Good morning, all, and welcome to Edda Wind Q1 presentation. Presenting here today will be Tom Johan Austrheim, CFO, by my side, and myself, Kenneth Walland, CEO. Edda Wind. I will touch the topics mentioned here. We are a pure play market leader, and we have decided, and the business case is to operate in the renewable segment, offshore wind vessel segment, fully. We have been focusing on offshore wind for around 10 years. We did the first tenders 2013. We were awarded the first contract 2015. Had the first vessel in operation 2018. I will shortly also sort of come into the last development of the company. During that time, we feel we have built up very strong relation with our customers. We are building up gradually very exciting fleet of offshore wind vessels at attractive yard prices and delivery dates. We have taken a clear path towards zero emission operation and technology. We are focusing both on the operation maintenance segment and the commissioning part of offshore wind, so we want to have a balanced portfolio in both these segments. We also feel we have a low technology risk by the vessels we are operating. We are operating service vessels, so sort of size of turbines, bottom fixed, floating, et cetera, we will be able to cover all of it. A young company, but we have more or less 50 years of offshore operation behind us, being funded by Østensjø and gradually joined by other strong shipping houses like Wilhelmsen, Sea Tankers and Quantum. We have built up already a strong contract backlog, around EUR 420 million. We, it's fair to say we are operating very well on the operations and the vessels we have had in working so far. We are working in a market with a enormous demand and development, including a demand for these type of vessels combined with a relatively small supply of vessels and also some day rates for these type of vessels. We see that the ambitions for development and building of wind farms is getting higher and higher, both from the developers themselves, but also from authorities around the globe, I would like to say. More to Edda Wind this quarter being passed, we have been putting Edda Brint and Edda Breeze into operation very late in the quarter, around 30th of March. We will not see the effect of them in this quarter, as you will see shortly. From quarter two, we feel we are now moving into a version two of Edda Wind. We already have four vessels in operations from the two earlier. We also have three more vessels coming into operation later during the year. One next month and two later in the year. Edda Boreas was delivered from the yard, in Spain, and is now doing the final commissioning of the gangway system in Denmark. She will be on hire to SSE in the beginning of June. We have ordered four more vessels at Vard. I will shortly come back to it in March. In parallel we did a capital raise of around NOK 1.2 billion, with the success for the equity portion of these vessels. We also announced shortly thereafter contracts with Vestas for a firm period of around 750 days. Again, we are operating very well on the vessels, Edda Passat and Mistral. Sort of the little drop in utilization is caused by the planned dry docking, five-year dry docking of the Edda Passat. Vard, we went out for a pricing exercise with many yards, different locations, around both Europe, Asia, and decided finally to go with Vard. We ordered four vessels, CSOVs, in the beginning of March. Designed exclusively for Edda Wind. We have sort of incorporated a lot of the ideas we have on the vessels in Spain. It's definitely high spec vessels that include also the zero emission technology we have been working on for years. These vessels will be prepared both for LOHC, a hydrogen solution, and in addition, also be so-called Methanol Ready. We have increased the number of cabin and capacity. There are 101 cabins in these vessels and a total capacity of 120 persons. We have taken all the sort of lessons learned during these 10 years I mentioned into the design and we are very happy with placing the order with Vard and also how the design has developed. They are done at what we feel is attractive prices and also very attractive delivery date. The first one will be delivered Q1 2025, two more in 2025, and the last one in first quarter 2026. I'm also happy to see that we are able to place orders and have investors delivered from Norway. The first two vessels will be delivered from Norway with hull built in Romania and the two next ones from Vard Vietnam yard. As we mentioned, we also did a capital raise in parallel with that. Again, we have taken a clear path to be offshore wind operator. We are doing that with call it next generation vessels. We are focusing on special purpose tonnage. We see that for the long-term contract operation maintenance. It's only the special purpose vessels that are awarded ex-this contract. We see also for commissioning now that these vessels are the most attractive. Now they are sort of slowly getting available and introduced to the market. The operators see the efficiency. They work much better. They can be delivered at competitive prices, and they are giving the operator much better efficiency, also a much lower both fuel cost and of course profile with emissions and so on that they are longing for. As I mentioned, supported by a very strong owner, and we have built up strong relation with the operators in this market. We have, as mentioned, a sort of mixed portfolio, vessels, six vessels into longer, mid to longer type of contract in the operation maintenance segments. We also want to have vessels available in the commissioning market because we see where the sort of real opportunities will be for the next coming years with a very attractive day rate. We are gradually building up vacant capacity in those segments. The market. A lot could be said about the market. Of course, offshore wind is making its way also compared to alternative energy sources. Again, I mentioned there are huge ambitions from developers and authorities. We see the sort of development to the right there, a number of thousands turbine being planned and developed. It's in a way a very accelerating curve. Here we see the same more or less in to the left cumulative capacity and also annual capacity added to the market. Again, it's only a very high rising trend. We see that this will generate a huge demand for this type of vessels that we are providing. We are providing the so-called CSOV, commissioning service operation vessels and SOVs to the market. If we see the middle curve here, there will be a demand for around 250 of these vessels over the decade, and already from sort of 2024 and onwards, a real sharp increase in demand and still relatively limited supply of vessels. There are some orders being placed, but we feel there are definitely room for us and the type of vessel we are providing here. We see that also from the sort of interest we see in from the market and the operators. We also see it in the sort of development of day rates to the right. There are very attractive contracts being made now for the market. If you have a vessel available, even in 2023, you have been able to do it at very attractive rates. Also we see that, for instance, the Vestas contract we did lately, is for 2024, 2025, sort of in line with these expectations that is indicated here. We are moving from sort of the mid case and towards the higher case of these predictions. Backlog. I mentioned we have around EUR 420 million in backlog already. Still also vacant capacity in the market to take the commissioning shorter part of the market with the vessels that are being delivered from sort of end of 2023 and onwards into Edda Wind. That mix of longer type of contract, solid backlog and the opportunity to play the market, is the strategy, tender strategy we are applying. Vessels, as I mentioned, the special purpose vessels are the most attractive, for sure already in the O&M, and we see a clear trend in the commissioning. That is because these are very demanding customers. They want a platform that can solve their sort of workflow requirement, so that they are able to work more efficient on board the vessels, but of course also being able to transfer personnel and goods to the turbines. That's why we are all there to in a way ease their operation and make sure they are getting safely on and off the turbine so that they can maintain and ensure operational uptime on the turbines. Of course, being in the market for close to 10 years now, we have also the ability to bring on the learning curve into new project and improve the design and improve our operations and procedures and so on. We have also taken a clear path on technology. As mentioned, we are preparing all the new builds, including the next one at Vard for a hydrogen solution, LOHC or liquid organic hydrogen carriers concept. That is something we are preparing the vessel for. Tanks and arrangement are already implemented in the vessel. We have us, we have pilot projects going on with partners to mature the technology and sort of the features around this technology to be able to operate safely, is very important for us. It will also give us endurance needed to operate fully on hydrogen for four weeks. Also on the logistics side, it's very easy to handle both from the production facility to the berth during bunkering and so on. Those are sort of the reasoning behind choosing this technology for Edda Wind. We feel for us, it is a perfect match. The fleet gradually increasing, and again, some on contract, and then also very important to have vacant capacity going forward. We have the Passat and Mistral working for Ørsted since 2018. Passat until this autumn and Mistral to continue. In March, we put Edda Brint and Breeze into operation. Brint 15 years for Vestas in U.K. Breeze continued the operation already started with Ocean Breeze, running until 2032. Later this year, we will have Edda Goelo into the Siemens contract in France for five years. Boreas will go into contract next month with SSE for two, most likely more years with the Dogger commissioning. I mentioned the Vestas contract that was done. That is sort of three project over two years, 2024 and 2025. It will engage one vessel part of the year in 2024, and it will engage two vessels part of the year in 2025. With a gradually larger fleet, we see that we are able to sort of utilize this gap between project and still maintain a high utilization, which would be very difficult if we were operate with two or three vessels. Of course, again, very important, we will have vacant capacity for the upcoming commissioning market and should by that be able to attract the sort of rate potential that was described earlier. We are very optimistic about having this vacant capacity. Here is sort of the capacity within Edda Wind per quarter, and we see that sort of the increase in vacant capacity within the company is very much in line with the demand from the market. Tom, will you drop in? Thank you, Kenneth. To start off with the financing of this fleet, we now have a finance in place for 9 of the 14 vessels following the transaction that was completed in February for three of the Gondan vessels. We have one credit facility for four vessels for EUR 110 million with a term up to 2027. We have two long-term private placements, one for Edda Breeze and one for Edda Brint. Both are matching the charter period of 10 and 15 years respectively, so up to 2031 and 2037. We did a transaction in February for between EUR 100 million and EUR 120 million financing pre and post delivery of three of the Gondan vessels. We do not have any refinancing requirements before 2027. The four Vard vessels that was contracted in March plus the latest delivery from Gondan are still to be financed. This is a capital intensive business, the cost of capital is relevant. That's why we're showing this slide in particular. Commenting on the left-hand column. This is the projected debt amounts and the interest rates going forward. You see we have fixed interest rates for EUR 73 million towards the end of 2023. We have secured EUR 62 million in ECA financing with CIRR interest, and we have option for another EUR 35 million of the same category and EUR 60 million in floating debt. The fixed portion of that in-interest portfolio if you like, or that portfolio is 316, 318 depending on whether the option will be declared. That's a quite an important point to note because obviously, as I said, the business is capital intensive and cost of capital matters in these contracts. With Edda Breeze and Edda Brint being delivered the last couple of days in the quarter, they do not particularly impact the P&L this time. I guess this time will be the last time that we present the P&L on the quarter, which is based on two owned and one chartered vessel. However, the income is slightly up from EUR 6.8 million- EUR 6.9 million, despite, as Kenneth mentioned, the 17 days Edda Passat spent in a scheduled dry dock which was on time and on budget. There were some negative currency effects, but there was a positive effect from rate escalation and compensation from Colombo Dockyard for canceled contracts. The payroll and remuneration is almost the same. A slight increase in headcount in management. The operating expenses shows an increase of EUR 1.3 million, and 1.2 of that is related to the chartering in of the frontrunner for the Ocean Breeze contract. That frontrunner was terminated when Edda Breeze entered towards the end of the quarter, that is a non-recurring item, the EUR 1.2 million in increased charter hire compared to same quarter last year. That brings us to the operating profit before depreciation of EUR 673,000. Not much to say on the depreciation as such. On the financial items, the financial income is significantly up, as you will see, at up to EUR 242,000 because, well, this is interest income. This time last year we, I think we had to pay to have money on deposit. This time we earn some interest on deposits. The financial expense is up to EUR 739 based on the debt of the vessels in the fleet. There is a net currency gain of EUR 165,000, mainly related to the exchange of the capital raise from NOK to EUR in March. That brings us to the result for the period Q1, which is minus EUR 433. On the balance sheet, on left, top left corner, total assets, well, we continue to invest in the new building program. There are some re-categorization between new buildings and vessels, obviously as Edda Brint and Edda Breeze is delivered. On the current assets, we see cash of EUR 137, almost EUR 237 million following the capital raise in March. On the right-hand side of the balance sheet, the equity ratio of 61% for equity of EUR 288 million. Net interest bearing debt of just shy of EUR 34 million. That was the figures, Kenneth. Thank you, Tom. My taking for, from the figures is that this quarter was a kind of a dull one with only two vessels generating cash. One frontrunner vessel burning cash, two vessels for outfitting with a cost that represent. Quarter two, we are starting with four vessels generating cash, ending with five by the one introduced next month. As mentioned, three vessels introduced later during the year. We are very much looking forward to now sort of having gradually more and more vessels in operation and, of course, also giving the result we look for on the on these sheets. To sum up, I decided to sort of utilize this picture. It is from the swap between vessels in Emden, end of the March month when Edda Breeze came into the Ocean Breeze contract and Edda Fjord left. She had done a very good job as frontrunner since April 2021. In a way it shows the difference between a Tier 1 vessel, special-purpose built vessel to the right, Edda Breeze, and Edda Fjord to the left. Edda Fjord is a very fine vessel. It's one of my babies from Østensjø. I've been following her since the first sketches in late 1990s until, I actually happened to be on board these two vessels when the picture was taken. Also it in a way shows the difference now in the development with an offshore wind vessel when you move into special purpose. Look at these two, difference on the gangway systems. For instance, it's a monster on board the Edda Breeze with all the elevator, the heights and all inter, sort of, implemented down, all the way down to the warehouse. On a vessel like Edda Fjord and a typical Tier two vessel, three vessel, you have to do all the operations, outside on deck. On the Edda Breeze you have 400 or 500 square meter of workshop and offices and so on, down in the hull, where you can work very comfortable. There's a huge difference. When we also see we are able to deliver these vessels at competitive rates and at a very much lower fuel cost and emission profile, and give them also a more efficient operation, that is the sort of argumentation I use when I say the special purpose vessels are being the most attractive one. I cover most of these bullet points here, but I would like to mention the last one. Experience management. Not to brag about ourself, but we are now building up a standalone organization within Edda Wind for the future. Up till now, as you know, Østensjø has been providing the shipman services and corporate services to the company. That will continue until sort of towards the end of next year, 2024. In parallel with that, Edda Wind is building up its own organization to take over own management of the vessel. We are already started the recruitment campaign gradually, and we'll sort of use time, money, and resources to build up that organization over next year to be able to take over full management. We feel that is the right direction for the company. We now have the volume to do so with 14 vessels on the plan. Even though it will be a sort of a investment and cost on the short horizon, it will be a value to the company and a saver on the longer run. By that, I conclude the presentation. I think you will assist us in handling the Q&A part of it, Tom. I will. There's already one in. That is as follows: "How do you see the increased activity demand in the oil and gas industry affecting rates as swing tonnage moves back to their home market? Yeah, we already see clear effect of that. That, of course, is a big part of the expected increase in day rate as we presented. We see that there are oil and gas tonnage now being contracted on for shorter type of works. Shorter could be shorter a year of, in the range of about EUR 60,000, and we also see data point of EUR 70,000 for these type of vessels. Of course, if those vessels can only be taken to day, those day rates, it will also lift our part of the segment. We applaud that development, and we see clearly that there are more and more vessels being attracted back to oil and gas as well. One more. "On dry docking, is the Edda Passat completed in Q1, and should we expect downtime related to docking of Mistral in Q2? Yeah. Similar to Edda Passat, Mistral will have her planned dry docking in August, September this year. That is the scheduled five-year class renewal. That is planned for similar period of 20 days and more or less similar cost as Passat. Yeah. Another one: "Can you give some color on the contracting situation for Edda Passat, given that its current contract ends in 2023? Yeah, that's correct. Edda Passat contract ends in October when Ørsted is sort of moving over to a CTV-based operation for Race Bank, a CTV, Crew Transfer Vessel. Passat is a SOV, a 40 technician capacity. She will be and is sort of promoted to other projects around Europe and wherever she fits. I expect that until we have anything sort of long-term contract for her, we will trade her on the shorter type of contract where she fits in. Yeah. There are no further questions it seems. Okay. Well, then, thank you very much for attending, and have a nice day.