Good morning, and welcome to the second quarter results presentation by Aker Offshore Wind. Presenting today is Chief Executive Officer Astrid Skarheim Onsum. After the presentation, we have time for some questions from you. With that, I'm pleased to introduce CEO of Aker Offshore Wind, Astrid Skarheim Onsum. Thank you, Eivind, and good morning to you. Let me start with the main highlights this quarter. During the quarter, bp joined our consortium with Statkraft for the Sørlige Nordsjø II acreage in Norway. The Aker Group and bp have a longstanding partnership history. We now have a partner with offshore wind assets in the U.K. as well as in the U.S., and a longstanding onshore wind business in the U.S. As became public this week, our partner in the Scotland area lease round will be Ocean Winds. We already have an excellent working relationship with Ocean Winds in California and in South Korea. We believe that the combination of long Aker presence and track record in Scotland and Ocean Winds' leading offshore wind position with the recent delivery of Scotland's largest bottom fixed wind farm makes us a very strong contender. In Sweden, we are continuing to explore the opportunities for floating wind on both coasts together with Hexicon. The intent is to formalize our collaboration with a joint venture agreement. 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 as this industry segment matures. 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 leverage through various agreements with other Aker companies, the vast experience and global footprint of the Aker Group, including the capabilities of more than 30,000 employees worldwide. 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 that 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. About 80% of the global offshore wind resources are in waters deeper than 60 m, 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 the vast areas where floating wind farms are the only viable option. 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 as farms can be located away from shipping and fishing areas. Looking at market developments at the macroeconomic level, let's start in the East, where political ambitions and local conditions make South Korea an attractive market for floating offshore wind. In May, President Moon visited the area of Ulsan and expressed his continued full support and the support of the Korean government for the ambitious offshore wind energy targets of 12 GW by 2030, where of the Ulsan area may deliver as much as 6 GW. The Swedish offshore wind market is expected to grow as the country implements plans to boost renewable energy generation and reach net zero greenhouse gas emissions by 2045. Sweden aims to phase out nuclear power, which currently accounts for 40% of the energy mix to be replaced by renewables. How or if the current political situation will affect the offshore wind market remains to be seen. On June 11th, the Norwegian government published a consultation on a new set of guidelines outlining the license application process and presented a whitepaper on long-term valuation from Norway's energy resources. In the whitepaper, the government states that offshore wind represents an industrial opportunity for Norway and may form an important part of the next chapter in Norway's history as an energy nation. The areas Sørlige Nordsjø II, SN2, and Utsira Nord are estimated to have a combined potential of 4.5 GW. As a part of the United Kingdom, Scotland has a mature and well-developed leasing, consenting, and application system managed by the Crown Estate Scotland. The ScotWind leasing round will close July 16th and aims to provide areas suitable for up to 10 GW in capacity. A significant proportion of deepwater sites suitable for floating projects have been identified by Marine Scotland in their sectoral marine plan for offshore wind. Just like Norway, the industrial opportunities deriving from floating wind is of high importance for Scottish authorities. In the context of the United States, when we look back on the second quarter of 2021, we will likely see this as the turning point quarter for offshore floating wind in the U.S. The Biden administration has continued the momentum for offshore wind, which started in the first quarter with a national goal announcement of 30 GW by 2030. Legislation is moving ahead on the ultra-deep water West Coast to support this target. Before I turn to some of the highlights during the quarter, here's 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. We are right now delivering our bid for ScotWind together with Ocean Winds. Lease awards from the Crown Estate are expected to be made public in the first quarter of 2022. With regards to Norway, an important public hearing has a deadline August 20th, and we expect that application deadlines may be in the first quarter of 2022. In South Korea, where our consortium has secured three sites, the projects are progressing well, and the important milestone of applying for an electricity business license is expected in the latter part of the second half of this year. In Sweden, we have collaborated with Hexicon for a little over three months now, and there is now public consultation underway for three sites, as well as seabed survey permits submitted for three sites. We will learn more about timelines in Sweden as the market gains more maturity. In the U.S., lease auctions for the California coast areas of Humboldt, where Aker Offshore Wind has developed a project since 2018, as well as the Morro Bay area on the Central Coast will likely take place in the mid-2022. Before we move 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. We are, as Aker Offshore Wind, 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 phase when the investments are also much greater. Exciting things are happening in Norway. A new offshore wind market is emerging. The government white paper and the guidelines published brings the industry a step forward and provides further visibility. 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. With bp joining our consortium with Statkraft for Sørlige Nordsjø II, we have a partner with interest in the offshore wind sector in the U.K. and a longstanding onshore wind business in the U.S. From what has been said, we expect the lease area competition to start in the first half of next year. With our strong partnership, we are, of course, ready to enter what could become a highly competitive proposal. The project will seek to realize power hub infrastructure for power export, and our new partner, BP, brings strong North Sea development and operating experience, international energy trading capabilities, and a disciplined financial framework to the partnership. It also strengthens energy cooperation between Norway and the United Kingdom. With this three-way partnership, we believe we have the potential to help redefine Norway's position as an energy nation. The deepwater acreage of Utsira is a different type of play. According to the Norwegian Ministry of Petroleum and Energy, the area license will be awarded based on qualitative criteria, with key objectives being technological development and improving the cost efficiency of offshore floating wind. This talks to the Aker Group and Aker Offshore Wind's core capability sets. A partnership also for Utsira Nord is something we are actively assessing, and partnering to strengthen competitive edge and delivery of results is something that we will always consider. As is now known, Ocean Winds will be our partner in ScotWind, and we're entering the licensing round with an ambition to develop industrial-scale floating wind. Currently partnering in California in the U.S. and in South Korea, we are expanding our successful partnership with Ocean Winds. Obviously, with a bid submission deadline only three days away, our bid for the area lease auction is ready to go. We will leverage both the long Aker presence in Scotland, where we've worked with the Scottish offshore industry for five decades, and the fact that Ocean Winds is successfully delivering the largest infrastructure project in Scotland today at the 950 MW Moray East offshore wind farm, and is also developing the Moray West wind farm in Scotland. Further strengthening our proposition is our combined majority ownership of Principle Power, the designer of the WindFloat, the leading and most proven floating turbine foundation suitable for Scottish ports and supply chain. In Scotland, the last 9.5 MW turbine was recently installed on a WindFloat for the 50 MW pre-commercial Kincardine wind farm. We certainly see this ScotWind partnership as accelerating new green industry creation based on field-proven and leading offshore wind technology. Central to the contribution will be an emphasis on job creation, skills transition, and technology development in the local supply chain. Bear in mind that Aker has been instrumental in the design and delivery of more than half of the world's floating offshore installations, working effectively with supply chains in harsh weather globally. Ocean Winds is the world's fourth-largest wind producer. Together with Ocean Winds, we bring innovation and experience in successfully introducing and delivering new technology, while at the same time scaling and reducing energy costs. The general interest in offshore wind as a part of the Swedish energy system is increasing. Offshore wind is receiving an increasing amount of air time in the media and becoming a part of the energy debate in Sweden. We also, in parallel, see the market heating up in Sweden with a lot of activity from developers, and we are content to have taken an early position. We are looking at developing gigawatt-scale projects and are deepening our relationship with local developer Hexicon with the intention of formalizing our collaboration through a joint venture. The industry is awaiting the passing of offshore transmission legislation, and we've started preliminary engagement with the relevant Swedish authorities. We are participating in the public consultation for three sites, Mareld, Dyning, and Kultje. Mareld on the west coast outside of Lysekil and Dyning and Kultje on the east coast, but west of Gotland. In the U.S., the two call areas originally announced in 2018 at Humboldt and Morro Bay were at the end of May advanced by the Bureau of Ocean Energy Management, BOEM, effectively opening up for floating offshore wind with these two wind energy areas capable of up to 4.6 GW of offshore floating wind combined. As it stands, the lease auction for these two areas will take place in the mid-2022s. In addition to the historic federal announcement, the state of California is also taking action to support the development of offshore wind. Governor Newsom has proposed a $20 million bill to fund and support the California offshore wind capacity under the California Comeback Plan, including $11 million to support the Port of Humboldt to apply for federal funding for upgrades that will enable it to effectively support offshore wind deployment. South Korea continues to be a very interesting and positive project for us. In May, President Moon visited Ulsan and the industrial complex there and vowed the backing of the Korean government to support the development of wind farms generating up to 6 GW of power by 2030. In South Korea, it is important to note that our consortium has secured the right to explore development of three areas for a total potential of up to 1.2 GW gross. The acreage has been awarded through an MOU Ulsan City has granted our consortium as one out of an exclusive peer group of five developers. Four other consortiums have been granted parallel site development in the Ulsan area for their sites. That means that we're not in a situation with competition through bidding activities or similar, but are diligently working on maturing our three project sites. We will nevertheless have to work hard to deliver the projects in accordance with the political and regulatory expectations, and are making every effort to drive down costs together with local partners and the supply chain. Again, I would like to point out that we have excellent partners in Ocean Winds and the South Korean electrical company, Kumyang Electric. We also leverage our relationship with the yards, as well as the Korea Maritime and Ocean University. From our three deployed LiDARs, we have now collected nine months of weather data out of the 12 months required by the regulator to proceed to the next stage of development. Our application for the electricity business license will likely be submitted in the fourth quarter. We aim to receive our electricity business license in the second quarter of next year. In parallel, we will start our environmental impact assessment, another key requirement in the South Korean regulatory process. An environmental impact assessment usually requires 18 to 24 months to complete, and in addition, there are other official approvals of the technical and financial capacity of the consortium. These processes are thorough, and they take time, but we're used to rigorous regimes in the offshore space and believe that we are in a solid position in a very attractive market. In the market, we continue to see a lot of new ideas and concepts for floating wind technologies. We thought it could be timely to go through our chosen technology for offshore floating wind and the reasons behind our choice. The Aker Group has a long history of design and deployment of huge floating offshore structures. We have significant experience with all types of floaters, spar buoys, tension leg platforms, barges, as well as semi-submersible floaters. For offshore wind, Aker Offshore Wind believes a semi-submersible floater with an offset turbine is the most effective solution to provide the required stability and to optimize levelized cost of energy through harsh weather conditions and across decades of use. For Aker Offshore Wind, industrialized scaling and local supply chain value generation are key priorities as we choose design. To realize the vast potential of offshore floating wind as quickly as needed, the scale and pipeline of projects will be key. Only through scale can the industrial value chain bring down the risk and consequently achieve price parity. The structure obviously needs to provide the required stability for reliable energy production over decades in harsh weather conditions. We find the floater solution of Principle Power, the WindFloat, to be the leading deep-water offshore floating wind turbine foundation. It has a simple, economic, and patented design and has proven itself in operation since 2011 and will, by 2022, have 100 MW of operational foundations. Aker Offshore Wind is an active owner of Principle Power. To have a floater solution that can potentially be fabricated and assembled at scale in yards across the world will obviously be important. You need to make it as easy as possible to launch the floater foundation into the sea and then transport it far offshore for installation with as low cost as possible and with robust weather windows. A semi-submersible allows for quayside integration or major repair of wind turbine components, which, for example, the very deep spar-type floaters do not allow for in most geographies outside of Norway. We believe that the combination of the Aker Group's vast floater experience and Principle Power's floating technology has the potential to give us the lowest LCOE, which is essential for reaching commercial viability. Through targeted industrialization and technology development initiatives, Aker Offshore Wind aims to reduce LCOE. Going to deeper waters requires other development execution and operational capabilities than onshore or shallow water wind production. However, there are true upsides as you go offshore and into deeper waters. You can pick up, as you go to floating wind 20 km-30 km from shore and further, wind resource that is simply much 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. 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 over megawatts will go down as the turbine gets larger. You could go as far as to say that the substructure for small turbines is oversized, and the scale drives out the economics. To operate and ensure production stability, and not the least, maintain a turbine of this size in the rough Atlantic with waves of up to 17 m, which the WindFloat has seen, you need a stable foundation. That is perhaps the most important reason that we've chosen the semi-submersible three-legged foundation. This three-legged semi-submersible solution has been piloted since 2011, and it's used at pre-commercial farms with commercial energy production since 2019. At Kincardine off the Scottish coast, five 9.5 MW turbines are installed, and in the Atlantic outside of Portugal, three 8.4 MW turbines are in operation. A semi-submersible is a floater with three or more vertical columns, and they're connected. In a harsh environment like the North Sea, the combination of a small area of columns and deep submergence of the hull results in improved motion stability, for example, compared with alternatives such as barge-type floaters. All in all, we see that with the scaling that is currently happening in deepwater floating wind, the 10 years it took European bottom-fixed wind to hit that S-curve, where the cost falls going from EUR 150 per megawatt hour to around EUR 50 per megawatt hour, will likely go faster in floating. If we hit the levers we've talked about, floating wind will be the fourth revolution in renewable energy production. At Aker Offshore Wind, we're working constantly to reduce our footprint, both the impact on the environment and the physical space of the wind farm. We do this both on our own and by partnering with others. An example of our partnering for innovation is the CYBERLAB project that recently was awarded a research grant from the Research Council of Norway. Together with SINTEF and other industrial partners, we developed methods to study floating wind turbines interconnected with shared mooring systems, and more generally, these large lattices of floating energy structures, which have a very complex dynamic behavior. The ultimate objective of the methods developed through the CYBERLAB project is to accurately determine the global response of this whole system, which needs to be understood if we are to progress with layouts that take up less sea space than the current individual mooring method and at the same time reduce LCOE while ensuring high reliability. While scaling the wind farms of today, we work on innovating the wind farms of tomorrow. Our main priorities for this year remain unchanged. We will continue to develop the current projects and prospects to increase portfolio value. We will continue to mature identified opportunities in new and existing markets to grow our portfolio, both organically and through M&A. We're ramping up our organization and capacity, hiring people in Oslo, South Korea, the U.S., and building up new hubs in Germany and Scotland to strengthen our global team capabilities. We will push forward with our program to drive down LCOE towards EUR 50 per megawatt hour by 2030 and realize our ambition of industrializing deepwater offshore wind. All in all, we've seen strong 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 for listening. I will now answer any questions that you may have. Okay. Thank you, Astrid. We do have a couple of questions. The first one comes from Jørgen Bruaset at Nordea asking, what can you say about the median size of the three sites you are assessing in Sweden? It's too early to say anything about the size of the site or the capacity. We're currently focused on finding a way to open up a new offshore wind market in a way that is meaningful for Sweden and for the local communities and the local stakeholders, but of course also in a way where we can add value. Good. Second question comes from Anders Rosenlund at SEB. Should your comments about Aker Offshore Wind's ambition to operate offshore wind farms post-construction also be understood as a more firm ambition than previously communicated to remain owners or part-owners of the developments after the construction phase and into operations? I certainly believe that we have been consistent in this messaging, and it comes very naturally if you look at the background of the Aker Group. The Aker Group, if you look at the oil companies in the family, the focus is always on catching learnings from operations and feeding that back into improvements in new projects. For Aker Offshore Wind, that has been the natural approach from the very beginning to focus on how do we develop not only the lowest LCOE from a development perspective, but also the most effective farms in operations from an economical point of view, but also farms that share data with local communities and add value through the use of digital solutions. That has been a focus that we've communicated from the very beginning. I certainly don't see any change in our intention to communicate in that space. Good. There's one more question from Jørgen Bruaset. It's about the ScotWind partnership. Can we confirm that this is a 50/50 partnership with Ocean Winds? We have not disclosed the percentages in ScotWind, and we'll have to return to that question. Okay. There's one question about the processes in general and about delays. How do you view the current state of the offshore wind processes in the markets you are active in? Are you seeing projects sliding to the right? That's a really interesting question because, of course, we're talking about political processes. We're talking about political ambitions. We're talking about enormous change processes for the regions that we're a part of. We certainly experience that sometimes things take a little longer. Saying that, we are used to, from the energy space, to see that when you have political situations and political change, things slip. I would actually say that what we're seeing here is less slippage than what we're expecting to see. To the contrary, I would say that we constantly see governments challenging themselves and the political parties in different countries challenging each other to speed up the transition and to make it easier to develop sustainable offshore deep water wind. Okay, thank you. There's a question from Anders Edølsten about South Korea. Can you disclose the capacity for the first stage of development in South Korea? Related to that, are subsequent stages, do they require new rounds of LiDAR deployment, or is there things that can be copied or used from the first round? Okay. The total gross capacity that we're currently looking at for the three sites is 1.2 GW. This is, of course, something that the number is something that we're also maturing, and you'll see that as we're now getting a better grip of the layout and of the infrastructure, we are narrowing in on the project definition. What we're trying to do is really optimize scale across these three sites. We'll have to come back to you with more information about what a first phase will look like. We'll obviously try to push as much megawatt into the first phase as possible of the total, but that depends also on the infrastructure onshore, and that is why in this process of working towards our application for an electricity business license, we're in very close contact with the South Korean utilities as well as the grid owner. That will eventually be a part of deciding what goes into a first phase and a second phase. Certainly, both our ambition and the political ambition is to develop as much as quickly as possible. No, we do not expect new processes. That could, of course, happen. However, we are developing these three sites in parallel, and we are trying to really use scale to build efficiency in this whole process. There's a question from Anders Holte at Kepler about the Norway process. Regarding the floating license in Norway, what size or what type of subsidies do you see from Enova triggering a 500 MW project? The second question is, do you foresee teaming up with a partner for the floating round as you have done on bottom fixed in offshore wind in Norway? I think it's difficult to be exact about the size of government support. The Norwegian government has been clear that the Enova instrument may be a way for the Norwegian government to support the development of a new floating wind industry as well as technology development. We're already working under an Enova grant that we received back in 2019 on offshore floating wind for Norway, and we'll certainly do everything we can to leverage the experiences and the learnings from that work as we prepare for a large, full-scale deployment, and we'll have to come back to the size of subsidies. With respect to partnering, yes, we are actively assessing how partnering on Utsira could potentially add value, and that is also something that will naturally come back to the market with information on as we mature our work. Okay. Finally, there's a question on the financials and the cash burn at the company. Would you elaborate a little bit about how that's developed and what that kind of says about the company, about Aker Offshore Wind today? Yep. We're happy to actually see that the cash burn is following our plans for the development of our prospects and projects and buildup of the organization. We're proud of the organizational footprint that we are now building, and we see a lot of strength coming out of that. Of course, there's also more investments going into our projects as they mature. In general, I would say that the cash burn is as expected, and the organization now is becoming a strong and diverse organization. We have employees from some 15 different nationalities across a number of different geographies, as I mentioned. We're tapping into a unique combination of offshore oil and gas experience, offshore wind experience, general renewable experience. It's becoming quite a powerful organizational setup that is ready to support the maturing prospects and projects. That's great. Thank you, Astrid. That concludes our session this morning. We thank you for your attention and wish you a great summer. Thank you.