Martin Malloy - Johnson Rice & Company

Could you talk a little bit about the timings...the potential timing of some of the awards for the marine construction segment, the bid...or the potential projects you''re tracking keeps increasing, and yet we are not seeing a lot of awards press released?

Bruce W. Wilkinson

Well, it''s...I...we have this discussion all the time. We try to get you guys convinced this is not a 90-day ball game and yet you want to make it that, and I wish it were more orderly because $12 billion in focused project is a big number. But it''s an array of things out there that we do track for which we believe we have reputation, skill set, assets, everything that it''s something that we are competitive in, but it is definitely lumpy. It''s...I think as recently as...must have been six months ago, I saw rumors out in the trade press, there were big articles that J. Ray awarded the Barzan project and that was just what the trade press said, but the reality is the project is still out in front of us and we just said that we are working on the feed part of it, and...but it will be what it will be. So, it is just lumpy, Marty, I think clearly on the shorter term, we expect some more of the Saudi LTA work. We would have expected it in the second quarter, it didn''t happen, but some of that likely to be in the third and we have a number of other significant projects that if I added them all up, if they stay on track, you will be happy with the number. But again, whether or not they are precisely in the third quarter and in the fourth quarter, or some went into the first quarter of next year, it''s really hard to say right now. It''s just...the fact is that I think what want we know, that we see and live with every day, it''s hard for the investing public to accept, and that is $140 oil does not make magically everything happen quicker and a $100 oil won''t make it magically happen slower. These are big complicated projects, heavily engineered, lots of logistics, and the last, these challenges that the industry is having, serving this full market are well known to the customers and the customers don''t want to just put themselves into the buzz knowingly. So, they also will try to arrange it such that it is a more orderly like. And I think...so over time, some reduction of the oil price, I think is a positive, I think it will get...there will be greater consumption, the demand destruction if any that started in this country and Europe will subside and it will be a positive thing for us.

So, we''re just dealing with typically the last phase of what started sometimes five years ago with initial discovery or something that is going to be very, very costly to put in and they just all have their own timing, frankly.

Martin Malloy - Johnson Rice & Company

Okay. And could you talk a little bit about the cash, you still have a fair amount of cash after the recent acquisitions and how given where the share price is, how share purchases might fit into your ranking as far as uses of the cash?

Bruce W. Wilkinson

Well, first of all, we''ve announced three acquisitions, the largest of the three is one that we announced yesterday and that cash has not been spent. So, that which we''ve spent is really been the more modest ones of the three and it''s still...we discussed it actively at the Board meeting. I don''t think there is a clear direction from the Board that it is the highest priority, we have not ruled anything out, but the real fact is that we believe that in all our markets, the big energy markets we serve, there is nothing, the short term, the temporary reduction and the price of oil or any of that has not changed one iota the long-term outlook and the opportunities that we have.

For instance, the shallow water lay barge I mentioned, that''s in my recollection that''s kind of a $90 million order of magnitude, I think. So and that''s an investment for something that''s ''09 and beyond. So, I think we are still persuaded unless something changes fundamentally at investing in the footprint that we already have and investing in our growth initiatives that are in our five-year plan is a higher and better use of the cash than simply reducing the shareholder cap.

And I think too what my own view right now if there was more of a steady state out there, we might take a more aggressive view on that. Right now, I think what''s happening is there is a large rotation of the investor base, that range of commodity based investments like oil and those that serve the industry. Going to other places so to some extent the retreat from our industry has been sort of secular and needs to maybe run its course and you will see where it goes.

Martin Malloy - Johnson Rice & Company

Thank you.

Operator

And our next question will come from the line of Tahira Afzal with KeyBanc. Please proceed.

Tahira Afzal - KeyBanc Capital Markets

Hi, good morning gentlemen.

Bruce W. Wilkinson

Good morning.

Michael S. Taff