There's a backlog in risers at the moment of about 12-18 months....

There's a backlog in risers at the moment of about 12-18 months. My sense is that that backlog is causing the slackness (delays) in buoyancy orders. That should tighten up from MCE's POV in the next 6-9 months. It's actually a worthwhile question to ask at the HY.

Those day rates are going to have go above $750k/day to even start having people think about new builds. And even then, we're talking about 2-3 years from order to delivery. It's really possible though we get a big pop in day rates when the capacity constraints in drillships become more evident to the oil majors.