2023 demonstrates a solid period of delivery for the company, with strong international global oil and gas activity offsetting the slow-down in the North American onshore market. The company continues to demonstrate that all its product groups can contribute to portfolio growth, and a route back to 15%+ EBITDA margins, as it continues to reduce cyclicality and volatility, underpinned by a record order book. International activity drives momentum Trading in Q4 has been reasonably strong as activity across the global oil and gas industry continues to accelerate. Robust performance across the group, driven by international markets, offsets a minor slowdown in the North American onshore market. However, Titan remains resilient, achieving stable results in the year as margins remained solid, given the product mix and international order, which demonstrates the strength of the product offering. Hunting has confirmed EBITDA is in line with its FY Guidance ($96-100m) and almost double the previous year with expected revenue of $925-930m. Importantly the order book remains strong and provides line of sight on future revenues with large contracts wins across its divisions internationally, and the order book stands at a record level of c.$575m (up c.21% YoY). An EBITDA margin of c.10.5% was achieved in the year, up from 7% in 2022, and on-track to meet its 2025 target of 14-16%. The company finished the period with net debt expected to be broadly c.$0m ($68m at Q3), benefitting from an inventory unwind and successful delivery of its receivables programme delivering strong cash generation in Q4. FY24 Guidance reiterated – another year of EBITDA growth and expansion The company has reiterated FY24 EBITDA guidance of $125-135m, underpinned by the record order book and international activity. The company is expecting to benefit from further international activity, with sales into South America being strong as drilling in Guyana and Brazil increases and momentum improves in the Middle East and Asia. The overall share of non-oil and gas revenue is expected to increase to c.8% of total revenue (6.5% in FY22) demonstrating the growing diversity of the portfolio.