Good morning, and welcome to the Nabors Industries Fourth Quarter Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note that today's event is being recorded. I would now like to turn the conference over to Denny Smith, Vice President of Corporate Development. Please go ahead.

Good morning, everyone, and thank you for joining Nabors' fourth quarter and full year earnings teleconference. Today we will follow our customary format with Tony Petrello, our Chairman, President and Chief Executive Officer; and William Restrepo, our Chief Financial Officer, providing their perspectives on the results, along with insights into our markets and how we expect Nabors to perform in these markets. In support of these remarks, we have posted some slides to our website, which you can access to follow along with the presentation if you desire. They are accessible in two ways. One, if you're participating by webcast, they are available as a download within the webcast. Alternatively, you can download the slides from the Investor Relations section of nabors.com under the submenu events calendar, where you will find them listed as supporting materials under the conference call listing. Instructions for the replay are posted there as well as under teleconference information. With us today, in addition to Tony, William and myself, are Siggi Meissner, President of our Global Drilling organization; Chris Papouras, our President of Nabors Drilling Solutions; John Sanchez, our Chief Operating Officer for Canrig; and other members of the senior management team. Since much of our commentary today will include our forward expectations, they may constitute forward-looking statements within the meaning of the Securities and Exchange Acts of 1933 and 1934. Such forward-looking statements are subject to certain risks and uncertainties as disclosed by Nabors from time to time in our filings with the Securities and Exchange Commission. As a result of these factors, our actual results may differ materially from those indicated or implied by such forward-looking statements. Also, during the call, we may discuss certain non-GAAP financial measures such as adjusted operating income, EBITDA and adjusted EBITDA. All reference to EBITDA made by either Tony or William during their presentations, whether if qualified by the word adjusted or otherwise, mean adjusted EBITDA as that term is defined on our website and in our earnings releases. We have posted to the investor relations section of our website a reconciliation of these non-GAAP financial measures to the most recently comparable GAAP measures. Now I'll turn the call over to Tony to begin.

Good morning, everyone. Welcome to the call. We appreciate your participation as we review our operations for the fourth quarter of 2017 and our view of the market going forward. William will follow with a review of our financial results. I will then wrap up and we will take your questions. Before getting into the quarter's financials and market trends, I would like to take a moment to review what a transformational year 2017 was for Nabors. Specifically, I would like to highlight the four main accomplishments. First, we initiated operations with SANAD, our joint venture with Saudi Aramco. I believe this materially enhances the value of our International franchise. Second, we acquired Tesco to support our NDS strategy. This is already yielding synergies globally. Next, the pace of U.S. margin expansion has shifted markedly faster and our SmartRig units continue to be fully utilized. We expect this trend to continue through the year. Finally, we met our $50-million annualized Nabors Drilling Solutions or NDS adjusted EBITDA target for the fourth quarter. This $12.6 million figure represents over 450% growth from that of a year ago. Let's start with SANAD. This partnership between the world's largest oil producer and land driller represents an opportunity to achieve significantly higher operating efficiency and well productivity over time. We started operations on December 1 and currently have 45 working rigs total in Saudi Arabia. Of these 45, three are jack-ups subject to a previously announced contingent purchase and sale agreement. Eight of these rigs are owned by the joint venture, with two more to commence later this quarter. These are the remaining rigs secured by our partner Saudi Aramco. SANAD should begin taking deliveries of what will ultimately be 50 new build rigs manufactured in Saudi Arabia. We expect initial deliveries to begin…

Good morning. The net loss from continuing operations attributable to Nabors of $116 million represented earnings per diluted share of $0.40. The results from the quarter were adversely impacted by $16.5 million or $0.06 per diluted share and post-tax costs related to the Tesco acquisition and the start-up of the Saudi Aramco joint venture. The quarter also included the impact on our tax balances from the recent changes to U.S. corporate tax legislation, which were offset by adjustments to other tax reserves. The fourth quarter results compared to a loss of $121 million or $0.42 per diluted share in the third quarter. Revenue from operations for the fourth quarter was $708 million as compared to $662 million in the prior quarter, a 7% improvement. U.S. Drilling revenue increased by 5% to $233 million, reflecting an increase in revenue per day. Average rig count for the quarter fell by one rig as we experienced some idle time from rigs moving to new customers at higher day rates in the Lower 48. As Tony noted, the pause in activity growth was temporary and increases in rig count have resumed this quarter. International revenue increased by 2% to $381 million despite slightly lower rig activity. In Canada, revenue increased by 10% to $20 million driven primarily by a $1,200-increase in average revenue per day. Today's rig count of 23 is well above our fourth quarter average of 14 rigs. Drilling Solutions' revenue increased 17% in the quarter to $44 million. Increased performance software installations and wellbore placement were the largest drivers. Tesco tubular services also contributed to our fourth quarter revenue. Rig Technologies revenue grew by 58% to $79 million. Much of this is attributable to a recovery in Canada's revenue after the third quarter, which was impacted by a high number of…

Thank you, William. I want to conclude my remarks this morning with the following summary. As William mentioned, our new $800-million seven-year financing at just 5.75% implies substantial investor confidence. We have a robust liquidity profile and a pathway to substantially reducing debt. Generating positive cash flow this year remains a top priority. This quarter marked strong growth not in just revenue and adjusted EBITDA, but also in the competitive position and capabilities of Nabors. We officially began the joint venture operations in Saudi Arabia. We concluded the acquisition of Tesco, Nabors Drilling Solutions is growing into scale, and finally, our Lower 48 fleet is gaining recognition for the value it brings to clients. As far as the 2018 impact of these events, my expectations are highest for the U.S. To be frank, our margins there have lagged over the past couple years. I'm pleased to see the fourth quarter make a step change. With the focus we are putting on controlling cost and demonstrating the value of our SmartRig platform, I expect our Lower 48 margins to reach approximately $8,000 by the end of the year. This will be across a working fleet that should grow by high single digits from today's level, representing over $300,000 a day of incremental value to our investors. This translates to a targeted increase of over $100 million a year. That concludes my remarks this morning. Thank you for your time and attention. With that, we will take your questions.

We will now begin the question-and-answer session. Our next question comes from Waqar Syed of Goldman Sachs. Please go ahead. Waqar Syed - Goldman Sachs & Co. LLC: My question relates to the Tesco acquisition. Could you provide some more color on how do you plan to generate the cost synergies, and then also the revenue synergies, especially? And the target, original target, of $35 million, that seems to be achievable mostly from just the G&A. What could be the upside case beyond that? And then also on the revenue synergies side if you could highlight a little bit more.

Okay. Well, the unique thing about the acquisition, as you know, was they're in the big manufacturing business, which really had a product overlay with the Canrig. The overlay wasn't that much in all categories because Canrig does certain products that Tesco didn't, like flow works (32:08) and VFDs hat Tesco didn't. But Tesco did have a top drive product range that actually is more robust than the lower, (32:18) less than 500-ton top drive category. So there is – and then they have the tubular services business. So there is obviously ample cost consolidation opportunities to take that organization and overlay it into the Canrig organization of manufacturing and the NDS organization of tubular services, which is what we've done right out of the box. And then, of course, our infrastructure has been set to scale so we're able to absorb this without really much – very little in the way of incremental corporate additions. So that was step one and that's what we're in the process of doing well. Then with respect to field operations, we're moving to a geomarket model where in the geomarket you have rigs and you have NDS in those markets and there's going to be savings in the actual field infrastructure aspects of delivering services to clients. That's point two and point three is the way we want to run the tubular services business is a little bit different especially on Nabors rigs versus what's been done today. As you know, we uniquely – because we have the top drive as part of our portfolio, we're looking to not just bundle a (33:33) business but actually deliver it in a different way. So our inspiration is to actually integrate the tool into the rig. In a couple years from now we want a…

Well, I thought (35:23) I'd say we're working on it every month and the sooner the better as far as I'm concerned but realistically, to get these products done and out there is probably the late second half of the year. Waqar Syed - Goldman Sachs & Co. LLC: Okay. And then on the rotary steerables, could you provide some more color on the commercialization process? It feels as if it's been pushed to the right a little bit.

Well, what – we've actually had another two tests at Catoosa and I think in March it's actually going to a customer for a test. So we'll see what the field trial with the customer yields and we have high expectations. And hopefully that goes well and then we can start gearing up. So the idea is to target the second half of the year, to have a tool in the marketplace. That's the goal. We're going to a real customer next month. Waqar Syed - Goldman Sachs & Co. LLC: Great. Thank you very much.

Our next question comes from Marshall Adkins of Raymond James. Please go ahead. J. Marshall Adkins - Raymond James & Associates, Inc.: Good morning, guys. Tony, thank you for the rotary steerable update, let's stay kind of on that tech theme. Give us an update, if you would, also on the managed pressure drilling. I know the Weatherford JV fell apart but that and robotics, any sense of time there? It seems like the robotics is a lot further off than the rotary steerable, but if you could just give color on those technology initiatives and any other ones that I've missed.

Okay. On the managed pressure – I mean, what we're doing with the Weatherford is we are sourcing our rotating head with Weatherford, and we're working on a long-term – kind of working a long-term arrangement with that. So that's what we're doing vis-a-vis that, but we do have an MPD offering that we've had some success about and I'll let Chris talk about it here. Chris?

Sure. We've deployed four systems. We've got six additional systems coming, but the approach that we're trying to take is really to quantify the value of MPD and our goal is to ultimately mainstream it. So one of our clients that we're working is basically moving over to MPD across their entire fleet of rigs. And the idea is by tightly integrating with the rig controls, we can drive down the cost of the offering, while still being able to create the value. So that system is out there and we expect to achieve some growth as we add – continue to add systems.

And the good thing about it, Marshall, is that the configuration of the hardware as compared to a standalone provider is about probably at least – maybe at least 40% cheaper hardware cost wise than a standard provider, because the way our SmartRigs are designed, they're designed with the expectation that will be an MPD-ready rig, so the piping is all done to accommodate it as a drop in .So that's one of the advantages of doing this as basically rig-as-a-platform concept, which as you know that's our concept, so. And then, with respect to... J. Marshall Adkins - Raymond James & Associates, Inc.: Hold on just a second. By your tone there, Tony, it sounds like this managed pressure drilling thing is maybe a little bit bigger deal going forward than certainly I thought or most of us thought.

Well, I think the issue is right now the service. The service is so expensive in the U.S., there's probably – I mean, even the leading provider probably only have 10 or 12 jobs, or something like that. I don't know the exact number, but compared to the rig count it's so expensive. J. Marshall Adkins - Raymond James & Associates, Inc.: Okay.

So one of our missions here is to first get a sort of what we call a Tier 1 service, which is a basic service on the rig, and do it in a number that we can recapture our hardware costs in the deal and then get some additional margin from a Tier-1 level. And then by – but once we have that set up that way, the infrastructure with the software will be set up to run a fully-managed MPD offering. We're automatically controlling the chokes, (39:27) everything. So if the operator elects to do that, then it's a high-margin potential. And the value proposition is we have to figure out a way to show the operator what the true savings are to them, which really involves losses (39:41) and other things, and that's a big education process. But as Chris said, we've recently done a project with an operator and that actually has given us some confidence. We actually come up with an MPD calculator that will show him the savings and why. I think it's assuring (39:56) to say everybody would like to run their rigs' MPD. Managed pressure drilling is – always everyone thinks that's the way to do it. The question is it's never been cost effective, so our mission is to try and get a model here that is cost effective with a low-barrier entry to get it in front of the operator. And then, once it's proven to him, then maybe try to upsell the full service. That's the goal, but it's not something that we're going to do overnight, because of all of those hurdles, but that's the thought here. J. Marshall Adkins - Raymond James & Associates, Inc.: And then the other technologies?

Okay. So the other technologies, I mentioned the rotary steerable tool. In terms of performance products, we have what's called our Navigator product, which is like – those of you who have heard me talk before, it's like Waze on an iPhone for direction of driller. It basically says here is where you are, here is where you need to go. And then, it calculates what the top drive (40:50) has to do to get there in terms of turns, et cetera. And then, we have another product called PILOT, which is the version of – our version of Google driving car that actually drives the rig with the tool, it slides and rotates the tool automatically. Both of those products have been in field testing on hundreds of wells, and those are going live this quarter for commercial offerings as well. And then, the third thing is the robotics, which is a two-step thing. There's robotics for a land rig we're working to get out. As you know, we have the first generation with an automatic pipe handler rig, it's in the rig yard (41:27). We're hoping to place it by the customer, which is a 1,500-horsepower AC rig rack and pinion style. And then, we're in the process of trying to get out what we're calling the iRacker, which is a pipe handler on a rig floor convert existing – our existing platform of rigs to automatic rigs with pipe handlers. So that's going in testing right now and we're looking for the second half of the year to get that out. And then, finally, on RDS, which is the robotics company in Norway, which we also acquired. That product is very mature in terms of been through testing for several years now and we're in talks with several large offshore drilling contractors, who all have the same issue before them, which is how to lower their – how to increase their efficiency in their operation and how to differentiate themselves. And I think this platform of tools on the rig floor, which is an automatic pipe handler including a robot that moves the stuff around to make it work, is a unique offering and we have interest from at least two or three very large offshore drillers, and we're trying to get that commercial. So the goals on both of those obviously are toward the latter part of the year, but they're highly active and focused on right now. J. Marshall Adkins - Raymond James & Associates, Inc.: Thank you, Tony.

Sure.

Our next question comes from Sean Meakim of JPMorgan. Please go ahead.

Thank you. Hi. Good morning.

Good morning.

So with just some of the moving parts with respect to the International fleet, I was hoping you can maybe just give us a little more granularity around the interplay between the jack-up sale as well as some of the incremental rigs that are going to be coming in at better rates, just thinking about that margin profile and the cash margin. Is there a normalized type of number you can throw out there for us? How should we think about that progression through 2018?

Okay. So let me try to give you some overall color. First of all, with respect to margins, as we said, we see some additional modest declines in margin the first half of the year which I would say in the 3% to 5% arena. However, we expect that that growth was going to be offset by a gain in activity. The margin decline is primarily due to two factors which you've identified one of them. First, is we had certain rigs in South America that were entered into at the height of the market in 2014 and very robust pricing which we've renegotiated and extended through 2019 at attractive rates today, but still less than what they were at the extreme high in 2014. But we feel that was strategic and it locked up those rigs through 2019, and they're producing solid returns and attractive returns on capital. The second thing is, as you signaled, is the letter of intent to sell the Middle East jack-ups in two tranches. Those are no longer core assets outside of – and they're outside of the Aramco joint venture, and there's better natural owners for them at this stage. This will allow us to deleverage and avoid some CapEx, but the jack-ups are working at relatively high margins before maintenance and sustaining CapEx, so therefore we have an effect on the average margin. As we said in the call, as we said, we expect the transaction to close somewhere in the next two or three months. So that's where the offsets occur. As far as bouncing back in the second half, there's a couple factors at work there. We're not operating yet at full with our full fleet of rigs in Saudi Arabia because our partner hasn't yet been able to put in the other two rigs on the payroll and that will improve the daily margins as well, and with Brent prices out at $65, we're engaged in multiple client discussions because the market's clearly tightening. Although we'll have a few 2014 legacy contracts, we have great many contracts for 2016 or 2017 that were signed at inferior rates and, as they roll, we think we'll move to higher rates. In terms of activity level, when you talk about international markets, International is not a monolith, as you all know. You've heard us say this before. It's really about 15 separate country markets, and they all operate and react independently from one another. We currently expect about four to six rigs higher in the first quarter and then a modest increase each quarter going forward. We're currently at 96 rigs, up from five (sic) [95] (45:54) in the fourth quarter, and we put our platform rig back to work in Mexico, another rig in India, and a rig each in Russia and Ecuador, and on top of those we have the – as I said, we have the Saudi rigs. So that gives you the overall picture.

Thank you that's very helpful. One follow-up to that, just one of the more nuanced pieces that I think would be helpful to flesh out a bit, is with some of those legacy contracts from the prior cycle, some of those were coming in at maybe you're amortizing pretty good EBITDA but the cash component was less, because you just – you pulled forward, you got more of it up front to help finance the rigs. As we think about re-contracting, yes, maybe some of them are at lower rates, but you're getting maybe a conversion between EBITDA and cash. And so maybe could you give us some sense of some of the impact to cash from ops which maybe see some benefit on for that as you move through to 2018?

Yeah. Obviously, as you have pointed out, the nominal rate today of those – the nominal real rate today on a cash basis is less than the prevailing market. Therefore, there should be some uptick as you move into rollover, but of course those are all subject to negotiation, but that's obviously something that we're keenly aware of.

Got it. Okay. Thank you for the feedback.

Our next question comes from Byron Pope of Tudor, Pickering, Holt. Please go ahead. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: Good morning, guys.

Good morning. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: I just have one question on the U.S. Lower 48. It feels like if the market – the U.S. Lower 48 market ends up adding, call it, 90 rigs between now and the end of the year, you're going to have more E&P operators looking to term out super-spec rigs. And so I realize we're starting from a relatively low base in terms of your rigs that are term contracted six-plus months out on the horizon, but how do you weigh the pros and cons of terming out rigs, call it, in the one to two-year range? I mean, might we see a return to those multiyear contracts that we saw in the last cycle? How do you think about it?

Yeah. I think given that the portfolio is now only 15%, I think as we move to the low to mid-teen number, and I think the prospect and the advantages of terming out a portion, I think probably we'd like to double our percentage. And I think as we – all the players march down the path of terming out, I think it actually will probably cause some tightening of the numbers as well. So I think that's one of the advantages we have given where our portfolio is, assuming the market develops the way you just said, which is what we've planned for. Which is why we're in the situation we're in. But that's exactly the plan. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: Okay. And then just a second quick question. As I think about the three newbuild PACE rigs that'll be delivered this year and then the eight potential rigs that get upgraded, it seems reasonable to think that most, if not all, of those are probably going to have a similar number of NDS services on them as for the stats that you gave earlier.

Absolutely, and I think every operator that's looked at the new M-800 and M-1000 rigs, when they see that the rig is MPD-ready and DD-ready, et cetera, they're very open to those discussions. And I think they're our best marketing of the NDS services, so that's the whole strategy in a nutshell. Byron K. Pope - Tudor, Pickering, Holt & Co. Securities, Inc.: Great. Thanks, guys. Appreciate it.

Thank you.

Our next question comes from Ken Sill of SunTrust. Please go ahead.

Yeah. Good morning, guys. It's a very good outlook we've got here. Tony, you were talking about getting up to $8,000 cash margins towards the end of the year on your premium rigs. Is that inclusive of the NDS services? Or is that just a standalone day rate cash margin?

Yeah. Let me be clear about this because when you look at our numbers, there's two things about our margins and our revenues on our rigs you have to be aware of. The first one is our rigs, the number is the basic rig that we reported, which means – and when we give you the indications of rates that we're talking about, we mean a basic rate without any extra stuff, no extra services, no NDS services. Other competitors of ours run some casing, they run some trucking and other things. The numbers I'm giving you is pure base rate, ex-the NDS, which is now – I think the marketplace was a little confused. Now that we've split it out, I think it ought to be very clear that the rig numbers are all base rate only. In terms of how we get there, on the base rate, as we mentioned on the rig, we have 13 super-spec rigs rolling over from term contracts this quarter. Their average day rate is under $18,000, and so you see the leverage when they move to the low to mid-20s, and then you have the two additional newbuilds. But also, on the cost side, we've implemented some initiatives that we're beginning to realize in the first quarter. You've got to remember, a lot of the costs that we have in the system was because of the gear-up to get to the 91 SmartRigs we have today. And included in our costs today is still some start-up amortization, which is about $5 a day, which will roll off by midyear. But the combination of that and cost focus as well as rolling up rates, that gives us a path that we're talking about to get to $8,000 by the end of the year. And as we already said, for the first quarter, we're targeting $6,000.

Yes. So...

Let me clarify as well. It's not just for our super-spec rigs. It's for whole Lower 48 fleet, which includes a dozen or so legacy rigs and smaller rigs, SCR rigs and so forth.

Now, that's absolutely true. And so when you compare our average margins per rig to somewhat – some people call us pure-play rig companies with all 1,500 AC rigs, then you have to bear that in mind that's the other issue. So normalized, the numbers on that stuff, the base would probably be higher.

Yes. So those are very strong cash margins. So I guess kind of backing into the other elephant in the room question, is at $8,000 a day cash margins, is that enough to justify building new rigs? Or does it need to be higher?

Well, with respect to newbuilds, I think right now our top priority remains paying down debt and generating attractive returns on capital many (52:30) dollar. To commit to new builds in the Lower 48 I think we'd have to see first customer commitments for term contracts probably close to three years. We have to see leading edge pricing say in the upper mid 20s or mid to upper 20s and it would have to make sense vis-a-vis our other investor alternatives. I mean, when I look at incremental capital as a company, I have to look at where it's best served. Is it best served NDS, the robotics, International or domestic and so we're actually making the guys kind of compete for the capital to increase returns. I think overall the mission this year is to attract more for our assets. If I had to use a phrase I'd say this is the year of squeezing the orange. In other words, I want to get more juice out of what we have in the company and I want to get as much juice out of everything I have. I'm very proud of the asset base we now have. I'm proud of the technology portfolio we've put together, but now what we have to do is make hay with it, make money with it. And what we really want to do is squeeze as much as we can out of everything we have. So I'm not saying it's not possible, I'm saying, though, there's a bunch of preconditions to get there.

Well, and congratulations on creating a company that now has alternatives to deploy capital. Thank you.

Thank you.

Our next question comes from James Wicklund of Credit Suisse. Please go ahead. James Wicklund - Credit Suisse Securities (USA) LLC: Hey, guys. Ken have asked my question on the $8,000 day rate and that was a very good explanation, I appreciate that. The M-400, I mean, the equivalent of 20 land rigs, how any chances, how many opportunities are there for more platform rigs in the world today?

Of that kind? Actually, there has been rumblings of maybe another one, but obviously they're warm in the oven kind of projects. But I think the one thing about Nabors is we're uniquely positioned to deliver that stuff and I don't think people realize that people come to us because of our technology profile to do that kind of thing. Those rigs for those platforms in particular, they required certain special engineering that to get the kind of rig on the platform to meet the variable bit load (54:48) requirements for example, we had to embed a new 4,000-horsepower drill works that was wider than the main competitor who normally provides that 4,000-horsepower drill works. And that is a real testament to the engineering prowess and the technology that we've built up as a company. And it's actually that part of the offshore business for us is, Jim, is also in substance a precursor for the stuff that happens on land because as you know there's always this sophistication stuff going on offshore, but the issue is how to make it commercial in a scaled environment. And that's really the focus of our technology initiatives. I'm not trying to be leading edge here on any of this stuff including the downhole tools. What I'm trying to do is take the existing technology, repackage it and make it scalable and make it ubiquitous to our platform. That's the mission. So far we're still at the second inning of that ballgame but that's what we're trying to do and projects like the M-400 is an example of that. James Wicklund - Credit Suisse Securities (USA) LLC: It appears to be working, Tony. Congratulations and this rig is going to be just on contract working constantly for how many years?

Five years.

Plus an extension but I'm sure that will not be the same margins. James Wicklund - Credit Suisse Securities (USA) LLC: Okay. Thanks, guys, appreciate it.

Thank you.

Operator, this is Denny. I think we're going to just take one more question and we'll wrap up the call, please.

Our next question comes from Scott Gruber of Citigroup. Please go ahead.

Yes. Good morning. Thanks for squeezing me in.

Thank you.

Tony, so your International rig count today is 96, heading up towards 100. I was looking back you peaked at about 130 in 2014. What level of activity growth abroad do you need to see some pricing gains? And there's obviously some new building activity that looks like it's going to start moving forward here. Does that inhibit potential pricing gains for the base fleet? How do you think about that?

Yeah, I think you have to segment the market a little bit. So for example, to the extent there's activity in the 3,000-horsepower arena, which is the deep gas stuff, which the certain Middle East markets where that is. I think by the next (57:09) the next round of activity maybe the second half of the year, those numbers should be – those pricings should be pretty attractive, because there really isn't any equipment out there other than existing rollovers of existing stuff to do that work and therefore every rig is a newbuild. So by definition you have replacement cost pricing, which is – and therefore it's a very attractive target market with a lot of – very few competitors. So with respect to that, with respect to the rest of the market, I think, yes, the market, the pricing is still – it's robust, but there's still rollovers out there, so it's not as leading edge yet.

And you have good exposure to deep gas activity in Saudi. Can you remind us what that exposure is, what percentage of your fleet in Saudi today is drilling deep gas?

Siggi is on the phone. Siggi, can you give the exact number? It's a very high percentage of the stuff we're doing (58:09).

I think our market share in the gas is about 22%. Definitely over 20%.

What percent of our fleet, Siggi?

I would think we have – I would say one-third of the rigs is probably in the gas.

Great. Well, that's all for me. I'll turn it back. Thanks.

Great. Thank you.

Operator, want to thank everybody for participating today. If we didn't get to any questions you got, feel free to e-mail us or reach out for us. And, operator, if you could go ahead and close out the call, please?

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.