Subsea orders finished just shy of $1.2 billion in 2011, albeit slightly higher than 2010 order levels, 2011 was void of any major project awards for Cameron. While we predicted overall true awards in 2011 will be a low watermark for the industry, we are very optimistic about the number of project awards over the coming years. We see significant opportunities involving in most every deepwater basin in the world. West Africa and Brazil will offer the largest scope of project awards for the industry over the next 12 to 18 months. Nigeria, Sengina [ph], Erha North projects, along with Vienna's [ph] Block 15 in Maersk [ph] and Block 18 in Angola will be significant in terms of their scope and size and breadth. Petrobras will ramp up spinning for pre-salt trees in 2012 and expect to follow it up with additional orders for frame agreement trees. and with significant quantities. In Australia, the Ictus [ph] project is expected to be awarded along with additional products from BHP and Apache. In our view, it is very important that these major projects come to closure in order to improve the environment for project margins as we exit 2012.

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