There has been a strong recovery in the deepwater sector and the business environment is much different now than two years ago. Crude oil prices have rebounded to the $80s+ and upstream operators are reporting record profits. They are still holding back on major increases in capital spending. But this is changing. Oil prices have risen to levels that support investment in new facilities and capex budgets are slowly expanding. The profit opportunities are too great to pass up. Meanwhile, as we describe in the report, orders for production floaters have returned to historic pace -- and a large backlog of deepwater projects in the near term planning queue has developed. Overall, we see the deepwater sector in 2023/27 entering a period of sustained strength and expansion. This despite the attention now being paid to transition away from fossil fuel. As we discuss in our annual review, the alternatives to fossil fuel are costly and less reliable. Fossil fuel will be required for the foreseeable future – and deepwater resources will remain a key source of future oil and gas supply. All is described in our 2023 Annual Review and Five Year Forecast Report.