Thank you for standing by. Welcome to the Dolphin Drilling Q2 Report 2025 Listen-Only Webcast and Conference Call. For any questions, please reach out to Ingolf. All questions will be answered and published in our IR section within our company's website from early next week. If you wish to ask a question via the webcast during the conference, please type it into the box and click submit. Please be advised that today's conference is being recorded. I will now like to hand the conference over to your first speaker today, Jon Oliver Bryce, CEO. Please go ahead, sir. Thank you for that introduction. My name is Jon Oliver Bryce, and I'm the CEO of Dolphin Drilling. I'm here today with Dolphin's CFO, Ingolf Gillesdal. During this call, we'll present Dolphin's H1 2025 results and also our Q2 information. If you're following this call with our PowerPoint presentation, we're on slide one, and we'll take you to slide two now, which is our very important disclaimer. We ask that you kindly read this before moving forward. On to slide three, and talk very quickly about the agenda for today's earnings call. Section one, we'll talk about key financials and the main milestone events. Section two, we will talk about Dolphin's rig fleet. Section three, we'll touch on the market that we operate in. Section four, we'll do a summary of the earnings call. Moving on to highlights and material events, if you're looking at slide four, for the first half of 2025, there have been material improvements in the company's performance compared to the same period in the previous year. There have also been some significant structural changes to the company. A lot going on within the first half of 2025. What were these changes and material events? There were some financial ones, some contractual ones, some leadership ones, some performance ones. Let me just work through those very quickly. Financially, the company has moved from a loss-making position to being back in the black with an H1 EBITDA of $10.4 million compared to a -$23.2 million in the same period in 2024. Contractually, the company has had two of its three units continuously employed with major operators. This was the same as the previous year, but the difference being is in 2025, our two customers are both blue-chip customers paying on time. That was not the case last year with our issues with General Hydrocarbons. Contractually, two on contract, both paying, so in a good position there. In terms of leadership, some significant changes. A new CEO appointed, that was myself, Jon Oliver Bryce. I stepped into the position in mid-Q1, having previously worked with Dolphin Drilling for a year as Chief Strategy Officer and previous to that, a 30-year career in drilling, including being previously CEO of Awilco Drilling and GM of Odfjell UK. That was my CV, and that was my entry into Dolphin Drilling as CEO earlier this year. New CFO also, Ingolf Gillesdal, who'd been with the company for about six years before. He'd been in the investor relations side of Dolphin Drilling, but stepped up around about the same time as I did. It is a new CEO and a new CFO, and also a new Chairman with Ronny Bjørnådal becoming Chair around about the same time. Structurally, there have also been significant changes during H1 2025 with new major investors backing Dolphin Drilling, the largest of which being Svelland Capital, holding circa 50% of the company. Prior to that, the company undertook a financial restructure where changes to its existing debt were agreed, new debt was raised, and new equity was also raised. This funding solution was required to give the company sufficient liquidity to address the challenges of a significant historic AP situation and also a significant planned 2025 CapEx requirement. Despite challenging capital market conditions, the refinance was successfully completed as planned, although it should be acknowledged that a new additional funding requirement, a circa $20 million liability from a legacy tax court case, materialized towards the very end of the refinance process. Due to time constraints, this additional tax funding need could not be incorporated into the refinance, and it will have to be funded separately. Performance-wise, the company focused on safe and efficient operations, generating both continued revenue and positive customer feedback. The company also focused on cost-saving and operational uptime in order to maximize contractual financial efficiency. In summary, H1 has seen a lot of changes, and the company is now at the beginning of what I would call a turnaround situation. On to the numbers, and let me hand over to Ingolf for slide five. Many thanks, Jon. We released our half-year 2025 financial report earlier today, and here is a brief overview of the preliminary financial results, rig uptime, and main events in the period, as well as developments post-quarter end. I refer you to the published detailed financial report for additional information. In the first half, we recorded total revenues of $93 million, a massive improvement from the same period last year. Noteworthy, we had two drilling rigs generating earnings for the period, which is the first time since we got public listed. EBITDA, as was mentioned, was $10.4 million, below internal targets as both of the working rigs have periods of reduced earnings, especially for Blackford in January and May, and for PBLJ with periods of waiting on weather in January, and planned rig moves in April and May. The net loss for the period was largely affected by the outcome of HMRC tax appeal, where the company in late June received a decision by the Supreme Court. A cost of $19.2 million including interest was booked in the period. We ended the quarter with a cash position of $21.8 million, which includes $4 million in restricted cash supporting an ongoing drilling contract. Total interest-bearing debt includes the first lien loan on PBLJ of $60 million, plus an upsized loan tranche of $6.5 million, and the former shareholder loan of $15 million, resulting in a net debt of $59.7 million. Post-quarter end, we received a decision by the Federal High Courts in Lagos to enforce the result of the earlier informed $105 million arbitration award case in Nigeria. Since then, the former client, General Hydrocarbons Limited, they have appealed, with a hearing not yet scheduled. Such recovery prospects are highly uncertain at this point. Later in July, we closed a group refinancing, including a new bond loan, a repaying of a shareholder loan, and raising equity. We will talk more about this later in the presentation. Looking specifically at the Q2 results, the two rigs generated $35 million on an earning efficiency of 93% for PBLJ and 92% for Blackford. The Blackford contract includes other services, which generated $8.2 million, $2.6 million in accounting entries for the already paid mobilization fee, and $0.7 million in sale of unused equipment. On operating expenses, we are in line with budget for PBLJ, despite increased repair and maintenance costs. On Blackford, the overall costs continue to stay above satisfactory levels due to, among others, increased rental requirements associated with the contract, repair and maintenance, and third-party personnel costs related to the well move for this multi-exploration well campaign. We continue to make a small loss on the boats hired as part of the overall contract with Oil India. On the G&A costs, we have seen increase in the second quarter as we worked out the group refinancing plan. Our ambition is to reduce overhead costs and become more efficient with our capital resources, meaning as we head into the fourth quarter, we should see results. The net financials include two extra items last quarter: booking of interest costs related to tax claim of $5.7 million and an unrealized FX loss of $2.6 million. After we booked the tax claim in June, this had a major effect on the quarterly net income, which ended up at a loss of $26 million. For the next quarter, please note that PBLJ started its SPS in late July, and as a result, Blackford will be the sole source of revenue for the company for most of this period. Over to the balance sheet. The company concluded the quarter with a total cash balance of $21.8 million. Unrestricted cash position is staying way above our minimum financial covenant levels as per our loan agreements. Other than change in cash, adjusting for higher accrued revenues due to Blackford and which is part of the other current assets, there are limited changes in current assets during the last six months. The booked asset values for the rigs are depreciated as normal, with the exception that a $2.1 million CapEx spend on Borgland is impaired. On the group's debt liabilities, we have continued carrying a large amount of accounts payable on the balance sheet, and a larger part of it being overdue as we worked on the refinancing throughout the quarter and into the third quarter. At one point, above $20 million overdue. The profile of accounts payable has changed since year-end 2024, at that time which included reactivation efforts for Borgland Dolphin and cost to commence contract in India. Since access to new funding in late July, the total dollar amount of overdue invoices has since come down, and we continue to make improvements on this front. As of this report, we can inform that since the refinancing date, over $15 million has been paid into the vendor base. The major change in the second quarter represents booking of the tax claim to HMRC in the UK of $19.2 million in other current liabilities. As announced, the company paid in August £2 million to HMRC as part down payment for the tax claim. We have agreed to pause the negotiations for a period following this payment. The current portion of debt has post-quarter end been refinanced, leaving no debt installments until October 2025, and from there on, $1 million per month until April 2026. This was part of the group refinancing. Now over to the cash walk. As mentioned earlier, earnings from PBLJ have been a key contributor to the group's operating profit. Within each specific rig cash flows, as shown on the graph, the numbers include $2.8 million in CapEx for PBLJ, $0.6 million for Blackford, and $2.1 million for Borgland, which are remaining payments related to last year's contract preparation work that was thereafter cut short. For Blackford, we have room for improvements as both revenue generation and cost levels have not been satisfactory during the period. Borgland, we have kept the rig in good conditions and actively marketed. Average cost for the period has been $28,000 per day. Our G&A cost includes several one-offs, specifically professional fees related to the refinancing and the before-mentioned legal and tax claims. There are several factors contributing to the working capital outflow. First, the payment cycle for our contract in India that commenced late last year is two months versus one month for our long-term contract in the UK. Second, the earlier heavy increase in accruals related to Blackford startup in 2024 has since been reduced. Additional charges in India are tax receivable buildup to $1.7 million related to paying reverse charges on goods and services. Fourth, costs related to refinancing were held on the balance sheet, and lastly, we have had an inventory build for PBLJ as we have prepared for the class renewal. Some of that inventory build in PBLJ will move into CapEx through the project as utilized. Guiding for the coming period, as we are way into the third quarter already, new funding from the refinancing has hit our accounts in late July, but the heavy investment on PBLJ, together with limited revenues during the scheduled class renewal, will likely result in negative cash flow for that rig. Group refinancing. The company successfully closed a group refinancing in late July 2025. Several elements needed to be sorted out during this process. We raised new equity, repaid a loan that originally was due later this year and which had encumbrances attached to it, and we raised new secured debt. Moreover, we managed to defer scheduled debt installments for a period of 12 months, starting from April 2025. As a final piece, we agreed with our existing lender to upsize the PBLJ loan facility for us to prioritize renewing the five-year special period survey on the rig. As we show on the slide, we have refinanced debt falling due this year and replaced it with new longer-dated debt maturities expiring in the second half of 2027. We raised new equity of $29 million and are pleased to see our main shareholders heavily supporting this transaction. As part of this equity raise, we launched, as promised, a subsequent offering earlier this week. With that, I'll return the word to Jon, who will take us through the remaining part of this presentation. Okay, thank you, Ingolf. That concludes the numbers and details. We're on to slide 10, and let's have a look at the rig fleet in a bit more detail. Moving on to slide 11, we can see from this slide that the company owns and operates a fleet of three moored semi-submersible drilling rigs. These units are conventional drilling rigs, but they are also very suited for P&A activity. These units can operate globally and are also rated for harsh environments. From the three you see there, the PBLJ is an Aker H-4 designed semi-sub, and that's suitable for midwater. The Dolphin is an Aker H-3 designed semi-sub with a significant upgraded top side, and that's suitable for midwater. Finally, the Blackford is an Aker H-3 designed semi-submersible, also with a very significantly upgraded top side, but this one is suitable for deepwater. Those are the three units that we have in our fleet. If we move on to slide 12, we can have a snapshot then of the operational status of these units. From this slide, we can see that two of the units are currently on contract, delivering safe and efficient operations, with the PBLJ in the North Sea and the Blackford in the Indian Ocean. For your information, the PBLJ is actually, as we speak, in the very final stages of its SPS special periodic survey in Norway. When it comes out, it will return to full operations. For the last 40-ish days, it's been undertaking its SPS. The third unit is warm stacked, and it's located in the Astican shipyard in Las Palmas. Interestingly, with this unit, it commenced its SPS back in late 2024, but those rig activities were paused when the rig's client chose to terminate an agreed contract before it had even started, paying Dolphin a significant ETF as a consequence. As of today, the unit has a relatively minor scope remaining to complete its SPS and is being marketed worldwide. In terms of the operating costs for these units, they're varying quite substantially, but there are good reasons for that. The Blackford, the one that's operating in the Indian Ocean, has an OpEx of circa $155,000 per day, but that does include a lot of rig services. The PBLJ OpEx is running at around about $88,000 a day, and the Borgland is about $26,000 a day whilst it's in port. That is the status of Dolphin's rig fleet. If we move on to the next slide, which is slide 13, we can have a look at the contract status. Looking at the big picture, Dolphin Drilling has $250 million of firm contract backlog and just over $400 million in options. The PBLJ rig has a three-year firm contract ahead of it with Harbour Energy here in the UK and a potential to extend by two more years with built-in options. A very good place to be. The Blackford is currently working for Oil India, and it's scheduled to finish sometime in H1, depending on the operational activity. There is also a one-well option built into that, and after that point, it is released into the market and a very interesting market in India, which we hope to remain in. In terms of the Borgland, the unit which is warm stacked in port in Las Palmas, this is being actively marketed for work globally, and there is very keen customer interest in this unit. That's the contract status of three units. Let's go on to the next section of the earnings call, and we'll touch on the market. Moving on to slide 15. Looking at the supply side, we see that globally there is a very small pool of moored semi-submersible units, and in fact, there's only five now working in the UK. This is a result of the mass scrapping which followed on from the downturn which kicked off in 2014. To give it some context, if you just use that example at the top of the page there, top of slide 15, when you see that there's only five in the UK, if you go back to 2015, 10 years ago, just after the downturn started kicking off, there were 25 semi-submersibles working in the same basin, all of them employed, as well as 25 jackups. It's all about the supply side, and it's a very, very constricted market. A good place to be if you have operating assets. That's the supply side globally and in the UK. Looking at the supply side now, and you can see on slide 16, what we're looking at here is the moored semi-submersible rig addressable market globally. Here's some data from both Arctic and Rystad. What this tells you is that there is global activity, and there is global tendering, but most importantly, what it tells you is there's a steady increase in rig demand. This demand is for two things. It's for conventional drilling because operators are still drilling for hydrocarbons. It's also for an increasing amount of P&A, plug and abandonment work, decommissioning of wells. A gentle increase within the visible demand. If you combine that with the very constricted supply side in the previous slide, slide 15, what is apparent is that the industry is heading for an imbalance in terms of supply and demand for moored semi-submersibles. It is a very interesting market to be part of. That is slide 16. All right, let's have a look at, let's move on to slide 17. Let's just summarize this earnings call. The main points being, we have rigs on contract, and we are very well placed for follow-on work in an increasingly tightening market. We have refinanced the company in terms of debt and equity. We have liquidity, although we do have some challenges that we've touched on. We have an extremely high focus on cost improvement, whether that be SG&A or whether it be operating costs. Similarly, we have a very, very high focus on operational performance. You add those two things together, and it's about financial efficiency over existing contracts. In summary, Dolphin Drilling, moored semi-submersibles, very large improvement compared to the same period last year. A lot of structural changes in the company compared to the same period last year in terms of its funding, its management, its investors, and its board. Dolphin Drilling is very well positioned for the market going forward. In terms of questions, we invite you to email us questions that you may have on this presentation or anything in general, and we will reply to them. We will also publish them on our website next to this presentation. Thank you again for listening to the H1 Dolphin Drilling Earnings Call.