Good day, and thank you for standing by. Welcome to the Cool Company Ltd. Q1 2023 results presentation. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Richard Tyrrell, CEO. Please go ahead. Thank you, Sharon. It's nice to have somebody hosting the call, with whom I share a surname. Good morning, America, and good afternoon to investors in Europe. Thank you for dialing into the CoolCo first quarter 2023 call. May I ask you first to turn to page 3, and there we have a history of CoolCo. It's not something that I'm gonna spend much time on because I think most of the people on this call know the history well. I do just want to draw your attention to the bottom right-hand box, which highlights the fact that this morning we published our 2022 ESG report and our strict plan for reducing emissions going forward. Our emissions dropped by 4.5 last year, which brings the total fall to 18% since 2019. That compares to the IMO target of 6.5%. We've exceeded that by some margin. The report also highlights our plan to achieve a 35% reduction by 2030. The plan includes some upgrades that we'll get into later in this presentation. Let's get into the quarter first. Turning to page 4, we have a summary of the first quarter 2023, which makes plain CoolCo's growth and the strength of its underlying market. The performance includes a full quarterly contribution from the ING vessels, the Crystal stepping up to a higher rate, the last contribution from the Golar Seal, and an extraordinary gain of $42.5 million on its sale. Offsetting this positivity is some negative impact from the spot-linked charters that we had in the quarter. We had 2 spot-linked charters in the quarter. This will drop to 1 in the second quarter, 2023, since the Energos Celsius has departed the pool. After the end of the quarter, we maintained our track record of winning industry-leading charters for our TFDE fleet with a charter which will run from redelivery of the vessel in March or April 2024 until 2027. That's a 3-year charter. Turning to the numbers and the charts at the bottom of the page, the TCE was up marginally in the quarter. The EBITDA was up to $67.8 million from $58.4 million. A more impressive increase there. If you look back to the first quarter of 2022, when the EBITDA was $29.3 million, this quarter's EBITDA represents a 2.3 times increase. The chart on the right shows how our backlog has increased, it's backed by our strong credit counterparties. It's now at over $1.5 billion if you include the options which are quite likely to be exercised given the prevailing market rates. We'll get back into the how that compares some of our other metrics later on in the presentation. Based upon these numbers, the board approved a dividend for the first quarter of 2023 of $0.41 per share. $0.41 per share, which is a slight increase on the last quarter. It'll equate to $22 million in terms of payout. It's something that reflects the confidence that we have post the announcement of our 2024 charter. We will, of course, be losing the contribution from the Seal in the next quarter. The fact that we are still able to increase the dividend, it reflects that confidence. John will later show how this equates to our free cash flow to equity and how it amounts to a payout ratio of around about 75%. Let's talk a little bit about the market and firstly, the spot market, which is what dragged down those variable rate contracts. The chart on the left shows what a miserable start it's been to the year in the spot market. That's because the winter finished early. A lot of sublets came available. The good news is that none of the owners of vessels are in that market as included, and we're much more focused on the term market, which has been holding firm as evidenced by our recent fixture. Of course, in the term market, seasonality and energy security remain the dominant themes. Turning to the right-hand chart on page 5 and the LNG price. Well, it has come off, but it's still at a level that remains healthy by historic standards while being more sustainable in the long term. As of the last few weeks, it's traded back at the level of oil parity, which is at the level where substitution takes place. It's at a level which will reopen price-sensitive markets such as China, India, and Pakistan. We look forward to those markets reopening from a shipping perspective. That reopening and the seasonal storage optionality that shipping brings is set to support the shipping rates going forward. Page 6 has a few shipping trends for you. It fundamentally shows how LNG supply is growing into the order book of LNG carriers. I've been getting the question a lot recently around the order book and how large it is relative to the existing fleet. Indeed, it has reached 50% of the fleet by volume. That's despite new build prices reaching $260 million today from around about $190 million back in 2021. The good news about the increase in new build prices is that it's those prices that set the benchmark for other vessels in the sector, including our own. The other good news about that new build price is that it compares with the $240 million options that we have from Eastern Pacific on two LNG carriers, the Kool Tiger and Kool Panther, that are marked on this chart by the yellow block. I fully expect these will be exercised by the deadline for doing so at the end of June this year. Where are these new builds gonna go? Well, let's take a look at the bottom charts on this page. The bottom left chart shows LNG supply that's coming into the market. As you can see, there's a big pickup in supply coming in 2025 and 2026 in particular. That's only half the story. The source of this supply is predominantly the Americas. I say the Americas because it includes Canada, in particular, LNG Canada in 2025. The reason why that's relevant is that those supply locations are a long way away from end markets and therefore require greater numbers of ships to deliver the cargo. Those volumes, along with the location of those volumes, is a big driver of shipping demand. The other driver of shipping demand is the retirement of older vessels, and specifically the steam turbine fleet. Trying to measure exactly when these vessels will leave the fleet is not straightforward. There's many, many factors. However, one of the best ways, I think, to anticipate the rate at which they might leave the fleet is by looking at the number of cubic meters of such vessels that are reaching their 20-year anniversary and then converting it into new vessel equivalents. That's what the table on the right-hand side, bottom right does. There you see an incremental demand for shipping of between 12 and almost 20 ships per year over the forthcoming period. While the order book is big by historic standards, there are reasons for that, as demonstrated by those two charts. I'm more than happy to answer questions on those when we get to that stage later on. Page number 7 gets back to our business and our backlog, this time expanded over time. We are two-thirds fixed all the way until 2026. Our backlog day is, reflects both the firm floating option, contracts that we have. As I mentioned, option contracts are likely to be extended given the prices at which they're set at. Floating rate contracts, they decrease, which is a good thing given the spot market. We have that strong foundation of firm contracts underpinning our cash flows going out some distance in, into the future. The other, the other takeaway from this chart is exactly when we do have ships available, and of course, you can see that by the quarters where the gray part of the bar increases in size. That's a reflection of a vessel, becoming available over that period. All in all, that backlog equates, if you include the options, to almost $1.7 billion. If you subtract from that the OpEx, you get to about $1.3 billion, which is about 1.5 times our current level of debt. Clearly, with these kinds of contracts, with these kinds of customers, CoolCo is very bankable. That's something which we're looking to leverage going forward. Clearly it's a market where the picture is much brighter than maybe it was when some of our previous financings were put in place, and therefore represents upside. The next few slides are more in the detail, so I'll ask John to take those before coming back at the end to wrap up and talk a little bit more about the upgrades that we have planned. Thank you, Richard. Good morning and good afternoon to everyone. Turning to slide 8, where I will recap the first quarter income statement results. When discussing and analyzing these results, we should note that the first quarter of 2023 includes a full quarter of the 4 vessels that were acquired on November 10 in 2022. In other words, during the first quarter, we have an additional 51 days of revenues and expenses for these 4 vessels. Overall, a very strong quarter with time and voyage charter revenues of $91.2 million and an average TCE rate of $83,700 per day. In addition, our revenues included approximately $4.1 million in non-cash amortization of net intangible liabilities and approximately $3.4 million in third-party vessel management revenues, which resulted in the $98.6 million in total operating revenues. This compares to approximately $90.3 million in total operating revenues and a TCE rate of $83,600 for the fourth quarter in 2022. This 9% increase in revenues was primarily driven by the contribution of the four newly acquired vessels. Compared to last year's operating revenues were up 123% year-on-year. Operating income included $18.6 million in vessel operating expenses, which is slightly above $17,000 per day per vessel. $20 million in depreciation and amortization. It also included $6.6 in administrative expenses, which comprise of third-party vessel management expenses, a routine corporate overhead, and some residual non-recurring legal and audit fees of approximately $1.2 million related to the direct listing on the New York Stock Exchange in March of this year. Adjusted EBITDA for the first quarter as a result was $67.8 million, compared to $58.6 for the fourth quarter. Compared to the same quarter last year, we more than doubled our adjusted EBITDA. Turning to page 9. Here we're comparing the net income bridge from Q4 to Q1 in the chart on the left. Net income for the quarter was $70.1 million, and earnings per share were $1.28 per share. Which included an extraordinary gain of $42.5 million as a result of the sale of the Seal in late March. Net of this gain, the first quarter included an increased contribution of the 4 vessels and the Crystal stepping up to a higher rate, offset mainly with increased mark-to-market losses on the interest rate hedges and lower amortization of net intangibles in the revenue line item. As we previously reported, this non-cash amortization of net intangibles relates to the revaluation of the underlying charters that were attached to the ex- to the ex-Golar vessels and the subsequent vessels acquired in November last year. Looking at the chart on the right, the first quarter net income adjusted for the gain on the sale and the non-cash items was $29.5 million. The dividend of $0.41 per share is a payout of approximately 75%. Turning to the next slide 10. The cash flow bridge from the first quarter highlights the starting and ending cash, which resulted in $122 million in cash flow generation. $112, sorry. This is mainly due to the Golar Seal proceeds of $184 million net of fees and net of $88 million in Golar Seal-related debt, yielding $94 million in net cash proceeds. The remainder reflects the net of free cash flow from operation and debt service. This free cash flow to equity, excluding working capital in the circled area for the first quarter, is approximately $29 million. On our $520 million bank facility, we do not have quarterly but semiannual amortization repayments in the amount of $20 million in both May and November of each year. Therefore, if you adjust the Q1 free cash flow to equity for half of such an amount, the normalized free cash flow to equity would be effectively $90 million, meaning a dividend payout ratio of approximately 100%. As mentioned here on the slide on the left, the ex-dividend date for the dividend will be May 31st, and we expect to pay out the dividend to DTC-registered shareholders on or around June 9, with a distribution to the Norwegian-registered shareholders approximately three trading days later, which is around June 14th. Moving on to slide 11, the balance sheet. This chart shows our simplified balance sheet position with our assets, contractual debt, and book equity. Clearly, over the past year and a half, the market, our earnings, and our cash flow generation have significantly improved. This has brought down our net leverage from approximately 65% back in February 2022, when we did the spin-off, to approximately 57% today. We have a solid cash position, which allows us to exercise the newbuild option should the board decide to do that without requiring us to raise equity. The dual listing has allowed investors to move their shares to the U.S. Far, 63% of the shares are listed in the U.S. and the remainder in Oslo. We would like to reiterate that holders of the Oslo shares who wish to transfer their shares to the U.S. will need to instruct their broker to deliver their shares to DNB in the VPS system with the request to move their shares to DTC. On the receiving end, instruct the broker to formally receive the shares in DTC to ensure that the transfer is not rejected. We have spelled out the process in an FAQ section that we've added to our website under the investor's tab. Turning to slide 12. Our debt maturities are well spread out. We have approximately 79% of our gross debt now locked in at fixed interest rates, while 21% of our gross debt is unhedged. However, including our excess cash beyond the cash that we would need to exercise a newbuild option, we're effectively hedged for approximately 89%, as the yield on such excess cash and the floating rate pretty much move in tandem. The total interest rate across the board, which is the sum of the fixed rates, the floating SOFR rate, and the various margins in the facilities, is approximately 5.65%. For the floating piece, this is based on a SOFR currently of 5% on the unhedged portion. Moving to slide 13, where we provide some selected second quarter guidance. Since most of our fleet is on medium to long-term charters, especially for the second quarter, we're showing a bit more revenue guidance detail in this slide. We're also showing the first quarter numbers to exclude the Golar Seal results as a true quarter-over-quarter comparison. To reiterate the $20 million in semiannual principal repayments on one of our bank facilities, everything else being equal effectively results in a $20 million free cash flow swing factor from one quarter to the other. That concludes my prepared comments. Turning it over back to you, Richard. Yeah. Thanks, John. Turning to page 14, there's a bit more guidance there going out into 2024 and 2025 that relates specifically to the dry dock costs that we will incur as part of the schedule, scheduled dry docks in those periods. We thought that'd be helpful for modeling purposes. What I'm really excited about are the upgrades that we're planning to certain of our vessels, these are the LNG-E upgrades. It is a sort of play on the original abbreviation of TFDE, which where E, of course, stands for electrical. We are now most commonly burning LNG and turning it into electricity in our vessels. Using the abbreviation LNG-E is totally appropriate. It will reduce the emissions by 10%-15% with these upgrades. Yeah, clearly that's absolutely the right thing to do, even if it will require some investment. E stands for electric, as I mentioned. It also can stand for emissions. It can stand for environment, for efficient, for economics and life extension. There's lots of good words that are relevant that begin with E. The economics will mean that our charterers could save up to $10,000 per day. This is shown in the chart on the bottom left of the page. The amount of saving will depend upon the mode of operation of the vessel. Over the course of the year, if the ship is trading, as is typical, it'll be $10,000 per day. Obviously we'll look to make get paid for that by the charterers. If we can get paid for that, the return on this investment will be quite reasonable, well above 10%. It'll be made even the better for equity holders by the fact that we aim to fund it with an increase to the LTV on these vessels. That is something of a guidance for the future, and it's also a little bit of a pointer for where we're going with our fleet and how we're looking to improve it. Page 15 is a summary page, and it really is what to watch out for over the next little period. We are now listed in the U.S. and we're gonna have a program of investor outreach, targeting U.S. investors. We have the vessel which is coming open in the third quarter of this year and obviously that'll be something that we'll aim to fix well in advance of redelivery. We have the newbuilds, which are not actually coming out of the yard until the third quarter of 2024 and the fourth quarter of 2024 respectively. There are discussions being had in relation to fixing those vessels. Of course, we have the option exercise, which as I mentioned earlier, we'd expect to announce on the day of its expiry, which is the 30th of June this year. In association with that, we'd also expect some news on the financings. We'll only be funding some of the vessels with equity clearly, we'll be looking to fund the remainder of the vessels with debt. That's something which John in particular is working hard on as we speak. What have we got? We've got a strong platform and we're always gonna be ready to act opportunistically as we have in the past. We've got a few near-term catalysts which will drive our earnings and dividend growth. We've reached the stage in our development where we've got access to the Oslo market, we've got access to the U.S. markets, and we look forward to meeting more investors going forward. With that, I'd like to thank everybody for joining the call. We're gonna have some Q&A now. If maybe I can turn the mic over to Sharon for that please. Sharon. Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. Once again, star 1 and 1 to ask a question. We will now go to your first question. One moment please. Your first question comes from the line of Frode Morkedal from Clarksons. Please go ahead. Thank you. Hi, guys. Hi, Frode. My first question is about the dividend. I assume the dividend policy is still a variable one based on free cash flow, but you also mentioned like 75% of EPS. Just checking, what's the policy really? It's still based on free cash flow, but it equates to the 75% of EPS. Yeah. That's good. I mean, when I look at the dividend for Q1, it's basically like $20,000 per day per vessel implied. That's $0.001. Is it correct, in order to model this going forward, is it, should we take whatever you have in TCE income per vessel day minus, a hurdle rate, and that's the dividend? Yeah, I think you need to take your modeled revenues. You have a lot of guidance in terms of the expenses, the debt service. I think I've been very explicit about the semi-annual repayment character of one of the facilities. Obviously, free cash flow to equity has a bit of working capital impact then our dividend policy has been that we pay, you know, most of the free cash flow to equity to the equity holders. Yeah. Can you provide any guidance on the cash break-evens plus, let's say, margins? In Q1 it apparently seems to be around $63,000. You paid anything above that in dividends. Just looking for any guidance that you have for the second quarter. Yeah. I think the guidance that you have is the prior 2 payments or the current payment and the prior payment, plus the development of the revenues over the next several quarters. That's probably as far as we can go. On the financing side, you've got to just look at, you know, the fleet. I think it's correct in saying that actually that will have changed. That'll change a little bit going forward because obviously the Golar Seal will fall out you need to model out the older fleet based upon the facilities that are on those vessels. You know, the leverage is a bit lower and the glide path, but the glide path is still 20 years. On the ING vessels, the leverage was a little bit higher. I think John had the average leverage in his pack. Once we acquire the newbuilds, of course, we'd expect the leverage on those to potentially be a little bit higher still because they're new vessels after all. I would think about building in the leverage in layers, as the fleet develops, rather than applying a sort of a rule of thumb to the overall fleet. Okay. Shifting gears, you just chartered out the vessel from Q1 next year, at a healthy rate, apparently. I find it interesting that you rechartered this vessel ahead of this Kool Bear opening up in September this year. Can you talk about that a bit? Yeah, me too, in a way. I mean, it's all cycle. That's when that particular charterer had its need. Of course, from our perspective, it helped de-risk 2024, which was a good thing. It still leaves us with the 2023 vessel to play with. Do you think there's some type of discount implied when you forward charter into next year? just how should you think about this September vessel coming up? Would you consider similar rate or perhaps even higher? It depends on the period, Frode. I think the beauty of this vessel that's coming up in September, or Q3, that's obviously a good time to be chartering a ship. The, yeah, the vessel that we just announced, that was coming back in the first quarter, which is, you know, typically not such a great time. W e do have this vessel coming back. It's coming back at a good time. Our... I mean, of course, it will depend on the market, but our hope and, I think it's fair to say our expectation would be that we'll get a good rate on that vessel. Sounds good. Yeah, that's it. I'll turn it over. Thank you. See you. Thank you. Thank you. Once again, as a reminder, if you would like to ask a question, please press star one and one on your telephone keypad. That is star one and one if you would like to ask a question. There are currently no further questions. I will hand the call back. Okay. Well, super. Thank you, Sharon, for hosting, and thanks to everybody for joining the call. If anyone does have any follow-up questions, having had a chance to reflect on the call and the other information that's gone out in association with the quarter, please don't hesitate to get in touch. Many thanks. Thank you. This concludes today's call. Thank you for participating. You may now disconnect.