Our Project Tracker has captured more than US$60bn of awards year-to-date, some 40% ahead of the total awarded in 2016, and we're tracking a bidding pipeline worth close to US$180bn. Our proprietary dataset captures the bidding pipeline and competitive positioning for global OFS, and is used within our forecasting methodology for order intake and profitability. The database captures over 1,300 contracts, with award history going back to 2014, and over 600 live bidding opportunities. In this report we also upgrade Subsea 7 to Outperform (new TP: NOK 145) and downgrade PGS to Neutral (new TP: NOK 20).