CNOOC Contracts Drillship Energy Searcher

- CNOOC Contracts Drillship Energy Searcher

Monday, September 12, 2011
Northern Offshore, Ltd.

Northern Offshore, Ltd. on Sunday announced that CNOOC Palung Aru Ltd. ("CNOOC") has awarded a contract for the drillship Energy Searcher. The contract is for one well offshore Indonesia and has an expected duration of from 60-90 days, including travel time from and back to Singapore. Commencement is expected during October 2011. The estimated contract value for the program is from US$18-25 million, including mobilization fees.

Gary W. Casswell, Northern Offshore's president and CEO, said, "We are pleased with CNOOC's award of this contract for the Energy Searcher, and look forward to a successful drilling program. We remain optimistic of increasing activity in the region and are ready to get the rig back to work following its major shipyard and equipment refurbishment project."

Oil & Gas Post

Promote Your Page Too
LINK

Hyperdynamics: Drillship En Route to Drilling Site Offshore Guinea

- Hyperdynamics: Drillship En Route to Drilling Site Offshore Guinea

Monday, August 22, 2011
Hyperdynamics Corp.

Hyperdynamics announced that the Jasper Explorer drillship has left its home port in Singapore and is now being mobilized to Hyperdynamics' first exploration drilling site offshore the Republic of Guinea in Northwest Africa.

The initial well, the Sabu-1, is scheduled to begin drilling in October at a site in approximately 700 meters of water. The Sabu-1 will target a four-way anticline prospect with upper Cretaceous sands and is anticipated to be drilled to a total depth of 3,600 meters.

"With the drillship now on its way to West Africa and the majority of the other equipment and services needed for the first two wells contracted for, we are moving closer to testing the resource potential of our shallower-water objectives through the drill bit this fall," said Ray Leonard, Hyperdynamics' President and Chief Executive Officer.

Hyperdynamics is operator of the Guinea project, with a 77 percent participating interest; the remaining 23 percent is held by Dana Petroleum, a wholly owned subsidiary of the Korean National Oil Company. AGR Petroleum Services is providing management services during the drilling phase of the project. The Jasper Explorer is a modern Pelican Class self-propelled drillship capable of operating in water depths up to 1,524 meters.

Oil & Gas Post

Promote Your Page Too
LINK

NOV Pens $1.5B Deal for 7 Drillship Equipment Packages

- NOV Pens $1.5B Deal for 7 Drillship Equipment Packages

Monday, August 15, 2011
National Oilwell Varco Inc.

National Oilwell Varco has signed contracts to supply drilling equipment packages for seven drillships to Estaleiro Atlantico Sul ("EAS"), including drilling riser and pressure control equipment. The value, over the term of the deliveries, is approximately $1.5 billion.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, stated "We are pleased to have been selected as the drilling equipment supplier for this prominent project, and excited to work with one of Brazil's premier shipyard companies, EAS. Brazil's extraordinary deepwater discoveries of the past several years have transformed it into one of the most significant offshore markets we serve, and one we expect to continue to grow. We are investing heavily in Brazil to manufacture more of the products and technologies National Oilwell Varco provides to our oil and gas customers, and to service the rapidly growing installed base of NOV drilling equipment in the region.

"Congratulations to our Rig Technology team in securing the largest single order in our company's 150 year history."

Oil & Gas Post

Promote Your Page Too
LINK

OCS Group Bags Commissioning Service Contract for Drillship DDD

- OCS Group Bags Commissioning Service Contract for Drillship DDD

Friday, July 22, 2011
The OCS Group

The OCS Group has signed a definitive agreement with COSCO Dalian to supervise and manage the commissioning of the drillship Dalian Developer (DDD).

The Dalian Developer is a 6th Generation ultra-deepwater drillship and will be the world's largest drillship. With a maximum drilling depth of 30,000 ft, the drillship is designed to drill in the water depths up to 10,000 ft. The vessel will be upgradeable for enhanced well intervention capabilities, extended well testing and early field production with 1 million barrels of crude oil storage capacity.

"We are very pleased that COSCO shipyard decided to work with our company for their first drillship project," said Mr. Mark Tranfield, Managing Director of the OCS Group. "This is the third commissioning service contract we have signed in China within two years and we are very keen to continue working for shipyards and other clients in China."

The OCS Group will be assisting COSCO shipyard in giving technical advice as well as developing the commissioning procedures, schedule and philosophy, coordination and communication of the commissioning activities with the shipyard, mechanical completions and handover of documentation. Throughout the DDD project, OCS will also provide its in-house project management software (CMS), Project-TracTM, in order to assist the shipyard in facilitating the commissioning process of the project including planning, scheduling, cost control, reporting, and quality management.

The contract with COSCO shipyard became effective on 20th June 2011 and the vessel is expected to be delivered to the buyer in the third quarter of 2012, according to COSCO Corporation (Singapore) Limited.

Oil & Gas Post

Promote Your Page Too
LINK

Pacific Drilling Secures LOA for Drillship

- Pacific Drilling Secures LOA for Drillship

Monday, July 11, 2011
Pacific Drilling S.A.

Pacific Drilling announced that a letter of Award has been converted to a definitive contract for the Pacific Scirocco following the necessary approvals from authorities. The minimum duration of the contract is for an initial one-year term, with contract commencement expected during the third quarter of 2011. The contract provides for options, to be exercised at the client's discretion, which could result in up to four additional years of contract term with an escalating dayrate dependent upon the option timing and term elected. Estimated maximum contract revenues related to the initial one-year term are expected to be approximately $200 million, excluding client requested modifications and miscellaneous adjustments.

The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.

Oil & Gas Post

Promote Your Page Too
LINK

Maersk Extends Rig Fleet with $1.3B Drillship Order

- Maersk Extends Rig Fleet with $1.3B Drillship Order

Tuesday, July 05, 2011
A.P Moller - Maersk Group

Maersk Drilling, a business unit within the A.P. Moller- Maersk group, has declared its option to build two ultra deepwater drillships at Samsung Heavy Industries in South Korea.

The drillships are scheduled for delivery in the second and third quarters of 2014, respectively. The total project cost for the two drillships is approximately USD 1.3 billion, which includes a turnkey contract with the yard, owner furnished equipment, project management, commissioning, start-up costs and capitalized interest. Simultaneously, Maersk Drilling has obtained a new option for the construction of two additional drillships.

"We have an ambition of becoming one of the leading drilling contractors in the ultra deepwater segment and this order is another important step in taking a bigger share of this attractive market segment," said Claus V. Hemmingsen, CEO of Maersk Drilling and member of the Executive Board of the A.P. Moller – Maersk Group. "The order reflects our commitment to grow our rig fleet enabling us to serve our customers in the ultra deepwater segment on a more regular basis," Claus V. Hemmingsen continued.

Year to date, Maersk Drilling has invested USD 3.8 billion in two new jack-up rigs and four drillships.

Maersk Drilling had a revenue of USD 1.6 billion and a profit of USD 399 million after tax in 2010.

Hemmingsen sees a strong market for deepwater drilling rigs as the global demand for oil is increasing while at the same time production from mature fields is declining.

"This means that about six times the current Saudi production must be brought on stream over the next 20-25 years which will drive a solid growth in the demand for drilling services. The main part of this growth will take place in frontier areas such as deepwater," he said.

The two drillships will be of similar design to the two drillships Maersk Drilling ordered from Samsung in April 2011. The 228 meter long drill ships will be able to operate at water depths up to 12,000 ft (3,650 m) and will be capable of drilling wells of more than 40,000 ft (12,200 m).

Similar to the design philosophy on Maersk Drilling's ultra deepwater semi-submersibles the drillship design includes features for high efficiency operation including a dual derrick, which allows for parallel and offline activities. The extensive storage areas and tank capacities provide an advantage when operating in areas with less developed infrastructure and limited presence of suppliers. Together with the higher transit speed the increased capacity will reduce the overall logistics costs for the oil companies. The drillships will have accommodation capacity for 230 people.

Oil & Gas Post

Promote Your Page Too
LINK

Pacific Drilling Extends Option for 7th Drillship

- Pacific Drilling Extends Option for 7th Drillship

Thursday, June 23, 2011
Pacific Drilling S.A.

Pacific Drilling has reached an agreement with Samsung Heavy Industries to extend until October 31, 2011 an option to construct a seventh ultra-deepwater drillship.

With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor. In addition to three ultra-deepwater drillships delivered to date, Pacific Drilling expects delivery of an additional drillship in August 2011 and has two drillships on order at Samsung for delivery during 2013.

Oil & Gas Post

Promote Your Page Too

Deep Sea Takes Delivery of Odfjell Drillship

- Deep Sea Takes Delivery of Odfjell Drillship

Wednesday, June 22, 2011
Odfjell Drilling AS

Deep Sea Metro Ltd. has taken delivery of the drillship Deepsea Metro I from Hyundai Heavy Industries (HHI).

Chairman of Odfjell Offshore Ltd. Simen Lieungh stated, "Delivery has been according to plan. The collaboration with the yard has been excellent and we acknowledge their great effort. With the delivery of this state of the art vessel, we are now looking forward to the operations ahead with BG Group and Woodside Energy."

The vessel is a highly efficient, state-of-the-art 6th generation drillship. It is equipped with the latest technology and with focus on zero discharge and other green rig features.

Deepsea Metro I is the first of two ultra deepwater drillships ordered by Deep Sea Metro Ltd. The second vessel Deepsea Metro II is scheduled for delivery from HHI end of November 2011. Deepsea Metro II has a contract with Petrobras.

The Metrostar Group retains 60 percent ownership in Deepsea Metro I & II and Odfjell Offshore Ltd. has a 40 percent ownership. Odfjell Drilling is responsible for the construction follow-up, management and operation of the vessels.

Oil & Gas Post

Promote Your Page Too

Aker Wins Daewoo Contract for New Deepwater Drillship

- Aker Wins Daewoo Contract for New Deepwater Drillship

Friday, June 17, 2011
Aker Solutions

Aker Solutions has won a contract from Daewoo Shipbuilding & Marine Equipment to supply a complete drilling equipment package for a new deepwater drillship.

The contract is worth about NOK 540 million. The drill ship will be owned and operated by Tungsten Explorer Company, a subsidiary of Vantage Drilling.

"We are very pleased to have won another contract to deliver our deepwater drilling equipment and systems, which underlines our strong and fruitful relationships with the yard and the team at Vantage Drilling," said Thor Arne Håverstad, executive vice president and head of Aker Solutions' drilling technologies business.

Bill Thomson, VP Assets and Engineering at Vantage Drilling said, "We appreciate the commitment by Aker Solutions to provide a drilling package that meets and exceeds our expectations. This will be the seventh drilling package from Aker Solutions that Vantage will be involved in. As such Aker Solutions' commitment to deliver not only an excellent service during the construction but to provide a first-class customer service when in operations is important to the success of Vantage Drilling."

The equipment will mainly be delivered in 2012.

Oil & Gas Post

Promote Your Page Too

Pacific Drilling Receives Latest Drillship

- Pacific Drilling Receives Latest Drillship

Thursday, June 02, 2011
Pacific Drilling S.A.

Pacific Drilling has received delivery of its newest drillship, the Pacific Mistral. The Pacific Mistral can operate in water depths of up to 12,000 feet and drill wells of up to 35,000 feet total depth. The rig features technologically advanced equipment that allows customers to improve drilling efficiency, including offline handling capabilities.

Pacific Drilling CEO Chris Beckett stated, "We are proud to announce the delivery of the Pacific Mistral. This constitutes the third on-time, on-budget delivery in Pacific Drilling's fleet of six premium ultra-deepwater drillships. The final payment to the shipyard was substantially funded by our Project Facilities Agreement lenders, consisting of two Export Credit Agencies and nine commercial banks based in the United States and Europe. We are in the advanced stages of negotiations with several major E&P companies and expect to announce a drilling contract for the Pacific Mistral in the near future."

Oil & Gas Post

Promote Your Page Too

Hyundai Heavy Secures $1.12B Drillship Order for Rowan

- Hyundai Heavy Secures $1.12B Drillship Order for Rowan

Wednesday, June 01, 2011
Hyundai Heavy Industries Co. Ltd.

Hyundai Heavy said it clinched a $1.12 billion order to build two drillships for drilling contractor Rowan Companies Inc. on May 31. This contract also includes an option exercisable by Rowan to order an additional same class drillship.

The vessels, measuring 229 meters in length and 36 meters in width, are rated for operations in water 12,000 ft (3,657 m) deep. They are scheduled to be delivered by the second half of 2013.

Winning this order brings Hyundai Heavy's total drillship new orders this year to 9, worth USD 5 billion with options to build three more drillships. This is the most drillships of any shipbuilder in the world.

The drillships will be equipped with a thruster canister, saving time in maintenance and operating costs. A thruster canister is housing for the thruster, which helps keep the ship in position while it is drilling. Ships with a canister do not need to be drydocked for maintenance as the thruster can be lifted onto the ship when work needs to be carried out.

Drillships Hyundai Heavy builds use the drillship-specific Gusto P10000 design making the best use of vessel space for drilling. The design helps stabilize the drillship while operating and uses less fuel by making thrusters operate less. A position controlling system, a computer propulsion system, and seven blowout preventers will also be installed in the drillships to enhance safety.

Oil & Gas Post

Promote Your Page Too

Diamond Offshore Orders 3rd Ultra-Deepwater Drillship

- Diamond Offshore Orders 3rd Ultra-Deepwater Drillship

Thursday, May 19, 2011
Diamond Offshore Drilling Inc.

Diamond Offshore announced that a subsidiary, Diamond Offshore Drilling Limited, has exercised its option to build a third ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd. with delivery scheduled for the second quarter of 2014. Total cost, including commissioning, spares and project management, is estimated to be approximately $610 million and is anticipated to be paid out of cash flow and available funds.

Like its previously announced sister drillships, the new unit will be dynamically-positioned, have a seven ram blow-out preventer, dual activity capability, five mud pumps and a maximum hook-load capacity of 1,250 tons. The unit will be designed for operations in up to 12,000 feet of water.

Diamond Offshore President and Chief Executive Officer Larry Dickerson said, "The addition of this third new drillship is part of our ongoing effort to provide multiple ultra-deepwater options to our customers, allowing state of the art drilling with Diamond Offshore's high standards of systems integrity, safety and operational excellence. Including our acquisitions of the Ocean Courage and Ocean Valor, we have over the past two years increased our ultra-deepwater fleet by five units. Coupled with the Ocean Confidence, Ocean Endeavor and Ocean Monarch, Diamond Offshore will be able to provide eight rigs for the growing 10,000 foot and deeper market."

Oil & Gas Post

Promote Your Page Too

Drillship Jasper Explorer Contracted for Gig Offshore Guinea

- Drillship Jasper Explorer Contracted for Gig Offshore Guinea

Wednesday, May 18, 2011
Hyperdynamics Corp.

AGR Petroleum Services has signed a drilling contract, on behalf of Hyperdynamics, with Jasper Drilling Private Limited of Singapore to contract the drillship Jasper Explorer for drilling in Hyperdynamics' concession offshore the Republic of Guinea. The Jasper Explorer is a modern Pelican Class self-propelled drillship capable of operating in water depths up to 5,000 feet.

"The conclusion of a drilling contract with Jasper Drilling Private Limited is a crucial step in preparations for our drilling campaign. We are on track to spud the first well in the fourth quarter of this year offshore Guinea," said Ray Leonard, Hyperdynamics president and chief executive officer.

A copy of the drilling contract is included as an exhibit to a Report on Form 8-K to be filed concurrently with the U.S. Securities and Exchange Commission (SEC).

Oil & Gas Post

Promote Your Page Too

Anadarko Hires Diamond Drillship Duo

- Anadarko Hires Diamond Drillship Duo

Tuesday, May 17, 2011
Diamond Offshore Inc.

Diamond Offshore has entered into two term drilling contracts with Anadarko. The contracts, which will utilize Diamond Offshore's two new-build drillships now on order, are expected to generate combined maximum total revenue of approximately $1.8 billion and represent 10 years of contract drilling backlog. In addition, Anadarko and Diamond have mutually agreed to dismiss all claims related to the Ocean Monarch.

The dynamically positioned, ultra-deepwater drillships, Ocean BlackHawk and Ocean BlackHornet, are each contracted for five years commencing in late 2013 and early 2014, respectively. As previously reported, Hyundai Heavy Industries Co., Ltd. is currently preparing to commence construction of the two drillships at its South Korean shipyard.

Diamond Offshore President and Chief Executive Officer Larry Dickerson said, "We are pleased to place our newest rigs under contract with Anadarko, with whom we have had a successful long-term relationship. We look forward to contributing to Anadarko's exploration and development efforts, working to bring to market energy resources for the world's increasing demand. A first class customer, two state of the art rigs and Diamond Offshore's high operational standards are all part of a formula for success."

Oil & Gas Post

Promote Your Page Too

Daewoo to Build Vantage Ultra-Deepwater Drillship

Daewoo to Build Vantage Ultra-Deepwater Drillship

Tuesday, May 10, 2011
Vantage Drilling Company

Vantage Drilling Company has entered into an agreement with Daewoo Shipbuilding and Marine Engineering Co., Ltd ("DSME") to
construct an ultra-deepwater drillship further expanding the Company's ultra-deepwater drilling fleet. The Company plans to name
the drillship Tungsten Explorer.

The agreement is a fixed price turnkey contract for the construction of the drillship with a scheduled delivery date of May 31, 2013. The
cost of the Tungsten Explorer, including all project management, commissioning, spares, pre-delivery crew costs and inventory is
estimated to be approximately $580 to $590 million. The Company has also obtained a fixed price option for the purchase of an additional drillship.

Tungsten Explorer will be constructed at DSME's shipyard in Okpo, Korea, and will be capable of operating in water depths up to 12,000 feet, with a total vertical drilling depth capacity of 40,000 feet. The hull design has a variable deck load of 20,000 tons and measures 781 feet long by 137 feet wide. The drillship will be equipped with the most technically advanced features in the drilling industry including DP3 dynamic positioning system, 1250 short ton hook load drilling package, a 9000 hp drawworks, as well as offline pipe handling and trip saver system. The drillship will have accommodations for 200 personnel.

Paul Bragg, the Company's Chairman and CEO, commented, "The addition of Tungsten Explorer to our fleet is an exciting development. While this will be our second Company-owned unit to be constructed at DSME, it will be our fifth drillship project undertaken there, inclusive of our three ongoing construction oversight projects. Our strong relationship with the DSME management has allowed us to achieve exceptional project terms -- a) one of the lowest cost construction contracts of this kind, (b) one of the earliest deliveries of the recent order cycle -- just 24 months away, and (c) one of the highest specification ultra-deepwater units yet to be built.

"We are also very pleased that payment terms provide for an initial down payment of just slightly over $100 million, with the balance of
the contract price due at delivery in May 2013. We plan to debt finance the down payment in connection with our planned refinancing
of some of our existing high cost debt.

"The addition of Tungsten Explorer to our fleet will add substantial additional earnings power to Vantage by the second half of 2013."

The Company, a Cayman Islands exempted company, is an offshore drilling contractor, with an owned fleet of four Baker Marine Pacific Class 375 ultra-premium jackup drilling rigs and one ultra-deepwater drillship, the Platinum Explorer. The Company's primary business is to contract drilling units, related equipment and work crews primarily on a dayrate basis to drill oil and natural gas wells. The Company also provides construction supervision services for, and will operate and manage, drilling units owned by others. Through its fleet of seven owned and managed drilling units, the Company is a provider of offshore contract drilling services globally to major, nationaland large independent oil and natural gas companies.

Oil & Gas Post

Promote Your Page Too

Odfjell Drilling Cements Deal for Drillship Deepsea Metro I

Odfjell Drilling Cements Deal for Drillship Deepsea Metro I

Tuesday, April 26, 2011
Odfjell Drilling AS

Odfjell Drilling has on behalf of Deep Sea Metro secured a contract with the BG Group for its first drillship; the Deepsea Metro I.

The contract with BG Group has a firm duration of 365 days with 3x6 months options and a contract value of approximately 175 million USD including mobilization and net taxes, excluding options.

CEO of Odfjell Drilling Mr. Simen Lieungh said, "We are delighted that Deepsea Metro I has been chosen by the BG Group for this drilling campaign in Tanzania. We believe that the award of the contract to Deepsea Metro I by BG Group is a validation of Odfjell Drilling’s proven deepwater capabilities and ability to take a new build from yard straight into operations."

On behalf of Deepsea Metro Ltd, Odfjell Drilling will be manager and operate Deepsea Metro I.

Deepsea Metro I is scheduled for delivery from Hyundai Heavy Industries (HHI) early June 2011. The first well is assigned to Woodside Energy for one well in South Korea prior to start of operations in Tanzania.

Deepsea Metro I is the first of two ultra deepwater drillships. Deepsea Metro II will be delivered from HHI in November 2011.

Seadrill Adds Ultra-Deepwater Dual Derrick Drillship to Fleet

Seadrill Adds Ultra-Deepwater Dual Derrick Drillship to Fleet

Monday, April 11, 2011
Seadrill Ltd.

Seadrill has exercised an option to build a new ultra-deepwater dual derrick drillship at the Samsung yard in South Korea. Total project price is estimated at US $600 million (includes project management, drilling and handling tools, spares, capitalized interest and operations preparations). The delivery is scheduled for the third quarter 2013.

The new unit is similar to the two drillships Seadrill ordered from Samsung in November 2010 with enhanced water depth capacity, technical capabilities as well as increased accommodation capacity compared to previous generation drillships.

The dynamic positioning drillship, will be capable of operations in water depths up to 12,000 feet, and will have a hook load capability of 1,250 tons. This rig is also outfitted with seven ram configuration of the BOP (Blow Out Preventer) stack, especially targeting operations in challenging areas such as the Gulf of Mexico, Brazil and West Africa. Furthermore, the drillship will be equipped with a 165 ton capacity heave compensated crane enhancing the unit's operational flexibility and facilitating lifts on the seabed in water depths up to 3,000 meters.

Seadrill has simultaneously secured an extension of the maturity date for a further option agreement to build its seventh drillship to be delivered from Samsung since 2008. Seadrill has currently no specific plan to exercise this option, but might consider it if the strong underlying trend currently seen in the deep water market continues.

Alf C Thorkildsen, Chief Executive Officer of Seadrill Management AS, said, "The decision to add another ultra-deepwater newbuild to our modern fleet is based on the recent improvement in market outlook for ultra-deepwater units, with significantly more tender activities. The new drillship has an attractive delivery window, a favorable construction price and payment schedule and an equipment specification list that will meet our customers' future needs. We have had excellent experience with the Samsung yard and this design and are confident that the unit will be delivered on time and budget once again."

"The strengthening of Seadrill's equity basis through the recently announced bond conversion creates financial flexibility for growing the company further without raising additional equity. The current long-term dayrates give a healthy return on the investment, with further upside if the market strengthens as a result of the strong trend in the oil price.

The project will based on current dayrates and anticipated financing increase Seadrill's dividend capacity going forward. The ordering of the new drillship further confirms Seadrill's commitment to remain a growth company, with the target of reaching US $3 billion in EBITDA in the coming years."

Pride Extends Option for Construction with Samsung Heavy

Pride Extends Option for Construction with Samsung Heavy

Friday, April 01, 2011

Pride International Inc.

Pride has reached agreement with Samsung Heavy Industries, Ltd. to extend Pride's option for the construction of a sixth ultra-deepwater drillship by 30 days. The extension of the option period does not impact the estimated unit construction cost or delivery schedule determined in December 2010, upon the order by Pride of a fifth ultra-deepwater drillship. The option may be exercised by the company on or before April 30, 2011, unless further extended on mutually agreed terms.

Statoil Wraps Up Ops Offshore Egypt

Statoil Wraps Up Ops Offshore Egypt

Monday, March 28, 2011
Statoil
by  SubseaIQ

The Kiwi well in the Egypt's El Dabaa License (Block 9) was completed this week and the Discoverer Americas drillship will soon head back to the US Gulf of Mexico.

The exploration well targeted the Kiwi prospect in the El Dabaa license, located in the Mediterranean west of the Nile Delta, with a water depth of around 2,700 meters at the drill site.

Extensive logging has been performed in the well, and preliminary results show that the well is dry.

The offshore operations were completed safely and the results of the well will now be further evaluated and integrated into the understanding of the area before any new decisions about the acreage are made.

Statoil is the operator and holds 80% equity in the license. Sonatrach International Petroleum E&P, a wholly owned subsidiary of the Algerian state oil and gas company, holds the remaining 20%.