Good morning, everybody. Welcome to the Edda Wind Quarterly Presentation, Q4 2022. Today we have myself, Kenneth Walland, CEO of Edda Wind, and Tom Johan Austrheim, CFO, Edda Wind. We will share the presentation and the slides going forward. Topics that we will touch into, Edda Wind as a pure-play market leader and operator. The market situation, which is looking very promising. Our fleet and in particular the newbuild activity that will come at attractive yard prices and very good delivery schedules. Prepared for zero-emission. Our contract strategy and portfolio, and also the fact that our fleet is subject to very low technology risk, meaning we can work on bottom fixed and floating turbines, large and small turbines and so on that we will touch into. Some highlights, we will touch into the market, which is demonstrating a very strong growth. There will be a demand for around 250 vessels by 2030 of this type CSOV, SOV, so Commissioning Service Operation Vessels, service operation vessels that we operate. This is figures excluding China. The present supply of Tier 1 vessel or special purpose vessels are around 60 vessels. That is 30 already afloat and around 30 vessels under construction. There will be a huge under supply of vessels. At the same time, we see and have seen for some time now that the oil and gas tonnage is exiting offshore wind and going back to its origin for and are attracted by very high rates also in that segment. Of course, also the focus, it's unfortunately one year today since the invasion of Ukraine, we have seen a dramatic change in the energy security and focus on energy transition as well since that and that is of course also influence on this market. On the Edda Wind fleet, we have eight vessels under construction, ordered at attractive prices and delivery schedule, as mentioned. We have a very exciting new building program. It's been a long and winding road, as you know, for some of the deliveries on the gangway system. Edda Breeze and Edda Brint is now expected to be in operation in March. I guess we are ticking into March already next week. Edda Boreas will be ready quarter two and for C416 of Edda Goelo, quarter four 2023. The existing fleet is delivering very well, both on utilization and safety-wise, and have had for all practical purposes, 100% utilization in the market. It's our first year of our first full year of operation for Edda Wind since we set up as a separate entity, company management and so on. Having said that, we've been in operation and in the segment since 2015, but the first full year of operations as Edda Wind. It's also just over a year since the IPO and we listed the company. Edda Passat has already been in operation for five years and is actually doing her five-year class renewal and dry docking as we speak. In a way, looking back, time is flying. Looking forward, of course, we feel we don't get the vessels soon enough, now we are definitely getting very close. Already by next month, the Edda Wind fleet will double in size and more vessels coming on stream and in operations during 2023. By that, we are definitely remaining firm on our strategies to be a pure play and leading CSOV, SOV operator, focusing on the special purpose Tier 1 tonnage of top quality, where we also have implemented, call it next generation technology. We are preparing all the new buildings for zero emission operations, full cycle zero emission, not dual-fuel or not two or five days endurance, but zero. We also demonstrate that we are able to both secure contracts and maintain contracts with our clients. We feel we have a very strong relation with our clients. We are always invited for tenders, and by many, we are considered as a preferred supplier. Also backed by very strong cornerstone shareholders, like mentioned here, Wilhelmsen, Østensjø, Sea Tankers, and Quantum. On the right side, also that part of the strategy remains firm. We want to be in the both the operation maintenance segment and the commissioning part of it. In sort of a balanced portfolio, so we call it 40%, 60% in each segment. Our main focus is the vessel operation and to provide own and provide the vessels. We feel that's where the business is, and that's definitely our main focus. Market, the growth pace demonstrated to the left here, and of course, Edda Wind, sorry, offshore wind is increasing dramatically. Also, sort of when they put their plans and presentations, we see also that they deliver on their ambitious plans. We expect that the growth pace will be very exciting for us as a vessel provider. We also see the same to the right here in number of turbines in thousands, where both Europe and other markets are increasing a lot over the next few years. Europe will be a very important market, but we see here there are emerging markets elsewhere, Asia, even if you exclude China, North America and other regions. We see the same, regardless how we look at this market, to the left here, it's the global cumulative capacity in gigawatts. Same, the trend is definitely supporting our business case. To the right, we see the same, but seen in global annual addition to the capacity in again in gigawatts. If you see the various regions here, APAC, Americas, and Europe, Middle East, Africa, it's definitely interesting trends and prospect for a company like Edda Wind. Yeah, a bit more of the same to the left. Again, the increase in installed number of turbines in thousands. We see that China is becoming bigger and bigger in this market. Uh, we have said earlier, and, and that remains that we do not focus on China. We expect that to be a home market. B ut when we see the growth elsewhere, there is definitely more than enough work here on the table. And, and we see the same in the middle. A s I mentioned, a requirement for 250 vessels by 2030 of this these type of vessels CSOV, SOVs and the supply is fairly limited both on the Tier 1 vessels, but also on the Tier 2 oil and gas tonnage. W e see that for long term tenders operation maintenance it's only the Tier 1 vessels, special purpose built vessels that are being awarded contracts. We feel the trend is also showing the same for commissioning operations. Earlier there were no special purpose tonnage available, but it's coming gradually online now. As I mentioned, there are 30 vessels under construction and 30 afloat. Many of the vessels coming in will also go straight into onboard commitments and contracts as including the first four from Edda Wind. The one that are vacant and will be vacant in this market will be very attractive the way we see it then. We expect that to also be demonstrated in the rates going forward. On the right side, we see the rate indications from Fearnleys in this instance, historically 2021, 2022, with a nice trend and definitely also going forward, the expectations are looking very promising for us as well with four vessels uncommitted from 2024 and onwards. As I mentioned, we want to have a portfolio of long-term contracts and short-term contracts in a mix and a balance, 40/60. That's in a way where we are. By that, we already have secured a quite strong backlog. We have a backlog of close to EUR 400 million in total. The firm part of that is just over EUR 300 million. The optional part of it has been reduced a bit since Edda Passat was renewed for the seven month with Ørsted and the options call it disappeared, which we see as an advantage. Now it's predictable when we will have the vessel in return, and there are no sort of options for Ørsted going forward for that vessel. For several of the new buildings, we are fully open, as I will touch into shortly. We are happy about the backlog, but we are also in parallel very pleased with having available vessels in the market going forward. The fleet will look like this. I mentioned Edda Passat, already five years. She's doing her five-year class renewal now. return back to Ørsted and Race Bank first week of March or eighth of March for a seven-month operation until October, as reported earlier, to increase rate from the present level. Edda Mistral will continue at Hornsea One. Ørsted have already declared the first optional year for Mistral, so she will be there until fall of 2024 firm. They have another four-year options on that vessel. Edda Brint in Denmark, installing the gangway, will be expected to be on hire in end of March. I will touch into the gangway situation also later. That's now coming on well and expected to be on hire to Vestas end of next month. 416, the vessel being built at Balenciaga. We have reported delays on her due to a delay from the shipyard. We expect her to be ready by quarter 4 2023. The contract in France for Siemens Gamesa has a commencement window up till November 2023. The indication so far is that they require the vessel to be in operation by October or sometime in October. If needed there, we have the front runner vessel available, if there should be a gap between actual delivery of C416 and the requirement from Siemens Gamesa. Edda Breeze also in Denmark installing the gangway or has installed the gangway, I would say. She will depart for the charterer sea acceptance test over the weekend and is expected to be in on hire second week of March. She will release the Edda Fjord as the front runner vessel and she will be redelivered to Østensjø. Boreas was delivered from Gondan in. Excuse me. In February. And she is actually arriving Denmark now after being through U.K., pick up all the daughter craft and equipment that is installed on board. The gangway. Sorry. The gangway for Boreas completed the factory acceptance test last week in Poland. The vessel will pick up the gangway second week of March and continue the installation in Denmark, which will be a repeat of Edda Breeze, including what we expect also to be some lessons learned and repeat effect of the Edda Breeze. She at least will have the advantage of being number two in a repeat operation there. C491, she is the first one of the, call it, the uncommitted vessels in the fleet. She will be ready for delivery in Q3 2023. For all these vessels, we expect that the gangway will be installed at the yard as originally planned for the full fleet. The production of the gangway system for these vessels are coming on well, and we expect to be sent to Spain for installation at the yard. That means they indicate the delivery time here is including gangway, meaning vessel ready for operation as again, originally planned. C492, Q2 2024. C503, Q3 2024. C504, Q2 2025. We expect, and we will also see it with the vacant capacity and vessel days we have available, that will be very well matched with the tick up in the market and the demand in the market, the way we see it. Also, the rate expectations we saw is creating a very positive momentum around that fleet. There's also one option with Gondan, validity until end of May, with some price adjustment agreed to the optional price. I would not speculate on sort of the probability of Edda Wind taking the option or not at this moment. As mentioned, there will be a undersupply in the market and a huge demand. We are there to fill our part of that gap. We will have gradually more and more open vessel days, the dark blue on top here, as we go on. These are days per quarter. Again, with the attractiveness of our fleet, the expectations of day rate and the demand that for sure will be there, we are very positive to the position going forward. Tom, I think this is for you. Yeah. Thank you, Kenneth, and good morning, everyone. A couple of slides on financing and interest hedging. You've seen from our announcement earlier in February that we recently concluded a financing for another four of the CSOV, which are under construction. At this point in time, Edda Wind has long-term financing in place for nine of the 10 vessels in the fleet. The reason why that is nine and not 10 is that the 10th vessel has a delivery which is in 2025 and is a long time to pay commitment fee for a financing that far ahead. We have financing for nine. To comment on the left-hand part of this slide, you've seen the EUR 110 million green senior secured term loan facility a number of times. If you have followed our presentations, that is for Passat and Mistral and for Edda Goelo and Edda Boreas. Edda Goelo is C416. That is a facility which has a 10-year term up to 2027, so no refinancing requirements for that period for those vessels. We have two private placements, one for Edda Breeze and one for Edda Brint. They have 10 and 15 years term respectively, reflecting the term of the underlying charter party. As mentioned in February, we concluded a EUR 100 million-EUR 120 million green loan senior secured facility financing 491, 492 and 503, all being built at Gondan at what we consider to be attractive rates. That is one of the perhaps benefits of a fleet of Edda Wind size that we are able to secure pre- and post-delivery financing for a period of six years post-delivery for three vessels that are still uncommitted. I will revert to the interest part of this, but we have a blend of floating and fixed interest rates and all-in fixed interest costs of approximately 3.2% for the fixed portion. The fixed portion is then a blend of the private placements, which are fixed for the entire period, and the IRS rates which are available for the Eksfin facilities. To the right here, we have the amortization profile, but that is matching the debt as of 31st of December. It's excluding the last facility that was signed earlier in February. A couple of words on debt and interest hedging. This is forward-looking, so year end 23-year end 2026. This is quite important because as you well know, the cost of capital is important to the economics of the vessels. Here you see the a bar chart where the blue portion is fixed. That is the private placements, which are fixed for 10 and 15 years respectively, as mentioned. We have a solid green portion. If you look at the 2023 column, it's EUR 62 million. That is IRS options that we have declared, so that is fixed interest hedge for a period of 12 years. So that is fixed for EUR 62 million. We have similar options for EUR 35 million, increasing, as you see, to EUR 52 million by the end of 2024. We are open floating on EUR 60 million in 2023 year end. For the part that we have already fixed, i.e. The private placements and the IRS options that we have declared, the blended all-in, that is margin and market rate, is 3.16% for 2023. If we declare the options that we have, it will be 3.20%. Hence, looking at 2024 and 2025, we see a stable flat 3.20% all-in interest cost for a significant portion of our debt going forward. We thought that was important to share with everyone because it is quite low figures. As you see here, the NPV benefits of the IRS and the IRS options, including the private placements that has been there since 2020, 2021. The SIR option value is approximately EUR fourteen and a half million on NPV basis compared to current market interest rates for the same period. Thank you, Tom, and well done on the interest. Many of you have seen this slide before, but I still bring it on because, as you know, as a captain, I get a bit annoyed when you describe Edda Wind and ourself as a pure steel and tonnage provider. My feeling is we are definitely providing a full scope to our client with in a way a turnkey product. A vessel that has to cater for all their needs offshore. They have moved their logistic from a shore-based solution to a model vessel offshore. he CSOV, SOVs is now proven to be very efficient compared to the crew transfer solution combined with shoreside, even on short distance from shore or in some respect, short distance from port. We are definitely having to provide all the need for our clients, including, of course, the ability to transfer personnel and equipment to the turbines in tougher and tougher conditions. We are deciding and specing our vessel for enhanced operation and stretch the limit to where we can operate safely. Safety is very focused in offshore wind, to some respect, even more than oil and gas, since we are transferring personnel and the ability to again to get the turbine technicians on board and ensure that the downtime on the turbines is as limited as possible and that the planned maintenance can go ahead is critical to them. We definitely feel we are providing them with a broad scope of work. These are important clients, and they are demanding clients and customers to us. As mentioned, in the beginning, all new buildings are prepared for a zero emission concept that Edda Wind has worked together with Østensjø and Hydrogenious on for years now. It's called LOHC or Liquid Organic Hydrogen Carrier. These are basically the three main reasons why we choose LOHC, which is then a hydrogen stored in a organic oil on board, in the tanks in atmospheric condition. It's the safety, it's the endurance and the logistic. On the safety side, it's very safe to store on board. It doesn't explode, it doesn't burn, like some other alternative fuel have a issue with. Also, in the operation, it's only a very limited amount of hydrogen in operation on board or free on board. The safety concern is not there. That is also demonstrated by the work we've done with class and flag authorities and so on, and the studies. Endurance is very important to us. As mentioned, we have a full cycle endurance. These vessels normally have a port call every 14 days, they are expected to demonstrate endurance for at least four weeks. We can operate with a capacity that are included now in the tanks four weeks on LOHC only. That means a full cycle operation on zero. We see that there are other concepts, but maybe either a mix of dual-fuel operation, diesel and an alternative fuel, or in case of zero-emission fuel with a limited endurance. That's one of the things we have worked on. Also, on the logistic side, the safety concern is taken care of. We can do bunkering simultaneous with other work on board, loading, unloading, and so on. The store and transport to and from the pier side is similar to transporting diesel. These are the main reasons why we do this. Again, all tanks and piping are already installed on board. Interfaces to the propulsion system, switchboard, battery storage systems, and so on is taken care of. Also, the cooperation we have with Hydrogenious Maritime, which is a joint by between Østensjø and Hydrogenious in Germany, is important. They are planning already next year a pilot on a small scale version on one of the Østensjø vessels. The next is we together with a lot of partners, have been approved for a EU Horizon contribution, where there will be developed a full scale plant, meaning one megawatt, that is intended to be installed on one of the Edda Wind vessels. We would need two of these full scale one megawatt units to operate this vessel as indicated on a zero emission full scale operation. That's a very interesting part of the vessels. Also, we see that the appetite from our charter is huge to be able to achieve zero emission. Tom, I leave it to you. Yeah. A couple of comments on our income statement for Q4 and also the balance sheet afterwards. You will see on the bottom left section here that our operating income in Q4 and also our EBITDA in Q4 is quite similar to Q3. However, as always, the table is comparing to a year back, my comments will be to the table. On top left. Total operating income for fouth quarter 2022 was EUR 7.3 million, which is about 7.5% up from same quarter in 2021. The main reason for that is that we have recognized a half a million euro in compensation from Colombo in relation to the contracts that we canceled earlier in 2022. We did the same in Q3. The total OpEx is actually reduced about EUR 500,000 compared to a year ago. That relates primarily to non-recurring costs because Q4 2021 was the quarter when Edda Wind IPO-ed. There was more than EUR 900,000 in non-recurring costs in relation to the IPO. Edda Passat and Edda Mistral has about EUR 400,000 less in OpEx in this quarter than a year ago. On the other side, we've had Edda Fjord on hire for both quarters, i.e. Q4 2021 and Q4 2022, and the rate for Edda Fjord is up almost EUR 700,000. All in all, a reduction there, in OpEx for over EUR 516,000. We have the depreciation. No comments on that. That is Passat and Mistral, for operating profit of EUR 626. We have the financial income and expense, which is negative in this quarter. i.e., we have more financial, more interest payments than other financial income, which I think will be normal for a shipowning company. However, in fourth quarter 2021, we were positive, which is abnormal, and that related again to the IPO, where we had a Forex or a currency gain on the exchange from NOK to EUR on the capital raised. We terminated 1 interest rate swap with a gain of about EUR 300,000. That was really an unusual quarter and explaining the difference to the change in fourth quarter 2022. Profit and loss for the period EUR 187,000 for fourth quarter. Just a few comments on the balance sheet really. Vessels at the top left EUR 66 million, that is Passat and Mistral. All other vessels are under new buildings. Just reminding that we keep the vessels as new buildings until they are ready for installation, i.e. until they have installed the gangway systems. That will happen, as Kenneth said, is expected to happen for Edda Breeze and Edda Brint already in March, so in Q1. Other non-current assets includes the EUR 4.6 million in LDs, which has been incurred due to the delays. Other current assets is EUR 4 million. That includes restricted cash in relation to two of our financing agreements. Other cash and cash equivalents of EUR 45 million is the consolidated free cash of Edda Wind. On the right side, we see that non-current interest-bearing debt is increasing as we are drawing on pre-delivery financing for new buildings. Same goes for current interest-bearing debt. We have equity ratio of 52% and a net interest-bearing debt of EUR 107.7 million. Thank you, Tom. Yep. Yeah, a couple of slides left. The summary. We are and we intend to be a leading offshore wind service vessel company. We also deliver well on the vessels and operations we are performing and have done. We feel we have a very attractive fleet of vessels coming on at fixed and attractive yard prices and also attractive delivery dates. We have a strong backlog. In parallel with what I mentioned, we have also a good capacity to take the uptick in the market with uncommitted tonnage. A good balance there. The fleet and the technology we apply in the new builds, sort of in the direction of zero emission is very Welcomed among the charters and we are, we remain strong in the belief on that technology. And of course, the market demonstrates that there is definitely a huge demand for these type of vessels going forward. And we've been working in this segment now since 2015. And even though there are some bumpy roads every now and then, we feel we are demonstrating capability to deliver on the contracts and also now, of course, very exciting to see more new builds coming coming into operation and five of them will be into operation already this year. Subsequent event, it's been mentioned, Edda Boreas delivered from the yard, Gondan, beginning of February. Will start then, as mentioned, the gangway installation in March and be ready for operation in quarter two. She will be working for SSE on the commissioning work for Dogger Bank Wind Farm for at least two years, most likely more. Tom has covered the green loan facility that we entered into also in February. Below here, there is a picture from Denmark a week or two ago, Edda Breeze and Edda Brint on the gangway installation. As mentioned, Edda Breeze will depart for charter acceptance test now over the weekend, and is expected again to be on hire second week of March. Edda Brint, a few weeks behind, on hire to Vestas, is expected end of March. Edda Boreas, again, FAT, factory acceptance test is completed and approved by Class in Poland. The vessel will soon start or pick up the gangway and start the operation similar to Edda Breeze there and be ready for quarter two operation. That's the presentation itself. Before we enter into possible questions, and Ole Jesper, I think you will be coordinating this for us. Yeah. I can read one question for you perhaps, Kenneth Walland. It's from Jon Larsen, ABG. When do you expect C491 to be delivered? When should we expect a contract for her? Are you looking for long-term or short-term contracts for C491? Yeah. Thank you and good morning, Jon. C491, that's the next one from Gondan. Delivery is announced to be or reported from Gondan to be end of September this year. That means, as I mentioned, the gangway is expected to be installed at the shipyard, so she will then be ready for operations from October. Regarding a contract, the main plan with C491 is to go for the shorter type of contract in the commissioning market. Second question. Again, I think for you, Kenneth. How do you see the market for CSOV developing? It seems like day rates are increasing. Would you expect day rates for CSOVs developing to be above EUR 40,000 per day for 2024, 2025 contracts that are on sizable wind farms, example, one-year contracts? Yeah. Thank you. I guess I should be careful of stating figures and numbers, but we had the expectations indicated from Fearnleys. I think if we look at that for 2024 and onwards, it's the range is at least base case and upwards above EUR 40,000. I would not. Oh, well, I would concur to the indication given by Fearnleys here and the range, and that means I will not be surprised if we see rates above EUR 42,000 as the question was related to. All right. Then a second question, which I'll read out. I think it's in two parts. One, how do you see the outlook for 2024? Second part, do you expect limited available vessels and accordingly solid utilization for the European fleet of CSOVs in 2024, 2025? Is that me again? Well. On tenders, there, as mentioned, there are around 12 vessels under constructions. Some of them may be close to half of the fleet will already be committed to contracts. With the huge demand that is there, that is quite a limited supply. Again, the subsea tonnage is exiting. We expect that the demand definitely will be there. It will be tight. If you take the competition on sort of shorter type of contracts, of course, there will be tough competition. The sort of overall gap in supply demand will definitely assist us and assist the market and operate us in a positive direction. If the question was also related to SOV, the competition will maybe be partly different because there are longer lead time and in many instances, a company operator could also offer a new build against the tender. Of course, in the commissioning part, shorter market, having vessels available is very important and will put us in a good position. There are no further questions in the webcast. Okay. Thank you. With that, thank you very much for attending the webcast. If there are sort of questions or anything after, I'm sure you will find us as you always do, and we are happy to assist. Have a nice day.