Good day, ladies and gentlemen, and welcome to the Halliburton Fourth Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions). As a reminder, this conference is being recorded. I’d now like to introduce your host for today's conference, Mr. Kelly Youngblood. Sir, you may begin.

Thank you, Sam. Good morning, and welcome to the Halliburton Fourth Quarter 2012 Conference Call. Today's call is being webcast and a replay will be available on Halliburton's website for seven days. The press release announcing the fourth quarter results is available on Halliburton website. Joining me today are Dave Lesar, CEO; Jeff Miller, COO; and Mark McCollum, CFO. Tim Probert, President of Strategy and Corporate Development will also be available today for follow-up calls. I would like to remind our audience that some of today's comments may include forward-looking statements, reflecting Halliburton's views about future events and their potential impact on performance. These matters involve risk and uncertainties that could impact operations and financial results and cause our actual results to materially differ from our forward-looking statements. These risks are discussed in Halliburton's Form 10-K for the year ended December 31, 2011, Form 10-Q for the quarter ended September 30, 2012, and recent current reports on Form 8-K. Our comments include non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures are included in the press release announcing the fourth quarter results, which, as I have mentioned, can be found on our website. Our third quarter 2012 results included a $48 million charge, which amounts to $30 million after-tax, or $0.03 per diluted share, for an acquisition-related earn-out adjustment. This charge is reflected in both our North America and Latin America Completion and Production segment results. Additionally, in the third quarter, we recorded a $20 million gain, which amounts to $13 million after-tax, or $0.01 per diluted share, related to a patent infringement settlement that is reflected in our corporate and other expense. In our discussion today, we will be excluding the impact of these items on our financial results. We welcome questions after we complete our prepared remarks. We ask that you please limit yourself to one question and one related follow-up to allow more time for others who have questions. Now, I'll turn the call over to Dave. Dave?

Thank you, Kelly, and good morning to everyone. Let me begin with a few of our key accomplishments in 2012. First, I'm proud to say that we delivered industry leading revenue growth in 2012 on the strength of our international business. Our international operations also delivered industry leading profit growth. The result is a record year for our company with revenue totaling $28.5 billion, despite the challenges we experienced in the North America market. To put this in perspective, our business has nearly doubled in size over the last three years, nearly all of it from organic growth. We set new revenue records this year in all of our regions and in both of our divisions. From an operating income perspective, we achieved new records in our Latin America region and in five of our 12 product lines. At the start of each year, I find it's important to reiterate our basic strategy. Our cornerstones remain unchanged. Leadership in global unconventional development expanding our share within the deepwater markets and helping our customers maximize recovery from mature fields. As the industry leader in unconventional development, this year we elevated our service offerings with the start of the rollout of our Frac of the Future initiative. This provides the most efficient and effective hydraulic fracturing delivery system available in the industry today. Globally, 2012 is a watershed year for the expansion of unconventionals. In addition to providing services on several of the first commercial unconventional wells in Australia, in China, we expanded our service footprint in key market such as Saudi Arabia, Mexico and Argentina. Ultimately, we differentiate ourselves by offering a fit-for-purpose completion coupled with superior frac designed that maximizes well productivity and delivers the lowest cost per BOE for our customers. In the deepwater area, we are seeing the…

Thanks Dave and good morning, everyone. Let me begin with an overview of our fourth quarter results. Overall, I'm pleased with our results for the quarter. Revenue of $7.3 billion was up 3% sequentially and represents the highest quarterly revenue in company history with record revenue from all three of our international regions, our Drilling and Evaluation division and eight of our product lines. From an operating income perspective, our Latin America and Middle East/Asia regions delivered record profit in our completion tool product line which holds the number one global market share position also had record operating income. Consolidated operating income of 981 million was flat to the previous quarter and was driven by strong performance from our international regions where we saw revenue and operating income growth of 20% and 39%, respectively, compared to fourth quarter of 2011. Latin America posted an excellent quarter with revenue up 14% sequentially, despite a 2% drop in the rig count and operating income increases of 25% compared to last quarter and increased drilling fluids activity along with higher software sales in Mexico and Colombia led to the growth for the region. Also contributing to the stellar quarter was project management in Mexico followed by higher stimulation and cementing activity in Argentina. An operational highlight this quarter was our tremendous success with various Turbopower turbine drilling tools in deepwater Brazil, drilling a horizontal pre-salt well the turbine tools surpassed customer expectation achieving a record rate of penetration on its first run in the Campos Basin and saving the operator multiple days of rig time. Moving to the Eastern Hemisphere, revenue grew 11% sequentially and operating income increased 35% driven by year-end sales of software, completion tools and other equipment as well as the ongoing service revenue from key contract wins that have…

Thanks Jeff and good morning, everyone. Our corporate and other expense totaled $106 million this quarter and included approximately $35 million for continued investment in our Battle Red completion tools manufacturing and other strategic initiatives. These activities will continue throughout 2013 but the related costs should begin to decline in the second half of the year. We anticipate the impact of these investments will again be approximately $0.03 per share after-tax in the first quarter. In total, we anticipate that corporate expenses will average between $110 million and $115 million per quarter during 2013, including these strategic costs. Our effective tax rate was 34% for the fourth quarter and 32% for the full-year 2012. As mentioned previously, we’re nearing completion of a strategic project to realign our international operations to better position us for improved delivery of our products and services to our international customers, closer alignment to our international suppliers, more efficient use of our field technology and an overall reduction of cost. Some of the indirect outcomes that we expect out of this transformational initiative will be an increase in our international earnings and a wide reduction of our effective tax rate going forward. As a result, we’re currently forecasting the 2013 effective tax rate will be approximately 29% to 30%. During the fourth quarter, we recorded an $80 million tax benefit in discontinued operations, related to the payment of our liability to Petrobras under a guarantee relating to work perform number of years ago on the Barracuda-Caratinga project by KBR. As we move into 2013, we’re anticipating the typical sequential decline in international revenue and margins during the first quarter due to the absence of year-end seasonal activities as well as weather related weakness in the North Sea and Eurasia and this drop-off could be more pronounced…

Okay, thanks Mark. Just real quickly, we are very proud of our record setting fourth quarter international results. This has been an ongoing focus of our growth strategy and I think these results bear that out. So for 2013 we expect international margins will average in the upper teens and as we have discussed we have called the bottom on U.S. land margins for the fourth -- as of the fourth quarter. With our lower capital spend and improved working capital, we expect to generate an even higher level of free cash flow in 2013 and we remain very focused on capital discipline. So with that, let's open it up for questions.

Thank you. (Operator Instructions). Our first question comes from Angie Sedita of UBS. Your line is now opened. Angie, you're line is now opened.

All right, thanks. First congratulations on the very strong fourth quarter and clearly for the year as well, particularly in the international markets.

Thank you, Angie. I appreciate it. Some folks have been critical of us chasing the international, especially the deepwater market aggressively over the past few years, but as I said then and I'll say now, I think that it's worth it. These are long-term markets, these are long-term contracts that allow for aggressive use of our technology and aggressive up-selling opportunities. So, I think you're starting to see the payoff now and you certainly will see it for the next several years.

I agree and even better. I would add to that that you've done it on the top line but you've also shown very strong improvements in margins also above the peer groups, so a double bonus.

Yeah, thank you.

So, to follow-up with that, your guidance for Eastern Hemisphere margins average in the high-teens slightly higher than our estimates which is obviously a positive, but I assume Middle East is a big driver of that. However, you referenced E&P spending in the high single-digits for 2013. Would it seem reasonable to you that growth for revenues in 2013 could be in the low to mid double-digits, and where do you expect to see the greatest strength?

Angie, this is Mark. The answer is yes and we do expect to outgrow the market in line with our strategies of outgrowing the overall increase in the deepwater market which we think will be a particular strength in 2013, on the back of our market share gains in Latin America as well as some of the increased activity in unconventionals and Saudi Arabia and Australia. And of course I should also reference the deepwater market in East Africa, those will probably be areas that will be primary growth areas, but we are expecting growth rate in the low single-digits -- I mean low double digits, even though we're probably a bit more pragmatic about what customer spend rates will increase on a year-over-year basis in the international markets.

Right now, you mentioned low-double digits for revenue growth based on what you see today?

Yes.

Okay. And then as an unrelated follow-up, I know in the past you've mentioned returning capital to shareholders in 2013 is a priority. I guess the question is, is it still a priority for '13 and is there a preference for share buybacks versus a dividend or could both be considered and does the Macondo timing have any influence on this decision?

That's a great question, Angie, and the answer is that yes, it's still a priority. We, as you heard through our comments, have been very focused on trying to not only just achieve a positive cash flow result but improving that cash flow result as we go into 2013. We're in the process of finalizing our discussions with the Board and internally about our strategic initiatives for 2013. We'll have that wrapped up in the coming weeks. And in that discussion I think the answer is that everything is on the table, but dividends, share buyback, I mean we certainly are staying tuned to what happens on the Macondo front, but it's not an issue that will preclude us from consideration of some of those options. And so, I guess the best way that I can say is, is stay tuned.

Thank you. Our next question comes from James West of Barclays. Your line is opened.

Good morning, gentlemen.

Hi, James.

And congrats again on another good quarter. A question on North America as we look at the progression throughout this year. I mean you've got clearly some tailwinds with guar, the Gulf of Mexico, some improving U.S. land rig count. But you’ve talked in the past, about normalized North American margins, you’re much higher than where they’re today. Is that something that’s possible to get too in this type of environment where we’ve, less slowly growing U.S. rig count or is this more likely when we get back to a better environment in ’14?

This is Mark again. I think James, the answer to that is that probably in the slower growing environment where we continue to see some pressure around pricing in the broad market and a – its going to be difficult sort of close up the excess capacity situation until we see some meaningful increase in the gas rig activity. I think that’s also going to mean that its going to be difficult to get us back to normalized margins, which we still believe are in the mid 20s for Halliburton.

Right.

And so we – as we said, we’re calling the bottom, we see that at least the things that we perceive this tailwinds to our margin situation sort of trump the continued pressure that we will feel in frac pricing and possibly – peripherally in some of the other product service lines that are little bit – they’re closer to the frac than others. But I think that its just – its going to be difficult to drive them up back to those sort of historic normalized levels without a – what we sort of perceive is a normalized rig count environment, which includes a healthy dose of gas activity.

Okay. So, but you would suggest though that healthy margin gains is not getting back to that what you see is normalized?

Yes. That’s right.

Okay. And then just one follow-up for me on the fracture side, obviously a few more contracts to rollover, but some of the initial rollovers of your longer term contracts would have happened when pricing was still above where it is today. Do you – can you give us maybe some help on percentage of contracts that maybe or above what you think pricing is in the market today and how many rollover as we go through the year?

Yeah, thanks James. This is Jeff. I think the – those contracts tend to roll each year, so we’re working our way through the bulk of those. So, from a competitive standpoint as we look out we’ve probably 8% of our business under contract and so we don’t see a huge step down that will occur sort of resetting the prices from the first quarter that with last year.

Yeah, I think James, let me add one thing. Obviously, as Jeff said about 80% of our stuff is under contract and yeah we have some of the stuff that while the year ago at this time rolling over now, but if we don’t see a price that’s acceptable to us we may just roll it on a month-to-month basis, there’s nothing that says you are required to roll it from year-to-year and in some cases we won't do it, because we don’t want to get locked into a price we don’t like, so we’ll just go on more a month-to-month or quarter-to-quarter basis.

Thank you. Our next question comes from Waqar Syed of Goldman Sachs. Your line is now opened.

Thank you very much and congratulations on a great quarter. A couple of things, and first of all on the North American margin front; could you help us little bit understand the trajectory here, could you quantify on the margin front like you know what kind of how guar could provide in the first quarter?

This is Mark, Waqar. I don’t think we want to give specific margin guidance; we’re trying to step away from that for competitive reasons. But, I think we have been fairly transparent that the guar situation or Halliburton impacted us through the end of the third quarter about 600 basis points. In the fourth quarter that went up because we stepped back our usage of PermStim and tried to drive harder on using some of the higher-priced guar, so the marginal impact in Q4 of guar as compared to the pricing of guar back in January of 2012 was about 650 basis points. And then the difference in margins, I would say roughly from there is split about 50-50 on pricing and activity in the fourth quarter, and so, I guess, if that kind of gives you some roadmap as we then step back, we’ll wrap up this quarter using that higher-priced guar average in, lower sort of market based guar pricing into our inventory averages that should take us down. Now, the difference in – I think I’ve also articulated that we sort of triangulate the difference in our guar pricing and our competitors has been in our view about 400 basis points or so through the third quarter, and I think that that maybe another market you kind of see as we start rolling back that’s the big opportunity that we have vis-à-vis our competitors.

Secondly, just on the pressure pumping revenue growth side, obviously November and December were impacted by the holiday season, but when you compare the month of October, how did that compare with the third quarter?

I'm sorry, your question is on our just overall activity?

Activity on the revenues in pressure pumping or C&P in the month of October, how did that compare to the third quarter? Do you see any uptick or do you see continued decline in October versus the prior…?

Yeah, the month of October actually was very strong for us. It was a really good month and in fact, early part of November was really strong too. As we looked at the market overall, we saw a fairly modest step down in the rigs, at least our activity through Thanksgiving and then a more dramatic step between Thanksgiving and December 15th. But we sort of triangulate if you look across the overall rig count, most of the rig count drop happened in the last three weeks of December, and kind of bottom fell out and our triangulation about 80 rigs went out of the market in the last three weeks of the month. And our business tended to follow that and we think that that maybe overall for the entire quarter at least our calculations about 170 rigs went out. So it kind of gives you a sense of 50% on the three weeks. Does that help?

Thank you. Our next question comes from Jim Wicklund of Credit Suisse. Your line is now opened.

Good morning, guys and thank you for making me look smarter than I really am.

You're welcome, Jim.

Jeff, a question, whenever a company management talks about a transformational event my ears perk up. You were talking about the strategic reorganization supply chain. Can you wax poetic for me for a few minutes on that and the implications of that?

Yeah, thanks Jim. We call it Battle Red, but it's a combination of rolling out our Q10 technology which is more efficient, it runs at a lower cost point and allows us to take people off-location. So that's part of that. It's broader though because we're also doing things in the back office with smartphone technology which has been rolled out through a large degree. It also allows us to take out a lot of back office costs. So, from a transformational standpoint, it's lower -- it's surface efficiency or lower cost per BOE for our clients, but then also internally to make sure that we're taking advantage of really what's possible today from smartphone sort of computational platform.

And you mentioned this both internationally and domestically?

Starting domestically. At some point, it would move internationally.

Okay. Thank you very much. And my follow-up question, can you guys give us some help on the magnitude of year-end sales for the international market? Just so we can kind of normalize expectations going forward. I know that Baker Hughes, their end of year sales were double last year. Just give us some idea because obviously you did fabulous in the international markets?

We don't typically try to give that much of detailed information on our direct sales, so I apologize. It certainly was a step up from where we had been on a year-over-year basis. It was a little bit higher. But in terms of our expectation, it was kind of in line. We saw more direct sales in our completion and production division than we had seen in prior years, some equipment and things into China and that probably was sort of year-over-year difference that we had. But clearly -- I mean it's going to be a big step down in Q1 I think in line with what everybody else has said, they will have an impact but in terms of our -- as I said on the call, our growth on a year-over-year basis is still going to be about 16% roughly.

Jim, that's what Mark said I think in the call, maybe we weren't as clear as we should have been. If you just compare where we think we'll be Q1 2013 to Q1 2012, we'll be up about 16%. So that's in my view sort of normalizes out the product sales and tells you sort of what -- sort of service revenue increase we're looking at year-over-year.

Thank you. Our next question comes from Kurt Hallead of RBC Capital Markets. Your line is now opened.

Great. Thanks. Good morning. Dave, thanks for that clarity. I’m a little bit slow, can you just say that one more time that up 16% was at first quarter – the first quarter or second quarter, the second quarter?

No. Its first – its first quarter of 2012 to first quarter of 2013.

And that should be up 16%.

International, okay. Great.

International.

Thanks for clarifying that. Now, in terms of the North American market, you guys indicated some pricing pressures, of some other product lines, but those that were more closely related to frac, so can I take that to mean that you’re really not seeing any pricing pressures for any of your drilling related service lines at this juncture and what would be your perspective on expectation for pricing pressures in those product lines going forward?

Yeah, this is Jeff. We look ahead – I mean, look through the fourth quarter and we saw mostly activity declines having an impact, which we think right itself to the degree next year. So, from a pricing pressure perspective we’re not seeing that now. As we look out into next year, we don’t see that, we don’t see the over supply necessarily the same way as we’ve seen in frac, so we’re not seeing it.

Okay. And then my final one here is just, in the rack you guys indicated the matching new product checked, its been a drag on international margins so on and so forth. I was wondering if you could give us some rough guidelines as to what that impact had been and are you guys still on schedule to – for that project to roll-off, I think with sometime here in the second quarter, right?

Yes. In the second quarter of 2013 the project should come to an end. Over the last quarter we had much better rig performance, things have been looking up, the performance in our rack overall was significantly better in Q4 and basically a breakeven. So, we feel good about how things are shaping up. We got some new contract work going into 2013 in that market and scale helps from an absorption standpoint, so we’re continuing to press forward and hopefully once this [launch] – new project behind us, which at this point as long as we’re executing it shouldn’t be an issue. What we’re really trying to do is to move beyond and put ourselves in a firmly profitable standpoint which we believe will happen during 2013, sort of toward the middle of the year.

Thank you. Our next question comes from Jim Crandell of Dahlman Rose. Your line is now opened. James Crandell - Dahlman Rose & Co.: Thank you, and let me add to the previous comments. Great job Dave in the quarter and for the year as a whole.

Thanks. James Crandell - Dahlman Rose & Co.: My question has to do with – with Russia and you highlighted a contract with BP-TNK in the quarter; could you one, give us some ideas to the significance of that contract win and then secondly, your market position in Russia let’s just say well below your normal market share especially given this and I would imagine that that’s – that this is a real area of emphasis for you because of the size of the Russian market given it's the second largest market in the world. Can you talk about your strategy in Russia and whether you think you can get up to your desired market position through internal development or do you think acquisitions of maybe existing Russian companies have to play a part in that?

Yeah, thanks Jim. The contract we referred to is Em-Yoga which is our mature field type activity if we’re able to go in and prove really the breadth of our technology, so in fact rediscovering reservoirs and then adding to those, so we are excited about that, it's the leading edge of what we think could be more to come. So, I won't give you numbers in terms of significance but it's, I think consistent with our strategy to use our consulting capability, to not just pull through our services, but actually develop new thoughts and new applications of existing technology as well, more broadly with respect to Russia, it's a place where we are excited about the outlook. We think we’ve got the right team on the ground. We think we’re – have the right technology as that market moves more into what I’d say is our sweet spot around multistage fracturing and some other types of mature field activity. We would expect that to grow with respect to M&A. I mean, we always consider those things but I don't think it's a requirement. James Crandell - Dahlman Rose & Co.: Are you saying that you think you can get up to what's a normal or are you saying you can get up to what you would consider to be an acceptable or normal market share position just by internal growth. I mean you’re like one-fourth the size of (indiscernible), maybe half the size of Weatherford in Russia?

Yeah, Jim, let me handle this. Yeah, there's no doubt that our market share in Russia is not consistent with the market share that we would like or we experience in other parts of the world, but my view is we got to be smart about this. And there are certainly organic growth opportunities to grow in Russia and we are growing our business there. But for us to get up to the size of some of our competitors, we would have to look at some major M&A. And as you know, we've talked about this many times with you and sort of with a broader group, we are focused on returns and focused on capital discipline. So, my view is that the need to be larger in Russia does not trump the need to continue to be focused on capital discipline. So, I'm not going to go out and do a major M&A deal in Russia just to get a revenue base that's the same size as our competitors, but really never generates the kind of returns that we want to see off of that. So, I would say that the book is still open on it, but we don't feel any particular corporate need to go out and get a lot bigger in Russia because we're not going to do it and sacrifice margins and returns.

Thank you. Our next question comes from Jud Bailey of ISI Group. Your line is now opened.

Thanks. Good morning. And again, congratulations on good results. I was wondering if you could give us a little more detail on Brazil as you guys kind of get ramped up down there with some of your recent gains and just help us think about how we think about revenues growing as the drilling contract kicks in and maybe margins and startup costs there that you may incur?

The interesting thing is there's still some of the contracts that have not been completely approved or signed. And so we've been in a transitional period for a number of months on things like drilling that's actually allowed us to -- we've been mobilizing but that actually allowed us to kind of spread the cost sum to take off some of the brunt that what otherwise might appear more difficult in terms of a margin environment. But from an activity standpoint, the activity is beginning to pick up. Brazil grew very dramatically for us in 2012. We expect that to continue to grow. We'll be putting the infrastructure capital to work in that area. We have a new technology center that has continued to expand and working with some very specific projects with Petrobras down there we're pretty excited about and those are going to begin to show themselves. So, I guess from our standpoint, we feel very, very good about what Brazil will do in 2013. This sort of the challenge is on. We also feel great about Mexico, some pretty exciting things happening in Mexico. In the Latin American environment, we've kind of got a horse race going on in that market as to who's going to sort of get the revenue poll and growth crown there. I think you should stay tuned for a very good 2013 coming on Latin America again just like 2012.

All right. So just to make sure I'm clear. So it sounds like in terms of Brazil any way, you've already incurred some of the start-up costs and mobilization costs, but haven't really felt the impact of the revenue yet and that will probably come in, in 1Q, 2Q. Is that fair to say?

I think that's fair to say, yes.

Okay.

But again, as we look at it and plan and kind of in our margin forecast, the great thing that's happened as a result of the expansion of our share there is while yeah, there's some pricing impacts of that new revenue, the higher level of activity is allowing absorption of fixed cost base that's sort of blunting the impact of that lower price. And so on a marginal basis, our margins in Brazil have continued to improve over this point of time even though some of the contracts have already kicked in at lower pricing.

Okay, that's good color. Thank you. And if I could, just my follow-up would just be one more on North America. You guys have done a pretty good job of kind of articulating how you see that market evolving over the course of the year. I'm just curious – I know the month isn't over yet, but I'm just curious how has activity or customer enquiries been so far in January maybe relative to your expectations 60 days ago?

Yeah, we’re seeing it, not the way we thought it would roll out last quarter which is, we saw the – seasonal declines kind of between Thanksgiving and New Year’s and then, but then I’ve seen as customer budgets were exhausted and towards the end of the year we’re seeing the mild – the uptick that we were expecting to see kind of end of January as kind of our key customers get back to work.

Thank you. Our next question will come from Brad Handler of Jefferies. Your line is now opened. Brad Handler - Jefferies & Company, Inc.: Thanks, good morning guys.

Hi, how are you doing? Brad Handler - Jefferies & Company, Inc.: Good, thanks. Maybe, I guess, to the degree that you feel that you can’t speak about it, maybe you can give us an update on the MDL process here in front of the trial start data in late February. Any comments you can make on potential negotiations with the class action group et cetera.

I think that probably the easiest thing to say, the trial is still scheduled to start in late February, we’re moving forward hard towards that process, the lawyers have been sort of furiously working through all of the discovery actions in preparation for the trial. That is our course at this point. I know there’s been some other activities with the other participants in the trial but at this data I’d say nothing, there’s been no discussions on our side or our path and so our general view is we’re moving to litigation and that’s what our preparations are set to do. Brad Handler - Jefferies & Company, Inc.: Okay, got it. That’s helpful. Maybe just an unrelated follow-up, maybe helps to [cheers] up even though it's at some level I appreciate that this can be a bit misleading, but the last couple of years have been marked to maybe more so the I guess the ’11 and ’12 but they’ve been marked by some very sizable tenders, particularly in the offshore environments and that’s a lot of due to grab very significant market share as you guys have discussed. Are there as ’13 emerges, are there -- sort of how many significant kind of tender’s are you looking at? Should we expect to see that that’s another chance to seize more market share or have some degree of those large tenders sort of – do they wind down now?

Now without being specific with respect to tenders, our backlog as we look out into the next year or so it’s probably bigger than it’s ever been in terms of opportunities [set] so, those tend to be out there quite often and yes some big ones occurred last year, but we’re pretty confident that there will be opportunities to win. I was saying that it's always very competitive in those large tender situations, and so if we go out at those carefully with always a solid plan on how we make the returns that we want to make, just look back to last year kind of putting the eastern hemisphere numbers together as evidence of that.

Now I would, let me just add a little color to it. I think as, Jeff has said the opportunities at our pipeline as we call it is probably as big as it's ever been, but what's not there either big, mega, must win kinds of tenders it's just – it's a lot of small to medium sized tenders that are out there and that add up to the biggest pipeline that we’ve ever seen. So, we think that’s a good thing, because with the infrastructure we put down and some of the track record we still have developed off of some of these prior tenders, I think that it's put us on the map in some of the customers eyes of looking at us as a real alternative on some of these which again is why we’re so excited about what we see going forward in the international and especially the offshore and deepwater markets.

And with that I think we’ve went past our time. So I wanted to, on behalf of the Halliburton management team, thank you for your participation today and Sam you can go ahead and close the call.

Thank you. Ladies and gentlemen, thank you for participating in today's conference. This concludes today’s program. You may all disconnect. Everyone have a great day.