We continue to expect SBM to win more contracts in Guyana and Brazil, its key markets, which should support growth for the stock in the medium term. Changes to estimates: We adjust our estimates to reflect the sale of Liza Unity, which we had expected to occur in 2024e, and the updated management guidance. As a result of the sale, we lower our net debt estimates for 2023e. We also include the 10-year operations and maintenance contract for Liza Unity. The net impact is that we revise our 2023/24e revenue estimates +38.6%/-30.8% and our EBITDA estimates +22%/-23.9%, respectively. As a reminder, we do not forecast new contracts in our financial model. We estimate that a new contract would be worth cEUR1.10-1.80 per share. Not just another OFS stock: We see SBM as one of the most defensive stocks in the sector, supported by a secure backlog of USD32.2bn.