And your next question comes from the line of Mike Hussey of Mid-Continent Capital. Please proceed.

Michael Hussey - Mid-Continent Capital

I''d like to actually immediately follow up on the previous question. Now, I can make a pretty persuasive argument that at today''s stock price that J. Ray has created no shareholder value over the last five years. In fact, the shareholder value creation is negative. As the new CEO, are you taking a look from kind of a high-level view as to whether or not it really makes sense to have these two companies together under one roof?

John A. Fees

Well, it''s a...I would say that as the new CEO in the last five weeks, I''ve spent more of my time associated with what''s happening underneath these projects and making sure that we have that captured and we understand that, as a 29-year veteran in McDermott, I think I understand the pieces of the business very, very well and we are going through our annual strategic plan updates and that will proceed from about now up through and into the early part of next year, that we will certainly be involving with the Board, through that whole process and we''ll make the decisions that we think are right and proper coming out of that and it''s a very thoughtful delivered process. And so...and I would say that I haven''t put in...I have not put any restrictions on that process at all in terms of creativity, options or ideas that we may want to pursue.

Michael Hussey - Mid-Continent Capital

The other thing that I --

John A. Fees

That''s not saying that we are aggressively pursuing what you suggest either. It''s just saying that we have a very open mind to where we are taking this company.

Michael Hussey - Mid-Continent Capital

I would also challenge the previous assertion about the benefits of diversity. It''s not the case if you’ve got a unit which is in a sense being ascribed negative value in the marketplace. Other words, it''s not likely that, let''s just pretend that these were two separate companies. This is not likely that J. Ray were traded at negative value per share and the price of the remaining B&W portion of the company would almost certainly be a lot higher than $11. So I think, this is an essence where our diversity, it may look...make the bottom line look more stable but it''s not creating more value for shareholders.

John A. Fees

I understand your point.

Operator

And your next question comes from the line of Alex Bocock of Investment Management of Virginia. You may proceed.

Alexander Bocock - Investment Management of Virginia, LLC

Good morning. I wondered if you all -- you mentioned earlier that maintaining conservative liquidity position is paramount, which seems to indicate that you are not considering a stock buyback. And you also said that you are constantly looking at strategic alternatives in different ways of deploying capital. Can you walk us through right now with your stock at $11, your decision in-house to pursue a large E&C project that you hope will earn a 10% return if all goes well?

John A. Fees

I''m sorry, so --

Alexander Bocock - Investment Management of Virginia, LLC