Morning, and welcome to the First Quarterly Presentation of Aker Offshore Wind for 2021. My name is Astrid Skarheim Onsum, and I am the CEO. Today, we look forward to taking you through the developments at our company, as well as sharing our perspectives of the needed journey towards cost-effective deepwater energy production. As always, I will be happy to take any questions you may have after the presentation. Let me start with the main highlights this quarter. After signing our collaboration agreement with Statkraft at the beginning of the quarter, we see good progress and opportunities with Statkraft at Sørlige Nordsjø II in Norway. We're also working with Hexicon in Sweden to capture opportunities there. We announced a collaboration in recycling with the University of Strathclyde, which we're pleased to see has received a lot of interest. Aker Offshore Wind is a pure-play offshore wind developer. We aim to source, develop, and eventually operate deepwater and floating offshore wind farms and become a power producer of renewable energy. Aker has been a major contributor to the global offshore energy markets for several decades, not least as a designer of technologies and deepwater solutions, including floating platforms. As Aker Offshore Wind, we now leverage, through various agreements with other Aker companies, the vast experience and global footprint of the Aker Group, including the capabilities of the wider Group's more than 30,000 employees. Aker Offshore Wind has an exciting portfolio of projects and prospects that are at various stages of early development. Let me remind you of some of the fundamental reasons why we believe in the deepwater floating wind market. We believe the floating offshore wind market can become the most effective and attractive renewable energy source for a number of reasons. The potential is virtually unlimited, that 80% of the offshore wind resources are in waters deeper than 60 meters, where fixed bottom substructures are either not feasible or not economical. The wind conditions are better further from shore. The wind capacity factor is higher offshore than onshore, and on average, even better in those vast areas where floating wind farms are the only viable option. Finally, floating wind has the benefits of having a smaller environmental footprint and the possibility to optimize farm layout for energy production, as well as being less intrusive towards other stakeholders of the ocean, as farms can be located away from shipping and fishing areas. Looking at macro developments in our markets, the U.S. are setting ambitious new goals for renewable energy, both at the federal and the state levels. The new Biden administration is laying plans for the offshore wind industry to develop 30 GW in the next decade. The same can be said for South Korea, where President Moon had the ambitious $9.4 million new Green Deal approved. He continues to push ahead with a healthy target of 12 GW of offshore wind for the nation. The U.K. is the world's most mature offshore wind market. We see a continued high ambition level also in Scotland, where a significant portion of the acreage is floating. ScotWind has kept its qualitative assessment structure for lease awards and limited the delay following the U.K. Round 4 review. In Norway, the application guidelines are now expected in May, early June. A new flag on our map is Sweden. In Sweden, plans are being launched for expanding the electricity grid to facilitate offshore wind development, supported by an increasing political energy debate. Here is an overview of project milestones we expect in the coming quarters. The timing of these events are subject to change as they depend on several external factors, including political decisions being made. The bid submission deadline in Scotland has been updated post-government review and is now July 16th. We've formally communicated that we will bid together with an undisclosed partner. With regards to Norway, the expected guidelines for an upcoming license round are, as we understand, likely to be published just before the summer. It is too early to say how this will affect the site license award process and what the deadline for submission of applications will be. We aim to apply for the Electricity Business License in Korea towards the end of 2021, whereas in California, we now expect the federal lease auction to take place in late 2021 or early 2022. In Sweden, we've started a collaboration with a local developer, Hexicon with the intention of formalizing that collaboration further before the summer. Before I move on to the individual projects, let me again remind you of the value creation profile we typically see in offshore wind development. The offshore deepwater wind segment is at the very beginning of its growth, and we are an early mover, and our portfolio is perfectly positioned at the front of the first wave of commercial scale floating deepwater projects. The value creation in this first phase is relatively the largest as risk is reduced as projects mature. However, the absolute value creation is greater in the execution and operations phases when the investments are also much greater. A few more comments on Norway. Our cooperation with Statkraft is fully underway, and we get a clear sense of the joint capabilities that we can put to work to unlock the potential of the Sørlige Nordsjø II acreage. The application guidelines are now expected before the summer, and part of our preparations include project definition, strategies for future offtake, and our industrial vision. As hydropower takes care of most of the energy needed for the Norwegian mainland, offshore wind in Norway will be more about industry development, electrification, and export of renewable energy. In Scotland, following the outcome of the U.K. Leasing Round 4 in January, Crown Estate Scotland paused the process in early February to review the bidding rules for the ScotWind lease process. The results of the review were published on March 24th, the initial ScotWind bidding structure with qualitative assessment criteria remains intact. The new bid submission deadline is July 16th, we are proceeding with continued efforts. The Biden administration has launched a bold plan for offshore wind, aligning federal agencies and state governments to launch a new industry. On the ultra-deep water West Coast, we now see both California and Oregon advancing legislation that will set aggressive goals for floating wind by 2030 and 2045, which is similar to what we have seen for the East Coast states over the last few years. Aker Offshore Wind has been an early mover in California, where we started investing in 2018. Our Redwood Coast project is located on the North Coast, where the wind resource is best, but the grid is weak, hence the current size of the project. We continue to mature the project as we are preparing for auctions, potentially at the end of the year. Together with our partner, Ocean Winds, we have legally qualified the project company with BOEM in the quarter. The project has grid connection, and the relationship with local utility RCEA remains strong. We have agreed upon the main principles related to the public-private partnership. We look forward to progressing this in the upcoming quarters. We're also pleased to receive recognition from Californian authorities regarding the digital solution to map environmental impact, which we're developing under a public grant and together with Cognite. In South Korea, President Moon is visiting Ulsan City this week, and the progress of the floating wind farms is high on the agenda, with representatives from our consortium, KF Wind, as well as the relevant ambassadors in place to greet him and discuss. Through the winter storms, our three installed floating LiDARs have delivered a steady and continuous data flow. We're now halfway through the one-year period of wind data collection required to apply for the Electricity Business License during the second half of 2021. Aker Offshore Wind focus on finding solutions for amicable coexistence with other users of the ocean, and in South Korea, we have a good and constructive dialogue with the local fisheries, and we strive to find joint benefits. We have, for instance, had the fishermen, who are in the area anyways, perform the required patrol services for the LiDARs. Sweden is becoming an emerging market for offshore wind and has ambitious net-zero commitments. The Swedish government is discussing plans for expanding the electricity grid for offshore wind, and there's an ongoing debate regarding both onshore wind and the future of nuclear power in the country. Aker Offshore Wind and the local developer, Hexicon, have entered into a joint development agreement, and the two companies intend to jointly mature early-phase prospects in Sweden. The companies intend to establish a 50/50 joint venture with an ambition to realize multiple Swedish projects with a combined capacity of several gigawatts. Both parties are technology agnostic for the purposes of the project and will work together to identify the optimal technology solutions for each project. Today, I am pleased to talk you through some of the fundamentals that affect the cost-effectiveness of energy production and the approach we take to develop a profitable business and strong value proposition. At Aker Offshore Wind, sustainability is a natural part of how we do business. Last week, we announced a collaboration with the University of Strathclyde in Scotland on recycling of wind turbine blades. Scrap glass fiber is a challenge, not only for the wind power industry, but for all industries reliant on glass-reinforced polymer composites in their production and manufacturing. As the offshore wind industry grows, Aker Offshore Wind is keen to support solutions to what will otherwise be a growing waste problem. Most of the existing processes for recycling of glass fibers are either mechanical or with little or no recovery of the glass fibers for reuse in composite part production. The unique process developed by Strathclyde enables recovery and post-treatment of the glass fibers to near-virgin state. Drawing on decades of industrial innovation and operationalizing of novel technologies, Aker Horizons and Aker Offshore Wind will contribute with funding and relevant competencies to bring the solution into an industrial setting. There are other recycling processes under evaluation globally, but none are more advanced than the Strathclyde glass fiber recycling process. The collaboration project has a current timeline of three years, where the final stage is likely to be a pilot plant. We measure cost efficiency in levelized cost of energy. We have shared our ambition to reduce LCOE for floating wind through targeted industrialization and technology development initiatives from the almost EUR 150 per MW hour for pilot projects to EUR 50 per MW hour for commercial scale farms. It all starts with the benefits of going to deeper waters. As you go from onshore to near-shore bottom-fixed and on to floating wind 20-30 km from shore and further out, the wind resource is simply better. The capacity factor goes up with as much as 20 percentage points. This, and the fact that the very largest turbines can be used far offshore, results in dramatically increased energy production. In this graph, you can see what happens with energy production as we go from what is a quite large onshore turbine of 4 MW to the large offshore turbines we're now working on. The development of turbine size and the swept area of the blades has been exponential over the past 10 years. An important factor of floating is that the floating substructure does not scale with the turbine, and actually, the cost per megawatt will go down as the turbine gets larger. You could say that the substructure for small turbines is oversized, and the scale drives out the economics. When we work with costs at Aker Offshore Wind, we're also acutely aware that 60%-70% of the cost base is the same for fixed-bottom and floating wind. That means that cost decreases in bottom-fixed will also benefit water projects with floating wind. We attack the 30%-40% of the cost elements that are different: the substructures, the mooring, the dynamic cables, the marine operations, and installation. These are areas where Aker Offshore Wind has unique capabilities, further expanded through the wider Aker group, as well as through our ownership in Principle Power. We've talked about the impact of turbine size, the number of turbines in a wind farm and a stable project pipeline that allows the supply chain to industrialize and turn into a mass production factory are also critical factors to drive out cost. Industrialization includes designing rugged and fabrication-friendly systems where we can leverage Aker Group legacy, then we throw true innovation on top. Aker Offshore Wind drives development in the floating system, including subsea power, mooring, and not the least, digitalization. Inherent to the success of our long-term value creation strategy is taking advantage of the technologies, the industrial competence, and the software available in the Aker System. This is why we, as part of the Aker Horizons portfolio of companies, have established a digitalization program together with Aize and Cognite called Electron, a five-year partnership dedicated to embedding industrial software throughout the entire value chain. Between them, Aize and Cognite have the solutions and knowledge to make sense of raw data and put it in context, as well as building applications on top of a data platform to improve efficiency and drive better results from planning through construction and into operations. Standing on the shoulders of Aker's 180-year industrial history, Aize and Cognite are able to combine the Aker system's deep domain expertise and existing software competencies with the entrepreneurial spirit that characterizes the new Aker companies. All in all, we see that with the scaling that is currently happening in deep-water floating wind, the 10 years that it took European bottom-fixed wind to hit the S curve, going from EUR 150 per MWh to around EUR 50 per MWh, that will likely go faster in floating. If we hit all these levers we've talked about today, floating wind will be the fourth revolution in renewable energy. Our main priorities for this year remain unchanged. We will continue to develop the current projects and prospects to increase portfolio value. We'll continue to mature identified opportunities in new and existing markets to grow our portfolio. We're ramping up our organization and capacity, hiring people in Oslo and the U.S., and building up new hubs to strengthen our global team capabilities. We will push forward with our program to drive down LCOE towards EUR 50 per MW hour by 2030 and realize our ambition of industrializing deep-water offshore wind. All in all, we have seen significant progress on all fronts in the quarter and continue to see our maritime and offshore background and technology differentiation as important assets in a rapidly growing market. Thank you. We have a few questions online. First question from John Olaisen at ABG. Scotland, what is the likely process timeline after bids have been handed in on the 16th of July? He has a follow-up. Why is the Scottish partner still undisclosed? The likely process after the bids are delivered is a few months of deliberation from the Scottish Government before award happens in the second half of the year. Then we go on to early development of the sites. We will revert to the market with the identity of our partner in due course. Okay, we have a follow-up question from John Olaisen. You have a big cash position. Do you see any acquisitions opportunities or other non-organic growth opportunities? We continue to look for non-organic growth opportunities as well as organic growth opportunities. We are working in a segment that is in early development across the board. The deep water floating market is early. We're using creative thinking to identify collaboration structures and investment structures that allow us to both find unique M&A opportunities, but also collaborate in a unique way with local developers. Our Hexicon agreement is such an example. Yes, we will continue to look for non-organic as well as organic growth. Next question is from Frederik Lunde at Carnegie. Can you comment on how you see competition evolving? Has there been changes to expected project returns? It's two questions. We continue to see new players enter this field, and we actually see that as something that underpins the belief that we've had in this segment over the last few years and the rationale behind setting up Aker Offshore Wind. Quite excited to see both government and industry ambitions in this space. We believe that we continue to be an attractive partner for players that want to advance in offshore deep water wind. Certainly, new players are coming to the market, if not every day, so certainly every month. That is testament to the increasing strength of the market. On returns, I think it goes really back to the journey that we've talked about today, driving down costs, and also, of course, we depend on governments to continue to offer a framework that allows us to scale with what will be the first wave of commercial size floating projects, and thereafter drive down that cost. We will do everything that we can to drive returns up as we're driving costs down, and I think it's really way too early to say that returns are under threat. Thank you. We have a few questions from Anders Holte. First is regarding the two potential floating projects in Norway. At what scale do you see yourself targeting in terms of project capacity? Do you have a partner lined up for the round similar to Statkraft for the Sørlige Nordsjø II? Good question. The situation in Norway is in some ways quite different from what we see in other markets. The onshore demand for large power volumes is not there in the same way. Identifying sensible offtake strategies, including export and electrification, is really key to creating projects of scale. It's a bit of a chicken and the egg type of situation. We have earlier talked about the size that we're looking at. Certainly, we believe that projects of at least 500 MW are needed to really generate scale, but that also Norway needs a pipeline of projects in order to really develop the supply chain industry. When it comes to partnering, we are exploring a number of options for both sides in order to really optimize the feasibility of the projects as well as scale those projects. Thank you. Next question from Magnus Nytun. Regarding the government guidance for offshore wind coming up in May, what parameters will be of critical importance for Aker Offshore Wind? I think what we're really looking for is predictability and to understand the process towards the lease award, as well as to understand the overall framework, both on the regulatory and the fiscal side. We're not necessarily expecting to get all of these answers in one package this spring. We understand that the Norwegian government is working itself thoroughly through the challenge of creating a new industry for the nation. We're eagerly cheering for this process. Thank you. We have another question regarding cash from Anders Rosenlund. How should we think about quarterly cash burn going forward? He means what level? Yeah. If you're guiding on that? It's too early for us to be guiding on specific numbers. Obviously as the company matures, the opportunities that we're already working on, the DevEx costs go up, and the costs or the spend will also go up. At At the same time, we will continue to bring in early development opportunities which have a lower spend profile in the beginning. In general, this is something that we'll have to come back to as the company matures. Thank you. There's another question from Anders Holte regarding ScotWind. What do you make of the competition on ScotWind for the licenses best suited for floating offshore wind? We expect the competition in ScotWind to be fierce, simply because we've seen a number of players announce that they plan to bid. I think it is unclear at this point how many will position for bottom-fixed sites and how many will position for floating sites. That is simply something that we will have to see. We are seeing more new entrants in the floating space as well, and note with great interest that that field is developing. There is another question from John Olaisen regarding competition. There has been some new floating wind foundation initiative setups recently. Examples are BW Ideol, Subsea 7, et cetera. Do you see increased competition for your subsidiary Principle Power? When we entered the ownership structure of Principle Power in 2017, and have since expanded it, we've known all along that there are many ways to design a floater. That also goes back to Aker's background in this space. Aker's been involved in the design and deployment of 60% of the world's existing semis, and certainly knows what it takes to design a stable, fabrication-friendly floater with a sensible draft. I think in this case we believe that Principle Power not only has many of the fundamentals in place that we believe are important for cost-effective and reliable energy production, but that also the experience that Principle Power has with the pilot going back to 2011 to 2016 and pre-commercial projects now with 8.4 MW and 9.5 MW turbines in operations, it gives Principle Power a headstart. We're keen to continue to support Principle Power in that journey and ensuring that that will be a good solution. Of course, there will be other solutions as we go forward. We really believe in keeping this simple, fabrication-friendly, and something that can work in different supply chains. Okay, we will take our last question of the day. That was a follow-up question from Anders Rosenlund. Further to my question that was regarding cash burn, you provided guidance on connection with the private placement in August 2020, cash burn until the end of 2021. Does this guidance still stand? We're not guiding on cash at this quarter. We will certainly come back to the market as we see this developing. We haven't had any unforecasted development in our spend. Certainly, as we see opportunities, we continue to assess the need for capital and how we could put capital to good use to provide value. Okay. Thank you. With that, we close.