishing a job not only high-density full wave, but we finished the job in about 45 days quicker than they had anticipated. That combined with some other work we’ve done in China, really we are starting to see even more interest both in – both Sinopec and PetroChina. So, I think that the fair way of opportunities we have are in the short term and in China just because that’s where activity still is pretty high and I think they are further along, frankly, in understanding the value, since we’ve been working with them for two or three years.
Canada is still a good market, though. There is a lot of multi-client or multi-component activity up in Canada. And obviously any FireFly we do in North America will be full wave, and so – and we will be doing some, like I said, we’ll be – once the projects are confirmed, we’ll be talking to those. And I will say, I used the word Americas just – instead of just North America because we also have interests in Mexico.
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