Good morning, everyone. First of all, welcome to Dolphin Drilling Q2 2023 presentation. This is our third presentation since the company was listed at Euronext Growth, the 28th of October last year. For any, for practical purposes, if you have any questions, please put them forward in the chat functions here in Teams, at the top of your page. Okay, let's move into the presentation itself. First of all, referring to the disclaimer, for those of you who would like to read a little bit about risks and, and, and other stuff, you will find that in our disclaimer. Let's move to the presentation itself. My name is Bjørnar Iversen. I'm the CEO of the company. With me today, I have Steve Cox, that is gonna take the financial part of it, and also Ingolf is here, who's head of Investor Relations and is VP Corporate Finance. Okay, this is our agenda that we will take you through today. We will first look at the Q2 highlights. Steven will take you through the Q2 results more in details. I will give you a company update and an operational update. We will have a dive into the market outlook, and at the end, I will make a summary. After that, we will take and go through all the questions or potential questions that you guys want to have an answer to. Please just put that or write that in the chat box as we go through the presentation. Q2 2023 is, in many way, a turning point for the new Dolphin Drilling since we were listed. The Q2, we had an EBITDA of a positive EBITDA of $1.6 billion. That was up $18.6 million from the Q1. Blackford Dolphin has had an uptime of 97.2%. We also operated the Blackford on improved and reduced OpEx, down to $116,000 per day. The Blackford has a revenue backlog, or a total revenue backlog of $201 million. Of that, there's a firm backlog of $100 million and options of $101 million. During the quarter, also, the GHL contract was confirmed as a 12-month contract, and after that, we will have a new contract with Peak Petroleum back-to-back in direct continuation, and that's a 4-month firm contract with a 1-year option. During the quarter, we also made an agreement with Transocean to acquire the Paul B. Lloyd Jr. and the Transocean Leader for $64.5 million. Per today, the Paul B. Lloyd has a revenue backlog of $614 million. After we signed the agreement with Transocean, we extended the contract with Harbour by 3 years, so we now have a 4.3-year firm contract with Harbour Energy in the UK. Of that, we have a firm contract of $277 million, and we have $337 million in options. That basically, including options, take the Paul B. Lloyd's revenue coverage down to 2032. That sums up the revenue backlog of the company to $815 million, split in a firm backlog of $377 million, plus $438 million in options. During the quarter, we also raised an equity of $60 million in a private placement. In that capital placement, we had strong support from our main shareholders, and that was demonstrated through a $15 million unsecured loan at the favorable interest rates of 8.5%, and also they participated with $20 million as part of that private placement. If we now look at to the right there, we see that the company now has 1,100 shareholders, approximately. We have a float, and this will be post the repair issue that will be announced soon, of 52%. There's a 52% float now in the shares of the company at Euronext Growth. Just summing up three things that is important for the company, and that is, of course, the firm backlog has increased by $253 million, significant increase. Of course, the EBITDA has improved by $19 million, up to $1.6 billion positive EBITDA. Also worth mentioning there, it took 10 days of the quarter before we came on contract and got approval to drill in Nigeria with the Blackford. That's 10 days, which is of idle time as, as part of that quarter, that we will not have, of course, the next quarters. Then also net, net zero in the company. That's the headline, financial and important, data points. I think, with that, I think I will give the word to Steven, that will take you through the Q4 results in more details. Thank you. Yeah. Hello, everybody, let's jump to page 8, if we can. Great. As Bjørnar mentioned, a strong quarter for the company, Blackford on contract for 81 days. We did have a period of 10 days idle time at the beginning of April. We waited for some of the licenses to come into place in Nigeria. That is now done. The earnings efficiency for the rig, excluding those 10 days, was 97.2%. The rig had very strong availability for the client, almost 100%. The 97.2 was representative of some standby days, while we waited for the certain client logistics to come into play. A very strong quarter of earnings on the Blackford, as I said. OpEx was slightly lower than we anticipated. Blackford came in at $116K per day, that's despite dealing with complex logistics, crew transfer, related currency issues, et cetera, in Nigeria. Doing a very good job of managing costs on the startup of an operation, and things obviously stabilized over the first couple of months, and we anticipate that will continue. Part of the accounting that we do here requires us to defer and amortize the mobilization fee for this contract. We're doing that now over the firm 12-month period. It's $1 million a month in revenue, and there's $1 million a month of deferred cost equivalent, so a net zero impact on EBITDA and earnings overall. Our stacked rigs, the Borgland and the Bideford, both have good cost control on them as well. Slightly improved on Q1, so we're now at approximately $28,000 per day for those two combined. We spend a little bit more money on the Borgland than the Bideford, just keeping her in a, in a status and looking forward to the future there. Our G&A expenses, $3.4 million, excluding some legal costs, $3.6 million on a gross basis. Again, slightly better than we'd anticipated on costs there. We, we look at around about $38,000 per day, and we continue to review that and, and make sure we're as efficient as we can be on our G&A. Cash flow from operations, we used approximately $12 million. A number of moving things in here, the end of the SPS-related costs for the Blackford that we'd incurred in Q1. Obviously carrying the vendor payments through Q2. We have some timing around the GHL receivables coming in a little bit slower than we would like. Cash flowing. It's not quite as quick as we would like it to. Cash is moving there. We paid deposits related to the acquisition of the Paul B. Lloyd and the Leader, approximately $3 million in cash flow there. We also tied up some more cash on bid bonds, so we used $2 million just to place bids in certain countries. That is cash that is essentially reserved until the bid result is known. That cash will stay in that classification for a while. As we've also talked about, we did draw the full $15 million of shareholder loan. We'd taken part of that in Q1. We took the remainder in Q2, and that was to support us through the placement of the bonds, through the placement of the acquisition deposits, and just to ensure we had some operating headroom. We continued to use the factoring facility successfully, and manage our liquidity on that basis. If we jump to the next slide, this is a bridge of our EBITDA, Q1 to Q2. Obviously, the biggest item on the page here is the earnings we took from the Blackford. We talk about a full quarter. As Bjørnar already mentioned, it's a full quarter minus 10 days, so the, the math can be done pretty quickly there as to what that effect should be. Approximately $2.5 million was, I'm, I'm gonna use the word lost, but it was, it was not achieved because we waited for permits, and so that's what those 10 days represents. Again, as Bjørnar mentioned, that's something that we will not have to be concerned about as we go forward. We have also incurred, obviously, a full quarter of mobilization or operations for, for the Blackford now, so that represents about $700,000 additional cost versus Q1. Albeit, what we don't now have are the project costs associated with the Blackford and the mob, so we did take expenses to the P&L in Q1, approximately $1.7 million, that we don't have in Q2. The stacked rigs and the Borgland in particular, we continue to take cost out of that, so that represents about a $600,000 saving. That's how we bridge from what was a -$70 million EBITDA in Q1 to a +$1.6 million in Q2. Obviously, we look forward to avoiding some of those costs into Q3. With that, I give the word back to you, Bjørnar. Thank you very much, Steven. Okay, let's have a small look at the, the company and operational update. First of all, as we said, the Paul B. Lloyd is contracted to Harbour Energy. This map shows where we have the rigs, there's a couple of colors there. The green ones are in operation, we see the other rigs laying around here. We have those 2 marketing rights rigs, which is owned by Capital down in Singapore. We see the Blackford in West Africa, we see the 4 assets up in the North Sea, of which the Paul B. Lloyd is the one out drilling for today. As I said, it's contracted to Harbour Energy until Q4 2027 on the firm contracts, there's options there until end of 2032. That's close to 10 years runway, very important for the company. We have the Borgland and the Bideford, which is actively marketed at Smart Stack in Norway, and we're currently also having people on board to do assessments related to the Leader. I will comment a little bit on the Leader at a later slide. Of course, we have the Blackford down in Nigeria, contracted until the Q2 of 2024, and the Blackford then will go over to Peak, where we have a 120 days firm contract, and there's also 1 year option at the back there that we are also currently working on and looking at. Let's then move to the next page, and I think I will just have a quick reminder on this one, who we are. Dolphin Drilling is focusing on the moored semi-submersible market. Here we see the different rig segments, that we are moored. We have the standard segment. We are the go-to guys, I would say, here for the moored semi-submersible. We're covering typically water depth from 65 meters with the Blackford up to 1,008 meters. You have to the right, the deep semi-submersibles and the drillships, typically ultra or, or the Seadrill type. Of course, the jack-up to the left and the land rig. This is the area we are focusing on and that we are building our strategy around. Okay. A little bit about this slide. I would like to say a couple of words about the strategic acquisition, about of Paul B. Lloyd and Transocean Leader. I would say that we, we, we bought the PBLJ and the Transocean Leader, I would say, in a very tough and brutal market. It turned out to be a tough market, so the share price had, had, had, had a hit, but it's, it's coming back. I must, however, say that Dolphin Drilling is a, is in a significant better state and a better company after that transaction, and it was very, very important for the company to do that acquisition. I would say the company is completely transformed after this, the, the stock listing and after this transaction. Let's have a, a small comment on the acquisition itself. The Paul B. Lloyd will, as will give us a very long-term positive cash flow contribution, as I said, or potentially up to 2032. The Leader is cold-stacked. The moored semi-submersible with the deepwater capabilities, can go down to 1,500 meter, and it's very much in the same category as Blackford. It came with a revenue backlog, we were renegotiating the contract that came with the Transocean transaction, and we were able to extend the firm backlog there with 3 years, and that basically gives us a firm backlog on the Paul B. Lloyd of $277 million over the next 4.3 years. In addition to that, we have $337 million in options. In addition to that, we got from Harbour a $10 million cash contribution related to the next Special Periodic Survey planned for Q4 2025 for the Paul B. Lloyd. In that contract negotiation, it's also worth mentioning a couple of things. We could say that there was a cancellation clause for convenience in there that is taken out, so it's now it's a bankable contract. We also got in, since the length of the contract is, is what it is now, we also got in there, a cost escalation, an actual cost escalation formula, which protect the cash flow going forward from Paul B. Lloyd and Paul B. Lloyd's contract. Also with the transaction, This is don't rock the boat philosophy. We will take over, and we are taking over the existing rig crew, and I met with the rig crews, parts of the rig crews, last week, and the offshore team is also following the transaction, and it's an important part of the transaction itself. This transaction adds scale to our fleet, and it also contributes to our consolidation in a tight rig market, both in the UK market and, and internationally. We see, as we will see on the market section, a tight, in a tight market, I would say, across all offshore basins we are operating in. Here we see the full rig fleet. We see the strategic acquisition in the red box to the left, to the left, Aker H-4.2 assets, and the other three we have on top there, the Borgland, the Blackford, and the Bideford, Aker H-3.2, significantly upgraded, and excellent rigs going forward, and to the right, we see the two Capital assets. Looking at the backlog in a little bit of a different perspective and showing the contract coverage here, we have built now a backlog, including options of $815 million, and we see the exponential growth in the order backlog a different way there. When we listed the company in Q3, we had $85 million. We added up on top of that, the Peak contract in Q1, and we, we see now for Q2, we see the significant bump up related to this transaction. We also see the day rate picture in the box below there, where we, we see the Blackford contracts, and we also see the Paul B. Lloyd contracts. It's also worth mentioning that the Paul B. Lloyd contract has an incentive scheme that can add up to $20,000 a day and, but capped at an average of the month of $10,000. There's an upside also to that day rate, and as we see to the arrow to the right in the foil, the contract runs with options until Q4 2032. Okay, let's have a dive into the market outlook. On the picture to the right on this foil, we see the Paul B. Lloyd operating in the UK. Beautiful lady. We have the Blackford there in Nigeria at the bottom, with that's the 2, as I said, assets that we currently have on contract. Let's have a little peek into the market. The global offshore market, I would say there's increased demand across all rig segments. You can have a look at the figure yourself. If you look to the right here, we see that versus Q1, all segments are green and improved, or either the same, sold out or improved. It means that the tailwind is there in all segments. This slide shows us the current activities related to our rigs. This includes the dots you see around here, includes pre-screening and rigging tenders that are out there. You also see the rigs in there marked with the rig, where we have our rigs. This is the rig inquiries and rig tenders in process, and there's more popping up every week now. Let me share some comments on the market status on all the different rigs. In general, and as a start, I would say that we have a strong focus on discipline in the bidding process in general. That means that we have financial discipline in the bidding, and particularly to protect the cash flow of the company. Looking and commenting on the bidder board, we still have interest around the rig, particularly for P&A activities in the UK, and we have several tenders out on the bidder board. Borgland, commenting on the Borgland. Borgland, we have chosen in many ways over the last quarters not to bid Borgland on shorter contracts, and we are focused on long contracts internationally with higher day rates, particularly outside the North Sea. We have I would say, several relevant tenders that will be awarded to some players, or player, hopefully us, over the next quarter and quarters. Borgland is really at play. When it comes to the Leader, I would like in general to say that the Leader was in a much better condition than we anticipated. Transocean, particularly Equinor, when they had the Leader, they have invested significant amount in upgrades in the rig over the years, up until 2012. We have had, after announcing the transaction, also had several operators contacting us about rig. We are now using our internal teams to have a review of the rig to see what it takes potentially to bring her back and, and, and market her and, and bring her out to the market. The lay-up cost on that rig is between $1,000-$2,000 a day, so it's a relatively cheap option. We will, however, not do anything with any oil rigs without getting 2-3 times back the mobilization cost, or including the start-up cost of our rigs. Nothing will be done before we have firm commitments. A positive surprise there on the Leader. Then also a few words about the Capital rigs that we see to the right there. There's still interest around the rigs. We are currently marketing them. As we know, and has communicated, they're owned by Capital, but we have the marketing rights and, what should I say? Excellent environmental and cost-efficient rigs that we are bidding and trying particularly to get into the Norwegian market. Let's have a look at and zoom in on the moored semi-submersible drilling fleet. If you look here, we have a rig of 15 rigs that are currently not marketed on in the international market. Over a list of 36 rigs, 15 is basically landlocked in the Caspian Sea or locked into China on longer contracts. That means that's 21 rigs left in the market related to the standard segment, which we are focusing on as Dolphin Drilling. All those 21, 12 rigs are contracted, and 6 are higher reactivation costs. We have also put the Transocean Leader in that bucket there. As you see, the box, the red boxes to the left are indicating our rigs, and we have said that the Leader has some higher reactivation costs, probably defined as. We don't know yet, but for definition purposes here, we said around $50 million. $40 million-$50 million is a high reactivation cost. That means we have three rigs free and available as today, and we have in there, we have Bideford, we have Borgland, and we have the SR Wildcat, which are currently the three rigs, which are currently warm-stacked and marketed out there. We are starting to be in a position where we think that rigs will be taken out, and there's a high probability that something will happen in the near future. Particularly, if you look at this slide in combination with the previous slide that showed 20 or more warm opportunities that will be awarded this year. Little bit, just a quick peek at the UK semi market. It's more or less, it's sold out for 2023. We have the Spey in there that has a little bit of open space, and then we have the four available rigs at the bottom there, with the Borgland, Bideford, and the Transocean, owned by us. Then we have the Ocean Valiant at the end there, owned by Diamond. It starts to be a few players. The Valiant has been cold-stacked, and it needs a little bit of time to, and cost to be taken out again. Also, a quick view at the Norwegian market. We saw that 7 rigs has exited or are exiting Norway as of today, bringing the number of rigs in the Norwegian market down to 12. There's also a couple there that will probably leave the market, we are down to 10 rigs in the Norwegian market. What we think, over the next two quarters, we will see contract awards that will take rigs out of the international or the UK market into the Norwegian market. Norway, we're pretty sure on that analysis, that will probably absorb rigs from the UK or the international market to some extent over the next two quarters, and that will just further tighten the market, including our part of the market. A little bit on the summary slides. The company has, based on its 58 years of drilling experience, a very robust organization, positioned for growth. We see now how easily the company is integrating and taking in the acquisition from Transocean. Of course, we are, we are rarely focused to keep to our strategy to bring out under box A there. We are focused on getting the current rigs out. We see the limited rig availability globally, as I just showed you. We also see that the day rates are increasing every day. B, we are marketing with the marketing rights on the Capital, trying to get them out in the Norwegian market and use that opportunity also to capitalize on our organizational core capital. We still look at management opportunities also to capitalize on our structure capital. D, profitable growth, we are also considering to bolt on acquisition if that delivers premium return on capital to our shareholders. We, as we stick to our strategy. Just a comment on quick comment on our ESG. We published our first annual sustainability report earlier this year in connection with our annual account for 2022, and we are really focusing on bringing down our environmental footprint in everything we do, and we have done that for many years, but now we have even increased it. Focusing on spill prevention, emissions, of course, health and safety, diversity and equality, and of course, anti-corruption. That's an embedded part of Dolphin. To sum up, Dolphin Drilling, well positioned in this industry recovery. The quarter has been a transformational quarter for the company. It has created a solid and robust platform for growing Dolphin Drilling further. The market is helping us to move, or the market is moving and lifting, and improving the probability to bring out our idle rigs. Looking at item one there, the quarter we turned the company from, it improved by $18.6 billion, moving the company into a positive EBITDA of $1.6 million. We built and increased the backlog around Blackford up to $201 million, of which $100 million is firm. After the GHL contract, which was confirmed to 12 months fixed, Peak will take the rig for the next 4 months firm and with a potential 1-year option. We also did the agreement to acquire the Paul B. Lloyd and the Leader for $64.5 million, and bringing the total backlog of Paul B. Lloyd up to $640 million, split in 2 parts, 1 firm part of $277 million, and 1 optional part of $337 million, giving the runway, firm runway on PBLJ to be 4.3 years with the, with the options runway to 2032, which is very important for us. That gives the total revenue backlog of $815 million and a firm backlog of $377 million for the company, plus $438 million in options. Of course, we are actively engaged in multiple tenders, as I show you, in most of the offshore basins, more than 20, 20 opportunities. Operations are solid, based on, of course, stands now solid on a, on a, on an improved order book. As a company, based on what we see now, we have an ambition to get into a dividend position, somewhat, I would say, second half 2024. To sum up the quarter, and before I, I, I open up for, for questions, I would say that the, the company has now a solid fundament and is well positioned in an improved market to bring out more of the rigs that we have idle. Just a look and repeat again about the shareholder base. After the post-placement repair issue, we will have 52% of the company float and approximately 1,100 shareholders, primarily consisting of Norwegian, UK, and US investors. SVP still remains the, the largest shareholder with 28% of Dolphin Drilling. and the ownerships related to S.D. Standard, around 20% of the company. I think that sums up what we have achieved this quarter. I think as a company, we are proud of, of what we have achieved over the last quarter, and we are happy to open up for questions. Steven, you- Yeah, I'll try and coordinate on the Q&A. We've, we've got some questions in the chat as well, so we'll, we'll try and address them efficiently. Let me just start off. There's a couple of questions, similar theme, talking about the CS60 rigs, the schedule around those, and the effective option, optionality that exists, Bjørnar, on those rigs. I don't know if you can talk a little bit around timing and thought process. Yeah, I would say that commenting on the, on the CAT-D Eco designs, of course, these designs are, I would say, in an own, own league, and they really belongs to the Norwegian market. We are currently bidding them in Norway, but we need longer contracts to be able to develop and to take in those rigs. I would say that we currently have some bids in there, opportunistic bids for them in the Norwegian market. Let's see how that plays out over the next quarter. We, we see, you saw from the Norwegian slides there that there will be some awards in the Norwegian market. Some of them, of those contracts are short, but we have an ambition to bring those two assets into Norway, and we are, of course, focused on that and work hard on that. Only the future will, will, will show if we are successful or not. I think I'll, I'll just stop there. The rigs are super good and in an own league, and they really belong to the Norwegian continental shelf. Next question, Steven. Yeah. There's a few questions just talking about timing of next award tenders, what the local and international markets look like, and there's a question around Brazil as well in terms of our ability to potentially put a rig there. Again, it's a bit more generic in terms of guidance on timing and geographies. Yeah, I think it's always not so smart to be too specific, specific on timing because it's outside our control, but what we can say is that there's a significant amount of tenders that we have in that will be awarded over the next 2 quarters. Some of them, some of them this quarter, some of them next quarter. Very often an award, of course, it takes time, and it takes clarification. It takes several clarification rounds, and then, of course, there's normally maybe two tenderers who's competing, and then they award to one. I would say that all those, at least half of those 20 tenderers will be awarded over the next, I would say 3-6 months, definitely. We are in the run and hopefully, and we think that we are among the, among the, what you call, top two or top three in several of them. We think that there's a fair chance of getting a contract placed on them. I would say the Borgland is probably the one that is first in the queue, and then we have probably the Bideford, and then we have, I would say, the Capital assets. As I said, we have started to do a deep analysis of the Leader to see if, and what it costs to take her back, we will not take any contracts here, short contracts. We will take longer contracts where we will be able to pay back the modification slash, mobilization costs on them, and we need, 2-3 times that investment, before we will do anything. I would say increased discipline. All this smaller stuff, I think we have put a little bit to the side, and we have focused on the more longer and more meaty opportunities that are out there. We have a, a, a very solid and disciplined approach to, to, to new activity. Stuart? I'm gonna touch another question here. There's a question around the% of free cash flow that we will look to distribute and potential dividends if that becomes relevant, which I can sort of briefly tackle that. In terms of the... obviously, the intent is to distribute as much as we can at the right time, and being conscious of timings of reactivations, budgets around those things, and, and obviously the, the cash flow that we anticipate from closing the Transocean transaction when that kicks in. It's, it's not gonna be a straight answer, I'm afraid, on that one, but, obviously, the intent would be to distribute as much cash as we can at the point in time that we, we get to that point. There's a few questions around the timing of the Transocean transaction and close. We can maybe touch on the sort of process we're going through with HSE. Yep. Yes, what we, what we have there is that there are firm contracts around this transaction in all directions with all the parties. There's one condition precedent, one CP, that will be the driving force of when this transaction. We lost you, Bjornar. I'll, I'll pick up until Bjornar comes back on. The key thing that we are working on in the transaction is the safety case transfer, which requires us to demonstrate to the HSE in the UK that we have the capability and the systems to take on the drilling operation, which obviously we do. We last drilled in the UK with Borgland in 2019. Timing-wise, we anticipate end of the year to achieve the full approvals there, and then a number of things will click together, and the transaction should close hopefully before the end of the year. That's our plan right now. Let's check if Bjornar is back. No, I think we've lost you. Right. We'll just keep going until Bjornar comes back on. There's a question about the sustainable OpEx level in Nigeria now we've moved past startup. 116 was $116K per day. That was the number we achieved in Q2. We think we're there or thereabouts. Obviously, Nigeria is suffering from a couple of factors right now in terms of the currency. There's been quite a significant deterioration in the naira, and we do have naira-denominated costs, so that obviously helps us in dollar terms. At the same time, inflation is pretty rampant down there, there's sort of two competing forces there, we do expect to sustain that level. We did budget $120. That's what we thought we would do. We're doing a little bit better than that. I think we will continue to do a little bit better. So modeling-wise, I think if you plugged 115 in, it wouldn't be too far off. I think there's another question here. After with two rigs generating good cash flow after closure Transocean transaction, do you see yourself financing activations with organic cash flow or debt, given the market reaction? I think really that's gonna come down to the sort of longevity, size of the contracts. You know, our, our model, as Bjørnar said, is to not take a rig out unless we see a contract that pays back that reactivation cost sort of 3 times over. Timing is gonna drive how we finance that. Obviously, we expect the company to build cash from now going forward. Depending on when we take the next rig out and the length of that contract, really is gonna drive how we finance it. It may well be sensible to go and get some small amount of leverage. We need to look carefully at the model and the timing there. Some of the contracts that we are looking at, as we talked about earlier, require bonds to come into force. Those types of financing will be something that we look at, at the right time. I think there was a question in the chat about GHL in terms of payment terms on that contract. GHL are about 2 months behind on terms of the day rate payments. We've had payments through for the 1st part of the campaign. We did take an $8 million cash deposit, essentially in advance from GHL before we started drilling, to protect the company. They are a little bit behind now on their day rate payments. We are addressing that through usual mechanics, and the contract allows us to do that. We will continue to update as we go. As I said, cash is flowing. It's, it's, it's bits and pieces of cash as opposed to lumps of cash coming in, but it is moving through. We continue. We're in daily contact with that client, as you would imagine. Bjoern, are you, are you back? You're muted. No, we seemed to have lost Bjoern now. I'll take the final question here. There's a question about the shareholder's reaction to the last bolt-on acquisition. We think it's, it's an idea to look at acquisitions, maybe not in the, in the same vein as we did with the Paul B. Lloyd, but certainly in terms of assets that fit to our strategy, that have backlog, that have the, the instant cash flow potential on them. Obviously, the, the transaction we've done with Transocean and the Harbour deals come with a, a significant amount of backlog, attached to the rig, and, and we were able to expand on that. The EBITDA that's inside that transaction for us, is going to return the rates many times over in the future. We would look at those types of acquisitions again, and it's certainly something that's worth doing, we believe. We obviously are very conscious of how that was then financed and how that was perceived by the market. Something that we will look for to do carefully again. Can you hear me now, Steven? Yes, you're back. Yeah. I think, do we have more questions, or was that the last one? We were just tackling the, the one on potential future bolt-ons. That was the last bit, if you wanna add to that. No, I think we will, we will do if it's value accretive, but we, of course, also learn from the last transaction. We will only do things that are extremely positive for the shareholders. Agreed. Agreed. Exactly. There are no more questions right now, so I think we can draw to a close. Yes, I thank you all for calling into our Q2 presentation, and looking forward to seeing, seeing you again, and hope that you call in next time. Please, thank you. Thank you. For joining. Joining.