Good afternoon, and welcome to the presentation for Aker Carbon Capture's results for the third quarter of 2023. My name is David Phillips, Head of Capital Markets. I'm joined today by my colleague, Egil Fagerland, our CEO. Egil will start the main presentation, then this will be followed by a Q&A with the audience. Firstly, Egil will take us through our main achievements and progress from the third quarter of this year, and we'll run through a number of topics that are important to our strategy. Then he will take us through our key Q3 financials, including some outlook commentary for the rest of the year. Finally, we will take your Q&A via the online system. Just as a reminder, you can post your questions into the system at any time, and at the end, we will try and work through as many of them as time allows. Egil, over to you. Thank you, David. This is the agenda for our presentation today. Following a highly active third quarter, we will address the highlights of this quarter, our operations and business development, our delivery models, and the financial highlights. Finally, the way forward will be highlighted as well. We will move on to Q&A. First, before we start the highlights from the Q3, we have a short introduction to the company. Aker Carbon Capture is a pure play carbon capture company, offering modular and configurable plants with the strength of the Aker Group behind it. Today, we're already delivering seven carbon capture plants. We are making carbon capture happen. Our proprietary patented technology has been developed over 20 years and is validated with more than 60,000 operating hours and verified across a range of industries. Aker Carbon Capture uses a biodegradable mixture of water and organic amine solvents to absorb the CO2. Our technology is modular, cost-efficient, and energy efficient, and it has been a leading agency profile in the market. Since mid-2020, Aker Carbon Capture has focused on the European and Scandinavian and Benelux markets, together with U.K. With an increased policy support for CCUS in North America, we have started our market entry there as well. Also, we're exploring potential positions and markets in the rest of Europe and the Middle East. We continue to prioritize our four market segments with high market activity: cement, bio and waste to energy, gas to power, and blue hydrogen. And we're also seeing good engagement with a number of additional segments where our technology is well-suited to capture CO2, such as the refining industry and process industries. Our technology has been tested and verified across all these segments. Now, to the highlights of this quarter. We've seen a significant growth in pre-FEEDs and studies this quarter, with order intake year to date for pre-FEEDs and studies around 9 million tonnes of CO2 per year. In July, we signed an MoU with Aramco, one of the world's leading integrated energy and chemical companies. The MoU is to explore partnership opportunities to de- deploy CCUS and industrial modularization in Saudi Arabia. We've strengthened our modular product portfolio with the launch of a Just Catch 400. Through the third quarter, we've also seen good progress on our major projects. At Twence, the plant has started commissioning. At Brevik, the first heavy lift campaign has been successfully completed, and for Ørsted's Kalundborg Hub, the container fabrication for the modular Just Catch units has started. In addition, two of our UK feeds and pre-feed projects are in the final negotiations for government support. Our backlog remains strong at NOK 3 billion on the back of Ørsted Kalundborg CCS award in the second quarter. I'm also happy to share that we've continued our revenue growth in Q3, more than doubling our top line compared to the same period last year. All this while maintaining a cash position at NOK 1.3 billion. This quarter, we've also appointed Julie Berg as CFO. Julie brings with her a vast experience in finance, risk assessment, and compliance, and she will start on December 1 this year. Now, let's take a closer look at the significant growth in our pre-feed and studies work. In the quarter, we've continued to see a considerable development across regions and industries, further supporting the positive momentum we've been witnessing over time now for CCUS and the market. The E.U., France, Germany, and U.S. have all introduced supportive CCUS ambitions and favorable regulations the last couple of months. These are important steps for realizing and accelerating the broader industrial decarbonization across both sides of the Atlantic. With this as a backdrop, I'm happy to share with you that Aker Carbon Capture has been awarded a number of strategic pre-FEEDs and studies across Europe and North America this quarter. In Europe, we strengthened our foothold with pre-FEEDs and studies in Sweden, Germany, and France for the waste to energy and biomass and power plants sectors, all based on our standardized and modular Just Catch, with a capacity ranging between 200- and 250,000 tonnes of CO2 per year per plant. A clear sign that there is a strong interest for the Just Catch product in the market. Then in the US, we were awarded a Big Catch study covering emissions from several mineral production facilities, with a combined capture capacity of 1.5 million tonnes of CO2 per year. And recently, just before our presentation today, we were signed a pre-FEED contract for a major European power company, covering a portfolio of power plants in Europe. The planned capture capacity could reach up to 14 million tonnes of CO2 per year for the sites, combined. Some of these plants have the potential to become the largest capture plants in Europe. Finally, R&D is important to further develop our technology, to maximize carbon reduction and removal, while minimizing climate and environmental impacts. In Q3, we've initiated three new projects. First, investigating new classes of capture solvents in collaboration with DTU, the Technical University of Denmark. Second, reducing solvent consumption in collaboration with, amongst others, SINTEF. And third, as a part of the Northern Lights Plus project, we aim to further develop carbon accounting methodologies that will further enable carbon removal credits. As mentioned, overall, we see that CCUS commercial activities continue to pick up, not only throughout this past quarter, but throughout the whole financial year of 2023. So let's therefore take a closer look at the order intake year to date for Aker Carbon Capture. There's been a growing interest from emitters in Europe and the U.S. for our whole product portfolio, ranging from the modular Just Catch 100 and the Just Catch 400, the Just Catch Offshore, and our bespoke Big Catch offering. Looking at our order intake year to date, Aker Carbon Capture has now contracted studies, Mobile Test Unit campaigns, and Pre-FEEDs for a combined capture capacity of 8.7 million tonnes of CO2 per year, counting more than 25 capture units altogether. When including the contract for delivery of five Just Catch 100 units to Ørsted, the total intake for paid works added to our pipeline is close to 10 million tonnes of CO2 per year, and counting more than 30 capture units altogether. However, for clarity, please note that towards our 10 and 25 target, the target to secure contracts to capture 10 million tonnes of CO2 by the end of 2025, we only count secured development contracts. This covers supply agreements for Just Catch, license and key equipment agreements for Big Catch, and carbon Capture as a Service agreements. So the Ørsted award earlier this year was an important step in this direction. Also note that some of the most recent studies we have announced are not included in this overview, as they have not commenced and were announced late in October. The growing interest for our modular Just Catch offers a significant opportunity. A review of the market shows that emitters with between 100 and 500,000 tonnes of CO2 per year account for around 3,000 industrial plants across Europe and North America. So now, to our overall pipeline. When we launched in 2020, we set an ambitious target to secure contracts to capture 10 million tonnes of CO2 by the end of 2025. And as before, we visualize this progress towards the target in four categories: secured development contracts, covering supply agreements, license and key equipment agreements, and carbon capture as-a-service agreements; secured FEED and tenders for development contracts; pre-FEEDs, studies, and mobile test unit campaigns; and then finally, our prospects. Here, the 1 million tonnes in the chart represent our already secured contracts with Heidelberg Materials, Twence, and Ørsted, which has been awarded earlier, and Ørsted now latest during the second quarter this year. This is important progress that shows that we are able to successfully convert this pipeline of opportunities into secured work, with timing, of course, strongly influenced by this, the pace of the market itself. But then to our tenders, FEEDs and PDPs, which are process design packages. This now stands at 7.9 million tonnes, a strengthening since the second quarter. It reflects the Net Zero Teesside Power, and still the Keadby 3 in the UK, and also includes tender activity for development contracts. This category has been strengthened through the quarter due to several studies and pre-FEEDs moving into the tender phase. Also in the quarter, we've seen a continued growth in pre-FEEDs, studies, and mobile test unit campaigns. Now, this category has grown to 18.5 million tonnes, up from the last quarter. And reflecting on, pre-FEEDs moving... Sorry, there are Pre-FEEDs moving into the tender phase, and this has been offset by the new study work we've seen in the third quarter, both in the U.S. and in Europe. Then, back in July, we signed a MoU with Aramco, one of the world's leading integrated energy and chemical companies. The MoU is to explore partnership opportunities to deploy CCUS and industrial modularization in Saudi Arabia.... This MoU is a potential first step for Aker Carbon Capture into the Middle East. The MoU focuses on carbon emissions, reduction, and removal through modular carbon capture. Together with Aramco, we will assess the potential for developing local supply chains and module fabrication. The country targets to do CCUS for 9 million tonnes of CO2 per year from 2027, and they will expand this to 44 million tonnes of CO2 per year by 2035. Through the Middle East Green Initiative, the region aims to reduce CO2 emissions by 670 million tonnes per year, representing around 10% of global nationally determined contributions. Now, we move on to look in more detail at our operations. In the Netherlands, at Twence's waste-to-energy plant in Hengelo, all equipment and piping has been installed, as highlighted on the picture. Commissioning activities have started, and we plan for the Just Catch to be delivered around the end of this year, on track to start capturing 100,000 tonnes of CO2 per year from 2024. Delivery of the modular Just Catch, Catch for Twence's waste-to-energy facility will pave the way for other companies in Europe planning to decarbonize their operations through CCUS. At Brevik CCS, we're making solid progress by having successfully completed the first heavy lift campaign. The absorber and all the CO2 storage tanks have been installed on site. Also, two process pipe rack modules have been lifted in place, and we've started installation in the compressor area. When complete, the plant will be ready to capture 400,000 tonnes of CO2 per year. Then at Ørsted Kalundborg CCS, we will deliver five modular and configurable third-generation Just Catch 100 and additional equipment such as liquefaction systems, temporary CO2 storage, and on- and off-loading facilities. We see this project as a milestone for serial production of Just Catch units, and it will enable us to deliver cost-efficient and fast deployment of carbon capture. For this project, all long-lead items have been ordered, and we've already started the container fabrication for the units. The total contract value is above EUR 200 million, and the total capacity is 500,000 tonnes of CO2 per year. To the U.K. This remains a very important market for CCS, with some important decision points over the next 6-12 months. At the end of March, the U.K. government confirmed which projects will go into the final negotiations for Track One, and this is the Track One for government funding. At the end of July, the U.K. highlighted that the Track Two process, which will include Acorn and Viking clusters, and also last month, the U.K. announced that the Track One expansion process will kick off towards the end of this year, with an ambition to move into final negotiations next fall. Aker Carbon Capture is the carbon capture provider for a FEED for bp Net Zero Teesside Power, the FEED for SSE Keadby 3, and the pre-FEED for Viridor's Runcorn CCS, all potential mega-scale carbon capture projects in the U.K. Both bp's and Viridor's project are in the final negotiations with the U.K. government for Track One funding. For SSE Keadby 3, the U.K. government will launch a process toward the end of this year to enable the expansion of the Track One clusters beyond the initial eight projects that was announced. This aims to identify and select projects to join the HyNet and East Coast clusters, including the Humber, where Keadby 3 is located, and their associated storage facilities as they become viable, with a clear aim to be operational by 2030. These projects in the U.K. are important steps forward for the delivery of our Big Catch license and key equipment offering for mega-scale carbon capture plants, where for both bp and SSE, we are the capture partner to a consortium of Aker Solutions, Siemens Energy, and Doosan Babcock. Now, I'll take you through our delivery models and financials. In our second quarter presentation, we introduced the Just Catch 400 thousand tonnes per year as a concept. Today, we share some more details about the Just Catch 400 concept. This latest addition to our Just Catch product portfolio follows clear signals from the market, showing interest in the modular Just Catch unit with a higher capture capacity. Although the potential capture capacity of a single unit has significantly increased from our Just Catch 100, the footprint remains optimized and the delivery time efficient due to the prefabricated and completed modules. We're currently doing studies that cover five Just Catch 400 units. We see modularization and standardization as a clear market differentiator and accelerator. So in short, we deliver the Just Catch on an EPC basis, or to be more accurate, due to the high level of standardization under a Just Catch supply agreement, and we deliver it under a Carbon Capture as a Service agreement. And this is the offering where our customers simply pay per ton CO2 captured. Our Big Catch offering is focused on bespoke mega-scale capture capacities, sold as license and key equipment packages. As a rough guidance, you could expect license and key equipment contract sizes to be in the range of around one third of the full EPC delivery, but with a higher long-term margin potential. We offer aftermarket services, solvent management, and solvent supply for all our clients across all our offerings. Aftermarket revenue, revenue streams are expected to pick up over time, in line with the with the growing install base of our Just Catch and Big Catch units. Since the third quarter of 2021, we have shared quarterly updates for the estimated levelized cost of the full value chain carbon capture as a service offering, based on our modular Just Catch unit. Note that the CapEx and OpEx figures covers the capture facility, liquefaction, and temporary storage, so all the pieces needed to do carbon capture and deliver the CO2 over for transportation and permanent storage. For our European delivery model, the full value chain range is unchanged since the last quarter, at a range between 75 and 175 EUR per ton. This has now been stable for the last few quarters and validated by our ongoing Just Catch deliveries. For North America and the view there, we see the potential to realize lower cost across the value chain, mainly due to lower transportation and storage costs, but also lower operating costs due to lower power prices. This gives an overall levelized cost range of $55-$120 per ton for that market. Now, I'll take you through the key financial highlights of the third quarter before we move on to the summary and Q&A. Bear in mind that all the numbers that are mentioned are in Norwegian kroner. Let's start with the income statement. Overall revenues for the third quarter was NOK 440 million, which is up 116% compared to the same period last year. The growth in revenues is mainly driven by Big Catch and Just Catch projects, including the Ørsted Kalundborg CCS project, which has progressed well in the quarter. Our reported third quarter EBITDA was NOK -47 million, which is NOK 9 million better than compared to the same quarter last year. Both Big Catch and Just Catch projects contributed positively in the quarter. However, you should note that the Ørsted Kalundborg CCS project profit has not yet been recognized. To give you a better description of how project accounting and profit recognition principles in our carbon capture work, I would recommend that you review our slide 31 in the appendix. The overall negative EBITDA continued to be driven by high sales and tender activity, as you can see from our pipeline, the entry into North America, and R&D activity. Our third quarter net current operating assets ended at NOK -806 million, which represents a continued positive cash position on our key projects. Overall operating assets and liabilities, or net capital employed, which includes fixed and intangible assets, was NOK -591 million. This shows that both our short-term and long-term business activities are currently funded by our net working capital position. We continue to have a healthy cash position at NOK 1.3 billion, which could cover all of our liabilities 1.4x. Finally, our equity remains strong at NOK 0.8 billion. We started the quarter with NOK 1,138 million in cash and cash equivalents, and through the quarter, we saw an overall cash inflow of NOK 185 million. The main drivers were milestone payments on key projects, driving a NOK 268 million net current operating assets cash inflow. We had loss before tax of NOK 40 million and CapEx of NOK 43 million, and the CapEx was mainly related to product development and the construction of a second mobile test unit. In total, the cash and cash equivalents ended this quarter at NOK 1,323 million. These were the highlights of our historical financials, and now let's have a look ahead. Our financial outlook remains broadly in line with the outlook presented in the previous quarter. Our backlog ended the third quarter around NOK 3 billion after including the Ørsted Kalundborg CCS contract from the second quarter. By year of execution, we see this work at roughly NOK 0.5 billion for the rest of 2023, around NOK 1.3 billion in 2024, and another NOK 1.2 billion in 2025 and beyond. As a reminder, only order intakes are included in the backlog once a firm contract has been announced. We expect a positive impact on gross profit margin when profit is recognized from Ørsted Kalundborg CCS. And here I would remind you to go in the appendix and have a look at how we do project accounting. When we don't recognize profit for the project, that is due to the maturity of the project. Normally, at certain milestones in the project, such as placement of key POs, purchase orders, or commencement of the installation work for the project, we typically start recognizing profit on these projects. This is a EUR 200 million contract, where the majority of the work will be done in 2024 and 2025. You should expect to see an improvement in the numbers, then. The serial delivery of the Just Catch units on the back of Twence CCU and Ørsted Kalundborg CCS is expected to further drive improved profit margins through the backlog execution period. We expect to see an increased conversion of tenders, feeds, pre-FEEDs, and studies to firm development contracts through the illustrated backlog execution period. Salary and personnel cost is expected to increase gradually with our activity growth, whereas other operating expenses and CapEx are expected to remain around current levels through the next 6-12 months. We continue to show a strong liquidity position, ending the quarter with a net cash position of NOK 1.3 billion. This position is expected to trend towards NOK 1 billion through the year. And please note, as usual, these comments do not include any assumptions for cash spend on M&A or additional investment opportunities that might arise going forward, and the numbers might be subject to short-term working capital fluctuations. Now, let me share with you a short summary of our way forward. We've set a clear direction to position for the huge market ahead of us. We're here to accelerate planet positive through carbon capture, carbon reduction, and removal. We have prioritized European markets and four market segments: cement, bio and waste-to-energy, gas-to-power, and blue hydrogen. And we see opportunities emerging in industry segments such as refining and process industries. We have a strategic ambition to successfully enter North America, and we're exploring our position with the rest of Europe and the Middle East. Our proven technology is market leading, and we will further improve energy efficiency and increase our focus on new technologies going forward. Through standardization, modularization, and digitalization, we are expanding our cost-efficient product portfolio. Cost reduction through serial production and working together with strategic suppliers is an important part of this journey. We'll offer the Just Catch on supply agreements and license and key equipment models for the Big Catch, followed by long-term service and solvent agreements. As a part of our aftermarket services, we will offer supply of solvent, performance optimization, digital operations, and maintenance. We're also bringing the full CCUS value chain together through carbon capture as a service. To meet the expected high growth in the market, we will continue to build strong partnerships. Finally, we're building our company through devoted people who are making carbon capture happen now. By delivering on our ongoing projects and setting an ambitious carbon capture target, we're in a strong position to make positive impact on our planet and to help our clients move towards a sustainable future. Thank you. Now we move on to the Q&A section of the meeting. Okay, thank you, and welcome back. I hope you enjoyed the presentation. We now move into the questions and answer session for our presentation today. We will be taking questions on the system. This is a live system, as you know, so as usual, please do enter your questions during our discussion right now, and we'll get through as many as time allows. And thank you also for everyone who's already loaded the system up with some very, very good questions. We really appreciate the interest. So let's get things going. Firstly, from Vincent from Société Générale in Paris. Two questions. Firstly, Egil, asking about the decline in backlog from Q2. What drove that? Yeah, so in Q2, we had a big order intake of the Ørsted Kalundborg CCS project with five Just Catch, more than EUR 200 million. So the decline from the second quarter to the third quarter is the revenue recognition that we've done in that period due to the progress on Ørsted and also the other existing projects that we have. So that's a natural effect of having a bulky order intake in one period, that you will see that being consumed over time. Mm-hmm. Absolutely. And also from Vincent, asking about... I think it's referring to the major pre-FEED we announced quite recently. How confident are we that this will convert into a real project? So for all the studies and pre-FEEDs and MTU campaigns we do, we do quite a tight follow-up, whether or not we believe these projects have the potential to become real projects with FID. So we look at whether or not they're in the right area, right client, right type of emissions, and close enough to permanent storage that the project can make sense overall. Whether or not this particular one will move into FID, it's difficult to say at this stage. It's still early. Once we've done the study and the pre-FEED, it's gonna be easier for us to comment on whether or not we believe it will have the full potential to move forward. It's an extremely interesting project and a huge potential, and if Europe and the various countries in Europe are gonna meet their targets, this type of project is definitely required. Okay, moving on. Some questions from Carrie Elizabeth from Pareto now. A question on our pipeline, the tenders, FEEDs, and PDPs, and so on. This is now 7.9 million tonnes per year worth of projects. How much, how much of this is PDPs, and how does a PDP differ from FEED? So let me start with how a PDP differs from a FEED. A FEED is typically the work we do before a project goes into FID and becomes a development contract. When we do a PDP, a process design package, that is typically instead of a full FEED, because we're gonna deliver license and key equipment, or it could be just after a FEED, because we're gonna deliver the license and key equipment and not do the full EPC. So in that bucket, there's an element of the process design packages, but we can't be specific about the exact number of PDPs we're doing there. Fair enough. I think it's still fair to say in that, tenders and FEEDs bucket, it is still very much dominated by the large work in the UK. Mainly dominated by FEEDs in the UK and also tenders for other projects. Yes, absolutely. So next question from Carrie Elizabeth is about Track One. This sounds like something for me, actually. It's Yeah, go on. So when can projects starting in the Track One tender hope to see construction commence? I think, I guess in the UK, it's worth pointing out there are sort of three blocks, if you like, or three groups you should bear in mind. Number one is the Track One list, that it's now in final negotiation stage. Number two, which includes, by the way, even Net Zero Teesside and Viridor's Runcorn. Number two is a Track One expansion phase, which most likely will include a number of projects that didn't get into that first 8 list, and this could include, theoretically, the SSE Thermal's Keadby 3. And then you also have Track Two- Mm. ... which is the two projects or two clusters so far that we know that are, Acorn in Scotland and also Viking on the, on the East Coast. In that list, there's not a lot of new news. The first new... I guess if you look at what's happened in the last, let's say few months, as Egil mentioned- Mm ... in his presentation, we know that there will be this Track One expansion process that will start later this year, November, December. And the ambition in that, and this is not firm timing yet, but the ambition in that is to have those projects being selected and moving forward for final negotiations by next autumn. So a little bit like this time, maybe- Mm ... maybe slightly earlier next year. That's the expansion process, and that'll also include quite a lot of other categories that weren't in Track One. So, for instance, bioenergy and carbon capture and storage, so BECCS, that's also gonna be in that phase if the projects are big enough as well. For Track One itself, those eight projects, and this is not a new news on this, it's always been the case ever since we knew about those eight projects, at the end of, I think it was end of Q1 this year. Yeah. Those eight projects moving forward, we expect they'll be moving forward into really taking some steps towards a award middle of next year onwards. Maybe a little bit this in sort of Q3 next year, around that sort of time. That's the best indication. Mm. But this is still, as you know, in the UK, this is not a finalized process. These are final negotiations. We still have to get those final T's and C's sorted out with the government, with our customers- Mm ... before those really move forward. So moving on, Victoria from RBC, a number of questions from Victoria. First of all, net cash was stronger than expected, going through Q3. Can we talk about the main moving parts in that free cash? Yeah. What, what drove that to that point at Q3? Yeah. So the main driver of the cash increase this period was the project-related milestone payments that we received from the clients when we achieved certain milestones. This typically comes ahead of cash outflows on the same projects as our vendors reach milestones as well. So we're expecting this cash to trend toward NOK 1 billion at the end of the year, and then, of course, if you look at our working capital position, it's gonna fluctuate through 2024 as well, and maybe normalize a bit through that year. That's exactly... the other question that Victoria had around cash was, how will this progress through next year? Yeah. That's fine. Exactly. Okay. Exactly. Good. So also moving on to the pre-FEED that we announced just recently, the very large one, the up to 14 million tonnes in Europe. Can we talk a little bit about what this involves, how long it might last? Mm ... the pre-FEED phase, that is, and what the timeline might be for that to progress- Yeah ... to a real contract? It's a little bit early to say something about the timeline, but you should note that a Pre-FEED is more mature than a feasibility study. So typically, that's a client who's more specific on what they want and what they want- what they are looking for. We look at converting a Pre-FEED into a FEED or a Process Design Package probably within 6-12 months. That's the typical range. And then, of course, each client is special, and this project in particular is extremely large, so timing could be different. But that's the time range we normally see on these Pre-FEEDs. And also from Victoria, last one, "I'm looking at, O&M," so the operational maintenance phase. "As our first project moves towards delivery- Mm. How should we think about O&M? Is it just replacing and studying the amine, the solvent? But what can we say about how that might relate to the overall? So the aftermarket, the packages that we sell definitely includes an element of replacing solvent and maintaining the solvent, and also optimizing both the consumption of the solvent and the capture rate and activities at the plant. If you look at the graph we're showing for levelized cost of Carbon Capture as a Service, in the OpEx bucket, there's a range between EUR 15 and up, and the numbers above EUR 15 is typically related to power or energy consumption. That number typically don't hit our books. It's typically the client who comes with the power source for the plant. So the remaining EUR 15 per ton is typically the addressable revenue that we can have in the aftermarket for these type of plants. There we go. Excellent. So moving on, James Carmichael from Berenberg, a number of questions here. Again, looking at phasing, when should we expect some of the studies, pre-FEEDs, and so on, to convert into firm contracts? Yeah, the first step is converting them into process design packages or FEEDs, especially if we're looking at license and key equipment models for Big Catch. Like I said on the prior question, 6-12 months is probably the right range to assume. When you're in the FEED, process design package and tender period, anywhere between 3-12 months, again, is typically the range that you should be looking at. From a pre-FEED or study all the way till a final contract, between one and two years. It really depends on the project itself. The closer you get to the firm contract, the nearer we are, and then we're typically looking at less than a year. Okay, next one from James. Any updates on the two LOIs that were announced in January, and we talked about FID in Q2? Yeah, so those two LOIs, I think you're referring to the two Just Catch that we announced, and that announcement was actually related to the Ørsted award that we signed in the second quarter. So that one has already been confirmed, and if I do remember correctly, in the press release, we also referred back to that announcement of the LOI. Yes, so, if you like, a very sort of early first step. Yeah. Saudi Arabia, what's the position in this in terms of when we might expect firm announcements, and do we have any exclusivity? Yeah. So first of all, it's a MoU to explore this partnership. There's no exclusivity, however, we are in dialogues on various topics that are interesting, and especially around the modular Just Catch 100 and Just Catch 400 solutions, it could be very interesting going forward. But it's too early to say firmly when there will be real activity in this MoU. And as you saw with the Ørsted contract, we are quite persistent. When we sign an MoU, we really intend to move it forward. And with Ørsted, we signed an MoU with them and Microsoft back in Q1 2021, and we realized this project in the second quarter of 2023. And if we draw that parallel to Saudi Aramco, it could take some time. It could also go faster. Great, okay. Well, moving on, actually, just as a quick reminder, please don't forget, you can enter questions at any time. So if you are still wondering whether you've missed the boat, you haven't. Please do use the system and put your question in there. Moving on, Vetle from SB1, margins, one of our favorite areas. Yeah. Should the overall gross profit margin be expected to stay around Q3 levels until recognition starts at mid Ørsted? Yeah. Yeah, yes, I think the simple answer is yes. It of course depends, but, but, if you take the Q3 numbers and normalize away the Ørsted project, our underlying margins, or gross margins, are in line with what we've had before. So given that we're not increasing the margins on other projects or, you know, some of these pre-FEEDs or feeds that we're signing starts up during that period, you should expect the same margin level until we start profit recognition on Ørsted, then you should expect a decent increase, for sure. So of course, there could be more work coming in over the next quarter in terms of feeds and pre-FEEDs, in addition to what you've seen so far, that could also impact positively here. Absolutely. Absolutely. Okay, good stuff. So, Daniel from Clarksons asking also around timelines for conversions or pre-FEEDs and feeds. We've done a little bit of that already, I think, but maybe just linking this up, you know, in other words, when can we expect the recent wave of news. Mm ... that we've had in the last few weeks to become firm orders? I mean, I know we- Yeah ... it's quite a mixture in there. Yes. There's some Just Catch- Yeah, so- Some Big Catch and so on. ... so if we take the Just Catch first, a Just Catch study or feasibility study or pre-FEED can actually convert into a firm contract within 6-12 months. Some of them, depending on the site, and the Big Catch project, will typically use 6-12 months to convert from pre-FEED or study or mobile test unit campaign into a FEED or process design package, and then when you're in the FEED or process design package or tender period, it's 6-12 more months before typically you see a firm award. Absolutely. Okay, going to Elliot Jones from Nordea. Ørsted profit-taking, or profit recognition, rather, should we assume this will start in Q4 or next year? Yeah, I think it's a bit difficult to guide specifically on exactly when it will start, because here we are talking about five Just Catch units across two sites. So normally, when you have a construction contract, you will start it all in one go, when you have enough certainty in the contract. I think the timing that you're mentioning is roughly right, but we have to see the triggers come through before we can make that accounting assessment. Also, given the fact that we have several sites here, might be slightly different assessments than what we saw for the Twence project, which we've already done profit recognition on earlier. It's very much next year, not this year? Yes, absolutely. And onto the topic again about pre-FEEDS and studies, but thinking more about conversion rates. We talked about, you know, timing, but what sort of conversion rate might we assume in terms of seeing those pre-FEEDS and studies move to orders? I think so far we've seen a very high level of conversion rate. It's just that it's been a bit slower than everyone has expected, especially related to the UK. But the projects that we have secured and worked on, we have converted. Some of the ones that we have worked on have not converted yet, and we're still in competition for those. Over time, I would target to be able to convert, let's say, one third of these into projects, as long as the underlying project moves forward. And that is just the, you know, the reason being that there will be competition on some, and it might be that the client decides not to move forward with some of them in the time period that we are looking at here now. Could be that they come later, like some of the projects in the UK, where they might move into a later track in the funding process. Mm. But we have so far had a high conversion rate on the stuff that has moved forward, so we expect to stay on that for a while longer. Absolutely. Question from Sassy at Morgan Stanley. We sort of mentioned this a little bit, but it's asking again about recording profit on Ørsted- Mm. I know we've discussed this. Mm. I know, maybe, I know in your prepared remarks earlier, you mentioned about some of the issues you would look at to decide whether to recognize profit or not. So typically we look at, you know, have we placed all the major purchase orders that can really impact the costs of the project? And on this project, we have. Do those major purchase orders have the right level of maturity so that we can be certain about that cost? Well, I think we're very close to that. Then secondly, have we placed the orders for the installation work, which will happen on site? That's typically a major defining factor for these projects. Once that is done, typically, you're at the right time to start profit recognition. We expect that to be around early next year. Very clear. One question left now. So again, a quick reminder, once we finish this, answering this last question, we will be heading off. So if you want to get the question in, please do so in the next few minutes. Question from Kate O'Sullivan at Citigroup. Again, it's about the UK Track One. Mm. We've mentioned this a little bit, but maybe just go a little bit more detail. You ask about, when we expect a final decision on the Track One expansion in the U.K., and if Keadby 3 is not in that group, what does it mean, and so on. Mm. I think the latter point, we would have to refer you to our customer. Mm. I mean, it's, it's their decision in terms of how they would position that project- Mm ... in these various phases. But just purely as a what if, as I mentioned before, a project that's going to be joining the Track One expansion process will likely be able to do so from November, December this year. That'll probably run until Easter. Then there'll be decision processes, selection, and so on, the shortlist, and then the, with the ambition, and as a famous phrase goes, there are lots of known unknowns in this. Mm. But the ambition is then to see those final negotiations stage start in the autumn next year. Mm. If you look at the final negotiation stage from this year, which was announced in, I think it was end of Q1- Mm ... then it runs for at least a year before you get down to the FIDs. Mm. So you would, you have to think, well, presuming that timeline is correct, expand anything in the expansion, in the Track One expansion group, if they do move into the final negotiation stage next autumn, you're looking at autumn 2025 for the actual award. Something like that. Is that type of- you got to think of those stages. It's also worth bearing in mind that the Track One expansion process is now also aligned time-wise, roughly with Track Two. Mm-hmm. This appears to be, again, it falls into the known unknown camp. It appears to be, a chosen route by the UK- Mm ... is to have these two running sort of in parallel to really maximize the chance of hitting that 20-30 million tonnes target by 2030 for the whole country. Mm. Anything to add on that at all or? No, I think that's a good. Okay. Good ... good summary. Okay, just checking. There are a couple more coming in. One more, from Vincent in Paris. Capture as a Service. Will Capture as a Service cover the fixed cost of the Just Catch? How does the CapEx part of that fit into the- Yeah ... capture the service model? So the Carbon Capture as a Service model is typically an offering where we would go and work with a client and transportation storage partners to have an offering to the end customer on a pay-per-ton model that covers the full value chain range. So whatever that full value chain costs, we would charge that fee. So it would definitely cover the fixed piece, but it will also cover the operations and the transportation and storage. The nice thing about this for us in Aker Carbon Capture is that the better we operate these plants, the more plants we have in operation, the more of the potential improvements we're able to do on those plants in terms of capture rate and efficiency will fall to us in terms of margins on these. We're quite flexible when we work with transportation and storage partners, whether or not we offer capture as a service only for the facility itself, and they have the same type of model on the transportation and storage, or whether we consolidate and do it all. Great. Obviously, my bluff has been called in terms of putting questions in, 'cause we're having some more coming in, which is- Which is good. ... which is excellent. Very good. So, Anders from SEB, the catching up in the... We have this extra slide. You've probably seen it, slide 31- Mm ... I think, where I talk about very theoretically how the profit recognition would work in terms of timing and catch up and so on. Is the catching up of margin recognition the same methodology as we've used in Twence and Brevik? Yes, it is the same methodology. I think there's a difference in this project, that we're doing five of the same unit. So in this project, there's a possibility, of course, to take all the learnings that we've done from Twence and implement it in the project here. So the potential is larger, of course. And also, as you deliver five units, there's the purchase power that you get from buying five off from all your vendors, and also the efficiency you gain by doing five units at a time. So those elements are new, but the profit recognition principles are the same. ... Okay, and the follow on from Anders, are we able to say which quarters we started recognizing margins on the other two projects? On the other projects, if I don't recall incorrectly, we started in the fourth quarter with Twence of 2022, and we started gradually on Brevik in a different way, in the second quarter of 2022, if I'm incorrect. I'll have David- Mm. Summarize to the analysts if we- Yes ... if we did it incorrectly. Okay. So, but we did also, and please note that we did have other activities in the P&L at that time. So, it's not necessarily very obvious when those came in. Okay. At the moment, the last question, but let's see what happens when we finish answering. At the moment, the last question, again, from Victoria, RBC. You spoke about the U.K. quite a bit. What about the U.S.? How has this market been in the U.S. in Q3, in terms of looking at the market and progress with potential opportunities? Yeah. We've gotten feet on the ground in the U.S. now, and we see a tremendous level of activity over there, especially in the states that we've been focusing on mostly now during the startup, which is Texas and Louisiana. We have a huge amount of incoming inquiries. Our brand name seems to be fairly well known. We were a bit worried, being a European and a regional company, will people recognize us over there? But in the carbon capture world, our name is fairly well recognized, so we get a lot of inflow. And now we're selecting the clients that we believe will have the best chance of moving forward into developing carbon capture projects and doing studies and pre-FEEDs with them. Yeah, absolutely. I think, as you said, one of the key words is selectivity. Mm. I mean, something that we've learned a lot, even in the last couple of years from Europe. I mean, we think we turned away last year, something like seven out of ten inquiries. Yeah. Politely, of course. But this selectivity, given how much bigger the US market could be, this selectivity is so important, otherwise, we would just spend all our time chasing loose ends. Yeah. Okay, that is the last question. Thank you. So, thank you very much for your time. You know where we are, so please do get in contact if you want to follow up. And we look forward to engaging with you in the next few weeks and months, and at the very least, speaking to you again, I think in February- In February ... with our fourth quarter results, when, of course, we'll have Julie, our new- Yeah ... CFO with us as well. Very good. Okay. Thank you all. Thank you. Thank you.