Afternoon, everyone, and welcome to the fourth quarter results for 2021 for Aker Carbon Capture. My name's David Phillips, Head of UK and Investor Relations. I'm delighted to be joined by my colleagues, our CEO, Valborg Lundegaard, and our CFO, Egil Fagerland. Valborg will take you through the key achievements and key developments from 2021 and the fourth quarter, and we'll also run through some points of our strategy that are very, very important for the year ahead. Egil will then run through key financials and also taking a forward-looking view and talking about some of the more important points for 2022 as well. Then we will run into your questions, and we'll give as much time as we can to run through all the questions you have. Just as a quick reminder, you can enter your questions online in the system at any time during the presentation. So please do, don't write them down, but please just put them in the system, and when we come to the Q&A at the end, we will run through those as fast as we can. Okay, Valborg, over to you. David. Good afternoon, everyone. This is the agenda for our presentation today. Just to give you an outline of what we will be discussing following an extremely active and busy year. We will address the highlights of the quarter, our key achievements in 2021, trends in the carbon capture market, our operations and business development, the financial highlights and of the quarter and the year, the way forward for our strategy, and finally, we'll move on to Q&A. First, before we start with the highlights from Q4, we have a short introduction to our company. Aker Carbon Capture is a pure-play CCUS company with the strength of the wider Aker group behind it. We've seen many important benefits from this structure, including our customers will have our full attention, and for investors, this open up for investments in a pure-play company, not a conglomerate of segments. Our proprietary technology has been developed over 20 years and is validated to over 50,000 operating hours and certified for several applications. Aker Carbon Capture's technology is cost-effective, robust, and flexible, meaning it can be applied to existing plants or new builds. The process uses a non-toxic, biodegradable mixture of water and organic amine solvents to absorb the CO2 and has a market-leading HSE profile. When our customers come to us, they want to reduce their emissions and not introduce new emissions or hazardous chemicals. That is why our technology's unique HSE characteristics are also a commercial differentiator. Now, the highlights of the quarter. We secured our place in the FEED contract for BP's Net Zero Teesside project in the U.K. as part of a consortium including Aker Solutions, Siemens Energy, and Doosan Babcock. This is the world's first commercial-scale carbon capture on a gas-to-power facility and marks a very important step forward for large-scale CCS in the U.K. and elsewhere. We started work on the Twence Carbon Capture project. This first-of-a-kind modular plant will enable the removal of CO2 from flue gases at Twence's waste-to-energy facility in the Netherlands, with captured CO2 to be used by greenhouses to enhance plant growth. We moved ahead well with the Brevik CCS project, the first carbon capture project at a cement facility in the world. The project is progressing according to schedule, with key milestones achieved and all major purchase orders placed. On-site activity will pick up in June this year, and the main installation work will take place in 2023. We continued to position for the future market to a significant and growing number of project studies for customers. We showed strong financial progress through the year, finishing the quarter with a record level of quarterly revenue, up around 30% from the prior quarter. We also ended the year with a strong backlog position of 1.9 billion NOK, 1.3 billion NOK in net cash, and with 1.1 billion NOK of equity. In the fourth quarter, we signed important MOUs with Viridor, one of the U.K.'s leading recycling, resource recovery, and waste management companies, to look at the delivery of five modular Just Catch plants by 2030. Also, in 2022, we signed strategically important MOUs that focus on the marine transport and storage part of the CO2 value chain for Höegh Autoliners and Dan-Unity CO2. As we have stated before, the progression of viable transport and storage infrastructure is ultimately one of the most important drivers for project timing for CCS, and we believe that working more closely with key players in this area has the potential to accelerate the implementation of carbon capture overall. First, we have signed a collaboration agreement with Dan-Unity CO2 in Denmark. Dan-Unity CO2 is the world's first carbon capture storage-specific shipping entity established by Danish shipping companies Evergas and Navigator Gas. Our partnership with Dan-Unity aims to establish a flexible, full value chain approach for CCS, further developing how our carbon capture facilities can work with their marine CO2 transport offering, and hence build full value chain offerings that will help accelerate the adoption of carbon capture for industrial emitters. We aim to collaborate around market analysis, technical insight, and commercial development, utilizing the considerable industry expertise from both parties. Secondly, we have entered into an MOU with Altera Infrastructure and Höegh LNG. This partnership targets ways to optimize the full value chain and to fast-track the deployment of carbon capture technology with an ambition to also support our Carbon Capture as a Service offering. With both Höegh and Altera, we will work closely with our partners to see how best to combine our technology with their gas processing and marine transport capabilities, and we are delighted to be working with companies with such deep expertise in offshore gas transport and infrastructure. In the fourth quarter, we signed an important MOU with Viridor in the U.K. Aker Carbon Capture was chosen by Viridor as a partner for accelerating decarbonization at waste-to-energy sites in the U.K., and delivery of 5 modular Just Catch plants by 2030. Viridor has an ambition to become the first net zero waste company by 2040 by bringing forward CCUS alongside plastics extraction and increasing recycling. The partnership with Aker Carbon Capture could accelerate Viridor's net zero plans by a decade to 2030. Developing the modular CCUS plants on the 5 waste-to-energy sites, combined with another 2 planned bespoke CCUS plants in the Viridor portfolio could deliver in total 1.5 million ton CO2 savings per year. These investments, up to GBP 1 billion, would also create around 1,000 construction jobs and up to 180 skilled green jobs in Scotland, Wales and England. Now, I want to take some time to reflect on our numerous achievements over 2021. I see these as falling into three broad categories, customers, partners, and corporate milestones. With customers, we have had an extremely busy year. Most important, we started work on the major Brevik CCS project in Norway, the world's first carbon capture deployment with cement manufacture, and also the Twence CCU project in the Netherlands. As part of a consortium, we were awarded the FEED contract for BP's major Net Zero Teesside project in the U.K. We also set up a number of very interesting and promising customer partnerships across Norway, Denmark, and the U.K. These included working on CCS with biomass heat and power in Denmark with Ørsted and Microsoft, looking at CCS in Norway with Lyse and Forus Energi, and partnering with key customers like Carbonor, Elkem, and Viridor to implement carbon capture across char production, smelting, and waste-to-energy. We also set up a number of important complementary partnerships across the value chain in 2021. We announced our collaboration around waste-to-energy plants with Hitachi Zosen Inova. We set up a global partnership with Siemens Energy, focusing on carbon capture within power generation. We work with SINTEF around carbon capture technology. We develop our relationship with Denmark's Greensand storage project, and we partnered with Carbfix from Iceland to work on their CO2 mineralization technology, an exciting and potentially disruptive approach to CO2 storage. We also achieved several important corporate milestones. We set up our entities in Denmark and in the U.K. We raised NOK 840 million in a private placement. We moved to the Oslo Stock Exchange main list and set up OTCQX trading in the US, and we were granted a number of important ISO certifications. All these steps represent a successful work of many teams and colleagues, and I am extremely grateful indeed for their focus and dedicated work through the year. Now, I want to spend a few minutes talking about some important targets and ambitions for Aker Carbon Capture, focusing here on our carbon footprint and ESG. The first target is to improve the carbon intensity of our products by 50% by 2030. This means we will further reduce the carbon emitted during the construction of our products relative to the carbon captured, from current level of 0.2% for Just Catch and 1.6% for Big Catch. The second target is to reach a carbon negative position through carbon removal solutions by 2030. We know that carbon removal is needed in the world to reach net zero, and we believe that those who can, should do more, and that is why we have set this target. It will require a dedicated effort across the company to reach these targets. Some areas I would like to highlight are continuously improve our technology in areas such as capture rate and energy efficiency. Collaboration, both with the supply chain with low carbon materials and strategic partners such as transport and storage to reduce the footprint of the full value chain. Lastly, purchase of Guarantee of Origin for renewable power for our plants in operation. This is an important approach to reduce scope two emissions. We will continue our focus to realize carbon removals for our customers, as well as maturing the carbon removal market. As mentioned, we will also utilize carbon removal solutions to reach our own negative target. We are also pleased to share some early highlights. During COP26, the First Movers Coalition was launched. This is set to fast-track the development of emerging green technologies. Aker ASA is a founding member, and together with some of the world's largest companies, works to create predictability around demand for sustainable and low carbon materials and products. We have issued our commitment letter to the Science Based Targets initiative, and we will collaborate with them to get our targets approved. Now, let us have a look at recent market trends. Strong support for carbon capture markets continued during the fourth quarter. The recent CCUS report from the IEA highlights a more than doubling of the number of carbon capture facilities in operation and development when compared to 2020. These facilities represent a total capture capacity of around 200 million tonnes of CO2 per year. As a sign of the market growth to come, the number of facilities in the early stage project pipeline increased by more than three times. This year has also seen continued strong momentum with the development of large CCS networks or industrial clusters. These bring economies of scale, such as shared transport and storage infrastructure, and are very important for the development of CCS for both large and mid-size emitters. According to the Global CCS Institute, as at mid-Q4 2021, there were 20 such clusters in advanced development at present, with 13 of these within Aker Carbon Capture's target market in Northern Europe. Also note Wood Mackenzie's comment that over the last year, there were globally around 50 new hub or cluster projects in an early stage of development. Looking back at Europe, recent months have seen continued supported policy news around these clusters, particularly in the U.K., Denmark, and Norway. In fact, policy support in general for industrial decarbonization continues to be very supportive across the board in Europe and also in North America. In addition to the Fit for 55 targets for greenhouse gas reduction in Europe, we also know the growing dialogue from the European Commission around regulation for carbon removal certificates. Also, the last few months have seen more supportive moves by major companies to engage in voluntary carbon removal markets, helping to increase the price for carbon offsets. Funding for carbon capture for both countries and corporates continues to see good momentum, with some $25 billion announced since the start of 2020. As a reminder of the scale of carbon capture needed to move forward towards net zero, we highlight key numbers from the IEA Net Zero by 2050 roadmap. This sees the need for some 1.6-1.7 billion tonnes of CO2 capture by 2030 and 6.7 billion tonnes CO2 by 2050. Put another way, with this scale ahead, the CCS industry could, in the medium term, grow to reach a similar size to that of natural gas today. This, despite these numbers, we continue to believe the market needs to accelerate to meet the ambitious net zero targets from countries and customers. This is why, at the heart of Aker Carbon Capture, we place such importance on technical as well as commercial innovation. Now we move on to look into more detail at our business strategy. Since mid-2020, Aker Carbon Capture has focused on the European market with Scandinavia, Benelux and U.K. leading the way. Here, the interest from customers continues to be the highest and the regulatory environment to support adoption of CCUS continues to be the most mature. We also note the increased policy support and early-stage corporate activity around CCUS markets in North America. This is a major market for industrial emissions. As an example, the IEA sees U.S. industrial CO2 emissions at 2.3 billion tons per year, with 1.8 billion tons from power and heat generation. Importantly, the majority of this footprint is in scope of our proprietary carbon capture technology, and we continue to see this major region as a logical next step for our expansion. We continue to prioritize 4 market segments where our technology has been tested and certified. Cement, where we now are delivering the first facility in the world to capture CO2 at Brevik CCS. Bio and waste-to-energy, where we are delivering a modular Just Catch facility for Twence. Gas to power, where we are delivering a FEED for BP's Net Zero Teesside, and blue hydrogen, where we have validated our carbon capture technology for SMR hydrogen production for Preem. We are also seeing good engagement with a number of additional sectors where our technology is well suited to capture CO2, such as smelting, pulp and paper, and engineered carbon or char. Now, for a moment, I want to talk about the potential market for CCS in Europe. There are a number of important factors to assess, with this market. How many emitters there are, what size of emission, emissions they represent, what type of flue gases these are to make sure the technology works, where the facilities are in terms of transport and storage, and the timing of storage project maturity. We have focused here on the part that is closest to us, the industrial emissions footprint. Across all Europe, there are around 2,400 industrial facilities emitting 1.6 billion tons of CO2 per year. Importantly, the great majority of these are a good fit with our priority, proprietary carbon capture technology. If we only focus on our key industry segments, blue hydrogen, cement, gas power and waste to energy, we see around 70% of the European total as in scope, which is equivalent to around 1 billion tons of CO2 per year. Making the important selection of those, within a relatively short distance of a harbor or similar facility for marine transport and storage, takes this down to around 250 million tons of CO2 per year. This points towards a significant market opportunity ahead, but also highlights the importance of a credible route for transport and storage of the CO2. This issue is key for our business development, where we select prospects with good options for transport and storage, and for our corporate strategy, where we are helping to accelerate the CCS industry by developing partnerships with transport and storage players in the value chain. We highlighted our partnership with Carbfix on the storage side and our recently announced MOUs with Höegh Altera and then Dan-Unity with marine transport. I'd also note the growing interest we see in carbon capture and utilization, CCU, and in fact, we are working on a real CCU project right now with Twence. Currently, the potential market for CCS is projected to be much larger than for CCU, but technology development is moving at pace and could accelerate this market. We are therefore watching the CCUS market very closely. When we established in 2020, we set out an ambitious target to secure contracts covering 10 million tonnes of CO2 by 2025, our 10 in 25 target. Now, 18 months into our delivery of this plan, we want to give you some indication of our progress. We visualize this across 4 categories, secured EPC contracts, secured FEED contracts, tenders and studies, and prospects. There is a range of probability of the work becoming a firm contract, with the highest being our already secured contract and the lowest with our longer-term prospects. Here, the 0.5 million tonnes represents our already secured EPC work with Northern and Twence. Then the FEED category, 4 million tonnes, which reflects the Net Zero Teesside project, as well as non-disclosed work. We have the tenders we are currently involved in and studies we do for our customers. This work represents a very active part of our business development and is equivalent to around 3 million tons per year. Finally, we have our prospects. These are the potential opportunities on our radar screen where we are in early discussion. These are by definition less certain to convert into firm contracts, but as you can see, make up a quite large market opportunity in the medium term. Now we turn to our key industry segments, starting with the cement industry. We are proud to be selected by Norcem HeidelbergCement for the Brevik CCS EPC delivery, the world's first carbon capture project at a cement facility. The plant will have superior heat integration with the existing cement plant and will capture 400,000 tons of CO2 per year. The EPC contract commenced in January 2021. Key milestones have been achieved according to schedule and all major purchase orders placed. On-site activity will pick up in June this year and the main installation work will take place in 2023. The Brevik CCS project is part of Longship, the greatest climate project in Norwegian industry ever. This is a full CCS value chain development, including Brevik CCS, as well as the transportation and storage project Northern Lights. Longship will be in operation in 2024. As highlighted recently in the media, Norcem has reported an overall cost increase for Brevik CCS to the Norwegian government. Aker Carbon Capture's contract value represents approximately 50% of Norcem's overall cost and 10% of the Longship development. It is still early days in our project. However, Aker Carbon Capture has met all milestones and placed all major purchase orders. The increase in Northern project costs is not related to the CCS technology. The technology has been successfully tested in Brevik over several years with our mobile test unit. The cement industry represents 67% of the global CO2 emissions, and CCS is a key solution to decarbonize this hard-to-abate segment. We are also in dialogue with additional customers in this segment across Europe, like Titan Cement in Greece. In the third quarter, EU approved the Dutch government's funding of the Twence project, and after the customer's final investment decision, we started the EPC project in the fourth quarter last year. The project will enable removal of CO2 from flue gases at Twence waste to energy facility located at Hengelo in the Netherlands. The captured CO2 will be used in greenhouses to boost plant growth. This is a Just Catch modular plant with a capacity of 100,000 tonnes of CO₂ per year. In the U.K., we announced an MOU with Viridor to focus on accelerating decarbonization at its waste-to-energy site and the delivery of 5 modular Just Catch plant within 2030. Also in the U.K., Aker Carbon Capture is studying implementation of a large-scale carbon capture plant for Redcar Energy Centre, a waste-to-energy plant that is part of the vision for Net Zero Teesside. Aker Carbon Capture, Ørsted and Microsoft are exploring ways to support the development of carbon removals at Ørsted's biomass-fired heat and power plants in Denmark. Aker Carbon Capture and BIR are exploring carbon capture at BIR's waste-to-energy plant in Bergen on Norway's west coast, close to the Northern Lights terminal. Aker Carbon Capture has signed an MOU with Lyse and Forus Energi to explore development of a full-scale CCS facility in the Stavanger Sandnes region in southwestern Norway. Our third prioritized market segment is carbon capture for large-scale gas to power plants. In the fourth quarter, we secured the FEED study for the Net Zero Teesside project in the U.K., where Aker Carbon Capture is a technology partner to a consortium of Aker Solutions, Siemens Energy and Doosan Babcock. The facility at Net Zero Teesside, a gas-powered station, will have a capacity of about 2 million tons of CO2. This will be the world's first commercial-scale gas-fired power station with carbon capture. The CO2 transportation and infrastructure will be developed by the Northern Endurance Partnership to serve the East Coast Cluster, confirmed as Track-1 in the U.K. Industrial Decarbonization Strategy. Leading up to COP26, the U.K. government announced that its ambition for CCS has been increased from 10 to between 20 and 30 million tonnes CO2 per annum by 2030. The announcement also included the selection of Track 1 clusters, HyNet and East Coast Cluster, which will begin decarbonization of U.K. industry from 2026. We now see the market response to this. One major example is that SSE and Equinor have submitted proposals to the U.K. government Phase 2 cluster sequencing for CCUS deployment for its planned Keadby 3 carbon capture power station and Peterhead carbon capture power station. We need both green and blue hydrogen to fight climate change. Aker Carbon Capture's focus is the blue hydrogen market, hydrogen from natural gas with carbon capture, which we would note is also EU Taxonomy-aligned as a carbon-efficient process. We have strong technology partnership in this space with Haldor Topsoe and SINTEF, and we also have some exciting technology developments underway. We are highlighting here a new innovative technology, a cryogenic pre-combustion carbon capture technology, not amine-based, which will complement our existing proprietary amine-based technology for SMR, steam methane reforming hydrogen plants. The technology is the result of our collaboration with SINTEF and with support from the Research Council of Norway, and targets carbon capture for use on large scale ATR, autothermal reforming hydrogen plants that produce high level of CO2. Our results indicate over 95% CO2 capture performance. The hydrogen market is significant. The IEA estimates that 33% and 38% of global hydrogen market to be blue in 2030 and 2050 respectively. In the U.S., blue hydrogen accounts for over 20% of the CCS development, and EU sees EUR 11 billion need to retrofit half of the existing plants by 2030. At Aker Blue Hydrogen project in the Northwestern Norway, this project will utilize the natural gas from the large offshore Ormen Lange field to produce blue hydrogen with CCS. The Aker partners, Shell, CapeOmega, and our sister company, Aker Clean Hydrogen, have now decided to further mature this opportunity following a successful pre-feasibility study. The environmental impact of blue hydrogen has been the subject for much debate in recent months, and in this context, I think it's worth mentioning that the total emissions from the Aker project will fall well within the boundaries set by the EU Taxonomy, and utilizing the blue hydrogen to replace fossil fuel would have a significant positive impact on the environment. Now, before we move to discuss our business model developments, we want to spend a moment to highlight our technology agenda. Investing in technology development is a key part of sustaining and growing Aker Carbon Capture's competitive advantage and differentiation. As discussed before, we've taken important steps to develop and mature our innovative blue hydrogen technology for pre-combustion capture. Other highlights from our technology development program include success in verifying our carbon capture technology for handling flue gases with low level of CO₂, where we have achieved a capture rate of over 95%. This has been a key driver for our recent award within the gas to power segment. We are moving forward with our plans to add a second mobile test unit, MTU, reflecting high demand from our customers for on-site testing of our technology. We continue to grow our already strong digital position with further development and deployment across the value chain, including fully digitalized engineering and operations and digital twins, as visualized in the geospatial view on the left. The digital agenda is truly exciting, and we continue to see significant competitive advantage from developing this digital architecture for carbon capture value chain, alongside the leading external companies like Microsoft and those within the Aker ecosystem. Now, our CFO, Egil Fagerland, will take us through business model development and financials. Thank you, Valborg. We have essentially two main product offerings, Big Catch, which can handle 400,000 tons of CO₂ per year or more, and the modular Just Catch, which targets 40,000-100,000 tons per year. We can deliver either of these on an EPC project basis, and for Big Catch, we can also offer a license model with key equipment. Our modular Just Catch offering is at the heart of our Carbon Capture as a Service model. The EUA, or the EU ETS, has remained strong in recent months, and we now stand at almost 100 EUR per ton. This is influenced somewhat by the move seen in commodity demand and prices feeding power generation, such as coal and natural gas. Just recently, for the first time, the EUA forward curve has moved into triple digits for prices around the middle of this decade. In comparison, at this time last year, the EUA forward curve for 2025 was around EUR 40 per ton. Analyst targets for carbon by 2030 continue to be in the range of EUR 80-150 per ton, supported by the IEA Sustainable Development Scenario, which requires carbon pricing of minimum EUR 115 per ton to achieve emission reduction targets. These prices compare with our range for levelized cost of carbon capture for the Just Catch-based Carbon Capture as a Service offering of between EUR 70-150 per ton, which I will cover, we'll cover in more detail shortly. Reducing cost is vital for our ambition to improve project economics and accelerate uptake of carbon capture. We are continuously working on reducing costs for our main products. Just Catch, our standard plant, and Big Catch are large-scale made-to-order facility, and we have set a target of up to 50% CapEx reduction by the mid of this decade. The cost can and must be further reduced, and even more so now, given the inflation headwinds in some parts of the market. We have already achieved a significant cost reduction for our Just Catch offering. We have already been able to reduce this cost by 90% since 2012. During 2021, we made strong progress. We set up long-term strategies for working with our supply chain. We've seen a significant improvement from our plans to standardize and modularize. As our projects progress, we've also started to see benefits from learning by doing and the potential from economies of scale. For our Big Catch offering, the key target for our cost reduction ambition, we believe these benefits are at least offsetting the cost inflation that we are seeing in the supply chain. Cost reduction is one important way to accelerate the industry. Business model innovation is another. It was clear to us in 2021, and still is now, that interest from companies, both small and large, that want to reduce their industrial emissions has skyrocketed. Many of these companies that want to reduce their emissions through CCS have been held back by the complexity and commitment required to act. To help this challenge, in 2021, Aker Carbon Capture launched its Carbon Capture as a Service offering, an integrated offering that covers everything a customer needs to reduce emissions by CCS. It's carbon capture made easy. Aker Carbon Capture and its partners will then handle the full value chain from point of emission to permanent storage, and the customer will simply pay per ton CO₂ captured. In this presentation, we've adjusted our estimated levelized cost for the full value chain service offering to range between EUR 70 and EUR 150 per ton. In the third quarter, we presented a range between EUR 75 and EUR 145 per ton. For comparison, the EUA is now almost 100 euros per ton, and most recent analyst targets for carbon ranges between EUR 80 and EUR 150 per ton. The CapEx for the Just Catch plant, including liquefaction and temporary storage and financing, has increased somewhat due to the recent general market cost inflations seen for raw materials, products and services. We now estimate this range to be between EUR 30-45 per ton of CO2. This is up from EUR 20-40 per ton before. The cost range reflects efficiency gains through implementation of serial production, which is partly offsetting the cost inflation seen in the market. The OpEx, including solvent supply, energy, digital operation center, labor and maintenance, has been lowered and widened to a range of EUR 10-45 per ton. Previously, this was EUR 25-45 per ton. Over the last quarter, we've successfully identified a large range of prospects with excess heat available. This significantly reduces energy costs in operations. In addition, further potential for plant automation has been identified. The highest range we still see for transportation and storage with 30-60 EUR per ton, which is an unchanged range from before. This cost will vary mainly due to the distance from source to available storage. I will now take you through the key financial highlights of the third quarter before we look at the strategy with Valborg and then move on to Q&A. Bear in mind that all numbers I mention are in Norwegian kroner, and let's start with the income statement. Overall revenue for the fourth quarter was NOK 130 million, which is 28% up compared with the previous quarter. This reflected an increased activity on Brevik CCS, which is continuing to meet all planned milestones. In the fourth quarter, we also started recognizing revenue on the Twence's Just Catch EPC project. Our mobile test unit was operating in Poland, and we saw continued increased activity level for pre-FEED and feasibility studies. Our reported fourth quarter EBITDA was negative NOK 66 million, which was a decrease from NOK 11 million from the previous quarter. Profit has not yet been recognized on Brevik CCS EPC and Twence's Just Catch EPC. We will start recognizing profit on these projects when they reach a high level of certainty in cost estimates. The mobile test unit campaign in Poland, pre-FEEDs and feasibility studies contributed favorably in the quarter. The overall negative EBITDA was mainly driven by an increased activity and investment into our research and development projects, digitalization projects, tenders, business development efforts, and international growth in both U.K. and Denmark. Now to the balance sheet. Our fourth quarter net current operating assets ended at -NOK 260 million on the back of positive cash position on our key projects. Our overall operating assets and liabilities represented by a net capital employed of -NOK 245 million again signals that our operating activities are currently being funded by working capital and other liabilities. We have a very healthy cash position at NOK 1.3 billion, which could cover all liabilities 2.5 times. Finally, our equity has been strengthened by NOK 624 million in 2021, and we ended the year at NOK 1.1 billion equity. This increase was mainly driven by a capital raise of NOK 840 million in the third quarter, which was partly offset by negative net profit through the year. Now to our cash flows for the fourth quarter. We started the fourth quarter with NOK 1,398 million in cash. Through the third quarter, we saw an overall cash outflow of NOK 77 million. The major drivers were loss before tax, change in net current operating assets, and CapEx. The loss before tax represented NOK 65 million. The net current operating assets ended fourth quarter at negative NOK 260 million, which represented a cash outflow of NOK 2 million. Finally, our CapEx was mainly related to the building of a new mobile test unit and product development and standardization, represented by overall cash outflow of NOK 10 million. In total, our overall cash and cash equivalents ended the fourth quarter at NOK 1,321 million. Finally, we now will outline some key figures concerning our financial outlook. Firstly, our backlog scheduling. We ended 2021 around NOK 1.9 billion of backlog, and by year of execution, we see this roughly at NOK 700 million this year, NOK 1 billion next year, and around NOK 200 million in 2024. Secondly, our operating expenses. As a fast-growing company, we've seen our cost expand quarter-on-quarter through 2021 as we have grown our business to match the market opportunity. For the fourth quarter last year, we saw our salary and other personnel cost and other operating expenses together total around NOK 77 million. Excluding costs associated with projects, we expect to see operating expenses through 2022 around similar levels, but with significant flexibility. Thirdly, to our net cash balance. We benefited in 2021 from a favorable cash position, ended the year at NOK 1.3 billion. This was helped by a capital raise and favorable movements in net current operating assets as we progressed our projects. Through 2022, we expect to see some of this cash position used up as we progress projects further, and based on project movements alone, we would expect to end the year with a net cash balance slightly below NOK 1 billion. Also, again, based on project-related cash flows alone, we would expect to see this trend reverse somewhat in 2023. Please note that these comments do not include any assumptions for cash spend on M&A or additional investment opportunities that might arise during the year. Thank you, and I now hand back to Valborg for some closing comments before we move on to Q&A. Now let me share with you the way forward. A year and a half after the company was established, we're in operation, delivering Brevik CCS, the world's first carbon capture plant at a cement facility, delivering Twence CCU in the Netherlands, and working on BP's Net Zero Teesside project in the UK. We've set ambitious targets and a clear direction to position for the huge market ahead of us. Initially, we have prioritized the European market and four market segments, cement, bio and waste to energy, gas to power, and blue hydrogen. These remain in focus, and we also see opportunities emerging in North America and in a number of other industry segments where our technology is effective. We cannot meet our ambitions alone. Therefore, we have entered into collaboration agreements with a number of complementary partners to accelerate the adoption of carbon capture. We see this aspect of our development remaining very active in the years to come. In line with our growth strategy, we may pursue new strategic partnerships to accelerate our business into new markets and industries. Such strategic partnerships may include an issuance of new shares to provide any such potential partner with a minority equity share in the company. To turn CCS economics positive, the cost must come down further. We've set a target of up to 50% CapEx reduction within the mid of the decade. There is not one quick fix. We must challenge the cost in many ways. We will continue to work with EPC and license models, but we must also bring the full value chain together. Carbon Capture as a Service, carbon capture made easy. Our customers will simply pay per ton CO2 captured. We believe that this will accelerate the market as well as accelerate cost reduction. With strong signals for CCS market growth and doing the right thing now, our ambition remains to secure contracts to capture 10 million tonnes per annum of CO2 by 2025. Thank you. Now we move to the Q&A session of our presentation. Okay. Thank you, Valborg, and thank you, Egil. Q&A. As we said before, you can put your questions in here anytime, so if some just come to mind right now, please do add them in the system, and we will try and get through as many as we can. I see it's a pretty full list already. I would say the order of answering questions is as much driven by IT as anything else, so if your amazing question doesn't get picked up when you think, don't stress, we will get there eventually. Let's start off. Oystein, a number of questions here. Of your revenue since first reporting, back in 2020, could you indicate how much in% is linked to Norcem, and when do you expect to recognize profit on this contract as well as for Twence? I don't want to specifically say a percentage for Brevik. As you know, it's a big contract, it's the majority of our revenue. In terms of the profit recognition, we will recognize profit when the estimates for cost are highly probable, and that is typically once all purchase orders are placed and we see progress on fabrication scope. Okay. A follow-up on Twence. Are you able to give any indication of contract value? I think we will not comment on the contract values of these right now as we have a limited amount of contracts in our backlog. Okay, thank you. The last one from Oystein. Talking about Norcem, I know you've talked a little bit about this in the presentation already, but maybe for Valborg, what can we say about the progression and any more color around the cost overrun story with Norcem? First, it's still early days. We are in the late phase of detailed engineering, but we have placed all major purchase orders and have not started any fabrication work in Brevik. If you look at the overall progress for Norcem, they have placed a number of contracts where ours represents approximately 50% of the value. So going first is, of course, civil. If you look at Norcem's feedback to the market regarding cost increase, it's related to that civil work. It's related to some decommissioning of existing facility in Brevik and so on. What we experience from our side is that we've seen a slight COVID effect on our future scope. Okay. Thank you, Valborg. Moving on. Next question. Congratulations on being part of the two consortiums delivering FEED for Net Zero Teesside. When can we expect updates on the selection process, and when will the final winner be announced? Well, I think here we have to refer to our main customer, BP. There is a process going on now, and they have just submitted their funding applications. We are absolutely working and doing our best to make sure that BP will be successful in that race. All right. Thank you. James Carmichael has filled the screen with questions. Hopefully we'll answer some more of them already. Mm. First up, just looking at maybe one for Egil. Looking at the CapEx side of the levelized costs of carbon capture analysis. Mm. What has caused the increased CapEx? Secondly, how are we looking to achieve the 50% cost reduction in low-end OpEx in the current energy price environment? Yeah. The majority of the change that you see on the CapEx piece of the Just Catch for Carbon Capture as a Service relates to the recent cost inflation that we've seen in the market. That could also change in the future, of course. We'd like to update you on the current status that we are seeing and estimating, and that's the driver of that increase. But you should also notice that the top range hasn't changed all that much. We see that as we will be able to sell more of these facilities. Producing them in serial and mass production will be an important factor to offset any of these impacts. Okay. Thank you. The next question looks at or talks about the capture phase emission intensity. I suspect I'd like to suggest actually James that you and I have a chat with our head of sustainability on that one. Mm. 'Cause it's a very long answer. Mm. We do have data, and also you will see increased disclosure on this when we have our annual report out, which I believe is mid to late March. March the 18th, I think. Mm. Next question. Back to the U.K., the U.K. cluster projects. How should we think about the timelines for the U.K. cluster projects? Will the projects we've flagged, in terms of our FEED, part of the scope- Mm. Will they involve competitions or have we been pre-selected for some work there? Well, the contracting strategy is, of course, up to each customer how to move forward with this. BP has, after having a wide range of competitors, selected two to move forward with the FEED. We are in a competition here. When it comes to the way forward, of course, we already answered that when it comes to, you know, funding from the British government. However, like for all our projects, it's to ensure transportation and storage, which really is the ultimate date for startup. Okay. Thank you. Last one from James. I know, Egil, you talked a little bit about the outlook for the operating expenses through this year already. Anything else we can say around the direction of salary, personnel, other costs in 2022 as our business continues to scale? And behind that, CapEx, how is that gonna move in 2022? When it comes to that outlook that we shared on our other operating expenses and personnel costs, I'd say stay around the current levels for the current markets we are in. It does not include any M&A or entry into new markets and the like. Also, I'd like to highlight that we have a high level of flexibility in this cost base. For the other operating expenses, we have about 70% flexible cost in that bucket alone. For the CapEx question, you saw the quarter with about NOK 10 million of CapEx through next year with the building of a new MTU. You should see that increase slightly. But also there, we have flexibility moving forward. Of course, investing in technology is a priority for us. Okay. Thank you. Moving on. Turner Holm. With carbon prices, I'll summarize the question. It's quite a long one, but it's a very good one. Mm. With carbon prices nearing EUR 100 a ton in Europe, what are the factors holding back project decisions? When can we expect to see the markets pick up? Well, I think I said it at least twice already. We need to see the storage solutions coming in operation here. Northern Lights will be the first in 2024. We have Porthos, and then there are a number of storage projects coming on stream second half of this decade. We see Twence now. We are already delivering that. Yeah. That's a CCU project, and they don't need the transportation and storage part of the value chain. I also highlighted in the presentation that we are looking at the CCU market in order to accelerate early because there could be options of, for instance, of Power2X that could come earlier than when transportation and storage is available. Okay. Thank you. One extra one here. Talking about Carbon Capture as a Service, have you made any progress with potential infrastructure funding partners, Egil? Mm. What we've done on the funding side or financing side of Carbon Capture as a Service is that we've worked with several infrastructure, potential infrastructure partners, to either directly, work together with us in Aker Carbon Capture or through the green yieldco set up in Aker Horizons. We've made progress, and that's moving forward. Okay. Thank you. Next one, from Anders. Moving on to, or move back to, Norcem actually. Mm. We have answered this topic before, but it's a very important one, so I think it's worth reiterating a few points. What can we say about the Bergen project in terms of who might carry the increased costs and how this might affect our margins? Well, okay. This is, of course, something I really would refer to our customer, Norcem. There is a dialogue now between Norcem and the Norwegian government, and they are directly into negotiations now, so I cannot comment on that. Fine. Understood. Teesside, Net Zero Teesside, the FEED work. Maybe we could ask this question in a generic way rather than tying it to a particular project. FEED work, is this paid work that generates margin, or is it based on cost recovery? Or is it just an investment for the future? We really see FEED work as an interesting positioning, but also a paid work for us. These are quite major scope. When you come into such details, detailing out the design in such a way like you do in a FEED, I would really say that this is the main route. Hmm. Mm. Absolutely. Okay. Two very short questions here. I suspect I can guess the answers to them already, actually. Firstly, Egil, how much does an MTU cost? Yeah, I think we're not gonna go in detail on that. Mm-hmm. You will see through next year on our CapEx line, of course. This is a very important investment for us as we see, you know, demand for testing our technology increasing quite a lot. Maybe just to highlight right now, our Mobile Test Unit is in Poland, testing on facility there, which you know should be ready for carbon capture plants outside the Northern Lights terminal, where we are in dialogue on Carbon Capture as a Service. We also have a contract in place for our next campaign, which is with Elkem in Rana in Norway, Northern Norway. That's for the smelter industry. We will cover, we will really qualify our technology for a new segment with our Mobile Test Unit. It has been very valuable for us both in covering new segments, but also ensuring that we can have higher capture rates and guarantee that. Absolutely. I think the MTU is by far the most popular member of the sales team. Yeah. Just out of interest, the MTU, how long does it take to build it? I won't go into details on that, but here we're talking. We can talk about months and not years. Yeah, absolutely. Great way to phrase it. Egil, I think I can guess the answer to this one, but just to ask it, what year will ACC be profitable? Yeah. I think we will not give guidance on that. In particular, you know, the outlook that we shared with you is for the current project portfolio and the current markets that we are in. Of course, we're a growing company in a huge potential industry here. Giving a specific year or date for that is not something that we will do right now. Yeah. Fine. Okay. Moving on to [uncertain]. Are there plans to expand the activity further in Europe, for instance, Germany? Well, we're following the Northern European market very closely. We have seen Norway, Scandinavia in general, Benelux and U.K. are leading the way, but we now see also the rest of Europe coming. Germany is interesting, and maybe in particular related to Power-to-X. Yeah, absolutely. Mm-hmm. Okay. Moving on to Fabrice. Looking at our comments around orders or other backlog in 2022 and so on. Should we see the backlog in 2022 as a good guide for your sales this year? I mean, thinking particularly in terms of which month we're in, where CO2 prices are, should we expect to see order intake accelerate as a result? Yeah. I think you've seen our updated slide now on our sales funnel sharing our secured FEED work and also our studies that are ongoing and the prospect funnel. There's certainly a lot of activity ongoing in the market. Earlier in the questioning line it was highlighted when will orders come. We have already seen, of course, Brevik and Twence and BP Net Zero Teesside FEED. I would say activity is picking up, but there's no guarantee that big projects will be sanctioned in 2022 in particular. There are moving activities now, I would say. Also refer to the, you know, high number of dialogues and MOUs we have entered into with key customers who are eager to move forward. Maybe highlight, in particular, for instance, the Danish market, where funding has now been granted, in total DKK 16 billion, and now in first round, DKK 8 billion. This positions a number of our customers in Denmark looking for how they can move forward with CCS or CCU. Absolutely. Thank you, Valborg. We're on the hour mark, but we still have a few questions to go. Mm-hmm. I reckon we give it another 5, 10 minutes to see what we can work through. Sure. Turner was asking a question about CCU. I suspect it might be a little bit early for us to have a firm numerical answer for this, but when we look at CCU, what are our views in terms of how project economics might compare versus what we've talked about for CCAS as for a carbon capture and storage case? Mm-hmm. I can give, you know, a generic comment to that. Yeah. I think the important thing with the CCU, if you compare it with CCaS, is that transportation and storage element, which we have set to EUR 30-EUR 60 per ton for the realistic projects that we see. You know, it depends with CCU. It depends what type of utilization case you are looking at. But it's of course easier to justify that element if the cost is lower than the transportation and storage, and utilization case is sound. I hope that was indication at least to what we're looking at. It's also, you know, a question about what's the value of the end product, what sort of premium will customers be willing to pay- Yeah. For green solutions. I think this is something that we really try to promote through the First Movers Coalition where Aker has entered into, really to promote, you know, the market to use green solutions in general. This is not only driving the CCU market, but also our overall ESG agenda. Absolutely. Thank you. Mm-hmm. I'm just going back to the Carbon Capture as a Service cost range, the levelized cost, famous diagram. Mm-hmm. You talked a little about the CapEx, but OpEx side, could you just, and maybe for Egil, a little bit more color in terms of what's driven that number, the bottom end particularly, what's driven that bottom end of OpEx down? Yes. When we presented this in the third quarter, we had already included quite high energy prices for, you know, a full electric facility. Our facility also works when you have excess heat or excess steam available. We've identified quite a few valid prospects where that is a potential route. That will definitely drive down the cost for the operational phase as you can reuse available heat and steam on the existing industrial facility. That's a major part of that downward move that you've seen in the cost range for OpEx. Mm-hmm. Absolutely. A very quick one from Rachel. Give us a quick reminder, Carbon Capture as a Service as part of the 10 by 25. Are we- Mm-hmm. Still have the same view? Yeah. Yeah. We've shared that view. Yeah. It's, uh- Mm-hmm. We're looking at 10%-20%. Mm-hmm. of that, the 10 in 25 target. Okay. A multiple question from James Winchester here. Mm-hmm. Inflation, we talked about, when you think about how the whole supply chain is developing, what are we seeing in terms of costs and timelines, maybe shortages, availability? Mm-hmm. across the key components in the supply chain? I think we haven't yet seen a shortage of available capacity, but of course, we've seen certain prices go up, and that we have reflected in our Carbon Capture as a Service. Mm-hmm. Cost overview. We are trying to be transparent on showing you how that is moving. In there we've included the latest prices, which could of course move down again as well. Mm-hmm. Absolutely. In our new 10 by 25 progress chart, can we talk a little bit about the timelines we're sort of implying in the studies and tenders and prospects? What sort of visibility timelines are those? Could those come in on? Well, we still have our 10 in 25 as a target, and we feel that, you know, by sharing this picture with you get more insight into how we work long-term with our customers who are in a very early phase and we're explaining our offering and products. Those who are more committed and want us to look at, you know, solutions for their plant, in particular, do they have excess heat available, as one example, and so on, what would the actual cost be? And then we are directly into negotiations, you know, when it comes to tender and so on. Again, I like to go back to the bigger picture, the whole value chain, whether it's CCU or CCS, it needs to be in place. That is really the key driver. We are ready. We are delivering Just Catch right now to Twence. We have the technology, we have the product in place. Mm-hmm. We need the full value chain. Absolutely. Mm-hmm. Just now turning to look at the U.S. or North America. Mm-hmm. Can you say anything about what business model might be getting the most traction? Well, for North America, I think it all depends really on the strategy we finally decide how to enter that market. We need to do it the right way. Mm-hmm. We will need a partner in order to do so. We've been very clear about that. That is, a partnership is a major part of our core strategy, and you know the number of partnerships that we've entered into. Entering North America will require such a partner. That partner could have ability to complement our offering in various ways, whether it's delivering of the plant or whether it's, you know, the full value chain. I would say that the models in U.S. would also very much depend on that overall strategy and the partnership selection. Okay. Thank you. Now we have a financial one from Thomas Ness. I think that's going straight into Egil's list. Gross margins, Q4 down substantially versus Q3. Anything particularly to note in that? No. As I said in the presentation, we're continuing to invest in the business. We've strengthened our team, both in Norway, Denmark, and U.K., and I think that's the main takeaway, that we are continuing to build the business and invest in our technologies. Fine. Okay. Just for the record, although I can tell you what the answer will be, anything we can say about long-term gross margins on Norcem? Nope. There we are. I knew it would be that one. Okay, moving on. Not very many to go now. Kate O'Sullivan, looking at capture as a service, you talked about the increase in CapEx, and I know we've talked a little bit about that. We talked to you about OpEx, but I guess the forward-looking piece, do we see, looking through 2022, when we have this discussion in six months' time, for instance? Mm-hmm. Will we see another tick up in the CapEx side? What can we say about that? You know, I would say again, it depends. Of course, we are also subject to the supply chain that we are in and the purchases that we need to do. If we see a significant pressure in that, yes, that could happen. We also see good progress in our standardization efforts. You know, we see that also offsetting. Now that we are progressing on real projects, purchasing real components, we are also establishing real partnerships with vendors, which is very good for us and also helpful in maintaining a fairly stable cost view. Okay. We have two questions to go. Mm-hmm. Almost there. This one again, I can guess the answer, but just for the record. Think about the future scope at Brevik. Is there any clawback that where the scope could decrease? I mean, I know the stories have talked about scopes increasing. Is there anything that could bring it the other way? No, I don't see that. We are very committed to make this project a success. It's extremely important for us. We'll be the first in the world to capture CO2 on a cement plant, but it's also really the large, big project that started our journey as a standalone pure-play company. We want to demonstrate to the market, to our customers that this is a success. We will stay there all the way. Thank you. Absolutely. Last question from Lars. To Egil, this is very much for you, I think. Cash flow and the cash position. How should we understand the comment around cash flow in 2023? Do you mean it's a positive number or is it just less negative than in 2022? I think you should understand it as an increase in our cash balance in 2023 related to projects. As we've explained before, our main projects are cash positive throughout, covering our expenses as we go. The nature of that means we're getting paid before we pay our said vendors. That is partly the reason why you see a working capital position right now that is favorable, which will have an outflow through 2022. Of course, throughout the projects overall, we will have a positive cash flow, and that you will see the effect of in 2023. Absolutely. Very clear. Okay. That's all the questions done. Thank you everyone for your attention and interesting questions. That's very extremely helpful for us to go through these deep discussions with you. That's the end of our formal discussions for today. Please do keep in contact with us. If you have any follow-up questions, you know where we all are. My details are on the website, so you can chase me directly. We look forward to talking to you at the very latest in April with our Q1 results. Thank you. Thank you. Thank you.