Hello, everyone, and a warm welcome to this Q4 2025 results presentation by DOF. We released our report and presentation earlier this morning, and in this session, we will cover operational and financial highlights before rounding off with a Q&A session. You can already now post your questions in the webcast Q&A function, as I see some of you have already done, so that's good. Keep them coming, and we will cover as many as we can towards the end. And with that, I leave the word to you, Mons, on this nice front page of some freshly painted and upgraded vessels. Thank you, Eirik, and once again, welcome to the quarter four presentation for DOF. So as Eirik says, you know, this is a picture of the Skandi Lifter and Skandi Logger that has been at the yard in Denmark in November and December. And now, a few days ago, they arrived in Rio. So now they will mobilize and start acceptance test for their four-year contract with Petrobras. And also, I've seen after we sent out the numbers this morning, you know, some discussion among analysts on CapEx for 2026 and, but the reason why CapEx is a bit higher in 2026 is because we have a, we have a rollover from these ports into 2026 from 2025. You see that 2025 is well below what we have guided, and 2026 is a bit higher due to, amongst other things, these rollovers. We'll come back more to the CapEx on those. The good news, of course, is that these ports soon will be making very good money on the charter, four-year charters. DOF at a glance, I guess, around 74 boats, we have backlog, and quarter four was $5.1 billion. I guess we are around $5.2 billion now, and still a very high backlog. Of course, 2025 has been a fantastic year when it comes to winning work and growing the backlog. The backlog for 2026, but also 2027 and 2028, are at record high levels, you could say. On the numbers, we, we finished the year with, a bit higher than $2 billion revenue, and then, I guess, what makes me really proud is that we delivered a very, very strong, quarter four and ending then at $796 million in EBITDA. Adjusting for some, small, sale, sales gain, we had, $781 million in operational EBITDA in, in 2025. I think that is-- I'm very proud of that. And, you know, the quarter four was, very strong. We, we, we did $20 million, including $4 million in gain on the sale in, in, in quarter four, which is, very good. Leave that slide like that. This is, what we do. We are an offshore service provider. We own vessels, and we operate the vessels, and we of course have a large service business, global business, you know, all over the globe. And we offer integrated services within IRM and mooring and construction and SURF, and yeah, most of the services you can execute from a vessel offshore. We have a fair market value on a fleet of $4.1 billion, and you also see we own 80 ROVs and AUVs. And of course interesting to know is that if you buy a new ROV these days, we are talking around $5 million at least, yeah. And then you have to install, and then you have to have your own system. Yeah, so it's, it's pretty high value on that ROV fleet as well. If you look at the numbers, split, we have $635 on the assets, and then you see we have $146 on the, the projects or, the services or the services side of the business. Yeah, so, so it is, a record high year also on the service side, and, and of course, that is, is, the people. There is no depreciation, there is no, no interest cost to be paid on that EBITDA. So it's... And of course, you can only reflect on the value of that organization. Of course, we, we notice that the listed companies with, with assets, they, they are priced at, higher multiples than DOF are priced on an average. So, and then you see combined operational EBITDA, 781. So I guess a big jump from 24 and, and, I'll get back to that, but, well above our guide, the latest guidance we had in November, but in the higher range of what we'd guided at the start of the year in February. So, all in all, we're very satisfied with the performance in all the regions and on all projects. Yeah. So it's been a good year, globally for us. So here it is. So quarter four, $220 million. Sales gain of $4 million, meaning $216 million from the operations, yeah. DOF Denmark, this is the last time we talk about DOF Denmark. It's now integrated, and from now on, it will be reported together with the rest of the fleet. But they delivered—we delivered $55 million, so which is pretty good. And Martin will talk a bit more about how DOF Denmark delivered for the full year, yeah. Fleet utilization could still be higher, yeah, 87%, so there is a bit more to get out of it. And as we mentioned, the backlog is $5.2 billion, yeah. And then, for 2026, we guide $830 -880 million. And of course, then you have to keep in mind that we have, I would say close to or around 80% of the revenue, mid-point of the revenue already in the backlog for 2026. So it's not very high risk on the numbers, yeah. Where we see, you know, with the uptake, of course, is partly, of course, due to already signed contracts with you know, on renewals on the boards. So we believe that's the main reason. But I guess what we haven't taken too much into consideration, of course, is that what has happened in quarter four and now into quarter one, and where we see fixing levels on projects through the season is that the anchor handling market for anchor handlers has really tightened. It looks extremely strong, yeah. So what we do believe that there might be pure upside in these numbers due to a very strong anchor handling market. And we really believe that that market will last quite long now. It's a very nice balance in the market. The demand side is picking up, not only in the North Sea, but we now see need, you know, requirements for big boats more or less globally. So we are seeing it in Angola, we see it in Guyana, we see it actually in India as well. We see it in the Black Sea, and we see it a lot of other places. Yeah, so I think now, and of course, that is the part in the offshore oil market that has been lagging. I know I see the first signs, the signs that this is now coming again. And then, so, as you understand, I'm pretty bullish on that going forward. On the net interest and debt to EBITDA, we are at 1.7, so in the middle of the range. And then we propose 0.35 in dividend for the quarter, yeah. So, and if you look at the graphs, comparing to last year, quarter four, you see $577 in revenue compared to $445, and then $220 compared to $152. Yeah, so it's a good growth, and of course, a lot of it due to DOF Denmark, but the rest of the legacy is also performing much better this year than last year. Leave it like that. I don't go through all of this, but just you see quite a lot of new long-term contracts. The Brazil, the RSV in Brazil, four-year contracts, the Skandi Constructor are extended in Guyana. The pipeline has three of them extended with a year before they start a new contract, the same with the anchor handlers in Brazil. Meaning that those anchor handlers now have backlog into 2031. It's also, you know, the backlog is getting longer and longer. We are also mentioning, I think, you know, and of course, it's a bit special. We sent a press release on a contract less than $15 million, but that was for you to be aware of how strong the market is. This is roughly a 30-day job, and we expect ±$6 million in EBITDA on that charter in those 30 days. So it's just showing the strength in the market for the really high-end anchor handlers we are seeing right now, yeah. And there are more to come on that in that space. So I'll leave it like that. Perhaps also what makes me very happy, of course, was the one with the green boat here, Havila Phoenix. Now we won, we won a three-year IRM contract with BP in UK, and of course, that is the, the second and largest IRM contract in the North Sea after the Equinor IRM contract. Yeah, so very, very happy with that. And of course, that is a very strategic important win for us, and we of course, expect that to grow in scope, to do more scope for BP going forward. So, we leave that like that, I think, you know, and perhaps one more on that, which is the last one, you know, the—we also, of course, mentioned that we renewed the Skandi Patagonia in Argentina, which the boat is built in 2000, 25 years old, and now renewed, which I believe will be 5 years, yeah. So, meaning also that these boats can work for a very long time, and I will not be surprised if she will continue after 2030 on that contract in Argentina. So then we move on, yeah, and here is the backlog. So by now, we have $5.2 billion in the backlog, which is record high, and looking at so in order to take in in quarter four, $1 billion, so book-to-bill close to two. And then you see we have roughly $1.7 billion before 2026, which is then 77% of the midpoint of the revenue guidance, yeah. And also then, if you see the small one up in the corner, you see the status a year ago. So of course, you see that, you know, the year zero, year one and year two is much higher now than it was a year ago, yeah. So if you compare 2026 last year with 2027, this of course, you see we have more than $400 million more in the book. And if you compare 2027 with 2028, you see we have more than $500 million in the book. So of course, it's a big growth in backlog. Of course, the backlog now is more well paid than the whole backlog due to higher rates and margins in the contracts. And of course, it gives a fantastic foundation for the earnings, not only in 2026, but also in 2027 and 2028. And meaning that, of course, that the earnings will stay strong for long, and that the dividends will stay strong for long as well. So very happy. Perhaps, you know, the order intake was remarkable in 2025, but of course, we still working on quite a few long-term opportunities, and we expect, of course, to continue to build that backlog going forward. Yeah, we have mentioned a few opportunities we have later on, yeah. So here is, yeah, here is just, you know, we are talking all about numbers and backlog and all that, but of course, this is what we are doing, yeah. So we did the very largest project ever in our history. We did in West Africa, in quarter four and into quarter one. We have finalized it now, and you know, very complex project, big project. And we had, as you see, we had six vessels on the project and I think we had more than 600 people involved in the project onshore and offshore. Yeah, so it was a big, big job for us, and I'm very happy to say that client was extremely happy. We finalized the project a couple of weeks in advance of schedule, so they got the first production earlier, and we, of course, finalizing it earlier, meaning that we didn't use our contingency, and so the margins, of course, also the project got better than what we had in the calculation when we bid it. So all in all, it's important for you also to understand that we are able to execute big projects on time and better than budget, without any injuries at all. So very happy with that, and I guess this is what we need to be best in class on. Yeah, and, you know, I don't know, you know, I don't know if this slide is, should have been here or not, but I read sometimes that the analyst, they're talking about NAV - net asset value and off, yeah. And of course, that's fair enough, but, but of course, what they tend to forget then is that, is that DOF is not a shipowner. Yeah, we are a, a service company with, with 85%-90% of our revenue from, from services, from projects. Of course, the value of that organization is extremely high, yeah. And as you saw from the previous slide, in 2025, we had $146 million in EBITDA outside what we made on the boats, yeah. And of course, remember that quite a decent portion of those $146 million dollars come from projects where we use third-party boats, yeah. We have... So of course, the organization could have done that with own boats in the DOF fleet. So of course, if you add the multiple on that, you have to include that in when you make the value on DOF. So I'm not saying what kind of multiple you should do it on that. But of course, I see that the similar companies are priced between 6-10x EBITDA. And then, of course, you also have the value on the subsea asset, and I just mentioned that there is to buy a new ROV and install it, you are at least talking $4 million only to buy an ROV, and then you have to install it. Yeah, so there are high values on that as well. But I leave it to you to do the mathematics yourself. I'm just mentioning it, that next time you talk about NAV and off, you don't have to forget the organization and the subsea assets. Yeah. So then, it is Mr. Martin, who do the financial highlights, and I guess, Martin, today we have a better highlights. Yeah, it's the best year ever, and I guess for the quarter is perhaps the best quarter ever as well. Yeah. Thank you, Mons. You are right, second quarter was the best quarter ever before this one. So, it is certainly highlights on highlights, the 2025. You see from the illustration that it is on the equal to equal basis, lift of $20 million from Q4 of 2024. And of course, it is a materially better contribution from the Denmark fleet. It is the largest, call it, positive variations across the group is certainly from the subsea space, the project space, and North Sea. The subsea projects are, let's say, lumpy in its nature. So, the percentage of completion and the completion tend to affect the numbers in the quarters. So, that's why we are a bit... Yeah, some quarters are extremely good, like this one, and some are less so, although still very strong results. And of course, as Hans has alluded to a couple of times already, 146 from the subsea space is, it is a really good, it's a really good contributor. On the next one, you see that the story continues in terms of leverage. This is, of course, core to the strategy. We have said that we have a target of stay between 1.5 and two. We are comfortably within that range. It is the... Yeah, not materially new debt during the quarter, but we have extended a couple of charters affecting the debt. So the Havila Phoenix has been extended, Steel Explorer has been extended, so the lease proceeds are affecting the numbers. But no major events, no new big loans or anything like that. But on the next slide, we see that we've had, and this is something we've touched on before. We have said that the profile on the bank debt has been, call it a bit steep, steeper than we would have liked. Of course, that is linked to the strategy of having a stable leverage level between 1.5 and two. So we're very happy that we managed to reach an agreement with the creditors of the larger fleet facility to reduce the amortization with 40% from what it is today. But it's giving us a little improved cash flow on a standalone basis of $58 million or close to $60 million per year. And of course, that avoids doing more expensive debt. So it's a good alternative in that sense. And it's also, of course, contributing positively to the outlook on dividends. On Denmark, if we go one year, a bit more than one year back, we had a separate session after we closed the transaction of Maersk Supply Services to guide especially on that fleet. We said that we were comfortable saying that the fleet would do between $150 million and $200 million in 2024. In the first quarter, we had the termination of the Skandi Implementer in Mexico, and we have also taken out a couple of vessels through the year from operations to mobilize them for new contracts. Despite that, the fleet is doing $181 million for 2025, including gain on sales through the second half of $15 million. But I think it's fair to say that the last couple of quarters here is proof that this fleet is doing what we said it was going to do. It is also very close to what we assumed in the transaction when it was done, probably proving it's, it is the deal we planned it to be. Of course, this is even without any additional subsea earnings on top of that fleet. Of course, they serve as a very good basis and platform to do subsea services. Let's say the fleet is starting to become red, and the lines between the often fleet and the legacy DOF fleet are vanishing and fading. This is the last time around we will provide any separate numbers on that fleet. That was just to make sure we did call it transparent communication in the results of that acquisition. I feel that we have, we have done that now and, and proven the, proven the earnings capacity. Yeah, this is more detailed and comprehensive overview on cash flow. And there is, there's one particular subject that I will enlighten a bit more on. That is the CapEx and the proceeds from borrowing. There is a small principle change in the numbers. So there is a one-off for effect that is in Q4, but it is for the full year, where the lease payments or the leased ROVs were previously shown net of proceeds from borrowing, but they are now gross on CapEx and proceeds from borrowing. So $36 out of the $106 is call it a catch-up effect on grossing up payment on ROVs and leases. Similar in the proceeds from borrowing, that is, 19 from the new build and 36 from ROVs for the full year. This is now in the same manner as we do it on the guiding. This is aligned with what we guide on with regards to CapEx. It's more one-to-one, shown like this. Of course, highlight, we talk about highlights. It's a highlight for the year, but certainly so for Q4 is the operating cash flow, very strong, higher than the EBITDA, with the positive changes in working capital. Other than that, it is business as usual with the normal amortization, lease payments, and the dividend that we gave in, yeah, last quarter. Talking about dividend, it is the dividend announced today is the same as it was previous quarter, $0.35 per share. So a total number of $86 million, bringing us to a total of $320 million dollars in shareholder dividends for the last four quarters. And with that, I think it's back to Mons. Thank you, Martin. So that is just a summary of the 25, the guiding, you know, compared to the final result. And, and, of course, we see we guided $185 million midpoint revenue and $2 billion, and then on the EBITDA, we started the year with $720 -800 million. We narrowed it to $750- 760 million in November, and then we had $800 million and $781 million. So, if you compare to the early guiding, we deliver in a higher range on that then of course, to the mid. The guiding from November, we- I don't know what happened in November, but we might be a bit pessimistic then, but we, we of course, deliver $21 million over the higher, higher end of that guiding. So we're happy, very happy with fourth quarter. Depreciations, more or less in line, a bit lower than where we started, and then interest cost in the middle and tax payable, compared to what we guided at the start, we are roughly $10 million below. On CapEx, and here you have to be follow me. You know, we started with 130 to 140 in maintenance CapEx, and ended the year in 120 to 130. So we have kind of $15 million in the bank that will be... You know, and of course, this is timing effects on when you do the maintenance. So we have so some of this will happen in 2016 out of 2025. On raw CapEx, we, in one, we go to 80-90, and then we have used 75. As I mentioned, there is roughly $15 million on that growth that comes from the two, Lifter and Logo, that we have to finalize, pay now in quarter one instead of quarter four. So we have $15 million, roughly $10-15 million for them as value. Meaning that we, we, $30 million, roughly $30 million, $15 million on the growth and $15 million on the maintenance that is in the 2026 guidance that we come to, you know, comes from 2025. Yes, we are lower in 2025 and a bit higher in 2026. I think that is the final word we have on 2025. Once again, we have to say we are very happy with all that move on the backlog on the numbers and on the execution. Not least, I have before I forget it also the client feedback we have had has been excellent. Yeah, so, you know, I think the clients want us back to do more work based on the feedback we get from them around the globe. So down here on the guiding for 2026, we guide the revenue midpoint $2.2, and as mentioned then on that, we have 77% of that guidance in the backlog already. And then we guide the $830-880 on the EBITDA. I would say it carries a bit less risk than it was just last year because the backlog is a bit higher. Depreciation $270 -280 million, and then net interest $90 million, so it's a bit lower than last year. And then tax payable $80 -85 million. We remember that we were a bit high on the tax payable last year, so we have to take that down. I'm not saying that will happen in 2026, but that's what we are, where we are now, and of course, we are working on optimizing that. On the CapEx side, as I said, we have maintained this CapEx $140 -150 million, but then remember that $15 million of that comes from where we were lower in 2025. So it's, it's just sliding between the two years. And the same on growth CapEx, it is it is the two classes that lifts that with $15 million that we didn't spend in fourth quarter 2025. And perhaps mentioning on the growth CapEx is, it is, of course, some more ROVs. We still have a few boats we want to have our own ROVs on, and of course, that will give quick payback and higher earnings. So the ROVs makes good money for us. And then we have ordered a crane, a big crane that we ought to install on one of the anchor handlers. Of course, we see that these big anchor handlers with big winches, big drums, so on, they make a lot of money if you combine the vessel earnings and the project earnings, yeah. So we have invested in a crane, is roughly $14 million that will cost, but I think that will pay off very quickly. And then we order one new AUV. Of course, we won the four-year contract with Petrobras in fourth quarter, you know, for a boat with an AUV, and then we therefore want to order a new AUV. So that is the main explanation on the CapEx side. So then I guess there is one slide left. So full year guidance, operational $830 -880 million. Long-term backlog increased a lot through 2025. T+2 backlog up 137% compared to the same time in 2025. 85.4% of vessel days on owned and chartered fleet covered by firm backlog for 2026. As normal, we have a few pictures. The picture on the left-hand side is a picture of a big anchor handler. I think it's the Skandi Skansen, and as I mentioned, that market has been very hot, quarter four and so far in quarter one, and activity on the projects around the globe and the pricing on those projects is quite good at the moment. Yeah, and as I mentioned, the two-day job for Wisconsin probably will give ±$6 million in EBITDA. So I'm not saying you're going to analyze that, but I think it's, it shows where that market is heading. So we believe that if that market now goes as we believe, you know, that can give further upside on the DOF earnings in a year's time. Then I talked about building backlog, and of course, for those of you who follow it closely, you saw that Petrobras are out now on the tender for pipe layers. And as you probably know, we have three pipe layers coming off contract in 2026 and in 2027. So of course, we are soon bidding that, and of course, if we are clever and lucky on that, of course, that will build backlog a lot for not only in 2027, but in 2028, 2029, 2030, and 2031. So it's a very important tender for us, and we will keep you updated on that. Then we have a picture of a project, and as I mentioned, the execution project is key to success and in 2025, our experts around the globe have executed most project in an excellent way. Not only giving us good financial results, but also giving us very good client satisfaction, meaning that the business acquisition job going forward will be easier because clients want us back. And then we have an A-class. A-class is here because we, you know, we have used part of 2025 to, let's say, to get them into the DOF model. We have installed subsea equipment on them, and we expect, you know, let's say, the spread earnings, including the subsea side on those boats, to pick up in 2026 compared to 2025. So then I think we leave it like that, and then we welcome any questions. Yes, indeed. So please then feel free to post your questions in the webcast, the Q&A function. I will kick right off with the ones that we have received. As you say, Mons, the anchor handling market has been very strong recently, and you have, perhaps wisely, previously been less exposed to the spot market. How do you still see opportunities to capture the upside of this market for your part? Of course, we have kept mostly pretty busy also in fourth quarter on projects, long-term contracts and on. And of course, so we haven't had any. I think we have had one vessel in the spot market the last few months. Yes, so we probably haven't got any big part of that upside. But what we probably gonna do now, of course, is that we have a couple of boats coming off contracts, you know, project contracts now, and probably gonna be a bit more, you know, let's say, short term on those, so more spot and more shorter projects. So not. But of course, longer term, of course, if this market stays as it is, of course, this will also then heavily influence the long-term rates you get for these higher anchor handlers globally. So if it goes according to what I hope and believe, you will see not only an uplift in earnings on spot and shorter jobs, but you also will gradually see an uplift in long-term rates globally for the really big anchor handlers. And when we look at the prospect list and for what we call mooring projects globally, you know, it's very high, you know, we see already now in 2027 that, you know, there are several projects happening at the same time. So we will see conflicts on the schedule if you are able to do, should do all of that. Yeah, so it looks good. And so I think you will see perhaps a DOF in a month, few months from now, you will see DOF handling a few more boats, you know, taking a bit more risk in the short market on the anchor handling side. Thank you. Next question is on Skandi Connector. The last update I saw on this was that she was firm until the end of 2025. What's going on with this vessel? Is it being sold? Is the option declared, or is it available? I guess it's a mix. Yeah, we she's extended now into second quarter. Thereafter, we of course are evaluating our options on her, and one of the option is to sell the boat. Of course, we have mentioned before that to have one cable layer is not strategically important for us. If you want to be a hero in the market, you need more than one boat. And we have had people inspecting the boat, so let's see what happens, but nothing is done before it's done yet. So you know, we are working on selling her, and we are also working on finding a long, you know, a charter for her. But I think if we are to choose, we would prefer selling her. Thank you. Then on tax, you guide quite a bit of an uplift on tax in 2026. Is this mainly due to utilization of tax losses, or does it imply a structurally higher tax rate going forward? Yeah, of course, we guide on payable tax, so it's not impacted by tax losses other than the fact that it is not payable in the areas where we have a tax loss carry forward. There are a number of factors impacting the number or the amount of payable tax. One is, of course, if you make more money, you generally pay a bit more tax, and tax is very often payable in arrears. So, for a good 2025 impact, the tax level is payable in 2026. Also, the operational area affects it. We consider withholding tax in areas like Angola and so on. Tax and payable tax, you pay that up front, so that affects the numbers. And there is also this global minimum tax known as Pillar Two. Also, we're also subject to that. Of course, we have a big normal taxed activity as well. So, the impact is not among the worst, but it's also impacting the numbers. So a little bit of a mix. Thank you. On the fleet loan amendment, when do you think the credit approvals will be finalized? Are you able to say anything about the leverage threshold that you mentioned? Yeah, I can. I think I can say that we are free to utilize this as long as we are within our own strategy on the leverage. And of course, that is 1.5-2, and then there is the two that is the important number to keep in mind. And we've said that it's gonna be effective from the first payment, Q1 of this year. So, within a month's time, we should have that signed and sealed. I don't see any big risks on that. All right. Thank you. Then there are a lot of questions around the topic of dividends, dividend capacity, expected dividends, dividend increase, payout level, dividend policy, et c. To not cover all of them, I think I will leave the question fairly open and ask if you're able to say anything about dividend going forward. And to add on to that, if you intend to introduce a fixed policy related to any, any indicators other than your leverage range target. Dividend is a board matter, and how that is gonna develop going forward is up to them to decide, of course. But no changes to policy. Leverage is still the guiding principle of that. I think to comment a little bit, I think the drivers, the key drivers is, of course, leverage. It is also backlog. It is earnings levels. So, it remains the target and ambition of the group to have that steadily increasing over time. Thank you. Then a question on artificial intelligence. Can you comment in general on how you are implementing AI in DOF and what possibilities you see related to both cost savings and better efficiency? It's not much I will say, but, I think we, we follow what is, going on in, in call it the core business of, of DOF. It is, it is not, it's not a lot of AI impact on, on the business per se. But of course, we do, we do, like everyone else, utilize systems that incorporate, AI functionality to, to be more efficient in day-to-day tasks, office tasks, and so on. I think it's a, it's a bit, call it early for us to, to, to say how much we can, gain in efficiency in our core business, from it. And it's not my area of expertise either, so I will, I'll refrain from, from saying too much about it. All right. Then a few questions on Brazil, starting with whether you have heard anything new on the RSV new builds that were being discussed? Yeah, you know, it is in dialogue, yeah. And we are waiting for Petrobras, and more than that is difficult to say. So, it is not that done, and it's alive on, let's see where it ends. I can't say more than that. Okay. And then following up on Brazil, what is your assessment of the offshore market in Brazil in 2026? And do you see any risk of potential CapEx cuts from Petrobras? You know, I think, you know, first of all, of course, if you see at, the DOF backlog in 2026, you know, we are. You know, the DOF service, all the RSVs, was renewed. We renewed, was it seven RSVs and seven, eight. So it's full, full backlog on all, all that fleet in 2026. You know, we won this new frame, tender three tender. So, so of course, the, the only we have to renew, in 2026 is, two of the three remaining, pipe layers. We renewed those three of them last year. Yeah, so in that context, you know, we, we see, the Brazil market still to be very strong. We, we, see no weakness and, and, and of course, you know, the, the activity level is, very high. We also see, of course, that when we have available spots, you know, we have had through the winter now, we have had actually one I-class in Brazil, and we have had the Skandi Wisconsin in Brazil and picking up product work and we continue to do that. Yeah, so it's – I am, I have no worries about the Brazil market at all. Thank you. Can you elaborate a bit on what you consider to be the future growth potential for DOF? Will it typically be contract renewals, growth in subject projects, or do you also consider M&A and new builds as potential growth avenues? I guess, the first one, of course, we want to do more of the same, yeah. We see, of course, contract renewals at higher rates is one growth area. We see, you know, we are gradually doing more and larger projects, and add more services to, you know, on the spreads. You know, as we, one of the reasons why we bought Maersk Supply Service, now DOF Denmark, also goes to add the services on top. And we see, of course, that will continue to grow on new assets, of course, we have said that we will high-grade the fleet. So, we have so far sold a few smaller boats, but, of course, if you are to buy a new boat, so it will have to be in the middle of our core, where we can add a lot of extra earnings on top, yeah. So, and of course, on new builds, we haven't touched that so far, and of course, we have one new build, which is only 15-year contract on. So you will not see DOF ordering vessels on speculation, yeah. So it's... We will be disciplined and but of course, if there is an M&A opportunity like we had with, you know, like the Maersk Supply Service, if there is, you know, a vessel or two that really fits the core of DOF and strengthen our market position, of course, then we will, of course, look at it, yeah. Then generally, the discipline will be very strong as we have done so far, and of course, then we still have the plans we discussed to exit the cable market. We have a plan to exit sooner or later the PSV market and, so I guess it's, let's say, at least even likely that we will sell boats than buy boats, yeah. So, but we will in the end, of course, in the end, this company will be, you know, the, the subsea side on absolutely high end on the anchor handling side, and, services and services and services, yeah. So we will gradually, let's say, exit the commodity market of PSVs and of the lower one side. A long answer. Sorry for that. No, that's fine. Thank you. Following up a bit on new builds, we have a question on whether we can elaborate a bit on the new build situation across our vessel segment and how we are seeing that impacting the market. I think start with the situation on new build, of course. It's, of course, on the anchor handling side, there are no new builds, yeah. And, of course, the reason for that, I guess number one is that the market has not been extremely good, and also that, of course, the new build price for a high-end anchor handler is probably closer to $250 million, yes. So we have got some discussions, you know, we haven't quoted for it, but we have had some indications, yeah, and we're talking $250 million. And of course, the market do not defend that at all, yeah. So that means that I don't see any new builds in the anchor handling side in the foreseeable future. I'm not talking of small boats, I'm talking the 300-ton bollard boats, big boats, you know, 24-meter beam and 95 to 1 00-meter long. So there is no new builds. Then, of course, on the high end subsea side, you know, the 400-ton crane boats, the pipe layers, you know, with the big lay tops, there are no new builds, and I think the picture is the same. If you were to go and build a new pipe layer with 550-ton VLS or 400-ton VLS today, you know, I think you are talking, I don't know, but at least I would guess, at least between $400 million and $500 million, yeah, to do that. So I don't think that will happen. And then you have the, let's say, the medium-sized subsea market with, well, we showed you a slide earlier on that, where we have kind of, what, 24% of value is in that space. And, of course, that you see there is a quite high number of vessels for delivery in 2027 and 2028, and how that pans out remains to be seen. So because it's also, of course, the segment where DOF charters in boats. You know, we have quite a few boats on charter on that, and so I don't know how that will pan out for vessel rates, remains to be seen. If there is a break in vessel rates, will that be negative or for DOF? Not Not necessarily. We don't compete with the vessel owners ordering those boats. We are more a client for them, and they don't compete with us on a three-year IRM contract with Equinor or for a project subsea project for Eni or whatever. Yeah, so I'm pretty relaxed on that. If I should be 100% honest, which my model tells me I have to be, I would, of course, love to have a year or two in a weak vessel market putting us in a position to get cheap, very cheap boats. Yeah, but I don't think that will happen. I think the market is strong enough to absorb these boats, yeah. But if it's not, I can see myself as a charterer, not as a owner, yeah, because we use this boats for projects and don't do time charter on those boats. A long answer. That's good. Thank you. Recognizing the cyclical nature of the market, what type of indicators do you follow to anticipate a slowdown or negative inflection in your market? Of course, because the big indicator is, as always, the oil price, yeah. It's the budgets for the oil companies. It is all that, yeah. It's the sale of Christmas trees going forward. It's the order backlog for the tier one guys, and so on and so on. But of course, I think the most important, let's say, intel is what we get. And of course, remember, we have probably a global sales force of 700 people, yeah. So where we get the intel from, that we make the decisions on this, of course, the day to day, the week to week, the month to month dialogue with all of our clients, and it's our own prospect list. Of course, what we see from that now is that 2027 and 2028, you know, the early indication for those years is that they look to be quite busy, yeah. We see, as I mentioned earlier on the call, so we see multiple tenders now, you know, colliding in time in 2027. So that's where we see it. We see the opportunities we have, the dialogue with the clients and then we have a prospect list for the whole fleet for 2027 and 2028, and that looks very good. And of course, then the next follow-up question is how do you mitigate the cyclicality? And of course, that we do with the backlog. As we have said, we will take all the backlog we can get long term now because, you know, it's not a tragedy if you have to book the backlog on today's record oil levels. So that's how we do it. Yeah, we are not, we cannot do anything with oil price. We cannot do anything with geopolitics and, but what we can do something with is our own balance sheet and our own backlog, and that is what we are focusing on. But the summary is that, we see no clouds on the horizon right now. On the contrary, we see 2026 getting more busy, and we see indication on 2027 and 2028. That looks very good. Thank you. In H2, we saw some lumpiness in the Subsea region earnings, driven by project milestones. Do you expect the same in 2026? And if so, can you provide some color on how you expect the milestones to develop? It's always like that. It depends on, of course, when the projects come to an end and when you do the final, let's say, numbers on those and when you have final discussion with your client. Yeah, so because when you build a project, you execute the project, you build that with you know, with a certain margin, and you build that with a certain contingency, yeah? And as you go along, you in your early days of project, you normally book income according to cost, and then when you see get closer to the end, you start to take profit. And then when you finalize the pro-project and you end up perhaps releasing continuously in value. So it is how we do it, and it's impossible to give an answer on how that will pan out between quarter and quarter, yeah. But of course, as you have seen, I guess, quarter four normally, you know, where we have to release more of those projects profits at the end of the year. So we might be a bit conservative through the project, but I guess that's how we like to do it. Thank you. CapEx, what do you see as a fair long-term maintenance CapEx level? I don't know. You know, because that is, I haven't that in my head, because that depends on when you write off the five years on the books. So, I have... I don't know. We have to get back on that, so that will vary a bit from year to year. Okay. Thank you. That was the questions that we were able to cover in this session. Thank you all for sending in good questions. I know that we weren't able to cover everyone individually, but I hope that we covered sort of the main topics that you wanted us to speak about. And if you have any follow-ups, please do not hesitate to reach out. So with that, I'll say thanks to Mons and Martin for a good session. Thank you very much. Thank you. For listening in, and have a nice evening. Thank you very much. Thank you.