Welcome to this presentation of Argeo. I'm Ole Eikeland from CorpCann, and will be moderating this presentation and the Q&A afterwards. 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 chat function. You can post 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. Thank you, everyone, and welcome to our Q3 presentation. We expect this to take about 20 minutes with the following Q&A session moderated by Ole, as he mentioned. Please observe the disclaimer. Argeo, quite a lot of growth since our first quarterly presentation. A total of 30 employees has been added to the company since we had our first Q1 presentation in April. We are now a company with 37 employees. We have a total of three crews all conducting training and operations as we speak. As most of you know, we have one asset in operation and three assets coming into operations over the next few months. The quarter has been actively used for commercial development. We have established a lot of great partnerships around the globe in India, West Africa and South America in particular. We have, as before mentioned, established a bigger entity and office in Houston, and we have an office now in Singapore. Basically making ready for global expansion as we move on with the company's development. Just a couple of slides reminding everyone of Argeo's strong mission about transforming the ocean and survey inspection industry. We do this by utilizing autonomous vehicles, robotic systems, such as the SeaRaptors that we are building and the Hugin that we have and the Eelume, which is now announced and coming in here in our new home in Åsgård in only a few weeks, in fact. By doing this, we significantly increase efficiency and quality of the data and substantially reduce the CO2 footprint for the industry. Our slogan, well-known, faster, better, greener at a lower cost, still very much alive indeed. How we do this, we replace what is in the left-hand side, the red frame, which is traditional activities, vessels, ROV systems for inspection and surveying. With the right-hand side are robotic systems, the SeaRaptors, which are state-of-the-art survey and inspection machines, the Hugin system which we already operate and of course, the groundbreaking Eelume system, which we have great expectations to. Q3 highlights. As I already mentioned, expansion globally ongoing. Very good partnerships established with reputable companies, which is an absolute necessity to be able to operate worldwide. The SeaRaptor building is going according to plan. We have suffered very little effect of any electronic component supply chain issues or logistical issues or anything like that. The first SeaRaptor is going into factory acceptance testing in December and later being transited to Norway for the remaining of the FAT and SAT testing which will be completed in January and February. Everything going to plan with Alpha, which we for now has named them. The second SeaRaptor, Bravo, the building is going according to plan as well and will be delivered and starting testing the end of quarter, approximately March. Recruitment. Very successful on the recruitment side. We have basically completed onboarding three full crews, two of them conducting training as we speak at the Teledyne facility, ready to partake in the testing phase and later into operations in the new year. We have also completed both the operational and technical management team and the technical specialist team. We have onboarded nearly the whole of the commercial team, which is basically part of building our product project pipeline and establishing the backlog going forward in 2022. Really good feedback from our clients in terms of our solution. The combination of AUVs, USVs, and the Eelume system, which is all being integrated. We have submitted several fairly large RFQs globally, both for AUVs and USVs. We are working on a very exciting new business models based on previous multi-client activities that we learned from the oil and gas sector. Main focus with multi-client is offshore wind and deep sea minerals, which we have announced earlier. Revenue for the quarter is lower than expected at NOK 3.4 million compared to NOK 0.5 million in 2020. The reason for the lower revenue is basically that two of the projects that we were tagged for has been moved to the right. Basically, they are not lost. They are moved to next year, hopefully, within the first quarter or the beginning of the second quarter next year. Cash balance NOK 79 million end of Q3 2021. As the company grows, the commercial team grows, and we are starting to exhibit worldwide, presenting not only the brand, but also the products. We had a lot of good feedback and discussions with clients at Ocean Business in Southampton in early part of Q4. Things are going according to plan, basically. This is the extended commercial team now. A lot of really competent people having worked globally for large companies really makes a commercial impact for Argeo going forward. Really excited about this and everything related to both Europe, Middle East, and Africa, and as well the Americas is going according to expectancy. Global interest, where does it come from and what segments, you know, do we see significant growth? Offshore wind and oil and gas, to start with that, are the two predominant one for now. We have a sort of lead value, which is weighted, so it's only what we believe is within our scope for next year, which is part of this. Offshore wind, NOK 744 million, and oil and gas inspection, NOK 692 million. We are sending global RFQ both for the Eelume and the AUVs and see a good interest from the clients globally. Deep sea minerals, very exciting. It's immature for now, but we see that this is a market which will have a tremendous growth going forward. The main importance here for a company like Argeo is to have the right tools to help our clients, our customers, to delineate, as you call it, describe and also appraise potential deep sea mineral deposits. I'll come back to that a bit later. We also are starting softly on multi-client activities next year, in fact, in the end of the first quarter. This is our tender activity across the verticals. As you can see from the earlier slide as well, oil and gas and offshore wind is by far the two larger ones. Deep sea mineral is coming into play already in the last quarter next year. We're talking Q3 and Q4. May participate in some research campaigns in the summer, we'll see. Certainly this is a big market which we look at with some excitement of course. Multi-client, which is a new descriptor for us. We have the tools, we have the robotic systems, we have remote operations, so we are perfectly positioned to be a major player in acquisition of multi-client data in these segments. A reminder of what are our verticals. Cable installation and verification. We are developing tools which will enable AUVs to replace ROVs in this segment. It's very exciting and going really well. Offshore wind, of course, where we see a lot of activity, and the same with oil and gas inspection, where oil and gas companies are looking to bring in underwater drone systems, AUVs, USVs to reduce the carbon footprint in operations today, but also reducing costs and increasing safety in terms of people offshore. Finally, the deep sea mineral vertical, where we are really active and probably one of the more promising players in terms of the exploration phase starting up. We say that we enable markets with disruptive technology. That's what our team in Argeo Robotics are highly involved with, and they are pushing out new inventions nearly on a monthly basis now. Very exciting what they're doing. The main purpose with their activity is to enable the AUVs, the USVs, and the UUVs or the drone system like Eelume with technology that previously has not been available in this market, and basically has forced customers to use traditional technology to solve their problems. This will change in a big way from next year. We are starting field testing for our first sensor systems already in Q1 next year, and more is coming. We have a really strong focused development team working on all of these cases, and it is going according to plan. A reminder of the tools that we have, the SeaRaptor, which is basically finalizing build as we speak. We are talking December. The Eelume, which is coming into Argeo in a few weeks, in fact, this side of New Year, the first version of it, and we will start commercial operation using this system, next year. The Hugin system already in operation for a large part of the year. As probably some saw the announcement today that it's being readied for transit to the Americas for work over the winter. Closer look on the SeaRaptors state-of-the-art AUV, bells and whistles, technology, in addition to Argeo tool pack is coming into it. It's already a great vehicle. It's modularized, so that we can in fact, pack it into several crates for easier transport. It comes with an integrated launch system in a 40-foot container and can be put on any ship or launched from any quay site. It is delivered to us this side of the new completing testing. We don't stop there. We have already engaged Teledyne with a collaborative development run, where we increase the endurance of the SeaRaptor from 50 hours to 240 hours. That means basically nearly 10 days per charge. Which again means that we can finally do shore-to-shore operations, and we can use that extra power for the onboard sensor systems that we are developing as well. The USV first version of this is coming into activity after completing testing in February next year. In March, it will be ready for commercial operations. We have projects slated for the USV from the time that it has been commercialized. Some of you saw Eelume. Basically we believe that there is a huge shift coming in terms of inspection, maintenance and repair, both in oil and gas, but also in offshore wind. We look at this with a lot of excitement, and we have a strong collaboration with both Kongsberg and Eelume in terms of integrating our own systems, sensor systems into the robotics platform itself. We believe this is where the market is going over the next years. More robotic systems and lower carbon footprint, less people offshore. Of course, we are connecting this with our remote operation center, which we are building here in Åsgård as we speak. It will be ready in December, in fact. What are the benefits of going robotics? Obviously, a huge cost reduction, but also operational benefits in terms of a more versatile customizable design, some modular payload. We develop our own modules that we can integrate into it. It's climate neutral, battery powered resident system, so it sleeps on the seabed and being completed with onshore remote operation, basically reducing HSE exposure for more people involved. Now I will hand over to Odd Erik for the financial. Thank you, Trond. Revenue in Q3 was NOK 3.4 million. As we have heard earlier, this was negatively impacted by these two projects being delayed. We had NOK 5.2 million in employee expenses and NOK 5.5 million in other operating expenses in the quarter. These expenses are reflecting the ramp-up of the organization and also the preparation for higher activity after the delivery of these new assets we have ordered. EBITDA was -NOK 7.3 million and we recorded a loss on NOK 8.1 million in the quarter. Intangible assets of NOK 5.8 million includes the data modeling software and also this digital twin project. The 5.7 is representing capitalized cost to these two projects. We have NOK 68 million in property, plant and equipment. This is mainly related to payments on these two SeaRaptors, but also the USV we have ordered. Cash is, as we heard earlier, NOK 79 million at the end of September. We have NOK 6.3 million in long-term interest-bearing debt. All this is from Innovation Norway. A few words about the cash flow. We invested NOK 37.6 million in assets during the quarter. Again, this is for these two SeaRaptors and the USV. We capitalized NOK 1.4 million of development cost during the quarter. I think we will open up for questions. All right. Thank you, both of you, for a very good presentation. Guess what? We already have some questions in. First, will you send stock exchange notices on all contracts? I mean, we announce contracts over a certain level. I guess we talked about NOK 4 million-NOK 5 million type of contracts will be announced. Good. How important is the in-house software for your competitive advantage? I would say not only the in-house software, you know, we are building much more than just software. It's an integrated tool pack which comprises of both software and hardware. This is, of course, very important for us in terms of not only competitive advantage. That's one thing. We plan to lead our competitors with at least two to three years advancement, but also in terms of opening new markets. You know, as I spoke about earlier in the presentation, there is a lot of ocean space activities ongoing and using traditional technology because the AUVs have not been equipped or doesn't have the technology necessary to open the markets, which we have basically done something about. We have, of course, patented or filed for patents all of the innovations that we are doing in Argeo. We mean this will make a significant impact. All right. We have some more on competitive advantages here. What are your competitive advantages versus Ocean Infinity? Or are there any, you know, what other competitors do you have? Well, I mean, every competitor basically in the ocean space working in survey and inspection is a competitor by default. Some of them we are collaborating with and some of them we are competing against. What I would say to this is that nothing that comes out in operation from Argeo is off the shelf configured. You know, we have really advanced tools that brings added value to the clients. And that's our competitive advantage. As you saw also what we are doing, for instance, with the range extender and the EM tool that allows us to, with amazing accuracy, appraise the mineral deposits, for instance, or follow pipelines or cables, et cetera. It's basically a whole lot of things that we are working on now. Yeah. Are you developing technology so that your AUVs make the ROVs obsolete? That's an excellent question. Exactly. It's exactly what we're doing. Of course, some of it, I mean, we do not foresee at the moment to have robotic arms on these vehicles, neither the Eelume or the AUVs, but certainly everything else we can do. Yeah, it's going the right direction. Which segments will be dominating out of the deep sea minerals, the oil and gas or the EPCIs? Offshore wind, oil and gas, according to the slide and the slide deck here, is by far the two largest segments of ours at present. However, we also see that deep sea minerals is coming and it's going to grow immensely over the next few years. We are going to be a key player in all of these segments. There are very interesting work that we pick up in terms of cable verification and installation and so on, which we have basically been engaged with over the last couple of years. In terms of size, those three segments are the larger ones. Bearing in mind that the two projects were delayed to the first quarter next year, will the Hugin have full utilization in the first quarter as this is also being used in the Americas on the projects that was announced today? Well, basically, we are making things ready for shipping. We probably won't see the Hugin back here now until the end of March. The SeaRaptor, however, is coming into normal operation already in February, so we're adding to the fleet there. I would say, you know, that, you know, our plan was basically to be able to secure one or two more used vehicles, which was sort of the foundation of our revenue stream, but we haven't succeeded thus far. From December onwards, these new assets are coming into play and basically repairing that. Is the lifetime of an AUV three to seven years, and what is the residual value? That's a very tricky question, you know, but so first of all, Yeah, we are depreciating the AUVs over seven years, but the lifetime is longer than that. There will be upgrades to these, replacement of parts and so on. I expect that they will last for much, much longer than seven years. Yeah, exactly. Modularized as well, so you can replace modules, you can replace batteries. It's not a ship, right? Mm Can be upgraded as well. All right. It's clear. Have you discussed the possibility of becoming a software provider? Yeah. Now, it is not on the agenda for now. We have a wholly owned subsidiary, Argeo Robotics, which is led by Torbjørn, our CTO, and their focus is to develop groundbreaking technology for Argeo, the parent company that we use in our operations. Now, the more likely is that we bundle this with our operations, including the digital twin and the software components, and then we'll see what the future holds. For now, we are using this to gain, you know, significant competitive advantage in the market and opening new markets, not least. Yeah. All right. We have one last question here. The revenue is lower than expected. Why is that? Well, as I said, two factors. As we started with, we had two projects which has been sliding to the right. They're not lost, but they are coming in later. Secondly, we have not been able to secure an equal amount of assets as we planned to in the beginning of the year, and of course, that affects the revenue stream that we have. Rather than the one that we have presently, we had a plan to have two more, which for now is not something which is the case. Yeah. Okay, I said it was the last question, but suddenly there popped up some more, so yeah, you have to be. Go ahead. Be patient there. More. Could you elaborate more on the delays of the two projects? Why are they delayed? Are there risks of they not going through? Well, two things. One, planning, which is basically both of these are outside of our control. One thing is planning, and the other thing is tendering rules. Those are the things that has been affected by this. This will come back into our stream again next year. How many AUV days are you estimating in 2022 and 2023? How does that compare with 2021? Will you secure contracts right away when you receive the new AUVs? Yeah, we are working on several projects globally as we speak. In fact, that's sort of a subsequent event from this Q3 presentation. We have a plan for 40% utilization of the AUVs that we have. Of course, next year we will have the Hugin system that we already own. We will have the two SeaRaptors which come into activity in Q1. We have the Eelume system. Of course, we have a lot more assets to bring into commercial operation. All right. Will the cash flow from operations finance the expansion, or are you planning to raise more capital? Yeah. No, we are not planning to raise any more capital. Our plan has always been to finance our investment and our growth with the cash from the operation that we will generate from operation. All right. I think we have the last one here. These are the oil and gas project and electrification project for Aker BP. What is the value of both of them? Say again, Ole. These are the oil and gas project and electrification project for Aker BP. What is the value of both of them? We cannot disclose contract values for a specific customer or client. I'm sorry, did you mean that these? What does these mean? Well, that's the question. These are the oil and gas projects and electrification projects for Aker BP. What is the value of both of them? If the question refers to the ones that are sliding to the right, it's not for the Aker BP. It's different type of projects. The Aker BP projects have been concluded already. All the acquisition data is finished there. As I said, I would refer to what Odd Erik said about project value and so on. Yeah. All right. I think we are good to go. Thank you for, you know, the good presentation, both of you, and thank you for listening in. I hope to hear from you for the Q4 presentation early next year. Bye for now. Thank you. Yeah. Thank you. Cheers.