{"product_id":"noblecorp-pestle-analysis","title":"Noble PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eYour Competitive Advantage Starts with This Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eUnlock strategic clarity with our PESTLE Analysis of Noble—concise, up-to-date insights into political, economic, social, technological, legal, and environmental forces shaping the company’s future; perfect for investors and strategists. Buy the full report to access deep dives, actionable implications, and editable charts you can use immediately.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnergy Security and Geopolitical Prioritization\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eIn response to 2024–2025 supply shocks, many governments reprioritized energy security over rapid decarbonization, boosting political support for offshore exploration; US federal leasing increased 35% in 2024 and Norway raised production targets by 4% for 2025, aiding Noble’s operations in these stable jurisdictions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRegulatory Shifts Following Major Elections\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpthe elections shifted us and south american offshore drilling policy by ocs lease offerings rose year-over-year while permitting timelines shortened directly supporting noble energy services multi-year backlog valued at roughly billion. political moves favoring fossil fuels in brazil guyana increased project sanction probability reducing capital deployment uncertainty for deepwater assets.\u003e\n\u003c\/pthe\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eResource Nationalism in Emerging Basins\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs Noble expands in Guyana and West Africa, rising resource nationalism risks higher taxes or equity demands; in Guyana the government raised royalty talks in 2024 after oil output reached ~500 kb\/d from Stabroek basin, and several West African states proposed fiscal reviews impacting offshore permits.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInternational Sanctions and Trade Compliance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe complex web of international sanctions against oil-producing nations forces Noble to run rigorous compliance programs; non-compliance fines can exceed $100m per violation as seen in recent industry cases in 2024.\u003c\/p\u003e\n\u003cp\u003eTrade barriers and tariffs on steel and specialized rig equipment—tariffs rose up to 25% in some jurisdictions in 2024—can increase maintenance and upgrade costs materially.\u003c\/p\u003e\n\u003cp\u003eManagement must track geopolitical alignments and updated export controls to prevent fleet deployments that could breach evolving international law.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eMandatory high-cost compliance frameworks (\u0026gt;$100m risk per breach)\u003c\/li\u003e\n\u003cli\u003eTariffs up to 25% raising capex\/Opex on rigs\u003c\/li\u003e\n\u003cli\u003eContinuous geopolitical monitoring to avoid legal exposure\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGlobal Carbon Policy and Subsidy Frameworks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003ePolitical commitments to international climate agreements (eg, 2023 UNFCCC Nationally Determined Contributions) drive increasing subsidies for CCS; EU funding for CCS reached €6.5bn in 2024, improving project IRRs for early-stage adopters like Noble exploring CCS integration.\u003c\/p\u003e\n\u003cp\u003eRegulators now often condition drilling permits on low-emission tech: Norway and UK pilots in 2024 required hybrid power or emissions monitoring on ~20% of new offshore licenses.\u003c\/p\u003e\n\u003cp\u003ePolitical appetite for carbon pricing shapes economics—EU ETS carbon prices averaged €91\/t in 2024, materially raising clients’ incentive to favor low‑emission offshore projects supported by Noble services.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e€6.5bn EU CCS funding (2024)\u003c\/li\u003e\n\u003cli\u003e~20% of new offshore licenses with low‑emission tech conditions (Norway\/UK, 2024)\u003c\/li\u003e\n\u003cli\u003eEU ETS average €91\/ton CO2 (2024)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnergy-security shifts boost offshore growth, Guyana sparks fiscal talks, compliance risks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eGovernment energy-security pivots in 2024–25 boosted offshore support: US OCS lease offerings +35% YoY (2024→25) and Norway raised 2025 output targets +4%, aiding Noble’s ~$6.2bn backlog; Guyana output ~500 kb\/d (Stabroek, 2024) triggered royalty talks and West African fiscal reviews; sanctions\/compliance risks carry \u0026gt;$100m fines; EU CCS funding €6.5bn (2024), EU ETS €91\/t (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eUS OCS lease change\u003c\/td\u003e\n\u003ctd\u003e+35% YoY (2024→25)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNoble backlog\u003c\/td\u003e\n\u003ctd\u003e~$6.2bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGuyana output\u003c\/td\u003e\n\u003ctd\u003e~500 kb\/d (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU CCS funding\u003c\/td\u003e\n\u003ctd\u003e€6.5bn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eEU ETS price\u003c\/td\u003e\n\u003ctd\u003e€91\/ton (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCompliance fine risk\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;$100m per violation\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how external macro-environmental factors uniquely affect the Noble across six dimensions—Political, Economic, Social, Technological, Environmental, and Legal—backed by current data and trends to identify threats and opportunities for executives, consultants, and entrepreneurs.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eCondenses Noble's full PESTLE into a crisp, shareable summary that teams can drop into decks or meeting notes for fast alignment on external risks and market positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBrent Crude Price Stability and Investment Cycles\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe economic viability of Noble’s offshore operations is tightly linked to Brent crude, which averaged about 85–95 USD\/bbl in 2024 and remained within a range supporting many deepwater break-even costs (~60–80 USD\/bbl) into late 2025, underpinning fleet utilisation and dayrates.\u003c\/p\u003e\n\u003cp\u003eHigher Brent near 90–100 USD\/bbl in 2024–25 prompted supermajors to lift E\u0026amp;P capex (IEA and Rystad noted global upstream spending growth ~8–12% year-on-year), boosting demand for Noble’s rigs.\u003c\/p\u003e\n\u003cp\u003eConversely, bouts of volatility—monthly swings \u0026gt;10%—risk delaying or cancelling drilling programs, reducing revenue visibility and increasing contract renewals at lower rates.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eOffshore Rig Dayrate Momentum\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cpthe offshore market has seen dayrates for high-spec drillships and jackups rebound sharply with q4 average ultra-deepwater drillship rates rising to about versus in\u003e\n\u003cp\u003eNoble’s ability to re-contract its modern fleet at these elevated rates is a key driver of margin expansion and supported adjusted free cash flow that reached $420 million in 2025 year-to-date.\u003c\/p\u003e\n\u003cp\u003eWith global newbuild orders near multi-decade lows—rig supply additions projected under 5% through 2027—tight capacity sustains pricing power for Noble in the medium term.\u003c\/p\u003e\n\u003c\/pthe\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eImpact of Global Inflation and Interest Rates\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003ePersistent inflation raised crew wages, spare-parts and logistics costs for Noble, with U.S. PPI for drilling-related goods up about 8–10% in 2024–2025, contributing to higher operating expenses per rig versus 2021 levels. \u003c\/p\u003e\n\u003cp\u003eHigher mid-2020s global policy rates pushed average corporate borrowing costs; Noble’s weighted average interest expense rose, reflected in its 2024 net interest\/EBITDA uptick versus 2022. \u003c\/p\u003e\n\u003cp\u003eThe company faces trade-offs: prioritize debt reduction, increased capex for rig upgrades at higher financing costs, or sustain shareholder returns while unit economics tighten. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSector Consolidation and Competitive Positioning\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe successful integration of Diamond Offshore into Noble by 2025 delivered estimated run-rate cost synergies of about $150m annually and expanded Noble’s global rig count to ~60 units, boosting offshore market share to roughly 18%.\u003c\/p\u003e\n\u003cp\u003eConsolidation has cut active competitors by ~25% since 2021, enabling tighter capacity management and higher dayrates; Noble’s larger scale improved supplier leverage and diversified revenue across USG, North Sea, and Brazil.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~$150m annual synergies\u003c\/li\u003e\n\u003cli\u003e~60-rig fleet, ~18% market share\u003c\/li\u003e\n\u003cli\u003eCompetitors down ~25% since 2021\u003c\/li\u003e\n\u003cli\u003eRevenue diversification: USG, North Sea, Brazil\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCurrency Fluctuations and Global Operations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOperating in over 30 countries exposes Noble to material currency risk: costs in local currencies vs revenues and contracts largely dollar-denominated—FX swings trimmed EBITDA volatility by up to 12% in 2024 according to company disclosures.\u003c\/p\u003e\n\u003cp\u003eEconomic instability in developing markets has caused episodic devaluations (eg. 20–40% moves in select African\/Latin currencies 2023–24), disrupting payroll and supply chains.\u003c\/p\u003e\n\u003cp\u003eNoble employs forwards, swaps and selective local financing to hedge exposures, yet extreme macro shifts can still compress margins and cashflow predictability.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e\u0026gt;30 countries operational footprint\u003c\/li\u003e\n\u003cli\u003eHedging reduced EBITDA volatility ~12% (2024)\u003c\/li\u003e\n\u003cli\u003eLocal currency moves 20–40% in some markets (2023–24)\u003c\/li\u003e\n\u003cli\u003eHedging tools: forwards, swaps, local financing\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrong Brent, rising dayrates and Noble FCF signal tight offshore market into 2025\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBrent ~90–100 USD\/bbl (2024–25) supported dayrates; Q4 2025 drillship rates ~$250k–$280k\/day; Noble FCF ~$420m YTD 2025; net interest\/EBITDA rose vs 2022; ~60-rig fleet (~18% share) with ~$150m synergies; supply additions \u0026lt;5% through 2027; U.S. drilling PPI +8–10% (2024–25); hedging cut EBITDA volatility ~12% (2024).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024–25\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eBrent\u003c\/td\u003e\n\u003ctd\u003e90–100 USD\/bbl\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDrillship dayrate\u003c\/td\u003e\n\u003ctd\u003e250–280k USD\/day\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFCF\u003c\/td\u003e\n\u003ctd\u003e420m USD YTD\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eNoble PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact Noble PESTLE Analysis document you’ll receive after purchase—fully formatted, professionally structured, and ready to use without edits.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751793537401,"sku":"noblecorp-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/noblecorp-pestle-analysis.png?v=1772234758","url":"https:\/\/matrixbcg.com\/products\/noblecorp-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}