Deep Industries Limited (DEEPINDS) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to Deep Industries Q1 FY '27 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Siddharth Rath from InCred Equities. Thank you, and over to you, sir.

Thank you, and good morning, everyone. Thanks for joining us today for Q1 FY '27 [indiscernible] .

[indiscernible] It gives me my pleasure to speak to you all today as we present our first quarter performance for the financial year '27. We sincerely appreciate your continued interest and confidence in deep industries. I trust you have had the opportunity to review our financial results, press release and investor presentation which have been made available on the company website and stock exchanges. I'm joined today by our -- with our Director of Finance and CFO, Mr. Rohan Shah, who will take you through the financial performance for the quarter ended 30th June 2026, in detail after my remarks. Let me briefly take you through the India's macroeconomic environment and the evolving dynamics of the energy sector. The global energy landscape is undergoing a pivotal shift while the acute high-tension crisis management of early 2026 triggered by the closure of the Strait of Hormuz has begun to settle into a structural rebalancing of supply chain. The underlying gravity of the situation remains with the Strait still operating under restricted capacity lingering geopolitical and operational bottlenecks continue to keep global markets on edge even as supply networks gradually adapt to new reality. Driven primarily by Asian economy, global oil demand is projected to rebound sharply through FY 2027. However, the overarching theme across boardrooms is clear, energy security over short-term expediency, achieve long-term security. Natural gas is firmly taking age as the critical bridge fuel. Emerging markets across Asia, led aggressively by India and China are accelerating LNG regasification infrastructure investments to insulate domestic manufacturing from its crude markets. I give an idea about the domestic landscape. So here in India, the regulatory policy backdrop has shifted dramatically in favor of domestic exploration and production that is E&P players. The government strategy has undergone a fundamental transformation devoting from a revenue-sharing mindset to an aggressive exploration for agenda. This policy overhaul aims to reverse a decade-long decline in domestic crude oil production, which fell from 28.4 MMT in '24-'25 and dramatically less our national input dependency. Upstream discovery is only half the battle, bringing molecules to market efficiently is what yield cash flows. Through the implementation of the unified pipeline tariff, a manufacturing unit in a remote district space, the exact same gas transportation tariff as 1 located next to an import terminal. This creates a truly democratic, steady national market for every standard cubic meter of gas we produce. Guided by the region of Honorable Prime Minister in Narendra Modiji for an Atmanirbar Bharat, India is actively positioning itself to attract capital into its E&P sector, part of the broader USD 500 million energy infrastructure opportunity by 2030. The Ministry of Petroleum and Natural Gas is doing up INR 80,000 crore incentive package under the national deepwater exploration mission term as Samudra manthan. The mission aims to derisk high stakes offshore oil and gas exploration and attract global energy measures to India's deepwater basins. Government to bear up 50% of the cost of drilling exploratory wells. India imports over 85% of its crude oil requirements. Boosting domestic offshore production is key to insulating the economy from global energy volatility and supply chain disruptions. As a leader, covering over 70% of the post exploration services value chain, spanning gas compression, gas detraction, gas processing facilities workover rigs, drilling rig services, integrated project management and production enhancement contract and an offshore support, these macro shifts and policy overall act a direct structural tailwinds for our core business. I'll just take you through our business verticals. Basically, we are active into 4 business verticals. The first 1 is gas processing. Tata hire of entire natural gas processing, a gas processing facility is a specialized industrial plant designed to receive raw natural gas from wells and process it into marketable products suitable for distribution and use. This is a value-added services by Deep and a unique proposition by Deep. We have converted EPC projects into charter hire model. Deep Industries Limited has started providing design, supply, installation, commissioning and regular operation and maintenance of production system to receive process and deliver hydrocarbons at custody transfer points, which are produced from the wells. The development of facility signifies the continuous efforts of the company to offer various value-added services to the client as a key player in oil and gas industry. It started with 1 such plan of gain site in Dea and then has been adding a few more of such facilities with ONGC. With gas compression, this is the first services that the company has started with in 1996. Natural gas compression refers to the process of increasing the pressure of natural gas to make it usable for different end uses. Various types of compressors are used in natural gas compression, including reciprocating compressors, centrifical compressors and screw compressors. These compressors are designed to handle different volumes and pressures of natural gas based on specific operational requirements. Out of approximately 30% of the business being outsourced, currently, almost 85% of debt outsourced gas compression has been executed by Deep Industries Limited throughout the country. We own more than 80 gas compressor units, which is highest fleet in India. On the gas dehydration is a process which ensures to remove water moisture and heavy hydrocarbons out of natural gas before putting the same in pipeline so as to ensure safety of national grid. Natural gas dehydration services are crucial in natural gas processing plants, pipeline and facilities where dry gas is essential for transportation storage and used in industrial and residential applications. Deep Industries Limited is 1 of the first companies in India who qualifies to provide gas dehydration services. The second vertical is an integrated project management. We have adopted the integrated project management services as our turnkey solutions to drill and complete wells under single contracts. We have capabilities to provide pool of niche services involving highly technical jobs and services under 1 roof, improves coordination, time and cost management. Deep is the first Indian company to offer integrated solutions. The company has adopted various services of oil and gas exploration since 2016. Considering the opportunity in the space and unconventional energy being the future, deep is 1 of the only Indian incorporated company where the unique combination of providing services to upstream and midstream. Deep's experience, expertise and quality equipment helps to deliver results to the challenging projects and meet stringent client demands. Our integrated project management services include surface held drilling, air drilling, cementing, geophysical logging, wireline service, hydrofracturing and coil units. Deep commands a healthy market position in the area of providing the drilling and workover services on basis in India. Deep is having vision to expand rig business in overseas market, too. Deep is also approved drilling contractor in Kuwait Oil Company for providing the rigs. We own total 20 numbers of onshore drilling rigs and workover rigs, of which 14 are workover rigs. The capacity ranging from 30 to 50 tonne, and 6 drilling rigs with capacity of 1,000 horsepower. The company has remarkably carried out and successfully completed various contracts for different operators and in diverse areas spreading from deserts of India, ecosensitive areas and difficult terrain of mountain range area. Our fleet utilization is 100% in the segment as on date. Considering huge demand on onshore drilling rigs under integrated project management, the company is exploring opportunities of entering into higher capacity drilling rigs, which can add further to the growth of business. The third vertical is production enhancement services. Deep Industries has secured INR 1,402 crores contract from PC for 15 years. The said contract offers comprehensive services to boost production from 1 of the mature fields of ONGC. Under the production enhancement contract, Deep is enhanced by the hydrodocarbon production and extend the overall life spend of the field by deploying advanced techniques in creating practices and specialized field equipment. We had taken over the field in April 2025 and started with the baseline products. But due to an unfortunate incident at 1 of our wells at Mori 5, the incremental production was delayed by 5 to 6 months. However, we expect to deploy our rig soon and restart with all the facilities. We also plan to drill new wells to support the incremental production. We expect to start contributing through incremental production by October 2026. We also plan to do a CapEx of close to INR 150 crores by March 2027. The fourth vertical, offshore services. Deep Industries has been engaged into onshore services segment for more than 3 decades. And with an intention to expand, its services portfolio in the offshore segment. Deep acquired Dolphin Offshore Enterprise through NCLT in 2022 and gained control in January 2023. It is the step-down subsidiary of the company. We are currently revising the business of the company step by step and have put its DP2 barge, that is Prababarge into operations. It is to explore both the national and international markets, keeping the current scenario in mind. We are pursuing a disciplined contract backed fleet expansion strategy to ensure optimal capital allocation and minimal exposure. Capital expenditure is strictly committed only upon securing firm deployment contracts. We are actively evaluating both national and international tenders to drive sustainable risk-managed growth. The mission aims to derisk high stakes offshore oil and gas exploration and attract global energy measures to India's deepwater basins. This is also an excellent opportunity for us to deploy our various offshore support services in national waters. Now, I'll speak on green energy and new initiatives. In FY '26, we entered into an MoU for venturing into green hydrogen business to explore the new business areas to add into our services portfolio. This MoU aims to bid for and execute various green hydrogen project tenders and contracts. We are actively evaluating opportunities in the said field. Deep is actively exploring new opportunities within geothermal energy resources. Geothermal energy is it derived from beneath the earth surface. In this venture, our extensive industry experience in onshore drilling will provide a strategic advantage, enabling efficient resource extraction and project development because geothermal projects heavily on the same subsurface extraction techniques used in land gas well drilling. Many of our core competencies transfer directly. The mechanics of operating heavy onshore drilling rigs, managing drill strings, selecting drill bits and handling circulation systems are nearly identical. Those geothermal environments require handling higher temperatures and aggressive volcanic crop. Beyond geothermal, we are also evaluating various types of hydrogen energy production. Our established expertise in gas processing will play a crucial role in scaling and optimizing these emerging hydrogen initiatives. Our background in gas processing provides a powerful technical foundation for entering into the hydrogen sector. Because hydrogen production, purification and handling rely heavily on unit operations already standard in oil and gas industry, many of our core competencies translate directly. We are continuously exploring new opportunities to venture into innovative segments and expand our industry footprint. Business momentum, across our core service offerings, onshore drilling, workover services, gas processing and production enhancement, asset utilization remained healthy during the quarter. Continued policy thrust on expanding exploration acreage strengthening gas infrastructure and enhancing domestic production capabilities is supporting sustained demand for integrated oilfield services. Our strategic priorities for the remainder FY '27 are clearly defined. We aim to maximize asset utilization and safety across our drilling and workover fleet, expanding our footprint in UR and unconventional segments through new PCs, scaled up charter high deployment of gas processing plant modules and accommodation units to broaden -- accretive M&A to broaden our service capabilities. As we move forward, our commitment to rigorous corporate governance and uncompromising safety standard remains our guiding priority. We want to take a moment to express our sincere thanks to our employees for setting a high standard of professionalism to our clients and partners for the collaborative trust and to our investors for their continued confidence in the industry. With this, I now invite Mr. Rohan Shah to provide a detailed overview of the financial performance of quarter 1 FY '27. Following his remarks, we will be happy to address any questions you may have. Thank you.

Thank you, Paras bhai. Investor friends, thank you for joining the call today. Happy to share with you another excellent quarterly performance of Deep Industries Limited. All the comparisons are on a year-on-year basis, which would provide fair evaluation. Revenue for quarter 1 FY '27 rose to INR 278.92 crores, up by 40% year-on-year. Operational efficiencies have helped us post 38.7% Y-o-Y growth in EBITDA to INR 131.8 crores in FY '21 -- in Q1 FY '27 with EBITDA margin of 43.6%. We have been maintaining EBITDA margin in the range of 43% to 45%, providing us a decent cash flow to strategize our future growth trajectory. Net profit for the first quarter stood at INR 89.14 crores, up by 44.5% year-on-year. As on June 30, our orders stood at INR 3,047 crores. Entering the remainder of FY '27, Deep Industry is backed by strong operational resilience and financial discipline. Our recent momentum anchored by strategic capital location, lean operations and flawless execution equips us to effectively navigate market shift and seize growth opportunities. Moving forward, we prioritize generating healthy cash flows, maximizing return on deployed capital and supporting our expansion with performance-driven approach. With sharp strategic clarity and solid core fundamentals, we remain fully committed to maximizing long-term stakeholder value. With this, I now open the forum for question and answer. Thank you.

[Operator Instructions] The first question is from the line of Parth Sora from Trinetra Asset Manager.

Congratulations on a good set of numbers. And also thank you for incorporating the net dollar book bridge in the presentation. It definitely improves the transparency for investors. So my first question is on offshore business. Like how do you see the offshore business evolving over, let's say, next 2 to 3 years? Is the focus on adding assets or improving utilization of the existing assets?

See, as I mentioned in the call today, there is an immense opportunity in the offshore segment. Indian government has already allotted a sizable amount for the development of these offshore facilities. Definitely, the growth has to come in with addition of more assets to the fleet. So currently, we have 1 -- we have 2 assets and which are completely deployed. So utilization of the current assets is complete. It's with the new assets that will be added to the pool and the growth has to happen thereafter.

Okay. Got it. And how do you feel like it evolving over let say the next 2 to 3 years? What are the targets for -- especially for the offshore business?

And we are very bullish on the fact that the entire offshore segment would have an excellent opportunity for growth. And all the services related to this sector would in 1 way or another will definitely be impacting. So I expect a good amount of significant growth to happening in this sector in next 2 to 3 years.

The next question is from the line of Balasubramanian from Arihant Capital.

Congratulations or group setup numbers. And sir, you have listed, you were top priorities like PC, higher speed drilling rigs and offshore fleet expansion. And how do your exploration of new adjacencies like green hydrogen, coal acetations, geothermal fit into this priority list? And whether we have entire capability on internal -- internally or through partnerships? And then we can expect are these adjacent sales to contribute material is on the top line side?

As mentioned, we are into the segment of gas compression. We are into the business of drilling. All these activities in 1 way or the complement the segments that we are now trying to look at, so be it in hydrogen or be it the geothermal services, you would directly be having an advantage because we are well aware about how the fundamentals in the industry. Having said that, there would be definitely a possibilities of collaborating or doing joint ventures as we go ahead to develop these bills to the maximum possible level.

Okay, sir. Sir, on that gas processing capacity side, what is our current appreciation?

So in entire gas processing, currently, we are operating from 3 different fields, 2 of ONGC and one-off can and one of Cairns. With regards to capacity, we can definitely increase it as and when the opportunity comes.

Okay, sir. And sir, these Dolphin acquisitions, I think we are revising and aptamer synergies also there. So could you please explain this both areas like then we can expect complete synergies from this merger and acquisitions?

So Dolphin has already started contributing in our top line as well as bottom line. With an increase in fleet in offshore segments, this growth will continue in next 2, 3 years with an excellent pace. With regards to Kandla, the primary motive to acquire was to improve on our operating margins by manufacturing the hydrocarbon fluids in-house. So on that part, we are working on it on reviving their manufacturing facilities. So we are expecting probably later in this current financial year to start getting contribution from Kandla as well on improvement of our operating margin.

The next question is from the line of Sudhir Beda from Beda Family Office.

Yes. Congratulations to the entire management team of Deep Industry for outstanding numbers. Hearty congratulations. Sir, your company is growing at, say, last 5 years at the top line is growing at more than 35%. And bottom line is growing at more than 40% since last 5 years. So can I assume it is right to assume that the same growth rate will continue for the next couple of years?

So looking to the development and the need of the country for the oil and gas, we won't be surprised that this momentum should continue. And we are quite bullish on this.

Great. Great. So that means even if you look at FY '28, is it fair to assume the company can deliver a profit of, say, INR 450 crores to INR 500 crores going by the same run rate what the company has delivered in the past?

We believe it should with the is currently going on. It would surprise us if we can do that much.

Great. And sir, can you throw some light on production sharing announcement contract from second half, I think it should contribute to the top line and bottom line, right? So what is the outlook on -- in FY '28 for this particular segment?

So yes, in current financial year, production enhancement with incremental production would start contributing from second half of this current financial year. And for FY '28, we are quite bullish on getting almost more than INR 150 crores of revenue from this particular contract.

That is very nice to hear that. And are we looking at the further contract like this as ONGC is also coming out with a lot of blocks for this, and the government is also planning to invest billions of dollars into the oil and gas sector. So your take on that?

Yes, definitely. So production enhancement contract, we would definitely add a few more along with the existing ones. So as you rightly said, ONGC came up with similar requirement recently. So we are evaluating that, and we would definitely would like to bid those contracts as well.

Great. And all the best. And again, congratulations believing the consistence numbers since last many years.

The next question is from the line of Manan Shah from Munib Investment.

Sir, in previous calls, we highlighted 3 strategic priorities for this year. The first 1 was on the PC, and we had also mentioned that there was 1 tender floated in the previous call, which we were evaluating. So have we decided anything on that particular tender Apart from that, also, we were in the process of identifying a DSP or a PSV for our offshore opportunities. So have we been able to identify any asset or any opportunity on that side? And thirdly, if you can throw some light on the market size or market opportunity in terms of 1,000 HP drilling rigs versus the 2,000 HP drilling rigs? And where are we in the process of bidding for any tender for the 2,000 HP?

Right. So with regards to PEC, the tender has been floated probably months ago only. So, yes, we are actively evaluating that, and we wish to bid for this depending on the results, which we get on our evaluation of that particular field. So that is 1. With regards to offshore opportunities, we are evaluating various tenders internationally as well as nationally. So as a policy, we always go for CapEx only after getting firm order. And this policy will continue here as well. So based on the award of any particular contract, we will go for CapEx or for adding a new vessel in the fleet. And third, with regards to higher capacity drilling rigs, so of course, 1,000 horsepower is largely in demand because in India, we believe that majority of production can be achieved within 3,000 meter well depth. But having said so, the demand of 2,000 horsepower and 3,000 horsepower are also good and coming up in a greater way in near future. So we are in process of evaluating and bidding this higher capacity drilling rigs in -- probably in the next few months.

Okay. So what would be the current bid pipeline? And does it include any bids for any of these 3 priorities?

So as of now, the existing bidding pipeline is not having any of these 3, which I believe would be coming up in bidding stage in coming few months.

Okay. And what...

The current pipeline would be continuously hovering around INR 700 crores to INR 800 crores.

Okay. Understood. I would like to welcome Mr. Rajiv Sina to the Deep team as well. If you can just highlight what sort of experience he brings? And what sort of role is he going to play in our company?

So he has been appointed as the Head of Operations. And he has got an immense experience into the oil and gas sector over 2 decades. And he was quite active while he was working with Vedanta, and he has a good amount of experience on the onshore operations. And we are looking forward...

So you would be playing a clear role in the PEC contract that we have or it is in the entire existing operations that we are?

It would be under the entire operating operations of the compressor and the rates and also PC to a certain extent.

Understood. Lastly, in terms of our numbers, it seems there have been some other subsidiaries, which have contributed to our overall performance for this quarter. So if you can help me understand which subsidiary was it? And what was this contribution from? Because apart from the Dolphin, there seems to be some decent contribution from some other of our subsidiary.

Right. So apart from Dolphin contributing around INR 43 crores in this quarter, we have good amount of contribution from other subsidiaries, including our Dubai subsidiary. So I think around more than INR 50 crores revenue has came from Dubai to Dubai subsidiaries as well as the Indian subsidiary put together.

Okay. And this sort of performance is expected to continue for the subsidiaries? And what sort of contracts or services are these subsidiaries providing in those geographies?

So the way subsidiaries are primarily into gas processing services as well as they are having some opportunities in equipment sales as well. So 2 subsidiaries are focusing on 2 different areas. And we believe this kind of opportunities will continue throughout the year.

The next question is from the line of Bhavia Gandhi from Bajaj Alternate Investment.

Congratulations on a very good set of numbers. A couple of questions from my end. Sir, if you were to dissect the incremental revenue from Dolphin Kandla PC for '27 and '28, that will be great. How much we have already booked? And how much is yet to come in?

So with regards to Dolphin, we are working on a contract of 3 years, which is for the barge, which is our DP2 barge Prabha. So that single contract, we believe, would continue to contribute more than INR 150 crores a year. With an addition into fleet, we are expecting some good amount of growth in Dolphin FY '28. With regards to Kandla, as I said before, we have taken that company for backward integration to improve on our operating margins, so probably on revenue side, we are not expecting much from Kandla going forward. So it will help us in improving our operating margins.

Okay. And sir, in case of PEC contract, if we suppose hypothetically if gas prices fall below $8 MMBtu, still, we will receive $8 per MMBtu irrespective of the spot rate?

No. So it's a -- this block is under free price mechanism. So it would govern with spot price and the market-driven prices. So we don't foresee any possibility of falling gas price below that.

Okay. Okay. And what would be the current rate for dollar per MMBtu, if you can just quantify that?

Around -- it's ranging from $8 to even $14, $15 as well in spot market.

Okay. Got it. SP1 Sir, if you were to quantify the total number of onshore workover and drilling rigs in the country and how much would be the outsourced rig market, total number of rigs in the country? That would be really helpful.

So while I'm saying this, this is purely a justice. But around there should be a fleet of close to 20, 25 rigs, which are outsourced, and close to that much amount of rigs, which would be captive by the producers. So in all I have to say the total market would be close to around 215 to 220 kinds of workover in drilling rigs onshore.

Okay. And sir, this shift, we are seeing that the outsourced market is increasing gradually on the rig side as well?

Yes, yes, absolutely.

Okay. Okay. And sir, how often is the rig tender opening process? I mean, it opens every 6 months, yearly, how is it usually?

Basically, you can't time that out, but basis on the requirement and with the services that they require, they come -- they may come one after another, maybe the frequency could be even a few days and that can even be a few months. So that is not in order to work 3 months or 6 months timing.

Got it. And just 1 last thing on the green hydrogen business, sir. Is the contract tendering started? And if you can provide some unit economics or revenue metrics on that front? And when can we expect some revenues fructifying in terms of numbers for us?

For now, we are evaluating the possibilities to get into the sector. We have already bidded 1 of the tender wherein we have undertaken the job to do in balance of plant, that is the EPC jobs. And the electrolyzer was something that was provided by another joint venture partner. So we don't have the outcome of that tender yet, but we are still closely monitoring any such opportunities that keep coming in this sector.

Okay. Wonderful. Congratulations once again.

The next question is from the line of Naman Keri from Sequent Investments.

Sir, I just have a few questions. One is with respect to write-off with which we did in the previous year as well as a year before with respect to Kandla. Can we expect any further write-off in -- during the year? Or are we completely done with it?

With regards to Kandla, we are completely done with the legacy issues, and so no more further the write-off in current year.

Understood, sir. And sir, I just want to understand with respect to the production enhancement contract, the vertical, what's the business opportunity as in like how much the government is -- how much of the government's mature will under you expect that will go through a production enhancement requirement?

So we don't have exact numbers or what kind of strategies would government be doing. But what, as I understand, government is actively looking into enhanced oil and gas production through various mediums, and PEC being 1 of them, it's assumingly seems to be 1 of the best opportunities. There were PECs that happened before a year or so. And now we have a few more PECs that have already arrived. So going forward, we foresee a good amount of such drives coming in from the government.

And sir, with respect to offshore business, you said currently 2 assets have been deployed and you're looking to add more assets, is there any particular bid pipeline for you wherein your bidding for our offshore business? And if so, can you give a ballpark number for it?

For now, we don't have any bidding pipeline, but there are a few tenders which are upcoming, and we are eyeing on those tenders. So the moment we bid it, then we will be able to tell what kind of a pipeline could that be.

So the nature of the tender because it's an offshore drilling business, it will be a long term. So will it be on a fixed price basis? Or will it be wearing where it be on the market price?

So we would be bidding for support services, not for offshore drilling. So it would be kind of charter hiring of barges, tugs and a few vessels. So it would be fixed price kind of contracts.

The next question is from the line of Manan from Wolford PMS.

And congratulations to the team on the great set of numbers. 2, 3 questions I have. One is on the Kandla. I know that you said that we have started taking that up Q2 for our margin expansion. So can you quantify how much margin expansion can that have? That is one. And second, how much CapEx will we have to do so that the Kandla becomes beneficial for us? And any sort of debt we have to take on that.

Yes. One of the critical chemical, I would say, which we use in our drilling and integrated project management can be manufactured in Kandla's manufacturing facility. So our primary estimate suggests that we can improve on operating margin by 1.5% with the help of manufacturing this chemical in-house. With regards to CapEx, we are not forcing much CapEx for reviving these facilities because those facilities are available. Of course, they need a certain amount of repair and modification, so it would not be more than INR 10 crores, INR 15 crores as our initial estimates suggests. And for that, probably we'll not go for any debt.

Okay. Perfect. So the 1.5% increase you said, was it in the EBITDA margin?

Would improve our EBITDA margin going forward. Yes.

Okay. Perfect. So first, done. Sir, second would be on the -- our PAT, which was almost INR 90 crores this quarter. So just assuming some things you can correct me if I'm wrong, sir, annualizing our PAT leads us to almost INR 360 crores for this year. Last quarter, we guided for almost INR 400 crores in FY '28. So do you think we should increase our guidance for FY '28? Or we might do -- like what are your thoughts on this, sir?

No, on FY '28, we are gunning for a PAT of almost INR 500 crores. So I'm not sure we have said INR 400 crores for FY '28 because in FY '27, only, we are expecting somewhere above INR 350 crores kind of PAT.

Okay. Perfect, sir. And sir, last would be in our coal gasification part, where would we be placed in the value chain? Please can you help on that?

No, no. So in coal gasification, we are not there.

Okay. Because last quarter, we said we are looking into it. Okay, no problem. And then just the last question would be, sir, you said we have 2 offshore assets. Sir, one of them is BPI, the Prabha bars and which is the other one, sir? And how much more are we planning to add?

The other 1 is EHTS, which is anchor handling tub. Other than this, we wish to add a few more tugs and barge and probably 1 or 2 support vessels 1 by 1 over a period of next 3 to 5 years.