RDC
#Yes, we don't discuss the terms of our contract, for obvious reasons.
We don't discuss the terms of how we structure rate reductions, otherwise we'd go out of business pretty quickly, if we did that.
But fundamentally, we've offered and was accepted a one-year reduction, and it's not contingent on any specific indices.
And that isn't necessarily a bad idea, I don't think, but it wasn't the case on these.
That is in the three buckets of the various opportunities that we look at, and we like having that lever, should our leverage look to rise if the environment deteriorates.
So it's something that we look at, just as we will share buybacks and investments.
And again, we haven't made a decision yet, but that's definitely an option for us.
thank you.
I think a lot of the customers, when we think about ---+ there's two things going on.
One is, we see contracts, as we have contracts rolling over, the customers have a perspective that obviously they can read the same information that we can, and we're looking to negotiate lower.
But also, a lot of customers want to keep rigs, but their budgets have been slashed, so they're trying to work out how they keep the rigs, but also conform to their new lower budgets that may have gone through 10, 12, 15 rounds of budgeting.
So I would say that the first quarter was quiet as far as new contracts being awarded.
It certainly wasn't quiet as far as what was going on inside Rowan, and I'm sure other drillers, where we were up to really moving back and forth with customers.
It was quiet from the new contracts and fixtures perspective, but there is a lot going on, internally.
I think to echo what <UNK> said, almost every customer in the world is trying to reduce his costs.
Some of those rigs are on term basis, and some of them aren't.
But we've had discussions with virtually every operator that we're contracted with, and as <UNK> mentioned in his opening remarks, we're just not really interested in transferring wealth from our shareholders to theirs.
We try to work with them because we're a relationship-based company.
We've been here over 90 years because of those relationships, and we take a lot of pride in them and we take it seriously, so we listen to them and we try to work out the best commercial deal that we can.
So there are some challenges, but as you've seen in the Aramco reductions, we believe our shareholders will benefit from that long term.
But answering your question, are we going to see it going forward.
I think we are.
We're only some 90 days ---+ the end of the first quarter was only 90 days into the year.
So I think we will see more fixtures come out, but obviously they will be at lower rates, adjusting to a lower market.
Thank you.
