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Q&A the U.S. over the last 30 years—the ? eets are very old from ture market. This includes bunker vessels, wind farm ves- an average age perspective. That’s an opportunity. There’s a sels, the resurgence of the oil and gas market and power lot of eyes on the cost of manufacturing, on stretching that generation vessels. We are learning from the experience dollar to capitalize the latest technology. There’s been some gained in European markets and tailoring them to suit the hesitancy without really knowing what regulations and tech- unique needs of U.S. shipyards and operators. nological advancements are going to come about. Nobody On the government side, the focus is on vessel automa- wants to buy something and then have that superseded by tion. Removing sailors from harm’s way, allowing increased the next greatest solution. That’s why we see our aging ? eet focus on mission execution rather than platform operation, increase year over year. I believe we’re at a turning point. I and improving operational reliability are all key opportu- think that operators are getting more con? dent about what nities using innovations and improvements in technology. they need, and there are funding sources out there that have MF: We’re seeing opportunities throughout all the sectors we allowed people to leverage their capital expenses into grants, serve in the maritime industry. Certainly, in? ation and inter- etc. So that’s the opportunity I see. Whether it’s a midlife est rates are delaying recapitalization projects, so there is (and re? t on an existing platform with a change of propulsion, always has been) a focus on keeping older vessels running maybe a slight design change on the hull form. With an ag- whether due to aged equipment, steel corrosion issues, or, of ing ? eet comes the necessity of renewal. course, keeping up with new regulations. We will continue

WC: On the commercial side, we are heavily involved in to see an increase in alternative fuel and electri? cation proj- the transition to alternative fuels and the energy infrastruc- ects. The space industry (pun intended) is really taking off.