The negative bent in the market place that we could see impacting the share performance of Transocean Ltd. is the potential downgrade by the debt rating agency Moody's. From our view it would be an incredible slight for Moody's to consider at this current level a downgrade of Transocean Ltd. debt now or through 2017.
 
 
  Currently, Transocean Ltd. has approximately $1.1 billion of 4.95% Senior Notes due November 2015. In our normalized FCF analysis, we are estimating FCF of a negative $551.4 million -- this is based on estimated cash-from-operation (CFO) of $2.7 billion (up from our 2014 estimates of $2.4 billion) minus cap-x spending of $1.5 billion, debt payment of $1.1 billion and new dividend of $572 million. This is before the usage of cash on hand of $2.9 billion. This also assumed that zero new debt is raised in 2015. The backlog that is due in 2015 is approximately $5.8 billion and $13.4 billion thereafter -- which in our opinion fully covered the company's debt payment.