too early for that, too much unknown around the utilisation...

too early for that, too much unknown around the utilisation metrics.

The first 2 machines available/almost available will generates the operating economics, that's when we could really have a good idea on the profitability of WAAS, but also it creates a momentum for further uptakes as it proves itself everyday offshore.

To FBR, the revenue splits into 2 parts: selling HX and servicing, receiving profit from WAAS offshore (assuming JV pays corporate tax then FBR receives after tax profit)

This is all depending on WAAS viability, big unknown and unproven to US builders, thus we are still 3-4c today.