Due to concern over the risk of climate change, there has been a broad range of proposed or promulgated state, national and inter- national laws focusing on greenhouse gas (GHG) reduction. Regulatory frameworks adopted, or being considered for adoption, to  reduce GHG emissions include cap and trade regimes, carbon taxes, restrictive permitting, increased efficiency standards, and incentives  or mandates for renewable energy. For example, the European Emissions Trading Scheme is a program through which many of the  European Union member states are implementing cap and trade controls covering numerous power stations and industrial facilities.  Also, international accords for GHG reduction are evolving, but they have uncertain timing and outcome, making it difficult to predict  their business impact. These proposed or promulgated laws and legal initiatives apply or could apply in countries where we have inter- ests or may have interests in the future. These requirements could make our products and services more expensive, lengthen project  implementation times, and reduce demand for the production of oil and natural gas, which could decrease demand for our products  and services. In the United States, a number of state and regional efforts have emerged that are aimed at tracking or reducing emissions  of GHGs and Congress has from time to time considered legislation to reduce emissions of GHGs but no such legislation has yet been  adopted. However, the United States Environmental Protection Agency (“EPA”) has made findings in December 2009 that emissions  of GHGs present a danger to public health and the environment and, based on these findings, has adopted regulations under existing  provisions of the federal Clean Air Act that restrict emissions of GHGs from certain large stationary sources that are potential major  sources of GHG emissions and that require the monitoring and reporting of GHG emissions from specified onshore and offshore  production sources in the United States on an annual basis, which include the operations of many of our exploration and produc- tion clients. Although it is not possible at this time to predict how legislation or new regulations that may be adopted to address  GHG emissions in the United State would impact our business, any such future laws and regulations that require reporting of GHGs  or otherwise limit emissions of GHGs from our clients’ operations could require our clients to incur increased costs and also could  adversely affect demand for the oil and natural gas that they produce, which could decrease demand for our products and services. Hydraulic fracturing is a process used by oil and gas exploration and production operators in the completion of certain oil and gas  wells whereby water, sand and chemicals are injected under pressure into subsurface formations to stimulate gas and, to a lesser  extent, oil production. Hydraulic fracturing activity is more extensively pursued in the United States than internationally. Some countries  outside the United States, such as Bulgaria and France, currently have imposed moratoria on hydraulic fracturing while other countries,  such as the United Kingdom, allow fracturing activities but those activities are not as widely pursued as they are in the United States.  In the United States, the fracturing process is typically regulated by state oil and gas commissions, but the EPA has asserted limited  regulatory authority over hydraulic fracturing, and has indicated it might seek to further expand its regulation of hydraulic fracturing.  In addition, the United States Congress has from time to time considered the adoption of legislation to provide for federal regulation  of hydraulic fracturing. At the state level, a growing number of states have adopted or are considering legal requirements that could  impose more stringent permitting, disclosure or well construction requirements on hydraulic fracturing activities. In addition, local  governments may seek to adopt ordinances within their jurisdictions regulating the time, place and manner of drilling activities in  general or hydraulic fracturing activities in particular. If new or more stringent federal, state or local legal restrictions related to the  hydraulic fracturing process are adopted in areas where our exploration and production clients’ operate, those clients could incur  potentially significant added costs to comply with such requirements and experience delays or curtailment in the pursuit of exploration,  development or production activities, which could reduce demand for our products and services. Further, several federal governmental  agencies in the United States are conducting reviews and studies on the environmental aspects of hydraulic fracturing activities. In  particular, the EPA is pursuing a study on the potential environmental effects of hydraulic fracturing on drinking water sources, with a  draft report expected to be issued for public comment and peer review in 2014. On-going or future studies, depending on their degree  of pursuit and any meaningful results obtained, could spur initiatives to further regulate hydraulic fracturing in the United States, which  events could delay or curtail production of natural gas by exploration and production operators, some of which are our clients, and  thus reduce demand for our products and services. Our success depends upon attracting and retaining highly skilled professionals and other technical personnel. A number of our  employees are highly skilled engineers, geologists and highly trained technicians, and our failure to continue to attract and retain  such individuals could adversely affect our ability to compete in the oilfield services industry. We may confront significant and poten- tially adverse competition for these skilled and technically knowledgeable personnel, particularly during periods of increased demand  11 We may be unable to attract and retain skilled and technically knowledgeable employees, which could adversely  affect our business.