Uptime is most important to our customers, right? And so if you go back to 2011, we as Transocean and we as an offshore industry really struggled with uptime related to subsea equipment, pressure control equipment specifically. So if you look back in 2011, 6% downtime related to subsea pressure control equipment. So we took all the data that we've had and we started to analyze, all right, what are the root causes of these failures. So you take the root causes that are leading to the most failures --most frequent failures, and then you look at the longest duration failures, right? How long is this keeping us down? And so you start to systematically attack these issues. And you can see there are step changes over the last several years, going from 6% downtime to 1.5% downtime in 2015, slightly up last year to 1.8%. I'm pleased to say this year we're at about 1.3%. So really just taken that and just systematically reducing those downtime events. And we've done that not only for subsea pressure control equipment, we've done it for top drives. We've done it for iron roughnecks, for pipe rackers. And we've really gotten to the point, again, we are functioning at 98%, 99% uptime. You've really got a handle on this equipment reliability, but there's more we can do. We want 100%. So recently, we've recognized we need some help. So we went to our OEMs, and we've signed --recently signed what we call health care agreements with Cameron, with GE, with NOV, with Rolls-Royce, and we're working on others. I'll use the example with Cameron because they were the first. So what we did is we looked at our total portfolio of Cameron BOPs. And we looked historically. We analyzed the data. And we said over a 10-year period, if you look at that blue line there, over a 10-year period, this is our cumulative cost. And so what you see there is the spike in year 5 when there's a mandatory upgrade overhaul of the BOP, which is defined by the OEM. It may not be necessary, but they want that BOP to come back in so they can tear it apart, put it back together and give you a big bill. So its calender based. So at the year 5 and then year 10, you see those big spikes. So what we did is we went to Cameron first, but we've gone to the other providers as well, and we said, we want to eliminate those 5-year mandatory overhauls. We want to move from calendar-based maintenance to reliability-centered maintenance. So let's work together to monitor this equipment and do repairs as they're needed as opposed to just waiting until year 5, tearing the whole thing apart and putting them back together. So we eliminate those spikes. Now this, obviously, will reduce the revenue stream for our suppliers over that 10-year period. So what we said was, if you can help us do this, here's the bonus that's in it for you. We looked across our fleet and took an average of downtime events and unplanned pulls. So with Cameron --I'm just going to throw out a number. This isn't specific to Cameron. But let's say, our average is we have 4 unplanned pulls a year. If Cameron is able to help us take that from 4 to 3, there's a big bonus in it for them. It's a 100% margin. 3 to 2, another big bonus. For us, it's great. It's self-funding, right? So we're giving them a proportion of the savings that we create together. And then from a marketing standpoint, if our uptime continues to improve, we're going to be more marketable than our competition. So this for us is just a great model. It's perfect alignment between the OEMs, the drilling contractor and the customer. This is just in the early stages. You won't see a big pop in terms of cost reduction in the near term. But as you start to get to these year 5 overhauls, and some of those year 5 overhauls will be scheduled for next year, you will see cost savings start to accumulate over this time period, and you will see uptime continue to improve. So again, we've done this with Cameron on BOPs and riser. We've done with GE on BOPs. We've done it with NOV across the drill floor. So again, top drives, iron roughnecks, pipe handlers, and we're going to continue to look at critical components that lead to downtime events to try to drive cost down, to normalize that cost and to improve uptime. So we're also using this trove of data that I talked about to improve drilling efficiency. So uptime is most important, cost, but really we need to deliver these wells more quickly. The quicker we can deliver the wells, the more competitive we are, the more competitive offshore becomes because we lower the total cost of well development. So what we did is we looked through our historical data, and we broke down every element of the well construction process, right, so tripping, drilling, running riser, testing BOP, building BHA, and we look where we spend the majority of our time. And we did this across every asset class in our fleet and every region in the world. THOMSON REUTERS | Contact Us 6 ©2017 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. 09/07/2017 09:05 AM GMT, Transocean Ltd at Barclays CEO Energy-Power Conference