Welcome to this second quarter presentation of Argeo. I'm Ole Eikeland from CorpCann, and will be moderating this presentation and the following Q&A. The presentation will be held by the company's CEO, Trond Crantz, and CFO, Odd Erik Rudshaug. Regarding the Q&A session afterwards, you can send questions during the presentation using the question and chat function. You can pose questions in both English and Norwegian. The presentation will also be recorded and published on the company's webpage later today. That's all from me for now. Trond, the floor is all yours. Thank you, Ole. Welcome, everyone, to this second quarter. May you observe the disclaimer before we start. Our key mission, as before, transform the ocean survey inspection industry using state-of-the-art robotic systems to significantly increase efficiency and quality, and by so doing, reduce the CO2 footprint all over. Faster, better, and greener solutions at a lower cost for our customers. That is what we are talking about, and this is how we do it. Basically transforming the ocean survey inspections, an industry going from the left-hand side with lower utilization, lower data quality, and higher CO2 emissions, to a new and modern type of robotic systems enabling digital transformation. A new system set up where we can, in fact, have resident systems servicing most of the inspection, maintenance, and intervention projects worldwide. It's been an event for Q2. We have successfully completed several key milestone projects involving 90% of the robotic solutions that we have available today. We demonstrated that the service is both for the ASVs and the AUV for EPCI, aquaculture specifically, and oil and gas for the AUV systems. All three robotic systems, the two autonomous surface vehicles and the Hugin AUV are occupied from late August, taking up the slack from the previous quarter. We are just finalizing the reviews of the building process of both the SeaRaptor systems. These are going according to plan, so we will have the first SeaRaptor system available in late Q4, probably mid Q4, and we will have the second one in Q1 next year. The same as the plan for the revolutionizing USV or AUV systems that we will use for several projects going forward. The revenue for the quarter came at NOK 11 million. We are seeing a significant demand for our services within the main three areas. Offshore wind, in particular. It's a fast-growing large market. Oil and gas, in particular the inspection and maintenance market. Of course, the deep sea mineral emerging market is obviously of big interest to us. Tapping into that is basically the use combination of our in-house technology and sensor solutions, and its integration in these robotic systems will be a significant step forward in all of these markets. We see a strong demand building our services, and we expect to increase activity going forward. In particular next year, we have completed crewing, so we have two full crews available from October 1st this year. They can be split into three crews. These will be the primary people who will operate the newly built SeaRaptor systems, making this a global service from next year onwards. We have several projects now in final tendering stages, which is difficult to guide on. We have decided that during this build-up phase of the company, we will refrain from quarterly guidance and rather report the project as they come in and the results for each quarter. When we have stabilized next year, we will resume our version of guidance. Interest from clients, big. We're building up the commercial organization. We have had a number of really good interactions with clients both in offshore wind and oil and gas. We know and are informed of the project pipelines going forward. The pipeline straightforward is huge. It's big markets, big growth going forward. The weighted pipeline is basically a 10% of that. Sort of bringing that to a weighted anticipation. We have a number of projects, I think I mentioned, in tender process from July and August. We have a large deep sea mineral project, which is in tender phase, probably be decided in November. We have projects in tender phase for offshore wind and for oil and gas, with several of the robotic solutions that we have available in the market today. This is the contract calendar, if you like, with an attempt to show what is the current status of the various projects. Some of these projects are in the very final stages of activity. We also have included some potential projects that we are working on from a business potential point of view. Multi-client, offshore wind, and deep sea minerals, very exciting, and the new AUV solutions that we are building will have a big impact on the offshore wind multi-client market. These are operating segments. We haven't prioritized the EPCI market, previous quarter in particular. We have delivered some projects there with our surface robotic systems. Our main activity has been related to a combination of oil and gas and electrification, basically electrifying the Krafla offshore oil and gas installation, doing inspection work with the existing Hugin AUV. As a startup for the projects we have, the first AUV that we are building, the SeaRaptor system. On the left-hand side, building phase is going really well. We have had some effect of the difficult logistics and supply chain problems, the system will be delivered mid in November. The Hugin system was commissioned in the quarter. Basically, as a result of a long standstill, and we're talking about one and a half years, what we had was electrical problems with some of the components. These are sorted out, fixed now. The Eelume system, very exciting, is going forward as planned. Good news coming from that camp later in the year. Of course, during the first two quarters next year. Our in-house technology and engineering going according to plan. We are filing patents for the most important ROV solutions, enable us to speak to what those who are in the path for the next year. Of course, bringing the in-house sensor technology into the robotic systems is so important to us, and it has a big interest from clients on what we're doing there. The same can be mentioned for the Argeo digital twin solutions, it's the future of delivering high specification data or information that we are acquiring, providing our customers with life cycle data management systems going forward. We have been working and delivering responses to several RFIs, so request for information to customers both in oil and gas and in offshore wind, during the summer part of the year. What we are seeing is that we have a significant direct cost reduction for the use of the Eelume system. Several operational benefits, extremely versatile, obviously ultra-flexible robotic arms, and we can truly mission control this from onshore. This will revolutionize the inspection and intervention market, something we are absolutely certain of. Not to mention the human environmental benefits, reduced HSE risk and climate neutral solution going forward. The market for AUVs is growing, and it's growing fast. We are seeing with AUVs on that side, 52% time saving, 62% cost reduction, and nearly 70% reduction in fuel. The data is of much higher quality and the whole efficiency of the process, it's making this the only solution when we are going to super deep water. In offshore wind, this is an exciting market for us, especially with the Eelume system and the AUVs. It's a big market growing from 2019 - 2030, with nearly NOK 1.4 billion annually. We see that the offshore wind market is going deeper and deeper water. The complexity of the systems, the larger wind parks obviously requires more maintenance and monitoring, which is one of the main focus areas for Argeo. It's very interesting to speak with all these clients and to be able to answer their future requirements with robotic solutions. Offshore oil and gas, there's going to be a big market now expanding basically for pipeline inspection. Worldwide, we are talking about 180,000 km of pipeline inspections. Of course they are interested in this being done in an efficient manner. NCS, so Norwegian Continental Shelf, it's also going to be a big market where this is scaling up from next year onwards. A few words about deep sea minerals. This slide shows the water depth we are talking about. On the Norwegian Continental Shelf, we have some. Mainly everything is from 4,000 - 5,000 meters water depth. For the project that we are engaged in at the current time, we are looking at 4,000 - 6,000 meter water depth internationally, Indian Ocean, Pacific, and so forth. A combination of both manganese polymetallic nodules and seafloor massive sulfides. The value chain for deep sea minerals looks like this. Mainly what we are doing now and over the next two years is environmental impact assessments to understand how mining will affect the local environment. At the same time, we are starting the few first attempts in terms of characterizing potential resources. It's the two first blocks on the left-hand side. Relating to this, you can see the Argeo services in purple text underneath here, and in orange text, the partnerships that we establish to be able to carry out the work. For next year, we have projects for initial screening, environmental impact assessment, and some exploration. Then there are business emerging in terms of monitoring and obviously R&D is a big thing. Actually, we need new tools, a new system to be able to explore and characterize these valuable resources. I will now give the word to Odd Erik for the financial numbers. Yeah. Thank you, Trond. Revenue in the second quarter this year was NOK 10.9 million, and as we have announced, the revenue was negatively affected by some minor technical issues that have now been resolved. During this period with the technical issues, we had full operating costs. The EBITDA was NOK -2.2 million in the quarter. EBIT was NOK -2.5 million. Intangible assets is NOK 4.4 million in the end of the second quarter. This includes the data modeling software we have developed. It's also the digital twin project which we are currently developing. Property, plant and equipment is mainly payments we have made on the two SeaRaptors which we have ordered from Teledyne, and it's NOK 31 million. The activity in the second quarter was high towards the end. That meant that we have relatively high trade receivables and also high trade payables in the end of June. Equity increased from NOK 5 million in the previous quarter to NOK 162.4 million, which is due to the share issue we made in April. We have NOK 6.6 million in long-term interest-bearing debt in the end of June. This is to be repaid over approximately five years from now. A few words about the cash flow statement. We invested NOK 30.3 million in property, plant and equipment in the quarter. This is mainly related to these two SeaRaptors we have talked about earlier. We capitalized NOK 0.8 million as development cost for the digital twin project. Net proceeds from the share issue in April was NOK 159.9 million. Our cash balance in the end of the quarter was approximately NOK 125 million. I think we will open up for questions. Back to you, Ole. Yes. Thank you, both of you, for a very good presentation. Now we have time for the Q&A. Let me see here. I think we've gotten some questions. One from Amar. Large investments in PPE in the second quarter. What can be expected going forward to get some sense when further financing may be needed if operating cash flow is not positive soon? I think we have announced earlier the cost price for these two SeaRaptors we have ordered, which is in the range, well, depending on the load we have on them and so on, NOK 60 million-NOK 70 million each. Yeah, this is to be paid over a period until delivery late this year and early next year. We have also got funding on them. We have favorable payment terms from Teledyne on both. We should be okay on the cash flow going forward. Okay. Right. Thank you. The offshore wind segment will be large for you going forward. Can you elaborate a bit more on the nature of this market and what kind of contracts we can expect from Argeo? Yeah. That's a very interesting question. We have spoken to a number of the operators in offshore wind and responded to requests for information and budget quotes. Basically there are two things here. The one is ensuring that the area where they build the turbines establish the feed trenching and so forth for installation, and then it's a large work package related to inspection maintenance and repair after installation, all the way to decommissioning. What we are seeing now is large multiple year, in fact over five years typically, frame agreements, especially from that point of view where you start to build and install offshore wind parks to the full monitoring and inspection package where we obviously use and provide robotic systems to do the job rather than traditional Right. Thank you. Who are the biggest competitors and how does your product differ compared to the best peer? Largest competitors, it depends on how you look at it. You have obviously large competitors in the ROV markets which are doing some of the work that we do with the traditional tools and vessels. These are well known, should need no introduction. We have one of the largest actors in AUV, pure AUV, Ocean Infinity, is a big front runner in this whole AUV business. Yeah. All right. Thank you. What is the critical size of the company in terms of crews and number of AUVs? Yeah. Critical size is obviously getting the new one. We have two systems. We have two crews. They can be split into two crews. We can deliver services in parallel using one, two or three AUVs at the same time. Coming out for 2021, Q1 2022, we have established the first full working scale surface delivery in Argeo. As I mentioned, we are also getting our new and revolutionary USV or ASV as you call it, which is a surface robotic systems. Several or the majority of the two package will be available to us during Q4 this year and Q1 next year. Right. From Tommy. How much of the pipeline chart is visible contracts coming out for tender and how much is estimated? Why is not the estimate for deep sea minerals bigger? Well, deep sea mineral, it's hard to estimate now. To start with the last part of the question first. Basically what we are talking about is nationals such as NPD and other equivalent parties. Specific area, Atlantic Ridge and Indian Ocean. The announcements are made as tenders are attached. It's typically an emerging market. The second part of the question or the first part, basically the pipeline is a totality of what clients are talking about, telling us this will be coming on a worldwide scale, plus a 10% weighted estimate in terms of what is available to Argeo. All right. From Audun, just to expand on the financing of the SeaRaptors. When delivered, will they have been paid in full or does Teledyne provide credit after delivery? Yes, they provide us with seller's credit on both AUVs. All right, thank you. It's a follow from Audun. What is the size of the upcoming investments in Eelume? Well, the robotics tools depends on the size of the customer project. What we have in our business plan is procurement of one specific Eelume configuration, which is in the order of NOK 10 million-NOK 12 million, which is the starting robotic systems that we will make use. As we expand this into project-related activities, this can expand, but then it's customer-backed. All right. The Eelume robots, they may revolutionize the intervention market. Tell us a bit more about that cooperation. The clients are looking for new ways of replacing traditional activities with robotics or resident underwater inspection drones. This trend is super clear. It's not if it happens, it's just when it comes in full force. In Norway, Equinor has been the frontrunner for this. They have a total of eight fields where they, over the next five years, are looking to replace traditional type of activities with what Equinor call UID. Of course, Argeo are looking to be the operating partner and bringing the Eelume system into operation. That's our business plan. Basically, a technology service provider. Both for companies in oil and gas, but also in offshore wind, which seems to be the same sort of participating interest in inspection and monitoring. Well, the markets for Argeo, they are huge. What are the clients really looking for? The clients are looking for two things. First and foremost, we see a big interest in more climate neutral solutions, basically where we can reduce environmental impact in the activities that we carry out. There's a large project buildup in terms of requirements for maintenance and monitoring and inspection of such assets as they become more mature. What they're looking therefore is obviously a big cost reduction, both a combined efficiency and cost reduction. The only way to do that is to bring robotics in to do some of the work. We are looking at a potential at least 60% of the work being done in terms of inspection and intervention can be robotics replaced. All right. We got a Sorry. You finished? Yes. Okay. We got a question from Mark. What kind of expenses are included in other operating expenses, and why did it increase at such a rate in relation to revenue in the second quarter? Yeah. Other operating expenses includes all onshore costs except for employee expenses. It's office expenses, consultants, and so on. Also all the direct operating costs related to doing these various projects that we have done in the quarter. The increase, of course, related to the higher activity we have had now in the second quarter this year compared to the same quarter last year, but also compared to the first quarter this year. It also includes a ramp-up of the organization, which is additional costs not related to the pure activity in the quarter. We have to increase the workforce. We have taken on more cost now for the future. It's important to remember that we started the cruise just after the IPO. Basically, the organization during the quarter has more or less been the same. More hired personnel has been necessary to carry out this activity, which is higher cost to us, of course. The big effect is basically coming in now in September, October. We have completed the full marketing and sales team, operational team, and as I mentioned, two crews as well. All right. From Senia here, "You mentioned reaching revenues of NOK 1 billion in the year 2025, also saying the segment is worth NOK 1.6 billion. Other words, you will have around 60% of the total segment?" Not sure what she means, but We are talking NOK in our estimates and the global market is in dollars. It refers to the address. In this point here, it's business plan. It is what we know about. This is not a market analysis. This is the estimate of what we are talking about from the clients that we talk to. Right. Great. That was clarified. That's good. All right. I think we've nearly managed to keep us within the half an hour. Thank you, both of you for a good presentation and good answers. I hope you all will join us for the third quarter presentation. That will be on the 10th of November. Thank you. Thank you. Thank you.