Equinor executives are reiterating their commitment to getting the Bay du Nord project going.

It was during the Energy NL conference in May that Equinor announced its decision to delay the project for three years, citing volatile market conditions as one of the reasons for the decision.

Chief Financial Officer Torgrim Reitan doubled down on the company’s commitment to the project during their second quarter analyst call on Wednesday.

During that event, Reitan stated that Bay du Nord “will happen,” noting that there is no mystery what they are doing—they are taking the project out of a “heated market” and redesigning it for a time where it will work better.

Oil and gas industry analyst Rob Strong says Equinor needs to get its costs under control before the project can go ahead.

He says the cost of a deep water drilling rig three years ago was about $300,000 per day, now that price is up around $500,000.

He says that’s a large increase in costs, and he believes the company is using the three year window to try to get those costs down.