Good morning and welcome to the Q1 financial presentation for DOF ASA. My name is Mons Aase, the CEO, and together with me is Hilde Drønen, our CFO. The front page is showing Skandi Victoria and Skandi Niterói that recently were awarded two three-year contracts with Petrobras. Niterói is expected to go on after an acceptance test later this month, and Victoria is still working in Moss and Bøkken are expected to go on later this summer. Next page, please. The page after. It's the financial highlights for Q1. We have the operating revenue of close to NOK 2.2 billion and an EBITDA of NOK 767, better than last year. We had an EBIT of NOK 321 and a profit of NOK 824. Good to note here is the net currency and derivative which unrealized gains and as we are writing in the report, you know, the currency movements have had opposite effect so far this year. This will fluctuate going forward as well. Hilde will comment more on the numbers later in the presentation. On the restructuring of the debt, we are still discussing with lenders and no solution is in place. You know, the market has improved. We will talk more about the market later on, but we are not in a position to pay the debt without a significant conversion of part of the debt into equity, and thereby continue as a going concern. Standstill agreement is signed until end of May. We have some highlights on the next page from operations. Utilization of the fleet was 82%, Q1 compared to 67%, same quarter last year. We had fairly good performance in the Atlantic and the Brazil subsea regions, and then we had, you know, variable or poor performance in APAC and then okay performance in U.S. A mixed quarter for the regions. The DOF contract, six pipe layers we own together with Technip had a good performance, though a bit lower utilization than last year. We were impacted also this quarter by COVID, especially in Brazil, where we had an outbreak on several boats in quarter one, January and part of February. Quite high cost and off hire due to the outbreak. The tender activity is high and still high, and we. Of course, it's a sign that the market is picking up in some segments and some regions. The fleet now comprises 55 boats, of which 47 owned. We have agreed to sell four boats by the end of the quarter and three of them are now delivered. We had one vessel in layup by end of quarter one and still have the same vessel in layup today. The backlog by end of quarter was NOK 14.6 billion, so that. The secured backlog for quarter two. So the backlog for Q2 is NOK 2.2 billion, so it's a fairly good backlog for quarter two this year. Remaining in 2022 is NOK 4.5 billion. You see the graph below where it shows the backlog going forward. Should we say that the summer season for the subsea fleet is more or less covered apart from a few months on a boat or two, and then is a high backlog for the PSVs. The anchor handles of course we will look at the next page, but of course worth mentioning also is the award by Petrobras on four of the boats. Building backlog on the anchor handling side as well. Next page shows the main contract we won in the quarter. Mongstad PSV extended with Equinor for three years, commencing in October this year on the new rate. Vega extended two years and has commenced on the new terms on the seventeenth of May. Fritz was extended with Shell U.K. for a year, and she commenced in April. We have won quite a few contracts, you know, both in oil and gas and renewables for a few other boats, ASD, Constructor, and Hera. Securing a high backlog for ASD and Constructor through, I would say, quarter two and quarter three. We need to find some more work done in October, November for these boats. I said as well, you know, under 70 days on a construction work here in the North Sea. You know, we are building track record now in SURF where the Constructor will go to Gabon for VAALCO on the Etame field and start there later this month and expect to be back again then in quarter four. In South America, this is old news of course, but we had we won some work for the Constructor in Trinidad giving her very high utilization in quarter one. Then of course it's the large contract awarded by Petrobras via Norskan Offshore subsea. Got 3+2-year contract with Petrobras for four boats, including ROVs from the subsea. Securing of course then a good backlog for those boats the next few years. In APAC, we the largest contract we won was a three-year contract in Australia with Exxon for an PSV. We will use the vessel called Skandi Darwin that we have on bareboat then and she will commence then around early July in Australia. We also won an important contract with Woodside for the Skandi Hercules and around 120 days on this job securing starting then in July, August. Securing almost 100% utilization then from July, August to end of year. Next page, please. This is an old slide we have updated a bit showing. The new on this slide this quarter is that we show the number of people and vessels in each region so we can see that largest region for us is South America, where we have operating 25 boats as we speak and have close to 1,900 employees, mainly down in Brazil, but also a few down in Argentina. The next largest is the Atlantic region, where we operate 17 boats and close to 2,000 employees. The third one is APAC, where we today operate eight boats and then close to 800 employees. Then North America, where we operate today five boats. We have two PSVs in Guyana. We have the Skandi Vinland in Canada, and then we operate charter in two Jones Act vessels, operating mainly in the U.S. Gulf. We have around 250 employees in that region. Next page, please. We have, you know, wanted to have a few words on this project. This is, let's say, a very recent pictures. The Hywind Tampen project, it is the largest floating wind farm so far globally, you know, being installed as we speak. It's a project we won together with Kværner in a joint venture a few years back, where all our work scope include project management, engineering. We assemble the wind turbines inshore in Gulen outside Bergen, and we install all the mooring systems and tow the units to field, and then we hook up and install them at the field. The picture here is showing from the left-hand side, it shows Skandi Constructor loading the suction anchors that she has been installing. They will install, you know, all of them by May. Then the next one shows the first complete assembled unit, first out of 11. Then you see the Constructor again loading the chain. It's a milestone project for the offshore and of course, an important track record in what we believe in the future will be an important market for us. Of course, we don't expect, you know, big jobs to go offshore before after 2025. Of course, it's gonna be tendering, tender activity next year and the following years. It's built down towards the end of the decade. We hope and believe that this will be a growing and a larger market for us in the future. We're a bit proud of this project. Of course, it's good for us that we are on board on this and build a track record for it. Next page, please. Yeah, I forgot to mention at the start that we will invite for questions at the end of the presentation. The way you have to do it is to send the questions through this chat function, and then we will answer them after the presentation. It's not possible to, I understand, to ask verbally the questions. You have to send the questions through this chat function. We have received some questions already that we will answer and so please, if you have any questions, send them in writing through the chat. This is just showing the value driver results in quarter one. I don't go through them all, but of course we have an ambition to be, you know, among the best, if not the best on ESG in our industry and work hard on that every day. This shows the results, you know, last year and in quarter one. I don't go through them. Please, the next one. It's Hilde Drønen. Please, Hilde, I'll leave the floor to you. Thank you. If we take the main financial highlights for first quarter, the numbers already mentioned by Mons Aase. An EBITDA of 767 versus 492 same quarter last year. Here you see the split in the average utilization, which is higher on all the segments. However, the performance and margins varies among the segments. That is very clear on when looking at the EBITDA. The DOF Subsea portion of the EBITDA this quarter was 78% compared to 63% first quarter last year. The split in EBITDA is close to NOK 600 million in the DOF Subsea and NOK 168 million in DOF Supply. DOF Supply, that is the earnings from DOF Rederi and Norskan. As you can see, it has been a high utilization both in DOF Subsea and in the DOF Supply fleet. Within the PSV segment, we have agreed to sell three vessels during the quarter, and one vessel has been laid up. One of these sales has been completed by end of March. The two other sales were completed in April. We had high utilization, but the earnings have been impacted by volatile earnings in the North Sea because we had more vessels compared to last year exposed in the North Sea spot market. In Brazil, we had stable operation and one vessel has partly been in lay-up by DOF Offshore. This fleet has also been impacted by a COVID-19 outbreak, especially in January and February. We have one vessel that has operated in the North Sea spot market, which started pretty slow and improved towards end of the quarter. In the Subsea segment, one vessel has been agreed sold, and as already mentioned by Mons, there has been variable performance and utilization in the regions. A slow start in Asia-Pacific and better performance in Atlantic in Brazil. PLSV fleet has had stable operation, good performance, but reduced utilization compared to last year. That's mobilization of one vessel for a contract. If you go to next. Here you see the total P&L. The EBITDA already mentioned. We have an operating profit of NOK 321 versus NOK 45 last year. The main variance is, as you can see, the one on the depreciation is a slightly higher impairment last year. The only reason why we have impairments this quarter is due to a significant strengthening of the BRL to the US dollar, which has impacted both the EBIT and the financial result this quarter. The reason why it has impacted the impairment is because we had to recalculate the value in use and with a strengthening BRL. That impacted the value in use calculation negatively. It's only the anchor handler fleet that has been impaired this quarter. If we look at the broker estimates, they have been more or less stable. It's a slight increase within the PSV segment and more or less zero movements on the other parts of the fleet. The finance cost is quite high this quarter. That is due to interest costs during the standstill period, even though we don't pay any interest and amortization for the vast majority of the debt. The cost is still high and higher compared to last quarter last year. The unrealized gain is more or less the strengthened BRL, and it comes from the Brazilian activity. Close to NOK 900 million represents the unrealized gain and loss from Brazil. I think I go into it next because then we are at the segments. On the PSV segment, we have had a good utilization, but the margins has been lower compared to last quarter, mainly due to volatile earnings and utilization in the North Sea spot market. The gain from sale of assets that's NOK 11 million compared to NOK 29 million last year. This represent one vessels because the two others were delivered in this quarter. So that gives an EBITDA of NOK 17 million versus NOK 41 million. Depreciation more or less the same, no impairment, and a net negative EBIT of -NOK 10 million compared to NOK 2 million last year. Looking at the anchor handler, you can see the same. The operating revenue has been higher. We have achieved a higher utilization, but the margins is lower. We end up with more or less the same EBITDA as last year. That is partly due to more exposure for one vessel in the North Sea spot market. On the depreciation and impairment that is already commented, that gives an EBIT of NOK 44 million versus NOK 53 million. If you go to the Subsea, we see a significant increase in gross revenue, NOK 1.7 billion versus NOK 1.2 billion, and an operating profit, EBITDA of NOK 639 million versus NOK 339 million. After depreciation, we end up with a net result of NOK 375 million versus -NOK 10 million last year. As you can see from these numbers, that the main performer this quarter is the subsea segment. It also illustrated by the portion of the EBITDA, 83% versus 69%. If you look at the subsea DOF Subsea segments on the next slide. DOF Subsea reports in two segments. That's the Subsea IRM projects, mainly project contracts, short-term contracts, and it is our engineering and subsea project activity. That represents 17 vessels operating, of which three are hired in from external parties. Two of them are included in our P&L this quarter. It's 553 employees. That is a significant increase from first quarter last year. You can see the margin is 23%, giving an EBITDA of NOK 262 million. The backlog from this part is NOK 5 billion. Looking at the long-term chartering, which represent eight vessels in operation in first quarter, and of course, here you see a very different margin because it's time charter earnings, giving a margin of 73%. That is the 337 million of the DOF Subsea EBITDA this quarter, and a backlog of NOK 5.2 billion, of which the main portions come from the DOFCON JV. If you go into next. On the balance sheets, it's no big events since year-end. You can see that the non-current assets, long-term assets is more or less the same. We have the vessel sales that has been closed or completed this quarter represent two vessels, and it has not had a big impact on our balance sheet. Looking at the current assets, we have slight increase in receivables, and the cash is more or less at the same level as this year-end. Main reason for increase in receivables that is higher activity within the project business, which is an increased demand within the working capital. If you go to the equity, the equity is still negative even though we had a positive result of NOK 124 million this quarter. That, of course, impacts the going concerns assumptions. The long-term, non-current liabilities of NOK 3.5 billion that represent the debt of a portion of the debt in the DOF Group JV and some lease debt in DOF Subsea. All other debt is classified as short-term due to the ongoing debt restructuring of the group and the short-term standstill agreements that we have, which matures by end of this month. If you go to next. On the cash flow, the net cash from operating activity is NOK 300 million, more or less at the same level as first quarter last year. Even though we have had a significantly better operating profit, higher earnings in this quarter versus last quarter, the cash flow is not much higher or more or less at the same level as last year, meaning cash flow from the operating activities. That is due to an increased activity within Subsea project and higher activity and higher demand in working capital and higher receivables. The net interest paid is NOK 129 million. If we were to pay normalized interest, that number will be between NOK 300 million and NOK 400 million on the current debt in the company. Due to standstill, the interest payment is low. Looking at the net cash from investing activity, which is a net negative number of NOK 41 million, and that is impacted by sale of assets. NOK 33 million is one PSV sold in the quarter, and the other of NOK 95 million, that is a vessel that was agreed sold last year, and that sale was completed in January this quarter. The purchase of tangible assets is basically docking of the fleet, and as you can see, it's more or less at the same level as last quarter. Net cash from finance activity is NOK 300 million and is higher from previous year, and that includes some amortization and interest in the Brazilian entities. We have some ROV leases that we have normal debt service on, and of course we have paid down debt on vessels sold in the quarter. We end up with cash more or less at the same level as last year. If we go into next. Here is our historical performance. As you can see, a significant better EBITDA compared to last year. Also a better margins that mainly come from the Subsea activity. The cash flow is also impacted by an increased activity within this segment. Total current assets of NOK 33.5 billion approximately. You can see that the equity is still negative. Non-current debt, already commented, and where the vast majority is short-term due to the ongoing debt restructuring within the group. If you go to the next, you also see on the longer term, longer trends, here you can see that the last 12 months revenue is increasing compared to the last three years. You see that the EBITDA, the last 12 months, has improved. The backlog is more or less at the same level as we had at the same time in 2021. The last 12 months backlog is around, or the current backlog, sorry, is around NOK 14.6 billion. At the end, some words on the ongoing restructuring. If you go to the next. As we are stating in our financial report, as we have done the previous seven quarters, the group's financial position is not sustainable and the equity is lost. It's approximately NOK 19 billion of the group's debt that is part of the standstill agreement. Even though the markets has improved, we need to restructure the debt in the group. We currently have standstill agreements with 91% of the secured lender within the DOF Group, excluding DOF Subsea, and 95% of the secured lender in DOF Subsea, excluding DOFCON, which is not part of the debt restructuring. The BNDES loan facilities in Norskan Offshore Ltda and DOF Subsea Brasil are being served according to a refinance agreement that was signed in February 2020. That means that we pay soft or lower amortization on this part of the debt. Already mentioned several times during this presentation, the standstill agreements are applicable until the thirty-first of May. DOF Subsea bondholders, they have an ad hoc group that has the authority to extend the standstill agreement until end of September. The current restructuring proposal that is being discussed with the lenders include conversion of a significant amount of debt to equity and also softer terms on the group's loan facilities. DOF is the guarantor for the debt of several of the subsidiaries, and one of them is DOF Rederi, where the outstanding current debt is higher than the value of the fleet, and this company does not generate sufficient cash flow to service the outstanding debt. Another subsidiary is the DOF Subsea. DOF Subsea has secured lending and unsecured lending. The DOF Subsea cash flow is improving and is better than in DOF Rederi, but not sufficient to serve both the secured and unsecured debt. Due to dependency on the DOFCON JV and the fact that DOF ASA guarantees for its subsidiaries, all conversion of debt has to be done into equity in DOF ASA as holding company in order to continue for the group as a going concern. We have a constructive dialogue with our creditors with the motivation to secure a long-term and robust financial solution. A final solution is not yet in place. I give the word to you, Mons. Thank you, Hilde. A few words on the markets and outlook. This is from a macro perspective. Of course, we see oil price has increased. You know, this is Rystad. We see, you know, the offshore CapEx are expected to increase and we see also the offshore wind installation are, you know, expected to increase going forward. Of course, that is mainly fixed now near term. That has a limited effect on the DOF activity. All in all, Rystad expect a stronger market in 2022 than in 2021 and then, you know, a bit growth from 2022 up into 2023 as well. The macro looks positive for our industry. On the next slide, it's more or less on vessel demand. What we see, of course, is that, you know, the activity and the demand in 2022 compared to 2021 is up, and I guess we will see that in the markets right now that. You saw that from quarter one in DOF that utilization are increasing for the fleet. Is a more modest growth than in oil and gas expected, you know, between 2022 and 2023. The next one shows it on vessel types. Please, so here the yellow is anchor handlers, and we see a decent growth between 2022 and 2021. Of course, this is all type of anchor handlers. Could be misleading as we are only operating the very high end of that segment. Growth and you see same on the red one, the PSV and also on the offshore construction vessels. We see also on this that it shows increased demand and higher activity in all segments, yeah. Then we also see that the growth between 2022 and 2023 is more modest than, you know, if they are right, we see a slight decrease on the PSV side. When we look at it from, you know, from the DOF stance, the markets, the next slide, please. Of course we have people around the globe and of course this is more a view from the DOF side. Of course we saw in the earnings on the PSVs in quarter one that the market were, you know, fairly slower than in the spot market in quarter one. It has picked up the last few months and we also see the same trend on the term rates where they are going higher. We expect a good summer season in the North Sea in the spot market and we expect the term rates to stay on a higher level than we have seen the last few years. In the anchor handling market, you know, the activity in Brazil side, it's on the entire Brazil fleet, it's high utilization and we expect that to continue that Brazil will be busy going forward. In the North Sea, you know, in the spot market we have seen a volatile market so far. It was weak in January and February, stronger in March, and then I have to say a bit disappointing then in April and so far in May where the market has not been according to our expectations. We also saw that on the earnings on the few boats we have in the anchor handling spot market that they have been not very high. We do expect, you know, a stronger market in, let's say, in the North Sea summer season from May and onwards. So far the spot market has not been very good in May, but the reason why we expect high utilization and rate is because there are quite a few projects in the pipeline in the North Sea in the season. We do hope and expect that the earnings will improve the next few months. On the subsea side, we have seen high activity in our own fleet in Brazil and in the Atlantic region which we define as the North Sea and the Mid and West Africa. We ourselves have achieved high utilization and we see project pricing increasing. We expect that to continue the next few quarters. Of course the winter season is always a question, but at least quarter two and quarter three looks promising for that fleet. In North America we do expect also a good activity in the next few quarters and we see a trend that the rates are picking up there as well. In the APAC region we have seen a slow start. We have had low utilization on the few boats we have had in APAC and also now in April we had not high enough utilization. Then as I said earlier in the presentation we expect a stronger performance in APAC from the H2 and especially from August and onwards. Let's say a positive trend but not a mixed start to the year and still remains to be seen especially on the anchor handling side in the North Sea where it's going to be a bit disappointing for the year so far. As mentioned earlier we have a backlog of NOK 2.2 billion for quarter two, so it's a fairly high backlog. Let's say most of the capacity is secured and sold. For a reminder here, NOK 5.5 billion which also is pretty high compared to the expected turnover. On guidance we are expecting second quarter this year to be better than second quarter last year. On the financial side I went through that in detail and we just wanna, you know, once again say that we have a good dialogue with the lenders and there is progress but no solution is yet in place. We also want to emphasize that the debt restructuring currently discussed includes a significant amount of debt being converted to equity. That was the last slide we had. We will try to answer the questions we have received on the chat. I'll start with asking Hilde a question here. You have received a question, Hilde, where the question is, "What parameters have changed the last three months in relation to the restructuring or conversion of debt?" Hilde, can you please answer? I will. Just repeating what I just said through the pre-presentation and what is also stated in our financial report is that even though the market has improved, it's we still need to reduce the debt in our group. The DOF Group has a complex structure. We have some subsidiaries that has a sustainable balance sheet, and we have some subsidiaries that don't. That is still the fact even though the market has improved. As I said, you know, through our presentation, to just give you an example, DOF Rederi where DOF ASA is guarantor for the full debt. That company has a higher debt than the value of the fleet, or should I say a significant higher amount of debt than the value of the fleet. In an improved market, and if the market value increases, they have to increase significantly to ensure that DOF Rederi has a sustainable balance sheet. This is the company where we have the oldest fleet. It mainly includes PSVs and anchor handler. We don't see that this company in near future or going forward will have sufficient cash to serve the current outstanding debt. In this company, the debt has to reduce, and as long as DOF ASA is guarantor, any conversion of debt to equity has to be done in the holding company. Another example is DOF Subsea who this company has a better cash flow. They have improved their earnings going forward. As you saw from our presentation, that a large portion comes from the subsea project activity, where the working capital demand is much higher than when you hire out the vessels on a time charter contract. It's very important for this company to have a solid balance sheet. On the current earnings, this company does not have sufficient cash to both serve the secured and unsecured debt. It's very important that DOF, as a holding company, continues to control the ownerships and have the ownership in this company because this is the most valuable part of the group. Therefore, any debt conversion has to be done at the holding level. This was a long answer to this question. Even though the market has improved, we still need to reduce the debt within the group. The way it has to be done is via conversion of debt to equity. Thank you, Hilde. Oh, you're not finished? Not finished. Thank you. The next question we have received is, "Can it be expected to see appreciation of the vessel values in quarter two based on the contracts for the foreign anchor handlers, plus the long-term contract, or the extension of the Skandi Africa?" The answer to that is that potential appreciation will be based on updated broker values by second quarter and, of course, the value in use calculations we do. So we do that every quarter, and we have not done that for second quarter. We have one question: "Why cannot DOF do what Eidesvik Offshore did with their vessel Viking Neptune?" Of course, it's you know, we cannot comment or we don't have a in-depth insight into what Eidesvik did or with Viking Neptune. What we can say, of course, is that we, of course, sell boats when we think that is the right thing to do based on, of course, the vessel's availability need to be available to be sold and also, of course, the price offered by any potential buyers. We have one more question, which is, "What is the real reason for all the extensions in the restructuring process?" You might answer that, Hilde. Yeah. The DOF Group has a complex financial structure, meaning various subsidiaries with different lenders, creditors, in the various subsidiaries. That's one reason why it has taken so long time to get this in place. The other reason is that we have a large exposure with Brazilian lenders because we have built so many vessels in Brazil with local funding. That is another reason why it has taken so long time. Brazil is very complicated, very bureaucratic. This is the two reasons why it has taken so long. We need all on board, otherwise we will not succeed on the restructure. Then we have received some questions online. Some of them might have been answered already. Should I start, Mons, or will you? No, you can start, please, if you want. Yeah. One question is, why has the company not listed DOF Subsea, and by listing DOF Subsea, reduce the debt in DOF ASA? The rest part of the question is, will the EBITDA be above NOK 2.5 billion in 2022? We cannot comment on our future earnings. As you have seen, we comment on what we expect in the next quarter. What I can say is that, if we have earnings of NOK 2.5 billion in the group, that is not sufficient to cover normal amortization and interest on the current debt in the group. Bear in mind that we have various subsidiaries with various exposure. On our listing of DOF Subsea, that would of course be a very good initiative, but that is not possible with a company with an ongoing debt restructuring. Thank you. We have a question. What's the reason you can't pay debt? There's other offshore companies that have pretty much same debt but way less income. What's the reason here? I can't, of course, comment what other companies pay and don't pay. As you saw from the quarter one, and Hilde went through the cash flow for the group. You know, with the earnings in quarter one, and a very limited payment of interest cost and also a very limited payment of, let's say, installments, we are not building cash. I think, you know, it might be that the companies you referred to has gone through a restructuring where they have agreed, you know, a softer profile on their debt. Of course, as you see, even though with seven hundred and 47 million operational EBITDA in quarter one, we are not building cash, even though we have very reduced installment payments and very reduced interest payments. We have one more question, which is market and values have improved. How will or could reverse impairment affect future results? Likely will get positive. I think we already answered that by the previous question. We will say we do look at this every quarter and that we will see now how Hilde mentioned that broker values in quarter one compared to year-end was more or less flat. We will get new estimates by end of second quarter and also do the value in use calculation and then we see how that will pan out going forward. Then we have one question registered that the book equity is on paper loss versus the ship prices are increasing and new build prices are on all-time high. Have you done a recent value adjust equity exercise or a broker price of the fleet? As we said, we do that every quarter, and we will see, of course, the next few quarters how that develops. We have another question, which I guess I'll ask you, Hilde. Why is a large haircut on the debt needed? From outside, it seems like DOF EBITDA and cash flow is higher than, for example, Solstad with the same debt burden. With improved market condition, why could you not agree with bondholders to raise shareholder equity in the market, postpone all payments, pay interest, and save both shareholders and bondholders until market improves? I think I partly answered that already. Just as it's a question about Solstad, this quarter, 80% of the EBITDA comes from DOF Subsea, and DOF Subsea is more than an OSV owner. It's a project company, and the capital requirement for this type of operation is higher than purely time charter revenue. That explains the difference. I can see there is a question around PGS here and, as far as I can remember, this was some covenant requirement, a debt that matures next year. The debt in DOF Group has matured. It matured already in 2020. I don't see any comparables there. The main what's complex in the DOF Group is that, as I said, it's various subsidiaries with various creditors. It's the exposure is different in the various subsidiaries, and the best way of protecting the group and also the shareholder values is to keep the group together. Thank you, Hilde. We have a question, how will the new anchor handling contracts in Brazil affect the performance of the DOF anchor handling segment? You know, it's a bit difficult to answer that question, which we haven't commented on the contract value, and of course it will give high utilization going forward. But of course, then some of the boats coming off contracts now have had contracts, you know, old contracts with very high earnings and then some of them coming off at the lower rate. We don't expect, you know, a very major increase in earnings in that segment. Of course, the alternative would been to not have contract, which would have been not good at all. I don't think we commented more than that. We have one question, what is the book value of Skandi Flora? I don't know, Hilde, if you have that. No, I don't have that off the top of my head. If you don't mind, I'll send it directly to the questioner who has asked the question. I'll send it in a separate email. I don't have it off the top of my head. Next question is, what does the significant amount of debt mean? How much is this in money? And I don't know, Hilde, if we can- We- Say that at this stage when we have not. We cannot comment on that because it's still ongoing discussions, so we can't give or publish any numbers, unfortunately. That's just how it is. We have had, which I guess have been all answered already, you know, why we are not appreciating the asset values in our books and one might be changing to that and referring to Solstad that have clear opinion on this. As we say, we are doing evaluation at the end of every quarter and next time we will do that is in second quarter. Yeah. There is one more question. What is the reasoning for bringing one of the minority shareholders against again, pushing against the debt for equity swap? And it's mentioned, Asmund, here. And that question has to be brought to the nomination committee. We as management cannot comment on that. It's not we who decide who is in the board of the company. The next question. Does the restructure plan currently include new money injection? We can't comment on that either because of the ongoing discussions. That was it, I think. Yeah. That was, I think, the final question. Thank you very much to all for asking questions, and thank you very much for listening to us today. Thank you very much and have a good day, all of you. Thank you for me. Thank you. Bye.