fields. These trends will increase the demand for rigs, particularly those higher specification units that can drill deeper, more  complex wells and those that are uniquely suited for specialized applications like the Canadian Arctic. Nabors’ fleet is particularly well suited to meet these challenges. We expect Nabors to post progressively improving results over the next few years, even if the U.S. Lower 48 component of the North American gas market does not materialize to the extent we believe it will. Our confidence is based in large part on our increased presence in the strategic Canadian market, the probability of continued robust growth in our International operations and anticipated improvements in our multitude of other businesses. It appears increasingly likely that we may be entering a period wherein all of our businesses will experience simultaneous growth for the first time in the Company’s history. This bodes well from an investor perspective, providing great promise that we will continue to deliver the kind of  profitability and return on capital that merits the trust you have shown by investing in this Company.  Sincerely,  nbr {22-23} Eugene M. Isenberg Chairman and Chief Executive Officer