Good afternoon. Welcome to the half-year presentation of Awilco Drilling for 2023. The agenda today will be we'll go through main events, the half-year 2023 results, give you an update on the arbitration, and then a short summary, and then we will take some Q&A. The main events is that the recycling of the WilHunter rig was successfully completed. The tribunal decision ruling received, resulting in the adverse award for Awilco Rig 1 Pte. happened. We also concluded a short-term shareholder loan facility with Awilhelmsen Offshore, and then later redeemed in July. Then preparations for and participation in the remaining arbitration case against Keppel. We also successfully completed raising $8.1 million to replace it, private placement. and subsequent offering of then 400 or 0.4 million is ongoing, and the subscription period in the subsequent offering ends at 4:30 P.M. Central Eastern Time on the 5th September. The half year results, Anne Marie, are you there? Can you give some flavor to this? I think something's happened there. One, bear with me one second. Sorry, can you, can you hear me? Sorry, I thought- Yes. Okay, hold on a second. Okay. I think I got it. Go back here. One second. Sorry about that, there we go. Please go ahead, Anne Marie. Yeah, okay, so we'll go through the statement of comprehensive income for the half year to the 30th of June, 2023. There was a small credit to rig operating expenses. This is just the release of a provision that was no longer required for some storage costs, so that's, that's about it. The main item was the G&A expenses for the half year, which was $11.2 million. Of that, there was around $9.6 million of legal and other fees for the arbitration. And the rest, the $1.6 million, was in relation to the Aberdeen office. Moving down, there was interest income of $66, which is bank interest, and some expense of $18, which is due to the shareholder loan. And then other financial items is $143. The main part of that was the reassessment of the office lease liability. So that gives us a loss before tax of $11.1 million, and there was no tax charge in the quarter, so the total comprehensive loss for the half year was $11.1 million. We can just move on to the next slide. It's the balance sheet. Okay, so there are obviously no longer any rigs, machinery, or equipment. The assets were sold in the prior year. There's a small balance on trade receivables. This was in respect of a customer we sold some last pieces of equipment to. Prepayments of $285. There's no accrued revenue there. It's just prepayments, just general items like rent, rates, and insurance, and other period items. The closing cash balance at the thirtieth of June was $2.5 million, which resulted in total assets of $2.8 million. Moving down to the liability section, there's the shareholder loan there of $4 million. That was redeemed in July, so that was just the balance at the, at the quarter, at the end of the June period. Trade and other creditors is $1.4 million. That's just the regular amount of trade creditors, just invoices that were received but not paid at the end of the period. Moving down, accruals and provision, obviously, that's a lot higher than in the previous period. The main reason for that was the provision for the tribunal award that was made at the 31st December year end, as it was defined as an adjusting post-balance sheet event. I think as we've stated in the year-end accounts, this is a liability of the subsidiary company, Awilco Drilling, sorry, Awilco Rig one, not the parent, but it's consolidated up into the, the group accounts. And then the last item there is current tax payable. Again, we've spoke about this in, in prior presentations. This is just the provision for the WilHunter UK tax, the tax case that we, we lost against HMRC back in 2021. The WilHunter UK is in liquidation, but, the process remains ongoing, so we're still required to consolidate the company into our group accounts. And I think that's it. Thank you very much, Anne Marie. And moving on to a short update on the arbitration. The arbitration process related to the termination of a newbuild Rig two awaiting award. The claim amount, as we previously have told in previous presentation, is $43 million plus accrued interest. The tribunal hearing for Rig two was completed early July, and we anticipate an award in Q4 or Q1 of 2024. AW Offshore and QVT remain committed and able to enable AW Rig 2 Pte to pursue the arbitration case to its conclusion. Then in summary, the company only remaining assets is the arbitration case related to newbuild rig number two. A subsequent offering of $0.4 million is ongoing until 4:30 P.M. Central Eastern Time on the 5th September 2023. The company has no outstanding debt and expects to be sufficiently funded until year-end 2023. Then, we are open for any Q&As, and we'll also remind them that if you don't have any questions now, you are welcome to send the company any questions, and we will try to answer them as we get them. So I can't see if there are any questions. Can, Eivind, can you see if there has come any questions? So far, there is nothing posted. No? Well, let's give them another minute, and if there are none, then we will invite people to send an email to us, and then we will answer them per email. Yeah, still nothing. Still nothing? Well, I think we'll just end the session, and then invite anybody that has a question to write to the company's IR, and then we will answer them. Again, thank you very much for listening, and have a great afternoon.
Loading workspace