The agenda for today, some highlights from the quarter, some more details on the financial performance, our ESG focus, and then, in the presentation, there is additional information that we will not go through in this presentation. So if you start with the financial numbers, revenue up 20% from same quarter last year. High activity in most areas of Beerenberg, I must say. Earnings up both in absolute numbers and in margins. And finally, order intake, significant order intake in the period, mostly stemming from maintenance agreements. We have an all-time high activity for the first quarter, meaning that we've never seen this level of activity in the first quarter. We normally seasonally, where Q2, Q3 is the most busy quarters for us, so that looks promising for the remainder of the year. We have high activity in our industry business, mainly related to the carbon capture project that goes on in Brevik. We have a very significant project in Brazil. It's a first for us where we do hull maintenance in Brazil. That is well underway. We're ramping up for a number of turnarounds in Q2 and Q3. Quite a bit of activity, both onshore and offshore. Our product sales is still on the slow side, still significant tender activity. However, the actual activity and deliveries in our product business is still fairly slow. As mentioned, we've won several new contracts also after the first quarter ended, and that builds a good foundation for our business going forward. Finally, dividend per share, NOK 1.7, will be proposed and hopefully then approved in the general meeting later this month. Backlog increased significantly, NOK 3.9 billion. Obviously, the majority of that relates to the Ekofisk frame agreement. Also note that the order backlog then also includes options. Total order backlog at the end of Q1 was NOK 10.6 billion estimated. For the service business, obviously, we mentioned these frame agreements. This is core business for us, and we're very happy to grow our business in this area. In the operation side, there has been high activity in the quarter, both on maintenance and projects, also onshore and offshore. So pretty much every area in Beerenberg Services has had seen increased demand for its services. I already mentioned our robotic project in Brazil. While it in itself is not a very large contract per se, it's critical for our strategy in expanding our robotic offerings. And also, I feel it's necessary to mention that we do suffer from some capacity constraints, both related to labor, certified cross labor, and also in equipment, robots, et cetera. So there are capacity constraints still affecting our business and will be also going forward. If we look at the outlook, as already mentioned, we have a good order intake in Q2 as well, so that looks very promising. Though, keep in mind that most of those contracts will go into execution towards the end of the year and next year. As also mentioned, there is several turnarounds, both onshore and offshore during the summer, which will increase the activity level rather significantly. In robotics, we're happy to see that the interest, the level of tenders, requests, trial projects, et cetera, is still very high. Still a lot of interest internationally, Australia, Brazil, U.S, and also, not to forget, the home market on the North Sea, there is also a significant amount of interest and projects already ongoing, so that looks very, very promising. Last but not least, cost pressure. There was a sort of an agreement with the central addition to salaries, et cetera. There is significant cost pressure. There is no relief when it comes to cost pressure, especially related to labor, but it does, it also does affect materials and equipment. So that is an ongoing concern still. We don't see a really a release or relief on that area. For the product side, there is still high tender activity, still a number of new builds, especially in Asia, and quite a bit of interest also in the German market for our solutions within aerogel specifically. There is higher activity in Asia. There is some delays again in this project, so that is being pushed out, but still there's a lot of promising prospects in Asia. Demand for subsea insulation is increasing. We see a lot of the projects will be executed during the summer or even into the autumn. And finally, we have an ongoing dispute, as we mentioned a few times, with an American company in Korea. And I'm happy to note that the Korean Trade Commission concluded favorably in our favor in terms of non-infringement on those patents. However, the legal case still remains, so we hope to resolve that shortly, and that will also obviously have a positive impact on sales. Outlook for product business, we secured a new build contract with Aker Solutions in Ekofisk in Q2. That will be a project that will go probably Q4 2025, and will increase our product sales and obviously also service offerings in that area. New build market in Asia, already mentioned, there is quite a few new prospects that will go into the phase where they need insulation shortly. So we are quite optimistic about our prospects of gaining more work in Asia. And finally, we are progressing this qualification for aerogels. I keep saying this, but unfortunately, it takes a lot of time to do all these tests. And we are now at the point where there's only a few tests and documentation that is required before we can qualify our products. And thus, we expect that to be concluded relatively shortly. So that also looks very promising. Then, Harald think I'll leave this to you. Yeah. Thank you. Hopefully the camera will adjust shortly. But anyway, the financial performance, I'm quite happy to announce the figures. We had an all-time high activity in the first quarter with 20% revenue growth compared to the same quarter last year. EBITDA is also looking good at NOK 57 million, compared to NOK 41 million reported last year. Adjusted EBITDA last year was NOK 46 million, to compare the numbers. We have a stable depreciation amortization, and the finance cost has a reduction of approximately 50% compared to what we had in the quarter earlier. And that's is in line with what we've communicated previously. And that, of course, is a result of the refinancing process and the listing process. And these positive effects give a net profit of NOK 25 million versus NOK 4 million last year. And for the service part, the picture is like this: we've had 17% revenue growth compared to last year with steady and increasing activity both offshore and onshore, and that's before the ConocoPhillips agreement that we have started in June. We had one start-up of a new asset in the first quarter, that's Gina Krog, but not a significant impact in the quarter. And the carbon capture and storage project, still with record-breaking activity in industry. And EBITDA for services ending at NOK 57 million versus NOK 42 million in last year. Order intake, as Harald mentioned, mainly related to the ConocoPhillips frame agreement, ending at NOK 3.8 billion in the quarter. The Benarx sales still low, also slow. Europe with the same picture as earlier, with many small orders and too low volume. Asia, the same picture, low activity and delays. And then again, Subsea with good activity and margins in the quarter. Ending the revenue at NOK 50 million and the EBITDA at 0, almost the same as the same quarter last year. And order intake ending at NOK 100 million with Aker Solutions. And that contract is both services and materials. We've had increased net working capital this period. When you look at the cash flow, we have an equity ratio of 45, to start with, with that. And the cash flow from operating activities was negative by NOK 66 million, and that relates mainly to net working capital increasing. You know, activity and timing of payment is the main reason why this is so. And if you look at the historical data, it's very volatile. You know, maybe we ended up quite low in Q4 2023. And it, you know, the gap towards Q1 2024, but it's nothing extraordinary, and you have to look at the net working capital over the last 12 months, and then it should be in the range of 4%-6%, maybe 7% over time. But of course, it will increase going forward because we have the seasonal variations, but especially this year, start up of new contracts. And remember that when we start up, we need to pay, you know, salaries, et cetera, and then get paid later on. So it will increase in the short term, but then it will normalize during the autumn. CapEx was NOK 12 million in the quarter. And CapEx will increase or is expected to increase both in equipment and robots to facilitate the growth that we're seeing in the close in Q2 and Q3. Yeah, we have... Well, we have an offer to increase our long-term financing by NOK 30 million, and that is to finance the CapEx and the investments we need to do to facilitate the growth. And that's just part of it. So the CapEx, I'm not going into specific numbers, there are ongoing discussions, you know, whether to lease, to rent, to invest. But the long-term financing, which will finance part of the CapEx is NOK 30 million. And the financial governance, we have a significant headroom within this. ESG, we have quite a huge reduction of the accident frequency, knock on wood. We have growth in robotics, which enable us to reduce our microplastic waste. We've done the EU Taxonomy reporting in 2023, so you can look at that on beerenberg.com. And we're ongoing work in order to be ready to report according to the Corporate Sustainability Reporting Directive. So that will be finalized in the Q4 2024. And you can also see the annual report for details on beerenberg.com, if you want to see the full plan. So that's it for now. So I think we're open up for questions. Mm-hmm. Thank you very much. So I just want to remind all the participants here that you can ask questions in the Q&A function. I can start out with the questions that has come in so far. So the first question was: What do you expect CapEx to be in 2024 after the new contract onwards-awards? So sorry. Yeah, like I said, I'm, I'm not going into specific numbers, because there are ongoing discussions with, with, a lot of different, stakeholders, but NOK 30 million of the CapEx is, is, long-term financed, and it's, it's more than that, but, but the specific number, we have to come back to. Do you have anything to add? No, I think it's fair to say that there is a fund or a CapEx requirement- Yeah ... that has increased significantly following the new contracts. Exactly how much we will have to revert on, but it's significant. Thank you. Last year, your order backlog for 2023 accounted for approximately 80% of your revenue in 2023. Can we expect that the order backlog for 2024 can be divided by 0.8, such that we end up with revenues above NOK 3 billion? Yeah, well, we sort of expected that question. I think that it's fair to say that that's definitely within a reasonable range of outcomes. However, I think it still feels that that could be in the higher end of a reasonable outcome. Just so I think we will leave it at that. Yeah. Thank you. How many robots will you use for the FPSO project with Equinor, and what is the cost of these robots? And then it says in parentheses NOK, NOK 1 million-NOK 6 million? Yeah, it's a fairly huge project. You know, I, I think it's around NOK 90 million. So we're building four new robots for this project, but of course, when this project is done, we can use it for different or other projects. In total, I'm not sure about the number of robots, but it's maybe seven or eight on this project specifically. And the ones we're building now, I think the cost for each will be around, let's say NOK 1 million. ...-ish. Mm-hmm. So NOK 4 million in new robots on that project. But of course, the lifetime of the robot is way beyond that project. Yeah. And then there will be some additional increment. Yeah. It's not only robots that is needed to do the work, pumps, et cetera, is also required. So there will be a CapEx requirement, obviously, on this rather complicated tank job. But we're building capacity, and we feel pretty confident that that will be a very efficient execution of these type of projects. Thank you very much. Okay, next question is also: What do you expect or estimate revenue and EBITDA margins to be in 2024? Good question. Next. No, it's. We don't- We don't guide. We don't guide, so we deliver the first quarter now, and we'll come back to the figures later on. Yep. I keep saying that our ambition is 10%, and there is a lot of cost pressure. I think we will not be more, you know, guiding more specifically at this time. Okay, that's good. Thank you. Then the last question so far is: what is estimated size and duration of additional FPSO robotics contract opportunities? Ooh, that's a... That's a big question. How should we go about answering that one? There is a significant potential, especially really with many parts of the FPSO that require maintenance, and a lot of that can be done by robotics under the right circumstances. We are in dialogues with a number of clients that would like to test out to sort of prove the technology related to this. The time from that is well within this year. Some of that is actually during the summer. And so I think, in terms of, you know, market, there is really a lot of FPSO that requires a lot of maintenance ongoing. But obviously, it's a competition also towards more traditional ways of doing maintenance. So, the duration, I think is multi-year. The execution of these projects usually are between 3-9 months, depending on the scope. Really, we are in a process of really proving and building up both reference cases and trial cases for a lot of different clients. I think that's- Mm ... covers it, I guess. Yeah. Thank you. And then it's a follow-up on that one, but can you share something on robotics activity in 2024 relative to last year and 2022? Mm. I think last year, the revenue for the robotics was so NOK 60 million plus. Full year. Full year. Full year. So, so it's an indication, you know, when one project is around NOK 90 million, what we can, in a way, achieve in 2024. But, but in total, I think we'll have to come back to, to, to- I think we're looking at the near double. Yeah. I think that's close enough to where we are looking at this point. Thanks. Regarding your recent contract with Allseas for decommissioning in the North Sea, how much of your business is related to decommissioning work, more specifically, removal of platforms? Do you view the potential market opportunity... Or how do you view the potential market opportunity? I think that the first let me say this: that part of our business has been fairly limited so far. The decom market is notorious for being delayed. I mean, look at Statfjord A was postponed, you know, for many years. What's important with this agreement is that it proves our competitiveness in the U.K market. So actually, we're able to have a broader reach of our deco business. It's a highly specialized business, I must say. But we looked at positioning ourselves to be able to sort of support that market when it comes in full. And the UK looks to be sort of ahead now, with a sort of multi-year removal plan. And we are competitive and present in that opportunity. And then the Norwegian shelf will come as well, but that probably at a little bit later stage. Okay, thank you very much. That looks like it was all the questions. And thank you very much for answering all of these. So with that, I want to thank everyone on the call for listening in, and also for Beerenberg management for joining us and for a good presentation today. I wish everyone a good day. Thank you. Thank you. Thank you.
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