Good morning. Welcome to Awilco Drilling's first quarter presentation. I now hand you over to our CEO, Eric Jacobs. Thank you very much, Stuart, and welcome to the first quarter presentation for 2022. Today, we're gonna go through the agenda, which is the main events, then the Q1 results, the dispute update, and then the summary, and then we'll be opening up for questions and answers. Taking you over to the main events. We've had no revenue earned in the first quarter. The EBITDA loss of $6.2 million and a net loss of $6.6 million. The WilHunter we sold for environmentally responsible recycling in Turkey. We expect that the delivery to be sometime mid-June. We've also sold the WilPhoenix to Well-Safe Solutions Ltd for $15.5 million, and the Phoenix is planned to be delivered on or about the first of June. In parallel, we've then secured a short-term shareholder loan for up to $4 million as a bridge financing. We also continued our preparations for the arbitration cases against Keppel FELS. I'll hand you over to our CFO to go through the first quarter results. Okay. Thank you, Eric. The income statement for the Q1 2022, no operations in the quarter, no revenue. The rig operating expense is $2.6 million. That was primarily the ongoing running costs of the WilPhoenix, which averaged at $27.7 thousand per day. The G&A expenses, $3.6 million. Of that, $2.1 million is in respect of legal fees in connection with the arbitration, so the underlying ongoing G&A was $1.5 million for the quarter. Minimal depreciation and impairment was some charges coming through in connection with the SPS costs that filtered through to the first quarter, and they've effectively been written off. Operating loss for the quarter, $6.5 million. Small FX movement with a net loss for the quarter of $6.6 million, equivalent to $0.12 loss per share. Onto the balance sheet. There we go. The rigs machinery and equipment $15.7 million. That's basically the WilPhoenix, the sales price with Well-Safe, less any cost of disposal, plus some asset value in connection with office equipment and office modifications. The trade and other receivables $269 thousand. There was a couple of small items sold in Q1 that has all since been paid. Prepayments and accrued revenue $542 thousand, principally insurance and inventory, onboard fuel inventory is what we have there. And cash at the end of the quarter $1.9 million. Total assets $18.6 million. Below the line there, trade and other creditors, $743,000. Accruals and provisions, probably a significant item in there is $1.4 million in respect of accrued interest in connection with the Wilhunter UK Limited tax claim, and also the current tax payable of $9.3 million. Those are required to be included in there as part of the group accounts. As we'll mention later, that the claim in respect to that is against Wilhunter UK Limited with no recourse back up to the parent. Back to you, Eric. Thank you very much, Ian. A quick update on the disputes. The arbitration process related to the termination of the new build rig one and rig two continue. As the people who have been following us know, the claims amount to total of $97.7 million plus interest. The tribunal hearing for rig number one has been scheduled to commence in October 2022, with an award expected no later than Q1 2023. The hearing for rig two has now been scheduled to commence in May 2023. When it comes to the Wilhunter (UK) Ltd tax dispute, as Ian mentioned, the Rule 38 application demanding the tribunal's decision to be set aside and remade was dismissed on the sixth of December 2021. Therefore, the Wilhunter (UK) Ltd has been put into liquidation or in the process of being put into liquidation. It's considered a liability for the subsidiary and not for the parent company. I think that's about it. We'll come to the summary. Both the WilPhoenix and WilHunter are now sold. However, we are looking at new rig opportunities and evaluating case-by-case basis. There is a lot of movement in the market, and we see that there are opportunities. When it comes to our organization, that will be sized to manage the arbitrations while retaining our operational flexibility and capability to assess new investment opportunities as they arise. I'd like to take the opportunity also to thank the crew on the WilPhoenix for an excellent job over the years they've been with us, and we wish them good luck in their new endeavors. The short-term shareholder loan was secured with funding until proceeds from the rig sales are received, so that loan will be paid back during the course of the summer. We're actively managing the arbitration process towards Keppel to receive funds of paid installments. We are working diligently on that process, and we still remain confident that we have strong cases against the yard. We're opening up for any Q&A. Cathrine, have we received any questions? So far there are no questions in the Q&A. If the participants should come up with any questions and we've closed the session, so please feel free to send them to Cathrine or myself, and we will do our utmost to answer them. If there are no questions, then I think we'll call it a day. There are no questions posted, so. Again, thank you very much, everybody.
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