Good afternoon and welcome to the Hunting PLC Investor Presentation. Throughout the recorded presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time by the Q&A tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives in the meeting itself. However, the company can view all the questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to CEO Jim Johnson, good afternoon to you, sir. Hello everybody. Thank you for taking the time to attend this webinar here and to get some more information on our recently announced this morning trading update. Before we get started, I just want to say it's been a good day and more importantly, it's been a good first half of the year. For Hunting, the results that we showed I think are very strong when you consider all the market dynamics that are going on today. Before we get too far into the presentation, I really want to thank the team that I'm fortunate to work with every day that have done amazing things on a daily basis to deliver the results that we have and to give us the positive outlook we have for our future. If we go to slide two, there's all the things that you're supposed to look at that we're supposed to tell you about on the presentation. We'll immediately go to slide three. I would like at this time to just kind of remind everybody because I'm sure we have some new potential investors in here. Just kind of give you an overview of the company today before we get into some of the more details, starting with our investment proposition. You'll see a number of graphs there. Share price graph on the lower right, financial performance shows the progress that we've made coming out of the worst downturn in probably my career, which happened because of the COVID outbreak that we had. Our core competencies remain the same. We are focused on high technology. We are focused on being experts in proprietary products for the oil and gas business as well as looking at things for energy transition. We remain experts on manufacturing, on metallurgy and again, I think that all this comes together and you'll see this in the different product offerings that we had. We have a very strong financial backing right now, company is in very good shape for where we're at in the cycle. We're very, very good stewards. We think of the capital in the company. We've shown today through some things we're going to do enhancing returns to shareholders that we listen to, our shareholders value them and we want to make sure that they see returns for their investment in the company. If we go to slide four, it's really kind of the overview of what is the company today. Go to slide four. There we go on breakdown of the company's products quickly on perforating systems. Our Titan business is our perforating gun, explosives, and other accessory tools that go with that, primarily for the fracking of wells. A business that's heavily focused on North America land, the big upside has also been the growth that we've seen in the international markets. We're one of the leading independent providers of these systems. We have a lot of IP tied up in our explosive technology as well as our gun assembly. Subsea has been the newest growth area for the company. We've made a number of acquisitions over the last few years. The most recent one that we just announced was the purchase of Flexible Engineered Solutions out of England, which adds more product depth to the company's offering. It's products that are mission- critical. Failure is not an option, and because of that, we enjoy margins that in many cases exceed what our targets have been laid out for our 2030 strategy. OCTG is really where the company started, is the roots of the company's business. It's focused primarily on our premium connection technology. That technology is engineered in Houston, Texas. We've been leaders in that field for decades. We have a couple different business models in North America. We sell our product, our technology, our connections through distribution systems internationally. We actually purchase OCTG, which is the pipe, from a number of different mills. It really gives us kind of a virtual mill approach to the marketplace. This year we had some great business in Kuwait, and a special thanks to our team led by Daniel Tan in Singapore for the excellent work that they have done. Delivering some great results, actually I would say in my long career at Hunting, our margins in our OCTG business have been probably the highest I've ever seen. We couple our OCTG sales along with the accessory business, which again, the bits and pieces and jewelry to put the tubing and casing strings together. Advanced Manufacturing consists of two facilities, one in Houston, Texas, one in Fryeburg, Maine. In Maine, we have our manufacturing technology operation there where we make highly precision parts for not only the oil field, but for space and for aerospace and defense. Mission critical parts, extremely close tolerances. Few people in the world can do what we do in our operation in Maine. We couple that with a facility in Houston, Texas that makes advanced electronic assemblies and components and PCB boards, primarily oil field related. It goes out to the major oil field service companies in the industry to be inserted in things like their MWD tools. Lastly, we've got a topic there in energy transition. It's been an area where the activity levels have been slower than what we'd like to see, mainly because of political issues, not because of anything that company is doing. The primary revenue generation in that business to date has been on the geothermal side. If we go to the next slide, slide five gives our global locations and our outlook. Excuse me, we are a global player there. I think the map's pretty self-explanatory, and again, I'm thankful to our over 2,000 employees worldwide that helped deliver the results we do today. Next slide, number six, talks about IP. We continue to focus on product development and developing products to solve our customers' problems. Whether it's in Subsea, perforating systems, premium connections, well intervention, our machining technology that we do, our investments in 3D manufacturing, all that plays into things that we hope gives us a competitive advantage and not in an area where we are commoditized when we go to the marketplace. It shows a number of patents. You can see the numbers up there. We're proud of that, and I'm thankful for all the brains in our engineering groups around the world to continue to bring these new products to the marketplace. Slide seven shows some of our blue chip customers. I would need probably 50 more pages if I put the rest of the client base on there, but these are some of the more prominent ones. Hunting's reputation is second to none in the client base. We work hard to make our customers happy as far as delivering them products that give them an edge in their competitive opportunities out there. You'll see world-leading customers on there, and we're very thankful and proud to be a supplier to these people. On the next slide, we're going to talk about our 2030 strategy and progress to date, and I'll quickly go to the next slide, number nine, and it talks about what we were trying to do when we laid out our strategy for 2030. First and foremost, I'm not going to read all of these. You'll have time to see them, and this will be online. A key was to get the EBITDA margins 15% or higher. A note to that is the recent acquisitions that we have made all will have EBITDA contribution much higher than the 15%. Those are the things that we're looking at. We've given some revenue growth targets out there, return on capital targets. You can see a 15% or better. Cash flow is important, and then other issues such as again rewarding shareholders for being patient investors with the company. We've announced a targeted increase in our dividend. My feeling on that is a company that's paying a dividend is showing financial strength, and through good times or bad, which we are in a cyclical business, so there will be the ups and downs, but we want to make sure that there's a reason to be invested in Hunting, and things like the dividend and a share buyback we think will enhance those returns for our shareholders. Operational excellency, I've kind of talked about. I'm very proud of our safety record, our environmental record. Health and safety is number one in what we do. If you go around our facilities, they're world class. We have a leadership team that is ingrained in the fact that we have to have no harm to people, no harm to the environment, and to make sure we do things the right way. At ESG, there's other targets there. We remain focused on improving our emissions outputs. If you saw our facilities, we don't have smokestacks all over the place. Our facilities, I like to say, would be like walking into a factory of a Tesla factory or the like. They're clean, they're well maintained, they're organized, and they're safe. We'll now go to slide number 10, which goes through some of the progress that we've accomplished on our goals to our 2030. We have increased our presence in the OCTG business. As it says there, it was 44% of our revenue. A lot of that driven by very strong performance out of Asia-Pacific for orders in the Middle East and in North America. Our team here, led by a fellow by the name of Travis Kelly, has really bucked the trend on the rig count as we've exceeded, what I would say is our market share has grown and we've exceeded our output versus what the rig count is. Subsea, very strong business for us right now, one that has a great upside. We've said we wanted to grow that. Some of our investors that I've talked to, we've mentioned that 2025 would be a year of acquisitions. We did two of them this year, and Subsea has been where the bulk of the money has been spent over the last couple years. Cost savings, we continue to focus on doing things the right way and looking at where we're at. We've had significant cost savings at the Hunting Titan business. We've seen that business turn around and provide a better financial performance as of late, as well as we're focusing on things like streamlining our EMEA operation to increase our profit throughout the group. Energy transition sales I recently talked about again kind of slow, but we've picked up some nice wins in places like Utah with the Forge project for Titan products, as well as in the Philippines recently with our partnership with a mill in China called Jiuli, utilizing our premium connections. Again, comments there on the working capital goals that we've set out. The dividend we'll talk about a little bit more later, but we're increasing our target on that due to the financial strength of the company and what we can do. Slide number 11, the next one we turn to, is very, very interesting. If you go back to the pre-COVID days, the bulk of our EBITDA profile was in the Titan business because of the boom that went on in the North American land business. That has kind of subsided. It slowed down. It is affected by rig counts, and you've noticed a big swing there now where the OCTG business and the Subsea business are now greater contributors of our performance than they were a couple years ago, replacing what was the Titan business. We still think the Titan business has a lot of room for growth, especially as we're seeing great opportunities in the international marketplace. Slide 12 goes into our trading update that we released this morning. I think a pretty strong set of numbers considering again what market we're in. We're far from a boom market, but we've managed to make market share gains and do it profitably based on everything driving around our technology and the fact that we're not out there selling me too products to people. We're happy about the performance. For the first half of the year, we had again very good business in the Middle East driven by the KOC orders. Those are winding down. Right now we're seeing incoming orders for our Subsea business. Thankfully, we're benefiting from some of the decommissioning that's going on in the North Sea, as well as new opportunities in the Gulf of Mexico with client customers such as BP. The big news is the acquisitions that we've done, the purchase of Flexible Engineered Solutions out of England, which recently happened, as well as earlier this year the Organic Oil Recovery acquisition, which gives us total control over that. There were some areas where we needed to not be in the business anymore, such as when we were able to sell our equity stake in Rival Downhole Tools, which was a business that we formed a few years ago, consolidating what was our drilling tools business with a company called Rival. We were able to crystallize that investment this year. I talked earlier about the EMEA restructuring, which is ongoing. Basically, our operations in Holland today are totally closed and we're in the process of moving operations, or have been, to Dubai to a new facility that we'll talk about later. Dividend target increase—we know the dividend is important to a lot of our shareholders. We looked at wanting, I think in our 2030 strategy, to deliver $200 million of cumulative returns by 2030. This is a step to make sure that we do that and maybe even greater than that. The share buyback program was announced, $40 million starting August 28. We think based on the float of the shares and what we can do, it'll take 12 months or so, or probably more, in order to complete that. We'll update people on that. Most importantly, even with all the issues in the market today, we've been able to maintain our guidance for 2025 in that $135 million to $145 million EBITDA range. Next slide. A little bit of talk here about the acquisition of FES. We're extremely excited about that opportunity. I want to thank Rob Anderson and Ian Latimer, the two owners of that business, for having the faith and trust in Hunting to take on their legacy and to make sure that business continues to grow. For us, it was a process. It took many, many months to get this done. The picture that you're seeing right now shows the BBSC, which is the Diverless Bend Stiffener Connections, that is one of the main products that's on the turret. What it basically does with this acquisition is it allows us to participate in FPSO work globally in any water depth. As many of you may remember, we acquired a company called RTI Energy Systems a few years ago. That company manufactures and has the proprietary technology for the titanium risers that we supply to people like ExxonMobil and Guyana. There are certain applications on an FPSO where they're not going to use a regular, a rigid riser, and they're going to use umbilicals or flexibles. Now with this technology, through the purchase of FES, we can now play in all those areas. Very substantial order book outlook for us as far as Tender Pipeline. It's a great company and we think there's going to be a lot of upside as we continue to now do the consolidation within the organization. On slide 14, that actually is a picture showing a turret, but it gives you some more details on FES. It talks about our GBP 50 million purchase price that we made. The 46 people that we inherited are now part of the Hunting family. A key part is the two owners are staying around to help us for a while as we make the transition. The company has great market leadership and we just see a lot of opportunities to grow this internationally through expanding the sales effort throughout the Hunting network. On slide 15, and some of the more of the reasons why, what the multiples were there. I think the key is it allows Hunting to again be bundling and cross selling more of our products, especially when it comes to NPRO and the Hunting Titanium riser business, which is in Spring, Texas. We can now talk to an operator about any FPSO development, that there's something for us there, as well as the fact that the more places you can touch a client, the better off you are to have their attention to show your enhanced credibility in the marketplace. What I like about it is the fact that, as I always like to say, 70%+ of the world's covered by water. The margin profile in Subsea is very good and it's one of those businesses that is not so affected by the daily swings of oil prices today. A lot of the break-even prices for deep water are in the $40- $45 a bbl range. People plan long term for these developments and we just see this as an area of steady growth for the future. On slide 16, it shows you a number of the products. I'm not going to go through all of them. I think one of the interesting things is the company has had business in the renewable sector for offshore wind with some of the product lines. We view that as some potential upside. The bulk of it has been oil and gas and it has been globally. As you can see, a number of products, I call it, it's big steel, very highly engineered, a lot of IP going into these products and, more importantly, they have the respect of our customers out there and the integrity of these products. Slide 17 can just kind of show some of the areas where the company does business. One of the issues when we made this acquisition, we didn't want people freaking out is all. We're buying a U.K. company and they're stuck with the U.K. sector, the North Sea. That is by far not the story. When you see this, you'll see that they've had products delivered globally. We intend to enhance that and hopefully expand the sales presence in places like Southeast Asia as well as in the Gulf of Mexico. On the next slide, 18, talks about some future growth opportunities in the subsea distribution system side of the business as well as, as I mentioned, being able to play with the umbilical and flow line part of Surf. Again, it's just more opportunities. We have a broader product range, great technology, and it's a product line very much in favor with the Tier 1 EPIC providers out there for subsea and offshore work. Slide number 19 is just kind of the financial overview. I'm not going to, again, I don't, I'm not bitter reading PowerPoint slides. I like to talk through this, but you'll see the data up there. Right now, we see a lot of opportunities and again if you look at the FPSO market out there, it's one that's continuing to expand and grow and we will be a growing part of that. Good pipeline of tender activity out there. Revenue and EBITDA numbers for 2024 provided good margin generation. Again, we're happy with this acquisition. It's exciting for all of us. On slide number, the next slide, actually I want to hand it over to Bruce Ferguson who I like to say. Oh, thanks, Jim. Always happy to talk about Organic Oil Recovery. This is a product we're really excited about. We've been working with our partners at [Organic] since 2017. We finally acquired the company back in March of this year. That allowed us access to all the intellectual property and know-how and also the global territorial rights as well. It's a really exciting technology for us. We've been working hard on the commercialization of the product. We've now got $60 million of contracts secured within the North Sea, which we believe will be a great market as well. What's also really exciting is the very good margins that we can attrac t. It's a really compelling economic case, which can attract really good margins and fits into our Capital Market Day targets of achieving well over the 15% EBITDA margins. You can see a range of customers that we're working with all over the globe. We've actually recently hired a couple of microbiologists and business development for the States, and [crosstalk] That'll give us slide 21. That's going on to slide 21, Jim. If you look at slide 21 there, we're looking at the customer base. We're probably engaging with over 40 clients around the globe, and that's across whether it's Far East, Middle East, West Africa, Europe, and also the States as well. Really exciting point of the journey in terms of commercializing the technology. This year will all be about accelerating that commercialization, building up the infrastructure, and getting the product to market. If you look in a little bit more detail just on slide 22, we're looking at the, in terms of the acquisition, it was $18 million. I think it's good value. We've now got that access to the global market. The technical and sales personnel, which will be key, have now been hired. We don't need a lot of personnel on this, a large investment to scale this up. We believe we can effectively address the global market with another four or five people. One lab in the Middle East, which again will be hundreds of thousands of dollars of investment. It's not a significant CapEx project on this as well. We're sampling, we're evaluating a number of projects, oil fields around the globe, and we've got ambitious targets. I'd be shocked if we don't do $100 million of revenue on this product line by the end of the decade, and with the EBITDA margins on there in excess of 50%. That's exactly the type of product that we're interested in, and we're really looking to accelerate the commercialization over the next few years. Okay, Jim, that's all I've got on that one. Next slide. It's an interesting picture. That's one of our team members in Wuxi, China. Our board was just there having a board visit to have employee engagement and to see the facility there. That pipe that's being lifted by a crane is, prior to that, on its way to Kuwait anyhow. There's some 10 and three quarter product going there. Again, very thankful. Special thanks to our team in China. On slide 24, we talked there about our latest OCTG investment, which is our joint venture in India with Jindal Saw that is performing very, very well. It's very rare, I think, that a JV generates a profit its first full year of operation, just for this, you know, all the things that have to happen and systems that have to be put in place. We did, we've got a great partner. It's a market that's going to continue to grow. I think everybody knows India is a very dynamic marketplace right now. They need hydrocarbons. They're going to be expanding drilling operations both onshore and offshore. We've got a great partner and a key business there utilizing our premium connection technology. Slide 25, kind of an update there in our new facility in Dubai. We had an older facility, we needed more room because basically we've moved a lot of our European assets in manufacturing to Dubai, especially in areas like the well testing and well intervention. The bulk of our client base is now in that market and we need to be in country more. New facility, which will be more efficient in the manufacturing and the delivery of products to our client base. Again, we're very, very bullish on the Middle East as we saw with our OCTG business, as we've seen with the Titan business on the gun side, and as we've seen and have continued to see in the well testing and well intervention side of the business. Slide number 26, just briefly on South America, been a huge growth area for us. Right there's a picture of one of our titanium stress joints leaving our operation in Spring, Texas. Huge activity we've had over the last couple years in Guyana with ExxonMobil. We thank them for the confidence they have in Hunting and delivering these products safely and on time and performing well. We see a long runway ahead of us in Guyana with ExxonMobil and new opportunities around the corner in Suriname. We see increased activity in Argentina for the Titan business due to the shale play down there and the continued use of work in the unconventionals. We in the past year opened up actually an office in Brazil. We have a sales presence on the ground there. With the acquisition of FES, it becomes even more important to have a presence there in one of the largest offshore markets in the world and growing every year. Next slide. Talking a little bit about our capital allocation and guidance. Again, something out of the ordinary. We typically have not been a share buyback company, but considering our financial performance and again wanting to make sure that we show our shareholder base that we want to show them returns, that is something that we've done. If you look at slide number 28, it kind of goes into that. First and foremost is we want to make sure we're investing in the company. What we're not doing is we're not skimping on CapEx to make sure that we are the most efficient out there in the world in what we do. Most of our CapEx the last couple years has been replacement CapEx, primarily in the area of machine tools because we make things and we want to make sure our people have the right tools in place. We have a continuous improvement program in place to drive efficiencies, but we also want to make sure we have the latest and greatest machine tools out there to deliver the value to our organization. Dividends. We've talked about increasing our target, that from 10% annually to 13%. Value-accretive M&A, we've shown that with the two that we've talked about earlier with FES and OOR, and then the newest one is the additional shareholder distributions with the share buyback. All of that taken into consideration, we still have a very strong balance sheet and a lot of liquidity to do more M&A when opportunities come up. We are still continuing to look at M&A opportunities real time. I hope that these aren't the last two for the year, but we'll continue to see how that plays out. Slide 29. Again, I just basically already talked about that, but it does show the capital investment this year in that $35 million to $40 million range, which is close to what our depreciation is yearly. There's no big greenfield site projects we're looking at this year though. One of the opportunities we are exploring and we want to do is something on the east coast of India, and again we'll look at other things, whatever makes sense. The share buyback I've talked about a little bit already. We think it's going to take at least 12 months for that to be completed, and depending on other opportunities or whatever, we'll just take it a month at a time. Our goal is to spend that $40 million, buy and cancel those shares, and again, it's an enhancement to shareholder returns. On the next slide, our 2025 guidance, you can see we're maintaining our EBITDA guidance with the margins probably closer to the 13% range. Tax rate is there. I've talked about CapEx. A big thing is the bottom, is our cash and bank, and we're showing that as being positive at the end of the year in the $65 to $75 million range. Free cash flow conversion of 50% or greater. I think all in all, and especially in consideration of our peer group, I think these are very good results and very good outlook going forward in a very challenging marketplace. Next slide, actually, we can skip on to slide number 32, kind of our summary. I'm very pleased with what the team has delivered for the first half of the year. Again, it's been a challenging market. Every day is a new day when you're talking tariffs, political issues, oil prices, wars. Pick one. It's been one that's been, you know, the oil price has been kind of all over the place. What we do know is that we have a very strong foundation built in the businesses that we have. We're very pro hydrocarbon development. We see the oil and natural gas market being strong for decades and decades to come. We maintain our strong balance sheet with our good liquidity. We have lots of room for more bolt-on M&A. I just want to say that we are picky buyers. When people look at, you know, it takes taken a while, the opportunity for example with FES, that started last year. We look at things closely from a financial point of view, from an IP point of view, but also from a cultural fit point of view. For me, one of the strengths of Hunting is the culture of the company and its people. We remain a strong cash- generating company. Right now I can't tell you what oil prices are going to be. It's kind of like the broken clock. I could give you a price, but I won't give you a date because it remains a big unknown with what OpEx is going to do and the like. I will say that today our product line offering is very diverse, and whether it's onshore, offshore, North America, or international, we touch a lot of points that I think will deliver value for our shareholders going forward. I'm happy with where we finished up for the first half of the year, optimistic for the second half of the year and even past that. I will say there's just a lot of unknowns as we do face the second half of 2025. With that, Bruce, do you have anything else to add? I think I'm done with my slides. No Jim, I've just got two or three questions that have come through, so I'll pitch them to you. The first one, do you see a recovery in the Gulf drilling in the near future? I do. What I'm counting on is the fact that basically during the Biden administration we had zero lease activity in the Gulf of Mexico. Now with the current administration, they've greenlighted that there will be more lease activity at the end of the day. You got to have lease activity to make anything happen. We're at historically low levels of rig count in the Gulf. I mean we're down to levels that were at the low of the COVID time period. It's almost like it has to get up because how much lower can it get? I'm very bullish on the Gulf of Mexico over the near term because of the fact of more opening of acreage as well as the fact that we have a commodity price that will support further development. Another question here around the KOC order. The KOC orders have been such a positive for the company. Are there specific opportunities or orders you can speak to that can replicate the KOC awards given you will be working them off the order book? I think that I've said in the past that in most of my career at Hunting a good OCTG order was in the $10 million to $20 million range. That was like amazing. We're going to continue to see a lot of those type of orders feed into the organization again through the hard work our Asia-Pacific team is doing. There are more KOC tenders that will be coming out later this year. It's very hard to predict that business. It's very hard to say exactly when the [Kuwait Oil Company] is going to pull the trigger, when the tender is going to be out, what product lines are being provided, not product lines, what sizes, grades, and weights of pipe are going to be offered. The trend is going in the right direction. Whether it's KOC whether it's opportunities in Southeast Asia, in Thailand or Australia, or further business in the geothermal side, I can't put my finger on one today that this is something we're going to nail. Because of our virtual mill concept, we will be a player whenever those opportunities come up. Could you provide more detail on the expected contribution and integration timeline for FES and OOR, and how are these acquisitions expected to influence group level margins over the medium term? The implementation is going on as we speak. Dane Tipton, who heads our Subsea business, has been over at the facility in England. We are getting people into the Hunting way. We've got organizational things to do with this, finance and all, just to make sure we're all on the same page. We were not buying this expecting a ton of synergies. We are buying this based on the technology and the sales upside and margin contribution that it will add. Today, I'd say the work on bringing the organization into the Hunting fold is ongoing and I would say stay tuned. Go for t ime for two more. Given the current market volatility and the softening in the North American onshore market, how is Hunting balancing short- cycle exposure with its pivot to longer- cycle, more stable revenue streams? I think the one slide I showed earlier showed the big swing we've had in earnings from the Titan business and Subsea and OCTG a couple years ago to where it is today. I think Adam Dyess, who runs our Titan business, has done an amazing job in the last six to nine months, doing some reorganization in that business, focusing on clients that value technology, and that's been a big key to the turnaround. We've seen an improvement in the Titan business. Additionally, the international upside for us remains a big, big positive, and we're seeing again, Argentina and the Middle East, two areas with very, very strong inquiry level increases and business upside. That short- cycle business is not going away. You're seeing a bigger intensity in the wells that are being drilled. While we have a smaller rig count right now, and I think in the U.S. the rig count has declined like 10 weeks in a row, that's not healthy. The wells that are being drilled today, where it used to be the standard was a two- mile lateral, now a three- mile lateral or now U-shaped wells, and those complicated wells, you know, you can't afford to have a gun failure down hole. That's where you have to emphasize the performance of your products. That's something that's driven our premium connection business onshore. As I talked about earlier, cost of failure is an issue, and we're a company that delivers solutions where failure doesn't happen. Let me just finish off a question on 2026 guidance, Jim. What is your view on the 2026 guidance? Better. That's all I'm going to say. It's too early to talk about 2026. I mean, we think the trend is going to be much more positive. There's no way I'm going to come out and say numbers or anything like that today. I have, again, I have no idea what the price of oil is going to be in three months. What I do know is the international activity and the offshore activity is going to remain strong and continue to grow. Regardless, as I said, those oil prices, we don't see any downturn in those marketplaces. We see, for example, I would say, except for one area, which is usually disappointing, which is in the U.K. If you look at West Africa, if you look at the Middle East, if you look at South America, strong areas of growth, regardless of what happens to the oil price. I think that'll drive a lot of our earnings expectation into 2026. Onshore in North America, we have leading positions in what we do, focusing on our technology. To date we've actually, like I said, I think we've bucked the trend on rig count and I remain very optimistic there. Additionally, other areas like our Advanced Manufacturing, we're seeing more upside with our client base out of Dearborn, which is our machine side. We've even seen now two quarters in a row of profitability with our investment in Cumberland, our 3D manufacturing company. A lot of things that we continue to work on to drive our earnings. I'm expecting 2026 to be a very positive year for the company. Okay, thanks, Jim. That's all we've got time for. Anything else? It's all good. Jim, Bruce, thank you very much for answering those questions from investors. Of course, the company can view all the questions submitted today, and we will publish the responses on the Investor Meet Company platform. Just before redirecting, investors, providing you with their feedback is particularly important to the company. Jim, could I just ask you for a few closing comments? Like I've said before, the shares are on sale today, so buy while you can. I'm very optimistic. I'm very confident of our future, more confident today than I've ever been. That's due to the credit of the team that I get to work with every day. We've got great products, a great organization. I'm bullish on the industry and I'm bullish on Hunting. I want to thank you all for taking the time to listen to this today. That's great. Jim, Bruce, thank you once again for updating investors today. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. On behalf of the management team of Hunting PLC, we'd like to thank you for attending today's presentation and good afternoon to you all.