Bruce W. Wilkinson

Well, if you, we even commented if we went back a year ago, there was a $50 million number in there that we did characterize as certainly one time, and there is nothing in this quarter that I know of that''s of any huge order of magnitude that I mean it is not asset sales or anything like that. So, yeah, it''s sort of interesting, I guess you just said that, you know, we said 10 to 12 for several years that J. Ray and everybody said oh man, you always beat it and then when we didn''t, you know it''s...what''s wrong with you. I think, yes, we have been beating that. I''m confident that we''re getting there incrementally that we are doing a lot of small right things everyday and improving our execution. So, I''m very hopeful for the long-term direction, if you will, of the whole B&W group, but I guess it''s just my natural conservativism, I don''t want to get all the way to the 15% for expectations for people immediately.

Michael S. Taff

Well, and Chase, part of what we also had was longer-term projects that we now realize the cost to complete is much less than we thought previously and as the profitability of those contracts improved, as we mentioned on the call we did have some percentage of completion true-up, if you will, and so that certainly helped the margins in this quarter.

Chase Becker - Credit Suisse

Anyway, to quantify how much that was besides just, do you have anything?

Michael S. Taff

The best way to look at it is, Chase, is that it was a great quarter by this group. There''s nothing in there that we''d specifically point out that you would fag out, it''s one of those things where you, when you hit the ball hard sometimes it goes over the fence and sometimes the outfielder catches it. And this is one of those times where it went over the fence and they did a great job and executions, we had great execution, we had good, very good work out of our construction company. As Bruce mentioned earlier with that portfolio shifting more to a rate type of reimbursement, and we had great work out of the parts and service business.

Bruce W. Wilkinson

I think the improvement that you''ve seen over the last few quarters is not accidental, I think it''s real, I think it is directionally what I would have expected, but within a 90-day period, I always caution people that 90 days is not the whole story and...but the backdrop of the kind of things we do, B&W is very good right now, biased toward our higher margin work if you will in the marketplace. So, if we execute well I think we will continue to perform well and make us all happy.

Chase Becker - Credit Suisse

Sure, and then I guess it''s my last question and following up on the share repurchase question. I understand that there is a lot of growth opportunities for you to invest internally in the business, but how recent had your conversations been with the Board, with respect to a share repurchase program? I mean, I think if you, just look at your stock I mean you''ve been off fairly substantial here in recent weeks, I''m just trying to figure out if there’s another Board meeting coming up soon or where do we stand with this?

Bruce W. Wilkinson

The discussions were actually very recent. We had a Board meeting last week. I think the question or the discussion is around, what are we really trying to do here, I mean we can’t lean against a tide if indeed it''s a sector shift, a lot of it, I mean the fact is today I mean some of you may not be happy campers, but the fact remains we just had the most profitable quarter in the history of McDermott in its 50 years as a New York Stock Exchange company, okay? And so two months ago, the stock was 30% higher than it is today and so in reality there are some things going on out there and some huge capital swings, the dollar is now rising, the price of oil is not falling, people are beginning to have a different view maybe of whether it is time to jump into the financials or not and so as a practical matter, we can opportunistically buy some stock from time to time, but I don''t think we can redirect big capital swings with, yeah, we got a billion or so dollars in cash but what you''ve seen too...the…what was discussed earlier, when you look at the balance sheet that over the last year or so had more like a $1.6 billion now it''s more like $1.3 billion. It is we think a…it''s all a working capital issue where a number of projects where we were ahead of the payment scheme on major projects have now where we caught up, where we are more in parity and to the extent you de-risk a portfolio be it the B&W one or the J. Ray one and take more unit rate worth, you have less opportunity for big front end loaded projects that things would be more in parity, so I think you''re going to see operating income, less CapEx, be true free cash flow in a more normalized state, which is a positive, it''s a positive one on here, but I guess as I look at it, I don''t see a scenario where if you did something really substantial which should be well beyond the few million here or there where the highest and best use would be just to buy the stock back, I mean, I think we''ll...we are not going to rule out that, I''m open minded, I''m openly discussing with the Board, but I guess we also in the same meeting discussed all these other opportunities that we see.

We have a five-year plan that is aggressive in not only investing in the existing tummy but buying other things and we think that there are a lot of other things that fall into, ours is the only one and it may present real opportunities for us to invest for our five-year plan. So, yet, we discussed it openly and candidly, but in the larger context of our priorities and fearful that we can''t lean against a tide if it''s really in a sector shift to some extent.

Chase Becker - Credit Suisse

All right, very helpful. I appreciate the color.

Bruce W. Wilkinson

Sure.

Operator