Yes, they're just cutting out a small section. They need to remove drywall, insulation, etc. to get to it on the inside of the basement and remove the section of pipe that goes through the concrete wall with a hammer drill. The range they quoted was $300-350, so hopefully it will be on the low end. They don't charge by the hour but by the job. The outside work will be about 20" below grade working in a small mudhole.