Good afternoon. Happy New Year! Glad you're all here today. It's a pleasure to stand in front of you today and talk about our subsea technology business today. We, you know, before getting to that, all of you, we've talked to—I've talked to a lot of you already today. We ended up in twenty twenty-five with a very, very good performance. I'm very happy with what the team did. I'll talk a little bit about that, but really, the experts are sitting here beside me, and they're gonna go into a deep dive so you know more about our subsea business. But I'm excited for the outlook for twenty twenty-six, and when I think about subsea, I think about Wayne Gretzky. Anybody know who he is? Hockey player. A hockey guy, right? I knew Stu would know that, and he had a famous saying, and it was that part of his success was he skated to where the puck was going, not where the puck is. And I think when you look at our thoughts on our subsea business, that's really what we've tried to do. And I'm gonna lay out today a timeline on how we came to where we're at today. But it's really one of those things that Hunting has always been, I think, visionary, a visionary company looking at the future. How do we grow our business? Where, what markets should we be in? And this is one that didn't happen by accident. A lot of hard work, a lot of looking at the dynamics and where we think the market's gonna be, and so that's where we're at today. On top of that, I'm very, very fortunate, and I say this all the time, to work with an amazing group of people. Y'all know Bruce. Dane Tipton, some of you haven't met yet. Dane heads up all the subsea operations. Been with us a long time, great background, FMC, BP, knows the offshore subsea business like the back of his hand. Mark Stokes, the recent addition to the company, the family, he is with us from the FES acquisition, very involved up on the operational side. I give him a lot of credit because the integration has been flawless in making that acquisition. Lastly, our guy from South Africa that's traveling the world right now, Chris Venske, who heads up our Organic Oil Recovery business that we now have full ownership of and we're excited about for the future. Laying out the agenda, you guys have that in the books. You'll see the order that we're gonna talk about things. I'm fortunate, I don't have to talk a whole lot today. These guys have to do the hard lifting. Key takeaways, as I mentioned, we've now looked at our 2030 strategy. The target is to get the subsea revenue to $470 million. The graph on the right shows what the progression is and how we think that that's gonna happen. We have not raised the overall targets for 2030, but I just want to remind everybody that when we came out with our 2030 strategy three years ago, the oil price for WTI was at $83 at the time of that announcement. And I guess my message is: things change. What we've seen is, we've seen weakness in the long-term projections in Titan, but I'm gonna talk about that in a minute. We've seen the hopes and dreams in things like carbon capture fade away. Fortunately, as I said, we're pretty flexible, we're pretty on our feet, looking for opportunities. Subsea is gonna fill the hole, plus deliver excellent margins to us. Looking at our product offering, why are we in here? We like to be able to touch our customer throughout the whole life of the well cycle. The bottom line for offshore products is it's high risk, but it's also high reward. This is where IP matters more than any place else in the oilfield service sector, and you'll see through the details these gentlemen are gonna talk about, that we own this IP now, and in certain things like titanium stress joints, there's nobody else in the world that makes that product. We think that we've got a good collection of IP. We've added some more things like Organic Oil Recovery, because traditionally, the big focus on that is on offshore. And if you're looking at things like the U.K., where people want to postpone decommissioning, I think this is just gonna be a home run, especially in that market there. Again, kind of shows you where we're at, 2020. You'll see the revenue numbers there on the bottom. Group portfolio, again, serving the well life. Everything under yellow that's subsea, I'm not gonna talk about, but you'll see it's quite broad and quite a depth, great depth of technology right now. I'm going to take a minute to talk about the other three core components of our business and where we're at and where they stand today. Our OCTG business. So half of you have already asked me the question about where's KOC. I'll answer that now to cut it short. So right now, we ended up having, by the way, a great year in 2025 with a performance exceptional around the block. Our North American OCTG business far outperformed what was going on in rig activity and maintained excellent margins. Our completion accessory business in South America remains strong, driven by Exxon and driven by work, working primarily with Schlumberger. In Asia Pac area, Daniel Tan and his team have done a fabulous job, basically delivering product to clients we historically and have done in the past. So I'm talking the $5-10 million OCTG orders, going to people like Perenco in West Africa, a number of different clients throughout Thailand, Middle East, places like that. KOC tender is out right now. It's many $ 100 of millions. It was supposed to be submitted at the end of this month to KOC. We're hearing now they've delayed that a month, and with that, that probably means any successful purchase orders would not fall in until late March or April, which then really puts the timing for possibly one shipment at the end of the year if we're successful. But we have the technology, our connections are approved, we have the mill source behind us, so we're on pins and needles and hoping that we pull that off. Advanced Manufacturing had a decent year. Again, to remind everybody, our electronics business, not so good. It was a business that really relies on the capital equipment purchases of our customers, like Schlumberger, Halliburton, and Baker. Rig counts go down, people don't need to spend CapEx. It's not rocket science. And so we've seen that fall down or be flat, and it has a diversification plan, but it hasn't crystallized as much as what we've seen in Dearborn. Dearborn, I think the story is much, much better. We're almost in a reinvention mode in Dearborn right now through some of the CapEx we've spent last year, we'll spend next year. Today, that business is 80% non-oil and gas. One of the main drivers for that is the 20-plus year-long relationship we've had with Caterpillar, supplying shafts to the geothermal market or natural gas generation business out there. So a very good client base on top of nuclear, on top of Pratt & Whitney, on top of a lot of other people. Perforating. It used to be when I'd have these presentations, that's all anybody wanted to talk about was Titan. Well, I'm going to talk to you a little bit about Titan. So I wanna, I wanna tell you that results were up significantly year over year. Adam Dice, the gentleman that's running that, I think, has done an amazing job in that business unit the past year. We've improved margins significantly from where they were. We actually had the best month of the year in December, driven by strong activity in North America and an uptick in the international market. So if you look at, North America, typically, it's flip a coin, it could be down 50%. You just don't know with the effect of holidays and budget exhaustion. But the good news is, the core customers that we have stayed busy, the activity was strong, and we think that the big driver next year is gonna be increased activity in places like Argentina and Saudi Arabia, where we're already ingrained right now. So that kinda talks through that type of the business. We spent a lot of money. Acquisition timeline here. It all started off with originally with the Stafford business that we bought, I think it was in 2009, Ben, that got us into the subsea coupling business that goes on subsea trees, but then we followed that up with. Again, I'm not gonna read this. You guys can read it, but you can see the acquisition trail that we've done. This year was a busy year with Organic Oil Recovery and getting FES. We also we're not, we're not blind to the fact that maybe some things, their sell-by date has occurred, and if you looked at Drilling Tools, that was a case in point, so we put it into a joint venture. We were able to crystallize that joint venture and sell that business this year as well, to put cash back in, to recycle into the more, more growth-oriented sides of the business that we have. Again, I like to highlight Indian joint venture. A lot of you have asked me about that. Doing extremely well, booked out. All that product is staying in India. Cumberland is actually operating in the black, working in that 3D printing, additive manufacturing side of the business. Further targets, we still want to spend some more money. On one of the earlier slides that I showed you, it talked about how we want to build the, the step up to grow revenue in the next couple of years to 2030. We're anticipating making acquisitions that will add $150 million a year of revenue by 2030. EBITDA margins, we're, you know, that's what we're looking for. But an interesting story was that if you went by a strict guideline of what's the EBITDA performance, we would never have bought RTI because it had none. So why I'm saying that is when we look at our businesses and the opportunities out there, we really take the market intelligence, our relationship with the clients, and what we see in the industry, and that really becomes the formula for whether we want to make an investment or not. Deal size for us, perfect deal size is actually, yeah, $75-$100 million is perfect. It allows us to absorb the culture, to keep the Hunting way with things, and typically, it's just it becomes a nice tuck in to what we're looking for for our business. Again, the focus is on primary number one focus on the subsea marketplace. 2030, just kinda highlighting there. What hasn't changed was what our goals were on the revenue side. What has changed is maybe the mix on where we think that's gonna come from, as I talked earlier about subsea, the subsea revenue increase. Bruce is gonna go into some more details on the financial side, but we have been, I think, very open to saying, how do we get shareholder returns up. As you all know, we've announced increased dividend payments, and we just announced another $20 million on top of the $40 million. We're gonna continue to do the share buyback. I think we're being good holders of the company's business to the investors out there. With that, I'm turning it over to Bruce. Afternoon, everyone. Great to be here. I'm gonna take a few slides just to go through our year-end trading results. These are our provisional results coming through. Again, I'm very happy to report a good, solid performance. We had a record quarter to finish the year, which is always good. We had $35 million in quarter four. We had a record year, record month in terms of December trading as well. That was a combination of really strong trading across all our product lines. We also saw the benefit of the cost reductions we saw in restructures in EMEA and also Titan. We had the guts of $20 million of cost take out there, and that was starting to come through. That helped on the operating margins we saw in the Titan, and also narrowing the losses and a small profit coming through in December as well for EMEA. I think one of the key highlights is the cash. You know, we've been generating a lot of cash. We talked a lot about that in the capital markets day, and the cash generation's been excellent. If you look at that cash figure of $60, the main inflow coming through quarter four was on the working capital. So items such as inventory is 20% down year- on- year. We're seeing a real benefit there as well. Our working capital metrics, we talked about the Capital Markets Day. In terms of free cash flow generation, that's in excess, well, in excess of 60%. That'll be the same for 2025. Our sales to working capital metric is down towards the 35% mark, which is ahead of the target we talked about in Capital Markets Day. So all those components are coming together. Great to see that cash generation. We're consistently generating cash now, and that allows us options to go and do things like share buybacks, extending that to 60 million. You know, we're ending the year with 60 million, and that's after our two acquisitions. It's after the increase in dividends. It's after our treasury shares we buy for our LTIP program. And it's a really strong, you know, a strong platform for us to look at things such as further share returns, capital returns, and also acquisitions for next year. We'll touch on the guidance here. Again, a lot of uncertainty going into 2026, but we're showing good double-digit growth. The guidance there is $145-$155. You know, that's... We've got strong opportunities we'll talk around in subsea. Good solid performance across other product lines as well, and we'll see that benefit of the cost takeout as well play through the year. We wanna walk that EBITDA margin up to 15% and beyond. We're seeing a one-point uplift in 2026. We'll keep working on that on all areas, whether that's on the margin, on cost, to get up towards the 15%. Effective tax rate stabilized now for the various models that are going there, 25%-28%. CapEx, a little bit higher. We've allocated some CapEx for our Asia Pac business and the China facility, and that's allowed that additional CapEx and capacity for KOC three, depending on the size of that award. Free cash flow conversion, again, at 50%. Traditionally, that's been higher over the last two years, but again, showing good cash flow generation over the period. Just got two slides left. This is really the... Just to set the context, and Dane will talk more about this in terms of demand, but we've got, you know, this is Wood Mackenzie in terms of the modeling out the delayed transition. You've got this bottom figure looking at the oil demands between now and 2050. We had this net transition story that Mr. Miliband would be buying into. We don't believe in that, the commentators are now coming around to the fact that we are, this slide is showing that we are gonna have demand of over a 100 million barrels for a long time to come yet. That's gonna play into our strategy in terms of why we've accelerated and pivoted into the offshore and subsea. That's where a lot of these barrels will come from. That's where the long-term projects are. That's just, that's the lower lifting costs. That's got more robustness when it comes to in terms of sensitivity to oil price as well. So that's where we're gonna target, and that's where we believe there's a good, genuine outlook for the industry going forward. Just to finish, in terms of the subsea technology, it's a little bit of a history lesson there in terms of how the subsea has really evolved over the last six years. From 2019, you see revenue over $40 million. This year will finish over $136 million. Good margins, the highest EBITDA margins of the group. You know, we're just under that 20% mark. With the latest acquisitions in terms of FES, of OOR, we're looking to go north of 20% there as well. But really, that is gonna be the engine for our growth. It's gonna be the engine for us achieving those Capital Market Day targets that Jim was talking around for 2030. And, it really is the key, and Dane will talk to this in more detail about the bridge from now till we get to the 2030 targets. Okay, and with that, it's my pleasure in handing this to Dane. Got a brief video that we'll start with. The world needs energy. The world needs oil and gas. The world needs Hunting. Since our Capital Markets Day in 2023, the demand for oil and gas has continued to rise, and the need for Hunting's products and services has continued to grow. The industry has accelerated its investment in offshore and deepwater subsea to deliver the world's energy needs. Hunting's subsea strategy is a core pillar of our 2030 growth plans. We have evolved and enhanced our customer offering with new businesses. In March of last year, we acquired the Organic Oil Recovery technology, and in June 2025, we purchased Flexible Engineered Solutions. These businesses offer strong technology and high-value solutions to clients, enabling Hunting to grow its subsea life-of-field offering even faster. Hunting's subsea offering is now comprised of a collection of robust and complementary business units. Hunting Stafford manufactures hydraulic valves and couplings used with subsea trees. Hunting Spring facility leads the industry through its titanium stress joints and steel joint products. ... These products are increasingly being used on new floating production, storage, and offloading builds. Hunting's Enpro business has grown its presence in the subsea distribution systems area, as well as in hydraulic intervention and decommissioning. UK-based Flexible Engineered Solutions adds critical riser connectors and fluid transfer systems to our ever-growing customer offering. Through Hunting's technology and integrated products and services, we can become a one-stop shop for key equipment. As ultra-deepwater subsea systems and new FPSO builds begin to dominate the oil and gas industry, we'll see our SURF and SDS sales increase. By offering bundled production solutions, we can deepen, develop, and grow our customer relationships. But this is just the beginning. Our ambition and our strategy targets the whole life cycle of a well, from early exploration, drilling, and completions, to subsurface reservoir enhancement, through to well abandonment and decommissioning. Our wider Hunting group portfolio of well intervention, OCTG, and perforating systems deliver solutions to customers through the whole lifecycle of a well. Alongside this, worldwide interest continues to grow in our Organic Oil Recovery technology. This cutting-edge technology provides customers more oil over time at a lower cost. We have the strategy to grow our sales. We have the ambition to grow our business through acquisitions. We are a key technology partner in offshore and subsea. We are Hunting! What a great way to start a presentation, right? It's like walk-out music. Good afternoon. Thank you for taking the time today. Thank you for being willing to invest, not just in this afternoon, but in Hunting's forward plan. My goal is very simple. We've had a couple of fundamental, yet very strategic step changes over the past couple years. Things like we've grown from this Tier 2 sub-component supplier into a life-of-field technology partner. We've added two brand-new acquisitions that we'll give you some exposure to. I hope by the end of today, that you can see within this team the passion and the focus for just building an extraordinary company. I'm Dane Tipton, Managing Director of our Subsea Technologies business. Now, when we take a look at a couple of the macro trends that exist out there today, Bruce put a chart up that showed strong oil and gas demand well out into 2050. This demand is the fuel. That's the fuel driving the subsea market. We couple this with the exploration success that we're seeing out there. You're not gonna be surprised. Guyana, the Black Sea, these are areas where we're seeing a tremendous amount of success, and they're accelerating their development plans. They're pulling 10- to 15-year programs down to five - to eight. Then we couple this with the operator workforce has continued to shrink since COVID. Well, this little business shift has created the EPCI, which is engineering, procurement, construction, installation. That business model, that's always been there, but it has really evolved now, and this specific business chain has created this window of opportunity for our Hunting strategy that will be evident by the end of today. We couple this also with the growing interest in EOR. Now, Chris will talk in more detail later about this, but EOR is enhanced oil recovery, and it's really about increasing the recoverable reserves out of legacy fields. So when you take these strong tailwinds that we're seeing, these advanced, accelerated development plans that exist out there, and the shift in a couple of these different business trends, the alignment and timing with our Hunting strategy couldn't be more perfect. Then we dive in a little deeper to some very specific market drivers. Offshore EPC awards. We're not surprised by that. That's the financial investment into our sector. Now, you can see the pullback in 2025, right? What happened here? The fear of the unknown. That's when we saw tariffs kick in, and it took a little time as an industry for us to get our hands wrapped around what was going on. But as evident by the $14.3 billion landed in Q4, as well as the strong foundation in 20... in 2026, we see that the investment in our sector is strong. It's not going away. It's a great foundation for us. Bottom left-hand corner, you see Subsea Tree awards. This has always been a leading indicator for us, is because the Subsea tree awards really set the tone and the pace for everything in the whole subsea field distribution area. As expected, the pullback in 2025, very similar to the EPC awards, right? We're not shocked by that. But from 2025 to 2026, we're seeing an 82% increase. Look from 2026 out through the rest of the decade. Strong, strong inbound that's already laid out there of work set ahead in this area. Right-hand side of the screen, FPSOs. As Mark presents a little bit later on the FES transaction, you'll see today that a strong part of our technology platform is built around the SURF arena. Now, again, that's subsea, umbilical, risers, and flow lines. So think about the floating facility, the ocean floor, the hardware between the two, that's the sector that I'm talking about. Upper right-hand corner, growth, investment in that area from 2025 to 2030 is 51%. Really, post-COVID, this has been the fastest-growing sector in the offshore arena. Bottom right-hand corner, today, we see 42 FPSOs on order right now. This is a massive opportunity for Hunting. I'll give you a data point. The last three transactions we did in terms of FPSOs down in Guyana, those projects were worth $45-$70 million each. Huge opportunity ahead, with 42 of them in the pipeline. Now, let's talk a little bit about our subsea growth strategy, and I've just picked out three key things here to focus on for you today. But really, I'd like to start back prior to 2019. Victoria and a couple of us were talking upstairs earlier about when we first started chatting probably 10, 12 years ago, and all the way to 2019, we had just three components. Today, we have a global commercial group that sits on top of all five business units, with access to 100 of products and services. We're talking about system-level bundling. What you'll hear me refer to is about a platform of integrated products and services. Then, when it comes to exponential material growth, without a doubt, we have a very active M&A strategy. Our M&A strategy, as you would expect, is focused on expanding in this technology platform, and it's really throughout the entire life of the field. But the glue that holds it all together is the customer alignment. Now, I mentioned in capital markets back in 2023, right? I had mentioned back then that the Tier 1 OEMs were growing into these big EPCI contractors, and we could see a technology gap was forming, and that's exactly what happened. And Hunting is a technology company. We have become that technology partner, right? If you look at our presence that we did in Brazil, we, a couple of years ago, you'll see that we are mirroring that in KL this year. The goal there is just to put ourselves where the customers need us. All right. Again, customer alignment. So our goal is helping EPCIs and end users drive success on these multi-phase projects. Now, that was the goal back in 2023, and that's what you're seeing us actually do today. So the platform we have today, we'll start in the upper left-hand corner, Spring. Their primary product line, titanium stress joints. Now, just for a little clarity, if you have the floating production facility, you have a rigid riser. The titanium stress joint is the very top joint. It's usually anywhere from 25 to 50 feet long, huge piece of titanium that takes all of the bending loads due to the dynamic motions of that facility. So it is the most critical part of that assembly. Below that is just carbon steel. Today, we are the only suppliers in the world, titanium stress joints. We have over 200 installed, zero field failures. The product line, the company, is a huge, huge success. Bottom left-hand corner, the Enpro business unit. Three primary product lines there. The FAM, which stands for Flow Access Module. This is really an access point for the end user. It gives them full life of field flexibility in their subsea distribution. We also have a 10K and 15K hydraulic intervention system, as well on the DECOM services, that's all about pulling oil and gas reserves out of facilities before they can be deconstructed. We shift up to the Stafford business unit. Primary product line, metal seal couplings. All right, the company's been around over 50 years, over two million installations, zero field failures. These are all the connections down on the ocean floor, so when you have your subsea tree, your manifolds tying everything together, that's the connection point right there, then we get to our new toys here on the right-hand side, FES, Flexible Engineered Solutions. Now, Mark will talk a little bit more in detail in the next presentation, but they are the market leader in DBSCs. Now, you're going to be tested on this before we go upstairs, all right, so diverless bend stiffener connectors, so think in terms of you have the floating facility. I talked about the stress joints already, but for all the flexible lines, whether they're flexible risers, umbilicals, electrical lines, the top of all those flexible lines is this DBSC, and that's what they make. They are the number one supplier of that in the world. We shift to our OOR business unit, Organic Oil Recovery. This is a microbial-enhanced oil recovery for both surface and subsea applications. So really, what we're talking about, and Chris is going to give you a lot of great details on this, is this is all about increasing recoverable reserves. And when we do that, we know we're going to be driving positive balance sheet results for the end user. It also allows you to kick the can to the right, and what we're talking about is all of your intervention, P&A, and decommissioning costs on a declining field. You're able to push that into the future. Common thread, you can see right here in the middle, on the bottom, the foundation of intellectual property. Hunting is a technology company. So of all the things I'm going to cover today, there are two main things I really want you to take away, and this slide is the first one. Putting it all together, six years ago, we had three products, these bottom three right here. That's all we had. Look at the incredible portfolio that we have built. It's probably one of the things I'm most proud of, truthfully. You see in the upper left-hand corner, the puzzle pieces? We've taken these five companies, as well as our presence down in Brazil, and soon you'll see KL, and we've linked them all together, integrated them like a puzzle. We've drastically transformed this subsea technologies business. Today, you see a technology platform in fluid handling and marine, a technology platform in SURF, subsea production distribution, our service offering, Organic Oil Recovery, and then with our latest acquisition of FES, we also have an offshore floating wind portfolio. Platform of integrated services in each of these six sectors. We have drastically increased the scope and scale. We've materially increased our revenue and EBITDA, and ultimately, what that's all driven towards is we have increased our share of the wallet, so with this increased scope and scale, as expected, you can see we have a vast installed base across the globe. But what I want to point out here is notice in the lower left-hand corner, you see the business names disappearing, Stafford, Spring, Enpro, FES. They're replaced now with subsea production and distribution, SURF, our intervention and decommissioning offering, right? Fluid handling and marine, Organic Oil Recovery. We are Hunting Subsea Technologies now, and that's the brand. That's exactly because of the integration that we're doing with the customer. Now, as expected, you can see we're in all major deepwater basins, and you'll notice a couple of the basin land hotspots that you see, those are specific to Chris's OOR business. Now, I mentioned earlier our role as a technology partner, and the goal is simple: cross-sell and bundle at all levels of the supply chain. It diversifies our customer portfolio, it reduces our risk, it helps us level out some of the lumpiness that we see with project-based businesses. When we talk about our customers, and I'll just mention a few, on the major side, and y'all aren't gonna be shocked by this, the success that we're having with ExxonMobil down in Guyana, with Shell in the North Sea and Petrobras down outside of Brazil. On the independent side of things, in the Gulf of America, LLOG and Beacon, I mean, we're house accounts for them. We do a lot of work with them, especially on the R&D side also. Prio, down in South America. Tier 1 OEMs, they're all over the map. You've got Baker Hughes, you've got Schlumberger's OneSubsea version, Oceaneering, Aker. We are integrated, and we work consistently with all these companies. And I'm definitely not gonna leave the big boys out, the big EPCIs. And just to mention two of them, I mean, we're completely integrated with them, and it's one of the things that I'm so proud about how we watch our teams work together, Subsea 7 and Technip FMC. Multiple touch points from the initial sale all the way through the life of the field. Now, the second major takeaway that I really want to drive home to you, and I hope sticks, is the next two slides. Now, I showed this slide to you at Capital Markets 2023, and for quick review, the lifetime value opportunity, what we're really talking about here is positioning for more than just the initial sale. Right? We're talking about multiple phases of the project, cross-selling potential. Be that technology partner for the entire life of the field, then just simply duplicate the process. That's all it is. All right? I presented this to you again, CMD 2023, as theory. Now, I'd like to show you a theory in action. Right, now, I know this is a busy slide. Let's focus just on the center part of it, the actual project plot map, and that is of Guyana. Now, you'll notice right in the middle, the Liza project. In 2018, we had a $1.5 million order for hydraulic couplings. Today, we have an incredible portfolio throughout Yellowtail, Uaru, Whiptail, Hammerhead, and we've fired off on Longtail already. Multiple projects, multiple platforms of technology. You'll notice the pictures on the left and right side of the project plot map. Tremendous installed base down in Guyana. We are that technology partner, right? Eliminating risk, driving lessons learned back into the next projects. We've created efficiencies, and then ultimately, what that does is that drives margin growth. An interesting data point, down here in the bottom right-hand corner, those are three of the joints slated to go out for the Yellowtail project. Just to give you a little bit of background on this, one of the big advantages to a titanium stress joint is when it's taken out to the field, it can be wet parked. So it's laid down on the ocean floor. That decouples that installation from the FPSO facility. Big advantage to the titanium stress joint. They don't have to put everything together on one schedule. When the facility shows up, the operator just pulls that titanium stress joint with the riser up and hooks it up. Now, Exxon planned on that taking 12 hours for each of the joints for Yellowtail. Our aftermarket services team, obviously working with them offshore, that entire job for each joint was done in 90 minutes. 90 minutes, first twelve hours. Just on this project alone, that was an operational savings of over $1 million. Huge advantage to titanium stress joint. That sells itself right there. Also, another very unique, little interesting data point is on the end of each of these is assembled what we call a PLR, and that's a pig launcher and receiver and a pulling head. Our new friends at FES, they were the engineering, manufacturing, and designing and installation of all of that, and now you see the integration directly with the customer on it. Now, I'm gonna go back to Liza in the middle. Again, one point five million dollar opportunity. Longtail this year, spanning into next year, I expect that opportunity across all the business units to be between $90 million and $95 million. We have drastically, drastically increased our scope and scale from $1.5 million to $90 million, and that's just the initial phase. Liza is a good example. Last year, Exxon called us. They utilized our 15K intervention system on the Liza field just for some regular maintenance work that had to be done. That's what we call life of field in action. So as you see at the top, the $475 million revenue target. Personally, I feel like that's very conservative for the Guyana area. I really do, you know. But my goal on this slide, what I want you to take away, is that this is theory in action. Now, early on, I talked about the tailwinds driving our market, and it's really evident in our pipeline. And this year alone, 2026, we have 58 active projects that we are pursuing, roughly worth about $300 million. If you look out to 2030, that pipeline is a ten-figure number in our space. So we have an incredible, incredible pipeline in front of us. Strong tailwinds driving the market, strong tender pipeline. I know it will yield excellent results for our subsea technologies business. Now, let's talk about revenue. We closed out 2025 at $138 million. With a full year contribution from OOR and FES, I expect us to land right around $200 million this year. 8% growth. By the time we close out 2028, we should surpass $50 million in EBITDA, and that's just north of 20% margins. So tying it all together, strong tailwinds have given us this growing market and very evident strong pipeline out through 2030. We've transitioned from this Tier 2 component supplier that had just three offerings out there into a platform of integrated products and services. Our core customers, we've seen them grow now into this EPCI business model. There was a technology gap that we filled. We today are that technology partner for these large, multi-phase opportunities, full life of field offering. In the Guyana example, I want to go back to that again one more time. Liza, a $1.5 million opportunity, Longtail, $90-$95 million. We've drastically increased our share of the wallet. The theory presented at CMD, I hope you see now this is action with material results. We actually did what we said we were gonna do. And with that, I'd just like to say I've thoroughly enjoyed this opportunity. I couldn't be more proud about what we're building and what it's grown from over the last couple of years. I hope you do see the passion that we have about building something special. And with that, I'm gonna turn it over to Mark Stokes. He is the GM of our latest acquisition, FES, and he'll kick it off with a new video. Right. Let's get the VT rolling. Flexible Engineered Solutions is a specialist in fluid transfer solutions for the global energy sector. Their portfolio focuses on mission-critical technology used in floating production storage and offloading vessels and in complex subsea distribution systems. These highly engineered products are produced by an expert technical team. They ensure safe and efficient fluid flow, even in the toughest of environments. Flexible Engineered Solutions has a strong and established customer base across international offshore markets. Flexible Engineered Solutions' proprietary technology perfectly complements Hunting's existing subsea and FPSO product lines, enabling operators to benefit from a complete subsea package. For decades, Flexible Engineered Solutions has pushed the boundaries of subsea engineering. Now, as part of the Hunting family, together, we're shaping its future. Good afternoon, ladies and gentlemen. I must say it's a real pleasure to be able to stand here today and speak to you all, and I just want to thank you for taking the time out of your busy agendas to be here. You've heard Dane talk about Hunting Subsea's technologies, strategy, and growth plans to 2030. What I want to do now is give you a bit of an insight into Hunting's latest acquisition, which is Flexible Engineered Solutions, or FES for short. With over 40 years of combined experience, FES, based in the North East England, not Aberdeen, as some people think, we've been there and supplied a lot of products. What I would say is we are the preferred supplier of choice to a lot of customers in the subsea arena. We really do have a first-class reputation, and you're going to hear me say this a lot this afternoon, for solving clients' problems. That's what we're all about. I think the other thing I want to really say is it's very much an exciting time for FES because combining Hunting Subsea Technologies with FES's capabilities really does create a business that is going to meet the industry trends as we move forward. I think what's evident from the start is we've got a complementary set of products and a crossover in clients as well, which really does allow us to simplify the supply chain interactions for our customers and also expand our market share as we move forward. We have a very low-cost business model, with really low levels of inventory and really strong cash conversion, and that is funded by our customers through agreed payment milestones at the start of the project, throughout the life cycle of the project. To give you some recent examples of where we've supplied products, you may have heard some of these names. We've supplied equipment into the Agogo Field in West Africa for Azule Energy, also for the Scarborough project for Woodside off Western Australia, and also in Guyana as well. Yes, we're there as well, supplying equipment on Yellowtail for Exxon. We have a really high-skilled workforce of only 50 FTEs with the latest design tools and test equipment. The test equipment really is state-of-the-art because what we do is we put the equipment through its paces to simulate the offshore loads before we deliver it to the customer, and that gives the customer the confidence that the equipment's going to be able to meet its requirements when it's deployed in the field. We draw on the North East's industrial heritage and the established supply chain channels that exist in the North East of England to allow us to run that business. The future expansion is also possible now that we're part of Hunting, if we decide to increase our capabilities with available land on the existing site of about five or six acres. We have three divisions within FES, offering a broad range of products. I would say we very much are the one-stop shop for subsea fluid transfer equipment, whether that be disconnectable turrets, marine breakaway couplings, in-line swivels, hot stab receptacles, or diverless bend stiffener connectors. We've got it all. The analogy I would use is, I would say we're a subsea engineer sweet shop. When you open the door to us, people are blown away by the products and the complexity of the equipment that we're able to deliver. We have really strong in-house design capabilities, and that's where I come back to the point I made before about solving client problems. We can design any of these equipments to the very stringent client specifications and design requirements, but we also, on occasion, take on bespoke design requirements that our customers come to us with. For example, we're working on a new breakaway coupling at the moment, just off the back of an inquiry from a customer, and it doesn't require a lot when you've got your own in-house capability to be able to do that in terms of investment. I think for me, the customers come to FES because of our flexibility, our responsiveness, and our willingness to solve their problems with a can-do attitude. We've got significant market presence because of the product offering, and we have created quite really quite high inherent barriers to entry for some of the products, and Dane's already mentioned the DBSC. Do I want to test anybody for what it stands for? Can you remember? No. It's a Diverless Bend Stiffener Connector, right? That is a patented design. We are the world's number one supplier of that equipment. We've deployed over 700 of these units globally without any in-field failures. And very similar to the TSJ, the reason they're so popular is it reduces the cycle time for installation. Before this technology was available, it used to take an operator probably about 12 hours to make a subsea connection at the FPSO. With this technology, DBSC, we can do it in about 10 minutes. It's a huge advantage offshore. The other thing I want to say on that equipment is we're actually starting to see that that design is getting written into client specifications as well, which is a fantastic place to be when you open the client spec, and you can see the drawings and the concepts are based around the FES design. So here we see how the... It's a similar graphic to Dane's, but here you can see how the FES equipment offering fits into the subsea arena from seabed to surface. I think the integration of the FES products with the Hunting portfolio will really simplify the interfaces for the clients during project execution, so during the procurement phase, installation, operation, maintenance. Increased connectivity of the equipment allows a platform of integrated services, as Dane's already alluded to this afternoon. It's a true full value stream that we see. Now, FES has been around for quite a long time, and we've created some fantastic relationships with our customers. Some of them you can see on the screen in the circle there. And some of these relationships have been in place for over 20 years. And I would say it's not a typical client-vendor relationship. It's more of a partnering and a collaboration. That's the reason why FES has been so successful in the past. I think with the strong market fundamentals that we've spoken about this afternoon, and now that we're part of Hunting Subsea Technologies, I really do see that FES is positioned better than ever before to be able to serve our customers' demands. Through an expanded product offering, we're increasing the vendor touch points that we have with our clients, while we simplify the supply chain and the contracting arrangements on projects for our customers. The other exciting spin-off on this is combining the expertise of FES and Hunting Subsea Technologies will probably allow us to start to develop new disruptive technology in the marketplace. Who knows what's down the pipeline? But I'm sure with the combined minds of the two organizations, as we integrate more and more, we're gonna come up with some disruptive technology. In Dane's earlier presentation, he spoke about the Yellowtail TSJs or titanium stress joints for Guyana. Well, in this slide here, and the image that you can see, this is another example of Hunting technologies and some FES equipment coming together. What you've got there is offshore Brazil, in the Bacalhau Field, in two and a half thousand meters water depth, with a titanium stress joint, an FES-supplied pig launcher and receiver with a handling head. And this is what we're talking about when we talk about integrating the products. I think the FES acquisition will definitely accelerate the strategic bundling, as we increase the touch points between our customers and all of our equipment offerings through the full cycle. I think it's gonna allow customer pain points to be resolved all under one roof, and that's Hunting's roof. The company was to solve the problems for us. By packaging an integrated service, what am I talking about? I'm talking about turnkey equipment, all from under one roof. The operational efficiencies that brings with the after-sales support, the maintenance, and the warranties that all come together under one bundled package. I think this really does represent a true platform of integrated services as we move forward. I think the confidence of FES to support Hunting Subsea Technologies growth is exemplified by our track record. Here on the screen, you can see a perfect example of that. FES were the world's first supplier of what's called a diverless unified support tube, or a TSUDL. When this contract was awarded on P-82, the design was only a conceptual mid-scale design, and we took FES's expertise and turned this into a working solution. I'm pleased to say that on the P-80 contract, which was in excess of $20 million for FES, this particular contract, we were able to supply 15 of these TSUDL units. In the images on the bottom of this slide, you can see the size of the units, the scale of the FES operation, and also on the right-hand picture, that's the actual TSUDL units installed. The beauty about this design is it allows steel catenaries and flexibles to be pulled through in the same connector. I'm also gonna briefly touch on the fact that FES is at the forefront of the floating offshore wind market as well. We've had some recent success in this field by supplying some pilot projects in the South of France on the Gruissan field and the PGL, or the Provence Grand Large projects. And what we've done is we've taken our existing DBSC technology, simplified the design, taken cost out, ready to access this market. So we haven't had to do any R&D, we haven't had to spend any CapEx, we're just ready to position ourselves in that market. And most recently, on the Culzean field, which is operated predominantly by Total, they took the decision to install a floating offshore wind turbine to provide the electrical power to the platform. The interesting story there is, the original Culzean platform was installed with FES connectors some years ago, and we've now provided a connector with the new technology on the floating offshore wind turbine to connect the power. The other thing here is we're actively engaged with a lot of the cable manufacturers globally. As an example, we're actually talking to Prysmian at the moment on the Green Volt project, where we expect that if this goes live, this field will probably demand 100-plus connectors, just for one project in one field. Integration. I've already had a couple of questions this afternoon on the integration. What I will say is we're on plan, and it's going really well. I must say that. I think that's predominantly down to the fantastic engagements between to two companies. For me, the cultural alignment between the two organizations was evident from the start, and I really think that this integration set to turbocharge FES as we move forward. So what am I talking about there? I'm really talking about the established supply chain channels that Hunting has, the economies of scale that we'll get from that, the enhanced branding credibility that that is in the industry. You know, Hunting is more widely known than FES. Leveraging the larger sales team with their global reach. In fact, we're already talking as a combined team to Technip and Subsea 7 in Guyana about bundling a package. Where do I start with that? So titanium stress joints, Diverless Bend Stiffener Connectors, pig launchers and receivers, hot stabs and receptacles, suction pile vent hatches. The list goes on, and this is what we're talking about when we're trying to combine that solution. The other thing, simpler things, not always quite simple when you execute it, though, but is an ERP implementation. A lot of what we do today at FES is on a spreadsheet, very 1990s, 1980s. The introduction of Hunting, bringing in an ERP system, is going to allow us to improve the efficiencies of our day-to-day operations. We get the financial stability from Hunting and also the opportunity, as I've already mentioned, to develop new disruptive technologies by bringing the combined horsepower of the two businesses together. In summary, the key takeaways: with FES as part of Hunting Subsea Technologies, we offer a broader product range to the SURF and STS markets. We know we will create a simplified supply chain for our clients, providing efficient vendor dialogues and building higher value relationships, making the interfaces easier for our clients when they execute these multimillion-pound projects. There's also the opportunity to tap into the non-oil and gas revenues of floating offshore wind for the wider Hunting group, as floating offshore wind continues to develop, and all of this is supported by the backdrop of both the oil and gas and renewables markets. That's all I've got to say today. I just want to take the opportunity to say thank you for listening, and with that, I'm going to hand you over to Chris Venske, the OOR Product Leader. Thanks, Chris. Right. Good afternoon. My favorite thing to talk about is Organic Oil Recovery. I wouldn't stop if you let me, so naturally, it's a pleasure to be here today to speak to you all. You've already heard from Jim, Bruce, and Dane about the direction the group is taking and the strategy involved in achieving it. Now, I intend to explain to you how Organic Oil Recovery is shaping up to be a material part of this growth story. It is true that we've had access to the technology since twenty eighteen through a partnership agreement in the Eastern Hemisphere. But along that journey, it became evident that we needed to own the IP, to invest in the underlying technology, and to access Hunting's regional capabilities. Now, I intend to also explain to you how we're going to accelerate the growth of this product line to reach our targets of $100 million per annum by 2030. I'd like to start with a simple picture, one I'm sure you all will be very familiar with, the life cycle and the value cycle of a conventional oil field. Right, we start off with primary production. We drill wells, and the pressure of the reservoir does the work for you in producing the fluids to surface. When pressure depletes, you need to move on to something called secondary recovery, which primarily involves water flooding and artificial lift to improve pressure in the reservoir and get fluids flowing through the rock, and once that's depleted and the water cuts get too high, operators look to tertiary recovery. Now, this is what most people mean by enhanced oil recovery, but it includes methods like chemical EOR, which is like polymer, surfactant, alkali injection, right? Thermal methods, which include steam and hot water flooding and gas injection, which we reinject gas to improve the pressure in the reservoir to then produce further fluids. Now, these methods are powerful, and they work, but they're expensive. They're very capital intensive, especially up front for modifications and changes to topsides, and also they demand a very large volume of product. Now, OOR sits differently. We can get the same response in tertiary recovery, the same response as any other traditional EOR technologies at a fraction of the cost, and at a fraction of the cost using what's already existing in the reservoir, right? So, already existing on the platform, so the already working water injection systems. Now, zooming out to the macro context, you can see the numbers that are being involved in terms of the investment in this, in this area, right? Now, these numbers don't relate to the exact value pool that we can access. This is the wider EOR ecosystem, so the investment in changes to the topsides, infrastructure, engineering design, logistics, and also the product themselves. But it gives you an understanding of the amount of money going into this space, and that's because of two structural forces, right? Number one, operators are increasingly keen to make use of what they already have, improve recovery from assets they already own, rather than go and look for expensive greenfield opportunities. Number two, as time passes, these reservoirs age, right? Production goes down, water cuts go up, so the spend to get more recovery from these fields needs to go up. I'm going to use. For scale, I'm going to use the average oil field size. This is an average offshore field size of about 350 million barrels of oil originally in place, right? Now, Organic Oil Recovery can get about 10%-15% incremental recovery on top of what they would normally get, which translates to a field that size of around 30-50 million barrels of incremental recovery. For the customer, that means an incremental value of about $3 billion. And importantly, along with increasing production and increasing ultimate recovery, we also extend the field life, right? Like Dane said, we're kicking the can down the road. Decommissioning spend can be delayed, and they can spend money where they get high returns in the meantime. So the technology. At its heart, Organic Oil Recovery is a biotechnology. We utilize microbes that already exist in the reservoir, right? So it's important distinction. We don't inject anything foreign, so we use only what's there. We inject biodegradable, specifically tailored nutrients to activate a process that's actually already happening in the reservoir. Okay? The problem is that this process takes 1,000 of years, okay? We don't have that long. So the IP revolves around speeding up that process that may take 2,000 years into seven days. When we activate this process, the specific gene that we're looking for in certain species of microbes that exist in the reservoir, they change their morphology, they move out of the water into the oil-water interface, and they break up those big oil droplets that are ordinarily trapped to much smaller droplets, which naturally increases the mobility and the flow through the reservoir, which now you can recover oil that would otherwise have been trapped forever, right? And that's where the incremental recovery comes from. For customers, the value is obvious, right? Lower water cut. It means for the same energy that you would normally use to produce, you're producing more oil, less water, better ultimate recovery, reduced H2S, and the most important one, improved economic return using the assets that they currently own. So nothing needs to change. Increase their ultimate recovery using what they already have. Now, the implementation of enhanced oil recovery typically comes with two main barriers, right? Number one is the upfront capital expenditure. Is it gonna cost more than I'm actually going to make, or the volume of product injected? Now, the CapEx barrier usually involves changing topside infrastructure, adding new space, adding storage, pumps, compression units, and the volume barrier is fairly obvious operating burden, right? If you have a platform that was designed in the field development phase to not have EOR or not have tertiary recovery, you're gonna find it very difficult to find space for 500 million kilograms of product that needs to be injected every year, right? So OOR avoids both of these. We inject in batch treatments, so that means that each injection lasts about two to three hours, up to two days for very big injections, and we use orders of magnitude less volume, right? So through those batch treatments, it means that there's no permanent installation changes that needs to happen, no permanent storage, no permanent injection facilities required. And these barriers matter, especially on platforms that are marginal, so small offshore platforms, FPSOs, and subsea tiebacks. For customers, that means lower CapEx, right? And lower, and lower operating, and operating simplicity. And for Hunting, it means a scalable delivery system that will be underpinned, and you'll see in, in the next few slides, and it's a scalable recurring revenue model. So the challenge is not whether more oil exists in these oil fields, right? The challenge is: Can you access this oil that you wouldn't ordinarily get to without adding new steel, adding new space, or complicated logistics? As you can see here, this is a real-world result, right? It's a combination of two oil fields, just for anonymity. It's one field in the North Sea and one field in Oman. This is the average baseline decline, and these dotted lines, vertical, are where we injected nutrients into the reservoir, right? So the OOR treatment begins there. You see a sharp increase in production and then a stabilization from about 2024 onwards. Now, stabilization is 75% above the baseline decline. Now, this directly translates into a higher net present value for the customer. Extended field life, right? So that extra three-10 years. If you're producing profitably, you can continue to do so as long as these injections are continued in a regular manner. So this isn't a commercial decision. The science is what defines how often we inject. It is usually three to four times per year. What that means for our customers is consistent increased production, improved free cash flow, extended field life, and for us, and for Hunting, it signifies consistent recurring revenue over the field life, right? And one important thing to note is if we're extending field life and we've seen an increase in this production, to maintain that increase in production, you need to continue using the technology, right? If you stop using the technology, those ecologies just go back to where they were before, and it'll fall back to that baseline, right? So to increase... to co-maintain that free cash flow for the customer, they need to continue to use it, and that helps with that scalable recurring revenue model. Another key benefit that this technology delivers, and something that our customers care very deeply about, is H2S, right? So the majority of H2S offshore, especially for mature fields, is generated by microbes, right? Sulfate-reducing bacteria that exist in the reservoir, and this often takes the shape of an exponential increase over time. Now, H2S, if it's too high in reservoirs, it starts chewing up their wells, right? Topsides and wells. It's an extremely poisonous gas. It's unsafe if there are any leaks on the surface. Now, with Organic Oil Recovery, it isn't a different technology. By using the technology to increase oil production, you're naturally gonna be reducing H2S as a side benefit, right? Now, that's good, obviously, for safety. It's good for the longevity of the field and asset integrity, but also, customers cannot export oil gas with H2S in it, right? They can't hit the refineries with any H2S. So they spend a lot of money on chemical intervention or chemical mitigation through H2S scavengers to reduce that down, so they can export it. Now, that's so... Not only are we increasing production, but we're also saving customers significant amounts of money on chemical mitigation spends. Now, I've spoken about the benefits and how it's implemented, but I'd like to reiterate that our main advantage against traditional EOR is twofold, really. Number one is it's very low risk to prove the concept. To validate a reservoir, it's very low risk and fairly quick. Once it's validated, the real key and the real driver for us is that once we move to the full field application, it's on-demand scalability. You don't have to wait for any engineering, for any manufacturing, any changes, any topside modifications. If the reservoir is working and it's ready to go, we can scale within weeks. Now, the typical application of EOR occurs in two phases, right? The first phase is proving it, so validating the reservoir, right? We first take a sample. Well, no, first we do the field screening. So initially, what we're looking for is whether the reservoir is likely to have the microbes that we need for this function to happen, right? For this change in morphology to be performed. If we're happy with it, and likely the reservoir does have the microbes that we need, we then move to a sample. We take a sample of the reservoir fluid, we do the analysis in our laboratory to understand, first of all, yes, the microbes exist, and they undergo that morphological change at reservoir conditions. From there, we move on to pilot testing and targeted waterflood implementation, which is to—we, at this point, inject nutrient into the producer or an injector to prove that the response that we're getting in the lab is also happening in the field, and to prove the economics for the customer. From there, we scale into full field application. What we're looking to do there is access as much of the volume of the reservoir as possible, right? We're injecting into injectors to get it into as much of the reservoir as possible to increase ultimate recovery as much as we can over time. Now, again, to put some scale and back to that average oil field example, the average oil field, around 350 million barrels of oil originally in place, would attract the revenue for Organic Oil Recovery of around $20-$25 million per annum, right? And again, extending that field life, if they want to continue increasing production, they need to continue using the technology, right? Year after year, as we add fields and move into that full field application, revenue begins to compound, right? We're using technology. In some cases, we can extend field life for 10 years. That means we're getting $20-$25 million every year for 10 years plus. As we add fields, that compounds. The next slide is really to give you an understanding of our reach right now, right? Each of these dots represents a singular reservoir that we're working on that is in the proof of concept stage. That means from sample, not from screening, from sampling to proving the economics and doing injections, right? It's important to understand we're across the whole operating basin across the world here. We're in every oil-producing continent and working with a wide variety of customers. Since the acquisition, we've seen some significant improvement in adoption in regions like the U.S. and Brazil, and that's a direct reflection of moving in under the Subsea banner. So we've had access to customers that they have had access to for a long time, but now with those relationships and that strong commercial delivery over the last few years or last decade or so, we have access to that market now. We have trust in the technology, trust in the company, which has been shown. It's paid dividends already in the Brazil work we've been doing. We've picked up eleven reservoirs in Brazil and sixteen reservoirs in California and a few in Texas within just the last nine months. Another example I'd like to give is how we're speeding up application of the technology is just yesterday, we actually had our first injection in the USA since we've purchased the technology, right? And we had our first conversation with this customer less than six months ago, right? So we're talking previously a few years to get going. We're now within six months, proving the economics in the field with a customer due to the investment we've done in the lab and increasing our sales cycle time or improving our sales cycle time using the relationships that we have through Subsea. One last thing I'd like to say here is that and what we want to take away from this is that this just isn't reach, isn't breadth of adoption across the world. Each of these dots and what we have here is a strong conversion funnel, which underpins our confidence in the recurring scaling revenue over the next few years. Since the acquisition, my main focus and our main focus has been removing friction in the sales cycle, right? We're doing that through three main things: people, platform, and pace. So we've hired key strategic hires in North America, South America, to accelerate that commercial execution, while we've also significantly strengthened our knowledge base and our talent pool in the scientific, underlying scientific, part of the business in our prime laboratory in California. Platform. We've also invested significantly into our technology. So we've brought critical capability in-house into our primary laboratory, right? Which is speeding up analysis times and getting us to market, and getting us to that proof of concept and improving the economics, the pilot testing quicker. And that's what we've already done. What's next, and what I think truly is the most important part of this, is pace. While we've invested in in-house metagenomic analysis, which is DNA analysis, DNA and RNA analysis, this is really the, the part of the,... The analysis in the lab that tells us whether, and validates whether the reservoir actually has the microbes we need. Currently, and previously, before prior to the acquisition, we were about four to five months on average to validate a reservoir. Bringing this technology in-house, right, will give us an answer within a week. So we have answers for our customers. We can start planning logistics, start planning what the next steps are through proving the economics and injection, and fulfill applications much quicker. In parallel, we're also expanding our blending capabilities, right? We're bringing the nutrient blending closer to where it's needed, right? In Brazil, Canada, North America, and Asia as well, Southeast Asia. This obviously reduces logistics times and gets us into our customers' operations quicker. And on top of that, we're also adding regional laboratory capability. So again, similar to the blending, if we have analysis closer to where the samples are being taken, we can get answers to our customers quicker, get answers to our scientists quicker, and get things moving through that sales cycle much faster. So in summary, and one thing I'd like all of you to take away today is that we didn't buy a science project, right? We bought a scalable platform, right? There's strong potential for scalable recurring revenue. I have been personally involved in the origination and execution of every project we've had for Organic Oil Recovery since it's come into Hunting. I've seen our customers delight when we've increased production from anywhere from 20%, which is still good, but up to over 1,000%. I've seen the material benefits this has on their balance sheets, and the excitement, the true excitement they have once it starts working: How can we expand this? How can we use this in all of our portfolio, across geographies, and also across different reservoir types? However, along that road, when we were proving the technology, yes, it works, it became evident that if we wanted to scale this, truly scale this, get it into the right regions around the world, get it into the Hunting network, we would need to purchase the IP, right? So we did. And it's for that reason, and everything I've spoken about today, that we are confident in our goals that we've set for the scaling of this technology. I think it'll become apparent to you over the next few years through 2027 in the strong news flow that is, that will be put out. And with that, I'd like to say thank you very much for your time, and then hand over to Jim to wrap up. Thank you very much. Thanks, Chris. Okay, so I hope you all enjoyed that. You're all experts now on much of our product lines and all that we have to offer, and I hope, like I said, I hope you walk away from this seeing that the scale of what we have added over the last couple of years has really transformed Hunting's place in the market, the oilfield service market. The other thing that I always highlight, and it's just because my, I guess, my history, but when you looked at one of the things about that last video was comments about working with Hunting, and I think every product line we have, I will bet my reputation, everything on the fact that all things being equal, people would rather buy from Hunting. We have great people. We go the extra mile service-wise, and we're out there, again, solving problems. So the summary today, again, we see lots of upside from a ring-the-cash-register point of view on our subsea product line. It allows us to touch so many parts within the life cycle of those oil and gas fields out there, and we're gonna continue to look for more M&A to even add on to that. We like the margin profile. We wanna get paid for what we're doing. We don't wanna make dumb iron. We don't wanna be in commodity businesses. And what you saw today elevates us as far as our margin profile goes in our sector. Again, we specialize on patented technology, solving customers' problems, and I think we have a blue-chip customer base that recognizes the talent and the technology of our organization. So with that, I am ready for question and answers, if you have any more. Again, you've got experts here. Good job, guys. Appreciate it. But any questions, feel free to ask. Mick, I knew you'd be first. Go ahead. Almost go for a drink. Absolutely. Yep, I think you're burning time up. Yeah, I'll be quick. Couple of questions, if I may. First to Chris. So I think you mentioned a riser balcony. There was a picture of Brazil there with 15 of your tubes on. Obviously, the trend has been to go less risers connected to the FPSO, and if we go back to West Africa, we'll probably go to riser towers and only one connected. So are there regional differences, and is that trend continuing with fewer risers? I remember going to Keppel and there being 40 risers coming up, and now we're at 15. So what's that trend? As a first question. Yeah. So, Brazil's is unique. The Petrobras love flexibles and umbilicals, so that is very much their model. So they build large FPSOs and build all the infrastructure on the seabed and then bring everything up to the FPSO with multiple numbers of risers and umbilicals. So that's what you see in Brazil. In the other parts of the world, it's down to the individual operator when they do their assessments of the field, what they think is the right way to install the technology to be able to extract the oil from the seabed. So, you know, if you look at people like Baker Hughes, Technip, and NOV, who are manufacturing flexibles, if you look at their workload at the moment, those three or four factories globally are full for the next twenty-four to thirty-six months. So that tells me that they're still working that way and that they will continue to do that, 'cause they're still looking for new technology in that arena as well, with composites, heated flow lines, all of that kind of stuff. ... Okay, and if it goes to hybrid risers that Petrobras are talking about, which are lighter, does that mean less spec for you on the joint? I used to work for Strohm in the Netherlands as a TCP manufacturer, and it's a different product for a different purpose. They've been working on the hybrid riser for a long time. Technip have tried, have failed. Baker Hughes have tried and failed. I think Strohm will probably get there, but again, our technology interfaces with that technology. I'm waiting to pick up the phone and speak to my ex-colleagues at Strohm once they qualify that product, because the opportunities are exactly the same. If I may, a question for Chris. You can add 10%-15% to a field and make somebody $25 million a year. What's your share, and why is it not very big? You know, that $20 million-$25 million was the Hunting share, right? That's the, that's the revenue to Hunting. The, the revenue to customer is just whatever those incremental barrels or times whatever they, they're selling the oil for. But, no, it is, but scale is where we're moving towards, and that's what we need to continue that compounding effect, right? So that's where we're getting to. I'm pretty happy with where we've come from and where we are now, since the acquisition just in nine months. The, the reason I suppose it's not kicked on is that we didn't really know what we didn't know, right? So we needed to... to understand how we need to scale, we need to understand the IP. But no, without understanding the IP, we didn't know how to scale, so little chicken and egg, but now that we have purchased the IP, we know how to scale. We're setting up fairly well, and we're accelerating, as you saw, through Western Hemisphere. So very confident. You know what, Mick, I think it hasn't aligned the same story with RTI. You know, we bought RTI, showed you had no EBITDA, basically had no business and was shut down. So the titanium stress joints we sell today, let's just say they are very significantly higher priced than the first ones went out the door. I think we're in very early days in OOR. We need to get more, you know, more of these projects off from the first phase into the second and get that going. And it's a matter then right now you're competing against, so they want to do more water injection. Do they want, you know, traditional things. I think the big benefit that maybe we don't talk about enough with OOR is the fact that by themselves, it was difficult to get an audience to go into an oil company. I think they go in now with Hunting's name, doors open up and people say, "This is a... This isn't like black magic or something. This is a real deal." So I get where you're coming from. We're watching the margin profile closely, and it should accelerate with success. Thanks very much. If we can continue on OOR. You know, there's lots of dots on the map that you showed us, and then you show us how the revenue build to the 2030 target. What are you seeing as the rate of adoption so far? How, you know, how successful... You know, what's the chance of success on the pilot tests? And is there any further CapEx that's required in order to have that volume increase as the rate of adoption increases? Yeah, so the rate of adoption certainly has increased since the acquisition, right? We're picking up new customers on a monthly basis, I would say. As news goes through in different regions, customers talk, as you can, as you saw in the video, it's a lot of recommendation. The chance of success through that proof of concept stage, as we get to the targeted waterflood implementation, at that point is well over 98% that it's going to work, right? The fact is, that it doesn't always work on certain field developments, and when you move back into the pilot test, that drops down to 75%. But remember that two-year proof of concept timeline, right? That's for us. That's the timeline it takes us to go from the screening to proving the economics. That's excluding travel time in between injectors and producers, which could be two and a half kilometers away. That in itself could be two years' worth of travel and also contracting and things like that. So, we're at the cusp of a lot of projects. And, as I said, we should see some good news flow through 2027. Then to maybe Bruce on the CapEx side, and as the sort of, I guess, looking at the cumulative effect of additional customers and additional fields, what additional CapEx is required? Can you remind us what you've spent? Very little. The scalability is very good. You know, we've done some work on the lab in California. We'll do some work on the lab in Dubai, but you're talking a few 100,000 dollars. So scalability, a lot of this is subbed out to the blender. We've got the labs now, you know, some microscopes. It's not big capital equipment. It's a matter of small few 100,00 dollars to get that global reach, really, and that's part of the attraction. Thank you. Thank you. Maybe a question, Dane, for you. When we talk about the $230 million of revenue guidance for 2018, how much of that do you have line of sight on today? So either in the backlog or in that pipeline of sort of the $300 million dollars. In our backlog today, it stretches out to the beginning of 2028. But as far as the pipeline, we've got a very good snapshot and vision of what's out there. I would say really even, I mean, as you start to get out to 2029 and 2030, on the SURF side of things, because these projects are planned so far in advance, the line of sight of them is strong. ... And maybe, Bruce, one for you as well. When we look at the margins then, so 18%-22%, sort of quite a big, sort of wide range there. But when we look back historically, Subsea did sort of 20% plus in 2024. You then added on FES, which is margin accretive. OOR continues to build. I mean, there's talks of maybe 50%, and you're getting more scale through the Subsea business just as the volumes pick up. So is it conservative to say that 20% is sort of- Yeah, it's on the conservative side. Yeah, it is on the conservative side with the additions of the acquisitions, with OOR coming through with that level of margins. So that blended margin, we hope will be higher, and that's going to help us in terms of reaching those 2030 targets. So yeah, it's on the conservative side. Thank you. Hi. Can I ask a question for Mark? You presented the business as a sweet shop, but everyone who owns a sweet shop knows that they only sell a small number of sweets, really, and there's a lot of other things that look lovely, but no one really buys them and then you've gone on and talked about DBSCs, which I might remember what it stands for, and another product line. Can you give me a sort of slightly better? Is that where the business is right now, and there's a whole load of other sweets that you might sell one day, or sort of what's the... or are you an engineering shop? We have a really good product mix at the moment, and it's not just all about the DBSCs. Yes, the DBSC is probably the number one product, I would say. But things like in-line swivels, marine breakaway couplings, all the hot stabs and the receptacles, suction pile vent hatches. You know, if I look at the active projects today, we're supplying to a range of different customers, all of those products. So they're on the bench in terms of the design tools. Our engineering team and our technicians can turn their hands to any of that equipment at any time because they're multi-skilled. So if a client comes in and asks for an in-line swivel, which we haven't supplied in 12 months, it's not a problem. We know how to do it, and we build off of that because the engineering know-how of our design team, like I said in the presentation, we very often take on board a problem that nobody else can solve and take our expertise and try and solve it for the clients. Even if it just be a small problem, which is causing them a big problem offshore, the value of that relationship further down the line creates opportunities for us. Thank you. To pick up on Jim's point about sales. Is one of the attractions of Hunting for FES just that reach that you've had, that you haven't been able to have, and sort of what you know? Is that a sales force that you really just kind of haven't had or it's been pretty limited? Yeah. Yeah, absolutely. I mean, FES had a great reputation, but it was really, I'm not saying this in a bad way, but it was waiting for the phone to ring, right? So now with what Dane's doing, the leadership of the team, going out there, bundling opportunities, knocking on doors, using offices, opening up in KL, in Brazil, in Houston, Texas, it's just going to enhance that business a lot more. This, the whole thing with the FES, my eyes lit up because I wanted to be able to play on every FPSO that's coming down the track. You've talked about 42 of them. I mean, in theory, it's not unreasonable to think that every one of those is a $100 million revenue opportunity. Certain operators are not going to use titanium risers, right? They're going to use flexibles, they're going to use other things. This is where FES allows us to be in all of those opportunities. Thank you. Yeah, thanks very much. Just some technical questions on the OOR, so forgive me if I've misunderstood. But just in terms of the so on the sampling, you said basically you take the sample from the reservoir, you then prove that the microbes that would allow you to use that O- that OOR technology. So what's the chance then, the variance in terms of the fields that you do? Is it luck in terms of the fields that would have that microbes, or is it in terms of proceeding through to being able to deploy OOR, is that pretty? What, what's the kind of probabilities based on the resource? And I guess the second thing is just on the use case, obviously, to your point, you know, that you save because you don't need to do the expensive topside modification for chemical recovery or for gas injection. Is there substitutability? So could an operator move from doing that to OOR if you've committed to chemical, is it very difficult then to go and use OOR? What's the kind of substitutability to that? And then, sorry, a final one on OOR. For recovery rates, on the video, there was the anecdotal evidence in terms of the recovery for OIP. Do you have any more data points I could just benchmark in terms of how it compares to chemical or gas or thermal, and what the actual demonstrated recovery rates are for that? Yeah, on the last question first, we do have a significant amount of SPE papers that we're writing, technical papers that we can forward to you. The fact is that we haven't reached the end of any of these projects. It's still early days, so any deduction we make now will just be inference, right? But we do have some of those numbers that are public through those papers. In terms of how easy it is to add OOR to an existing system, that's fairly simple, right? If you've got a system that can inject a chemical, you have a system that can use OOR. OOR, the actual application in a field is quite simply as easy as injecting water, right? The same consistency broadly as water. We just need any pump that can displace water. Right. Sorry, can you repeat that first, the first question? Yeah. Sorry, just on the sampling and the probability that it has the microbes to, That isn't luck, right? So we have a very defined criteria, and that's based mostly on temperature and salinity, right? Our base is fairly high, so we need anything below a 121 degrees Celsius, which pretty much puts every oil field that uses water injection into play, right? Then salinity, it's also very high, two hundred and forty thousand ppm. There's a handful of oil fields in the Middle East that are fairly salty, right? Their water, their aquifer water is really salty and might not have the microbes we need. So that's the temperature and salinity are the two things we're looking for, right? Microbes can't exist in things that are boiling and too hot or too salty. So, that... What we've found is the vast majority of oil fields in all the basins that we've been working in, that fall into that criteria, have to some level the microbes that we require. From there, it's really how good are they and how good is the quality and abundance of these microbes in comparison to the others that are in the field. But the operating envelope is huge, right? There's very, very few of the 100 of oil fields we've screened so far that wouldn't be applicable to Organic Oil Recovery, and we screen that out pretty early, right, so we're not going down a path that's unlikely. Yeah, one more question, and then, like I said, we're around for others, so we can go ahead and start. Anybody have anything else they want to ask? Okay, thanks for all your time. I'm glad you're all here today. So, it's been a pleasure being in front of you. Again, we thank you for your support, and, keep writing those good analyst papers, right? So buy, buy, buy and raise the share price up. So that's all I got to say. Thanks.