Good morning, everyone, and welcome to our fourth quarter presentation. We have quite a few slides to go through, and we will, as per usual, take all questions at the end. Please observe the disclaimer. So the agenda for today: highlights, backlog and tender status, some operational update, technology, and the financials. So, highlights. Let's start with the revenue. We ended up for the quarter at NOK 29 million. This was, of course, less than we had planned for, but the revenue is not lost. It's moved over to Q1 due to the upgrade activities that we have done on our Argeo Searcher. Backlog for 2024 is running strong at NOK 550 million. And as everyone probably saw, we awarded the NOK 55 million subsea inspection contract with SNEPCo at the Bonga Field in Nigeria. We will cover that later on. And subsequently of that, we had a very successful startup of our Argeo Searcher on the Bonga Field. It's been a massive performance. We took delivery of our first Hugin Superior, and we have completed the conversion of our Argeo Searche r late November, so that was delayed with, w eah, it was extended to two to three weeks, and hence, the somewhat muted revenue figures for the quarter. We took delivery of our Argeo Venture, 7th of November, and we completed the private placement of NOK 250 million, and secured the equipment leasing agreement for the AUV assets. Subsequent to the quarter, we received a conditional letter award for a super major. This is a expected duration of nine months, so it's a very big contract for Argeo. We have contemplating a sale leaseback agreement for our vessel, Argeo Venture. That will be announced when everything is settled. We have agreed delivery of our second Hugin Superior for our Argeo Venture. So without further ado, and I think this is fairly a familiar thing, we operate in three major segments: oil and gas companies, offshore wind, and marine minerals. And we do and use the same assets for all of these three market verticals. And the uniqueness of our Argeo, that means the sensors, the software, the production capacity from the Hugin systems, gives a heightened efficiency as we have seen from the projects we've been running during the quarter. So complete service solution is what we are. We have the vessels, we have the technology, we have the assets that is acquiring data for us, and we are mashing that up with unique software and sensor systems. That provides us a unique solution in terms of solving problems for our customers in all our three verticals. That also gives us a very robust strategy, so that means that we use the same assets, the vehicles and the vessels, in the three verticals. So there's a red line going across the verticals, even though the deliverables and scope of work changes between the verticals. We supply services within the survey, inspection, maintenance and repair, and also the multi-client for special projects. Superior capacity, we talked about this a lot during the last quarter as well. We now have Argeo Searcher fully equipped as a subsea vessel with ROV capability, subsea winches, and so forth, and of course, the Hugin Superior. Our Argeo Venture, which is now being scheduled to be completed mid-March, is ongoing according to our plan. Expansion for growth. As you saw, we started in 2022 to prove that the new strategy was working. It has, and hence we ordered our second vessel. In November, we took our Argeo Searcher over, and of course, expanding further is key for us, and we do see that the market is supporting that strategy in a big way. We don't have currently a fixed plan for vessel number three, but when we do, we will announce that, of course. So to the figures for the quarter. Revenues NOK 29 million. So even though that is up from the same quarter in 2022, it is lower, about NOK 20 million lower than the previous quarter. Several reasons for that, but mainly the extended yard stay for Searcher, and of course, in Q3, we also had a third crew running, so that contributed to Q3, but all of that will be caught up in Q1 for 2024. EBITDA, it's down as well, ended up at minus NOK 21 million. On the upshot, of course, and as everyone have seen, is that we now have a significant and very strong backlog for 2024. Currently running at NOK 550 million, with significant upsides in terms of capacity and projects for our Argeo Searcher in Q3 and Q4. That means that we have consumed of the previously announced submitted tenders. Yeah, we have consumed 350, and we see that NOK 200 million of that previously announced tender is skewed to the right. So that is something that we expect sanctioning to come in for this project in 2025. When it comes to the submitted tenders, that means that that is not one single project, it's several projects, and so decisions will be announced when we have them, or not. So, yeah, this is just a retake of that. We have a continuous strong volume of submitted tenders, but we are converting these tenders in a very high rate. So an additional NOK 350 million has been added to our secure backlog from NOK 240 in the previous quarter. So currently running at NOK 550. Distribution, mainly oil and gas, but also marine minerals, of course. We do see that there is an uptick in the offshore wind as well, outside of Europe. So we are responding to that, and we'll see how we go about securing more contracts in the renewable space as we go forward. So, in terms of vessel scheduling and so on, our Argeo Searcher, as you all know, has completed the Shell Bonga project, record time, and is now have started up on the NCPOR Marine Mineral project. That will go on until late May. Then we have three or four tenders for Q3 and Q4, which is the upside talking about. For our Argeo Venture, we will complete the upgrade mid-March, and the vessel will continue directly to project immediately after, and will be on that project for the remaining of 2024. Hugin 6000 is coming back from a long-term rental contract, and after a service set up, it will probably travel to other projects which we are currently tendering for. That Hugin 6000 project will include, in that case, a vessel opportunity, but that will be announced at a later stage when we get to that point. We expect early Q2, perhaps. Okay, so, our Argeo Searcher, we initially planned to be at location early December, but that was delayed approximately 2-3 weeks. And the reason for it is that we see very little opportunity to return back to Norway for additional work. So we had to complete everything that needed to be completed to set up and have the vessel ready for the projects which are coming. So the vessel now is fully equipped as a full subsea vessel with ROV facilities, the AUV, of course, and deep water systems, both an offshore crane and so forth. So all of that took longer, but the revenue is not gone, it's moved to Q1. Our Argeo Venture, we took the vessel on 7th of November, and has been moved to Halsnøy for reactivation and upgrade. The initial plan for Venture was, of course, that we would just reactivate it and take it on project immediately. But given the foresight that we saw coming in terms of larger projects, we decided to move the vessel into an upgrade phase as well. And this is to take on the big projects that we have announced earlier on. So the vessel will be fully reactivated and upgraded, and that job will be completed in mid-March, whereas afterwards we go directly to the project. Equipped with the Hugin Superior number two, and also have an active heave-compensated subsea crane with possibility to work at depth of 4,000 meters or more. Hugin Superior, I don't think that needs a lot more explanation. It has been working exceptionally well, very high performance, hardly any technical downtime, and has provided our clients with fantastic data. So the customer feedback on what we've done has been extraordinary. That brings us to the Shell Bonga project, which is, it's a fairly complex project, and includes all the elements of what it is Argeo does, you know. So we have a geophysical project, which is part of that. We have a lot of pipeline, flow line inspection, and so forth. And a big driver in succeeding with this project was the Argeo Listen sensor system that we used for the pipeline cathodic protection inspections. The project, in terms of acquisition, was completed in 20 days. We have inspected a total of 500 line kilometers and additionally a lot of geophysical work at the same time. So a fantastic performance in all sense of it. So a big thing for us, of course, major client with a big success is an important step forward for Argeo. Argeo Searcher is currently working on the NCPOR project. I myself was in India meeting with the Earth Ministry, and they are a very ambitious nation, so they have a lot of work in the area. The NCPOR project is a keystone project for the Indian nation, and with a multi-sensor, high resolution exploration survey like this, we are hitting the groundworks of that exploration phase. Project water depths from 1,900 to 5,600 meters, so a big challenge in itself. Total areas covered 750 square kilometers. As the lower right-hand picture shows, this is a substantial budget for for India's deep ocean missions going forward. We are very proud to be awarded this, and look forward to a lot of more collaboration with India and their exploration projects going forward. A couple of slides when it comes to technology. As I mentioned, Argeo Listen, fully proven for major suppliers, so it's a great achievement for everyone involved. And there is a number of things that we use this sensor system for. Fully integrated in the Hugin Superior, the data is phenomenal, and the efficiency rates is, I would say, around eight times faster than the traditional ROV inspections. So, that's a big confirmation for Argeo, and of course, this is now being rolled in to many large customers, so we're very happy with that. Argeo Whisper, which is the active version of Argeo Listen, is on track. We are within 2024, we are doing a lot of testing, primarily, in fact, on the offshore wind market, but of course, can be used for tracking buried pipelines and so forth. The third sensor system, so Argeo Discover, which is a marine mineral exploration technology, is further down the pipeline, so probably 2025. Finally, a couple of words, Argeo Scope, our digital software solution. It is working really well, and we are onboarding important clients in this, so we have great expectations for these systems going forward. Now, I will leave the word to Odd Erik to present the financials. Yeah. Thank you, Trond. So, as Trond mentioned earlier, revenue in Q4 last year was NOK 29 million. This came from the contract we had with Shell in Nigeria, and from the long-term contract we have on Hugin 6000, which has been on this contract since September 2022. Operating cost 40 million in the quarter, down from 54 million in Q3. This reduction is due to the additional cost we had in Q3 for the vessel we rented in for the Stromar survey. We capitalized 15.8 million in the operating cost to the balance sheet in Q4. This was a development cost for the development projects in robotics, and also operating cost we had on Searcher during the yard stay in the quarter. EBITDA -NOK 21 million, approximately the same as we had in Q3. Also compared to -NOK 12 million in Q4 2022. Net financial items, NOK 6.4 million. This includes NOK 12.4 million in unrealized exchange gain related to debt we have in US dollars. We had a net loss in the quarter of NOK 35 million. We move over to the balance sheet. Property, plant, and equipment has increased to NOK 542 million at the end of 2023. So, in addition to two SeaRaptors, the Hugin 6000, and the Argeo USV. It also now includes the Argeo Venture vessel we bought in the quarter, and the new Hugin Superior, which we bought in November. Cash was NOK 54 million at the end of the year, and equity was NOK 430 million. We also had an increase in long-term debt and leases to NOK 182 million. So in addition to the loans from Innovation Norway and the three sellers' credits on AUVs, this number now also includes the lease liability for the Hugin Superior, which was delivered in November. Cash flow. Cash from operation was NOK -12 million in Q4. Cash investments in property, plant, and equipment was NOK 145 million. So this is mainly Argeo Venture, which we bought in November, and cost for reactivation and upgrade of this vessel. We did a share issue in October last year with the net proceeds on NOK 236 million. Repayment of debt and leases was NOK 23 million during the quarter. This is mainly lease payment or a down payment at delivery, which we did on the lease liability for this new Hugin Superior. So then we will open up for questions. Yeah. We've had some questions from the net. So the first question is: Can you provide information about the size of the nine-month contract that was reported as a letter of intent earlier this year? It's, i s it included in the backlog? So first of all, it's not a letter of intent, it's a letter of award. It has conditions, and that gives us time to get to the contract signing. We expect this to be completing in a few weeks. And I think if you compare what we did have and what we have, we will get back to you with the actual contract size, and customer, and location, and all of that, as soon as we have finished that work. Thank you. Are you planning on more subsea operations in addition to surveys? For example, sampling from seabed minerals or IMR work, our work ROVs. Yeah. So, I mean, I think that is obvious from what we've done in terms of upgrading the Searcher, which is now set up to take on. We have a full ROV large system installed, so we can take on board ROVs for IMR work. We also have a lot of ultra-deep water winching and crane systems on board, so that gives the Searcher a fully multipurpose role. Now, the same role is be the case for Argeo Venture, you know, which has a big subsea crane and facilities for ROVs and AUVs and so forth. So it's full multipurpose vessels capable of doing all that. Okay, thank you. Can you provide information on when you hope to achieve EBITDA positivity? I think if you look at the backlog and what I have said before in terms of EBITDA margin, it should be a fairly easy calculation. Are you working on more patents currently that you plan to get approved in the near future? Yeah. So technology development in Argeo Robotics is going full steam ahead. Now, as we, I think we now, if I remember correctly, we have five patents awarded. Now we are securing that in all Argeo markets, in all the countries of operations. And of course, as we work on that, new patents will emerge, and as soon as they do, we will obviously announce it. Can you give some suggestions on the historical win rate and expected win rate in tenders? Not off the top of my head. L ooking at what we have reported in the previous quarter in terms of tender, and what has been converted to backlog, I think that rate is pretty good now. More importantly, with the market and where it's going, the strategy is now undoubtedly proven and will provide a lot of income for the company going forward. Could you give some indicators on expected day rates for the various vessels and the OpEx level for the vessels? What kind of utilization can one expect for the current fleet in 2024? Well, I mean, utilization, the Searcher has been going on except the yard stay, you know, and, and we expect a hired utilization for that vessel. But we can't comment on any of the other things because that is obviously of strategic value and, and something we would like to keep to ourselves. But again, you know, the, the margins that we have talked about should be an indication. Have Argeo taken ownership of Argeo Searcher, or is it still hired? Well, it is a bareboat agreement that we have, and we are very happy with that. We have a very close relationship with the owners. We've had for many years, and we have a very good maritime technical operator as well, so we has no intention of changing that, for the foreseeable future. Okay. How many more millions in orders for 2024 do you have capacity for? I would say, with the performance we're seeing, between 100 and 200. I think that's about the questions we've got time for today. Okay. Thank you. All right. Thank you. Thank you.
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