Management positive in the 23Q2 webcast. Very good growth. A JV with SLB (70%) and Subsea 7 (10%) and Aker Solutions (20%) will be completed during 2023H2, not sure about effects. Aker Solutions will receive 700MUSD in a combination of stock and cash for 20% of the JV, i.e. they are puting in more business than their share of the JV. Subsea is now about 1/3 of Aker Solutions. Good order intake, good result both in oil&gas as well as renewable energy (offshore wind). P/S=0.47. The stock has developed very well since bottom in March 2020. However AS is now an engineering company and I think AS should be able to have 10% margin on revenue which already with 2022 revenue would give a share price of 80 NOK, which might be a bit too optimistic but 60 NOK should be possible. The revenue would probably increase to 50 mdr NOK 2023, with current margin of 5% and no premium for growth the share price might be ~50 NOK - without the JV. From 23Q2 "Free cash flow generation of around NOK 0.8 billion on average annually from 2024 to 2026 excl. Subsea JV proceeds and dividends".