Good morning, ladies and gentlemen, and welcome to the audio conference call of the third 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 sessions in the company's earning releases for the matters that will be discussed in this conference call. They reflect Constellation's current view and assumptions with respect to future events, which are subject to risks and uncertainties. The third quarter 2025 financial statements, earning presentations, press releases, and the updated fleet summary report are available on the IR website. 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, everyone. Welcome and thanks for joining our call today. With me are Mr. Daniel Rachman, our CFO, and Thiago Schimmelpfennig, our Chief Commercial and Innovation Officer. In my remarks, I will cover the market landscape and company performance. After that, Daniel will reveal the financials in more detail. I'm pleased to report an excellent year so far for Constellation. For these first nine months, we delivered an adjusted EBITDA of $143 million, reflecting strong execution, especially in the contract transitions planned for this year. Given this performance and a constructive outlook for the fourth quarter, we are raising our full-year EBITDA guidance to a range of $195 million-$210 million. Turning to the market, offshore drilling fundamentals remain solid, even with softer demand indicated for 2026. Global market floated utilization is expected to recover, rising from about 73% today to roughly 82% in 2027, and as utilization tightens, day rates should follow. At current Brent prices, oil companies are being more disciplined with capital allocation. Even so, they need to sustain production level limits how much they can cut investments. We expect exploration activity to increase from 2027 onward, supporting long-cycle offshore projects, particularly in deep water where the economics remain attractive under conservative price assumptions. In Brazil, the outlook is strong. ANP, the Brazilian petroleum regulator, continues to advance its license rounds, attracting major IOCs committed to long-term investment in the country. In the second round of 2025, held late in October, Karoon, CNOOC, Sinopec, Equinor, and Petrobras secured five new blocks. Together with the earlier round this year, a total of 39 blocks have been awarded, an important indicator of sustained exploration activity to come in upcoming years. Our largest business partner, Petrobras, continues to lead offshore developments. Despite the elevated environmental scrutiny surrounding the COP30 held last week in Brazil, Petrobras obtained the environmental license to drill its first exploratory well in the Equatorial Margin, a strategic frontier with plans for at least eight additional wells. Petrobras also announced a new discovery in the Campos Basin at the Tartaruga Verde fields, drilled by our rig, Bravastar, showing how exploration campaigns will be important for replacing reserves and supporting production increase goals for the year to come. In its recent Q3 results release, Petrobras reported strong operations with record production and CAPEX tracking guidance. Looking ahead, 2026 is set to reflect greater cost discipline, with early indications of a modest reduction in E&P spend in the upcoming 2026 to 2030 plan, aimed at preserving cash and optimizing costs without impacting ongoing tenders on near-term production targets. Contract integrity has been consistently reaffirmed by Petrobras, and our robust backlog, secured since 2024, remains solid. Petrobras' annual five-year business plan update, scheduled to be released tomorrow, should add clarity on CAPEX priorities. In a nutshell, while we see some near-term pricing pressure globally, the medium to long-term fundamentals, especially in Brazil, remain strong. Now, regarding our positioning, we are in a strong place with a flexible fleet, a proven operational track record, and a robust backlog of about $1.9 billion. That gives us a clear visibility with the contract coverage of 72% for 2026 and 47% for 2027. Before our fleet status update, let me address a recent development affecting much of the support industry operating in Brazil: Petrobras' cost optimization initiative, known as Renacom. Petrobras has started collaborative discussions with key suppliers, including us, to explore cost efficiencies, especially for 2026 and 2027, and potential blend-and-extend solutions for certain contracts. These negotiations are taking place in a fair and transparent market context. We are evaluating alternatives that balance value preservation with long-term visibility. Importantly, current signed contracts remain firm and do not allow unilateral changes. We expect outcomes in the near term and will update the market once finalized. Operationally, this was a solid quarter for Constellation. We achieved 97% uptime overall, with our semi-fleet delivering remarkable uptime of 99%. 2025 has been a transitional year by design. Earlier in the year, we completed the Alpha Star transition, and in this quarter, Laguna Star transition, done in only 66 days, along with the start of operations of Tidal Action. A key milestone was the successful acceptance of the drillship Tidal Action in September and the jackup Admarine 511 in November. These were a complex process because neither rig had operated in Brazil or for Petrobras before, which makes acceptance very rigorous. Tidal and Admarine were accepted in 75 and 78 days, respectively, less than half the average intake time of more than 180 days seen in recent Petrobras contracts with other players. This speaks to our team's technical strength and ability to meet Petrobras' demanding requirements and standards ahead of schedule. This success highlights our capability under our asset light model, operating third-party rigs, and our expertise in acceptance process, which are critical for any Petrobras contract. With this, we expand our business and support EBITDA growth. Looking ahead to rigs still preparing for transitions, Amaralina and Lonestar will begin preparations in the coming months for their engagements with Petrobras and Bravo Energia. For Lonestar, this preparation will be performed under remuneration, ensuring a direct handoff from the previous contract with Petrobras. With these transitions in place, our operational priorities are very consistent: high uptime, strong performance, and disciplined cost control. Now to commercial updates. I'm pleased to share some good news in this front. We have three contract extensions, one LOI, and one potential contract under a signed exclusivity agreement. If all options are exercised, this adds from $90 million to nearly $150 million to our backlog. Let me walk you through the details of each of them. First, we have signed an LOI for Atlantic Star with Karoon, starting in Q2 2026, firm for a period of at least 70 days. Work is in Santos Basin, around 270 meters water depth, focused on a heavy workover of a key producing well. On Gold Star, we recently secured a 77-day extension with Petrobras, pushing the term to the end of January 2026. This also gives both parties time to explore further extensions. Amaralina Star extended by one month to the end of November, plus the well in progress. On Lonestar, Bravo Energia exercised a 50-day option for 2027, taking the firm term of the contract from 400 days to 450 days. Still on Lonestar, we have signed a binding exclusivity agreement with an independent operator that shall secure activity for the rig in 2027, following the conclusion of its current contract with Bravo Energia. This agreement should lead to a contract that would add approximately $33 million to our backlog, including mobilization and demobilization fees for a firm term of 90 days. Additionally, the client holds two price extension options of 90 days each at an improved day rate, which could extend the contract to 270 days. The agreement commits the client to execute its entire scope exclusively with Constellation. Due to the confidentiality obligations, we are unable to disclose the client's name at this time. These awards strengthen the future revenue visibility and reinforce Constellation's position as a leading offshore drilling contractor in Brazil, not only with Petrobras. Our diverse fleet lets us tailor solutions to clients who value our operational performance, safety culture, and fleet quality. On innovation, we are advancing our fuel processor pilot in partnership with Petrobras, combining technology and sustainability to reduce emissions through energy efficiency. Developed under ANP's technology promotion framework, the project aims to develop an innovative real-time fuel processing and validate performance gains. The project will be carried out on Laguna Star, and it has the potential to reduce fuel consumption by up to 5% and, if proven, could be replicated across the fleet. Beyond operations, this supports our commitment to innovation and long-term value creation. As we move towards the close of 2025, our confidence remains high. Even in a softer market environment, we executed well, transitioning key contracts to better day rates, operating safely, and raising guidance twice this year. These milestones confirm our ability to create value even under a more competitive condition. Looking forward, we will continue to build backlog, maintain disciplined capital allocation, and stay focused on the leverage. With a meaningful EBITDA step up next year, a solid operational base, we are well positioned for sustainable growth through 2026 and beyond, creating the foundation for the company to begin shareholder distributions. With that, I will now hand the call over to Daniel to reveal our financial results. Daniel, please. Thank you, Rodrigo, and good morning, everyone. I'll now take you through Constellation Oil Services financial results for the quarter ended September 30, 2025, and provide an update on our guidance for the full year. Year to date, our fleet maintained a solid uptime of 95%, helped by an outstanding 97% performance in the third quarter, reflecting strong operational discipline across the fleet. Operating revenues totaled $138 million in the quarter, up $3 million year over year. The main drivers were up $15 million from the semi-fleet, led by Gold Star, contributing $9 million due to 49 additional operating days following prior year planned maintenance, and Alpha Star, contributing $6 million with higher day rates under its new Petrobras contract that began in February. Bravo Star contributed $3 million from a contract amendment enabling shallow water operations, and Tidal Action added another $3 million as operations commenced in mid-September. These revenue gains were partially offset by the Laguna Star contract transition with a $12 million reduction in revenues and the Amaralina Star planned maintenance with a $5 million decrease in revenues. Year to date, revenues were $24 million below 2024, mainly due to roughly 150 fewer operating days tied to Alpha and Laguna transitions, fully anticipated as part of the planned fleet repositioning, as Rodrigo mentioned. Moving to our backlog, we closed the quarter with $1.9 billion in backlog, with 22% year over year, or roughly $300 million higher than Q3 2024. As Rodrigo discussed, additional extensions and potential new contracts would add between $90 million and $150 million in new backlog, assuming no options are exercised. These developments, combined with strong cost discipline, support our decision to raise the full-year adjusted EBITDA guidance to $195 million-$210 million from the prior $170 million-$190 million range. This is the second upward revision in 2025, underscoring our consistent execution and the momentum we've built throughout the year. Turning now to cost, contract drilling expenses, excluding depreciation, came in at $86 million in Q3 2025, up $13 million year over year, driven by $4 million in payroll, reflecting $2 million of higher short-term incentive accruals, mainly tied to the offshore retention plan, and $2 million to labor inflation adjustments. We also had $3 million in maintenance cost, mainly from activities deferred from the first half of the year. Also, $4 million in other costs as Q3 2024 had benefited from one-off insurance reimbursement, and also $2 million in reimbursable costs related to the Tidal Action startup. Despite this quarterly increase, year to date, contract drilling expenses are down approximately $16 million, or 7% downwards versus 2024. This reduction reflects our stronger cost discipline, streamlined and poured process, and improved operational efficiency, delivering savings roughly three times greater under special tax regimes. Our processes are now more collaborative, predictable, and cost-effective. On general and administrative expenses, we posted $7 million in the quarter, up $5 million year over year, mainly because of a prior year one-off accounting reversal. Excluding such a fact, SG&A was essentially flat in the period. Adjusted EBITDA came in at $44 million, down $18 million from Q3 2024, primarily due to the 66-day Laguna Star transition during the quarter. For the nine-month aggregate, adjusted EBITDA came in at $143 million, in line with our revised full-year expectation. Net financial expenses were $11 million, an improvement of 21% from $14 million in Q3 2024. The improvement reflects a $2 million positive foreign exchange hedge result and $1 million in interest income from short-term cash investment. Our BRL hedging strategy, implemented early this year and running through December 2025, has contributed to $7 million year to date, effectively protecting margins and supporting our 2025 financial plan assumptions. Lastly, we reported a net loss of $14 million for the quarter, compared to a net profit of $3 million in Q3 2024. The year-over-year variation is mainly due to a $13 million increase in contract drilling expenses and a $5 million rise in SG&A. As mentioned earlier, most of these variances are explained by one-off positive effects in Q3 2024, which reduced last year's comparative cost by about $8 million. Now turning to cash flow, operating cash flows through Q3 2025 reached $170 million, up $18 million versus last year, mainly due to a $24 million mobilization fee from Alpha Star collected in Q2. CAPEX totaled $109 million for the nine months, up $26 million year over year, reflecting preparation for the new contracts and scheduled maintenance across the fleet, with the following breakdown: approximately $40 million for Laguna Star, ahead of its October start with Petrobras; $34 million for Alpha Star upgrades and SPS, ahead of its Q1 2025 contract commencement; $9 million for Lonestar transitioning period, set to start early next year; and $26 million distributed across maintenance, overhauls, and SPS across the fleet, and also corporate projects. Moving to cash used in financing activities, we paid the first semiannual bond coupon of $30 million in May, down from $83 million last year under the old debt structure. As a result, cash, cash equivalents, short-term investments, and restricted cash increased $40 million year to date, reaching $223 million at quarter end. Trust debt increased $18 million to $660 million as of September 30, 2025, due to the accrued interest in the period. With higher liquidity, net debt decreased $23 million since December 2024 to $437 million. Last 12 months' adjusted EBITDA was $203 million. As a result, net leverage came in at 2.2 times, a slight uptick from two times in Q2 2025. Overall, we closed another solid quarter, marked by disciplined execution and strong performance. We also successfully concluded the insurance claim process related to the Laguna Thruster incident from early 2024. The total indemnity amounts to $8.5 million net of deductibles and was received in October. As a result, it had no impact in Q3 result, but it reflects and supports our revised full-year guidance. As Rodrigo mentioned, together with recent contract extensions and our continued cost control discipline, these results reinforce our decision to raise full-year EBITDA guidance to $195 million-$210 million, while maintaining CAPEX guidance at around $150 million for the year. It is important to note that such CAPEX figure reflects the expected cash outflow for the period. As such, it may differ from the CAPEX reported on the balance sheet, which follows the timing of asset recognition rather than the actual cash disbursement. Just before we close, I want to recognize the exceptional work of our teams, delivering operational excellence, financial discipline, and strategic execution throughout the year. We are very confident in our ability to finish 2025 on a very strong note. In our next earnings release early next year, we will present our 2026 guidance, which will provide greater visibility on expected results, CAPEX investments, cash generation, and contract coverage. As well, we will include the framework for shareholder distribution. That concludes our remarks. Operator, please open the line for the Q&A. 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 comes from Frederick Steen, SellSide Analyst. We will read the question from Clarkson Securities, Frederick Steen. The question is, what is the latest take on what is going on with Petrobras currently? What should we expect when it comes to the timing of awards from Búzios and Mero? Also, how should we think about the general renegotiation Petrobras seems to be doing at the moment? For example, can lower rates be swapped for longer duration? Any color would be helpful. Hi, Frederick, this is Rodrigo here. Thank you very much for your question. Indeed, Petrobras has initiated these discussions with the key suppliers. We call this a Renacom here with Petrobras. This is not the first time we have seen this type of moves from Petrobras and other E&P companies, but the goal is to explore cost optimizations and potential blend-and-extend solutions, especially for the short term. Petrobras is doing this effort to adequate their business plan for the current levels of Brent price, as we know. Important to mention that this has been collaborative. These negotiations are taking place in a fair and constructive environment. As I mentioned on the call, and this is important to emphasize, the current contracts remain totally firm, and Petrobras is not allowed and is not part of their plan to consider any cancellation or suspend any signed contract. This is, I know that this is expected, but it also is important to be vocal about it. Our approach is very simple. We are keeping our high-level discipline. Any concession must be followed by a trade-off that has to add value and make sense to the company, ideally through additional backlogs. I certainly see this as an opportunity for Constellation, considering our level of knowledge of the projects in Petrobras, and we'll be continuing on the table and negotiating with Petrobras with the best position for our fleets. Now, let me just move to your second point, which is the Búzios contract. As you also know, we are participating in this process with one of our rigs, which we expect and consider to be very well positioned for this opportunity. The contracting process for Búzios rigs is ongoing. Petrobras has requested the revalidation of the proposals, which remain valid until the end of the year. We are reading no signs of Petrobras' intention to delay this process whatsoever. I totally disagree with some of the comments in the market that Petrobras intends to delay this process. I do not see that. In reality, my view is that Petrobras is focused indeed on the Renacom, on the negotiations that are currently going on with the suppliers. This process will be completed as expected because of the needs of the Búzios field. This is very, very clear for us. At this point, we do not anticipate a significant delay in the process. We expect Búzios tender results to follow in the sequence as soon as Petrobras starts concluding the Renacom discussions as well. Okay, thank you. The next question also comes from Frederick Steen. The question is, can you elaborate a bit on the extensions of the Gold Star and the Atlantic Star? Are further extensions into 2026 possible? What are other opportunities? No, thank you again, Frederick, for your question. I'll start with Gold Star. Very glad to announce this extension with Petrobras. It's 77 days, but it will keep the rig busy and operating until Q1 and maybe a little bit more color on what we have next. According to the schedule of the operations, we see potentially the rig operating on the well until February. After that, in the worst-case scenario, we still would have hole cleaning under remuneration of the contract. I would say that our worst-case scenario for Gold Star today, we would have very close to 25% of utilization for the rig in 2026. This extension is very positive because on top of what I just mentioned, it provides both parties additional time to explore and negotiate further extensions and new opportunities. Of course, that's exactly what we are doing. We are looking forward and making sure that as we did with the Q1, we will continue to work hard towards securing other projects for the rig throughout 2026. Our intention is always maintaining the rig active and operational. We see good ground for securing this. The time will say, and we'll continue to work here from our side. For Atlantic Star, also very glad to mention that Karoon has signed an LOI with this rig to operate in Santos Basin. This is under the current specification of the rig, is a shallow water campaign focused on heavy workover for a key producing well for this client. When signed, the firm contract is 77 days to start in the beginning of Q2 2026, adding approximately $25 million in our backlog. This LOI is important for Atlantic Star as it potentially represents the first project outside Petrobras after decades of work in Brazil and inaugurates for us the new era where these assets will be exploring opportunities, especially with independent companies that made acquisitions in divestment programs carried out by Petrobras in mature fields. It is very good to see these projects gaining maturity and starting to generate demand, which we believe that will be both in the line of workover of producing wells, but also in programs to increase recovery factor. Certainly as well, the P&A campaigns, which is a regulatory commitment for many companies in Brazil. We see our plans are progressing well with those both rigs as I just described. Thank you. Following up on Frederick Steen's questions, the next one is, are you able to give some early indication on what you think about financial performance in 2026 versus 2025? Do you think you'll be in a dividend-paying position from late 2026? Hey, Frederick, thanks again for the good question. Let me try to address this first by highlighting that we'll be providing the full guidance only in the next earnings call, which will be scheduled for March and 2026. In order to help and to provide transparency on how we are seeing already what we have for 2026, it's important to highlight that from an operation standpoint, it's a year that will have way less transitions, right? As we just indicated and as you've seen in the results, this year was the year that we planned and executed most of the transitions. We have a Amaralina still left. We're going to have Lone Star that will be left. Important to say, Lone is a much softer transition as this is going to an independent. It's not really as the full acceptance that we have with Petrobras. This should be able to give you a little bit of color on the overall contract transitions that we still have left for the next year. Rodrigo also touched on many different topics here regarding how we are seeing Gold and especially Atlantic that now we just announced as well a small contract that we're going to have for the next year. Those are the rigs that are still open in the market, right? Those are going to be the ones that will determine our ability to drive even a larger upside for the next year. Important to say that even without those two rigs getting more contracts, which is something that we are constantly fighting and looking forward to, even if we do not have more contracts, we would be in a solid position already to start dividend distributions at the end of the next year. We feel pretty good about the position that we have already with the contracts that we have in backlog. This will be more than enough to give us a significant upside in EBITDA and to provide us a significant cash flow generation starting next year that will be able to give us the solid base to update the framework when the time comes for the dividend distribution, which we indicate as well that will be able to be given in a more solid base when it comes into the earnings call next quarter that will happen in March. Thank you very much. Thank you. The next question now comes from Kavia. The question is, it sounds like Búzios tender results will only come after Petrobras concludes Renacom discussions. When do you expect Renacom discussions to be concluded? And if you could put a range around this, what would that time range be? Kavia, this is Rodrigo again. Thank you for the question. Apparently, the negotiation teams in Petrobras, they have a lot on that table to join the two pieces. Initially, we might understand that the Renacom has the focus right now. I will tell you, my view is that they are trying to run both things in parallel. I would expect we see progress on both cases by the end of the year. I do not see any signs of procrastinating the decisions. I know that it sounds optimistic, but I am trying to be transparent here. I hope, and that is my view now, that both cases, either the Renacom and the Búzios projects, will see steps forward before the end of the year because that is what our best view of those projects is based on our position right now. Remember, ladies and gentlemen, the questions can be made by the attendees by clicking on the Q&A icon at the bottom center of the screen. The next question comes from Britt Olsen, sell-side analyst. Just a question. Okay, just a minute. Rephrasing. The next question is, can you explain the transition from Lone Star time between contracts, reimbursement, and CapEx requirement coming from Britt Olsen, the sell-side analyst of Kaios Capital? Hi. In terms of Lone Star, we are still on the Petrobras contracts. By the end of the year, we're going to do the transition for our next project, Bravo Energia. It's a non-stop project, which is very positive for the company because we will see no revenue interruption during this transition period. It's a client that we are very proud to be the first driller for the newly created Bravo Energia. This project is indeed a testimony of our ability to capture projects beyond Petrobras in the market of Brazil. In fact, one of the things that is adding value for us is that we do not have adequacies to be done during this transition period for Bravo Energia contract. What we have to do is some minor SPS certifications and also hull cleaning for the next project, which will be remunerated by the client. It is important to mention as well with the rig that we are very happy with the announcement of an additional well, which adds 50 days more for this contract, bringing this to somewhere in the end of first quarter of 2027. Today, we are also announcing a new agreement, a binding exclusive agreement that this same rig was selected from an independent operator for another project, which will fulfill once signed the utilization for the rig throughout the end of 2027. Very positive to see our two semis, Lone and Alpha, fully occupied until the end of 2027, actually Alpha until 2028. We will have to be concentrating our efforts now on Gold Star. Positive to see our semis going out of Petrobras and securing a solid backlog being built up to the end of 2027 for Lone Star. Just to add from a finance standpoint, the only thing that I think should be important here is really that any cost that we have in the CapEx for this transition is really related to the overall maintenance and SPS of the rig. There is no really specific requirement from a CapEx standpoint for upgrades for the independent customers. Also, much simplified from the overall transition. No expected to have mobilization or any reimbursement. The cost is really related to the overall maintenance of the rig. Thank you. The next question will come from Eduardo, sell-side analyst, JP Morgan. Is there a leverage level above which you would not pay dividends in case the environment deteriorates further than expected? Hey, Eduardo, thanks for the question. I think let's just recap and make sure that I'm addressing this in the right way. First, our indication and framework even so far is that we will be distributing dividends as long as we have more than $100 million in cash in balance. This will be considered anything greater than that as incremental cash to be distributed. As well, obviously, we have to be able to get to the one and a quarter net leverage for the overall covenant that we have to be able to start paying dividends. As we just indicated, we believe we are going to get to that level in 2026. Overall, with everything that Rodrigo just explained, we believe that the overall backlog that we have in hand and the overall landscape that we see in the market does not change any of this narrative that we have started since last year, indicating that these priorities will take place next year. With all of that said, obviously, it will require us to continue assessing the market and continue seeing the ongoing market realities as we continue on dialogue with Petrobras and other players here. If any change on that, we'll certainly be updating as we get into the next earnings. As of now, we have really good basis to believe that the market is still there. No real any dynamic that we could foresee here that may change this indication on having the ability to get to the one and a quarter net leverage next year and get started with the dividend distribution then. Thank you for following up. The next question comes from Marine Bourgeois, sales buy-side analyst from IVO Capital. After a new exploration license is awarded, how long does it usually take before a rig is contracted and drilling activity begins? Hey, Marine, this is Thiago here. Thanks for your question. Certainly, the answer depends on the location of the license. It depends mainly on the environmental approval for drilling. This is one of the main bottlenecks that we see. I would say usually it's around a year. What's very important right now is to recognize that Petrobras finally was granted the license to explore the Equatorial Margin, which has been held by the regulator for several years in Brazil. This creates an important precedent for additional licenses to be granted either in the region or other exploratory basins in Brazil. Definitely, the rig availability and the capacity of the supply chain is also very important when it comes to putting together a drilling campaign. I would say that it has been improving a lot over the recent years and provided that Brazil has a large fleet of drilling units. The recent developments on the regulatory landscape this time are reducing. Most importantly, we are ready and with availability to be able to deploy rigs for such campaigns. Thank you. Next question comes from Frederick Steen, sell-side analyst, Clarkson Securities. Are there any moving parts among the Brazilian offshore drillers in terms of M&A? Frederick, thank you for your question again. I think it's not the first time you have heard me mention about this. We believe that the drilling market still offers room for consolidation, but activity remains selective and disciplined. From our perspective, we have been and will continue to evaluate consolidation opportunities. Should the right opportunity arise, we will pursue it. It's important to mention that given our new capital structure and the market-leading scale and position in Brazil, we feel very, very confident in our position as a standalone company to add value to our shareholders. That said, we see and recognize significant value potential in consolidation and the strong synergies opportunities, again, especially in a market like Brazil. After our recapitalization process, we are in a very good position to assess these opportunities. We will continue to observe the market together with our board and our special committee discussing these opportunities. However, any potential transaction must be value-accretive to our shareholders. This is our priority number one. Thank you. Moving on to the next question, it comes from Dasha Iskova, buy-side analyst from Sefton Place Advisors. The question is, SG&A has varied somewhat in the last couple of quarters. When do you expect SG&A to stabilize and at roughly what level? Hey, Dasha, to explain a little bit the dynamics on the SG&A, first, let me start with the explanation that we had already in the overall remarks, which is year over year, we have had a variance pretty much because of unusual $5 million benefit in the last year. That's the main reason to justify the overall year-over-year variation. As your question is related to the quarterly profile, I can tell you that the best way for you to understand the run rate is to see the nine-month accumulated result that you see for the year, right? Between quarters, we usually have some dynamics. Overall, to understand the run rate would be a really good indication to see either last year without the unusual and then this year with the total of the nine months altogether. This is a good indication on how we believe we should be moving forward. As we look into 2026, I'm not expecting any significant move as well in SG&A. I think overall, as we have some inflation and local currency, should believe that without the facts and facts should be no greater than 5%, if anything, from an inflation standpoint, okay? It should be pretty much flat and no really any big move from what we see in the nine-month altogether. Thank you. This concludes today's questions and answer sessions. I would like to invite Mr. Rodrigo Ribeiro to proceed with the closing statements. Please go ahead, sir. Yes. As we wrap up our final earnings call of 2025, I just would like to take a moment to reflect on what has been a truly solid year for Constellation. We successfully executed several major contract transitions: Alpha Star, Laguna Star, Tidal Action, and Admarine, as we are preparing to loan and Amaralina contract transitions as well. Throughout the year, we maintained a strong focus on cost discipline as we navigate a complex market environment, marked by this soft oil price in the short-term uncertainties. Amid these operational challenges, we upheld one of our core values, which is safety. Our operations remain safe and reliable all the time. This is a testament to the commitment of our entire team, which I want to really say thank you at this moment. As we enter in the final quarter, our priority remains very clear: controlling what we can control, expanding our contract backlog, maintaining high operational uptime, keeping strong cost discipline, and ensuring seamless transitions for our rigs. These fundamentals give us the confidence to increase guidance for the second time this year. We look forward to share more updates with our full year with you during our full year results conference call. Thank you very much for your continued support. I wish you all a great 2026 and have a nice day. This concludes Constellation Oil Services Audio Conference for today. Thank you very much for your participation and have a great day.