Good morning, and welcome to the Q1 2024 presentation for Bonheur. My name is Anette Olsen, and I'm the CEO of Bonheur. I have with me here, as you know well, Richard Olav Aa, our CFO, and he will present the main figures. We also have, as usual, our CEOs for the different subsidiaries of Bonheur, and they will take their turn in presenting to you. Today, we have three relatively new CEOs that will present for you. It is Sofie Olsen Jebsen, responsible for Fred. Olsen Renewables, Per Arvid Holth, responsible for Fred. Olsen 1848, and Haakon Magne Ore, responsible for Fred. Olsen Windcarrier. In addition, Lars Bender will, of course, present Fred. Olsen Seawind for you. So with that, I will give the word to Richard. Yes. Thank you, Anette, and also, partly welcome to this conference call from me. I think before I go into the numbers, I would like to give you a little bit of the market backdrop of the main markets Bonheur is present in. I think if you look at the Q1 results, these market trends give a very good description of what, what we're, the backdrop of the results. First of all, the energy markets. We see that the steep decline in natural gas prices, coupled with the high inventory of natural gas, have driven the cost of electricity down in Europe to a large extent, and that also impact the electricity prices in all our main markets, as you see coming through in the results. So we see a weaker power price market than we have been used to the last few years. On the other hand, we see a quite buoyant market for our installation business, with a lot of delays and movements in the schedule in the short run, and also a strong pipeline building up in the long run. And also, the cruise market is quite buoyant, as we see coming through in the booking numbers. So that's the market backdrop of the results. When it come to the operational backdrop of the results, we have quite good operations underlying this quarter. However, we have, especially in the wind service segment, one vessel, Brave Tern, in yard in Spain, out of service, and one vessel, Blue Tern, has been in transit between two projects, impacting the result this quarter. Also, cruise, we had some special operational issues this quarter due to the geopolitical situation in the Middle East, where we had to change our plans and re-route vessels in the quarter, with additional costs impacting the cruise. So that is a little bit of the macro sentiment, the market backdrop, and what are the main things impacting the result, which is a good, good backdrop when we go into the numbers. Starting out with the renewable energy, we see that EBITDA is down from slightly short of NOK 800 million, down to NOK 476 million, a drop of NOK 288 million, mainly related to lower prices, which is on average 39% lower than Q1 last year. But we will come back to the main market drivers in our presentation. On the offshore wind, we are progressing both the Codling and the Scotland projects, and Lars will come back to that in his presentation. The main focus there now are on the consent applications. When it comes to wind service, despite one vessel in the yard, Brave Tern, in Spain, and Blue Tern in transit between Scotland and the Baltics, we still deliver an EBITDA of NOK 174 million, down from NOK 206 million Q1 last year. Backlog is strong, EUR 514 million for the Tern vessels, and EUR 105 million for the Blue Wind vessel. I also commented on the Brave Tern at the yard, and Haakon Magne Ore will come back to that later in his presentation. On the cruise, we have an EBITDA of NOK 2 million, which is more or less on par of Q1 last year. Occupancy is slightly up, net ticket income prices slightly down, and I will cover more details on the cruise at the end of the presentation. On the strong side, we see that the booking numbers are coming in strong compared to last year. Other investments, EBITDA, more or less on the same level, largely overhead cost and investments into 1848, and a small EBITDA loss in NHST. But I will, we'll come back to the investments and the technologies in Fred. Olsen 1848. I will cover the consolidated results on the next slide, but just a quick note on the parent company. Stands still at an equity ratio of close to 70%, and cash in parent, NOK 3.5 billion at the end of Q1. So the consolidated summary revenues are close to NOK 3 billion, same level as Q1 last year. You may ask: Why can you have revenues at the same level, with this steep drop in the power prices? Well, the explanation is really related to the Blue Wind vessel, where we have high revenues this quarter, and also higher revenues in the cruise lines, also driven by a strengthening of the pound. That we see on the OpEx as well, that OpEx is going up with NOK 304 million. That's also mainly related to, taking in also the OpEx on, the Blue Wind vessel from, Shimizu, and somewhat higher also OpEx in, Cruise. So EBITDA is down with NOK 300 million, mainly driven by lower power prices. Depreciation, corrected for currency, is more or less at the same level at NOK 279 million. Net finance this quarter is, very positive. Normally, you would expect, a negative figure on net finance. This quarter was a positive NOK 114. It was also positive Q1 last year. This is mainly unrealized effects in currencies, and also the interest rate swaps in renewable at a positive, value development, in the Q1 this year, and the same as Q1 2022. So earnings before tax came in at NOK 425 million. Then the tax cost, we pay largely tax in the UK on the renewable side and also in the operations for Windcarrier in Taiwan. So tax cost of NOK 122 million, and a net results of NOK 304 million, which is NOK 262 million down from Q1 last year, and again, mainly driven by lower power prices. One small note maybe worth mentioning is on the net interest-bearing debt. We had a good development in working capital this quarter, so the net interest-bearing debt on a consolidated level is down by close to 500 million kroner year-on-year on a consolidated basis. Yeah. The revenue side, again, stable revenues, and you see here a more detailed breakdown of why we have stable revenues. Renewable energy, down NOK 445 million, mainly related to power prices. When we look at generation, generation is also lower than P50, but also somewhat compensated by curtailment, so generation is not a big explanation. This quarter, net of curtailment, it's really the prices. On the wind service side, we have the Shimizu vessel, but also strong start of the year on the revenue side in Global Wind Service compared to last year. Cruise, higher occupancy, but also currency effects are driving up the revenue. Then on EBITDA, renewable energy, down NOK 288 million. You would expect with this steep revenue decline, that the drop in EBITDA would be even higher than NOK 288 million. The main explanation for that is not coming even harder through in the results is that in Q1 2023, we booked more than NOK 100 million in OpEx in the EGL tax in the UK, which is a tax system the UK government introduced under the very high electricity prices. So in Q1 last year, it was record high, so we booked accrued tax then in the Q1. That later turned out to be too high of an accrual since the drop of the energy prices for the rest of the year, and the tax is calculated on a yearly basis, actually took the tax level down to a very minimal level. And obviously, we don't have that sort of tax expense in Q1 this year. So, without that tax, the change would have been more than NOK 400 million on pricing alone. Wind Service, down with NOK 32 million, actually quite strong, in my opinion, considering that the Brave has been at the yard, and that we had Blue in transit between two projects. Cruise lines, down on EBITDA. I would say we would have expected more from cruise lines this quarter, but due to the geopolitical situation, that we had to reroute on sailing routes and destinations, also incurring higher bunkering costs for having to sail, what to say, around Africa instead of through the Suez. That has impacted the cost of cruise lines quite a bit this quarter. And other, NHST, Fred. Olsen 1848 and overhead is more or less as expected. On to the balance sheet. In the Q1, I mentioned that we had quite positive with quite positive development in working capital, and also, we had some, yeah, quite good cash flow in the Q1. So we see that the renewable energy starting from the top, the 100% controlled entity, sits with more than NOK 300 million in cash. Wind Service actually now have more cash than they have external debt in their banking facilities for Brave Tern and Bold Tern. Cruise lines, they got the payment from Braemar, and also good working capital development in cruise lines, on the back of strong bookings, so close to NOK 600 million in cash, compared to a quite small external debt, mainly related to the seller's credit with Carnival. And then, Bonheur also has some minor subsidiaries sitting with the NOK 3.6 billion in cash compared to the bond debt of NOK 2.9 billion. So 100% controlled entity has a very solid cash position of NOK 5.2 billion, compared to a debt level of NOK 3.7 billion. Down in the joint ventures and where we don't control one hundred percent, we see the renewable energy largely than the wind farms in Scandinavia and Scotland have a cash position of NOK 706 million, compared to an external debt of NOK 5.5 million, which is a good capitalization of the wind farms. Wind Service NOK 452 million in cash, compared to an external debt of close to NOK 1 billion. So the main debt is down in the joint venture, according with the policy and the green finance framework of Bonheur. Yeah. So that takes me to the end of my presentation, Anette. Good. Sofie Olsen Jebsen, now responsible for Fred. Olsen Renewables. Thank you very much. So for Fred. Olsen Renewables, the results this quarter are influenced by mostly lower power prices, but also some winter conditions, where the icing and strong winds makes the turbine stop, and the strong winds makes it take longer for the turbines to have adequate conditions to start up again. So moving on. We have a full cycle business model, where we develop projects cradle to grave, and we believe we create better projects this way, because we can then deliver renewable energy better, and contribute to the green transition. And actually, this business model gives us quite a lot of credibility in the local community as well, because we can say that we will be here to operate the project. Actually, the last, or the latest... Some of the latest two projects that have come to us in the UK have been added by local landowners coming to us, having been approached by others, but wanting us to develop the project instead. So being responsible actually creates business opportunities for us. I will talk about some project examples today, but first, some comments on the markets. So moving on. The generation is slightly lower than expected, as you see on the top, left-hand side. With regards to the power prices, on the top, right-hand side, you see how closely linked the European power prices are to the gas prices. And as Richard has mentioned, as gas storage level are seasonally healthy on the back of a mild winter and strong supply, the power prices have stabilized at a lower level. So we also see there is a lower than normal demand for heating, and that there is quite a lot of import and of LNG. And as you see then on the lower left graph, these factors influence the power prices in our core markets, so they have stabilized at a lower level. Moving on, I would like to show you 2 example projects today. The first one is Verkaliden, which is one of our development projects in northern Sweden. And Verkaliden received consent in Q1 for an increase in tip height from 210 meters to 250 meters. This will improve the yield and is, of course, very good news for us. Moving on again. The second example I would like to mention is the Lees Hill Renewable Energy Park, which is actually one of Scotland's first greenfield multi-technology hybrid projects, if not the first. What is special about this project, or very interesting as well, is that we are developing both wind, solar, and battery together. The project has been submitted, or the application has been submitted to the authorities, which is very interesting. Moving on then, I would like to show a film, and this is from our Lista Wind Farm in Norway, where one of the technicians there, Kåre Heimvoll, which will share some of his insights. Please play the film. [Foreign language] [Foreign language] Moving on then. I would like to round off with a picture from our Högaliden wind farm in Sweden, which consists of 25 turbines with a maximum tip height of 200 meters. Thank you. Good. Thank you, Sofie. Next in line is Lars Bender, Fred. Olsen Seawind. Thanks, Anette. Yes, and also, welcome to Fred. Olsen Seawind's presentation. I'll today walk you through the highlights of Q1 in Fred. Olsen Seawind in each of our core markets. And, starting off, I'll give you a bit of the highlight before, going into further of the details. We've seen overall good performance on our main projects, both in Ireland with the Codling Wind Park and the Muir Mhòr project. Secondly, we have unfortunately seen a postponement of the Utsira Nord, yet another postponement in Norway, for that project. And then thirdly, and positively, we have, expanded our cooperation with, EDF in Ireland. All of these three things I'll come back to in the presentation in, in more detail. If we move on to Ireland, we have, over this quarter, seen positive development in our project. We are, as Richard mentioned at the beginning, very much focused on the consent application and preparing the project for the final consent application. That entails that we've had focus in this quarter on public consultations. We've had really good engagement with local communities and local stakeholders, and in that relation also had really positive feedback on our project. In addition, we have, over some time now, worked on developing the project parameters with a more flexible development envelope. That means that we are now targeting FID between 2025 and 2027 with the intent to cater for the consent regime in Ireland. Currently, we will be one of the first projects to apply for consent in Ireland, and it will be one of the first offshore wind projects in Ireland to be consented. That gives some uncertainty around the timing of that consent and how the government will deliver the final consent application. In order to cater for that uncertainty, we have now designed a robust development package for the project, where we can take an early FID, but also a later FID, depending on the outcome. In addition to that, it has been important for us also to be flexible around development to grab future opportunities. We currently see an offshore wind market with a lot of opportunities. We see technology advancements, we see new capacity coming into the market, and we also see new entrants on the supply chain side. In order to enhance shareholder value, we see some of these opportunities being relevant for our project, and having a flexible approach to the development gives us the opportunity to grab some of these opportunities down the line. Moving on to the news I alluded to in the beginning, we have entered into a partnership with EDF around Ireland phase II. Ireland phase II is the next step after the first auction, which will contain around 2 gigawatt of total capacity. It has been natural for us to expand the good cooperation with EDF. From Codling, we have significant synergies together for phase II, so we want to build on that and of course, strengthen our presence in Ireland together. Currently, the timeline for phase II is end of 2024, maybe early 2025, and we are now awaiting clarity on some terms and conditions, and based on that, we will of course evaluate these opportunities together with EDF. Moving on to Scotland, we have in the last quarter actually opened a new project office together with Vattenfall, and that is obviously a testament to the project strength and the common belief we have together with that Vattenfall in the project we are developing. We've seen the team over the last two years deliver and develop the project really well. We have delivered on the milestones we set out in relation to gathering data on site, in relation to preparing for consent, and therefore, it's been natural for us to strengthen the presence. We are now looking towards a consent application in this year for the Muirghoz project. If we move on to Norway, as I alluded to in the beginning, we have unfortunately seen yet another delay in Norway. It's been a lot of delays over 2023. Now we have an indefinite delay of Utsira Nord. Naturally, that is not positive, and this adds to a picture in Norway with 100 attacks on onshore, where it's probably fair to say that the investor confidence and the developer confidence in Norway is at a low. However, if we take a step back, we still as a company have strong belief in the Norwegian market. There's a strong wind resource, there's a strong supply chain, there is a power demand over time. So the potential is great in Norway, but naturally, that potential will only be realized if we have a stable and robust framework. And that is very much what we are waiting and also hoping for, going forward. So to round off this quarter, three main news. First of all, stable development and progress in our projects in Scotland and Ireland. Secondly, bad news in Norway, unfortunately, with the postponement of Utsira Nord, but then thirdly, I think very positively, an expansion of our good cooperation with EDF in Ireland. And with that, I will hand the word back to you, Anette. Thank you. We will come back to questions at the end of the session. Next, Per Arvid Holth, Fred. Olsen 1848. Thank you. Sorry. So, I will go through three of the solutions that we are currently working on. Starting with the Brunel, then this being my first presentation, I thought I'd go a bit back to the basics on Brunel. Brunel is Fred. Olsen 1848's response to how to produce as many floating wind turbines as possible in the shortest possible time, and we're doing that by leveraging the monopile fabrication technologies that has been developed through the development of bottom-fixed wind. Furthermore, as the bottom-fixed wind is developing and installing larger and larger turbines, we see an opportunity for Brunel in that some of the monopile fabrication capacity will be left behind, as it cannot supply those bigger turbines. That's an opportunity for supplying BRUNEL, which we are quite excited about. BRUNEL is currently in its final stages in achieving a DNV certificate for basic design. That leaves us at the TRL level of 6, and that means that we are now technologically mature enough to start discussing with fabricators and developers on building a site-specific BRUNEL. A third aspect that I would like to highlight in our approach to BRUNEL is that we feel that each floating turbine will need a specific controller to work optimally. That challenge we have attacked by starting a project together with the Norwegian Research Institute, IFE, supported by the Norwegian Research Council, to make a specific controller for BRUNEL. and that sets us in a good position to manage the power production coming out of our technology. Fine, then I'll go to the next one, which is the floating maintenance solution. Now, the floating maintenance solution is a service for changing major components on offshore, floating offshore wind turbines. And there are two aspects of this service that I'd like to highlight. One is that the technology utilized while providing the service is basically available in the market today. The second one is that our solution does not interfere with the established practices for handling the components, either it being winds or it being gearboxes. So we're, we're complying with the existing and as well-established procedures. And to us, that means that we feel we have a quite small threshold for entering the market with this, this service. We are continuing discussions with developers and maturing the business case as we go along. Finally, moving from floating wind to floating solar, an update on our near-shore floating solar technology, BRIZO. In the last quarterly presentation, we showed a video of our installation of a 124 kW pilot at Risør, just north of Risør. And of course, this pilot is very crucial in our operation today. We are gaining a lot of operational experience with the system in its operational environment, which we are then feeding back into the design process. And in parallel with that, we are doing a full renewal of the design process. And in that perspective, again, the site at Risør is important to implement new solutions in the field and test it straight away. Commercially, we are working to get opportunities for our first commercial unit, so that is typically up to a 3-megawatt unit, and that is our focus going forward. So that was my summary. Thank you. Thank you, Per. Certainly, we hope that some of you might have a chance to see the floating solar project in Risør this summer, but don't get too close. Definitely. It's still being tested. So, Haakon Magne, responsible for Fred. Olsen Windcarrier. Yes, thank you. Good morning to all of you. I think the quarter in short was yet another decent operational quarter. If I should highlight two things, I think it's the yard survey that also Richard mentioned. Brave went into yard to be able to a major upgrade, to be able to handle the next generation of turbines. This is a copycat of what we did two years with Bolt. Then, on the market, we continue to see a tight market. We see developers seeking commitment long time ahead. But we also see that general supply chain issues that we have in the offshore industry today continues to impact the dynamics both positively but potentially also negatively longer term. That takes me over to the vessels. Bold Tern continued to execute on its backlog in Taiwan. Brave Tern, as mentioned, went into yard. Blue Tern completed the energy work, a project that it has been for almost two years, and then mobilizing for a project in the Baltic Sea. Blue Wind, which we manage on behalf of Sumitomo outside Japan, that is mobilizing for its second project under the partnership. Going a little bit into the operational and the financials. As mentioned, we had another stable operational quarter. We had a contractual utilization of 93%. That means we sold 93% of the days we had available for sale. Given that, Brave Tern was in yard for the whole quarter, and we also had some incremental downtime on Blue. Between the two contracts, there was some spent some addition time on, on maintenance, but also some weather-related delays during, the, the transit. Taking into account all that, we had a commercial, utilization of 67%. That means the dates we actually got paid, in the, in the quarter. For the financial part of it, we came out with an EBITDA of close to EUR 14 million. Again, taking into account, have, have in mind that, one third of our production capacity had no earnings, but full cost level in the quarter. We have included 2, pictures, to highlight the yard process that we are undergoing. Again, it's a copycat of what we did two years ago, and which has been proven to be a very good and competitive upgrade when the vessel comes out of yard. The first vessel is showing the crane being delivered at Navantia in Spain. The second one is the old vessel, old crane coming off the vessel. We continue to expect, as we have communicated, that the vessel will be redelivered and ready to work during next quarter. My last slide is on the backlog. The backlog remains healthy at EUR 540 million for our three own vessels. That's down marginally, quarter-over-quarter. If we include the Sumitomo vessel, the backlog is at EUR 619 million. Main events during the quarter is that we secured an O&M contract with Vestas. That fits very well into a gap we had between two T&I contracts. It's always good to fill the whole schedule. We also last quarter announced that we had entered into the reservation agreement for work in 25. Unfortunately, that agreement elapsed without being concluded in a firm contract. To give you some more highlight on that, I think I'll go back to the market comment I made at the initial of the start, where you see that the value chain bottlenecks we in general have in offshore wind impacts also our market niches. When there is the bottlenecks in the value chain, that impacts the project often become delayed. For the installation vessels such as us, we are on a day rate contract with a fixed start and end date. So if the project is not able to then install the turbine in the agreed space, it creates additional demand for our vessel. That was the case we had for this reservation agreement, but unfortunately, the supply chain issues resurfaced. So it appears that it was hard for the client to adopt to incremental vessel installation capacity. So that made some troubling to conclude the contract at the current point in time. As I mentioned also, the rest of the market is tight. We continue to see high bidding activity, and we also continue to see developer approaching us to secure vessel capacity longer time ahead than what we've seen at normal times. I think then I'll give the board back. Thank you, Magne. Next, Richard is going to cover Fred. Olsen Cruise Lines. Yes. Thank you, Anette. So, Fred. Olsen Cruise Lines in the quarter, starting with the vessels. Borealis, Bolette and Balmoral operated in the quarter, while Braemar was sold. So, we are glad to report that she was delivered. We have got all the proceeds, and hopefully, she will get a good next life with the new owner, where she will be rebuilt into a residential ship. So a very strong team effort from the technical team here in Oslo and also the team in Ipswich to get that over the finishing line in the quarter. Going back to the three ships, we had occupancy in the quarter of 69%, up from 66%. In a historical perspective, 69% in Q1 isn't all that bad, but going forward, I think we will aim higher than 69%. But typically, our challenge with Cruise Lines is the occupancy in the fourth and the Q1. So that has to be a focus going forward to get the occupancy also higher in the shoulder season to have a better earnings. Net ticket income of GBP 172 per diem, compared to GBP 180. That is definitely on the soft side. It's also to be explained by that we have some very long world cruises in the mix this quarter, which typically have a lower per DM than shorter 1-2 week cruises for the rest of the year. We had less of these long-term cruises in Q1 last year. But also strong focus going forward is to get the yields up at a higher level. And then we had higher OpEx in the quarter due to that we had to reroute world cruise due to the geopolitical conflict in the Middle East, and in particular, the trouble we see in the Red Sea. So I think we took a very early and good decision of the safety of our our guests and and crew not to take any chances of that. So we're very happy that we were quick on our feet there, and rather took some higher OpEx and some cancellations from our from our guests. Safety has to come first. On a very positive side, we see that the booking numbers are coming in good compared to last year, even if the Q1 sailings didn't improve that much from last year. We see going forward, what we have booked now for the remaining of the year and into 2025, come in with stronger figures. And that also comes, I think, on the back of increased customer satisfaction. We see that on all three vessels, the customer satisfaction is at a high level and going up. So I think we have hit a good nerve with the two new vessels and also how we have upgraded the Balmoral. There's a lot more to do and to continue to improve customer satisfaction, but it's at a healthy level, and it's improving. So, if you want to experience a cruise experience with us, this summer and into the autumn, I think you have to be quick now because it's very soon sold out. So I think we'll end with that on that note. Good. An invitation to book cruises. Absolutely. With that, we will then move to the questions, if you have any. Please. Question and answer session. If you have dialed in and would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you'd like to withdraw your question, simply press star one again. If you are called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. We will pause for just a moment to compile the Q&A roster. Our first question comes from the line of Joseph Fleming from SB1 Markets. Please go ahead. Good morning. Joseph Fleming from SB1 Markets. Just want to start up with a question to Fred. Olsen Windcarrier. So obviously, just thinking about the current backlog for 2025. So, without the reservation contract, I guess that you have a vessel open for the entire year, basically. And maybe you can comment on, you know, other opportunities to add work for 2025 for that specific vessel, given that the reservation agreement was canceled, and maybe about whether you see similar terms for that potential contract. Thank you. Yeah, thanks for the question. I think, as I try to allude on, we are in a dynamic world, things are happening. There is a lot of activity in our space. There's a lot of projects ongoing. So I think we are quite positive, given the outlook and the dialogues that we have for that vessel. Okay, on which vessel it was. Was it one of the 100% on the vessels, or was it Blue Tern? I think we normally don't comment specifically on our vessel schedule, so I think, yeah, I think I'll pass that question. Yeah. No, just to add to that talk, Magne, as you have seen before, we have been very good at executing also vessel swaps- Yeah ... with our clients, when that is necessary. So we have a flexibility to cater for movements in the market, like Magne said. So I don't think it's we will refrain from comment on specific vessel allocation as the market in the dynamic market picture. Maybe one last question before I head back to the queue. So when it comes to Codling, obviously, FID targeted in 2025-2027. What would need to happen for an FID to be in 2025, versus 2027? And do you have, like, any internal expectations of FID year? Thank you for the question, first of all. Obviously, the reason we have made it a flexible development schedule is basically to cater for two things. One, we wanna allow for flexibility on the government side. This is the first time for the Irish government to consent offshore wind projects, and inherently, that can take either a shorter period of time or it could take a longer period of time. In order to have a robust schedule, and in order to have a robust development plan, we have catered for that in the flexibility we have added. But as I also said before, what is as important is that we currently see a market as also Magne alluded to, with some constraints, but we also see a lot of opportunities. We see new technology being developed, we see new players coming into the market, and we see capacity being expanded, and that is very much an opportunity for a project like Codling. Having flexibility on when we take our FID maximizes the potential of grabbing those opportunities. So, currently- ... to be clear on, on your question, we cater for both scenarios, early and late, depending on the outcome. So that is our current expectation, that we can deliver on both. ask a question, please press the star followed by the one on your telephone keypad. That is star one to ask a question. Our next question comes on the line of Joseph Fleming, SB1 Markets. Please go ahead. Asking a question today. I just have a question on the production level for the Q1. Can you add some light on the production levels? I mean, this quarter it has to be significantly below P50 levels, so some more details on that would be great. Thank you. Yes, as I mentioned in the presentation, with regards to the generation from the wind farms, we have seen some major repair works. There has also been significant winter conditions this quarter, and that, of course, also influences the production. So, both high winds and icing has influenced some of the wind farms to a varying degree. And that's... Yeah, that's what we have seen. But I just like to add that, if you look at the slide Sofie presented on the generation on the Q1, even though we had this problem, it's not a normal low quarter generation and also have some curtailment compensation in this quarter. So even though there are effects of lower generation, I would like to stress that the main reason for the lower results in renewables is prices. Yeah. A last question from, from me, on the cruise. Obviously some extra costs- Mm-hmm ... for the Q1. Is that something that is expected to continue as long as the Red Sea situation continues or? Well, I hope not that the situation in the Middle East, we can all hope that that will calm down and not escalate further. I think when we now go into the summer season, we see that more of our cruises are in different waters, fortunately. But of course, that in the wintertime, we have had good success with world cruise and and so on. Going through the Suez is more efficient and of course, the destinations in that area are much more attractive than the destination of the west coast of Africa. So not having the opportunity to go to the Eastern Med and through Suez and down there is of course not good for the long term. But, cruise lines is working diligently to substitute the destinations there as we, as, we don't know how long this, this conflict will last, but we cannot bet on that that will solve itself. But short term, I think the worst is behind us. But longer term, we're losing a key sailing area. So now also... Yeah, St. Petersburg used to be a good port, now also the Middle East. So these geopolitical situations are forces us to find the new ways to cruise. Have you seen the additional costs related to the Red Sea situation continue into the Q2? I think we've taken the main bulk of it in the Q1, as then we had the rerouting, had to sail around Africa. But whether it will be some spillover into the Q2, I cannot guarantee you. All from me. Helene Brøndbo from DNB, please go ahead. Had one question related to your renewable energy segment, and I was just wondering if you could provide any commentary on the status on your sales of guarantees of origin in both U.K. as well as in Norway and Sweden in Q1? Hmm. Richard? Yeah. No, thank you for the question. I think we don't break down our revenues, but as we have commented earlier on, we have improved quite a bit on the auxiliary revenues, how we, how we work on those, both on the REGOs and the ROCs, and so on, how we constantly look at the market, how we choose the best suppliers and so on. So also the Q1, we had quite okay revenues from REGOs and other certificates of origin. I also have one question for Haakon Magne on the FOWIC site. On Ørsted's earnings call yesterday, they talked about potential incremental demand for some of its projects related to some delays earlier in the value chain, and that also includes Taiwanese projects where you have the initial installation work. So I was wondering, have you received any indications about an incremental demand here? Yeah, I think, I mean, we could just also make reference to the... My answer to Jonas on a potential for work for the available capacity in 25. I think we have the dialogue with all the major developers and continuously entertain various solutions.