Ladies and gentlemen, thank you for standing by. Welcome to the Schlumberger Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, there will be an opportunity for your questions. Instructions will be given at that time. Should you require assistance, please press star then zero. As a reminder, this conference is being recorded. I would now like to turn the conference over to the Vice President of Investor Relations, ND Maduemezia. Please go ahead. Thank you, Leah. Good morning, and welcome to the Schlumberger Limited Fourth Quarter and Full Year 2020 earnings call. Today's call is being hosted from Houston following the Schlumberger Limited board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer, and Stéphane Biguet, Chief Financial Officer. Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I therefore refer you to our latest 10-K filing and our other SEC filings. Our comments today may also include non-GAAP financial measures. Additional details and reconciliation to the most directly comparable GAAP financial measures can be found in our fourth quarter press release, which is on our website. With that, I will turn the call over to Olivier. Thank you, ND. Good morning, ladies and gentlemen. Thank you for joining us on the call. In my prepared remarks today, I will cover three topics, starting with our fourth quarter performance and my perspectives on what we accomplished in 2020. Thereafter, I will share our view of the 2021 outlook and the ambition we have set at the start of a new growth cycle. Stéphane will then give more details on our financial results, and we will open the floor to questions. First, let me start by thanking the women and men of Schlumberger for their resilience and outstanding performance in an exceptional year. The Schlumberger team significantly improved both safety and service quality, two strong foundation of our performance strategy despite COVID-19 adversity. In fact, this performance proved to be a critical differentiator for our customers, allowing us to strengthen our market position. This contributed to ending the year on a very strong note, and I'm extremely proud of the results in the fourth quarter and our momentum headed into the new year. In the fourth quarter, we delivered solid sequential revenue growth in both North America and the international markets and in all the four divisions. We also recorded another quarter of sequential margin expansions, and cash flow from operation before severance was more than $1 billion. The recovery in the international market and offshore, particularly deep water, has commenced and was broad, with more than half of our international business units posting sequential growth, including most in EMEA region. Our offshore long cycle exposure and favorable positions in the short cycle market combined to deliver this peer-leading sequential international growth ahead of rig activity. In North America, we posted strong double-digit revenue growth and sequential margin expansion, both onshore and offshore. Notably on land, our Well Construction and surface system growth exceeded pressure pumping and outpaced rig count. This underscores the strength of our market position and breadth of services supporting shared activity and complementing our partnership with Liberty going forward. All in all, this was a very strong fourth quarter where we demonstrated the scale of our market exposure, the strength of our international franchise, the reset of our earnings power, and a very solid free cash flow conversion. Now, let me give you my perspective on what we had achieved last year. First, in line with our returns-focused strategy and as a response to the unique crisis, we restructured the company globally. In North America, we scaled to fit and upgraded our portfolio. Internationally, we organized around key basins, addressed underperforming business units and contracts, and divested our Argentina FPS asset. These actions have reset our operating leverage, and we exited 2020 with EBITDA margins restored to 2019 levels. Through 2021, we will build on this earnings power and visibly expand our margins. Second, we capitalize on growth drivers for the future, positioning our new divisions ahead of the recovery cycle, aligned with our customer workflow and key drivers in the new industry landscape. The digital transformation imperative, the mandate for sustainable and lower carbon separation, and the priorities for step change in production recovery, maximizing Reservoir Performance, and Well Construction integration and efficiency. On digital, I'm particularly proud of our achievement in 2020, both internally and externally. Through our industry digital platform strategy, we are enabling digital transformation at scale, unlocking significant value, and leading innovation across the digital domain in our industry. This is further demonstrated by the highlights in our release this morning, which includes enterprise-wide deployment, AI partnership, and expanding use case of our digital platform. As a result, digital was the most resilient of our business during 2020, only second to subsea long cycle, and is set to initiate an attractive growth cycle from 2021. Third, we launched Schlumberger New Energy to establish market positions and develop differentiated ground-breaking technology in multiple low or zero-carbon new energy venture. Our new energy portfolio is very diverse and includes venture in hydrogen, CCUS, lithium, geothermal, and geoenergy. As you have seen in this morning's earnings release, we announced significant progress with Celsius Energy and Genvia. In fact, we have made progress in every new energy venture in 2020, enabling us to scale or to prepare entering commercial agreements for this venture during 2021, an essential step in our clear ambition to position Schlumberger at the forefront of new and sustainable energy technology in the coming years. New energy is a platform for long-term growth, and we will be making more announcements on these ventures over the coming weeks and months. Finally, last year, we accelerated our engagement with customers to provide solutions for the decarbonization of oil and gas operations, and reinforced our commitment to improving our ESG performance. Specifically, we progressed on the adoption of both TCFD and SASB frameworks to increase the transparency of our environmental disclosures, resulting into the high grading of our rating in the CDP Climate Change Program assessment to a peer-leading A minus. We also delivered a 15% reduction of our Scope 1 and 2 GHG emission intensity within one year, well on our path to our stated 2025 emissions reduction goal. Now I would like to share some of our view on the 2021 outlook. Absent of a new setback in the pandemic control and economic recovery, we see constructive macro drivers developing through the course of the year. In the near term, disciplined OPEC Plus supply actions are supporting oil price well above crisis levels, while demand is projected to build up throughout the year. The exact magnitude and scale of demand inflection will be driven by the pace of global vaccine rollout, easing of lockdowns, and coordinated economic stimulus through 2021. In North America, we anticipate continued momentum and a strong start to 2021 in land markets as activity continues to build up towards maintenance levels, both in well construction and completions. U.S. production will still be visibly below previous production levels as continued capital discipline and the impact of consolidations will cap the spending level. Rate of growth may slow in the second half due to budget exhaustion. As a consequence, we anticipate growth in NAM to be in the mid-teens when contrasted with the run rate of the second half of 2020, excluding OneStim. In this scenario, and as the market starts to rebalance, the volume international supply will increase, and we do expect to see an acceleration of the international recovery, both short and long cycle, after the seasonal dip in the first quarter. In 2021, we anticipate the international activity to build up from the second quarter and in the second half of the year to exceed second half of 2020 by double digits. This macro backdrop is very favorable to Schlumberger, both in North America and internationally. We expect all divisions, including Reservoir Performance on a pro forma basis, excluding OneStim, to post full year incremental growth compared to the second half of 2020, with the growth trajectory across the different divisions shaped by the NAM international mix and the relative exposure to short and long cycle markets. Building on this combined NAM and international activity recovery, our new operating leverage will support a very significant EBITDA margin expansion in 2021, with an ambition to achieve 250-300 BPS improvement versus full year 2020, and consequently, visibly above 2019 margins. In North America, this ambition will be supported by restoring double-digit margins in 2021 as a result of our strategic actions, combined with the strength of our offering outside of pressure pumping and strong contribution from our offshore business unit. Internationally, with more than 80% of revenue coming from the markets that will experience activity momentum, we see the combination of a favorable long and short cycle mix, the breadth of our market exposure, and our unique fit-for-basin technology as key drivers for margin expansion throughout 2021. I will now pass on to Stéphane to discuss our financial results in greater detail. Stéphane? Thank you, Olivier, and good morning, ladies and gentlemen. Fourth quarter earnings per share, excluding charges and credits, was $0.22. This represents an increase of $0.06 sequentially and a decrease of $0.17 when compared to the same quarter of last year. Overall, our fourth quarter revenue of $5.5 billion increased 5% sequentially. This revenue growth was equally driven by our North America and international businesses. The sequential international growth of 3% is especially notable considering the seasonality effects we experienced in Russia in the fourth quarter. We indeed saw tangible signs of recovery in several key offshore markets. Company-wide adjusted EBITDA margins for the fourth quarter increased 73 basis points sequentially to 20.1%, which is back to our full year 2019 level. We have reached this milestone earlier than what we had previously committed to. This performance translated into sequential incremental EBITDA margin of 34%. Which illustrates our improved operating leverage following the restructuring of the company. During the fourth quarter, we completed two key previously announced transactions, the divestiture of our North America low-flow business and the contribution of our OneStim North America pressure pumping business to Liberty Oilfield Services. We look forward to working alongside Liberty to maximize the value of our partnership as the activity in North America land rebounds. As of year-end, we have completed more than 90% of our ongoing restructuring program that will permanently remove $1.5 billion of fixed cash costs on an annual basis. The early signs of recovery in the international offshore markets, combined with the high grading of our North America portfolio and the near completion of our restructuring efforts, will all support strong margin expansion in the future as the industry recovery unfolds. In particular, we can count on the strength of our international business, which, despite a very challenging macro backdrop in 2020, generated EBITDA margins of close to 24% on a full year basis. These margins are set to improve going forward. Let me now go through the fourth quarter results for each division. Fourth quarter Digital & Integration revenue of $833 million increased 13% sequentially, while margins increased 507 basis points to 32.4%. These increases were driven by strong APS results in Ecuador, as well as higher digital solutions and multi-client sales internationally. Reservoir Performance revenue of $1.2 billion increased 3% sequentially. This increase was driven by higher OneStim activity in North America. OneStim revenue during the fourth quarter of $274 million increased 25% sequentially. This increase was partially offset by seasonality in Russia and lower activity in the Middle East and Asia. Despite the improved North America revenue, margins decreased 84 basis points to 8%, largely driven by Russia. While OneStim's margin did improve in the fourth quarter, they were still highly dilutive to both our North America and our Reservoir Performance margins. In fact, our fourth quarter Reservoir Performance margins would have been approximately 400 basis points higher, excluding OneStim. Well Construction revenue of $1.9 billion increased 2%, and margins increased 42 basis points to 10%, due to increased activity in North America, Latin America, Africa, and the Middle East and Asia, partially offset by seasonality in Russia. Finally, Production Systems revenue of $1.6 billion increased 8% sequentially, as international and North America revenues increased 7% and 11% respectively. Margins increased 82 basis points to 9% due to higher revenue contribution from subsea and improved profitability in surface Production Systems. Now turning to our liquidity. During the quarter, we generated $878 million of cash flow from operation and $554 million of free cash flow, despite making $144 million of severance payments. Excluding the significant severance payments we made, our full year 2020 free cash flow margin is very close to double digits. This gives us the confidence that we will achieve our ambition of double-digit free cash flow margin in 2021, in turn, begin deleveraging the balance sheet, which is a top priority for us. For the sake of clarity, this double-digit ambition includes the effects of changes in working capital as well as any severance. Our net debt improved sequentially by $46 million, despite an unfavorable currency impact of $223 million. Net debt at the end of the year was $13.9 billion, a year-on-year increase of $753 million. Approximately $600 million of this increase is due to changes in exchange rates that impacted our foreign currency denominated debt. These currency movements are fully hedged and therefore will not result into any incremental net cash outflow. During the quarter, we made capital investments of $324 million. This amount includes CapEx, investments in APS projects, and multi-client. For the full year 2020, we spent $1.5 billion on capital investments. In line with our capital stewardship program for 2021, we are expecting to spend between $1.5 billion-$1.7 billion on capital investments. The CapEx portion of these investments is expected to be towards the lower end of our previous guidance of 5%-7% of revenue. I will now turn the conference call back to Olivier. Thank you, Stéphane. I think we are ready for taking the question from all of you. Thank you. Ladies and gentlemen, if you would like to ask a question, please press one then zero on your telephone keypad. You will hear acknowledgement that your line has been placed in queue, you may remove yourself from this queue by pressing one, zero again. Our first question is from the line of James West with Evercore ISI. Please go ahead. Hey, good morning, guys. Morning, James. Yeah, good morning. Olivier, international seems to me like it's accelerating maybe a bit faster than we had talked about previously. It sounds like you're growing more optimistic on the outlook for the second half and certainly for 2022 and 2023, based on probably what you're seeing with tenders. You guys have just a truly differentiated position in the international market. Maybe could you touch on both your differentiated position, but also kind of what you're seeing in terms of potential growth profiles over the next several years international? No, thank you, James. Indeed, I think as you have seen, we reminded everyone that we would have seen the trough international market in the third quarter, and we expected this to start rebound in the fourth, which is what we have delivered. This was against a rig count that actually went down. I think we here used the breadth of our offering, both short and long cycle, the exposure we have, which is very broad, very diverse, to offset some of the rate contraction in some part of the international market. Realize some gain occasionally on market position, to offset and realize what we have delivered. We believe that first and foremost, the breadth of our offering, short and long cycle, our performance, which is acknowledged by customers and giving us opportunity to encroach or gain share when activity comes back, are the fundamentals of our market position internationally. We believe that our technology offering, fit-for-basin technology, digital, are unique attributes that customers recognize and are ready to allocate share to have access to this technology and to leverage and to gain efficiency going forward. When you look now going forward on the long-term outlook, we see that the market will accelerate beyond the inflection point that we see in the first quarter, that is a seasonal dip. We expect and anticipate that we could reach or exceed double digits on an H2-to-H2 or on an exit-to-exit growth rate. We anticipate that this will continue and even been strengthening in 2022 and 2023. Right. Okay, very good. Olivier, a big uptick in, or big surge in digital margins sequentially. Is that kind of margin profile expected to continue, or is that kind of a blow off the top fourth quarter sales and things like that, and it might moderate going forward? I mean, it's already a really high margin business and a great business for you guys. How else should we think about that margin profile going forward? First, I think, let me comment briefly on the fourth quarter result. The fourth quarter result of the Digital & Integration division was a combination of a very strong APS execution. Right. Multi-client sales that came from the seasonal effect of multi-client sales during the fourth quarter, and international sales and success in our digital business. Going forward, we see beyond this exceptional performance. We still are confident that we'll be able to maintain, on a full year basis, the 30% or so margins for the division of Integration and Digital going forward. Okay, very good. Thanks, Olivier. Next we have a question from David Anderson from Barclays. Please go ahead. Hi, good morning, Olivier. Sort of a slight difference from the way James kind of asked the question on the international side. If we think that 2023, we're gonna see global oil demand largely recover, just kind of curious how you see the cadence of the different international markets. Each market's a little bit different. I'm just wondering which ones do you think come up first, which ones come back a little bit later. Could you just sort of maybe just provide a little color around the different regions as you see it from here? I think it's difficult to decipher this or to bring granularity out to 2023 on how the market recover per region. Globally speaking, I think there will be an element of short and long cycle. We believe first that the region that were the most impacted, and Latin America is one, will have recovery growth that will come maybe first, because it's a combination of short and long cycle. We believe that the short cycle that exists in Middle East will favor that region, both in short and in mid-term. We believe that Russia and Asia as well will benefit. We believe that later in the cycle from the second half of this year and later, the offshore market at large will start to benefit from long growth. I think it's very difficult to give a granular view of this. I think the short cycle will benefit from sometime later this year, and the long cycle will be accelerating, we believe in 2022 and 2023. Okay. Understood. On the digital side, you've talked about digital being a core part of your growth strategy the next couple of years. You talked about digital solutions and software increased internationally. I'm just curious as to what type of demand pull you're getting from customers. Is this further penetration of DELFI in terms of getting the platform to customers or is this new applications? You'd mentioned a number of countries in there which I didn't normally think about in terms of digital adoption, Russia, Scandinavia, and the like. Can you just kind of talk about what that customer pull is these days on digital and maybe how you think that could evolve over the next couple of years? Very good question, Dave. I think the pull is multifaceted, I would say. There is pull from customer that are willing to step change the efficiency of their own workflows and hence gain productivity into their planning, field development, and the evaluation of reservoir potential. This is creating a pull for our workflow solution with customers, which where we're building on our desktop solution and then creating a transition to the cloud to gain scalability, productivity, and collaboration. That's the first pull. The second pull is around unlocking the data. Customers are looking ways to extract more value from the data that they own, and hence they are looking for exploiting AI, ML tools that the industry can provide them. For this, there is this OSDU platform that the industry has adopted for which we contributed ourselves the design of this ecosystem. We are getting customer to pull us, and you have seen one example into our release this morning with AIQ in Middle East where the goal is to create AI solution for and with ADNOC and with Group 42 to deploy on the cloud in the region for ADNOC to benefit from this data insight. Finally, we see customer pulling into digital operation and trying to create a step change into the way they execute their drilling, Well Construction, or the existing extracting efficiency from their existing assets. These are the three pulls we see, and we are offering that correspond to each. You have seen that the OMV announcement this morning is mostly on the first and the second on the workflows and the data. You have seen some announcement we did last quarter and this quarter onto the digital operation. We see customer in all region having an interest into expanding from the desktop to the cloud for our workflow, unlocking the value of that data through the cloud and through new digital solution, including OSDU, and reaching out to operation and unlocking to edge application, the automation and application of AI to operation. We see this across multiple region and all the customer type. Thank you. Our next question is from the line of Angie Sedita with Goldman Sachs. Please go ahead. Thanks. Good morning. Morning, Angie. Nice to see the strong incremental margins in Q4 with really Digital being an impressive contributor. Appreciate the guidance around margins for 2021. I thought you said 250 - 300 basis points margin expansion in 2021 versus 2020, I believe is the comment. Maybe you could discuss that or pull that apart. Maybe you could discuss that and pull that part apart a little bit on the biggest drivers of this expansion. Is it Digital predominantly or other divisions? Maybe thoughts across the divisions as far as margins. Around North American margins, timing of when you think potentially you could reach that double-digit level. Yeah, good question, Angie. Let me bring clarification back on what we said this morning in the prepared remarks. Ambition for 2021 is to expand margin by 250 - 300 BPS or higher if the market condition allow us, between 2021 and full year of 2020. This will exceed visibly the 2019 margins on a full year basis. We see this will be driven by three factors. First, the full benefit of our restructuring efforts, where we have realized at the end of 2020, more than 90% of our 1.5 permanent structural cost reduction. Secondly, the impact of our portfolio high grading in North America that will actually allow us, in the current market condition, to reach or exceed double digits in North America in 2021. Finally, from the incremental margins from our international franchise, where we expect the combination of efficiency measure, including digital operation for our own operation, the combination of the favorable market mix, if I may, and the strengths for fit for basin technology to differentiate and give us the edge enhance a growth of our margin internationally. When you combine all this will give us this margin, visible margin expansion year-on-year, 250-300 BPS or above visibly the 2019, despite being significantly down on top line. Division per division, we anticipate actually from the run rate of, from the full year, we expect all division to actually expand margins on a full year basis. I think this is not only digital, I think Reservoir Performance by the exit of OneStim will, as Stéphane did comment in his prepared remarks, get the benefit from that as a margin mix and will further expand. Well Construction, due to efficiency and market growth, we also get benefits on income uplift. Production digital, as I commented before, will establish itself at a high 20% or 30% margin for the full year. I hope it does justify for you the margin mix and the rationale and the drivers for this expansion. No, that's very helpful. I really appreciate the detail, Olivier. Maybe we could talk a little bit about new energy. Obviously, you have a lot of initiatives that are currently announced and apparently more to come, but maybe you could specifically talk about the Genvia and hydrogen and the opportunity around electrolyzer, and then geothermal energy and maybe the timeline and where the biggest opportunity set is amongst the two. I'm not sure that I will take the time to comment on each and every one of these. Let me comment briefly on the Genvia. Indeed, Genvia is a venture that we have created with partners, including research arms in France to indeed industrialize, commercialize solid oxide electrolysis technology that is set to be changing a bit the usual efficiency of this electrolyzer used for green hydrogen production. The market towards 2030, to give you a sense, is expected to be about 70 gigawatts of installed capacity of electrolyzer that needs to be installed in the world globally. We obviously ambition to be participating to that market and create and capture share of that market through our solution. Our solution will be to deliver this electrolyzer capacity to the market, sometime for reversibility in fuel cells, and most of the time used to produce hydrogen. Ambition indeed is to develop this across the next few years. Our milestones, speaking about this, will be to technically demonstrate this in the coming quarters and deliver some prototypes to partners that will use it in fuel cell or in hydrogen production. From that point on, in the next two or three years, make a decision, a critical decision to build and expand into a large-scale manufacturing to respond and take share into this market. Each of these venture that we are entering into, is using the same multi-step approach where we invest in technology, we test the market with partners, and we then de-risk, commercialize, and ready ourselves for scale. That's the approach we're having. Not entering into large capital-intensive project, but leveraging our domain, subsurface domain expertise that is very applicable for CCS, very applicable for geothermal. Leveraging our technology industrialization capability that is very applicable for all of this venture. Finally, leveraging our global footprint, so that we can work with partners everywhere in the world and respond to the energy transition on a global basis. Thanks, Olivier. I'll turn it over. Thank you. Our next question is from Scott Gruber from Citigroup. Please go ahead. Yes, good morning. Morning, Scott. Wanted to come back to the international recovery question and ask it a slightly different way. When I think about the U.S., the U.S.'s transition from growth mode to, call it, maintenance plus mode. When I think about the rest of the world, most markets abroad were closer to that maintenance mode pre-pandemic, with a few exceptions in there. Olivier, how do you think about what this means for recovery potential on a multi-year basis? Over the next few years, how close could the activity set abroad get to the pre-pandemic level, just given kind of the starting point, where we were kind of from a more of a maintenance mode in many of these countries pre-pandemic? Yeah. Thank you, Scott. I think if we assume and take the hypothesis that the market indeed will converge towards the maintenance mode in the U.S., we have to remember that through this crisis, the U.S. production has gone down by 2 million bbl. If we assume that the next two or three years will not give us the activity intensity and investment to recover this 2 million bbl, what will happen is that this 2 million bbl will have to be supplied internationally, hence the market share of supply will change in favor of international market. When you equate this and assume that the oil demands will go back to the 2019 level by 2023, and some are predicting earlier by 2022, I think this will create the condition for the budget spent internationally to actually match the 2019 by the 2023, 2025 latest horizon. Hence, it match our hypothesis that we can return EBITDA of 2019 in the period of 2023 - 2025, as we'll benefit from this market rebound international from now to 2023. That's our hypothesis, going forward, is that the market supply share will rebalance slightly, will favor international, and will, as a consequence, pull international activity to 100% or more in the next two or three years. That makes a lot of sense. Maybe just a little bit of color on working capital in 2021. Should be somewhat of a headwind, not necessarily a bad thing, as it reflects demand recovery. Just how should we think about it, either in terms of an aggregate number or on an intensity basis, if you want to give us some color on days outstanding for the key items. Yes, Scott, I'll take this, this is Stéphane. If you look at 2020, actually, our cash flows only benefited from a very modest working capital release. Conversely, if you look at growth in 2021, we don't see a big working capital increase. There will be some as activity grows, but our working capital intensity is not that high. We will try to keep this to a minimum, and at the same time, we will benefit from the full year effects of our cost out program, which are all cost savings and the discipline on CapEx. We don't see working cap as a big headwind. We will be able to offset this with the underlying cash flow performance and get, for sure, to this double-digit free cash flow margin within 2021. Appreciate the color. Thank you. Thank you. Thank you. Our next question is from Sean Meakim with JPMorgan. Please go ahead. Morning, Sean. Thanks. Good morning. Morning. Back to D&I margins, if you don't mind. A lot of moving parts here in 2020, given what happened in Ecuador. You touched on some of the drivers of the sequential improvement in 4Q. It was also up 900 basis points year-on-year. Could we maybe just unpack which of the drivers were the biggest components of that delta? Was it digital? Was it APS efficiency and streamlining? I'm just asking for help in squaring the difference between historicals and now the expected plus 30% trajectory going forward. I think it's a mix of both. I think you pointed out to the components. I think we expect, going forward, that the contribution of APS operating with very strong performance. We have improved performance significantly in this. We are increasing back the Digital as a component of this going forward. We expect contribution of this maintaining APS performance to the level that we have seen in last two quarter. We divested some investment in APS as well. That has helped us improve the margin of APS and the future growth, anticipated growth, and margin accretion from Digital will combine to maintain this at the level that I mentioned here, the high 20s or 30s. Thanks for that. I appreciate that. If we just think about the drivers of the 250-300 basis points of improvement in margin year-on-year in 2021, how much would we attribute to pulling out OneStim, and then divestment and just year-on-year improvement of, let's say, a full year of production in Ecuador, so that's the impact of APS. We take those two components out, how much enhancement is there for the rest of the portfolio? I know that may not be a calculation you have necessarily offhand, but trying to think about, aside from those two big items, trying to see how much the rest of the portfolio is improving on a margin basis thanks to the rest of the cost efforts. Sean, actually, the few items you mentioned, they do of course help the margin. When you look at the global margin taken together, those three items are not that material. The margin tailwind is mostly from the cost out program, actually, optimizing and resetting our earnings power. From the incrementals on the international activity and the mix, you've seen our international margins, even on a full year 2020 basis, which was not the best, are pretty high. Most of the margin expansion come from there and cost out program, with a little bit of help from the factors you mentioned on a global basis. That's helpful. Thank you. Next we go to Kurt Hallead with RBC. Please go ahead. Hey, good morning. Good morning, Kurt. Thank you for all the color so far. Olivier, the question I have for follow-up is, again, on the international front, since it's a major point of emphasis. Seems like your commentary with respect to the offshore recovery is notable in the context that your other peers didn't really explicitly reference that. Two things. I'm kind of curious as to what you are seeing from the customer base that's giving you that level of conviction to specifically highlight that. Then second, given the fact that your peers haven't really explicitly stated it leads me to believe that you have some unique opportunities that your peers may not. No, thank you. Let me first comment on the actual results. I think the actual results, indeed, if you look at the very specific country, the very specific basin where we had growth, two-third of the GeoUnits, as we call them, that had growth in the fourth quarter sequentially, were offshore GeoUnits from Guyana to Brazil, from all the places around the world where we have and West Africa, they grow. That's a fact. Indeed, we can attribute this to market position Market share that we have and benefit from in those markets, clearly. I think we had even couple of them, including Guyana, that were year-on-year growing from Q4 2019. We had some indeed traction into these. I think that came from the market that did rebound in deepwater. Deepwater was, in Q4, higher than in Q3 in terms of rig, actual rig count. It was offset by some other rig activity going down or slowing down in the fourth quarter. I think the offshore of deepwater specifically was up. Now going forward, we don't see a setback to that trend. Aside from the deep seasonal effect onto the first quarter, we see that this will grow going forward. If we look at our projection, deepwater is actually the gain, the rig that will benefit the most in 2021 going forward into the teens, in terms of year-on-year projection, by contrast with shallow, that will only see single digit, as well as land. When you combine all of this, that give us our market position established and demonstrated in the fourth quarter, and I anticipated the rebound for long cycle that we see in the contract out there for the deepwater, give us the confidence that offshore will contribute meaningfully to our international rebound in second half. Okay. That's great color. My follow-up is going to be on the new energy front. You were very informative about the things that you have going on right now. I'm kind of curious, right? As investors look at opportunities to participate in the energy transition and companies like yourselves look to participate in that energy transition. I was wondering if you can give us some general sense as to what you think the total addressable market could be for the services and technology and the partnerships that you are currently involved in, say, over the course of the next three to five years. Any insights on that would be really helpful. Yeah. I think I will, to give granular view per venture, I think we will give ourself the next few weeks and months to prepare communication to all of you on that front. For sure before the mid-year, I think we will come with a much better view for all of you on where we participate. Needless to say that each and every venture we participate has a very significant potential on total addressable market. I think we are here having ambition to create a division that will supplement the four division that we currently have within the decade. We believe that the market for each of hydrogen, CCUS, geothermal, geoenergy or lithium is very significant. I don't want to go into any detail, but I think I just mentioned and give you the example of the 70 GW of electrolyzer capacity that will have to be installed within the next 10 years. That give you a sense of what is happening. There will be 800 million tons of CCS that will have to be captured between now and the end of the decade, in projects that will work with emitters to create condition to capture and sequestrate this carbon. Lithium-ion as well for the high-density battery will grow significantly in the decade to come. Each and every of these venture has a unique and fast-growing TAM. Now, the reason why we are maybe unique in our position to this, first, we have a domain that is relevant and expands into this, partially in CCS and in geothermal. Second, I think we have a track record of industrialization and development of technology at scale. Third, I think we know how to partner and deliver technology and deploy technology, and solution everywhere in the world with any partners. You will see announcement coming in the next few weeks and few months that will illustrate that at scale. That's great. Thank you so much. Really appreciate it. No, you're welcome. Our next question is from Chase Mulvehill with Bank of America. Please go ahead. Hey, good morning, everybody. I guess if we could kind of talk about 1Q a little bit and kind of maybe give us some color, maybe directionally, or if you don't want to quantify, maybe what you think kind of North America revenues would be up or down if you back out OneStim. Then maybe some color around international revenues. Then maybe the margin progression. Obviously, you're pulling out OneStim, but then you put in the equity income from Liberty. Just trying to help us maybe directionally on EBIT margins as well. If I understand your question correctly, Chase, you are asking for the first quarter, some colors on the first quarter. I think we have mentioned in our prepared remarks and in our earnings release that we anticipate, after a strong quarter, the usual seasonal dip, partly international market. We see that every year, and we have seen it for the last 10 years. We don't see it different this year. I think we don't see it as a pronounced dip, but we see it at a usual, how to say, seasonal effect that we see affecting Russia, affecting some of the China or offshore market in the first quarter. When it comes to North America, I will again differentiate between offshore that will transition from a quarter where we delivered some subsea and some multi-client. A significant impact on the fourth quarter into the first quarter, whereas in the land market activity, as we mentioned, we foresee a continuity of activity pickup that will transition from the growth rate we have seen in the last part of last year, and that will continue, and we see this growing at the same rate both on rig and on completion activity. Okay. Then on the margin side, as you pull OneStim out, do you think that margins can hold flat or be higher on a quarter-over-quarter basis? The margin there, we'll see on the revenue dips, you will have, of course, a bit of decremental, but it will not be as pronounced as we have normally, indeed, because of the OneStim effect going into Q1, particularly for NAM. The NAM margin, of course, will not decrease. Overall, we should be able to maintain overall the same level of margin. Okay. Pre-COVID, you were talking about divestitures. You were working on some land rigs, and then you messaged that APS and Canada would be entertained over the medium term. Now that the macro conditions are getting a little bit better, could you kind of update us on your view on some of these divestitures? We are, of course, pretty much still working on these fronts and overall. On the rigs, we are still looking at transactions in Australia and then in the Middle East. We have some progress there, but nothing to disclose at this stage. It's a bit of a different format than what we had looked at before, but it's still on the books. Regarding Canada, our APS project there, called Palliser, the macro environment is indeed getting quite better when looking at this asset, and we have a lot of interest building up. We think there is value to be extracted there, and I think we'll be in a position even probably to launch a formal process sometimes in the next few months. Lots of interest in Canada and hopefully will result into something good happening this year. Okay, perfect. I'll turn it over. Thanks. Thank you. Our next question is from Marc Bianchi with Cowen. Please go ahead. Thank you. Maybe just circling back to the line of questioning around the first quarter. Lot of moving pieces with OneStim and such. Could you maybe comment on how you see first quarter shaping up relative to consensus? I see EBITDA of about $1 billion right now for consensus. As we said, I think we see the seasonal impact affecting international. We see the positive effect of the NAM effect on OneStim. Overall, I think we looked at the full year more than the first quarter. We are confident that the margin from operating margin will be steady as we transition the first quarter, despite a minimum dip from seasonal effect international offset partially by the North America. Okay. Thanks for that, Olivier. The other thing that struck me was CapEx. You mentioned the CapEx would be at the low end of the 5%-7% range, but on an absolute basis, and the midpoint's up a bit, but your overall revenue's down a bit. I understand there's APS and multi-client. Maybe you could break those out for us and expand a little bit more on how you see CapEx shaping up over the course of the year. Sure. Really, as a reminder, we are really looking at the capital investments all together, right? The CapEx portion, as you mentioned, APS and multi-client. There, in 2020, we spent $1.5 billion. It was quite a reduction from 2019, a 45% reduction, more than what the revenue reduced, actually. The intensity reduced in 2020. We start from a very low base. We may maintain it around the $1.5 billion, but we want to leave ourselves a little bit of room to capture the growth we are starting to see, particularly in the international market. We want to be ready to deploy CapEx in the most lucrative markets, and we don't want to miss the opportunity. We will monitor and modulate accordingly, but we will stay within the $1.5 billion-$1.7 billion. As it relates to CapEx only, yes, I think it will be closer to 5% with the current equipment capacity we have and the capital efficiencies we have realized. We leave a bit of flexibility. We'll monitor, but we'll stay within the range we stated for total capital investments. Okay. Thank you very much. Yeah, we'll continue. Yep. Go ahead. Sorry. No, we'll continue to exert capital discipline, as you know. We want to give ourselves optionality hence our guidance, but we'll keep agility and extracting efficiency from our existing fleets to make sure we minimize the capital spend going forward. We are indeed very firm onto being on the low end of 5%-7% for the CapEx aspect of our capital. Yep. Thank you very much. Our next question is from Connor Lynagh with Morgan Stanley. Please go ahead. Yeah, thanks. I wanted to return to the Digital & Integration business a little bit. A, very much appreciated that you disclosed the value of the OMV contract. I think a lot of people are trying to figure out how to think about the market for this business. I guess what I'm wondering if you could frame is, given that size of the contract, is this a small contract relative to the opportunities that you're looking at? Is it a mid-size contract? Is it a large contract? How should we think about if you continue to expand your customer base, how that can roll through, are there additional- Go ahead. Go ahead. Sorry. We got an interruption here. Go ahead, please, Connor. Yeah. I'm sorry. Can you hear me now? Yes. We could hear you up to this point. Go ahead. Okay. Thank you. The question is, can you frame the size of the OMV contract? I'm curious, relative to the size that you've disclosed there, how significant is this contract relative to the opportunities that you're looking at? Can you help us understand the life cycle of a typical contract with a customer in Digital & Integration? Is this a relationship that evolves and grows over time? Can you quantify maybe how significant that opportunity could be? Great question, Connor. I think, obviously, we are very proud of this large enterprise deployment contract that we have earned with OMV, and we will work with them over the next few quarter to roll out our solution and create unique AI workflows that will accelerate and step change their productivity efficiency for their own operation. I think to realize that this is a large contract is just also to compare the scale of some of our customer we're working for. The contract size can be much more significant than the one we have just announced. I think the rate and the range of contract we are engaged with our customers is very broad. From a customer that are willing to get access on demand to some simulation compute, or the customer that are willing to do a full transition of all of their workflows data and enterprise solution to the cloud, similar to what OMV is engaging with us, is a broad portfolio of what we are engaging with customers. To give you an example, I don't think there is many more than one example, and it will go from single million dollar investment to a large multi-hundred million dollar over a long-term contract. The typical engagement includes a transition engagement that will transition the data, transition the workflows, and then includes a transition to the SaaS model, software as a service or data as a service, for the long run. This typical contract are five or 10 years and include a transition and then an exploitation part of the contract. That's very helpful. I guess maybe you could help us understand, I think typically these types of contracts have maybe relatively break-even or at least lower margin profiles at the beginning and then expand over time. Should we think about that for you guys? If we're in sort of early days for some of these digital initiatives, is there a margin tailwind that we should expect? No, I will not comment that way. I think it depends on every contract, on the commercial condition when negotiating with customer. There is always obviously a technology investment that we have been doing for the last five years, and we continue to invest in technology. Every project and every commercial engagement is different, so it is very difficult to make any projection or any trends. I believe that we gave a little bit of indication of the highly accretive margins, and we believe that this is true and holding true for the entire portfolio we have, and would not want to comment project or contract by contract. Okay. Understood. Maybe just to sneak one more in here. Just to continue to enhance your digital initiatives, do you feel that you need to step up your capital expenditure or your research and development at this point to achieve some of the goals that you've laid out, specifically the doubling of that business over time? No. We believe that we have created a very significant investment in the last five years, when we created a foundation of this DELFI Agora OSDU foundation. We are working with partners to augment the capability of this foundation, as per the announcement we made with IBM and the collaboration we have with Google and Microsoft. We'll continue to work with partners, continue to spend and allocate a large portion of our engineering effort into this, and we believe that we are well covered to create the growth pattern that we have announced going forward. Thanks very much. No, you're welcome, Connor. I believe that it's time to close. Thank you, everyone. I think to conclude, I would like to offer three takeaways. First, the strength of our results during the first quarter, the last quarter, built on a very broad performance improvement across divisions, both in North America and internationally, speaks volumes about our market positioning and the effectiveness of our strategic execution during the year. We are starting 2021 from a position of strength, having reset our earnings power and return potential. Second, with a gradual return of demand throughout 2021, we anticipate North America activity to continue consolidating towards sustaining productions and international activity rebound to broaden and accelerate in the second half. This aligns very well with the evolution of our portfolio in North America and with our established international market positions, should lead all divisions to post incremental growth in 2021 when contrasted to the second half of 2020, for the company to expand full-year margins significantly above 2020 and visibly ahead of 2019. Third, our strategic execution has created a platform to capitalize on growth drivers in the new landscape as we witness the beginning of a new chapter in our industry. A chapter where digital is an imperative for industry and efficiency. A chapter where innovation and technology will impact field development, asset performance, and production recovery. A chapter where industry resilience will be defined by sustainability and lower carbon footprint. We are prioritizing our investment towards these growth drivers. At the same time, we continue to accelerate our expansion into new energy venture to prepare for the future. Ladies and gentlemen, we are reinventing ourselves and are delivering financial results ahead of our stated ambition. Our company is on a new performance journey with attractive yet resilient return and very exciting growth prospect in and beyond our core industry. Thank you very much. Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation and for using AT&T teleconference service. You may now disconnect.