Hello everyone, and welcome to Awilco Drilling's Q2 2020 presentation. I will now hand over to Eric Jacobs, our Interim CEO. Thank you, Cathrine, and good afternoon to everyone. We'll just go through the Q2 presentation and following the same standard that we've had. Let's see if we can get up the slides here. Here we go. The agenda is the main events, then the Q2 results, dispute update, summary, and then if there's any questions. I think we can just move on. Main events, no revenue is earned in Q2, and we then had a EBITDA loss of $7.9 million and net loss of $5.1 million. The sale of the WilHunter for the recycling was concluded in June. The sale of WilPhoenix to Well-Safe Solutions was also concluded in June. The short-term shareholder loan with Awilhelmsen Offshore AS and QVT Family Office Fund LP was redeemed. The preparation for the arbitration cases against Keppel FELS continues. I think that's it when it comes to that. Our CFO, Ian Wilson, has retired, reaching his pension age, and Anne-Marie Thomson, which is then appointed as our Interim CFO, will then go through the Q2 results. Anne-Marie. Okay, thanks, Eric. Okay, as I mentioned, there was no contract revenue earned in the quarter. The rig operating expenses were $2.5 million. That was in respect mostly of the ongoing OpEx for the WilPhoenix rig before it was sold. It's a per day OpEx of $23,976. The G&A expenses in the quarter were $5.5 million. Of that, legal fees were $3.7 million, so that gives an underlying G&A of $1.7 million for the quarter. Slightly higher than last quarter, as we had some redundancy costs for some of the personnel that left during the quarter. Moving on. There was a net gain on the disposal of property, plant, and equipment of $2.9 million. This is in respect of the WilHunter, the proceeds, as the rig had been fully impaired as at the December 2020 year end. That led to an operating loss of $5.1 million. Moving down, there was small interest income of $5 thousand. There was some interest expense of $24 thousand. Some of that was the interest for the short-term shareholder loan. Some other financial items in the quarter of $8 thousand. The loss before tax was $5.1 million. There was no tax charge during the quarter, so the net loss was also $5.1 million. That gives us a loss per share of $0.09. Yeah, just moving on to the balance sheet. Okay, fixed assets were $0.4 million. As you can see, the disposal of the rigs during the quarter. The $0.4 million is in relation to various items of office equipment and, the building. Moving down. Prepayments and accrued revenue was $2.9 million. Within that, $2.5 million is the guarantee that was posted for the WilHunter recycling. We expect to have that returned within six months of the rig being recycled. The cash balance at the end of the quarter was $10.5 million. It's up slightly since last quarter. Obviously, the proceeds from the rig sales are included there. The total assets for the quarter, $13.7 million. Moving down. Trade and other creditors, $1 million. Just the usual standard trade creditors. Accruals and provisions, $4.4 million. Included in that is legal fees accrual of $1.1 million, and also the interest on WilHunter tax case of $1.4 million. I believe that's discussed last quarter. The same with the current tax payable. That's in relation to the WilHunter (UK) Limited tax provision, as we had to recognize that as part of our group accounts for the 2021 year end. I think, again, that was mentioned last quarter. I think that's everything. Back to you, Eric. Thank you. Dispute update. The arbitration process related to the termination of newbuild rig number one and newbuild rig number two continues. As we've mentioned many times before, the claimed amount is total of $97.77 million plus interest. The tribunal hearing for rig one has been scheduled to commence in October 2022, with award expected in the first quarter. The hearing date now has been set to the 17th of October, and we are well in process in being prepared for that hearing date. The hearing for rig number two has been scheduled to commence in May 2023, but we do not have a firm date yet. Potential financing alternatives are being explored in case a new funding is needed by October 2022. Awilhelmsen Offshore AS and QVT remain committed to enable Awilco Rig 1 Pte. Ltd. and Awilco Rig 2 Pte. Ltd. to pursue the arbitration cases to their conclusion. We are happy that we have their support in that. Given the nature of disputes, it's very hard to go any further to comment on them, being so close to the hearings. When and if there is something we need to inform the market about, we will issue press releases. I think that brings us to the summary. Now, with both rigs sold, the company's remaining assets are two arbitration cases, as we just mentioned. The company has no current outstanding debt. New financing might be needed by October. Financing options are being explored, and we are being supported by the two shareholders mentioned earlier. We're actively managing the arbitration process towards Keppel FELS, to receive refunds of paid installments. As also earlier expected, we feel that we are in good shape, leading up to these arbitrations and that we are on track. I think that's all we can say about that at this stage. That brings us to our Q&A session. If any of the participants have any questions, please feel free to type them in the Q&A pane, and we will read them out and answer them. Currently, there are no questions posted. If you have questions that later, feel free to send them to either Cathrine or myself, and we will try to answer as best possible. If there are no questions, then I thank you for your attendance and also like to thank both former and current staff for their hard work during this process. We will, as I said earlier, update you when we have any further information to give to the market. Thank you, everyone. Since there are still no questions posted, we will conclude this session and, as previously mentioned, please don't hesitate to contact us if you have any questions later. Thank you for today and goodbye. Thank you.
Loading workspace