Good day, ladies and gentlemen, and welcome to the Q4 2013 Seadrill Limited Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. John Roche. Please go ahead, sir.

Thank you, good afternoon and welcome everyone to Seadrill’s fourth quarter earnings conference call. I would like to thank you all for joining us today. With me I have our Chief Executive Officer, Per Wullf, and our Chief Financial Officer, Rune Magnus Lundetrae. Before we do get started I would like to remind everyone, as I’m sure you are all aware that much of the discussion today will not be based on historical fact, but rather consist of forward-looking statements and are subject to uncertainty. We articulate some of the key items on page two of the presentation, if you all like to turn the page. For additional information, and to view our SEC filings, please visit our website at www.seadrill.com. With that, I’d like to turn the microphone over to Mr. Per Wullf. Per?

Thank you John, and welcome everyone to Seadrill’s fourth quarter earnings call. I’m pleased to report that Seadrill has had another quarter of safe and efficient operations and thank you very much to all employees, offshore as well as onshore, for making this accomplishment possible. I’ll start today by walking through some of our operational highlights for the quarter, and then continue – we’ll spend some time on the current market and how Seadrill views the current market environment. I’ll then turn things over to Rune Magnus to take you through the financial performance highlights, and lastly we will open the phones up for Q&As. Once we’ve open up for Q&As our Board member Tor Olav Trøim will join us, for questions about dividend policies and all our relevant items. Fourth quarter EBITDA of $768 million represents nearly 16% growth rate from third quarter and a 27% growth rate year-over-year. The increase in operating results in this quarter is a result of fleet additions including the West Tellus, West Auriga, West Vela, West Tucana and AOD III entering the fleet. During the year, we took delivery of 13 rigs, this is an impressive accomplishment and we are proud to maintain our industry leading uptime of 94% while taking rigs into service. Trust me this is not easy. We also were able to maintain our uptime throughout the year, while performing planned yard stays for many of our rigs at the same time. During the first quarter, we will take delivery of two jack-ups West Linus and Prospector 3, Prospector 3 is actually a new named to West Titania. In fact we’ve already taken delivery of West Linus and the rig will actually leave Singapore on a heavy lift towards the North Sea, and she will start commencing a five year…

Thank you very much, Per and good morning and good afternoon everyone. Thanks for joining the call. I think it’s fair to say that on the operational front, it has been a very successful 2013, and that also extends to the financial side of the business and this is highlighted with our activity level since the last quarter reported end of November, where we have raised approximately $3.7 billion in the last three months. As I said, I think we’ve had a very successful 2013 from a financing perspective and we have made significant progress in diversifying our sources of funding during 2013 and we’re not as reliant on the secured bank market as we were just a couple of years ago. We continue to access the unsecured bond market, we have secured attractive ECA funding, and we have completed MLP dropdowns, utilizing Seadrill Partners in Seadrill. Going forward, we expect to be opportunistic in all these markets we are active in and continually look for innovative funding sources in order to improve the cost and availability of capital to Seadrill. As can be seen here on slide 15, we have continued to access the capital markets also in 2014. In December, last year, we did raise $465 million in an equity offering when we dropped down the West Sirius and West Leo from Seadrill to Seadrill Partners. This generated cash proceeds of approximately $356 million to Seadrill Limited. Following this in January, we did the IPO of NADL raising approximately $125 million and also issued the $600 million unsecured bond. In February, we did launch and complete a $1.8 billion Term Loan B in Seadrill Partners and creating a cleaner capital structure with lower amortization that we think fit Seadrill Partners well. Moving over to the financial performance highlights…

Thanks to our Operator, if we could open up the line and assemble the queue for questions please.

Thank you. (Operator Instructions)

Operator, we are ready for Q&A.

Thank you. We will take the first question from Ian Macpherson of Simmons. Please go ahead.

Hi, Ian. Can you hear us? Ian Macpherson – Simmons & Company International: Hi, can you hear me now, John.

Yes, we can. Ian Macpherson – Simmons & Company International: Sorry about that. I think there has been an understanding that Seadrill would continue to build newbuilds at current construction prices down to the dayrate floor closer to 450. Is the pause -- the temporary pause at least in your construction agenda, does it imply a leading edge dayrate level that’s approaching that level now or is that incorrect?

No, that’s incorrect. Ian Macpherson – Simmons & Company International: Do you see, do you have a pause in your construction that is disconnected from the newbuild returns, but that is more a reflection of your financial flexibility at this point, or how do you see the medium-term outlook for new construction within your strategy?

There will, of course, be a pause, but I just see Tor Olav raising the hand. Tor Olav, do you want to comment?

I think when it comes to our newbuilding commitment, it’s important to just look six months back. In one day, we effectively executed – taken four new contract for newbuildings in one day. I think that took care of the 2015, 2016 situation, and I think for the time being we are happy just sitting and waiting and see where this market is going. And I think it’s also kind of -- as we’ve written in the report, it’s also responsibility as the market leading not to give too much encouragement to other in-current situations to add supply. So, I think you should note we read the signal at all. We are more bullish on this kind of, not more bullish, but we are still very, very bullish. We think the rig market is materially undersupplied to meet the demand coming from the large companies, and to turn back to the conversation I had with one of the guys who cut CapEx materially, his comments about lack of rig capacity for 2016 again. So I think that you have to be dynamic. You can’t just have a long-term strategy. You have to look at the market everyday when you wake up and say what do we do today. And for the time being, we will refrain from ordering and we hope that also the other people will do that which will create a much better situation again when the oil companies come back to the table. Ian Macpherson – Simmons & Company International: Yes. no question you guys have done an exemplary job of always timing the market in that regard. Just one follow-up question for me, something that was not addressed in your prepared remarks, it seems like there is more uncertainty with regard to the status of the Sevan developer. Can you comment on that? Is that a rig that might not get finished or how are you dealing that situation?

Yes. It could be a rig, at least we follow building on the completion of this unit, and we have done that since summer last year. And this rig will not be completed as we see it until -- it could be September, it could be October before we see this unit being complete, and we’ve asked Sevan, but they can walk away from this one if they feel they want to walk away from it. But we see a delay in this unit because the yard has been let down by subcontractors and full commissioning of this unit will not be until end of September, beginning of October, and then we will have to see what we do at that time. Ian Macpherson – Simmons & Company International: Well, the CapEx for that rig is included though in your $7.2 billion remaining CapEx balance though, correct? So that could be a downward revision.

That’s correct. Ian Macpherson – Simmons & Company International: Okay. Thank you.

Thank you. We’ll now move to Darren Gacicia of Guggenheim Securities. Please go ahead. Darren Gacicia – Guggenheim Securities LLC: Hey, thanks for taking my question. I guess where I wanted to start is, there is some talk here about kind of deconsolidating and reconsolidating Seadrill Partners and just a little color on the moving parts of that. And also, maybe just a little color on kind of how you look at Seadrill SDRL versus the partnership and how the interchange really works there, kind of strategically going forward?

Yes, I mean – hi, Darren, this is Rune Lundetrae. First of all, I think we can all agree that this is a complicated and highly technical accounting issue and will have no operational or managerial implications on how the relationship between Seadrill and Seadrill Partners works. The background here is that from the first AGM, the majority of the Board members became electable by the common unitholders, and therefore Seadrill lost the ability to control the majority of the Board due to a cutback feature in our voting rights, meaning that you can only vote up to 5% regardless of your ownership percentage. So, this technicality resulted in requirement in the U.S. GAAP to deconsolidate Seadrill Partners. As we also said in our report, we are evaluating options for how we can reconsolidate, because I think in our view, it does not make sense to deconsolidate a company we effectively control 62.4% of, but we will have to come back to the market with more upside, when it’s more clear. So, I think -- hope that helped a little bit. Darren Gacicia – Guggenheim Securities LLC: There was some detail on the release on kind of the timing of kind of giving us some clarity on how that's going to look and the rest, which is appreciated. The second question, there is some talk about -- and maybe it’s my term not yours of kind of rig attrition with regard to say older rigs or lower spec rigs or kind of go by generation that may need a fair amount of investment to stay alive. I wanted to kind of have you expand on maybe how many rigs do you think kind of are in the market that maybe need that – that maybe some level of investment that may preclude them from kind of going forward and how do you think that that plays out on a timing perspective to help market bounces a little bit.

There is no doubt that, I’ll try to answer this one here. There is no doubt that the fourth and fifth generation rigs, they are facing a tough time, and they will try to hang in there all they can do despite the rate drops, and where we're going to see the big cuts, where we’ll actually stack them or retire them, that's when you come up to the five-year classing for the individual units because you take a little bit of strength there before you decide to put $100 million, $150 million, $200 million in to an old unit. And that’s why we are so perfectly positioned for the future. We don’t have that challenge. That’s okay our competitors have that. We don’t have that challenge. How many will retire we will see. But of course with the dropping rate for fourth, fifth generation or in the whole market, then they will start to soften. You'll take a little bit of [gut] before you start to invest for further five-year operation into these units. So, you will come as they come close to the five year classings.

To press you a little bit for an order of magnitude, say through the middle of next year, do you think that number is like 0 to 10, 10 to 20 do you have, just some rough parameter what you think the impact on the supply demand is? Darren Gacicia – Guggenheim Securities LLC: You bet it on John, I’m not (inaudible).

I think historically we look at 7 or 8 floaters retiring per year, given the age of the floater fleet, I think you can expect a number north of that. If you look at a floater fleet of roughly 255 units, 130 of which are ultra deep I think everything above that you need to keep your eye on over the next five years. Darren Gacicia – Guggenheim Securities LLC: Great, that’s great color Per Wullf.

Thank you, we’ll now move to Anders Bergland of Platou Markets. Please go ahead. Anders Bergland – RS Platou Markets AS: Yes, good afternoon. I have three questions, the first one relates to further dropdowns into potential SeaMex, and could we have some color on potential sea brass, some color on the potential Petrobras contract extensions?

Either on those, I will try to remember now then to answer each of those items starting with SeaMex, obviously I think that depends on further contracts in Mexico. We think that the SeaMex partnership is very exciting because it put us in a very strong position for more contracting activity both for jack-ups and floaters in that Mexican surface. As you know that market is now opening up, and will open up more also for the floating segment in the next couple of years. I think we are actively pursuing all opportunities and I think, we will be in Mexico for the long run and hopefully we can add through the five contracts that we now have plus the Pegasus. But I think it’s difficult to give any firm sort of commitments to more drop downs asset quality into SeaMex. But I think it’s a good vehicle for more units definitely. Anders Bergland – RS Platou Markets AS: Okay, on the Seabras, that used to be a potential future vehicle?

:

If I can add on a little bit, this is – we’re talking about extension and we have discussed and we have finished with the technical part of all that stuff on Eminence and Taurus and that is two units that are coming available in 2015 – mid-2015, and then we talk extension from that point in time. Anders Bergland – RS Platou Markets AS: Okay. thank you very much.

Thank you. We will now move to Lukas Daul of ABG. Please go ahead. Lukas Daul – ABG Sundal Collier Norge ASA: Thank you, and good evening. My first question refers to West Saturn and West Jupiter. for many quarters now, you have been saying that those rigs have been spoken for. you are basically reiterating that today. But then you included the sentence that there are no assurances that this will end up in a finalized deal. The reason why I’m asking is that historically when you said that you are in an advanced discussion, it always materialized in a firm contract. Can you just sort of give us a little bit more color on what is going on and how confident you are that these fixtures will sort of turn into firm contracts?

Yes, I can. To take Saturn to start, Saturn and Jupiter, they’re both coming in full already from the shipyard. Just as you know, this is, take Saturn, we have discussed Saturn with this customer since late 2009 actually. So this is something that is building up over long period, it was one of our major customers. And the contract has been negotiated long-time ago technically, economically and everything, okay. we are waiting on the final signature and I’m sorry I couldn’t do that. in the third quarter, I could still not do it. I would love to do it right now. I cannot do that. What we’re doing as we speak right now is that we are sitting together with the customer for both Saturn and Jupiter. we are sitting and we are talking operation startup. we are down to what sort of Schlumberger units we have on, what sort of equipment shall we have on. That is the detail level, we are not – we have parked the contract that’s done long-time ago. It’s just not signed. And unfortunately, we are facing administratively challenges in certain parts of the world, that’s what I can say.

I think it’s important to add on one thing. I think we mentioned the Pemex contract in a similar way that was mentioned before it was actually signed off year later. In this case I think we can say as much as if this contract doesn’t go through, Seadrill will receive a significant amount of money which is a confirmation for us that this is real business. So if any of these contracts doesn’t go through, then we will end up with a significant amount of money which is probably too large to pay for an oil company to not do anything. I think we have reasonable good comfort that both these contracts as Per said, will be executed. Lukas Daul – ABG Sundal Collier Norge ASA: Okay. And then when it comes to the new builds, as you commented you are sort of sitting tight right now watching the space. But when you look across your peers, do you think they will do the same because I mean you have built your fortune by not following the industrial leader.

Yes, we were not go on following the industrial leaders going forward because Seadrill will do it in the Seadrill way, that’s way we have the success we have. But like Tor Olav said we hope they will take a pause now in the ordering. We want to see what’s going on here, but underestimate we actually have 20 new buildings coming over the next couple of years. So, it’s not that we are passive on the new building market. And we committed to four drill ships last year in August and they will come out in the end of 15 perfectly suited for the future. And we will of course take any opportunistic and we are opportunistic in Seadrill and if we see opportunities going forward, we will grab them and that's both [indiscernible] it is new builds and what have you but obviously we're a little cautious right now. We want to see where the market is moving.

: : Lukas Daul – ABG Sundal Collier Norge ASA: And the given your sort of [upbeat] comments on 2016 and 2017 or into at least a little tempted maybe to sort of a secure some capacity for that market if it really comes back?

If you look back at what we historically we have done, we stopped ordering in 2008 when everybody else started to do. We came back to the market in 2010 as the first player and everybody followed us then we came back again in 2012, and people followed us. I think we are a little bit afraid of the fact that if we go ahead and all the people will follow the gain. And I think for the (inaudible) 20 new buildings coming, we feel we have secured the growth at least until 2017 and the 17 slopes are still on the table. So if you want to grow in 2017, we can still do that for the next six months I would say. Lukas Daul – ABG Sundal Collier Norge ASA: All right, thank you.

Thank you. We will now move to Ryan Kauppila of Citi. Please go ahead. Ryan W. Kauppila – Citigroup Global Markets Ltd.: Yes, thanks. Couple of questions; firstly, on your 2015 statement that you are seeing a slight increase in inquiries for 2015 availability, just wondering if there were any geographies that featured prominently in that? Secondly, in West Africa, you’ve highlight the approval process can lead to delays, has that improved or deteriorated or changed at all in the last 12 months or 18 months clearly been a dearth of activity in West Africa and just wondering how the operating environment has changed recently? And then finally, again you highlight that oil company activity may push rates higher in 2015, but notice that there is not a day rate commentary in the statement this time, just wondering where you are seeing leading edge day rates in ultra deepwater?

Yes. Let me take our challenge, it is a fact when we sit and negotiate these contracts and often this is not tenders we are doing. This is direct negotiation with oil companies and we use years on this to be honest, okay. So operationally we are fine in West Africa administratively it is a challenge, I cannot go closer than that, but that part of the world is really challenging. When we look at where we see growth and we see and we also stimulate in one of the slides to you, we see that the 2014 are pushed into 2015, 2016 and that both West Africa and U.S. Gulf for that sake. And we also actually see interest comes from Petrobras here in the recent rounds that they could be interested in more capacity based on dialogue we had with them yesterday. So it is a triangle we are talking about in general, okay. When we look at the rates as such, we don’t have enough data points. We sold the commitment in the U.S. Gulf few months ago, then rumors are going with rates in Brazil from Transocean and that is as we see it is not a straight rate and they do not reflect the rate on deepwater unit, because it consisted of a package of units as we understand it, where I even think there’s some maybe older units and you should have actually (inaudible) what I’m talking about, older units fifth generation being offered us well intervention vessels and what have you. So I don’t think this is a rate that reflects the reality, otherwise I would be very surprised though. So we cannot talk about rates based on the data point in the U.S. Gulf and then this rumor in Brazil. Ryan W. Kauppila – Citigroup Global Markets Ltd.: Okay, hopefully, we’ll get some more data points in the coming months.

Unfortunately that is the fact, yes. Ryan W. Kauppila – Citigroup Global Markets Ltd.: Yes. All right, appreciate it.

Thank you. We’ll now move to [indiscernible] of Goldman Sachs. Please go ahead. Jason A. Gilbert – Goldman Sachs & Co.: Hey, it’s actually Jason Gilbert. thanks for taking my question. I think most of mine have been answered and I think someone asked that a derivative of this question earlier, but where do you think and I know that the big players are not ordering deepwater rigs at the moment. but just from a purely mathematical standpoint, where do you see deepwater rig rates needing to fall in order to deter incremental new building just from a purely mathematical standpoint for six and seven?

From a mathematical point of view, we have spent the whole of last year, both Board members and us here sitting in Seadrill management, we have spent a lot of time on the deepwater market. we have done it together, we wish that we have really spent time on this, and we – I think we also explained that we have a production in the ultra-deepwater at 1 million. We know and we can see that if we got – this will go and increase to 5 million barrel over – from now on, on to 2020. sitting with that knowledge and we all know that, it simply takes a lot of ultra-deepwater units to do that. so there will not be an undersupply if we don’t do anything. obviously, we’ll all take a pause right now to see what’s going on, and who is the first one to trigger on further new buildings, but in order to go from 1 million to 5 million barrel and the complexity in drilling at ultra-deepwater will take more units going forward. We have said before that we see a lot of units being missing, and I think we will up to – that we should see up to 20, 25 units a year. this has all gone through a broad stop right now, and we have also claimed before that we want to have a portion of these new buildings. So I think we’re all sitting right now, waiting on this and see what happens. but this is typical, we will now end up in an undersupply in a couple of years and then we will enjoy that obviously, especially we will because we have a fantastic coverage in both 2014 and 2015 to be honest. Jason A. Gilbert – Goldman Sachs & Co.: Fair enough. I guess I was just wondering if you assume call it $700 million to build a new drill ship, and what’s your IRR threshold limits 13% what’s on your math, what’s the rate you need back some to hit that IRR?

Hi Jason its Rune here. I think what we are looking at as the rule of thumb is to have return on the equity of about 50% is that what we based historical orders on at least, I think you have two numbers then, you have obviously the cost for the new builds and you have the day rate level, when we stopped building rigs in the first let’s say cycle in 2008, we stopped because we thought it was getting too expensive, then we start ordering in when the rates came down, and the math worked for us again. I think what we have seen lately is of course that the cost of the equipment has come down and so you are not as sensitive to the day rate level. I think based on today’s work, the last order we did, which was in the low 500s not ready to drill, but that could, it take us to 600 ready to drill, we could name with day rate thumb to 525, if we wanted that in the Gulf of Mexico cost level, if we wanted that math to work. But it’s not an exact science. But that’s been the rule of thumb for the floaters. For the jack-up side it’s been typically around seven years payback, when you take into account tax and EBITDA, but before funding.

We could live with And we don’t have $700 million on a drill ship ready to drill; we have $600 million ready to drill and when we spoke about $700 million, when we were on first day rate EBITDA wise. So often the delta between $600 million up to $700 million that’s covered in mobilization pay and what have you and requirements from a customer, we actually built drill ships cheaper today, the way we secure rigs, we prepare them, and we make them greatest run is significantly cheaper than when we built Polaris five years ago. Jason A. Gilbert – Goldman Sachs & Co.: That’s superb helpful guys. I guess last one is Rune maybe its just for you, but with respect to the credit ratings, you are not going to do it by mid March, what’s the sort of timeframe we should expect you to do it and is that something you want to comment on?

I want to be a little bit careful to guide on timing, I think as you saw in our comments today, we are -- we do recognize that it is part of our, let’s call it evolution in Seadrill. I think we did think long and hard about whether or not we should do the right thing at this time within the current timeframe, which was March 14 to avoid the uptick in the coupon. I think what we – where we wanted to develop Seadrill Limited further was when it came to the balance sheet and specifically, the CapEx commitments in the next 24 months, the 20 new business, so it does provide a challenge for the agencies when they do assess the company. and I think we have learned a lot having been back to the agencies two, three times over the last 18 months. So then you came down to let’s see if we can strengthen Seadrill further and put us in an even stronger position, and get a decent rating for the company. But it is part of our development and we will consider it on a continuous basis going forward, but I’m not going to give you a timeframe right now. Jason A. Gilbert – Goldman Sachs & Co.: Okay, thank you. I’ll turn it back.

And operator, I’d like to – before we do conclude today, take one more question.

Thank you. The final question will come from Christyan Malek of Nomura. Please go ahead. Christyan F. Malek – Nomura International Plc: Hi, good evening gentlemen. just one question regarding supply additions this year and next, in the context of the major and their exploration budgets and their own outlooks in a scenario where they do cut deeper and demand is down. I know we talked about the base case where day rates are softer near-term, presume higher. where do you see day rates in this sixth generation market falling to? Clearly, there’s a low end of the range, what is your worst case scenario analysis, and I say in the context of major cutting spend and also with supply additions this year, just want to know?

I think we tried to say before that we cannot really comment on day rates, because of the pure speculation based on one rig that have been secured really since December and that was the Ensco rig in the US GOM. so that one I cannot really comment on. What I can say is that when we operate all the units and if you take a good figure as to, if you take all included and you say $230,000 a day, that is our total cost and we operate our unit. And then you can – you look yourself of your gap up to whatever rate you can get. That is what I can tell you, because I know our operating cost and I know we have the five-year cycle now, your running units in Seadrill and we have a very good picture of what our cost is. So then you can figure out from there on, when it is worth running with these units or they have to be stacked, because we cannot really comment on the day rate as such, because that would just be pure guess work. Christyan F. Malek – Nomura International Plc: Right, so you have a lower end, but the point you are making is that regardless of the prevailing day rates in CIRR on these rigs, which is key for you, and therefore as long as day rates stay far below, cash flow uptakes which is what $250, $300 you will be fine.

Yes, I think we’ve said several times, in this market when it’s been good and when it’s been bad, we say that $450 low day rate, $650 is a high day rate, $550 is probably the level where we have a very good return when you are talking about the assets generating around five times enterprise value of the EBITDA. While you don’t see a lot of ordering if rigs are just about 600, you’ve seen that few times and then it leads to massive order increase pretty quickly, I think the $550 level, you have a limited amounted of ordering, you have a very decent return on the capital investment around 5x EBITDA. And if you then can fill up, those contacts you get there into [their material], 10x to 12x EBITDA, you have a business mobility works over time. I think what’s important also to remind people about is what’s stated in your report when the oil companies smelt their wells and say you want to cut CapEx and they think day rates are too high. I am almost tempted to say, it’s crap it’s not the day rates who kills oil production today, what kills oil production today yes we have added on 300 more rigs over eight years and we are effectively producing less oil offshore, I think for me that’s the strongest drill sign I’ve ever seen for a stock because it does tells you how much more capacity you need over rigs in order to bring that oil up off the ground, and you can do you like Statoil did kind of few weeks ago decided to cut CapEx I’ve said didn’t have to confess, then you don’t meet the production targets, I think that’s where we are today. and then I would say kind of for us long-term probably the rates around $550 level is to optimum size where you don’t still see a lot of new ordering. you have a very healthy return and with the kind of financial flexibility, they have been [indiscernible] MLP under we have a very, very sustainable and good business model. Christyan F. Malek – Nomura International Plc: And so just also justifying onto make sure it’s clear to not put words in your mouth, but if day rates are so below the US $450 and again I understand it’s not a one day rates in aggregate but say the prevailing that would be marginal and that would be an incremental negative to return but above US $450 say between the US $500 and US $550 that would be a base case around of returns you are looking for.

Yes, I mean since we launched the MMP originally I think the average rates on the MMP is going to be – around 520,000. I think we can comment on that during – uptick on the average rates we have on the MMPs.

In October 2012, it was in the low 500. We have all re-contracted several of those rigs now and gotten new day rates significantly above that level. I think, also looking back a little bit what we have done historically, look at, we have Gemini which obviously came in at the lower end of day rates level. I think it came in at 440,000. It certainly didn’t kill the company. I think the important thing for Seadrill right now is, of course, to have most of the rigs exposed to and the market is good and that’s why we spent quite a bit of time to try to set the market and take an independent view on what’s going on. I think that’s where we have been successful. That’s why we have moved first and I think followers, but actually been taking charge in the market. I think, we have subsidized that because of the other companies following us three times to four, we will be a little bit cautious now before we commit to more new builds. But as soon as we are comfortable with the 50 deliveries and also continue with the operation performance and the financial performance we have done lately then I think you can expect us to add more. But I think it's a little bit [hypothetical] to challenge us on what is one rig fall below 450 because I think we have demonstrated what we did before. We have significant comfort around the 2014 exposure, and then it’s a little bit early to be specific where is the 2015 delivery is going to end up because it is in the end of 2015 early 2016 where those rigs are really exposed to. So I think what we are try to get across today is that we are very confident about where we are position in the market. We are comfortable with exposure we have and we are comfortable with the current dividend level at $0.98 a quarter as a floor from this quarter and for the foreseeable couple of years. Christyan F. Malek – Nomura International Plc: Very good. Thank you very much gentlemen.

Operator, I turn it over to you. Thank you everyone for joining us on our fourth quarter call.