And also on the surface side, we just picked up some work in the southern marine region. So we are well positioned in Mexico with Pemex and we will get our fair share of work down there.
Joseph Gibney (Capital One / South coast, Inc.): On the processing side, is there any feedback there on potential subsea processing opportunities?
Peter D. Kinnear: Our list of potential Subsea Processing projects globally is about the same 10 to 12. We really have not seen much change in that list and in terms of the specifics around Tortoise. Standall has had some problems with their injection well and they have had some of the produced water coming back to the surface.
So that our equipments working fine. Not a problem, but the injection wells not performing up to the expectations. So, they are considering, remediation actions, either with trying to do something with the existing well or they may have to drill a new well.
Joseph Gibney (Capital One / South coast, Inc.): How should we think about CapEx post JBT that as we look to 2009 a little bit more?
William H. Schumann, III: You are going to continue to see us spend, probably $150 million on the energy only side and you will see a number like that in 2009 also.
J. David Anderson (UBS): How are you looking at 2009 in the WECO/Chiksan business?
Peter D. Kinnear: Our current mix is higher on the spare parts side, given that the current spending on CapEx is slower than we anticipated.
But if the capital comes back, then the mix will balance. The unconventional gas drilling and the multi-stage fracs are really hard in our equipment, the replenishment cycle is much faster now given the mix of the type of wells we are doing.
And we have teams that sit with our service companies and their field camps inspecting equipment and telling them to change out equipment. Because the worse thing that happened to one of the services to get out of well and have some equipment that fails during the frac job and I got to stop and do repair.
Thaddeus Vayda (Stifel, Nicolaus & Co.): What can you tell us about your working capital cycle efficiency and any significant change in capital structure that might be helpful when forecasting?
William H. Schumann, III: Our working capital will be a little lower in total for the corporation. The subsea business, which will now be about 60% of the total, runs on very low working capital percents dollars.
In terms of the balance sheet, we are going to get about somewhere between 150 to 175 million from JBT on July 31st. We will obviously take that into cash, we will pay down some debt and we will repurchase stock.
Ultimately we will use all of that to repurchase stock through the next six to twelve months. So, you will see us kind of come back to a net debt level, zero plus or minus 100 million over the next two quarters.
Thaddeus Vayda (Stifel, Nicolaus & Co.): On subsea compression, where do you see yourself positioned?
Peter D. Kinnear: Compression certainly is a longer horizon in terms of the technology development. We have a partnership with Siemens and they were selected as one of the pilot companies that have their equipment tested by Statoil.
Thaddeus Vayda (Stifel, Nicolaus & Co.): How are the evaluation projects going?
Peter D. Kinnear: FMC got a contract to work on a fairly sophisticated control system going forward so we are doing R&D work on that, new technology work and the longer-term benefit of the subsea compression is certainly there.
But it is going to take the industry some time, three plus years probably, to get the equipment qualified and to find a good application for it.
Thaddeus Vayda (Stifel, Nicolaus & Co.): Any changes in potential opportunities there and how do you stack up in your view relative to your competitors at this point?
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