Morning. Welcome to Awilco Drilling's fourth quarter presentation. I now hand over to our CEO, Erik Jacobsen. Good morning, everyone, and welcome to this fourth quarter presentation. I think we need to move the slides a bit. There we go. The agenda. We'll take you through the main events this morning. We'll present the fourth quarter results and the preliminary results for 2021. We'll give you an operational update. We'll give you an update on our two disputes, and then we'll have a short summary, and then we'll open up for some questions. The main events this quarter was that we had a revenue of $1 million, EBITDA loss of 7.8 million, and then net loss of 50.7 million. That's including a large impairment on the rig of 31 million. The revenue efficiency was 90.1%, and contract utilization was 8.2% during the quarter. We are now in the process of arranging a share loan, giving us an adequate cash buffer for anticipated requirements going forward. I'll let the CFO, Ian Wilson, take you through the results. Okay. Thank you, Erik. Yes. The quarter four 2021 income statement contract revenue for the quarter of just over 1 million, and that was in respect of revenue earned from the WilPhoenix contract up until the ninth of October. The rig has been idle since that time. The rig operating expenses of 5.7 million, that is a total per day average of 61.5. But that includes an average of 12,000 per day in respect of redundancy payments accrued in December in the final part of the quarter. The G&A expenses of just over 3 million. The underlying shore-based G&A cost is 1.4 million, and supporting the ongoing arbitration in respect to the disputes was 1.6 million. The impairment charge, as Eric mentioned, 31 million, is principally 26 million specifically for the WilPhoenix rig, and that was based upon independent broker valuations and a 5 million impairment on capital spares. Operating loss of 40 million. Interest expense of 1.4 million. Following the appeal in respect to the HMRC matter, that has gone against the company, so we've recognized the interest expense. Below you'll see the tax expense in respect of WilHunter (U.K.) Ltd. We are obliged to recognize at the consolidated level, the group level, but both those liabilities are specifically in respect of WilHunter (U.K.) Ltd. and is a liability of that particular subsidiary company. A total comprehensive recognized of 50.7 million, equivalent to a loss of 0.93 per share. On the year-to-date numbers, revenue, just quickly go through that. Revenue, total revenue, 33 million. The cost there, operating expenses combined with other expenses including the impairment of 74.6 million, so operating loss of 41.6 million. As mentioned, the interest and the tax expense take the net loss for the year down to 52.5 million, equivalent to 0.96 per share. On to the balance sheet. Rigs, machinery and equipment, the remaining sort of broker valuation as I mentioned, is just over 26 million, and we've got some capital spares and some other small items there to bring it up to 31.6 million. The right of use of assets is in respect of the Aberdeen office lease. Cash and cash equivalents at the end of the quarter was 9.7 million. Total assets at 31 December, 45.9 million. Down below the line there, trade and other creditors as usual. The creditor balance, nothing of particular significance there. Accruals and provisions, 5.2 million. That includes 1.1 million in respect of the redundancy payments for some of the offshore personnel arising in Q4, and then 1.4 million tax interest accrual, and then the current tax payable of 9.2. As mentioned previously, those are liabilities specifically of WilHunter (U.K.) Ltd. and not of the parent company. Back to you, Eric. Well, thank you very much. We'll take you through the update on the operations, and I'll leave that to Roddy. Good morning, everyone. We'll start off in the customary fashion by thanking all of the employees onshore and offshore for their efforts in the quarter. You'll see there the short operational period in the quarter. We completed the Ithaca Fotla exploration well on the ninth of October. Since then the rig has been moored and stacked at Invergordon. As you've mentioned, the OPEX in the quarter was 61,500 per day. It's fair to say that that's been substantially reduced since then while the rig awaits its next commitment. All that's outstanding now of essentially the five-year SPS program is the recertification of the drilling equipment and well control equipment. That is on hold pending new work, and we'll commit to that once we have a clearer picture of the next opportunity for the rig. The rig is bid against two opportunities currently, one commencing in 2022, one commencing in 2023. Those are pending customer evaluation. We anticipate that at least two substantial abandonment programs will be tendered over the course of the next few months. Both of those to commence in the first half of 2023. We have taken forward the process to recycle WilHunter, and we hope to conclude that by the end of Q2 of this year. We'll provide a further update on that once we're in a position to do so. I think that's all I have, Erik. Thank you very much, Roddy. I'll give a short update on the disputes. The arbitration process related to the terminations of new build rig one and two is ongoing. The amounts I think is known for most. It's $97.7 million plus interest that we are asking to get back. The tribunal hearing for rig number one has been scheduled to commence in October. We believe that will be a two- to three-week case, and we expect the result of that in first quarter of 2023. The hearing for rig number two is expected to follow a couple of months after that, and probably with the same time used in arbitration. Legal fees may increase from early estimates due to the nature of the case. To the WilHunter tax dispute. As Ian mentioned, we lost that appeal of that application. We have then or the parent has then decided that they won't appeal and that we'll not provide funding for that appeal. That company has then gone to insolvency practitioners appointed and liquidation process initiated for the WilHunter Limited. As again, as Ian mentioned, this is considered a liability for the subsidiary only and not the parent company. That brings us to the summary. We are actively pursuing future work for the WilPhoenix, as Roddy indicated. We are in the process of arranging a shareholder loan, as I told you before. We are actively managing the arbitration process for Keppel FELS to receive refunds of the paid installments. We are also pursuing opportunities in the recovering global rig market. I think, that's it from us. I think we're open for questions. Cathrine, have we any questions? Yes, we have one question, which is, what is remaining CapEx related to the SPS for WilPhoenix? I think Roddy probably can answer that best. Yes. The figure is about $6 million for the recertification of the NOV BOP and the Maritime Hydraulics drilling equipment. I hope that was a precise answer. Do we have any other questions, Cathrine? At the moment, there are no further questions. If you would like to pose the question, please put that in the live event Q&A section. We will give them a couple of minutes to type if anybody has more questions. Well, if anybody has further questions, you know, we'd be more than happy to answer them by email. If you wanna send Cathrine questions, you feel free to do so, and we will then answer it, you know, as best possible. Thank you. There are no further questions at this time. I will thank you very much for your attendance, and we look forward to talking to you soon. Thank you very much.
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