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Offshore ROV Market to Hit USD 1219.7 Million by 2030 Driven by Expanding Offshore Exploration and Production | Report By SNS Insider

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Pune, Aug. 07, 2023 (GLOBE NEWSWIRE) — As per SNS Insider report,”The Offshore ROV Market achieved a value of USD 942.9 million in 2022 and is projected to reach USD 1219.7 million by 2030. The market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 3.27% during the forecast period spanning from 2023 to 2030“.

Market Report Scope

The Offshore ROV stands as a testament to human ingenuity and our relentless pursuit of knowledge and exploration. By harnessing cutting-edge technology, these unmanned underwater vehicles have opened up a world of possibilities, allowing us to reach the depths of the ocean and unravel its secrets without endangering human life. As we continue to advance in science and technology, the future holds even more promising innovations that will push the boundaries of our understanding and further expand the horizons of offshore exploration.

Download PDF Brochure: https://www.snsinsider.com/sample-request/3269 

Market Analysis

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One of the primary drivers of the offshore ROV market’s growth is the continuous evolution of technology. Innovations in robotics, artificial intelligence, and advanced sensors have enhanced the capabilities of ROVs, enabling them to perform complex tasks in extreme underwater environments. These advancements have also resulted in higher efficiency, improved data accuracy, and enhanced operational safety, attracting more industries and stakeholders to adopt ROV technology. The global demand for energy remains substantial, driving the oil and gas industry to explore offshore reserves to meet this ever-increasing need. ROVs play a crucial role in supporting underwater drilling, pipeline inspections, and maintenance activities. As offshore exploration and production activities expand to new geographical regions and deep-water areas, the demand for ROVs continues to surge.

Offshore ROV Market Overview & Scope:

Report Attributes Details
Market Size in 2022 USD 942.9 million
Market Size by 2030 USD 1219.7 million
CAGR CAGR of 3.27% From 2023-2030
Key Segments By Type (Observation Class, Work Class, Intervention Class)

By Depth (Less than 5,000 Feet, 5,000 to 10,000 Feet, above 10,000 Feet)

By Application (Drilling and Well Completion Support, Construction Support, Inspection, Repair and Maintenance Services, Remote Subsea Intervention Tooling Design and Build, Subsea Engineering Services)

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Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
20% free customization scope (equivalent to 50 analyst working hours) If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization.
Pricing & Purchase Options Avail customized purchase options to meet your exact research needs. Explore purchase options.

Impact of Recession

The recession has undoubtedly left its mark on the offshore ROV market, presenting challenges and opportunities for industry players. To adapt to changing market dynamics, companies have had to innovate, diversify, and optimize their operations. As economies stabilize and the energy sector rebounds, the market is likely to regain its momentum and continue to play a pivotal role in supporting subsea operations. Embracing sustainable practices and staying attuned to evolving industry trends will be critical for companies to thrive in the post-recession era.

Impact of Russia-Ukraine War

The Russia-Ukraine war’s impact on the offshore ROV market is complex and multifaceted. Disrupted supply chains, investment uncertainties, shifting regional demand, technological advancements, and regulatory changes are among the key factors influencing the market dynamics. Companies operating in the offshore ROV sector must remain vigilant and agile in responding to the evolving geopolitical landscape. Despite the challenges posed by the conflict, there are opportunities for innovative solutions and collaborative efforts to strengthen the industry’s resilience in the face of geopolitical uncertainties.

Key Regional Development

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The offshore ROV market is experiencing robust growth across various regions worldwide, driven by factors such as offshore exploration and production activities, deep-sea mining projects, renewable energy ventures, and marine research initiatives. While North America and Europe continue to dominate the market, the Asia-Pacific region and emerging markets in the Middle East, Africa, and Latin America are rapidly gaining momentum.

Key Takeaway from Offshore ROV Market Study

  • As the market continues to evolve, the Observation Class segment and Construction Support segment are positioned to become dominant players. Their ability to provide cost-effective and efficient solutions for inspection, maintenance, and construction tasks has garnered significant attention from the industry.
  • With continuous advancements in technology and an expanding market demand, these segments are set to revolutionize the way underwater operations are conducted, driving growth and innovation in the market.

Recent Developments Related to Offshore ROV Market

  • In a groundbreaking display of technological innovation, a leading US-based company has successfully conducted untethered Remote Operated Vehicle (ROV) operations, marking a remarkable milestone in underwater exploration and marine research.
  • Petrobras, the leading Brazilian multinational energy corporation, has partnered with Fugro, a world-leading provider of geo-intelligence and asset integrity solutions, to undertake a pioneering remote ROV (Remotely Operated Vehicle) survey in the deep-sea exploration sector.

Buy Complete Research Report Which Provide Detail Impact Analysis of COVID-19, Russia-Ukraine War & Ongoing Recession: https://www.snsinsider.com/checkout/3269 

Table of Contents

1. Introduction

1.1 Market Definition

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1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

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3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 Impact of Russia- Ukraine War

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4.2 Impact of Ongoing Recession

4.2.1 Introduction

4.2.2 Impact on major economies

4.2.2.1 US

4.2.2.2 Canada

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4.2.2.3 Germany

4.2.2.4 France

4.2.2.5 United Kingdom

4.2.2.6 China

4.2.2.7 Japan

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4.2.2.8 South Korea

4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

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8. Offshore ROV Market Segmentation, By Type

8.1 Observation Class

8.2 Work Class

8.3 Intervention Class

9. Offshore ROV Market Segmentation, By Depth

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9.1 Less than 5,000 Feet

9.2 5,000 to 10,000 Feet

9.3 Above 10,000 Feet

10. Offshore ROV Market Segmentation, By Application

10.1 Drilling and Well Completion Support

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10.2 Construction Support

10.3 Inspection, Repair and Maintenance Services

10.4 Remote Subsea Intervention Tooling Design and Build

10.5 Subsea Engineering Services

11. Regional Analysis

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11.1 Introduction

11.2 North America

11.3 Europe

11.4 Asia-Pacific

11.5 Middle East & Africa

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11.6 Latin America

12 Company Profile

12.1 ECA GROUP

12.1.1 Company Overview

12.1.2 Financial

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12.1.3 Products/ Services Offered

12.1.4 SWOT Analysis

12.1.5 The SNS View

12.2 Fugro subsea Services Ltd.

12.3 Innova

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12.4 IKM Gruppen AS

12.5 Kongsberg Maritime

12.6 Oceaneering International Inc.

12.7 Planys Technologies

12.8 ROVCO

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12.9 Saab Seaeye Ltd

12.10 Subsea 7

12.11 Teledyne Technologies International Corp.

12.12 The Whale Inc.

12.13 Total Marine Technology,

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13. Competitive Landscape

13.1 Competitive Bench marking

13.2 Market Share Analysis

13.3 Recent Developments

13.3.1 Industry News

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13.3.2 Company News

13.3.3 Mergers & Acquisitions

14. Use Case and Best Practices

15. Conclusion

About SNS Insider

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At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That’s why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.


GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Aon and Marsh McLennan call on (re)insurance industry to aid Ukraine’s resilience

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–      The firms emphasized that the removal of blanket exclusions would catalyze Ukraine’s growth and future reconstruction
MONTE CARLO, Sept. 8, 2024 /PRNewswire/ — Aon and Marsh McLennan today called on the (re)insurance industry to build upon the capital, expertise and historical role of the (re)insurance industry to help Ukraine’s resilience by catalyzing economic growth and strengthening the country’s foundations for a post-conflict economy. The firms emphasized that the removal of blanket exclusions, which ignore the diversity of risk throughout the country, would further support for Ukraine’s economy.

Additionally, since the start of the war, many global reinsurers have grouped risks originating in Ukraine, Russia, and Belarus together, excluding them from reinsurance contracts, limiting (re)insurance capital and impeding economic growth and stability. The inclusion of Ukraine with Russia and Belarus is not rooted in the data and analytics that drive the assessment of risk and overlooks that Ukraine, while under siege, seeks to further align as a free and democratic economy and member of the European Union. 
“Marsh McLennan is dedicated in our support of Ukraine – helping it attract global investment to rebuild the country, and recover from the devastating impact of war on its people and economy,” said John Doyle, president and CEO of Marsh McLennan. “We call on the global insurance community to join us in this effort and end blanket exclusions for Ukraine.”
“Aon’s support of Ukraine leads us to look forward to its economic recovery,” said Greg Case, CEO of Aon. “Insurance capital is essential for the reconstruction of Ukraine’s health care, energy and agricultural sectors. We’re asking the insurance industry to look closely at Ukraine’s risks and work to strengthen the public private partnerships under development.”
Marsh McLennan and Aon each are already working with the Ukraine, U.S. and UK governments, along with many other international organizations, to support Ukraine’s economy as it endures ongoing attacks and accelerate investment in the country’s eventual economic recovery.
In March, Marsh McLennan announced the expansion of its public-private partnership with the Ukraine government to cover all shipping to and from Ukraine’s ports. This follows Marsh McLennan’s support in helping the Ukraine Government develop its war risk data platform which provides investors and (re)insurers with granular transparent data on the impact of the conflict to date and degree of war risk. 
In June, Aon worked with the U.S. International Development Finance Corporation to create a first-of-its-kind insurance program to support war risk policies for businesses operating in Ukraine. The availability of insurance for war risk, especially across health care and agriculture, will stimulate economic expansion and employment, while strengthening the foundation of Ukraine’s economy to support a robust reconstruction.
The firms assert that arbitrary exclusions for Ukraine contribute to confusion about the vastly different levels of risk in the country. As a result, there are potential issues with how (re)insurers underwrite risks between regions directly impacted by the war and many areas of central and western Ukraine which have suffered little to no war damage. The use of data and analytics can enable more impactful insights into where insurance capital can contribute to Ukraine’s reconstruction and further economic growth.
About AonAon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
Follow Aon on LinkedIn, X, Facebook and Instagram. Stay up-to-date by visiting Aon’s newsroom and sign up for news alerts here.
About Marsh McLennanMarsh McLennan (NYSE: MMC) is a global leader in risk, strategy and people, advising clients in 130 countries across four businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman. With annual revenue of $23 billion and more than 85,000 colleagues, Marsh McLennan helps build the confidence to thrive through the power of perspective. For more information, visit marshmclennan.com, or follow on LinkedIn and X.
Media Contacts
[email protected] (U.S., Canada and Puerto Rico): +1 833 751 8114International: +1 312 381 3024
Marsh McLennanJason [email protected]+44 (0)7733 325 587
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Artificial Intelligence

HONOR Redefines Mobile AI Solutions with PC powered by Snapdragon, on-device AI Agent and AI Deepfake Detection at IFA 2024

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HONOR, Qualcomm, and Microsoft Redefine Innovations in Mobile AI
BERLIN, Sept. 7, 2024 /PRNewswire/ — Today at IFA 2024, HONOR unveiled three groundbreaking mobile AI Solutions: AI PC powered by Snapdragon® X Elite platforms, AI Agent and AI Deepfake Detection. The launch was accompanied by a thought-provoking panel discussion featuring HONOR CEO George Zhao; Alex Katouzian, Group GM of MCX at Qualcomm Technologies, Inc.; and Mark Linton, VP of Device Partner Sales at Microsoft. Together, they explored the convergence of AI and Snapdragon technology, discussing how these innovations are shaping the future of mobile AI.

“When it comes to mobile computing, AI is not just a buzzword, it’s a revolution,” commented George Zhao, CEO of HONOR Device Co., Ltd. “At HONOR, we’re committed to working with our partners to deliver powerful AI capabilities and seamless connectivity, while protecting our users’ privacy. Through open collaboration with industry leaders, we’re creating devices that empower individuals and redefine what’s possible.”
“At Qualcomm Technologies, we believe the NPU is the key to unlocking the true potential of AI in PCs,” added Alex Katouzian, Group GM of MCX, Qualcomm Technologies, Inc. “The Snapdragon X Elite with its industry-leading NPU performance empowers AI PCs like the HONOR MagicBook Art 14 to deliver next-generation AI experiences. Not only will users see a significant boost in capabilities, but the NPU’s efficiency also translates to longer battery life, allowing users to stay productive for extended periods.”
HONOR MagicBook Art 14 Snapdragon: Redefining PC in the Mobile AI EraThe PC landscape is undergoing a radical transformation, driven by advancements in AI and the rise of Snapdragon platforms. Fueled by HONOR’s platform-level AI capabilities and developed in collaboration with top industry leaders, HONOR MagicBook Art 14 Snapdragon heralds a new era of computing.
Featuring a sleek and compact design, the HONOR MagicBook Art 14 Snapdragon is a marvel of lightweight engineering. It incorporates cutting-edge platform-level AI features alongside robust hardware and software solutions, ensuring unmatched productivity and user experience. It translates the lightweight and slim characteristics of smartphones to laptops, delivering the lightest and slimmest AI PC on the market, weighing approximately 1kg with a slimness of 1cm. Delivering an immersive visual journey, the HONOR MagicBook Art 14 Snapdragon features a captivating 14.6-inch HONOR FullView Touch Display boasting a crystal-clear 3.1K resolution. It also includes an outstanding 97% screen-to-body ratio, the largest among 14-inch laptops. The HONOR MagicBook Art 14 Snapdragon is powered by the Qualcomm Snapdragon X Elite, elevating the computing experience to new heights in terms of power, efficiency, and security.
The HONOR MagicBook Art 14 Snapdragon also enables a smooth transition of Windows applications on X86 to the Windows on Snapdragon architecture. Based on years of research on the ecosystem, HONOR created a Hotspot Library that uses platform-level AI to identify frequently used scenarios and trigger translation optimization efficiently. HONOR has improved 16% of the average boot-up time1 with translation optimization across a diverse array of Windows applications. Currently, HONOR has optimized a total of the Top 14 applications across six major categories, including browsers, online meetings, media, office, social software and tools.
The HONOR MagicBook Art 14 Snapdragon will be soon available in German, France and Italy.  For preorder, please visit HONOR online store now at www.honor.com.
Seamless AI Experiences Elevated by the Power of MagicRingIn the mobile AI era, seamless cross-OS connectivity will truly empower users to unlock AI everywhere. Unlike the manual point-to-point connections in traditional solutions, the HONOR MagicRing allows multiple devices of the same account to automatically connect with low power consumption.
The MagicRing not only connects devices but also connects services across the devices. The solution also enables users to use the same set of keyboard and mouse for multiple devices, receive calls and notifications on a device other than their smartphones, and control the smartphone’s camera on the PC. With the secure and smooth flow of services and information across devices, MagicRing makes multi-device AI experience easier. For example, as one of the typical scenarios of Windows on Snapdragon experience, Cocreator allows users to produce fantastic artwork with simple draws. Powered by MagicRing, users can seamlessly access Cocreator on their HONOR MagicPad 2, drawing AI masterpieces with their Magic-Pencil. In the Meanwhile, they can also use AI Eraser from HONOR Magic V3 on the HONOR MagicBook Art 14 Snapdragon to experience unparalleled levels of convenient mobile AI.
HONOR AI Agent: The First On-device AI Agent for the Open Ecosystem The HONOR AI Agent is a revolutionary always-on personal assistant designed to enhance and simplify users’ daily lives. By intuitively understanding users’ requests and intentions through language analysis and UI awareness technology, the AI Agent that learns from their habits and device environment can intelligently make decisions across various apps and services. This capability allows it to automate complex tasks. HONOR demonstrated how to find and cancel unwanted app subscriptions across different apps with just a few simple voice commands on their smartphones.
As we look to the future, the HONOR AI Agent is poised to become the cornerstone of mobile AI, and it is anticipated to arrive with the HONOR Magic7 Series later this year in China. This innovation not only signifies a leap in technology but also heralds a new era where AI seamlessly integrates into our daily routines, enhancing everyday productivity and efficiency.
The World’s First On-device AI Deepfake Detection TechnologyAs the technology behind deepfakes becomes more sophisticated, the potential for misuse, including identity theft and the spread of disinformation, grows significantly. HONOR’s on-device AI Deepfake Detection represents a groundbreaking solution designed to protect users from the increasingly prevalent threat of deepfakes. This innovative detection system employs advanced algorithms to meticulously analyze various elements, including pixel-level synthetic imperfections, border compositing artifacts, inter-frame continuity, consistency in face-to-ear hairstyle, and the positioning of synthetic traces. By examining these characteristics, the technology can accurately identify manipulated content, distinguishing between genuine media and deceptive alterations.
About HONOR  HONOR is a leading global provider of smart devices. It is dedicated to becoming a global iconic technology brand and creating a new intelligent world for everyone through its powerful products and services. With an unwavering focus on R&D, it is committed to developing technology that empowers people around the globe to go beyond, giving them the freedom to achieve and do more. Offering a range of high-quality smartphones, tablets, laptops and wearables to suit every budget, HONOR’s portfolio of innovative, premium and reliable products enable people to become a better version of themselves.
For more information, please visit HONOR online at www.honor.com or email [email protected] 
https://community.honor.com/  https://www.facebook.com/honorglobal/  https://twitter.com/Honorglobal  https://www.instagram.com/honorglobal/  https://www.youtube.com/c/HonorOfficial  
1Data comes from HONOR labs.

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Artificial Intelligence

TECNO Pocket Go Wins Global Product Technology Innovation Award 2024 at IFA 2024

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BERLIN, Sept. 7, 2024 /PRNewswire/ — One of the largest consumer electronics exhibitions in the world, the 2024 IFA Berlin International Consumer Electronics Show, officially kicks off today in Berlin. During the event, the highly anticipated Global Product Technical Innovation Award 2024 was announced, with TECNO Pocket Go winning the prestigious AR Immersive PC Gaming Experience Innovation Gold Award. This recognition highlights the brilliance of Chinese brand on the global stage.

TECNO is dedicated to innovation from the user’s perspective, continuously developing products and applications that enhance user experience. Since 2019, TECNO has expanded its AIoT ecosystem, leveraging its mobile technology to introduce innovative smart wearables, business laptops, and other groundbreaking products, all aimed at providing users with a more intelligent TECNO ecosystem experience.
As a global innovative technology brand with operations in over 70 markets, TECNO has been committed to revolutionizing the digital experience in global emerging markets, relentlessly pushing for the perfect integration of contemporary, aesthetic design with the latest technologies. TECNO offers a wide range of AIoT products covering smart wearables, laptops, tablets and smart home products.
Guided by its brand essence of “Stop At Nothing”, TECNO is committed to unlocking the best and newest technologies for forward-looking individuals, inspiring them to never stop pursuing their best selves and their best futures.
The “Global Product Technology Innovation Award” is a grand international selection of global consumer electronics brands. Launched globally every year, it is also one of the most professional and authoritative international exchange, display and cooperation platforms in IFA in the same year to conduct comprehensive review and evaluation of the global consumer electronics industry for the whole year.
TECNO Pocket Go, redefines gaming on the go
TECNO Pocket Go creates a “new gaming paradise” in handheld PC form in AR industry. By seamlessly integrating with the Windows gaming ecosystem and utilizing advanced head tracking technology, it brings an unparalleled 6D immersive experience to users. Featuring a top-tier AMD® Ryzen™ 7 8840HS gaming processor and a laptop level cooling system by rebuilt the structure to compact size with 50% smaller size and 30% lighter weight. Just easy to carry as a smartphone.  
Smaller in your palm, Master in your vision
The AR Pocket Vision features a 0.71-inch Micro-OLED screen that delivers the equivalent of a 215-inch TV experience from 6 meters away, surpassing industry standards. Gamers will enjoy a cinematic-level viewing experience, with customizable adjustments for up to 600° diopters to ensure eye comfort. It also safeguards your privacy, enabling you to play anywhere.
Dominant Flagship Gaming CPU, lead Performance Ahead
Powered by the AMD® Ryzen™ 7 8840HS gaming processor, the Pocket Go handheld offers exceptional speed and seamless multitasking with 8 cores, 16 threads, and turbo speeds up to 5.1 GHz. Its PC-level cooling system, featuring a large fan and three copper pipes, ensures optimal performance at 35W. Combined with a 50Wh replaceable battery, it guarantees long-lasting gaming sessions without interruptions.
 “VisionTrack” experiences, games come alive
The Pocket Go combo delivers an immersive experience for your eyes and hands. The AR Pocket Vision features a six-axis gyroscope and AI algorithms for precise head tracking, enhancing real-time data collection during gameplay. With N’BASS® acoustic materials and a proprietary vibration algorithm, it translates in-game sounds into nuanced vibrations via handheld while the Hall Effect Joysticks and Triggers provide precise control, elevating your gaming experience with rich visual and tactile sensations.
With TECNO Pocket Go, users can enjoy a futuristic gaming experience, and seamlessly connecting to TECNO’s products in a new forms of AR experiences.
 

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