Jamie Cook - Credit Suisse

Hi, good morning.

John A. Fees

Good morning Jamie.

Jamie Cook - Credit Suisse

Just a follow up question on the prior one, I just...I am also trying to get more granular on your assumption as you look out to 2009. Is there any way you can help us when you think about lay rates or weather or productivity or however you can help us without giving too much information. Do you assume this gets worse in 2009? You assume it''s comparable that these conditions are the same relative to 2008, which have been challenging or is it productivity that you''ve historically achieved? I am just trying to get a feel for how conservative of an approach you''re really taking here?

John A. Fees

Jamie, let me give you some perspective on this. If you get outside of these three projects and take a look at how a typical project like this would look with lay rates, you usually see some level of productivity in the beginning that''s slow and then the productivity gains as the crew builds momentum and as the work proceeds, particularly when you get away from the beach and you get out to the open water and that''s a fairly typical profile of what you would see in these projects, and we often look at bids in that direction as well because that''s been the historical spirit experience over many, many years.

What we have done in this sort of circumstances is we''ve taken a look at what our actual experience has been, not only on productivity but these other issues of downtimes and delays. The complicating effects, domino effects related to the back-to-back schedules that we find ourselves in and we have taken that experience and we forecasted it basically flat going forward. So we''re not assuming any great games beyond our existing experience as we look forward into the balance of these projects, we pretty much -- basically flat one.

Jamie Cook - Credit Suisse

Okay. It''s fair to say you are not assuming anything gets any worse, so we are continuing a sort of that I guess most recent quarter levels, is that the way to think about it?

John A. Fees

I think that''s the best way to think of it Jamie as we basically have taken the experience that we''ve had in the last 90 days and used those as the basis of our cost estimates going forward on completing these three projects.

Jamie Cook - Credit Suisse

Okay, that''s helpful. And then just my next question, as you look out to the projects out there that you were bidding on, I mean are there any projects that sort of you need to walk away from just because the productivity issues you are having here that you are not going to be able to...you know what I mean, you just cannot...you won''t be dealing with these projects in time to bid something out that were supposed to come in line or there are any, I guess effects on the projects out there that you''re bidding on?

John A. Fees

Not material, we''ve been fortunate that we''ve been able to deploy the KP1 from Asia into this region because of the good window that we had there and now move in the 16, which we feel we can get some really good utilization in the region. We''ve actually been able to bring some additional assets and that really enhances our ability to perform in the region. So, I would say that there is no material effect on our ability to proceed on future projects and we''ve certainly factored all those experience into our thinking about the delivery of those projects.

Jamie Cook - Credit Suisse

And then just my last question John, as the new CEO of this company and the problems that we''re having, which all contractors run into this problem. But how does this make you think about doing fixed priced contracts on the J. Ray business longer term do you...should we see a shift in strategy with J. Ray? We''ve seen it somewhat move to cost plus, but do you think it''s in the interest of the shareholders to move all cost plus, or do you think that fixed price is still something that we''ll see you guys continue to move forward with?

John A. Fees