Okay, it looks like we've got some good numbers coming in now, so I will get things started. Morning, everyone, and welcome to the Bhagwan Marine financial year 2026 results webinar. My name is Jimmy Meredith. I am from Investor Hub. I will be moderating today. Before we get started, just a quick couple of housekeeping items from me. You will notice in the bottom right of your screen there is a little chat icon. If you can please submit any questions you have at any point throughout the webinar. You do not need to wait until the end, but we will be collecting them as we go, and they will be addressed in the Q&A segments following the presentation at the end. The chat is the way to be heard. You do have the opportunity as well to ask your questions with your mic and camera on if you want. Otherwise, the chat is fine, and I will read them out for you. Also, a note that a recording of today's webinar will be made available on the Bhagwan Marine Investor Hub after we finish. So if you do need to drop off early or want to share this with anyone later on, you will be able to do so there. Just to quickly introduce the Bhagwan Marine team joining us today. We have Loui Kannikoski, Bhagwan Marine's Managing Director and Chief Executive Officer. We also have with us Cheryl Williams, Chief Financial Officer. Andrew Wackett, the Executive Director of Finance, and Anthony Wooles, Chair of the Board. They will be joining with us for the Q&A segment following a presentation to start things off. So I will kick things off with the presentation. It will run for approximately 20 minutes, and once that wraps up, we will go into the Q&A. So with that, we will get started now. Okay. Welcome everybody to Bhagwan Marine's full year results presentation. My name is Anthony Wooles. I am the Chair of Bhagwan Marine. I am delighted to be joined by Loui Kannikoski, our Managing Director and Chief Executive, and Cheryl Williams, our Chief Financial Officer. Andrew Wackett, our Executive Director of Finance, is also with us today. Throughout the session, we will refer to the investor presentation released to the ASX this morning. On slide two, you will find just an important notice and disclaimer that I draw your attention to. As we move to slide three, I would just like to outline the presence of Bhagwan across our country. We are the largest listed marine solutions provider in the country. We operate across the energy and resource sectors, reports and infrastructure, and emerging sectors, including defense. We deliver a broad and integrated range of marine services. We have a tremendous competitive advantage offering end-to-end solutions. Our large and multinational fleet is unrivaled in Australia. It's a multifunctional fleet and presents a tremendous barrier to entry in our sector. We respond to a wide range of customer needs nationally. We have recurring work and project-based activity. During fiscal 2026, we're very pleased to complete the transformational acquisition of Riverside Marine. Riverside is an excellent strategic fit with Bhagwan, and I'm very pleased to say from a board standpoint, that the integration is progressing very well, and Loui will speak to that in more detail shortly. In terms of where we operate, our national footprint is what we really call internally the power of our incumbency. We're established at key marine hubs around Australia with vessels, people, and operational capability already in place. We have an ability to respond quickly, mobilize efficiently, and support customers as their needs evolve locally. We can act nationally and respond locally tremendously well. Riverside Marine has further strengthened that footprint, particularly across Queensland and in northern Australia. Combined with our long-standing customer relationships, that presence creates a meaningful competitive advantage and a tremendously strong base for further growth. While we talk about growth, this is where I really get quite excited about our business because we've got compelling opportunities for sustainable growth. On the slide five, you'll see that the platform for that through this power of incumbency is a very, very strong core business. We've got a market-leading position that's been built over more than 25 years. We're founder-led with tremendous corporate IP throughout our management team. The Kannikoski's remain key shareholders, and our established marine hubs generate circa AUD 50 million of revenue per annum simply through that incumbency presence, while long-term contracts contribute approximately AUD 70 million per annum. Constrained vessel supply supports the utilization of our fleet. It supports our pricing and our long-term asset values. Indeed, our net tangible asset value of AUD 0.42 per share is a clear illustration of that feature of our business. We remain very, very focused on safety, operational execution, margin expansion, free cash flow, and return on our asset base. There are clear opportunities to deepen our customer relationships and broaden our service offering and increase our utilization across our enlarged fleet. Those organic growth opportunities present themselves on a daily basis, and we respond every day, both locally and through our corporate office here. What we see is just tremendous underlying growth. From an acquisitive growth standpoint, we have spoken about M&A as being central to our growth strategy since floating, and the Riverside Marine acquisition demonstrates our ability to identify and execute strategic M&A that's added scale, capability, and earnings. We will continue to assess future earnings with a disciplined focus on strategic and commercial fit. In addition, we see tremendous blue sky opportunities ahead. In decommissioning, we have already worked and demonstrated our capabilities, the defense sector, some of the most recent announcements being evidence of that. Thematic and offshore energy provide further long-term growth potential. These opportunities represent upside well beyond the strength of the core business and are not required to underpin that core business, but provide us enormous opportunity longer term. With that overview, I'd like to pass over to Loui to take us into the results presentation more properly. Thanks, Anthony. I will start with the key financial and strategic highlights for FY 2026. Cheryl will then take you through the financials in more detail before I come back to cover growth, opportunities, and market outlook. Following the presentation, we will open the call for questions. Anthony, Cheryl, Andrew, and I will be available for Q&A. Moving now to the financial highlights on slide seven. Net revenue for FY 2026 was AUD 235.9 million, down 16.6% on the prior year. The reduction largely reflects the deferral of selected short-term projects in the second half, driven by uncertainty in the Middle East and organizational restructuring within the energy sector. The reduction largely reflects the deferral of selected short-term projects in the second half, driven by uncertainty in the Middle East and organizational restructuring within the energy sector. Importantly, activity picked up again in May and June, and demand across our core markets remained strong. Pro forma EBITDA was AUD 46.1 million, down 9% on FY 2025. On a softer revenue base, the EBITDA margin increased to 20% from 18% last year, reflecting a disciplined cost management and excellent operational focus across the business. Cash generation also remained strong. Cash from operations increased 9.6% to AUD 40 million, with a cash conversion of 90%. Pro forma free cash flow was AUD 8.3 million. The Board also declared fully franked dividends for FY 2026 totaling AUD 0.8 per share. Moving now to our strategic highlights on slide eight. The key point here is that during FY 2026, we continued to do what we said we would do. We made progress across market penetration, market development, margin expansion, and the integration of Riverside Marine. We secured the five-year Coral Knight contract with Jadestone Energy, increasing long-term recurring revenue and validating our investment in larger vessel capability. We also acquired the Bhagwan Ocean, expanding our ability to pursue higher volume marine projects, while continuing to build our position in decommissioning through additional project wins. Within the business, we embedded the COA function, strengthened our business development capability, and continued to improve financial governance. At the same time, we maintained a strong focus on cost and margin discipline. Mark Annand, Peter Carmichael, and Cheryl are all doing an excellent job in driving these initiatives. Finally, we completed the Riverside Marine acquisition, which I will cover in more detail on the next slide. Overall, these actions have strengthened the business and created a broader platform for growth as we move through to FY 2027. Turning to slide nine, as Anthony mentioned earlier, Riverside Marine is an excellent strategic fit. We completed the acquisition on the 31st of March and integration has been progressing well. Our initial focus has been on bringing the two businesses together in a practical and measured way while maintaining quality delivery for our customers. This has included aligning governance, reporting, and key functions, as well as strengthening the commercial coordination across the group. As we move into FY 2027, our focus shifts to technical and operational integration and capturing the revenue and cost synergies that we identified through the acquisition. Turning to performance, Riverside Marine delivered AUD 60 million of revenue and AUD 24.5 million of pro forma EBITDA on a standalone basis for FY 2026. The fourth quarter was particularly strong, with revenue up 17% and EBITDA up 30% on the prior corresponding period. Importantly, the business also has a very high-quality revenue profile with 94% of FY 2026 revenue generated from long-term recurring work. Looking ahead, we see clear opportunities to increase volumes, improve vessel utilization, and expand activity across existing customers and markets. Before I hand over to Cheryl, I would like to acknowledge the Campbell family and the entire Riverside Marine team. It is a pleasure working alongside them and we have enormous respect for the business they have built. I will hand you over to Cheryl. Thanks, Loui. I will now take you through the group financial performance in more detail, starting on slide 11. As Loui highlighted, net revenue for the year was AUD 235.9 million, down 15.6% on FY 2025. This result is largely driven by the timing of short-term projects which were deferred in the second half. Encouragingly, activity strengthened during May and June, with tender levels remaining strong across our core business, providing confidence in future opportunities and demand. FY 2025 benefited from AUD 26.4 million of revenue associated with Thevenard Island decommissioning project. While this project did not repeat in FY 2026, its successful execution significantly enhanced Bhagwan's reputation and our track record in decommissioning, positioning the business to pursue a growing pipeline of opportunities in this strategically important sector. The blue segment on the graph represents Riverside Marine's fourth quarter contribution of AUD 15.1 million in revenue following the completion of the acquisition on 31st of March. Moving to the revenue profile on slide 12. The quality of our revenue base continued to strengthen during FY 2026, with recurring revenue increasing to 56% of group revenue, providing greater revenue certainty and reducing reliance on project-driven activity. The acquisition of Riverside Marine further enhances this profile, increasing recurring revenue to approximately 62% on a pro forma annualized basis and strengthening the resilience of future cash flows. Importantly, while this growing base of recurring revenue provides greater stability and supports more consistent financial performance, Bhagwan Marine continues to retain meaningful exposure to spot and project-based work, allowing shareholders to benefit from upside as market activity strengthens. As a result, we enter FY 2027 with a stronger revenue profile, underpinned by a growing base of recurring revenue and supported by attractive growth opportunities across our core markets. Moving to pro forma earnings on slide 13. Pro forma EBITDA for FY 2026 was AUD 46.1 million, compared with AUD 50.9 million in the prior year. It is important to recognize that FY 2025 benefited from a AUD 3.9 million EBITDA contribution from TI de commissioning project. Excluding this contribution, core Bhagwan EBITDA was AUD 47 million in FY 2025, with the underlying business delivering a consistent earnings outcome. EBITDA margins remained broadly stable year-on-year despite lower revenue, highlighting the strength of the operating model. Riverside Marine contributed AUD 6.1 million of pro forma EBITDA in the fourth quarter following completion of the acquisition. On a standalone basis, Riverside Marine delivered AUD 24.5 million of pro forma EBITDA for FY 2026. Including Riverside Marine, group EBITDA margin increased to 20% from 18% in FY 2025. Overall, we are pleased with the quality of earnings delivered in FY 2026, with profitability remaining strong and margins demonstrating the resilience of the underlying business. Turning now to slide 14 and cash flow. Cash generation remained a key strength of the business during FY 2026. On a pro forma basis, net cash generated from operating activities increased 9.6% to AUD 40 million, while cash conversion remained strong at 90%, demonstrating the business ability to translate earnings into cash. Underlying free cash flow was AUD 4.7 million, increasing to AUD 8.3 million on an adjusted pro forma basis. These outcomes reflect the stability of our earnings profile and our continued focus on disciplined cash and capital management. The business invested AUD 18.1 million in sustaining capital expenditure to maintain and enhance fleet and operational capabilities, while lease repayments totaled AUD 13.6 million. I will now move to our net debt position before returning to capital expenditure and investment activity. During FY 2026, we took several important steps to strengthen the group's long-term earnings capacity, including the acquisition of Riverside Marine and continued investment in the fleet. As a result, net debt excluding leases increased from AUD 5.3 million to AUD 74.5 million at year-end. During the year, the group deployed AUD 94.1 million towards acquisitions, principally Riverside Marine, together with AUD 9.1 million of gross capital expenditure and AUD 3 million in dividends paid to shareholders. These investments were partly funded through AUD 8.3 million of free cash flow generation and AUD 28.7 million raised through equity capital raising. Importantly, despite these significant growth investments, the balance sheet remains conservatively positioned. At year end, leverage was 1.2x, gearing was 34%, and interest cover remained strong at 11.7x on an annualized EBITDA calculation. We believe this reflects a measured approach to capital management with substantial financial flexibility retained to support the business as we integrate Riverside Marine and pursue future growth opportunities. Moving to slide 16. Total CapEx for FY 2026 was AUD 27.2 million, down AUD 37.5 million in FY 2025. Growth CapEx of AUD 9.1 million was invested in fleet additions aligned with contracted demand and long-term growth opportunities. This included the Seawind One, the hybrid-electric Narrah, and the Bhagwan Ocean, which strengthens the group's capability and positions it to pursue incremental high-margin marine construction and logistics work. Sustaining CapEx was AUD 18.1 million, reflecting targeted fleet upgrades and maintenance investment to support safety, reliability, and operational efficiency. The increase on FY 2025 also reflects inflationary pressures and longer maintenance lead times. Overall, our approach to capital allocation remains disciplined, with investment directed towards maintaining fleet quality while selectively adding capability where we see attractive returns and clear customer demand. Looking briefly at the balance sheet on slide 17. The Riverside Marine acquisition has increased the scale of the group with property, plant, and equipment rising to AUD 269.1 million and intangibles to AUD 69.5 million. Net debt increased in line with expectations, reflecting acquisition funding, strategic fleet investments, and longer-term lease commitments. The group ended the year with net debt of AUD 74.5 million, excluding lease liabilities. Working capital remained well managed with the movement in reported net working capital, largely reflecting acquisition-related deferred tax liabilities and accounting timing differences. Net tangible assets per share were AUD 0.42, while annualized return on assets was 6%, reflecting the significant investment made to expand the group's fleet, strengthen capabilities, and support future growth. We enter FY 2027 with a stronger asset base, having invested to build scale, capability, and market position. Our focus now is on converting that investment into sustained earnings growth, stronger cash generation, and superior returns for our shareholders. I will hand back to Loui to cover growth opportunities and outlook. Thanks, Cheryl. As a recap, slide 19 brings together the key elements of our core business model. We operate across substantial addressable markets with multiple opportunities for growth across our core business through acquisitions and in emerging markets. We remain focused on operational efficiency, margin improvement, and disciplined cost and capital management. The long-term industry and rate outlook also remains positive, supported by favorable supply and demand dynamics. The long-term industry and rate outlook also remains positive, supported by favorable supply and demand dynamics. Together, these factors provide opportunities to increase returns from our existing asset base, and importantly, convert those returns into a stronger free cash flow. Ultimately, sustainable earnings growth, increasing returns on assets, and stronger free cash flow are what we believe will drive long-term shareholder value. Turning to slide 20, we can see some of the industry dynamics underpinning that positive long-term outlook. Looking at the Clarksons charts, the key message is that supply and demand imbalance remains supportive. Global offshore vessel utilization has steadily improved over the past five years, supporting stronger day rates for both anchor handlers and platform supply vessels. Rates now have returned to levels last seen in the mid-2000s, reflecting higher utilization and tighter vessel supply. The next slide helps explain why we expect that supply environment to remain tight. Looking at the fleet value on slide 21, the chart on the left shows that new build activity remains well below historical levels. High construction costs and constrained financing continue to limit new orders, which is helping keep vessel supply tight and supporting day rates. For context, since 2014, anchor handlers rates have increased by around 20% and PSV rates by around 5%, while new build prices have risen by approximately 90% and 100% respectively. We are also seeing that tighter market reflected in the asset values. Bhagwan's own fleet value has increased from approximately AUD 117 million in 2024 to approximately AUD 199 million in 2026, including approximately AUD 40 million from Riverside Marine. These dynamics support the value of our existing fleet and reinforce our disciplined approach to investing in larger specialized vessels. Moving now to our final slide and key takeaways for FY 2026. First, we have a strong core business with increasing recurring revenue, strong cash generation, and long-standing customer relationships across our key markets. Second, there are meaningful organic growth opportunities already in front of us. We can continue to deepen those customer relationships, increase utilization across the fleet, and drive greater returns from our existing asset base. Third, the Riverside Marine acquisition has materially broadened our national footprint, fleet, and capability while adding further recurring revenue. The integration is progressing well, and we see further opportunities to generate value from the combined platform. We also have an additional upside from emerging markets such as decommissioning and defense as those opportunities develop. Finally, the industry fundamentals remain supportive, with tight vessel supply underpinning rates and asset values. Our focus in FY 2027 is straightforward: execute well, increase utilization and returns, and convert these opportunities into sustainable earnings growth and stronger free cash flow. With that, thank you for your interest in Bhagwan and for your time today. Now we will open the call for questions. Okay, thank you. That brings us to the end of the presentation, of which we will now move to the Q&A segment. For anyone who has joined late, just a reminder, on the call we have Loui Kannikoski, Managing Director and CEO, Cheryl Williams, Chief Financial Officer, Anthony Wooles, Chair, and Andrew Wackett, Executive Director of Finance. Welcome to all of you. For those who have not submitted a question yet, there is still time. Just use the chat feature in the bottom right of your screen. To kick things off, I will go with one of the ones that was submitted earlier. Guys, what do you see as the greatest challenge to successfully scaling the business over the next three to five years? I am happy to address that question. It is Anthony Wooles speaking. Look, probably continuing to build a sort of organizational capability. I do not think that organic growth or growth through M&A presents any particular limits. We see opportunities everywhere. What you need to do in this business is just continue to build the organizational capability to deal with scale. This sector can surge somewhat. You will see that evident in some of the short-term projects and the nature with which they need to be integrated into the very strong core business. You need people that are very capable. You need continued systems that can support that growth. We need to ensure that we cannot have facilities just everywhere, so ensuring that we are effectively able to mobilize our fleet. So it is really, I would say, primarily an organizational, an operational capability challenge. For 20 years, this business has grown at 15%, and that simply ensures that the imperatives internally from the Board down are just to build that sort of internal organizational capability. I think we now, as a publicly listed company, are a real destination for talent, and not just marine talent, and we have seen evidence of that since we have floated. So that would be my primary response. Yeah, look, I might just add to that, Anthony. One thing that we're trying to get people to understand that we have been around for a long time, and we've been through a lot of ups and downs. If you have a look around, we're one of the survivors of the industry, if you like, and that's happened through us being very diverse and being able to operate through several different sectors. As we've stated in the presentation, our geographical spread helps immensely. The acquisition of Riverside has been a tremendous boost, even though sadly our share price hasn't seen it that way. For me, we've just gone from strength to strength, and we've done that through the talent and team that we've got with us, and obviously that's been strengthened by the people within the Riverside organization as well. I'm really proud of that fact, and I think people need to understand that. Great. Cool. I'll move on to the next one. As the business grows, how does management balance investment and future capability with delivering returns for shareholders? Go on, Andrew. I'll chuck you in the deep end with that one, or Anthony. Well, I'll go first, Loui. It's Anthony Wooles here again. I think that's a very good question. Sustainable growth really requires that you're very focused on the engine room, the underlying earnings engine room of the business, and that that business is capable of delivering sustainable returns. That really provides you with permission to grow and deploy shareholder funds to growth, which I fully expect our shareholders would welcome. As we've evidenced, both in organic growth and through acquisition, we remained enormously disciplined on everything from our pricing, our gross margin, through our overhead. We're continuing post-acquisition, we will absolutely get this business match fit. That should result, and will result, in strong cash flow generation because of particularly our disciplined CapEx and staying business CapEx profile. As a result, we expect to be dividend paying through that growth period. I talk a bit about the investment thesis for Bhagwan. We will be a growth stock, and we will also continue to pay sustainable dividends. That's an outworking of the focus on that engine room earnings and very disciplined growth, both organic and inorganic. That's a balance that every publicly listed company has to step through. That discipline, I can promise you, is well embedded now in Bhagwan. Cool. Okay, are you able to provide any guidance for FY 2027 so far? Thanks for that. Another good question. We don't provide guidance typically, but we do monitor our consensus from the analysts. I think this year in particular, we've also provided a pro forma back when we did the Riverside acquisition. I think you can see from that AUD 25 million of EBITDA that Riverside reported in the year just gone on a full year basis. Add that to the EBITDA that Bhagwan just reported of just over AUD 40 million. You can see where the consensus is probably likely to land this year. Right. I'll just give a heads up, team. This one, there's a few questions in one, so it might pay to answer what you can. Can you provide any comment on return of activity in May and June? How about the scale of additional decommissioning projects, the CapEx breakdown? Can you comment on decrease in growth CapEx or significant increase in sustaining CapEx, the status of the Riverside integration, and do contracts help mitigate cost inflation? Sorry, I know that's a bunch all in one, but it's all put together there. Yeah, look, I think there was about seven questions there. Well, look, probably talking about May and June. One of the things that when we seen that things were changing a little bit and we had to make an announcement, we're trying to be really conservative going forward, and so we had a conservative outlook on May and June, and as it turned out, those two months were a little bit above what we were prepared to talk about. That was one thing. Jimmy, you're going to probably have to read through a few of those other things because my memory on that- No worries. ...set isn't all that flash. Yeah, there was the scale of additional decommissioning projects was in there. Comments on the- Okay. I'll just-- ...growth CapEx. Jimmy, I'll just jump into that one because otherwise I'll forget the rest. No problem. As far as decommissioning goes, probably to give everyone a little bit of an idea. The Thevenard Island decommissioning project that we did is still to date the biggest decommissioning project in Australia's history. Those types of projects are not coming every five or six months. They are not steady as yet, but we are doing small parts of decommissioning virtually throughout the year. Currently, we are undertaking a small decommissioning project that takes about two or three weeks. We are involved in decommissioning all the time, but there are some big jobs. There is a lot of big work to come. The outlook is very strong over the next decade or so, but there will be some stops and starts, and that is what is probably difficult for us to put progress. Where it becomes difficult is to try and set the business up for stops and starts, and try and maintain the team and the fleet that is required to be able to carry out these decommissioning projects. It is still a bit lumpy at the moment, but I think it will improve with time. Cool. The next one in the list was comments on the growth CapEx and if you have a breakdown of it, any comments on the significant increase in sustaining CapEx even? Okay, I'll take that one if you like. It's Andrew speaking. On the sustaining CapEx, we did say that we thought that would be in the high teens this year, back in August last year. There's a couple of factors driving that is that the large docking program that we have, but also we've seen a substantial amount of inflation in repairs and maintenance costs. You think, caterpillar-type equipment, that sort of thing. Lots of cost inflation, longer lead times. We do see that as more the normalized sustaining number around that number we've just reported. Growth CapEx was, as Cheryl said, really broken down into two new vessels, the Seawind, which is on a long-term contract, supply contract in the north of Western Australia, and the Bhagwan Ocean, which is a new multi-cat, and that completes our fleet of multi-cats and enables us to really attack some of these really major civil works projects that are coming up, particularly in places like Queensland. It really sets us up well for the future. Do contracts help mitigate cost inflation? I'm not quite sure what the question's trying to get at there, but I think, we do have inflation protection in all of our contracts. In all of our short-term work, the spot work is repriced on a dynamic basis, so it reflects cost increases. Fuel, which is probably the major issue for us, is a pass-through item, as is labor. We can negotiate that on an ongoing basis with our customers. I think you'll see that the proof in that is this financial year, we had obviously substantial volatility in fuel prices. You can see that our EBITDA margins actually improved year-on-year. I think that's proof of our ability to manage our costs on a dynamic basis and manage what very volatile costs throughout the year. The next question references slide 12, which I believe was something Cheryl was covering in her part of the presentation. What does, quote, pick-up in May and June actually mean? Can you provide some more nuance on this line with the segmentation in slide 12? Additionally, in slide 12, why is spot revenue treated as recurring revenue? They are all excellent questions as well, Zach. I think the pick-up in May and June, what we are referring to is that if you look at the phasing of the group, if you remember back, probably the first nine months of the year, the consensus outlook for the oil price was very poor globally. Then you saw the activity happen in the Middle East, the unrest, and saw the oil price shoot up. In the background, what our customers did for the first part of the year is a substantial amount of restructuring. If you think our oil and gas major customers, a lot of them had very substantial cost outs that they announced, and that caused a lot of disruption in those businesses. We saw that really come through our revenue probably in the third quarter of the year. In the fourth quarter, as the oil price picked up, and also as the new structures settled in the oil and gas customers, we did see activity return, and we had good, strong revenue months in May and June. Also strong revenue in July, I am pleased to say. That is what really happened there. Sorry, and the second part of that question, the segmentation. That spot revenue, the AUD 50 million a year, that is our revenue from incumbency that Anthony mentioned. That is the short-term, day in, day out work that we get every year in, year out in places like Dampier, Darwin, Brisbane, Melbourne, where all our operating bases are. So that we can demonstrate, as we have in that chart, long-term history of that work. And that is why it is called repeatable work, because it happens day in, day out, year in, year out. Great. Thanks, Andrew. Regarding the pipeline of opportunities, how have they changed over the past three months and six months? Have they been pushed to the right or decreased, anything like that? Look, I can answer that one. No, what we're seeing is the pipeline is. To help with this, we've made some changes within our group, with our commercial team and the way we do things, which is strengthening things. We're making sure that we're aware of all opportunities coming up. All I can say is that the activity on the tendering side of things is very strong. We haven't seen any sort of decrease. In the late half of last financial year, there was that slowdown which caused us a bit of grief. We're not seeing that going forward. I think, as time goes on, things are settling down a little bit. The pipeline's certainly not decreasing. What's really exciting to us now is a couple of the announcements that have been made with defense is really good. It seems to be gathering some momentum. Hopefully in the not too distant future, that will start to take shape as well. No, from my side, the future remains pretty bright. Cool. I've got another one referencing slide 12 again here. The segments that were driving the decline from AUD 152 million to AUD 103 million, what were they in Bhagwan Marine's short-term revenue, and how has the outlook changed for those segments? I guess that's probably a variation of the question that we've just discussed. They're our short-term projects, and that's what really we were talking about when we're talking about customer disruption. When you look at, we provide a revenue split in our annual report as well. Across our subsea business, reported lower revenue this year. Our ports and inshore business also reported lower revenue this year. That's really that disruption of short-term projects that we talked about. Like we say, we're seeing that pipeline pick up again. As Loui mentioned, we've made a few changes in our commercial and tendering and business development area, which has been very positive so far. We see that activity just starting to pick up and our pipeline building quite nicely again now. Thank you, Andrew. Has the increased cadence experienced in May and June continued into FY 2027 at all? I think we've answered that one as well, too, Jimmy. We said that May and June were stronger months and-- Yes, you're right. Sorry. That's okay. Could you please elaborate on the organizational restructure in the energy industry? Is this your customers? Yes, it is, and that is what we talked about with the major restructures in the major oil and gas companies. Cool. Financial year 2026, core business revenues are down AUD 36 million. This is timing related, as you say, so will come through as additional revenues in 2027? Look, that is really in the nature of a forecast, I guess. But look, like we said, we are giving you some good commentary on where we are today with high level of confidence in current activity and improvements in May, June, and July. The working capital seemed to move from source of cash to a use of cash. Are you able to please explain what could help influence working capital next year? Yeah, sure. Look, I think when you're looking at our working capital between the two years, it's important to note that we made the acquisition of Riverside Marine in that time period, and so that affected the working capital calculation. Riverside Marine operates with a lower level of working capital relative to its revenue, and the acquisition accounting entries also meant that a large deferred tax liability that came on with the acquired contract intangibles, that affected that calculation. Look, we don't see any material use of working capital in either direction, I think. If we're able to grow the revenue, we will use a bit of working capital like every business in the world in the future. But no, we don't. That particular calculation this year was really impacted by the acquisition of Riverside. Great. Thank you. Is the company focused on de-leveraging post-Riverside? How long will it take to bid down before you go again? Look, I think that's an answer that Anthony's talked about as well, too. Yes, we are focused on de-leveraging, and I think when you go back and look at the materials we put up with the Riverside acquisition, you can see that that's a very strong cash generative business. The EBITDA we put up in the year just gone was about AUD 25 million. The CapEx that we put up back then was about AUD 8 million-AUD 9 million a year. So you can see the sort of free cash that business generates, and that should enable us to de-lever. And we certainly focused on de-leveraging the business over time. But I think the points that Cheryl raised in her presentation, we're comfortable with the net debt-EBITDA ratio around that 1x, and we've said that many times, that that's our sort of natural level of comfortable gearing. Wooles here. I'd just add one point to that, and that is that I'm a big fan of deleveraging, not overly aggressively, but being very mindful of appropriate gearing levels in a business that bumps into the cycles in either the resources or oil and gas sector along the way. Albeit that we're significantly more diversified now than we were many years back, so oil and gas doesn't dominate our business to the same degree at all. The Riverside acquisition was a function of us being able to put our balance sheet to work and using the underlying balance sheet horsepower that was available to us, and that comes courtesy of that deleveraging process and keeping that in balance. The markets tend to provide strong guidance to publicly listed organizations about the appropriate level of gearing that serve any sectors that exhibit exposure to sectors that have some level of cyclicality. So we'd always be pretty conservative in that regard. But at the same time, from a cost of capital standpoint, balance sheet horsepower standpoint, it's absolutely appropriate to put your balance sheet to work to secure acquisitions, and that's precisely what we did on Riverside. As we did that with the full support of our bankers and our equity market houses. So we'll remain very focused on that, and capital structure is absolutely central to our thinking. Okay. If no other questions end up coming through, this will be the last one that I can see. Is the company anticipating investments in any new boats for 2027? That's another great question. Look, we will always look at purchasing a vessel against a long-term contract, if we can get one. So look, at the moment, if we could see a long-term contract, we would purchase a vessel against it. So best example of that that we can give is the Coral Knight. So we purchased that boat, I think for just under AUD 14 million, and we put that to work over a five-year contract minimum, probably about eight or nine years by the time all the options run out, and we're earning substantial returns on that. So we probably give an indication, get cash flow payback on that vessel in three years or less. So if we can find investments like that, we'll certainly look to make that. Yeah. The point I would make as well from a board standpoint is that the scale at which Bhagwan operates now, we are looking at long-term contracted revenue, supported by really quality counterparties that stand behind those contracts before we start looking that would underpin significant marine asset acquisitions. We are absolutely not in the business of buying significant marine assets on spec. We have moved well beyond that. There is a level of churn, if you like, in the smaller space and some of the mid-size vessels here and there, and they are the vessels that go to work in some of our recurring revenue and the like. But when we come to the larger sort of vessels that we talk about we would be looking at the quality of the counterparty and the contract first. Now, they do not always perfectly align, and I think that was the case in the Coral Knight, but you should expect that we will absolutely not be out buying large marine assets on spec. That is a very good way to go out of business in this sector. So we would not be entertaining that in any shape or form. But where that vessel is central to a client's long-term contractual requirements, we are completely equipped to look at that, and we have great relationships with vessel providers and various aftermarkets and brokers globally. If I can just chuck in to finish off with that, with Anthony saying, what we are seeing through some of the stuff we showed through our presentation with the tightness of supply and a short supply of vessels, if you like, which has been going on for quite a long time now. Back in days gone by, there were spare assets around the place, on the Norway shelf and around Australia, and they have all gone now. So industry is starting to see that as a problem, just due to vessels breaking down and things like that, so not having availability to the spot market. So the contract durations are getting longer. What we used to see is two years with three one-year options now becoming five years with options, and even looking out to 10 and 15-year contracts. So they are supporting the long-term growth of the company. Those things are adding a lot of value. We are seeing that in the marketplace as well. Okay, great. Thanks, everyone. Just in terms of timing, I think we need to basically wrap it up here. Loui, Cheryl, Anthony, Andrew, thank you so much for giving your time today. Everyone who has joined, thank you for listening and submitting your questions. Just a reminder that the webinar, along with the presentation, will be available on the Bhagwan Marine Investor Hub. Feel free to add any questions you have on there as well, and the team will respond. Also, if you want to keep across future announcement events, that is the place to do so. Thanks again, everyone, for joining, and enjoy the rest of your day. Thanks, Jimmy.