Good morning. My name is Ivar Simensen, and today I'm pleased to welcome you to the presentation of the Q4 results by Aker Offshore Wind. Presenting today are Chief Executive Officer Philippe Kavafyan and CFO Tom Selwood. After that, we've got time for some written questions from you. With that, I'm delighted to pass it over to you, Philippe. Good morning. My name is Philippe Kavafyan. I've now been in the CEO role for Aker Offshore Wind since November first of last year. My background is mostly industrial, with more than 25 years in the energy sector, with experiences in both oil and gas and power generation across different technology, all the way from nuclear to renewables, mainly from gas turbines to wind turbines, both onshore and offshore. In the renewable space, my most recent assignments were on the original equipment manufacturing side. With two companies we can consider pure players in the offshore wind segment, Adwen Offshore and MHI Vestas Offshore Wind. Let me now present our agenda for this morning. I will start with a short description of our company's strengths as a pure player in the offshore wind segment. After that, we would like to share with you the most recent highlights for Aker Offshore Wind. Tom will then go through the main developments in our project portfolio and describe the key drivers moving forward for our business. Last but not least, Tom and I will be happy to address your questions once we have concluded the presentation. How do we define our company, Aker Offshore Wind? Our company, Aker Offshore Wind, is a pure player in offshore wind development with a footprint expanding globally. We intend to develop, build, and operate deepwater and floating wind farms, and therefore contribute to the production of scalable, affordable, and clean energy. From a personal point of view, I can say that what attracted me to the Aker Group and Norway is the unique combination of skills and competencies required to industrialize floating solution and the right anticipation in terms of sustainability. Aker Offshore Wind draws on the experience of Aker for five decades of complex engineering in the North Sea. This includes the design and development of technologies for deepwater solution, including large floating constructions. At Aker Offshore Wind, through our ownership in Principle Power, we already have field-proven technology, floating wind farm in operation. Over the last three years in my past life, I was fortunate to supply our latest and most powerful MHI Vestas Offshore Wind turbines, which are now operating on two offshore sites with Principle Power floater technology. One of these wind farms is actually the world largest floating wind farm operating today. It is the Kincardine project located in Scotland. With the deep industrial knowledge within the Aker group and our strategic partners in development, we are uniquely positioned to accelerate the deployment of floating offshore wind at scale. What do we do? We are building our portfolio of projects in a now very global market. We see continuously increased focus on offshore wind, in particular in floating offshore. On the positive note, though, there is no doubt that floating offshore wind is now on everyone's radar, and that's our specialty. Our global presence and global reach is expanding, not just organically, but through our partners, group companies, notably Principle Power, a technology provider, recognized pioneer in floating wind, in which we are a significant shareholder. Building on our successful early mover position in South Korea, we have several projects and great ambitions in the APAC region. Most recently, through our joint venture together with Mainstream Renewable Power, we are moving to Japan with Progression Energy. Our portfolio of project is spreading geographically and in total capacity. When adding projects currently under development together with our partners, we currently estimate our portfolio at a gross capacity of 6.7 GW, which results in a net portfolio of 3 GW for Aker Offshore Wind. We expect the floating offshore wind market to continue to grow and create new opportunities, especially beyond 2026 horizon, when the first commercial scale projects will demonstrate the expected LCOE reduction. To share the most recent highlights for Aker Offshore Wind, we selected four of them. Let's start from the most relevant in terms of value creation. Our project in South Korea reached an important milestone by being awarded its first Electric Business License for 870 MW. This qualifies our joint venture, KF Wind in Korea, to prepare for the next step. They will now apply for the grid connection. Back home in Norway, we launched our consortium for Utsira Nord on the west coast with two very strong partners, Statkraft and Ocean Winds. After the press conference yesterday, I would like to take this opportunity to commend the Prime Minister and the government ambition to accelerate the process and target offshore wind farms in operation in Norway by the end of this decade. For the floating project of Utsira Nord, it's very positive that several areas are proposed with over 500 MW capacity. Because this provides the opportunity to scale up floating wind construction experience and drive down costs through volume. You probably heard already that sustainability is an integral part of our differentiation strategy. Well, we're very pleased to get recognized with a substantial government grant to our innovation consortium on blade recycling in the U.K. Last but not least, our joint energy production prospect with Aker Clean Hydrogen was launched at COP26. This visionary project is designed with DNV to use floating offshore wind capacity to produce up to 10 GW of clean hydrogen. That's a very practical example of the future synergies we can address within the Aker Horizons portfolio. Now, Tom will give you a more detailed update of the projects in our portfolio. Good morning, and thank you very much, Philippe. I'll now share an update on our project portfolio. Offshore floating wind is maturing into a global industry, and the process for ocean area allocation differs widely between countries. In South Korea, our joint venture is one of 5 developers to have been granted the first MOUs in 2019 and 2020. Late last year, an additional 3 developers signed on. Each developer has an exclusive area offshore with sites to mature and process. Our JV with Ocean Winds has an exclusive area with 3 such sites, targeting a total capacity of 1.3 gigawatts. It's important to understand that there is no competition for site control after the areas have been allocated in South Korea. There is, however, a transparent and rigorous qualification process with key requirements to be met. The first part of the process is securing the electric business license. As Philippe said, we received our first EBL for 870 MW in January and hope to secure the second EBL for an additional 450 MW this quarter. All affected administrations and stakeholders are consulted during the EBL evaluation process, so securing an EBL is an important landmark in the permitting process, indicating that the project has the support of the various Korean administrations. However, this positive opinion needs to be followed up with processes and permits relevant to each of the administrations. The most relevant permits pending are the environmental authorization, which we aim to obtain during 2024, grid connection, which is covered in the transmission service agreement, and the use permit for public waters, which is one of the final permits in the process. Following this, an expected negotiation with one of the Korean utility companies will ensue for a PPA. We are aiming for a financial close on the first 870-MW project in 2024. In a process such as this, there are never guarantees. Given the ambition stated by the Korean government in their Green New Deal, with 6 GW of floating wind to be installed before 2030, and having worked and communicated in Ulsan for 3 years, we are very positive about our prospects for KF Wind. Moving to Norway, in November, we announced our partnership with Ocean Winds and Statkraft for the Utsira Nord project. Our partnership is one of only two consortia for Utsira with field-proven technology, in our case, PPI. This reduces risk in the project and will be our platform for further innovation at scale in the high wind area of Utsira Nord. Further to yesterday's press conference, the next important step for Utsira Nord will be to obtain clarity on competition criteria, support mechanisms, and to drive an efficient licensing process so as to enable Norwegian industry to take a leading position in floating wind within Europe. On the issue of PPI, I can report that EDP has exercised a preexisting option to acquire some of Aker Offshore Wind's shares in the business. The transaction, which is expected to complete later in Q1, will generate proceeds in the region of NOK 100 million. It will also serve to rebalance the ownership between PPI's two largest shareholders, Aker Offshore Wind and Ocean Winds. All our consortium partners bring key complementary strengths to the Norwegian projects. Statkraft is the largest generator of renewable power in Europe. It is a company that has unparalleled expertise in energy management and has unique insight and analytical capabilities in the power market. Obviously, a very solid partner for us in both projects. bp, our other partner for Sørlige Nordsjø II, was a big winner in ScotWind and has had great success in developing industrial supply chains around the world. We see working and collaborating with wider Norwegian industry as an important element for both projects to make the most of this tremendous opportunity for this country. This winter and spring, our Utsira and Sørlige Nordsjø project teams are presenting at events organized by supply industry clusters along the coast, as well as meeting with individual suppliers to discuss the specific opportunities within the offshore wind. As this is our home market, we are really eager to see offshore wind progress in Norway, and as Philippe mentioned, we were very pleased with yesterday's commitment from the Norwegian Prime Minister. Furthermore, we were buoyed by the recent survey undertaken by the University of Bergen and NORCE, which found 76% of respondents are positive to developing offshore wind in Norway. Turning to the U.S., 2021 marked a turning point in the offshore wind industry as the federal government and states made historic commitments to this renewable industry. Many of the promises, the U.S.'s commitment to 30 GW by 2030, for example, or California and Oregon's laws asking for offshore wind roadmaps, were announced in the second and third quarters. In the fourth quarter, however, we saw commitments put into action. At the federal level, President Joe Biden signed a bipartisan $1 trillion infrastructure bill into law that will funnel $17 billion into port infrastructure and waterways and $65 billion into the nation's electric grid. Both investments are hugely supportive to an emerging offshore wind industry. Separately, in line with the U.S.'s commitment to expanding offshore wind, BOEM announced the creation of the Central Atlantic Intergovernmental Renewable Energy Task Force. Its role will be to explore the feasibility of offshore wind on the East Coast, ranging from Delaware in the north, past Virginia and Maryland, and stretching down to the waters off North Carolina. It is still very early days here, but the location will likely require a mix of floating and fixed structures, and as such is an area we'll be watching very closely. In Oregon, a law came into effect at the end of September, which asks the state body to analyze the benefits and challenges of deploying 3 gigawatts of offshore wind by 2030. Data gathering here has already begun, and we are very encouraged by the activity level and legislative action to date. BOEM currently plans to hold a lease auction here in the second half of 2023. In Northern California, our Redwood project, where we partner with Ocean Winds, continues to progress. We've been working closely with Ocean Winds and local partners to prepare for a lease auction in September 2022. As you'll recall, the entire Humboldt Call Area was designated a Wind Energy Area, and the environmental assessment phase is underway, a significant step in the BOEM process. Finally, we were delighted to arrange for a significant delegation of officials from California to visit the Kincardine Project offshore Aberdeen, Scotland in November. We continue to progress our projects in Sweden, and I'm delighted to announce that Freja Offshore, our joint venture with Hexicon, has appointed Magnus Hallmen as its first CEO. He will join in Q2 of this year. Magnus joins from Svenska kraftnät Gasturbiner, where he holds the position of CEO. We believe his experience within Svenska Kraftnät, the Swedish transmission system operator, will be of huge value and key to enabling the realization of our offshore wind projects in Sweden. Sweden is a market that we are very excited about, and we feel this view is shared more broadly. We have been approached by a number of reputable energy companies seeking to join our consortium with Hexicon. In terms of the sites themselves, Mareld, Dyning, and Kultje, development continues to progress well, and we are intending to commence environmental surveys in line with our ongoing environmental assessment work. From a grid perspective, Svenska kraftnät continues to work through its assignment to expand the country's transmission system into territorial waters and targets to conclude the review by June this year. We look forward to continuing to engage with them on this matter. In August last year, we announced that together with Mainstream Renewable Power, we have been selected as preferred bidder to initially acquire 50% of Progression Energy's 800 MW floating offshore wind project in Japan. This equity interest will ultimately increase to 80%. Since the announcement was made, we have finalized and agreed on the terms of the transaction with Progression and are awaiting for some administrative issues to be concluded before the transaction can be closed. We expect that to happen in this quarter. The development of the project, including engagement with local stakeholders, especially the prefecture and the commercial fishing community, is progressing according to plan. As Philippe said, not securing any wind areas in the ScotWind leasing area was, of course, a disappointment. As our organization continues to develop, we are confident that we are well-positioned for future opportunities in the U.K. Furthermore, having 65% of ScotWind awarded acreage being floating was unprecedented and suggests the future for floating offshore wind is indeed bright. Our focus is still set on the offshore floating wind potential we see. Furthermore, we were pleased with the announcement made by the U.K. government yesterday that from 2023, it will hold CFD auctions every year in order to develop the circa 4 gigawatts per annum of offshore wind required to stay on track for net zero. The Aker Group's history of successfully establishing local supply chains aligns well with the U.K. and Scottish government's ambitions to build industrial strength as the offshore wind industry develops. We remain dedicated to supporting the U.K. government's clear commitments to floating wind, with a floating wind auction in the Celtic Sea and the floating wind opportunity afforded by INTOG to decarbonize oil and gas assets. On the Celtic Sea, we're expecting further details of the process to be articulated in 2022, and there is a belief that sites will reach COD prior to the majority of sites awarded in ScotWind. On INTOG, the rules of the process are due to be issued in the next few weeks, and bidders will be given a period to submit their applications, whereupon a shortlist of applicants will be taken forward to develop their respective propositions over a 12-month period. As emphasized in the Q3 presentation, driving down LCOE remains a top priority. We have a clear path and timeline for reaching our target of EUR 50 per megawatt hour by 2030. As we have said repeatedly, scale and industrialization are key drivers to achieving this. We see that when changes to floater design make fabrication simpler and enhance constructability, this will generate the majority of the projected EUR 10 per megawatt hour cost reduction by 2023. Looking further ahead towards 2024-2026, we expect further cost reduction based on improved and innovative mooring systems and layout, as well as through the utilization of alternative mooring line materials. By adopting a partnership approach with select wind turbine generator OEMs, we also expect to achieve a reduction in the cost of hardware and, in the longer term, anticipate achieving a reduction in the cost for cable systems too. On the issue of digitalization, our cooperation with our sister company, Cognite, is expected to achieve further efficiencies through predictive maintenance and the resulting increase in uptime. We continue to draw on the capabilities and industrial competence of the wider Aker sphere in all we do. While a cost reduction in excess of 60% certainly represents a challenge, our team relishes that challenge and is committed to achieving the targets set out. I'll now hand back to Philippe. Thank you, Tom. I would like now to conclude by listing our priorities, going forward. In short, we stay on course with four key priorities. First and foremost, we focus on developing our current project portfolio to increase value. In 2022, our key priority will be to reach the next milestones in Korea, which is to secure our second Electric Business License during this quarter, secure the grid connection agreement at the end of this year, and engaging with the yards and build our local presence through KF Wind together with our partner, Ocean Winds. In response to the government's announcement yesterday, we welcome the upcoming hearing process for the project-specific areas in Norway. We consider this another important step to progressing offshore wind in the country. We will play our part and prioritize our efforts in accelerating, especially floating wind. Our ambition is to enable Norway to take the pole position for large-scale commercial floating wind farms in Europe. We continue our organizational development to utilize our core resources and competencies in the most cost-efficient way, especially as our activities are now spreading globally. Last but not least, through our industrialization task force, we will drive down the LCOE towards its EUR 50 per MWh target by 2030. As a conclusion, if you allow me a very optimistic conclusion, we see a promising floating offshore wind market growing stronger and stronger every day. Most important for our company within the Aker group, we see our maritime, offshore, and industrial capabilities as key differentiators together with technology. Thank you very much for listening. We will now be happy to answer your question with Tom. Okay. Thank you very much, Philippe, and thank you, Tom. We have a couple of questions, and we'll start with one asked for you, Tom, from Anders Roslund at SEB asking, "What is the cash effect for Aker Offshore Wind buying into the development project in Japan? We're not gonna actually sort of go into that level of detail. Certainly when we looked at the economics, we think it makes very good sense to us as a business, given we see Japan as a key market going forward. Okay. Thank you. Here's a question from Turner Holm at Clarksons. "With regards to the Principle Power sale, do you expect to have a gain or loss on the sale? Or in other words, has there been any positive or negative change in value from the previous ownership increase prior to the sale announced today? I think, you know, the first thing I'd like to say about the transaction, it was the exercise of an option that existed several months ago. In fact, the exercise was actually, the option was actually exercised in the second half of last year. In terms of the valuation, we expect that to generate proceeds of a little over NOK 100 million, which is slightly in excess of book value. Okay, thank you. Second question from Turner is, will you still be bidding for the SN2 area in Norway after the government reduced the available areas in the first auction? And when do you think awards could come for the first auction round? Well, we certainly stay on track for both the bottom fixed project and the floating project in Norway. The announcement yesterday from the government is to actually split in two phases the development of SN2, mainly to avoid delays associated with all the question of the grid connection and the interconnection that might take a little bit longer time on phase II. There is absolutely no reason for us to change our course. We will be participating the bidding first phase that is announced with a COD within this decade. Okay, thank you. Philippe, I found there's some question, two questions from Nikolai Ødegaard Bentsen. One is will you comment on the size of the stake you're selling in Principle Power for NOK 100 million? And the second is, if you can comment further on your financing plan for your long-term financing plan for the company going forward. Okay. I can take both of those. In terms of the first question, as I said in the presentation, this is effectively a leveling up exercise between the two main shareholders in the business. In terms of the sort of stake that's being divested, we will see our stake in Principle Power decrease from 47% to a little over 36%. That will see ourselves and ultimately, Ocean Winds have equal stakes in the business. Would you wanna comment generally on the long-term financing plan for Aker Offshore Wind? I think again, obviously we came out to the market off the back of the ScotWind result. You know, articulated clearly that we don't expect to raise additional capital through the equity markets in the short term. Our you know, 51% shareholder, Aker Horizons, will support us with provision of capital until we have a sort of fuller plan in place. That's a plan that we're working on, and we will communicate that to the market towards the end of 2022. Okay. Thank you, Tom. I think, Philippe, a final question from Turner Holm is in terms of the business' focus on deepwater wind, do you still think this is the way forward given that the key developers emerging in floating wind are now often the same as in bottom fixed wind? The bottom-fixed, very competitive solution is a monopile foundation. As we consider new geographies where either deeper water or more difficult soils are making the transition from monopile to jacket an expensive transition, we do believe that floating could be considered as a logical extension of the skills. But in terms of standardization, in terms of mobility, actually there is significant specifics of the floating industry that will probably add to the capacity of the current bottom-fixed industry. For me, there's no contradiction to have significant players moving into the floating as an extension of their competencies. But I don't think we will have to tap into the same supply chain and bottlenecks that the bottom-fixed industry is going to face with the remarkable demand that is increasing. Okay. Thank you, Philippe, and thank you, Tom. That concludes our presentation for today, and we thank you for listening and viewing. Thank you. Thank you.