Good morning, ladies and gentlemen, and welcome to the Audio Conference Call for the Second Quarter 2025 Results for Constellation Oil Services. Thank you for standing by. All participants are in listen-only mode. Please refer to the forward-looking statement sections in the company's earnings release for the matters that will be discussed in this conference call. They reflect Constellation's current views and assumptions with respect to future events, which are subject to risks and uncertainties. The Q&A session will be held at the end of the presentation, and questions can be made by the attendees by clicking on the Q&A icon in the bottom center of the screen. Now, I would like to turn the conference over to Mr. Rodrigo Ribeiro, Constellation's CEO. Please go ahead, sir. Thank you, and good morning to everyone. Welcome, and thank you for joining the call today. With me are Mr. Daniel Rachman, our CFO, and Thiago Schimmelpfennig, our Chief Commercial and Innovation Officer. Our second quarter 2025 financial statements, earnings presentation, press release, and the updated fleet summary reports are available on our IR website. In my prepared remarks, I will cover the market landscape and the outlook for our business. After that, Daniel will review our financial results in more detail. From our early days in a complex offshore market to becoming Brazil's leading offshore drilling contractor, our journey has been guided by resilience, discipline, and excellence. We have delivered strong financial and operational results, securing more than $2 billion in backlog. This reflects our operational strength, track records, and the trust from our clients. In the first half of 2025, we achieved $99 million in adjusted EBITDA, confirming that we remain on track to deliver our full-year guidance. Daniel will provide more details about that shortly. The outlook for Brazil's offshore drilling industry remains positive. In the recent ANP fifth concession round, the Brazilian petroleum regulator awarded 34 offshore blocks. Notably, Petrobras and ExxonMobil won 10 blocks in the equatorial margin, Chevron and CNPC won 9, Shell added blocks in Santos Basin, and Karoon expanded near Neon and Baúna, with Petrobras and Petrogal winning 3 in Pelotas, a new frontier in Brazil's exploratory landscape. These awards confirm continued activity from the top-tier operators. Their presence adds stability, predictability, and long-term visibility to the sector. The next ANP license round, scheduled for October, will offer seven new offshore blocks. We expect strong interest, reinforcing Brazil's position as a global energy hub for years ahead. Looking further, these new fields to be explored will develop into projects later this decade, creating a multi-billion-dollar pipeline of demand for rigs, FPSOs, and subsea equipment well into the 2030s. In addition, Petrobras reaffirmed in its latest quarter earnings call that it is fully committed to execute its 2025 CapEx plan. Their commitment to upstream investments continues to drive production growth, offsetting lower oil prices. Overall, we see a stable scenario in Brazil. Clients are advancing with their new projects, and our fleet is well-positioned to capture opportunities by delivering efficient and reliable solutions. With that, let's now turn to the latest developments across our fleet. On Gold Star, we are making good progress in securing backlog for next year. We see solid opportunity to extend the current contract with Petrobras. Given its proven performance and competitive profile, we see a compelling case of continued engagement. On Lone Star, which is currently operating through Petrobras and will transition to Brava Energia at the end of the year for a one-year contract, we are currently in advanced discussions with an independent company that shall result in additional contract coverage beyond 2026. With these potential contracts and with Alpha Star firmly contracted at a great day rate with Petrobras until 2028, we are optimistic that our three semi-submersibles will remain with strong utilization, showcasing the demand these assets continue to generate. This level of interest reinforces our belief in their continued relevance and long-term value. About Atlantic Star, we are currently in active discussions with independent players to secure backlog for the rig for multiple years. The rig is in excellent condition and ready for short lead-time projects. As we described in prior earnings calls and presentations, we remain optimistic and see decommissioning as a growing opportunity in Brazil for Petrobras and independent operators. Looking ahead, Brazil's decommissioning market is set to grow, driven by aging infrastructure and Petrobras divestments. With many wells to be plugged over the next decades, we see significant opportunities for P&A campaigns. Laguna Star concluded its Petrobras contract in July and is now undergoing its scheduled SPS and upgrades in Guanabara Bay. It is expected to start its new contract next month at a day rate in the mid $400,000s, becoming a strong EBITDA contributor. Regarding the remaining owned fleet, contract schedules and programs remain as planned and as anticipated in our previous calls. Moving to our third-party rigs, Tidal Action and Admarine 511 are about to commence their contracts after upgrades and mobilization. This expansion has increased our workforce by over 200 employees and got us close to the 2,000-employee mark, demonstrating our ability to scale safely and efficiently. We continue to lead in contract coverage with a full fleet commitment in recent years and expect further positive developments soon. Now, talking about new tenders, the Búzios One was held in late July in a reverse auction format. As you may know, the process called for one or more high-spec DP floaters, starting in Q4 2026 to Q1 2027, which matches the Brava Star availability window. While we can't comment on any awards yet, we are encouraged by how things are progressing and remain optimistic about securing work for this rig. It is also worth highlighting a key milestone for Brava Star. With the expiration of the relevant patent, this was the first tender that the rig was eligible to be offered as a full dual activity unit. This upgrade allows it to capture the full commercial value of current Petrobras tenders. Based on the latest tender, day rates for full dual activity rigs can exceed those of single derrick units by 22%, unlocking meaningful upside. Also, Petrobras recently launched a tender for Mero Field. This process calls for a single high-specification DP floater for up to a four-year contract, similarly to the Búzios tender commencing in Q1 2027. This tender, shortly after the tender for Búzios Fields, reiterates Petrobras' commitment to carry on its upstream development program on the pre-salt. Beyond Petrobras, the market shows good momentum with projects such as Shell Gato do Mato, as well as recent discoveries such as BP major discovery in the Boomerang Block, its largest in over 25 years, reinforcing Brazil's strategic role in the global oil and gas. As already mentioned, we are also closely exploring other opportunities with independent companies offering efficient solutions that meet their needs. By the way, let me share some good news related to innovation and our records with customers. Through an amendment in the Brava Star contract with Petrobras, new technology was installed on board the vessel to enable exploration drilling in 280 m of water depth. The innovative use of real-time simulations, a digital twin, and environmental sensors ensured accurate forecasts and efficient responses. The experience proved the feasibility and the safety of such operations, consolidating a strategic advantage and expanding opportunities for new developments and well interventions, besides keeping our fleet in the state-of-the-art in terms of the equipment and operational capacity. It also added financial benefits for Constellation. After having drilled the deepest offshore well in Brazil and the fastest well in the pre-salt, the Brava Star now holds the record for the well drilled in the shallowest water depth on the full DP mode. These results reflect our firm commitment to safety, innovation, and sustainability. Through strategic partnerships and advanced technologies, we have expanded capabilities and delivered consistent, high-quality performance across our fleet. These achievements are a testimony to the dedication and expertise of our offshore and onshore teams. In summary, the industry fundamentals remain strong, with continued opportunities for new contracts. Recent tenders met expectations with no negative surprises. We remain focused on executing our strategy, growing EBITDA, reducing leverage, and preparing for dividend distribution. With that, I now hand the call over to Daniel to review our Q2 2025 Financial Results. Daniel, please. Thank you, Rodrigo, and good morning to all participants. I'll now walk you through Constellation Financial Results for the Quarter Ended On June 30, 2025. Our fleet maintained a solid uptime of 94% year to date. In Q2, uptime was 92%. Operating revenues for the quarter totaled $139 million, a year-over-year decrease of $5 million. $4 million of this reduction came from the depreciation of the Brazilian real, which weakened 9% from the average of 5.21 in Q2 2024 to 5.67 in Q2 2025. The remaining $1 million downside was mainly driven by the efficiency of the fleet. Our contract backlog remained flat at $2 billion. Compared to Q2 2024, this represents an 80% increase, or roughly $900 million. With our entire fleet already committed for 2025, we are focused on ongoing and upcoming tenders, also on bilateral discussions with our clients, aiming to secure additional backlog for future years. Contract drilling expenses were $76 million in Q2, down $14 million year-over-year. The key drivers were operational materials were down $9 million, mainly due to the deferral of certain purchases to later in the year, a timing effect expected to reverse. Payroll was down $4 million, of which $3 million came from the depreciation of the Brazilian real and $1 million from the exit of Olinda Star in 2024. Maintenance costs increased by $2 million, partially offset by effects for a net impact of just $1 million. Other costs were down $2 million, as prior year expenses included non-repeating costs for the decommissioning and recycling of Olinda Star. General and administrative expenses were $10 million in the quarter, up $2 million year-over-year, mainly from one-off costs related to our Euronext listing. Other operating income remained stable year-over-year. Adjusted EBITDA was $55 million, just $2 million below Q2 2024. Our EBITDA margin held steady at 40%, showing resilience despite some operational challenges. Operating costs, which include contract drilling expenses and depreciation, decreased by $10 million year-over-year. Drilling costs fell to $14 million, partially offset by a $4 million increase in depreciation linked to higher CAPEX investments and contract transitions. As a result, gross profit improved to $8 million. Net financial expenses totaled $8 million in the quarter, a sharp 47% reduction compared to $15 million in Q2 2024. The improvement was driven by a $5 million positive result from hedge contracts and $2 million in interest income from short-term investments. This reflects the benefit of our decision earlier this year to hedge BRL-denominated costs through December 2025. The program has proven effective, protecting our margins and supporting our assumptions in our 2025 financial plan. On taxes, Q2 2024 benefits from a $4 million reversal. By contrast, Q2 2025 recorded $4 million in tax expense, mainly from positive taxable income at our Brazilian service subsidiary. This $8 million swing explains why Constellation closed the quarter at break-even net income compared to a $1 million loss last year. Now turning to cash flow. Operating cash flow in the first half of 2025 was $110 million, up $19 million from last year. About $16 million of this related to progress collections committed to pre-operational costs of the managed fleet, which is expected to be disbursed later this year. We also received a $24 million mobilization fee for Alpha Star in Q2. CapEx totaled $64 million in the first half. Approximately $31 million of the CapEx relates to Alpha Star's new Petrobras contract. Roughly $17 million corresponds to long-lead items for the Laguna Star upcoming contract. The balance was for regular maintenance, overhauls, and SPS across the fleet. Moving to cash used in financing activities, we paid our first semiannual bond coupon of $30 million in May, down from $45 million last year under the old debt structure. Overall, cash and equivalents increased by $26 million year to date, including FX effect and short-term investment, or former cash rose $18 million, reaching $204 million at the quarter end. Gross debt was stable at $644 million as of June 30, 2025. With higher cash, net debt fell $20 million since December 2024 to $440 million. Last 12 months, adjusted EBITDA was $220 million, unchanged from last quarter. As a result, net leverage declined slightly from 2.1 x in Q1 to 2 x at Q2 2025. Overall, we close another solid quarter marked by disciplined execution and resilient performance. I want to reaffirm our optimism to delivering on our 2025 guidance we shared last quarter. Now, I'll provide some updates related to subsequent events. On July 7, we completed an 18: 1 reverse stock split, aimed at improving share liquidity and attracting institutional investors. On July 31, we engaged DNB as our liquidity provider, supporting more efficient and stable trading of our shares in Euronext. We believe these actions will not only promote greater transparency and confidence among investors, but also contribute to fairer pricing dynamics. Ultimately, this reinforces our commitment to improving market access, broadening our reach within the investment community, and supporting the long-term growth of our shareholder base. As Rodrigo mentioned, our contract transitions are underway. Laguna Star started in late July, and we expect higher spend in the second half linked to Amaralina Star and Lone Star transitions. We also anticipate some increase in operational materials and maintenance costs as deferred interventions are carried out. With that said, our 2025 guidance remains unchanged. Execution of these transitions on time and within budget is critical, as they are the foundation for stronger financial performance within 2026. With most of our fleet committed to recently priced contracts, we expect significant improvement in profitability and cash flow for the next year. To conclude, successful execution of contract transitions this year is essential for meeting 2025 guidance and preparing for the turnaround in 2026. With improved contract coverage and stronger cash generation, we expect to deliver much better results and unlock real value and distributions to our shareholders. Just before closing, let me also provide an update on the commercial dispute related to the legacy Sete Brazil matter. We continue to make progress with Petrobras under the proposed mediation process, and the dialogue remains constructive. With that said, the pace and timing of the mediation are not within our control, and we recognize it will take time before there is full clarity. Importantly, the relationship with Petrobras has not been affected in any way. We continue to be paid on time, we are invited to tenders, and we maintain a strong partnership on ongoing contracts. Based on advice from our external legal counsel, we continue to view the likelihood of any material liability as remote. We remain confident that the mediation can drive to a neutral offset among the parties, while preserving our long-term strategic business relationship with Petrobras. That concludes my remarks, and I will now turn the call back to the operator for the Q&A session. Ladies and gentlemen, we will now begin the question -and -answer session. Questions can be made by attendees by clicking on the Q&A icon in the bottom center of the screen. Our first question now will come from Frederic Steen, Clarkson Security. The question is, the first question: Can you elaborate more on the opportunities for the Gold Star and the Atlantic Star? Should we expect any major downtime in 2026? The second question from Frederic, there are three, is: Do you think Brava Star is in a good position to win a contract in the Búzios tender? When do you expect Petrobras will award the contracts relating to the tender? The third and final question from Frederic Steen is: Do you have any new information around the Sete Brazil related mediation with Petrobras? Hi, Frederic. Thank you very much for your questions. I will do my best here to make sure I cover everything you asked. I want to start with a general statement that will address part of the questions here, which is: I'm really glad with the level of activity that I see coming to our commercial department led by Thiago here in this season. I think it's really in line with what we expected. If you remember last year, in the second half of the year, we were very busy as well, and we're at the moment when we managed to reprice most of our contracts, which are guiding our transitions right now. I'm pretty sure that today, being in a better position as we are in terms of contract coverage, we also will benefit from this wave of possibilities here in Brazil and making sure that we will continue to build our backlog and also to minimize any possibility of white space. Let me take here your first point, and I will start with Gold Star. As you know, Gold Star is currently under the contract with Petrobras that will finalize by the end of this year, and the operations are going smoothly. We are currently engaged in promising discussions with operators in general for opportunities that can start in 2026. Most importantly, given the Petrobras interest in retaining the rig throughout that period, we are still holding the option in the contract where it can be extended under a mutual agreement with Petrobras for one more year. Therefore, we really remain optimistic that Gold Star will be achieving full utilization from 2026 to 2027. That's what we can share now. The negotiations are getting more and more mature, and we are tracking with Petrobras with a significant scope of work, more focus on P&A for Petrobras. The current contract is running and will be concluded by the end of this year, with the possibility to continue in the beginning of next year as well for a couple of months. Beyond that, we are currently engaged in promising discussions with potential clients, some of them independent operators, to secure additional backlog for this rig that would give us multiple years of operations with the rig. Of course, Atlantic Star is fully prepared for continuation. The rig will be the only moored rig available in Brazil, but more importantly, she is in excellent condition to continue operating in direct continuation if needed. We are really working with those clients to make sure we have the best possible capturing the opportunities to fill up the gaps and make sure we will reduce the white space for this rig as well in 2026. I think it's also fair to mention the decommissioning market in Brazil is really expected to grow and grow significantly. Some of the offshore infrastructure in Brazil are getting old and old every day. Petrobras' previous divestments to other players as well, and Petrobras' ongoing efforts to retire old fields open up opportunities for a rig like Atlantic Star. We have visibility for several wells to be decommissioned in the coming decades in Brazil. Only Petrobras alone announced the other day more than 400 wells in their pipeline to be abandoned, and this is exactly the place that we want to position Atlantic Star. I think your next question is related to Brava Star and the Búzios tender. As you know, we still cannot comment the results in Búzios tender, but it's a very promising process where Petrobras is looking to secure a couple of rigs. In our view, three or four rigs will be hired in this process, and the mobilization window, the contract will be starting in Q4 2026 and Q1 2027. This is matching exactly the availability of Brava Star, minimizing the time between contracts. In addition to that, Frederic, Brava Star is in a continued work for Petrobras, which is a benefit for us in terms of CapEx investment because what we need to do in terms of adequacy is just to bridge the gap between the previous spec or the previous contract and the current one. We really see Brava very competitive for this tender. I also must highlight to you that another benefit we have in this process is because Brava is now being able to be offered to the client as a full dual derrick rig, and this is bringing a premium in the day rate of about 22%, certainly unlocking meaningful upsides for us and increasing our level of competitiveness in this process. We are very optimistic that we will be in a great position to participate in this process and hopefully, in the end of the process, be able to announce one additional contract. As I mentioned in the beginning, very positive for our company as well to see that we start working on the contract coverage for 2029, right? That's what this new contract for Brava Star would give to us. It's a simple indication of how solid it is, our business plan, when we look for our deliverables and contract repricing and transitions that we are doing now. It's really the position that we wanted to be in and certainly gives us even better possibilities to benefit from the current pictures, explore all the new possibilities, and as I mentioned, mitigating the so-called white space for the fleet. I think the last question is regarding Sete Brazil. I believe, as you have heard on Daniel's prepared remarks, he made a quite comprehensive explanation about Sete Brazil. I have not many new things to add. The relationship with Petrobras remains very constructive. There is no impact whatsoever in the day-to-day operations. This is, I mean, an old and complex legal issue with a legacy project involving Sete Brazil and Petrobras dating back over 10 years, as you know. Our mediation is progressing as we planned and expect. The mediator is appointed, and he or she has accepted the role as a mediator. All the paperwork in the process, which is due diligence, conflict of interest verification, all this is over now. The proceeding is started. We don't control the timing, but again, the inclination, the attitude, and the collaboration is there for us to have a conclusion of this process without any impact for our company. That's what we envision. As per our lawyer's assessment, the probability of any impact in terms of liabilities is still very remote. I think with that, I just covered the questions here. Thank you. Thank you. The next question comes from Aaron, bio-side analyst from IVO Capital. The question is: Many thanks for the conference and congratulations on the good results. Could you please remind us what would lead to a rating upgrade based on your discussion with rating agencies? Hey, Marine, thank you very much for the question. I'll try to pretty much explain what we've heard from some of the agencies on what they expect, and then I'll try to go over our internal expectation as well regarding timing on that. The agencies pretty much focus on trying to understand what would be the mid-cycle leverage and trying to get a sustainable leverage even in a mid-cycle on and below 3x. Always as well, they are trying to understand EBITDA levels, and what we understand is that for an upgrade or consideration for upgrade is keeping above 35% sustainability in EBITDA margin, and as well, mainly healthy liquidity. From what you can see in our financials, we believe we are ready, sustainable from EBITDA levels, even before repricing all the contracts and getting through all the transitions. We are keeping a pretty adequate liquidity, and as well, we are getting to this net leverage below 3x that we see in their pretty much guidance. I think we are ticking all these boxes, and we should be able to expect that in their upcoming reviews, we will be eligible for getting an upgrade. Now, trying to determine what sustainability really means for them, if it's really for a couple of quarters, for three, four quarters, is what is the big question mark here. I would say that this is more expected, and I would probably say a 2026 upgrade is what I would personally expect. If it comes throughout the end of this year in their reviews on annual reviews, maybe it would be an upside for us. I do expect this to happen at least within the next year. Thank you. There is a follow-up question from Merritt. The question is: Could you share more details on the upcoming dividend policy of the company? Sure, to follow up, and I think this we've been keeping as well consistent with what we've had since the time that we did all the roadshows and discussions in the last year. Our framework is quite clear, which our Board has approved a framework in which our capital allocation is quite disciplined, in which we are investing CapEx pretty much in our fleet and to maintain and to serve our fleet. All the remaining cash that we will be generating from these new contracts that we expect to start a significant generation once we have all the transitions done starting in 2026 will be to be distributed to our shareholders. That's the top priority: leveraging the balance sheet in a very organic way with the transition of the contracts and increasing our EBITDA levels and cash flow. Once we get to the covenants that we have on the distribution baskets, which is 1.25x net leverage, which we believe is going to be in between Q3, Q4 next year, we will then start to have distributions. We expect to have significant distributions starting by the end of the next year. Okay, thank you. The next question comes from Juliana Rocha, a journalist from REDD. The question is: Is Brava Star already operating with 22% premium on day rate, or is that a projection for the potential new contract in the Búzios tender? Hi, Juliana. Thank you for your question. It's Rodrigo here. No, actually, this will be the first time where Brava Star will be enjoying the full potential of its specification after the patent expiring in Brazil. As you might know, Petrobras, they have three different categories for the high-spec rigs. One is for the rigs with the single derricks. The other one is for the rigs with some sort of offline activities and dual derricks. The third one, which is the highest level of category, is the one with the full dual and full offline capabilities. That's exactly what we have with Brava Star, and this will be the first time this rig will be competing, enjoying this possibility and this 22% premium. This is a potential projection for a future contract. You're right. Thank you. Ladies and gentlemen, remember that if you want to ask a question, questions can be made by clicking on the Q&A icon at the bottom center of the screen. The next question comes from Marin once again, and the question is: Could you think about a refinancing of the bonds in 2026 once you have done the contract transition and after a potential rating upgrade? Hey, Marin, thanks for this follow-up question. I think this is a really good thought that we have in mind, right? To confirm, yes, we have this optionality. It's still too early to pretty much give you a specific on the strategy that we would have if we were to refinance in the next year. If you consider that our ongoing bonds, we have two years of the make-whole payment that will be pretty much maturing within November next year, this could be a really good possibility for us in order to just refinance the balance sheet and to get a better covenant package and as well pretty much to improve within the rating if we have and as well to be getting a better coupon. This is a possibility, certainly something that we consider, but we will expect that this will be something to be discussed more and more as we get closer to the date of this two-year anniversary for the make-whole payment, which is again in November next year. Thank you. The next question comes from Chandan, investor CCSD. The question is: Can you comment on whether you see liquidity improving in the shares? Thank you for the question, Chandan. I think on the liquidity of the shares is something that we do not control, right? It is important to start by that. We are seeing and we are getting a stronger hope that this is improving. I think what makes us believe this will continue improving and will be a continuous improvement from here are really based in some of the actions that we have taken and some of the learnings that we are seeing that investors are getting. I think the actions we summarized quite well during the call, and I'll just try to emphasize it again here. One, we are engaging very actively with research analysts. We are trying to continue improving and to continue having really good relationships with the analysts that cover the sector in order to get more exposure and more knowledge within the investors, and with that to have more potential buyers and potential in the sidelines for our shares. We also have done the 18: 1 reverse stock split, which we believe is one of the items that some of the institutional investors were expecting in order to avoid with some fluctuations that our stock, when converting to U.S. dollars, becomes to be a penny stock, right? Within the new pricing range that we have, the shares now are trading in a much more, I would say, healthier environment on this that makes as well more institutional investors to be looking at that. All of this together, and as well with more knowledge in the investor base, we are seeing that there are more potential buyers in the sidelines from what we hear and what we feel. More calls that we are getting with our IR team that we are attending and receiving intake requests for calls and more knowledge on the company. We should expect that this is now a matter of as well finding within the right pricing range to be getting more sellers to the stock, right? This is as well something that we expect to be more fluid and we expect that within the recent recovery that we've seen of the overall sector, the industry, and our peers to be trading at a healthier volume from now on. That is pretty much what we expect. Again, it's something that is very hard to predict and pretty much controlled by the market, hard for the company to influence. Okay, there's a follow-up question, which is: Are there any other restrictions to you paying dividends other than the leverage metric? are a lot of details in there, and I will not be able to remember all of them, but I can confirm and I can tell you that we paid a lot of attention to this specific covenant during the time of the issuance of the bonds and discussions with the banks and the legal advisors that we had in order to be very clear that once we were to get to the 1.25x net leverage, we will be paying the dividend. That's the top priority for the company, and we are pretty confident that even within all the different restrictions that we may have in the restricted payment basket, we will be eligible and we are considering that once we get to below 1.25x, we'll be able to start paying the dividends. Okay, thank you. Moving on to another question from Chandan. It's: Thank you for the call and congratulations on the results. The question is: What are your thoughts on potential M&A opportunities for the company going forward? Hi, thank you. Thank you for the question. I think in general, it's what we keep saying that this is a topic that is live. We always evaluate and consider opportunities together with our special committee. Anytime that we see an opportunity arising, we'll consider it. We will assess it, especially now that the new capital structure of the company and the market leading, I would say, scale in this region. It's certainly positioned Constellation in a very good position for this, but also it's fair to mention that by everything that we demonstrate today, our position as a standalone in the company is very comfortable. We also believe that as the leading market here, we'll be in a great position to add value to our shareholders as well. Brazil continues to be the great place to be for drilling business. We never deny the synergies opportunities that a consolidation could be for this type of market here. This is something that we are always diligently assessing and observing. In the end of the day, as we always say, any potential transaction must be value accretive to our shareholders. In general, is that Daniel? I mean, feel free if you have anything to add. No, Rodrigo, I think you addressed it very well, and obviously not much that we can share within thoughts on what we have discussions with the special committee. I think just to emphasize on what you said, after we've done all the recapitalization and within our new balance sheet, this is one of the things that we put as a priority for the company as well, right? To be able to be controlling our destiny and to be able as well to be a potential consolidator in the market. We will continue assessing those possibilities, and we will share more details in case we have anything to be shared in the future. For the time being, this is just part of our strategy. Okay, the next question is: Do you see international competition increasing in Brazilian tenders coming from Chinese investors, CNPC? Hi, Chandan. This is Thiago here. Thanks for your question. We see stability in Brazil related to the competitors. Brazil is a market with the presence of mostly all the international drillers. I wouldn't say there is increased international competition right now, but we see the presence of all the contenders in the ongoing tenders, and we believe we will continue with this stability provided that rigs get replaced as per the strategy of Petrobras, with some incremental potential coming from other companies which are also exploring opportunities in Brazil. This concludes today's questions -and -answers session. I would like to invite Mr. Rodrigo Ribeiro to proceed with the closing statements. Please go ahead, sir. I just want to conclude here by saying that we are fully committed to achieve and deliver this year's objective. This continues to be our main priority here, taking care of our operations on a daily basis. In this quarter specifically, we will have three good priorities to focus on, which are to continue to expand our contract backlog, as I mentioned before, maintaining the high operational uptime, and of course, ensuring timely and effective contract transitions for the rigs that we have, especially right now, Laguna Star and Tidal Action that are going through the acceptance process and being prepared for the final acceptance in the first wells of the new contracts. If you want to continue to be in touch, we have two good opportunities to see us again and have new opportunities to interact. The upcoming events are the Pareto Annual Energy Conference in Oslo in the second week of September, and also the JP Morgan Emerging Markets Opportunities in London. Two good next opportunities to interact with us. It will be a pleasure to meet you all there. Thank you very much for your interest, your participation, and especially your support in Constellation Oil Services, and I wish you a great day. Thank you. This concludes Constellation Oil Services' Audio Conference for today. Thank you very much for your participation and have a good day.