Welcome to the BW Energy Q3 presentation. My name is Allan, and I will be your coordinator for today's event. Please note this call is being recorded, and for the duration, your lines will be on listen only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star one on your telephone keypad. If you require assistance at any time, please press star zero and you will be connected to an operator. I will now hand you over to your host, Carl Arnet, CEO, to begin today's conference. Thank you. Good afternoon, and welcome to this BW Energy third quarter presentation. This presentation will, as usual, be hosted by our Chief Operating Officer, Brice Morlot, and our Chief Financial Officer, Thomas Young, and myself, Carl Arnet. Before we talk about the quarter, I want to talk about the recent incident on the Dussafu license. As you are aware, on October 24, the Prospector 5 rig sank during pre-loading just outside our MaBoMo facility. 115 people were on board, with 110 of them rescued and safely brought to Port-Gentil. Our thoughts are with the families, friends, and colleagues of those affected. This is a tragedy, and it puts everything else we talk about today into perspective, of course. I want to thank particularly the crews and rescue teams who brought the 110 people safely to shore. Thank you also to the country of Gabon, President Nguema, his administration, to Borr Drilling, and to our neighbors, VAALCO and Perenco. All came to help without hesitation. This is really the industry at its best. Our priority remains to support the search, the people affected, and then analyze what happened. On the business side, briefly, production was already shut down as a precaution before the rig arrived, and there is no damage to our facilities. That has been ascertained with video surveillance. There was a known volume of diesel on board the drilling rig, and we are working to minimize any environmental impact. As you understand, we are still in an early phase, and the main focus has so far been on the search and rescue efforts. This will impact our Dussafu timeline, and Brice will provide some further comments on that. I am sure there are many questions, and we will do our best to answer what we can today based on what we know today. Beyond the incident, the third quarter brought real progress Northwest Hibiscus Main. We made a strategic entry into Angola, and this will be commented further. The Kudu farm-down has drawn strong interest, and we will provide some comments on that too. We extended key financial agreements. Production was 21,500 bpd and Brice will cover in more detail how that was achieved. Financial results reflected the timing of liftings, which Thomas will explain in detail. We have, as you know, five projects in execution, which we expect to add 222 MMb of 2P reserves. MaBoMo phase II is the one affected by the incident. The other projects we are pleased to report are on track. That is why we maintain our target of more than 100,000 bpd in 2028. The appraisal results were strong, but of course, first oil from MaBoMo will have to be rescheduled to a later date than the planned first quarter of next year. Maromba is our largest project, and it is on track. The FPSO top side modules have been delivered to site at Dalian, and we are working towards the sail away of the FPSO in the second quarter next year. The wellhead platform will go to Brazil by heavy lift in January. Subsea equipment and drilling are all on schedule. We are on track for first oil late 2027. The next key step in the Maromba project is getting the wellhead platform from Dubai to Brazil. The tow through the Strait of Hormuz is planned for December and a transfer to heavy lift in January and then to Brazil. We are constantly reviewing the security situation, and we are in constant dialogue with the tow operators. When we get to Brazil, the unit will have to pass several regulatory approvals from ANP, IBAMA, Navy, and obviously also Customs. We work closely, proactively with all them, and all these processes are in line with the schedule. We have also in the quarter been pleased to announce our strategic entry into one of Africa's most important oil basins. Together with Etu as operator and our partner Chariot, we have gained exposure to producing assets. Our share is expected to be around 8,000 bpd from the first quarter of 2027 when we expect closing. The terms are attractive around $6 per barrel of 2P reserves after interim cash flows, with payback in under two years. Last but not least, a fully funded abandonment fund. Just as important, there are more than 500 MMb of identified upsides. Some of those resources are already being targeted and brought forward from the nearby PKBV field, which should add further production in the coming years. Last but not least, the Kudu farm-down. The Kharas-1A results are now fully integrated, and they show three plays with both oil and gas potential. This summer we launched a farm-down. Interest is strong. We are in dialogue with around 50 companies, with about 20 NDAs signed so far. We expect to complete the farm-down, including government approvals, in the second half of 2027. In parallel, we continue our dialogue with the government on gas to power. With that, I hand over to Brice for the operational update. Thank you, Carl, and good afternoon, everyone. Before discussing the quarter, I want to acknowledge the tragic incident of Saturday, leaving five people missing. Our thoughts are with the families and colleagues affected, and I want to sincerely thank the rescue team, Gabonese authority, and the oil and gas company operating in Gabon for their exemplary support. For the quarter, the net production was 21,500 bpd or 2 MMb, down to 25.3 in Q2. The facility performed well. The decline came from two well-specific issues, one at each asset. At Golfinho, production was 4.7 thousand barrels per day with 58% production availability. This reflects a pump failure in one well, which will be replaced later this year, and continued downtime on the gas lift compressor. That is exactly the constraints Golfinho Boost will remove from the next year. At Dussafu, net production was 16.8 thousand barrels per day with 99% production availability on the FPSO BW Adolo. The loss came from one MaBoMo well, where the electrical submersible pump failed in July after nearly two years in operation. The well has been shut in since then, waiting for a workover. The workover was planned with the drilling rig and is therefore delayed. However, it can be done with a hydraulic workover unit, so bringing the well back does not depend on a new rig, and we are working on mobilizing a unit in the coming months. In the fourth quarter, we moved the planned two weeks maintenance at Dussafu to October to coincide with the ESP workover. By the time of the rig incident, the maintenance was complete, and MaBoMo had been shut in as a standard pre-mobilization procedure while FPSO BW Adolo continued to produce. MaBoMo has been confirmed safe to operate and production has resumed. We expect the full-year guidance of approximately 23,000 bpd as announced in our operational update to hold, including the impact of the incident. Moving to cost. Unit OpEx was $27 per barrel in the quarter, up from $24 in Q2. This is a volume effect. Absolute production costs were $55 million, flat on the previous quarter, so the same cost base was spread over a lower production. By asset, Dussafu came in at $19 per barrel and Golfinho $58. Golfinho is also affected by the cost of gas for power generation, which follows the oil price. For the first nine months, unit OpEx averaged $24.5 per barrel, and the full-year OpEx guidance is maintained at $22-$26 per barrel. Turning to MaBoMo phase II. Before the incident, the campaign had delivered a strong result. Both appraisal wells in the Northwest Hibiscus found oil. That brings our track record at Dussafu to 13 successful wells out of 14. The first well found a 30-m oil column in the Gamba reservoir with a good reservoir quality. We estimate around 17 MMb of oil in place and about 6 MMb of incremental recovery from this location. The second well found 16 m of oil column in a separate accumulation, confirming as well movable oil. Together, the two wells support around 8 bbl-9 bbl of recoverable volume and two additional production wells. It is too early to say exactly when we will be able to drill, but we are already working to find solution to continue the drilling program. This slide shows the depth of Dussafu portfolio and the option it gives us. MaBoMo phase II will add up to 20,000 bpd gross from five new producers once drilling can proceed. Bourdon phase I is planned for first oil in the first quarter of 2028, adding up to around 15,000 bpd from the Akoum wellhead platform, which is being converted in Dubai right now. Beyond that, we have an infill well on Tortue, Bourdon phase II in 2029, and with Walt Whitman appraisal drilling planned in 2028. With the Prospector 5 due to come off contract in 2027, before the incident, we had already started sourcing a rig for the Bourdon development. We are now looking at how best to fit MaBoMo phase II wells alongside that program, and we will come back with our 2027 production outlook once the plan is firmed up. The long-term picture has not changed. Dussafu can sustain 30,000 bpd-45,000 bpd gross, and we remain confident in reaching more than 100,000 bpd for the company in 2028. With that, I hand over to Thomas for the financials. Thank you, Brice. Hello, everyone. I would like to start by echoing what Carl and Brice have said. Our thoughts are with everyone affected by the incident. On the financial side, it happened after quarter end, so it does not affect the third quarter figures, but it will, of course, delay first oil from MaBoMo phase II, and I will come back to that under the guidance section. Turning to the quarter itself, I think the easiest way to look at Q3 is as a mirror image of Q2. In the second quarter, we sold more than we produced, and in the third we sold less. We produced around 2 MMb, but sold only about 1 million, mainly because our Golfinho cargo slipped from late September into October at the back of bad weather in Brazil. We ended the quarter with around 1 MMb in inventory, and that timing really runs through most of the numbers you will see here today. EBITDA came in at $47 million, and after a tax charge of $22 million, we report a small net loss of $0.7 million. The tax charge is mainly the profit oil tax in Gabon, which unlike OpEx and depreciation, follows production rather than the sales method, so it stays fairly stable from quarter to quarter. We closed the quarter with $200 million in cash. On the financing side, it was a fairly productive quarter. We signed a $208 million long-term lease for the Bourdon wellhead platform, which means the full infrastructure cost is financed long term at an attractive cost of capital, and without us having to put in any upfront equity. We also extended our $250 million revolving credit facility by 18 months to August 2028. All in all, a good step in strengthening our liquidity ahead of Maromba first oil. Now let me take you through what's behind the numbers. Starting with production and sales on the left, net production was 21,500 bpd or 2 MMb, down from 25,300 bpd in the second quarter, which really reflects the well issues at Dussafu and Golfinho that Brice just took you through. Sales were 1.1 MMb. That's against 3.2 million in the second quarter, of which 950,000 bbl was our one Dussafu cargo and the rest stayed profit oil. Close to 1 MMb went into inventory, roughly 0.4 million at Dussafu and 0.6 million at Golfinho. In the middle, our realized price before hedges came in at $83 per barrel, down from $103.5 in the second quarter. The Dussafu cargo was lifted at the end of August and priced on the August average. With Brent climbing quite sharply through September, August ended up well below the average for the quarter. On the right hand, total revenues and other income were $73 million, which includes a realized hedging loss of $22 million. Just as a reminder, we hedge two years ahead as a requirement under our reserve-based lending facility, and a significant part of what's rolling off now was put into place prior to the war. That hedging loss probably looks large relative to our sales and the reason is really our Golfinho cargo. We had a cargo scheduled for the 22nd of September, and that cargo is priced on September in line with our hedges. But the weather in Brazil pushed that lifting into October. So the hedge settled in the third quarter while revenue on those roughly 500,000 bbl will be booked in the fourth quarter at September pricing. Which brings me to cash. We started the quarter with $254 million. Operating cash flow before working capital was $26 million, which is low, but again, that's mostly the low sales volumes in the quarter. Working capital took out another $45 million, mainly the inventory build, and part of that is already coming back with the Golfinho cargo lifted in early October. It also includes paying out the second quarter hedging loss as I flagged on the last call. Investing activities were $157 million, mainly Maromba, MaBoMo phase II, and Golfinho Boost as the investment program steps up in the second half, which is very much as planned. Financing brought in net $122 million, mainly drawings on the revolver and the various project facilities that we have. So we closed the quarter with $200 million in cash and $385 million of total liquidity, including undrawn facilities. On top of that, our major developments have their own project financing in place. The Maromba FPSO facility, the Maromba B wellhead platform financing, and now the Bourdon lease, which draw down as those projects progress. Moving to the balance sheet. If you remember, we said last quarter that leverage would go up in the second half as CapEx ramps up ahead of Maromba first oil, and that's pretty much what you see here. Net interest-bearing debt went up around $210 million to $910 million, which is roughly $160 million of additional debt to fund developments and around $50 million less cash. Net debt to EBITDA moved to 2.7x from 1.8. That said, part of that is simply lower EBITDA rather than higher debt. The last 12 months now carry both this quarter's timing effect and the fourth quarter in 2025, which had the weakest oil price over the last two years, and where we also ended the quarter with close to a million barrels in inventory. That quarter drops out next time, and as these barrels are sold and new production comes on, we would expect the ratio to come down again. Although the MaBoMo phase II delay will, of course, affect timing somewhat. Book equity was $1,077 million, down $65 million in the quarter. That is mainly the value of our hedges, which fell as oil prices went up. Under hedge accounting, that change goes directly to our equity. It is unrealized, and the flip side is that higher prices benefit the majority of our barrels, which are unhedged. Together with a larger balance sheet as we invest, that took the equity ratio to 35%, which is still well above the 25% covenant that applies up until Maromba first oil. Turning to guidance. On production, if you remember, in July, we said we expect to land at the lower end of our 24,000 bpd- 27,000 bpd range. With the third quarter operational update, we revised that to around 23,000, reflecting the well downtime at Dussafu and Golfinho. We had planned to do the ESP workover together with the maintenance at Dussafu in October. The maintenance is done, but the workover has been delayed following the incident. So that well will remain shut in for now, which affects the fourth quarter volumes. Looking to 2027, MaBoMo phase II was planned to start contributing early in the year, and that will now be delayed. The resources are still there, and we plan to bring those wells on stream, and we will come back with an updated 2027 outlook together with our full year guidance at the fourth quarter results. On operating cost, we keep the guidance at $22- $26 per barrel. The nine-month average is 24.5. Worth noting, our absolute production cost has been broadly stable in each of the two last quarters, so the move in the per barrel number is really just due to the lower volumes. On CapEx, we have suspended the guidance while we reschedule the Dussafu drilling program, and we would expect to come in below the $600 million to $650 million we guided previously. G&A guidance is unchanged at $12 million to $14 million. To wrap up, I think the investment case is unchanged and still rests on four points. More than 600 MMb of reserves and resources as the foundation for organic growth. A plan in execution to take production above 100,000 bpd by 2028. A portfolio returning above 30% IRR at $60 per barrel Brent. Lastly, $2 billion to $4 billion of free cash flow between 2026 and 2030 against an enterprise value today of around $2.7 billion. Overall, the third quarter numbers are shaped by timing of liftings and some temporary well downtime, but the underlying case is intact. The MaBoMo phase II barrels are delayed rather than lost, and we keep adding efficient financing to deliver the program. With that ends the prepared presentation, so I will hand back to the operator, and we can then open for questions. Thank you. Thank you. If you would like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. You will be advised when to ask your question. We will pause for a quick moment to allow everyone an opportunity to signal for questions. There are no questions on the phone, so I will now hand you back to your host for written questions. Thank you, operator. Just before we start, Brice is in Gabon, so he had to leave us for another meeting. Carl and I will try to cover any related questions, and we can follow up after the call if we need more details. With that, I will jump into the first question here. This one is for Carl. We have a few questions on punch through, so I am just going to cover this one. In Borr Drilling's initial press release, they stated that the preliminary information indicated a punch through. Is this still considered the cause of the incident? I would say a short answer to that is no. First of all, we have a long history of rigs standing next to MaBoMo in the exact location where Prospector 5 was standing. There has been no indications of punch through or any problems with soil previously. Secondly, in the extensive video or surveys done by ROV and video, there has been no indications of a punch through observed. So we today regard this as highly unlikely. Of course, any collapse of a leg would appear as a punch through. So we think that there are probably other causes of this collapse than a punch through. This is still work in progress, but we think this is the most unlikely scenario at this point. Thanks, Carl. We have another question here. When do you expect MaBoMo back in operation? The answer to that is that MaBoMo is producing at the moment. Yes, we are ramping up. Yes. We are ramping up production as we speak. Next question is, which rig is going to drill at Maromba? Well, on Maromba, we will drill with Maromba B. It is an integrated wellhead platform and drilling. What will be the financial impact of low production, but also reduced CapEx while we wait for the situation to normalize in Gabon? The production from existing wells is ramping up and coming back online. CapEx will be reduced as the MaBoMo phase II drilling program will be suspended for now until we start back up. The expectation is we have low production, but we are also going to have some low CapEx, then we will restart that as soon as we can. When can you provide new guidance for MaBoMo ramp up? I think it is a bit too early to say exactly. We will have to work through the current incident, then we will come back with a new plan, hopefully by the next quarter, not before. Yeah. Thomas, I just want to add that, as Brice stated, we are already in quite advanced discussions with rig operators for the Bourdon drilling campaign. Our indications today is that the availability of a replacement rig is there in the market, and we expect to have clarity on rig availability sooner rather than later. We are actually quite optimistic on the replacement rig. What remains then to start a campaign is that we obviously need to be absolutely sure that we have no interference from the wreckage, in bringing a rig in to drill on the well bay of the MaBoMo facility. That is still work in progress, but we do not expect that to take a lot of time. We think it will take some time. We actually expect to come back to the market and present a new program in the not too distant future. Thanks, Carl. This question for Carl. Looking at what remains to be done on Maromba, which single milestone do you see as the most critical to keeping first oil on schedule and why? The most critical milestone in our mind has always been the regulatory approval in Brazil. That comes last, and it is a process that although you can prepare extensively, which we have done and are doing, you are starting that process when in reality when you arrive in Brazil. That is and remains one of the biggest, I would say, timing risks of Maromba. We are, of course, preparing in a way that we believe will take us to a position where we have minimal risk of delay, but this is something we cannot preclude. This is in our perception, still the biggest risk. The other risk is the transit through Hormuz, that may or may not cause delay. We are constantly reviewing the situation, and we will of course apply the ALARP principle, as low as reasonably possible, to our decision-making on transiting the strait. Again, we are doing everything we can to prepare and also prepare ourselves to ascertain the security situation. But we are well-placed to get out and get going on our dry tow in January as we have presented. Thank you, Carl. Next question for Carl. Who is responsible for the inventory of pipes and equipment that was being carried at the Prospector 5? Also, when do you think you could receive another jackup drilling rig to continue work at MaBoMo phase II? Which I think second one you covered. I think we've covered the second one. We are, as we speak, sifting through all the company-provided equipment that was on the unit, and we are going to, of course, replace that very expediently. We're not concerned because we have the necessary kit for a number of wells, so we do not expect this to affect our program at all. Thank you, Carl. Next question. Lifting from Dussafu, does each partner do their own liftings or do you lift together? The answer to that is we do our own liftings for BWE. Next question was the Prospector 5 rig under Borr supervision, or had it been handed over to BWE when the incident happened? It is always under Borr's responsibility. Of course, as the operator, we are responsible vis-à-vis the government. We are the license holder, and we are the responsible operator. Borr is responsible vis-à-vis us under a contract. That is the, let's say, the flow down of responsibility. Thank you, Carl. A couple of questions on liftings. We had a lifting in October, and then we have another planned in December on Dussafu. Do you have insurance coverage, and if needed, how will any potential costs be shared among the producers? Cost among producers. We have, of course, comprehensive insurance coverage on our facilities, but as our facilities have not been affected by this incident, we do not expect to have significant problem or issue with insurance, or any insurance claim, or significant insurance claim. Otherwise, I think this is something that obviously will take some time to tally up all costs and how they will be apportioned and covered by the policies. We understand Borr is also comprehensively covered, although we don't have the details, or at least I don't have the details right now as we speak. Okay. That is the end of questions online. Thank you very much, and thank you for joining today. If you have any follow-up questions, then please reach out to me or to the IR team. Yeah, can I just add that we appreciate that you have participated. I'm sure you appreciate that this is difficult times for us. We are focusing on what is most important right now, which is the people involved in the accident and making sure that they are well taken care of. That is our primary concern. We also will, of course, try to find all the five people missing. So far, three has been identified as Or there's three bodies that have been discovered, but two still missing. We hope that Borr will bring news about this very shortly. We have already started production and we say again that the MaBoMo facility has not been affected by this incident. We will shortly give you an update as to our program. Thank you