Great. Welcome, everyone. Just about to start. Perfect. Right. Good afternoon, everyone. I'm Simon McGough, the President of Investor Relations here at Wood. I'd like to start by thanking everyone who's joined us in the room here today at London for our Capital Markets Day. I'd also like to welcome everyone attending virtually online today. We'll start with our usual disclaimer slide, that's printed in your packs. It's also available online. We'll move on. Before passing to our executive leadership team, who will present to you today, I'll start quickly by outlining the agenda for us. First up, Ken Gilmartin, our CEO, will talk about the new chapter for Wood and outline our strategy. Jennifer Richmond, our Executive President for Strategy and Development, will talk about our markets and the growth opportunities ahead. Following Jennifer, we'll hear from Azad Hessamodini, our Executive President of Consulting, and then we'll take a short break. We'll come back for the second half. You'll hear from Mike Collins and Craig Shanaghey, the Executive Presidents of our Projects and Operations businesses. David Kemp, our CFO, will talk through our financial framework. Ken will then come back for some concluding remarks, and then we'll do a Q&A at the very end. To start with, we're gonna have a video for you, and then Ken will kick things off. The best way to predict the future is to create it. Here at Wood, that's exactly what we do. Trusted by our clients to design, build, and advance the world, we decarbonize, we digitalize, and we deliver on some of the world's largest, most complex projects. Ensuring safe, reliable, and affordable access to energy. Transitioning industry to a net zero world. Enabling the sustainable supply of raw materials that are critical to our future. As engineers, consultants, and experts, our track record proves we can meet the moment. Driven by care, commitment, and courage. We are Wood. We are remarkable people, we design the future. All right, thank you, Simon, and thanks for the introduction. Just let me also start by echoing my own warm welcome to everybody here attending in person, as well as all of you attending online virtually. It really is a privilege to be here today to share our refreshed strategy and set out a strong future direction for Wood. At the very outset, let me walk you through the key points that we're going to cover in today's presentation, which also underpins the confidence that we have in the business. Firstly, we have transformed the group. The sale of the Built Environment consulting business has restored our financial strength. It's reset our balance sheet. It's given us greater financial flexibility. This is a new Wood. We have a new leadership team. We're refreshing our culture and actively addressing the reasons for historical underperformance. We're much more selective on the projects that we take on, with a focus on reimbursable and low risk work. Our legacy issues have been addressed. Our strong balance sheet will allow us to manage a clear and a defined schedule of cash outflows. Secondly, we're very well-positioned for growth. Our markets provide attractive opportunities for growth. There are structural growth prospects across energy and materials, and we are very well-positioned to capitalize on them. We're a global leader in our markets. We have outstanding talent providing complex solutions in critical industries to long-term clients. They view us as partners and value us ahead of their peers. We're an enabler of net zero. We provide solutions across decarbonization, across energy transition, and materials for a net zero world. 22% of our revenue today is from sustainable solutions. Finally, we will deliver improved financial returns. We expect revenue above market CAGR of around 5% over the medium term. Our EBITDA margin will be flat in the near term. However, there is opportunity for improvement over the medium term. We will grow our Adjusted EBIT, and we expect to grow at mid to high single digit CAGR, with momentum building as our strategy starts to deliver. Our underlying business is highly cash generative, and we have a clear path to sustainable free cash flow with EBITDA growth, normalized working capital, and a gradual reduction in exceptional cash outflows. You know, over the last year, we've taken a series of steps to turn around the business. I'm really proud of the progress that we've made in the 15 months since I joined Wood. I do wanna touch on some of the examples here. We have delivered the financial reset through the sale of our Built Environment business for $1.8 billion. We have put in place a new leadership team with retained experienced key leaders. You'll hear from several of them here today. We have developed a new strategy which is built on very clear priority end markets that will put us on the path to growth. Jennifer will share more details on this. We've also de-risked our contract portfolio. We've built a higher quality pipeline. We've closed out legacy issues, including the Enterprise litigation case. You know, finally, we now have that clear path to sustainable cash flow, and David is gonna share more detail on that with you here today. We still have some challenges. We still have some challenges that we really need to work on, we are going to be very clear and very focused on the way forward. We're a very different place to the company that I joined last September, the great opportunity that I saw then remains with us today, and we're excited to share our vision for the future and how we will be focusing on delivering this in the coming years. This turnaround story is being driven by a new leadership team. They're pictured here, and you'll see the new leaders and the level of change in the executive team since I've joined. I appointed five of my seven executive colleagues, and I'm delighted with the way that we've all come together. There's new collective energy, and there's an abundance of insight and experience in this team to deliver a stronger future for Wood. Look, we do appreciate that some attendees may have a baseline understanding of Wood business. In this opening section, I'll be providing a little bit more color before introducing the key elements of our new strategy. Let's start with what we do. In simple terms, we're an engineering and a consulting business providing solutions to energy and industrial clients at any point across the life cycle of their projects. This can range from the very outset of the project, when clients are looking to test the feasibility of their plans, all the way through to the detailed design, the detailed engineering, the project delivery, and then into the long-term operation and optimization of assets to maximize the value they deliver. While we have crossed lifecycle expertise, we're particularly focused on specific areas: front-end advisory, complex engineering design, select project management services, and optimization solutions for that existing asset base. If we turn to the financial split of the group. We have 3 primary business units. We have consulting, we have projects, and we have operations. To illustrate this, we've used the HY22 figures to highlight revenue and the EBITDA breakdown across the business units. We've 3 strong business units that are exposed to both CapEx and OpEx spend. The next slide shows our revenue breakdown from an end market perspective. As you can see from the pie chart on the left, energy accounts for 65% of our revenue today, and materials is 30% of our business. The chart on the right shows how this breaks down across sectors. Let me touch on a few points here. Oil and gas remains our biggest market, and it's continuing to grow because of the world's need for energy security. We also hold strong positions in the refining and chemical sectors, as well as mineral processing. Hydrogen, carbon capture, life sciences, they're smaller markets for Wood today, but they are growing rapidly, and they all offer excellent future growth opportunities for the business. We move on. This slide shows our revenue split across our three business units. Again, a few points here to highlight. Following the sale of the Built Environment business in September, consulting is now the smallest part of the group. However, it is extremely well-positioned across the energy and the material markets, and it's the spearhead of many of our digital and decarbonization solutions. In projects, we already have excellent scale across both energy as well as materials. Materials growth is driven largely by mineral processing projects, life sciences, as well as in our chemical sector. Our work in operations is largely in the oil and gas sector, but there's a fast-growing number of decarbonization and digital scopes of work with our long-term energy clients. Our business leaders, Azad, Mike, and Craig are gonna provide some more in-depth insight into each of our business units later on, but I do hope that this illustrates that we have a good balance of end market revenue across the entirety of the wider group. As a business, we are doing an increasing amount of ESG-focused work. In categorizing our portfolio, we set a deliberately high bar. They're based on the principles set out in the EU Taxonomy guidelines. Using this approach, we see that almost a quarter of our current revenue is from sustainable solutions. Based on the breadth of our work, we're confident that this figure is going to continue to grow and rise over the coming years. While it's not always captured in this figure, it is worth noting that reducing carbon intensity is something we do in almost all of the contracts we are currently delivering today. Our business leaders are going to highlight some of the examples of our sustainable solutions later on today. As the slide indicates, it includes our work in the low carbon energy in decarbonization, in materials for net zero, as well as on circular economy projects. I mentioned earlier that we have made significant progress in de-risking our contract portfolio, and are moving away from lump sum turnkey higher risk project work. This slide is developed for us by our advisors. It highlights how we compare against our wider competitive set in this regard. As you can see, we score very favorably with over 80% of our revenue now coming from reimbursable contracts. Indeed, if we compare our service offering against this same peer set, there really is only one true peer who can match the breadth of our offering. Of course, we would argue that our teams are a little bit better and stronger than them. One particular area where we really stand out from the competition is the strength of our client portfolio and the strength of our client relationships. This is positively reflected in the high regard that is felt by our clients towards Wood. As part of our whole strategy development process, we got an independent third party to carry out over 500 focus interviews with representatives from a whole range of our clients across our end markets. What it showed is that we have an excellent and enduring relationship with our blue chip clients, who highly value us as a trusted partner. A few of the highlights on the survey. In energy, our clients rate us really highly with an NPS score that's 20% higher than the market average. Overall, we ranked first when assessed against nine of our closest peers. We have long-term clients with high levels of repeat work. For example, since 2015 we've delivered almost 2,000 projects with bp, almost 800 with Shell. Clients view us as differentiated on a whole series of factors. The ones that really stand out for me, it is the strength of our technical expertise, it is our partnership approach, and it is our commitment to safety. The next slide pretty much speaks for itself. These are real quotes from some of our current clients from the survey that we had conducted. Again, you will see some of the strengths that our clients really value coming through in these quotes. Our professionalism, our commitment to safety, our market-leading solutions, and our ability to work where they need us the most. It is our remarkable people who keep our clients coming back for more, and we're very clear, and we're very proud of the fact that everything in Wood and everything that we achieve starts with our people, their skills, their commitment. We've 36,500 of the most sought-after experts and prized intellect all around the world. To remain that employer of choice, we're investing a significant amount of time and resource in shaping our culture, creating career development opportunities, and building a diverse and inclusive workplace. That enables us to retain as well as attract the best and brightest people and talent at Wood, and ensure that we remain that number one partner of choice to our clients. Look, having provided a little bit of context on Wood, let me look forward and share some of the detail on our strategy, our end market focus, as well as our medium-term targets. At the start of this presentation, I said that we were very well positioned for growth. To put this in some context, our market analysis shows that over the next three years, there's over $1 trillion worth of capital being spent in our core markets. When we look through a lens of what's addressable to Wood, there's around about $230 billion that's fully addressable in the space that we play. This means spend in areas where we can continue to differentiate ourselves, where the contracting model is attractive, with the right clients, and in the geographies where we want to operate. We face markets with structural growth drivers, energy security, energy transition, net zero, the circular economy. These are trends that are gonna live well beyond this strategy cycle and will define the future of our planet. All of these are exciting opportunities for Wood. From a portfolio perspective, what does this look like? This slide is a summary of where we're going to focus our efforts as we move forward. We've crystallized our end markets around two: energy and materials. Chose them for there's two primary reasons. One, there's very attractive market dynamics and strong growth trajectories. The second one is that we already have a strong position in them and have the ability to outperform the competition. Jennifer is gonna cover this in more detail as we move forward, I'm gonna give you a little bit of a summary here. Within energy, the dual drivers of energy security and energy transition will create the enduring opportunities for Wood. We are going to be primarily focused on the oil and gas, on hydrogen, on carbon capture sectors for our growth. Within materials, meeting rising demand as well as delivering these materials in a sustainable manner is also going to drive strong growth prospects for us. From a sector perspective, we will be focused on minerals, on chemicals, as well as life sciences. We've also identified two solutions that drive opportunities across all of our markets, and that's decarbonization and that's digitalization. Net zero as well as data-driven performance are very important to our clients. We have leading solutions in both areas and are really well-positioned to deliver these for our clients. Again, Azad, Mike, and Craig are gonna share some examples of the work that we're delivering today in these end markets and the cross-cutting solutions that we have. Now I'd like to focus on the three pillars that we have for this strategy. The first one is gonna be profitable growth. Second is gonna be the inspired culture. The third one will be performance excellence. If we start with profitable growth, which is probably the most important one for this audience, we are gonna focus on priority markets and geographies where we can lead and gain higher reward for the work that we deliver. We need to continue to align our solutions as well as our portfolio towards these growth markets and have them underpinned by our corporate development strategy. The second priority is that absolute focus on cash and driving operating cash flow across our business. We know this is very important to our shareholders and to the health of our business, and we can see that pathway to sustainable free cash flow. Finally, we're gonna continue to build a high quality, low risk pipeline. The focus is going to be on reimbursable work. We've already made great progress here, and we're not going to divert from this path, and we're always going to prioritize EBITDA over revenue. If we move to inspired culture. This is really about accelerating the work that we've already started to build a great place to work. Like many companies, we have faced challenges in the pandemic, and the rapid shift to remote working did have an impact. We have made good progress in rebuilding engagement across all of our business. This has been a personal focus of mine over the last year since I joined the company. In this pillar, we're gonna focus on four main areas. Empowerment and ownership. We have to drive improved employee engagement, which will result in a consistently improving net promoter score, reducing the levels of voluntary turnover, and with that comes that great sense of ownership. These factors are going to support the improved performance, both for our clients, but also in the career opportunities we create for our people in the long term. Safety and well-being. Our safety performance is very good. It's market leading here, but our work here can never stop. We have to continue to drive that reduction in our total recordable incident rates, but we also need to strengthen our focus on mental health as well-being. Ethics and sustainability. We're going to maintain a top quartile ESG rating, and we're gonna continually ensure that ethical behaviors are embedded in our culture across our entirety of our global business. That's gonna make us a stronger investment proposition. Diversity and inclusion. We are committed to driving greater diversity in our business. We've included a target for women comprising. I almost said compromising. Comprising 40% of leadership roles here before 2030. This is extremely important for us to drive because we know that a more diverse and a more inclusive workplace outperforms all of our competitors. It's fundamental to what we're trying to do here. You know, finally, we're gonna talk about, hear a little bit about performance excellence. This is all about simplifying and improving how we operate, and then in turn, deliver for our clients. Means that relentless focus on exceeding clients' expectations, ensuring that we remain the leaders in providing technical solutions, and that internally our systems and processes support our teams to deliver effectively. Focusing on three main areas here. Predictable performance. That requires strong leadership, strong commercial governance, and efficient ways of working. Ensuring every project delivers a return and high client satisfaction scores across all of our key accounts. We're also gonna increase the use of our global execution centers to differentiate the offer to our clients as well as to improve and drive improvement in the margins. We do see an untapped combined power in the business. You know, we can capitalize on this by improving our sales effectiveness. We're gonna focus on improving collaboration and cross-selling across the business, which in turn should drive an increased backlog. You know, finally, innovation in delivery. This is gonna be key to our future success. In practical terms, we're going to ensure that our core digital solutions become embedded in our client delivery. We expect to see our percentage of revenue coming from sustainable solutions to grow each year. Now let me move on to our medium-term financial targets. From a revenue standpoint, we expect to outperform the market CAGR of 5% over the medium term. We anticipate that our EBITDA margin will be flat in the near term. However, we do see the opportunity for improvement over the medium term. We expect adjusted EBITDA to grow at mid to high single-digit CAGR. With momentum building as our strategy starts to deliver, we're confident that these targets are achievable, and that we're gonna be able to put in place the foundations on which to build further from 2025 and onwards. As I mentioned earlier, improving our cash position is one of our top priorities. Fundamentally, we are a highly cash generative business. Now, in recent years, however, our free cash flow has been impacted by high levels of exceptionals as well as legacy liabilities. As this slide shows, these drags will disappear over time. With EBITDA growth, normalization in our working capital, and improved operating cash conversion, we expect to see sustainable cash flow, free cash flow in 2024. David is going to cover this journey in more detail later on, but it does give me confidence in our proposition that Wood is a value-accretive investment, both today and over the medium term. By way of conclusion, let me just close by repeating a few of the messages that I shared at the outset. We have transformed the group, and now we have a more sustainable business model. We are well positioned for growth. We are in the right markets and geographies and have excellent client relationships. You know, and finally, we are on track to deliver more predictable financial returns. Look, my sights are firmly fixed and focused on the future. I'm very excited by the prospect of building a stronger Wood. With that, let me pass on to Jennifer, who is going to provide some more color on our markets and growth prospects. Jennifer, over to you. All right. Good afternoon. Thanks, Ken. My name is Jennifer Richmond, and I am the Executive President of Strategy and Development here at Wood. As some of you know, I joined the company in April this year. I actually came from Jacobs, where I had the privilege of leading a $1.5 billion business and delivering critical solutions to clients there. I was also proud, proudly part of that leadership team at Jacobs that helped to drive the firm's successful transformation over the last eight years. I'm truly excited to do the same thing here at Wood. Since joining nine months ago, I've had the privilege of shaping our company strategy to drive growth. We'll deliver shareholder value and create opportunities for our people. I am confident of what we can achieve going forward. There are 5 key things I want to share with you today. We have a strong platform to build on. We will be disciplined about what we focus on, who we work with, and where we work. We will pursue the best opportunities to ensure we hold a leading position across our markets. Our markets have long-term growth trends as the world needs energy security, energy transition, and prioritizes net zero and a circular economy. The strong relationships we have with clients who trust us is a differentiator and something that we are really proud of. We are enabling our growth ambitions by hiring world-class experts, enhancing our solutions, and leveraging our partnerships. When I joined Wood, I was struck by the depth of our expertise and the breadth of our markets we work in. However, focus and selectivity is an important part of the strategy going forward. We reviewed the entire portfolio and identified priority markets based on three things: market attractiveness, what's the size of the market, what are the growth opportunities, what kind of margins can we achieve, and are there clients that we can partner with? We also looked at our ability to win, but not only win, hold a leading position. This is based on our capabilities, our competitive offering, and our geographic footprint. Third, we looked at the contracting dynamics. We wanted to make sure that those dynamics met our preferred risk profile and contracting model. We put an additional lens on everything. We wanted to make sure we were favoring the complex. Because here at Wood, we excel in the complex. We will also deprioritize markets that do not meet these priorities. Let me now talk a little bit about the markets we will focus on in more detail. Ken shared this slide a little earlier, but what we're focusing on are two end markets, energy and materials. These growth markets are driven by global trends. In energy, it's the forces of energy transition and energy security. In materials, it's driven by demand, circular economy, and reshoring of life sciences. We will also deliver decarbonization and digital solutions across all of our end markets. We believe these two cross-cutting drivers are critical to our clients' ambitions and our offering. Let's look at the size of the opportunity in these markets. We have a significant addressable opportunity within our priority markets. There are macro trends delivering tailwinds and driving growth. Today, 65% of our portfolio is in energy, both energy security and energy transition, and 30% of our portfolio is aligned with materials. Our priority markets are growing. As Ken said, the total addressable market opportunity in these markets is close to $1 trillion. However, in the spirit of focus and selectivity, we believe there's a total addressable market opportunity of approximately $230 billion specifically for Wood. These are opportunities we are confident we can take a share in. Breaking that down just a little further. In the short term, there is upside in oil and gas with an estimated addressable market of almost $125 billion to 2025. We see particularly strong growth spikes in new energy sectors and high growth CAGRs in both hydrogen and carbon capture, which are highly attractive markets for us. As you can see here, we also see strong growth CAGRs between 6% and 7% in life sciences and minerals. Despite a lower CAGR, there is a large addressable market of $50 billion to 2025 in chemicals. Given our position as one of the top three engineering design firms, we are confident of seizing our share of these growth markets. Our ability to win in energy is defined by a strong and compelling value proposition. We believe we will be global leaders in energy, ensuring energy security today and delivering the transition to a net zero future. What differentiates us is the fact that we have more than 100 years experience in all energy markets, we enjoy decades-long trusted client relationships. Our expert consultancy business enables us to bring the front-end knowledge solutions to complement the design, delivery, and operational capabilities like no other. With 36,000 of the most in-demand skills in the world, we have an unrivaled pool of technical and engineering talent, which we can mobilize wherever and whenever our clients need it. All of this is enabled by our deep domain expertise. Things like process engineering, delayed coker techniques, advanced manufacturing, and detailed design for complex assets. Of course, with our global execution center, we actually can engineer with the sun. Now, let's talk a little more on where we're going to focus in energy. In energy, we advise, design, engineer, and deliver sustainable smart facilities, assets and infrastructure to secure energy, all while reducing carbon intensity of production at every turn. We also integrate new energy solutions to drive the energy transition. Let's start with oil and gas. Of course, our strategy centers on high-grading our oil and gas portfolio. We will take advantage of the short-term growth cycles driven by energy security and higher oil prices. Each sector has different dynamics and opportunities. Maximum energy and minimum emissions is the driver of energy production in the Middle East, where governments are continuing to invest heavily and where we have strong relationships with IOCs and NOCs. Underinvestment in the UK basin has resulted in aging assets. We already have a strong position here in extending their life, all while decreasing their carbon footprint. We are a critical player in midstream today. Our software is currently monitoring 10% of the world's pipelines. We see opportunities for growth here as infrastructure investment rebounds post Russia, Ukraine. Longer term, we expect the energy transition to further drive investment in new build and repurposing infrastructure. Moving on to hydrogen and carbon capture, where we are early movers and emerging leaders in new energy infrastructure. In hydrogen, our focus is on low carbon hydrogen as we believe it will be an important part of the hydrogen mix to 2050. We expect increased spend for new build and retrofit facilities further incentivized by the US Inflation Reduction Act. As technology matures, we expect to see increased spend in green hydrogen. Complementary to all of this, we have a strong heritage in hydrogen technology licensing. In carbon capture, our core focus is on oil and natural gas facilities and carbon dioxide distribution and storage. We also see longer-term emerging opportunities to apply our expertise to iron, steel, cement, and waste facilities. Importantly, we have strong relationships with major carbon capture licensors, and we believe there is a large untapped potential in our existing customer base for carbon capture retrofits. Turning to materials. Our value proposition centers on taking our place as global leaders in materials, processing, and production by applying circular economy practices. We will do this sustainably and responsibly as we strive for net zero. Like energy, we will be a leader in materials transition. This is because we have deep domain expertise, particularly in process solutions. We also have decades long relationships with clients who again, trust us. We have leading technologies in industrial solutions for decarbonization. This is all enabled by our world-class subject matter experts and our ability to deliver the complex. Our growth focus in materials is all about minerals, chemicals and life sciences. I'll start with minerals. Our focus is primarily on minerals for net zero and the clean energy transition. For example, copper, nickel, and lithium. The growth in clean mineral processing is expected to increase 6-fold by 2040 to meet Net Zero targets. This is absolutely driving an increased demand for engineering services. We also see further opportunity in precious metals such as gold and silver. We have a strong history in mineral processing and a strong geographical presence in areas like Latin America, which are expected to boom. We have recently completed work on one of the world's largest lithium processing facilities in Australia, and we are currently working on projects in gold, copper, and rare earth minerals. When it comes to chemicals, we have designed some of the world's most complex petrochemical facilities, and we are enabling a cleaner, greener industry as we develop solutions for a circular economy. Some market context I think is worth noting here. The specialty chemicals market is growing quickly. This is because of a focus on eco-friendly products and advanced materials. Refining and petrochemical facility integration is causing a shift, resulting in increased modifications and asset repurposing. We are also seeing an evolving customer landscape with private equity developers entering the plastics recycling market. In terms of our focus, we are prioritizing complex integrated petrochemical facilities and selected specialty chemicals for which market attractiveness is high and we are well-positioned to win. We are investing in capabilities to deliver alternative feedstock, particularly biofuels and focusing on plastics recycling, green ammonia and methanol in the Middle East and Southeast Asia specifically. Life sciences. This is a breakout growth market for us. We will capitalize on facility onshoring trends in North America. This is because 45% of the over $110 billion of annual market spend is expected in the U.S. Our strong engineering and major project delivery capability, coupled with our digital solutions, offers a differentiated approach and an opportunity for us to take a leading position in a rapidly growing market. This is an area we know well with our work in Europe, and we've recently strengthened our team in the U.S. with several critical key hires. This slide provides you with a snapshot of what this all means. I won't go into detail here, but in summary, we have significant growth opportunities across the select markets we're focusing on. We see hydrogen, carbon capture, minerals, and life sciences as future breakout growth opportunities. Let's talk about our two growth drivers. The first is decarbonization. We are solution designers that reduce the carbon footprint across the value chain for the future of net zero. We are able to drive decarbonization solutions across all of our end markets because of our cross-sector expertise and our lifecycle expertise. Some of our solutions include utilizing our advisory experts early in any design process to help clients reduce their carbon footprint from the onset. We design for the use of fuel and feedstock substitutions to offset emissions, and we partner with our clients to improve asset performance while reducing emissions from things like flaring to methane abatement. Last, we help maximize energy efficiency through solutions like electrification. Now, I'd like to talk about our second cross-cutting driver, digitalization. We are the partner of choice, delivering digital transformation underpinned by our domain knowledge and leading industrial talent. We have five key digital solutions we will be focusing on. First, automation and system integration. We are already the largest independent industrial systems integrator. With our knowledge in assets, process, and information technology, we see an opportunity for Wood to be a market leader in digital twin. Our decarbonization software enables clients to monitor and analyze the need for impact and results of decarbonization monitoring. Asset management includes integrity solutions to maximize productivity, minimize disruption, and promote reliability. We have digital solutions to optimize process design and flow assurance. Over the next three years, our focus will be embedding these digital solutions into everything we do for our clients. Let me bring this all back together. This means we have a prioritized portfolio to grow profitably. We are focused on two end markets, energy and materials, with two cross-cutting solutions of decarbonization and digital. Let me summarize why I am incredibly excited about the opportunities in front of us. This strategy is about selectivity. Knowing we have a strong platform to build on, we are focused. Our markets have long-term growth opportunities, our clients trust us, and we are investing in our growth ambitions. To conclude, there has never been a better time to invest in Wood, work for Wood, partner with Wood, I am confident we will transform and advance the world for a sustainable future. Thank you. Now, I will pass over to consulting, where we will start with a short video. The expertise that underpins the cross-cutting growth drivers that Jennifer talked about, they're housed within consulting, so we look to leverage those as we grow. It's worth highlighting that consulting isn't a linear offer where we only add value at the start of a capital investment. Rather, we touch the client's investment throughout the life cycle from the front end through execute and operations. That enables us the flexibility to work standalone or in partnership with my colleagues in projects and operations, enhancing the value for Wood and for our clients alike. Put simply, consulting is a platform for growth and a source of differentiation for Wood. Let's talk about our markets. About 70% of our work is currently in energy, which is growing as our clients navigate the trilemma of providing sustainable, affordable, and secure energy. Most of our work is in oil and gas with a small footprint in renewables, where we provide owners engineering and advisory services. We have a growing footprint in the emerging hydrogen and carbon capture. In materials, most of our work is in refining and chemicals. We're extending our decarbonization and digitalization expertise to the growing mineral processing market. About 10% of our business comes from automotive and manufacturing, where our digitalization and automation solutions are in high demand. What we do in consulting can be broadly grouped into two categories. Technical consulting represents around 55% of our revenue. Here our experts act as the extension of our clients' engineering teams. We provide a unique combination of advisory with tangible engineering solutions. We fill the gap between management consultants and engineering providers. We create value through early-phase studies, through execution, and operational phases. We maximize our clients' return on investment by improving throughput, lowering operational costs, extending the asset life, and improving safety. Technical consulting is home to our carbon capture center of excellence and new energies, which includes renewables and hydrogen. We also have a portfolio of proprietary technologies covering low-carbon hydrogen, methanation, delayed coking, and we also have partnerships for other technologies such as sustainable aviation fuel and plastics recycling. The other part of our business, which is about 45% of the revenue, is on digital advisory and implementation. Here, our consultants deliver a range of proven solutions to help clients collect, store, and analyze data to maximize the performance of their assets. We automate facilities, we optimize assets, and we reduce emissions through our digital solutions. Now when I look at our clients, it's a stellar portfolio of clients built on many years of delivering deep technical expertise. In energy, we have longstanding, deep relationship with international oil companies such as Shell, BP, and Chevron, and we have a strong foothold in national energy companies such as Aramco, ADNOC, and QatarEnergy. In materials, there are several blue-chip clients such as Rio Tinto in mineral processing, OMV and Phillips 66 in refining and chemicals, and CSL and Pfizer in life sciences. We also work with Ford and GM, where our digital and automation solutions are in high demand. Let's talk about the characteristics of consulting. Consulting is typically based on engagements around five months in length and about $100,000-$200,000 per assignment. About 60% of our revenue is reimbursable and 85% is repeat business, which highlights the deep trusted relationship that Jennifer talked about and we're really proud of. Consulting is highly cash generative with 90% cash conversion, and geographically speaking, Americas is our largest market, followed by Europe, Asia-Pacific, and the Middle East. Around 27% of our revenue comes from fully sustainable solutions, although in practice, most of what we do has an element of sustainability in it. The headline here is that consulting is a low-risk, specialized consultancy commanding premium margins with a loyal client base. We believe consulting is differentiated in several areas. In tech consulting, we have deep domain knowledge, which is a combination of advisory and tangible engineering solutions that fill the gap between management consultancy and conventional engineering. We've earned the trust of a strong portfolio of long-term blue chip clients, which is predicated on our expertise and proven track record. We seamlessly integrate our capability to ensure that we bring the best of Wood to our clients. We have market-leading expertise in carbon reduction solutions, which helps our clients achieve their net zero goals. On the digital side, we boast a strong digital consultancy to automate facilities, optimize assets, and reduce emissions. We have global scale in a fragmented market, especially as clients seek to harmonize and have a consistent system across their assets globally. We're technology agnostic, where we offer independent advice on our clients' decisions to implement digital operational technology. This will only become more critical as we shift to open architecture and open platforms. Our peer group is varied, with few spanning across both sides of what we do, which makes our offering attractive to clients who seek integrated specialist solutions from one provider. Let's talk about growth opportunities, which is what I'm really passionate about. In line with overall Wood growth strategy, we see attractive opportunities in energy and materials. In energy, we'll be capitalizing on the dual imperative of energy security, and we help drive decarbonization solutions to minimize emissions and the impact on the environment. Increasingly what we see is energy security and energy transition go together. A great example of that is in the North Sea, where we're working with a consortium of operators to enable net zero production using power from shore. This is technically challenging and cutting-edge work that will set the benchmark for producing energy whilst minimizing emissions. Earlier, we saw that hydrogen and CCS are forecast to grow at 65% and 30% CAGR, respectively. Here we're well-positioned because we've got our steam methane reformer technologies widely used. We have over 30 years experience in this space, and over the past 18 months, we've delivered over 300 studies in this space. We also see that new policy measures, such as the Inflation Reduction Act, will ramp up investments in the United States, and that will bring further opportunities for consulting in technology selection, advisory, and implementation. Our materials portfolio has significant potential to grow. In refining and chemical, we see circular economy as an attractive space, and earlier this month we announced a memorandum of understanding with OMV for their ReOil technology for plastic recycling. This is a real-world complex challenge that the world's facing, and we're here to help. In minerals, we're working on innovative projects to source critical minerals needed for the net zero future. For example, we're working with a client to decarbonize their operations using green hydrogen infrastructure to fuel their mega trucks and make their operations more sustainable. We're also helping another client to enable safe and economically viable operation of their hard-to-reach remote facilities using our digitally enabled automation solutions. In life sciences, we're going to grow our modest footprint with over 150 subject matter experts. A great example of a piece of work we're doing is for CSL, where we're working with them on their cutting-edge research and testing facility in Melbourne, Australia. We're gonna be doubling down on both decarbonization and digitalization as the key drivers for our growth. Already, as Jennifer mentioned, we are the largest independent system integrator in the world, driving digitalization of production assets. Our experts help clients select and implement proven technologies that improve production and safety while minimizing costs. We also have proprietary software solutions. For example, our Virtuoso platform is used to monitor and control around 10% of world's natural gas supply. We've also had significant success in implementing digital twin technology with my colleagues in projects and operations. We have outstanding technical expertise in carbon capture, hydrogen, and digital applications to measure and reduce emissions. We have a proven methodology to enable clients take a master planning approach to decarbonization of their facilities. Currently, we're working on 25 such engagements around the world, and a great example of that is right here in the UK where we're partnering with BP, National Grid, Equinor, Shell and Total to support the decarbonization of the Teesside industrial cluster. This demonstrates that we can be the master planners in our industry. Now, throughout this presentation, I have talked about the opportunity to work in partnership with projects and operations. By way of illustration, I wanted to highlight a project where the combined power of Wood is being applied to improve energy security in Europe. We're currently working with Turkish Petroleum as their owner's engineer and the integrated delivery partner on the Sakarya gas field, which is Turkey's largest gas reserve. Our consulting team provided a concept review of the deep water subsea developments and the associated pipelines. Our projects team delivered FEED re-review and design verification for the onshore facilities. We shaped the digital strategy for the project and created digital twins, our technical consultants delivered further operational readiness support, most recently, our operations colleagues were engaged to ensure a smooth transition to start up. This example really demonstrates the value we can deliver for our clients when we bring the full power of Wood. In summary, we have created a premium-focused global energy and materials consultancy. We're a trusted partner with deep relationships with our clients, we have over 3,000 leading technical consultants working to solve complex problems, we fill the gap between management consultants and conventional engineers. We're providing innovative solutions in digitalization and decarbonization, in doing so, we help to differentiate Wood and contribute to the overall growth of the business. I'm really excited about the future and the opportunities that are in front of us. Thank you. With that, I'll pass you to Simon. Okay. Thanks, Azad. We're now gonna take not a quick break, a 30-minute break. For guests online, we'll be back on again in about 30 minutes' time. For those of you in the room, if you go back downstairs to the Benjamin Franklin Room, refreshments will be served, we'll come back in 30. Give me a bit of a reflection on COP26, COP27, COP28, and what does that mean for the energy sector and has there been a shift in terms of the radar of where the energy sector sits in that storyline? Sean. Well, I think the... I mean, if you take the analogy of the pendulum, the pendulum coming out of COP26, of course, which is in your home territory, if you like, Glasgow, was very COP, very transition pendulum swing. I mean, the lot of the energy sector industry wasn't even permitted in Glasgow, I don't know, into the area of the COP buildings. Ultimately, it seemed we came out of that and the pendulum had swung decisively towards an accelerated sense of transition, which of course was already in the narrative, but it was very much... In the second half of the 12 months since, obviously with the crisis in Ukraine, the pendulum has swung very much towards energy security for all of the obvious reasons. Perhaps I would say that was pendulum in both cases may have been swinging and would have happened over a slower, longer period of time because we already had the deficit of investment, CapEx investment over the last decade. That pendulum was gonna swing energy security's way anyway, it swang dramatically and much quicker because of the backdrop of the challenge with Russia in Europe and elsewhere. Perhaps as we move through COP27 into 28, there'll be some kind of stabilization in that pendulum. The dramatic extreme swings will find some kind of a centering because we're coming to a very significant oil and gas producing country in the context of the UAE, and ultimately Outlook for the energy transition and energy security has to find a coexistence and a complement. Perhaps in the UAE, that's a very good place for it to find a balance because they have found balance. I mean, we've got nuclear here, we've got hydrocarbons, we've got wind, we've got solar, we've. They have been on that track for decade or more. I think I'm quite optimistic that that pendulum piece will find. Hopefully, the geopolitical backdrop will find stability as well. That's kinda my sense of that threesome, that it will be a bit more balanced going into 2023. Can you first of all tell me what is a digital twin? For me, I would describe a digital twin as a database representation of an asset. That data could be how it looks in terms of its 3D layout. Mm-hmm. It could be what's going on inside the unit. You could simulate what's happening inside the processes. You can monitor what's happening inside the processes. There's a lot of pieces that fit under that umbrella, but it's really all based on data. Well, it's also important to remember that a digital delivery by itself will not deliver a fit for purpose digital twin for the operating phase. It's just first instance at the beginning. If a project team is already delivering a project digitally, so as they've done in the past, just handing over a database, but it doesn't mean to be really intelligent. When you're talking about digital twin, there needs to be much richer, much more intelligent to be this will later on support operations. Mm-hmm. Great. Wood describes itself as having a life cycle view of digital twins. What does this mean? That's really looking at the life cycle economics of an asset. You're looking at the total expenditure or TotEx over the whole asset life cycle, bearing in mind that you have, say, a 5-year design process, but it may operate for 20, 30 years. You know, that's what it's designed for. You're looking at the TotEx of the whole life cycle, and maybe in that initial early phase where there's more CapEx, you're spending, you know, an extra $1, say, on a digital twin. The whole point of that is to realize savings of $10s or $100s in the operational phase. From a TotEx point of view, that CapEx is completely worth it. Mm-hmm. Would you like to add anything to that? Yes. The foundation of delivering a life cycle digital twin approach is ensuring that the right information is gathered during the project for both the project itself and operations, again. It's only generating value when you're taking engineering data, which you have created in the engineering cycle, and we call it a digital twin, that can it handed over in operations. It doesn't need to be the same data model at this time, but they have to be handed over to be used later on to generate additional or to get the payback for the investment. How does implementing a digital twin approach to an asset help to execute major projects? We've gathered a wealth of experience delivering brownfield, greenfield digital twins in, you know, in the energy and other sectors. Really, the approach has been designed so that you're both capturing the objectives and requirements of the project. Mm-hmm. You're fitting that in with the kind of strategic objectives of the client, as well as the digital strategy that they're looking for. We feel in terms of the life cycle, you really need to not just be setting up your digital twin to be useful for what we know now. You need to set it up for what future technologies are gonna be there in the future that we don't even know about right now, but we need to make sure it's ready for that. Mm. What we wanna do is take the plastics that are used day in, day out, and make them circular. Get them to the point that they can be recycled, reused, and not just throw away. Hopefully, the intention is with OMV's core technologies, working with Wood and our capabilities, we can help to deliver this technology to as many corners of the world as possible. Help me understand, what difference is this gonna make? We were talking earlier, there's 14 million tons of plastic created every day. Mm-hmm. That's obviously a huge challenge for the world. Does this have the potential to really make a sustainable impact on dealing with that? Mm-hmm ...Stefan? If you ask me about the technology, simply speaking, I can tell you, if we don't do that, complementary to what is already existing, you know, there's mechanical recycling existing already, which is a re-melting process where you just re-melt polyolefins, pure streams, re-melt them, and make other products of it. This is existing, and we don't compromise this stream. For the, for the mixed plastics, for all the streams that go into incineration and into landfill, this is an add-on, yeah, and complementary to what we already have. This will help to get the resources out of landfilling and incineration streams and bring them back into a refinery petchem operation. Mm-hmm. That reduces our fossil footprint as well because with every kilogram of polyolefins that you transform into a synthetic crude oil, you replace 1 liter of fossil crude. This is the main, I would say, achievement that we have with this chemical recycling technology. It's interesting sitting here. Yeah ...you guys talk about it as if it's just something simple. I'm, like, buzzing, right. I think when you look at it and you think this is solving real world challenges... Yes ...in an incredible way. Richard, what does it look like to scale this technology? What does it look like to bring this to the market in a, in a way that will really Impact in the way I'm getting excited about it. Well, look, let me take half step back as well. Yeah. Plastics are a great material. They're light, they're clean, they're efficient, they're strong. Okay? Can you imagine a world where everything you bought, everything you took home with you was wrapped in metal or wood or paper or glass? You know, those are heavy products. They have their place, plastics is a solution and a product that actually is incredibly important to us. What's happened over time is plastics are so good, they're so easy, that they've become disposable. Take a piece of plastic, use it once, throw it away. That's a message that is changing. That is a message that is People are developing a new understanding and intention about how they use plastics. What we want to do is take that another step further and actually enable plastics that only maybe had a short lifespan. They're used in a packaging. They're used as a delivery method. Once they are used, we want to be able to take those plastics and ensure that the raw material that is within that plastic is effectively turned into something that can be used again and becomes a route that people can say, "This isn't just disposable. It isn't just something that I just throw away. It has a value. Somebody else can get use out of it." That's the intention, is to really open a channel that allows plastics to be considered usable, reusable, and reusable again. We heard to paraphrase, somebody talked at a meeting earlier. We need to get after it now. Mm. We need to get on and really do it and do the implementation phase. You know, it's not about the capital, it's about the actual, let's go and play and do what we do, which is, you know, as an industry, provide those solutions and continue to provide those solutions that change the world that we live in. We need to do it at pace. We need to do it at a pace that we probably haven't done it before. With that comes a certain amount of risk, but it comes the opportunity as well. We need to tell our narrative a little bit different as an industry. You know, one of the big things that we're seeing is attracting talent to our industry. The story that we have, the ability to kind of show the position that we are taking to solve those world's biggest problems. The ability that we have to work on the biggest and brightest and best projects that are gonna help to do that. To tell the narrative about the part that we are playing to make the planet more sustainable, a better place, but at the same time provide that security to allow everyone to grow. We need to do a better job of attracting people in in order to grow the next generation and really give them the chance to also learn and also be part of the journey that we're on. I think that's a challenge that we have. Resources, difficult, right? Yeah. It's a strapped market. There's a lot going on out there. There's a lot of competition. You know, we've done well, we've been able to recruit, but we need to continue to do that. We encourage everybody out there, you know, science, technology, engineering, all of those areas are absolutely vital to do this. Massive careers, great potential. As I keep telling people, you know, they say, "You know, what's it like being an engineer?" I said, "You know, an engineer, no two days are the same." Right? When you wake up in the morning, you don't know what's gonna happen. I think that ability to be flexible and if that's what you want, I think that's a really important message to kind of tell everybody as well. Great place to be. How do you go about addressing that? Clearly there's a cost involved, and it's either an upfront cost or there's a cost that you face at the back end. How do you go about influencing our customers so that they can see that that upfront small investment actually pays- Mm. a higher dividend, a higher return to them through that life cycle? Yeah. It's actually a challenge if being honest with you. I actually did some study recently on. I was looking at renewable energy sector in the U.K. and I was considering, so to what extent is artificial intelligence used in the FID, final investment decision of renewable energy facilities? 'Cause what sort of feel like the thesis I was considering was, well, you know that some of these projects, the economics around them are tight. Mm. You know that technology could, in the OpEx phase of a project add value. I was sort of interested in researching, okay, so in the CapEx phase of a project around that financial investment decision, how much is AI being considered? What I found was that it's there, but it's there more as an afterthought. It's in the subconscious rather than the conscious. What you find is that the technology, it's talked about and it's considered, but the operational efficiency and OpEx savings that it could bring during the OpEx phase are not being calculated in the CapEx phase as much as they could. I think it's just... Or my own view is it's just down to the experience. It's just down to the proofs. It's just down to... It's still, in the grand scheme of things, fairly early days in its adoption. There's no doubt that the earlier you can bring it in, the better. The challenge you've got there is you've got projects that from a FID point of view are already tight in terms of being economically viable and being approved. Yeah. If you bring too much OpEx consideration into that CapEx phase, it's becoming more and more difficult for the economics. Yeah. You really do need a customer that can take a step back or an operator that can take a step back and actually say, "Okay- My CapEx phase may be 5 years of this project or 3 years of this project, but my OpEx is 30 years. Yeah. How do you get more consideration into that 30 years during the 3 to 5? That really is a tough. Yeah. Tough task, I suppose. Yeah. I think it really comes down to kind of right to left-hand thinking, basically. I think that's the biggest thing. I have a lot of our clients say to me, "Dan, you know, when's the right time to engage you?" I say, "As early as possible." You know, a lot of the time we get engaged, and it's pre-execute. The decisions have already been made. Yeah. We could have saved, you know, GBP tens upon millions or GBP hundreds of millions in the operating cycle, like Gavin was saying. You know, that's the longest cycle of an asset's life cycle. For me, it's trying to get in as early as possible to make sure you can make all those decisions on robotics or sensorization. You know, what you're gonna use the data for because you can save a lot of time, effort, money in the long term there. I think a great example that can maybe bring simplicity to people is a car. If you're buying a new car, and you know, at the time of specing that new car, you consider what am I gonna need to operate this car, and you design into the car, you spec into the car. Generally, it's far more efficient and far cheaper than it is to retrofit that once you've already got the car and you're trying to then break that down. Active. Yeah. It's no different on a, you know, a full refinery. It is the same principles can. Yeah. can apply. I think probably just one of the other things to add is, you know, some of the decisions are made 4 or 5 years beforehand, and they don't consider a lot of that technology. That's some of the things that you need to be thinking about, that right to left-hand thinking again and saying, "Well, how do we take all that knowledge of 40 years of operating knowledge that we've got across all our asset bases, and how do we take that in as early as possible?" It's just so critical. What do you think are the key technologies that can best grow investment and commercialization of the region's natural resources? just recently, the Hydrogen Council released what we call the trade flow study. We looked at all of the renewable energy resources around the world, wind and solar. We looked at the fossil fuel sources and the ability to do carbon capture and sequestration. It turns out this is a very vital region for producing low-cost, low-carbon hydrogen. In fact, next to Chile, it is the lowest cost region for hydrogen from the natural endemic resource, both renewable resources and the addition of carbon capture and storage to fossil fuel sources. When you recognize the appetite for Europe to consume a large amount of low-carbon hydrogen as part of their decarbonization plan and the proximity of this region by pipeline to Europe in particular, you understand that there's a market, there's a demand, there's a low cost of production opportunity. This will go together. Mm-hmm. I think places like Qatar, Oman, the UAE, Saudi Arabia, all are beginning to see the potential for shipping low-carbon hydrogen, especially to Europe. Mm-hmm. I think there's also a good opportunity there to combine energy security and energy transition as well. When we're talking about enhanced oil recovery, for example, we can look at blue hydrogen production and then utilizing the captured CO2 for enhanced oil recovery, thereby justifying your investment case by the additional, obviously optimization of the performance through the EOR, but also improving the energy transition side of things by the production of blue hydrogen. Mm-hmm. Yeah, I think those couple really well together, and obviously the Middle East will face that. Leaning on from what you said before about NEOM, for example, could you talk me through a little bit about NEOM as a case study in utilizing hydrogen as someone who doesn't know a lot about it? It's interesting as a case study. It's an example of bold corporate action. Mm-hmm. You know, some of the largest production of hydrogen recently have been kind of at the 20-200 megawatt scale. This is an order of magnitude larger at 2 gigawatts. The conviction and courage to take action and go immediately to very large scale is a distinguishing element of the project. They will use, principally, wind and solar energy, but especially solar energy, to run electrolysis to produce hydrogen, then convert that into ammonia. Ammonia is a very interesting hydrogen carrier because we can transfer and ship a large amount of hydrogen when it's in the form of ammonia. Their interim product will be ammonia to move those decarbonized hydrogen attributes into Europe, for example. Okay. What impact will COP27 have on the Middle East development as it aims to become a global hydrogen leader? Perhaps you'd like to kick us off with that. Yeah. I think COP27 will only help the Middle East, in terms of its hydrogen development. I think COP28 even more so. I think the key difference between COP27 and COP28 compared to 26 is that, integration of the developers and the operators themselves, where previously they've been kept very much at arm's length and almost held away from the conversation. Now, obviously the intention to bring them into the table and make COP26 the implementation COP. You need the people that will be implementing the projects at the table to have that discussion. I think obviously that only benefits the Middle East, and that will follow through into COP26. Hosting it here I think is obviously very important, for not only the region, but also the operators that will be by necessity present at the table. Yeah. I attended COP for the first time last year in Glasgow. A great event and well hosted. It's a fascinating experience. It's like this gigantic set of parallel conversations. Mm-hmm. with 30,000 people going on for multiple days. I think the impact of that is it's tremendously engaging. To have this region participate two successive years in that conversation, to have the eyes of the world on what's going on in this region and the impetus to keep down this path of decarbonizing our energy sources, all that coming... Perfect. Okay, welcome back. Now we're ready for the second part of today's presentations. Now I'm gonna pass to Mike Collins, who will talk you through our projects business. Good afternoon, everyone. My name is Mike Collins, and it's my privilege to lead the projects business at Wood. We formed the projects business in late 2020 with a simple remit: to create a business that delivered consistently, predictably, and profitably with a balanced portfolio across our end markets. Today, I'm delighted to say that we are transformed, and we have achieved that ambition. Ken talked earlier about the new Wood, and a transformed projects business is a key part of that. The 3 fundamentals of the organization we've created are strong governance, measured risk, and delivery excellence. We now have a clean portfolio closing out historically challenged projects and have taken the right decision to exit large-scale, lump sum turnkey work. We have been deliberate in focusing the projects business in 4 areas: the right clients, the right markets, the right type of work, and the right type of contract. In projects, we thrive on managing complexity, be it scale, technical, technology, logistics, or supply chain. The greater the complexity, the greater our differentiation. In fact, there are few who can compete with us there, especially on a global scale. Today, we already have a balanced portfolio across energy and materials, and ideally placed to turbocharge the Wood strategic cycle presented earlier. A third of our projects we deliver are focused on sustainable solutions, and we see that growing significantly. All of this is delivered through a new projects operating model, which draws on global expertise and allows us to scale as demand increases. At the heart of this model is our global execution center in India, which currently boasts more than 2,000 skilled engineers. That's an increase of around 55% in the last 18 months. This, combined with our common digital platform, facilitates effective global work share, driving value for our clients and making Wood more competitive. To give you an insight into the business, let me show you a quick video. There really is so much to be proud of in that video. It paints a great picture of the transformed projects business unit. Over the past two years, we've taken a significant transformation journey. This slide illustrates the change from our point of departure in late 2020 to the transformed, consistent, predictable, and profitable business we have today. At the start of our journey, there was just simply too much variance in the business. We had challenges with inconsistency in processes, in governance, in contracting discipline, and project outturn performance. We addressed this through a series of key steps. First, we established a truly global business led by a world-class leadership team. We drove consistency through common processes and governance. We maximized the use of workshare, utilizing global subject matter expertise and the capacity we had. We're selective in the work we pursue in terms of clients, scope, and risk. We continually track the performance of our top 100 projects. Today, at the point of arrival, all these projects are performing in line with expectation, proving the success of the transformation. Turning now to our markets. Our portfolio is very evenly balanced between energy and materials. 47% of our portfolio is with energy, with the majority of that in oil and gas. Hydrogen and CCUS are a growing part of the portfolio. Renewables will decrease over time, linked to the decision to exit large-scale lump-sum turnkey work, which is prevalent in this sector. To materials, you might be surprised that materials make up over half of the project's portfolio. You shouldn't be, as we have a rich history of delivery in this area. Our involvement is spread between refining, chemicals, minerals, and life sciences. All of these markets are attractive growth areas for projects and are core to the strategic direction of Wood. Now let's look at what we do. We provide services through the whole project life cycle, from early-phase studies and concept to commissioning support. Our breadth of capability enables us to take an holistic view, supporting our customers to drive value from their investment decisions. We are also very selective in what we choose not to do. As previously mentioned, we will no longer take on large-scale lump-sum EPC scopes in the execution phase, thereby reducing construction risk. Turning now to our client base. Our principal client base is best categorized as a diverse portfolio of long-term trust-based relationships across all of our target end markets. With nearly every one of the companies listed, we have strategic framework agreements in place, often dating back multiple decades. For example, we've been working continuously with Exxon since 1937, and have been involved in most of Saudi Aramco's major projects for the past 25 years. A recent example is the 10-year master services agreement we signed with Chevron. Here, we are only one of 2 companies selected as trusted partner to drive and deliver their future global capital investments. By partnering in this way, we shift the focus from lowest cost to value contribution, and it also increases the amount of sole source negotiated work we are able to be awarded. From a characteristics perspective, let me highlight a few points. Our average contract engagement is between 12 to 18 months, which gives us good line of sight to our forecast backlog. 92% of our revenue comes from low risk reimbursable or fixed price services work, with minimal exposure to construction risk. That will increase further as we close our existing lump sum turnkey projects, which won't be replaced with similar awards. We've also improved quality and volume of the order book. It's built on the right type of work, in the right markets, with the right clients. Our order book-to-bill ratio is now around 1.3. Geographically, we have an optimum footprint within key regions, and our operating model allows us to scale up or down in response to market opportunities. Finally, one-third of our revenue comes from work in sustainable projects. In reality, almost every project we deliver has an ESG driver, as our clients seek ways to reduce the scope emissions across the investment life cycle. Why do our clients want to work with us? We thrive in complexity, our clients actively seek us out for their most complex challenges. Globally, we have 14,000 project delivery professionals connected through our global projects operating model. We have decarbonization and digital solutions embedded in our offering from the outset. Our holistic approach means we are experts in optimizing cost and schedule to deliver value to our clients. We bring together expertise that differentiates us from the competitors. Few can apply front-end consulting capability, Azad, and real-world operations, from Craig, to project delivery. By way of orientation, our main peer group is listed in each market. Let me now outline why I believe we are ideally placed in our chosen end markets. Firstly, in energy. I recently attended ADIPEC, the world's largest energy conference in Abu Dhabi. The topic of energy security is firmly back on the agenda. Population growth and increases in global living standards means that by 2050, energy demand will increase by 30%. This means significant capital investment across the next decade and beyond. Today, our addressable market in oil and gas is around $125 billion. We're extremely well-placed to capitalize on that. A good example of the work we're doing here are the Safaniyah and Manifa mega projects we're currently executing for Saudi Aramco. These are the world's largest upstream developments. We're providing concept studies, FEED, and project management services. These projects are characterized by complexity and scale. This is exactly where we're differentiated to win. Finally, we see significant growth in energy transition and decarbonization. Carbon capture, hydrogen, and biofuels will all experience significant growth. We are currently working with clients on projects that will increase the global capacity of carbon capture by over 25%. Hydrogen, with an estimated compound annual growth rate of 67%, we are supporting projects to produce ammonia and hydrogen at scale and are well-placed to ride this growth wave. We see significant opportunities in refinery conversions to biofuels. An example is the biofuel expansion project we're delivering for REG in Louisiana that will increase the plant's renewable diesel capacity by over 350%. Now to materials. We see ongoing demand for chemicals, especially specialty chemicals and petrochemical feedstocks. A more responsible approach to plastics is driving for renewable plastics and plastics recycling. We are working on multiple projects, including new high-performance polymer facility for Evonik in Germany. In minerals, global demand for future-facing commodities is radically increasing, particularly in minerals like lithium and copper, which are absolutely key to net-zero future. It's anticipated that global demand for copper will double by 2035. For lithium, the figure is even starker, with a 40-fold increase required by 2040. Our mining teams are already world leaders in lithium and copper processing. We are currently delivering the world's largest copper concentrator in Uzbekistan and the world's largest lithium processing plant in Western Australia. The life sciences have come to a fore in the post-pandemic world with a particular focus on reshoring and security of supply. We have a rich experience in this area and are currently closing out delivery of one of Europe's largest biotech facilities. Within life sciences, we will be selective in what we pursue. We're choosing to prioritize our efforts towards EPCM opportunities with tier one clients in the Americas. Integral to the project's value proposition is our decarbonization and digitalization offering, for which we already have a strong track record. Let me give you a couple of examples. For one of the world's largest energy companies, we're jointly developing the digital strategy, including the digital twin, which has been adopted as the blueprint for all of their future capital investments. For one client in North Africa, we were able to reduce carbon emissions by 4 million tons per year through elimination of flaring. This one project on one field eliminated 1% of the global flaring. I've mentioned on a couple of occasions that we deliver complex projects, and I want to share with you one example which epitomizes the value proposition. In 2019, Wood was selected by Lenzing as delivery partner for a lyocell fiber production facility in Thailand. This is a EUR 400 million investment producing a sustainable wood-based fiber for the fashion industry, producing 100,000 tons per year. Wood delivered the FEED and EPCM for this greenfield development, which at peaks of 4,000 workers at site under Wood management. All of this delivered during a global pandemic. The Lenzing project exemplifies the kind of work we do in the transformed projects business. A trust-based partnership with a top-tier client, equitable contracting and commercial terms, and a successful delivery leading to repeat business. In conclusion, we have transformed projects and created a globally consistent, predictable, and profitable business. We've de-risked the portfolio with a focused approach on the type of work we pursue. We have enduring trust-based client relationships, allowing us to jointly address some of the world's most pressing challenges. We have a differentiated value proposition with embedded digitalization and decarbonization solutions. We are perfectly positioned across the energy and materials end markets to capitalize on the growth cycles, especially when leveraging the full Wood offering. Simply put, we are superbly placed to turbocharge this Wood strategic cycle. Thank you. I'd like to now hand over to Craig. Thanks, Mike. Good afternoon, everyone. My name is Craig Shanaghey. I am the Executive President of Wood Operating Business Unit. It's great to be here today. It's great to have the opportunity to profile our operations business, not only what we do, but the future growth opportunities that we see. Firstly, let me introduce operations. We're part of the fabric of Wood. We are market leading at delivering highly skilled, technically integrated operating solutions that support critical infrastructure across the energy sector. We have decades of experience at doing just that. We are rightly recognized by our customers as the best at what we do. We have got an extensive portfolio of blue-chip clients, all with long-standing, trusting relationships. That provides not only great stability in our business, but also great order book visibility. We're a highly cost-reimbursable business, that delivers strong operating cash flow to the group as well as predictable outcomes. We will follow our growth supporting those customers as they look to maximize energy and minimize emissions across their energy asset portfolio. We will do so by delivering solutions which are focused on near-term energy security whilst evolving digital and decarbonization solutions which create a sustainable energy transition. Fundamentally, we're a stable and mature business with an enduring relevance in critical markets. Before I go into any more detail, let me show you a video of what we do, 'cause as they say, a picture paints 1,000 words. Hopefully you can see from the video the solutions that we provide are essential for critical industries. Let's turn to our markets. We have an extensive track record in delivering oilfield services, therefore our portfolio is largely dominated by upstream and midstream oil and gas opportunities. We will grow using that footprint in conventional energy and supporting our customers as they increase their spend to deal with near-term energy security in the face of the increase in global demand. Our portfolio will continue to reflect the journey our customers are on as they look to maximize the energy supplies of today while decarbonizing their assets and developing the digital and low-carbon energy solutions of the future as these markets continue to evolve and grow in the medium to long term. We will not only be focused on energy, however. We see opportunities also in the materials markets, where we'll be more selective in the opportunities we pursue, focusing on where we can add value and differentiate our services. If we move on to services, as I said earlier on, our services are essential for keeping critical infrastructure and critical industries performing. Those services include modifications, where we enhance, upgrade, and modernize our clients' facilities through the provision of brownfield engineering and EPC services. In operations, we deliver highly skilled operating technicians to support the safe and sustainable production of our clients' facilities. In maintenance solutions, we deliver planned and unplanned maintenance solutions, repairs, and asset reliability services, covering the broad spectrum from labor supply to full system optimization. In asset management, we increase our responsibility where we manage and operate facilities on our client's behalf. It's that breadth which has allowed us to develop relationships with some of the world's largest energy producers, as you see in the graphic here. That delivers long-term recurring revenues, albeit historically that has been through traditional transactional working models. Through a predictable delivery, we've been able to maintain and deepen customer trust that's allowed us to evolve those working models to more enduring partnerships where we co-create solutions and we can co-create value. That delivers a fantastic foundation for growth. Let me give you a couple of examples. We have an opportunities pipeline that sits at $20 billion out to 2030 because we understand our customers, we understand their needs, we understand the market, and we can deliver the solutions that they need. Additionally, we've been working with 9 out of the top 10 operating companies for operating expenditure over the last two years. Again, a fantastic foundation for growth. How we will leverage that growth to support the growth not only in operations, but across Wood? Let's build from the message of predictable and reliable delivery. Let's look at the characteristics of our business. First of all, our geographic balance. We have a well-balanced revenue portfolio with key positions in key markets right across the globe. Again, a strong foundation for growth. We have long-term recurring revenue. That's supported by an excellent track record at contract extension and renewal. That sits at in excess of 95% over the last two years. As I said earlier on, we've got a high degree of cost-reimbursable work in our portfolio. That delivers strong operating cash flow conversion for the group. Lastly, we have just under 10% of sustainable work within our portfolio. I would suggest that that's more how we categorize that of their assets and deliver sustainable solutions. Let's look at our differentiators. We've got a market-leading client value proposition that sets us up for success. If I look at what our clients need the most, they're looking for a fuller service offering with reduced interfaces that improve predictability and delivery. They're looking to access global talent to improve certainty and reliability and more trust in delivery. If I look at what Wood provide, we've got an extensive track record at leveraging global capability to deliver best-in-class regional solutions for our customers. We've got decades of experience in digital and decarbonization. As I said, that helps customers reduce the carbon intensity of their assets and supports a sustainable energy transition. As I said earlier on, our ability to seamlessly integrate and layer our capability gives us a differentiator in the market, makes us market leaders at what we do. How will we leverage those differentiators to create sustainable and profitable growth, not only for operations, but for Wood? First of all, we will grow from our market position, our leading market position in conventional energy, and we'll grow with those customers in growth regions where we're well-positioned and have an opportunity to grow market share, regions such as the U.S., the Middle East, and Australia. Firstly, in the Middle East, billions of dollars will be spent on energy infrastructure over the coming years, a region where we have a strong footprint and excellent client relationships. We therefore have the ability, opportunity to grow our brownfield engineering and modifications business, building from the recent one with Chevron. In the U.S., we will take advantage of the upswing in shale to grow our maintenance market share. At the same time, growing our brownfield engineering and modifications market share as our customers look to maximize energy and minimize emissions. If I turn to decarbonization, our top five customers have already committed to spending $100 billion over the coming years to decarbonize their assets. Of that same five customers, we command 10% market share of their operational expenditure. Therefore, we know we have an opportunity to access and improve our market share in decarb spend. That allows us, as you've heard earlier on, to deploy decades of experience in decarbonization solutions such as flare recovery, electrification, carbon capture, and asset repurposing. We're already delivering those solutions now. If I could give you a couple of examples. In Iraq, we're delivering a flare gas recovery project where the energy created will be used to power local communities. In Norway, with Equinor, we're delivering the top sides modifications of an offshore oil and gas platform to provide electrification from offshore wind, a world's first. There are many other opportunities like that in our portfolio now and in the pipeline for the future. As I said earlier on, we also see opportunities in the materials market, but we'll be selective in what we pursue, ensuring we can add value and differentiate. One example, as such, we're working with Mike and the projects team, stitching together Wood capability to deliver a mineral processing facility for Pensana in the UK. Continuing the theme of making deliberate choices, deliberate choices to maximize profitability and de-deliberate choices in order to maintain sustainable, profitable growth, we are layering digital and decarbonization solutions over our existing energy services to support those customers as they look to decarbonize their assets. We're working with Azad's team in consulting to deploy digital maintenance solutions, supporting our customers to reduce their maintenance burden and at the same time reduce their operational expenditure through the use of data and predictive analytics. An example of such is with bp in the U.K. We worked with them in their North Sea asset portfolio. Using digital solutions, we've been able to reduce their maintenance backlog by tens of thousands of hours, at the same time reducing offshore mobilizations by 50%. That not only reduces bp's operational expenditure, it frees up cash and resources for bp to add value right across our portfolio. With the global focus on reduced carbon emissions, particularly in the U.S., where we see methane-linked penalties introduced from 2024, it's never been so critical for our customers to analyze, detect, and mitigate methane emissions and asset leakage. We're deploying our award-winning methane leakage and detection technology to support those customers to reduce carbon emissions. It not only supports our customers, it gives Wood a leading edge in the market. Before I close, let me pull together all of our differentiators that I've discussed today, our capability, our trusting client relations, our decarbonization and digitization expertise. An example I would like to use is Kellas in the U.K. Kellas are a private equity-owned organization, they own the CATS Terminal in the northeast of England. The CATS Terminal is critical gas infrastructure in the UK, delivering 15% of the UK's gas supply. Kellas appointed Wood in 2017 to be their duty holder. That means that we manage and operate the facility on behalf of Kellas. Through our predictable delivery, we've been able to maintain and deepen customer trust with Kellas, and that provides a great platform for growth. We've delivered highly skilled operations technicians to operate the plant safely. We've delivered digital and decarbonization solutions, which improves the efficiency and reliability of the plant and produce safely and sustainably. That has led to an excellent platform for growth. Kellas are at the forefront of the energy transition in the UK, where they're looking to spend three-quarters of a billion dollars to install a blue hydrogen facility on the site, and they want Wood to help them realize that. I'm excited to work with Azad and Mike as we pull together the capability that sits right across Wood to deliver an integrated green to green solution to help Kellas realize their ambition. A perfect example of following our customer's journey as they maximize energy for today, decarbonize their assets, and develop the low-carbon energy systems of the future. Let me recap. We are market leaders in delivering highly skilled, technically integrated operating solutions for critical industries, and our customers recognize us as the best at what we do. We've got an extensive portfolio of blue-chip customers, all with long-standing trusting relationships, providing stability and great order book visibility. Our predictability in delivery and our large proportion of cost-reimbursable business allows us to deliver strong operating cash flow conversion to the group. Lastly, and more importantly, we have a fantastic opportunity to go on a journey with our customers, an energy transition journey, supporting them to supply the energy of today whilst decarbonizing their assets and developing the low-carbon energy solutions of the future. That's an exciting journey. We couldn't be better placed to go on that journey. Thanks for your time today. I'm gonna hand over to David to cover the financials. Thank you. Thank you, Craig, and good afternoon, everyone. With the steps we've taken and the strategy Ken and our team have outlined today, it's clear that Wood has a strong investment case. With the sale of the Built Environment business, we've reset the balance sheet, addressed our leverage, and restored financial strength. We have addressed our legacy issues and now have a clear schedule of cash outflows that will reduce significantly over the next couple of years. We have de-risked our contract pipeline by minimizing the lump sum turnkey activity, and today we're predominantly a reimbursable services business. As you have seen, we have attractive growth opportunities across a range of energy and materials end markets, and that underpin our strategy and our targets for EBITDA growth. Our business has strong underlying cash generation, which helps us plot a clear pathway to sustainable free cash flow, which will be positive in 2024 and reach significant levels from 2025 onwards. The sale of the Built Environment business, which completed in September, an attractive 16x multiple, has allowed us to reset the balance sheet and achieve Enterprise litigation case and normalize our working capital. That's going to see us ending the period with net debt of around $350 million-$400 million. The board carefully considered all of our options and consulted extensively with shareholders. Although originally in our base case scenario, the opportunity arose to settle the Enterprise litigation, and we felt that was the best option given the uncertainty around U.S. litigation and amounts claimed. We'd also flagged our intention to normalize our working capital at period ends. Given these choices and our medium-term leverage target, we decided not to pursue other options at this stage. Our capital allocation policy is relatively straightforward and starts with having a strong balance sheet. We articulate this in our medium-term target leverage range of around 0.5-1.5x. This is the broad zone that we're targeting rather than a yearly red line, and this sits comfortably below our debt covenants of 3.5x. This allows us to invest in our business, people, and systems and fund the rundown of our legacy liabilities, which is covered in the next slide. Ultimately, this will allow returns to our shareholders or for attractive M&A once we are generating sustainable free cash flow. Our legacy issues are now addressed with a clear and defined schedule of payments. We have two further SFO payments to be made totaling GBP 65 million. These will be made in 2023 and 2024. On asbestos, this is a longer term liability, with payments reducing each year. In 2023, this will be around $35 million. AEGIS Poland is moving towards the commercial settlement phase, and the losses from our historic lump sum turnkey work, which were significant in previous periods, are now small and will roll off in 23. We expect an unwind of advances from closing these contracts in 2023 of around $25 million, which will be included in our exceptional cash line. Finally, as you know, we settled the Enterprise litigation case for $115 million earlier this month. As we said at half year, we've taken steps to reduce the level of risk in our pipeline by minimizing the amount of lump sum turnkey work. It's now only a small part of what we do and will trend down over time. You can see that both our revenue and order book are mostly cost-reimbursable contracts and services, and that demonstrates the discipline we now have across the group. Ken touched on this and you heard Mike talk to it in detail. Improved discipline is one of the major differences with the new Wood. Not only have we de-risked the projects business, but the mix shift will also improve cash conversion going forward. This slide pulls together what you've heard earlier from Azad, Mike, and Craig. You can see three business units that complement each other but have different characteristics. Contract lengths and sizes are smaller in consulting, larger in projects, and the largest in operations. The contract mix also differs. Consulting has a mix of cost-reimbursable and fixed price work, and Operations is nearly all cost-reimbursable. Projects has transformed, as Mike outlined, and today has very little lump sum turnkey. A key strength is the high level of repeat business. This very clearly demonstrates the strength of our client relationships and differentiation. Another enduring feature of the business is our exposure to CapEx and OpEx cycles, and that provides balance across the group. You can see then how these characteristics turn into the financials. Consulting is high margin, high cash generative business. Projects has a lower margin profile, but pathway to expand this. Cash conversion has been weak in recent years in Projects, but with the steps Mike and the team have taken, we can now see Projects operating cash conversion go beyond 90% by 2024. Whilst in operations, we achieve margins around 6.5% and very high and consistent cash conversion. The strengths of these businesses, combined with the roll-off of the group's cash drags, is our main message today. We now see a clear pathway to sustainable free cash flow for the group. As you've heard today, we see attractive end markets across our business, driven by energy security, energy transition, life sciences, and the circular economy. These markets, together with greater focus and building our life sciences business, will drive top-line growth. We expect to grow our margin over the medium term, driven by operational gearing, improved margin, project margins, and clear market focus. In the short term, we expect EBITDA margins to be flat as we reinvest in our business to secure future growth. From the table, you can see the position today and the drivers for each business. Our expectation is that these margins will be higher quality with a lower level of exceptional costs and provisions, leading to higher cash conversions. This slide gives a breakdown of our income statement for 2022 and is a useful way to run through how we show our adjusted results. You have our adjusted EBITDA guidance, and below that you take off depreciation, which includes IFRS 16 leases depreciation and a share of JVs and PPE depreciation. This gives you an adjusted EBITDA. Take off amortization of software of around $90 million, and this reflects the importance of engineering and design software to what we do, plus our ERP rollout. We are now excluding the amortization of acquired intangibles from our adjusted results, and that's in line with the treatment across many other companies. This gives you an adjusted EBIT of around $160 million-$190 million. We've also included a slide that goes down to adjusted EPS in the appendix as well. As highlighted earlier, our turbine JVs will now be reported together with investment services and not as part of operations. We account for JVs in our adjusted EBITDA, but not in revenue. Our two most significant JVs are EthosEnergy, which provides a range of turbine services, and RWG, which provides MRO services. Both of these generate about $25 million of EBITDA each year. Following on from my earlier slide, here we've outlined in detail the items creating a drag on our cash and how they're expected to play out over the coming years. AEGIS is moving to the commercial phase with concluding payments and commercial recovery costs of around $20 million in 2023. We're at the very early stage of commercial discussions, and at this point it's difficult to predict when those will be concluded. Ultimately, we expect these to be a cash inflow. Asbestos is longer term with payments tapering off. The final payment for the SFO of $30 million will be paid in 2024, and we're not anticipating any significant restructuring cost. While onerous leases will reduce to nil after 2024. On Enterprise, we settled for $115 million and it's now behind us. Finally, we're concluding our remaining U.S. LSTK contracts, and the advances runoff will be about $25 million. Running through our cash flow in the same detail I did for our P&L, we've shown here the view for 2023. We have our Adjusted EBITDA. You need to take away the IFRS 16 benefit and the gap between JV EBITDA and the dividends we receive. You have provisions on working capital. Provisions will be around $10 million-$20 million. Working capital will be an outflow next year in line with activity growth. You add back some of the non-cash P&L items. Continuing down our cash flows. You have CapEx. This is mostly software, which will be around $110 million. We expect this to trend down over the coming years as we complete our ERP rollout. You have interest paid. That's gonna be about $45 million, given the level of gross debt we have. The tax payable. Note that this doesn't include the tax due from the disposal of BE of around $60 million. This gives free cash flow pre-exceptionals, and we expect to be broadly around break even for this next year. The exceptionals I covered a few slides ago, and we do expect them to come down significantly in 2024. That leaves our free cash flow negative next year, clearly, but positive from 2024 onwards, and significantly so from 2025 onwards. I'd like to take a look at our balance sheet across four key areas. On goodwill and intangibles, we had $4.9 billion at the half year, and that mainly related to the AFW acquisition. This will reduce significantly with the BE sale. Additionally, as part of our year-end process, we'll be reviewing for impairment, given the sale of the BE business and movement in discount rates. We expect our leases to reduce partly from the sale of BE, along with the ongoing rationalization of our property portfolio. Our provisions balance is made up of asbestos, of around $300 million, which will reduce over time. Insurance and property, which relates to our captive insurance and property portfolio, and we also have $65 million of normal course of business project provisions. Litigation will reduce significantly following the settlement of the Enterprise litigation. Finally, pensions. We will have a net surplus at the end of the year on an accounting basis and in our principal U.K. scheme on an actuarial basis. Following the sale of the Built Environment business, we retired around $600 million of facilities. At present, we have $2 billion of liquidity, with the majority maturing in 2026 and beyond. Our UKEF and USPP facilities are fully drawn. Looking forward, we'd expect to retire further debt in 2023. Bringing all of this together, I'd like to take you through the outlook for the group over the medium term, reflecting the strong growth drivers in the markets we choose to operate in, the momentum in our top-line growth and the shift away from lump sum work, and of course, being mindful of the potential limiting factors for margin growth. We expect over the medium term revenue to grow faster than the market growth of 5% per year. Flat EBITDA margins in the near term with opportunities for some improvement in the medium term. Adjusted EBITDA to grow at mid to high single digit CAGR, with momentum building over time as our strategy delivers. As Ken discussed earlier, the key message of today is that we have a clear pathway back to sustainable free cash flow. You can see our EBITDA growth and the faster growth in operating cash flow. Our businesses produce good cash flow day in and day out. Our operations and consulting businesses have a track record of consistently high operating cash. With the changes we've made in projects, we expect a significantly improved picture. The legacy liabilities shown in orange have dragged overall cash down. As we roll off, alongside improving operational momentum, you get the inflection in free cash flow, which we expect in 2024. Thereafter, we expect significant free cash flow. To finish on our attractive investment case, we have reset our balance sheet and restored financial strength. Our legacy issues have been addressed. We now have a clear schedule of cash outflows. Looking forward, we see good EBITDA growth underpinned by our attractive end markets and our high quality, low risk pipeline. With this and our strong operating cash flow, we see a clear pathway to significant, sustainable free cash flow. Thank you. With that, I'll pass back to Ken for some concluding remarks. All right. Good job, David. All right. Thanks very much, David. Look, we've covered a lot of ground today, so I'll do a brief recap with a couple of slides before we break for a final question and answer session. First of all, as the title of this slide indicates, this is a strategy for a new era with Wood. Strategy that's going to be built on three pillars that are going to underpin every successful business. It's profitable growth, it's performance excellence, and it's an inspired culture. It's a strategy where focus is going to be our superpower. We've been rigorous in studying our markets as well as assessing our portfolio, and we are crystal clear on how and where we can grow. It'll come from 2 end markets, each of them with 3 priority sectors and 2 cross-cutting drivers that will create opportunities across each of our end markets. Our forward direction is clear, and as our analysis shows, there's $230 billion worth of good opportunities for Wood to get after over the next 3-year strategic cycle. It's on that basis that I stand here before you all today, confident as well as energized by the journey that we have in front of us. We have transformed. We are well positioned for growth, and we will deliver improved financial returns. Along with the rest of the executive team that you've met today, look, I'm really excited to lead a company that has remarkable people that are trusted by our clients to design, build, and advance the world. With that, let me pass you back to Simon. Cool. Thanks, Ken. We're now gonna move to our Q&A session. Everyone joining us online, there is a Q&A functionality which some of you have been using, so we will get to those as well. We'll start with questions in the room. The usual thing, you guys know what you're doing. Wait for the microphone, state who you are and where you're from. While we set up the stage with some chairs and do a bit of the backstage stuff, we're gonna play a video from a recent leadership conference we held two weeks ago. Cheers. You have a wingman contract. It's right in front of you. It's Strategy 2025, right? You are our strategy. You are the remarkable people in our mission. The remarkable difference 1 person makes can never be underestimated. All right. Very good. Can everybody hear me? Well, good. Yeah. I'm just actually looking at the video. It feels like a long time ago. It was only 2 weeks. Now over to you. For questions and answers, and as kind of Simon had said at the outset, raise your hands, please wait for the microphone, and then just state who you are as well as where you come from. We'll try and moderate all the questions through me as well, because I know we've got a lot of people. With that, first hand is over here, Mick. Good afternoon, everybody, thank you for the presentation. It's Mick Booker here from Barclays. Can I just address, obviously a bit of disappointment this morning in the reaction from your share price, we've just listened to 5 presentations which were on growth, growth, growth. The answer is our core markets are growing at 5% per annum, which from an oil and gas standpoint looks like error, certainly not growth. You haven't mentioned underinvestment at any stage in oil and gas. You did mention, I think, we'll try and take advantage of any security. Why do you think your core oil and gas market is growing so slow given the messages we're getting from everywhere else in the market? Look, I think we spent a lot of work, Mick, as we went through the strategy, trying to look and look at those markets and look at it over three years and look at it over a five-year and beyond, right? I think we provide some backup to that. You know, there has been some material change since we started into this. I mean, the one thing we do know is that the CAGRs do change, and they do change over a period of time. Look, I think it is clear that there has been a certain amount of underinvestment in oil and gas. I think the important thing for us from a Wood standpoint is if you look at those CAGRs and you look at where the strategy is focused on, it is about us being selective, it is about us being focused on where we play, and it is about us making sure that we're playing in the places where we can provide the best differentiated solutions to our clients. I think, look, when you put in the rounds, you know, in terms of the areas that we're looking at, strong markets, strong drivers, strong growth, little bit different between energy security, and you see some of the energy transitions where we're showing much higher growth in the short term as well as in the long term. I think on the balance, the message that we do want you all to hear is that we're picking where to play. We have a lot of market opportunities ahead of us, and the bits that's gonna differentiate us going forward and making sure we get to that predictability of that performance is we're being really clear on where to play. Okay. Next question. Hang on one second. Thanks. Yeah, it's Mark Wilson at Jefferies. I think it follows on from something Mick's saying here because in terms of the addressable markets, you're looking at oil and gas, a $124 billion addressable market and growing about the same rate as smaller markets like life sciences. Now, David mentioned that a return to shareholder returns in M&A could be foreseen once you get to sustainable free cash flow. From that point of view, it sounds like M&A ahead of that isn't something you're looking at in the coming year. Could I ask if that's the truth, and whether you don't see a reason of inorganically addressing or targeting that huge addressable market in oil and gas via M&A? Yeah. Look, let me start with that, then maybe I'll hand it over to David as well. I think, look, Mark, yeah, good question. You know, where we are and what is it that we're trying to do? The strategy that we've showed and we've outlined to all of you today is an organic growth strategy. Look, the one thing that we're also saying is that we are investing organically in growth, you know? When we went through our, you know, all of our various different tiger teams, all the various different markets that we have, you know, there's a certain amount of 2023 that we're gonna invest in our own people, you know? That's in subject matter expertise, that's making sure that we've got the right people in the right position in order to create and gain that momentum that we need. I'd say in the short term or in the near term, yeah, we are looking at it as an organic growth strategy. We have made it very clear that that path to sustainable free cash flow is something that's going to underpin and be very much a focus of where we wanna get to. You know, when we revisit this and we start looking later on, maybe next year, back end of next year, maybe the next, and the year after that, we will revise that. I think that's been our focus, and I think that's a fair assumption to make. Dave, anything to add? No, not much to add to that, Mark, beyond, you know, we've set out the capital allocation strategy. Once we get to that sustainable free cash flow, we'll evaluate the alternatives that we have, whether it's share buyback, shareholder distributions, or M&A if it's attractive. Okay. Just as a follow-up, I'd like to ask, sometimes between things like projects and consulting, there seems to be overlap between different project announcements. Yeah. I was reminding myself there, consulting shows, front-end studies and project shows feeds and pre-feeds. Could you just remind us how you differentiate between those? Who does- Yeah. Which type of project for what? Yeah, good question, Mark. Look, we did try to do it. If you remember the one slide where we have the wheel, where you see that overlap in terms of where it is, try to just to make that clear to everybody as well. Look, I'll hand it over to... I'll start with Mike. Mike, do you want to take that? Yeah. I mean, the fact of it is, what we do is we work as one organization. If you look at our global execution centers, we have a shared resource base, and we share subject matter expertise. We very much see as the consulting group from a Projects perspective is the shop window. Getting in very, very early on in terms of the investment life cycle, working with the customers in terms of looking at the investment viability, and then we see pull-through into the later stages. Consulting very much at the front end, but then pull through. What we do use is a common resource base. If you look at what we're doing out of all of our centers of excellence around the world, it's, that's the model. It's, it's been a successful model we've been deploying for, what? Over a decade, yeah. Yeah. Up front here, James. Thank you, sir. James Thompson from JP Morgan. Thanks again, thanks team for the presentations. You know, you painted a picture really about growth, selectivity, wanting to do more complex projects, you know, which in theory should mean less competition, more pricing power, and yet your kinda medium-term guidance is obviously not very aggressive, should we say, in terms of your kinda margin expectations. I was just wondering, could you kinda detail, you know, how much it's gonna cost investing in the business, you know, to get the expertise to allow you to get to that place? How long will that take? How much is it gonna cost you? Yeah. Look, maybe I'll start, James. Good question. Maybe I'll hand over to David as well to give some more flavor to that. You know, as I said kind of at the outset, really when you look at it, we've delineated, Dave's talked about CapEx as well, but really from an OpEx standpoint, what are we going to invest? You know, we are looking at somewhere in the region of $10 million-$20 million between, you know, as we move into next year in order to be able to build that momentum as well. That's the kind of scale, and that's where we're trying to, you know, plug some of the subject matter expertise gaps and provide some additional resources in order to make sure that we're continuing to be that technical provider of choice for our clients. David, do you wanna add? Yeah, James, I think Ken mentioned some of the areas before. It's subject matter experts, BD people. There's developing process technology as well as an area. That's on the OpEx side. On the CapEx side, you know, principal investments is our engineering software. Beyond that, we're implementing, you know, our cloud ERP, and also things like Engineer Everywhere, which connects all our engineering workforce all across the world. Those are the sort of investments that we're doing, and all of that allows us to secure the growth going forward. As we said, you know, we do see that momentum building over time. We've set out a medium-term strategy of mid to high single. You talk about $230 billion over the next three years. If I take your revenue CAGR guidance, it's looking like probably $18 billion over that period, you know, sort of six-ish percent market share. Where do you think that can potentially get to? You know, a number of the slides there talked about opportunities to take market share, but, you know, how far can you potentially push that going forward? Yeah, no, I think, again, another, you know, good question. go back to kind of the guidance that we have here as well, James, what's important for us is picking where to play. That is the most important piece. You know, our best sales tool, and I think you saw it as you went through, but you do that strategic overlay. where you have and where you will have a resource-constrained market, you know, we have 36,500 of the brightest and the best. It's picking where we play and picking where we're differentiated and picking, quite frankly, where we can provide that value to our end clients as well is really the superpower, and that's the journey that we're on. David, do you wanna add? A little bit to that, James. If you're, if you remember in the presentation, there was really 3 buckets of top-line growth. That bottom bucket was where we expect to grow significant market share, and that was in minerals and life sciences. Minerals, we've got a significant business already, but we see the opportunity there. In life sciences, we've got a relatively small business. We've been investing. It's been part of the subject matter experts investment that we've made this year and will make next year, and that's where we see the ability to grow a relatively significant business for our scale. Okay. More questions. Hi. Kévin Roger from Kepler Cheuvreux. As a kind of follow-up on the margin side and the development that we should expect in the coming years, you clearly mentioned during the presentation that you were mostly oil and gas, and that the growth will be driven notably by the decarbonization and digital business in the coming years. For you, what does it mean in terms of margin? Should we assume that basically over the next 10 years, more and more you'll be digital, more and more you will be decarbonized in terms of business? It means that you will be able to generate more margin outside oil and gas, or it will be roughly the same for you? Yeah. Look, I think it's a good question. It's actually a complex answer. When you look at those cross-drivers, and you look at decarbonization, you look at digitalization, it means something a little bit different in each of our markets. The ability to create that different kind of revenue or margin associated with that is a little bit different. Maybe just to answer that, maybe this will be a good one for Azad, for Mike, and for Craig, because there is a nuance to each of the business markets to answer that. Maybe Azad. Yeah. Digitalization certainly means, brings different values to different parts of the business. In consulting, certainly, we see significant opportunities for digitalizing the client's needs. As they seek to sweat the assets more, digital and digitalizing their assets is the driver that allows us to help clients to win more work as, and as Ken talked about, to grow that part of our business. Decarbonization, same story. Actually, they are very much interlinked. A big chunk of value creation for decarbonization comes from digitalization. Without digitalization, you're not able to measure emissions. You're not able to control the flow and the asset as accurately or as much dependent on data-driven decision-making. Those two interplays from certainly a consulting perspective drive a good opportunity for us, which translates into projects and operation. Mike, do you wanna build? Yeah. From a projects perspective, if you think about both digitalization and decarbonization, everything we do is an integral component of the projects we undertake now. Yeah. There is tremendous upsell opportunity within that. I talked earlier around the digital strategy, digital twin we're developing with one of, if not the largest, energy company in the world. That enables us to get continuity of service through the asset life cycle. As we come from the consulting, because we jointly work with consulting and developing that into projects, and then we become the custodian through the project life cycle and then into operations. All of that great capability which you saw today is the opportunity to upsell along the way. From a decarbonization perspective, again, we work really closely with the consulting team to come up with our SCORE methodology, which looks at not only new assets but existing assets to make sure that we're creating a more efficient asset. We can go in and a lot of the revamp work which we'll do in projects will be around energy efficiency, will be around decarbonization, and I think it's a tremendous platform for growth for us. All of these assets, which we're looking at, we were involved in the original design and original build. It gives us a good position. Craig, maybe. Just it's always difficult going last, but just building from what Mike and Azad said, I think from an operations perspective, as I said earlier on, we've got a fantastic portfolio of long-term customers. Positions across the market that plays into decarbonization and digitization. A platform for growth, not only for operations, but for projects and consulting as well. As well as being, I guess, our ticket for the game, in terms of entry into the market and stability in the market, it also gives us an opportunity to layer on top of our existing services, those digitization and decarbonization solutions, which allows us to enhance our margins across long-term recurring revenues. Thanks. Maybe a complete different subject. Sure. Can we touch a bit about the competitive landscape environment? Over the past 5 years or even 10 years, we have heard a number of E&C companies mentioning early collaboration, early involvement, the fact that they secured contract on FEED front-end engineering design that they want to be engaged in a very early stage. How does it impact the business that you have with those clients and maybe your job as a kind of backup for the design of project not to be on the consulting business if they are involved very early compared to usually before? Maybe like I'll start with that, maybe I'll hand it on to Jennifer as well. Look, I think we've done a lot of work over the last six months really looking at the market, looking at how our clients buy, looking at who our competitors are, and looking at what differentiates us. When you go back to that $1 trillion of capital spend, and we cut that down to the $230 billion, we've already put that lens. We've put that lens on that to say, "Is this amenable spend in areas with clients that we know where we are differentiated and where we can perform predictably and excellently?" We've already done that. We don't want to get into the trap, and I think we've shown this before, of chasing revenue. I said it in my slides, right? This strategy is about really focusing on where we can get EBITDA. We don't want to make the mistake of which we've done in the past of chasing revenue, of chasing lump sum turnkey, of doing things that we're not particularly are good at. We've been very deliberate to make sure that the numbers that we're showing here today are backed up with as much data as we can, and we're confident that we're gonna be able to get our market share and grow within that space with that selectivity that we have. Yeah. Jennifer. You've covered most of it, Ken. I'll just add a couple other things there. I mentioned it in my slides as well. We did put those three component lenses on every part of the data that we looked at across the market. We looked at, you know, the clients we wanna partner with, the margin capability, the growth of those markets. We looked at whether or not we could take a leading position and winning position in those markets as well, again, being focused and selective there. I think the third component to that, which is really important for us as an organization, is making sure that those contracting dynamics were there, right? The dynamics in which we want that work for us. It reduces risk at the end of the day. The very last thing, which you heard every single person talk about on this stage, is that we will focus on those complex projects and kind of stay away from those lump sum turnkey opportunities that are out there and stay focused. On the back. Hi, it's Alex from Kempen. Can I ask the margin question a slightly different way? What I've heard from everybody today is an answer on margin that's really focused on selectivity, and if I was being a little unkind, a suggestion you might be growing slower than the market in order to deliver that selectivity. What I've also heard is lots of talk about digitization and decarbonization capability, all things which sound like they should capture a lot more of the value that you bring to the relationship that should show up in sustainable higher margin. Could you sort of talk to that dynamic a bit? Yeah. Look, I think... Look, it's fair. At the risk of sounding boring, I'll probably answer it in the same way I answered it before, and maybe I'll just hand it over to the group. Really what we're looking at, and when we look at our guidance and what we've said out there, you know, we did say that from a margin perspective, you know, in the near term, it's gonna be flat. Part of that story is that we understand that we need to invest from an OpEx standpoint back into the business. We need to create the foundation. You know, one thing I do want everybody to take away from here is that the strategy that we're outlining at the moment is a three-year strategy. It's a strategy to gain momentum. It's a strategy that's gonna put us in a position to go growth. You know, when we're talking about our next strategic cycle, we are going to be in a position to capitalize on that. Really when you look at it in that piece. Now we do say with momentum, and as we start to generate momentum and as we get into the medium term, we do see some room for improvement in that. On the digitization piece and the decarbonization piece, you know, as we've outlined here, you know, one of the big things that we do from a digitalization standpoint, and think of what Azad said, is that we are the integrator of choice in terms of not developing the technology, but understanding what's the best technology that's out there and understanding how that gets plugged in to delivery for a client. We have some of our own technology, but really it is that ability to integrate, to come up with what is the best solution for our clients, deploy it, and stitch us together. Give everybody the sense of take away the bit that Azad said, which was, it's where management consulting Really meets design, and that ability to plug that in here to become that piece, that's real differentiator for us. We do have software, and we do have software applications as well. On that digitalization piece, I just wanna get everybody to have that as a kind of a picture in their mind about where we play. I don't know. David? I probably just to emphasize your starting point there, Ken. Actually, we agree with you, Alex. You know, that's the core of the strategy. The difference is the timeframe. In the short term, we need to invest in the business, and that's gonna hold back margins. As our strategy delivers, we expect it to deliver in terms of our margin, and we highlight a margin opportunity. Actually the thesis that you put forward is one we would agree with. It just takes time to get to that point. Thanks very much. Good. Question here in the middle. Rachel. Thank you. Rachel Fletcher from Morgan Stanley. I just wanted to come back to some of the questions we've had on capital allocation priorities and potential selective M&A. Consulting is a much smaller contribution to total revenues at present, and fossil fuels has a much larger contribution. When you're thinking about selective M&A, I know it's a few years off. Would you be seeking to address this change, or are you happy with that split within the business? Look, I think maybe I'll just address it. I mean, we do see consulting as being an area that we will see significant growth in, and we do see that as an area where we can continue to differentiate. As we go on the journey, and again, as we're talking about a 3-year cycle here, you know, there will be opportunity, and there probably will be inorganic opportunity in the consulting space, where definitely on that journey to energy and energy transition for the world, there may be opportunity for us to take a look at that. Again, near term priority, not now. As we move forward, absolutely. Any more questions in the room? We've got 1 here. Go ahead, Mike. It's Mark again from Jefferies. Can I cover on the removal of turbine JVs? Yeah. into investment services? why are we doing this, first off? You want me to take that one? David, go ahead. Really to make our operations margin clearer. You know, as you'll know, maybe for the benefit of the whole room and anyone watching in, we previously consolidated our turbine JVs into operations. As a joint venture, the EBITDA came in without the revenue, so it made the operations margin slightly more opaque. We thought it would provide more clarity with effectively the EBITDA from the joint ventures sitting in investment services. Okay. That is still a core part of the business, those turbines. Have been talked about as disposal candidates in the past. also is that, is the JVs, is that where the steam methane reformers are? No. No. No. No. Where are they? They're sit with Azad Hessamodini. The SMR technology is with Azad Hessamodini. In terms of, you know, the first part of your question there around turbines, we're not trying to flag any potential disposals. You know, the turbine JVs produce about $50 million of EBITDA. We said they're, you know, they've had a mixed view. The RWG turbine joint venture is a really high quality business, very strong margins. Ethos has been less so, but, you know, I know you followed the turbine story for a long time, Mark. We've seen a very good recovery in that business over the last couple of years. You know, previously, I think 2 years ago, probably did about $10 million of EBITDA. Actually, the turnaround program that we've been on with Ethos has borne fruit. Okay. Last point, I guess that the first half will be restated then. Yes. You'll actually see that. In the appendix, you'll see the restated numbers. Okay. Thank you. All right. Mick, over here. Hi. It's Mick from Barclays. Can I just ask a question about the bit that's not in the presentation? Every Wood presentation for the last three years have had a wind turbine picture in it. It's obviously one of the fastest-growing markets out there, and you own as operators and you are low risk at that. Why not wind and solar? Yeah. I mean, I think, look, the answer to that is both wind and solar are still a very strong portion of what we're doing. You know, what we're not doing, Mick, and just to be clear, is that we're not gonna do lump sum turnkey in that space. We are the consultants of choice. We are the engineers of choice. We're gonna continue to deploy our expertise, what we're good at, and that's providing those solutions and really looking at both understanding where our clients need to deploy that capital, but also how we engineer the solutions that are there. It's the lump sum turnkey piece for that where we just don't find ourselves differentiated. Again, back to selectivity and back to where we need to focus on, that's why you don't see as much of that. It is core, and it is in consulting, it is in projects, it is in operations as well. Good. Any more questions in the room? There's been a few online, so I think we've there's a kind of repeat on some of them, so maybe just the ones I don't think we've covered. I'm gonna put this one to you, Mike, right? The new build of hydrogen plants are expected EPC lump-sum turnkey. How does this fit with your strategy to exit from these types of projects? I mean, it's a similar, it's a similar theme to what Mick just said. Yeah. I mean, we're not quite sure actually how the customers are gonna come to market. You know, the early stage, what we've seen is it's very much around the EPC lump sum turnkey. We actually think that over time, because of supply and demand, that they'll look at different contracting models. We are in no rush to dive forward and actually get into EPC lump sum. We've been invited for a number of these and we've declined. You know, we are still supporting, you know, from a consultancy perspective, from an integrated project management team perspective. We see that, you know, we've got a position, but we've clearly got the technical capability, but no rush to get into lump sum turnkey on those jobs, I can assure you. All right. Another one in a similar vein. What investment are we making into capturing opportunities that will come from blue and green hydrogen projects? Azad, do you wanna start with that one? Actually related to Mike's comment, there is opportunities in low carbon hydrogen revamp as there is a lot of old technology in the field. In fact, we just published a piece on future-ready heaters, which will demonstrate how we could reduce the emissions on the existing SMR units out in the field. That's an area that we're very active at, in, and we're talking to our clients right now about a program of potentially upgrading these old hydrogen units to lower carbon emitting units. In green, there is significant interest, and that's where we come in the early asset allocation. What's the best way to design and approach these projects as we see the scale up of the implementation tilted towards the back end of the decade. In the early phases is where we play. If I might just add to the previous question, we also see opportunities in wind solar as they integrate into green hydrogen. That's to the area that we talked about complexity. Wind solar by themselves, they're probably less complex, but when they're integrated into units to produce e-fuels, whether it's green ammonia or e-methanol, that's where we come to our fore, and we see great potential there. Good. One more here. Maybe this one's for you, Jennifer. Do you expect to take share in some key markets over the coming years? If so, how do you plan to do that? Lower price, cross-selling, or other factors? Great. Of course, right? Of course, we plan to take share. I think you heard on the stage how we interplay as one Wood and one team, and those are true differentiators for us in our organization. You saw the market CAGRs up on the stage earlier, if we didn't think we could take a share, we wouldn't have aligned our strategy in that direction. Again, it goes back to that market focus selectivity. We picked where we could play. We did our work, our homework on it, and we're gonna stay focused on it. Absolutely. Good. Any more questions in the room? No, I think that's pretty much it. I think we've covered most of the other questions that have been online. Listen, I'd like to thank you all again for attending, or for those of you that were watching the presentation online and virtually. Look, I'm looking forward to meeting some of you face-to-face and in person over the next few weeks. And for those of you that I won't see, I'd like to wish you all a very happy holiday season and look forward to connecting again in early 2023. To all my co-presenters as well, very much thank you so much for everything today.