Good morning, and welcome to Edda Wind quarterly presentation. My name is Kenneth Walland, CEO of the company. I will be joined here by Tom Johan Austrheim, our CFO, a bit later, and we will also do the Q&A together at the end. Regarding the Q&A, feel free to, to submit any, any questions also during the presentation, and we will come back to the Q&A at the, at the, at the end of it. Edda Wind. I'm here to, to present our activity. I, and we have a strong feeling we are definitely moving now in the, in the right direction, and I hope after the presentation that you will agree. We are already the largest pure-play leader in the segments we operate, and with the fleet we have on construction, we will definitely take that position as a market leader. We have, by now, five vessels in operation and nine under construction. 1st quarter, we had vessels in operation, 2nd quarter, four, and from beginning of July, 5, and there's one more to come this year, and then additional vessels after that. Our new builds are very much prepared for the future, also with regard to the technology, Blue Technology, zero emission, both with the technology prepared for hydrogen as energy carrier and also for the new, last four new builds, methanol, ready vessels. With regards to the segments we operate in, we are, again, pure-play offshore wind. We are dedicated to be both in the operation and maintenance segments, but also commissioning. To the right there, you will see sort of a long-term strategy and some sort of a balance weighting, 40/60 or 60/40, in these two segments. Bit depend on how you measure. Right now, we have all the vessels in operations on long-term contract. As the new builds will come along, it will gradually also be more open tonnage. The way we see the market for the next few years, we, you can expect a weighting more towards the commissioning. We see that as a very opportunistic market with good opportunities, huge demand for these type of vessels. By that, also, day rates very favorable. Our fleet is not dependent on sort of the solution in the wind farm, whether it's five or 10 or 15 MW. Size doesn't really matter for these service vessels. Also, bottom fixed and floating is sort of within the operations we are prepared for. Also, we have been in the operation. We are a young company, but we have a long tradition from the founder, Østensjø. We have been sort of, almost 50 years in the, in the offshore service segment and in the offshore wind segment now, we have been operating for 10 years and had the first new builds delivered in 2018. We will come back to figures, backlog and utilization, and so on, a bit later. Some highlights. As mentioned, the outlook for this market, CSOVs and SOVs, service operation vessels, are looking very favorable. Of course, there are some, some clouds on the horizon. There have been some postponements or slash cancellations lately, also at the same time, there have been new concessions. Sort of all the input from, from what we can see ourself, but also from the market analyst, give a prediction that there is a huge demand for these type of vessels and fairly limited supply of the same, of the same vessels. At the same time, we see that oil and gas still extract this, this tonnage from, from the offshore wind market. Of course, that is a benefit to them, and it's also a benefit to us that will remain in the, in the offshore wind segment. Also, the, the focus there is on now both renewable but also energy security, give a very sort of optimistic view on the, on the market for, for the segments we operate in. We also see that in the way day rates have developed lately, with a very high seasonal day rates for the CSOV part of the market. Edda Wind, as mentioned, we are gradually increasing the fleet. five vessels in operations by now. Another one this year, another three in 2024, four vessels in 2025, and one vessel in 2026. Totally, 14 vessels to come. Of course, that will result in also a positive increase on the figures mentioned here. We have 33% growth in fleet days. Revenues and the figures, Tom will come back to shortly, but of course, also will move in the positive direction. Also, and not least important, we are able to keep a very good operations on the fleet we are operating. We have 100% on hire during the quarter, and we can also see that for the vessels been operating from 2018, Edda Passat, Edda Mistral, they have, except the 5-year planned dry docking, they have 100% on hire time, which is, of course, very good, and we are well pleased with that. In March this year, we order the last four vessels. That's a series of four vessels from the VARD group. two vessels to be built in or delivered from Norway. The hull will be built in Romania, outfitted in Norway. The last two will be built and outfitted in from VARD yard in Vietnam. We actually had keel laying of number one yesterday, and number two and three will follow shortly. I think Tom can prove that because with the good news of keel laying, there's also an invoice to follow of EUR 12.6 million or something. The project is going well. It's going fast, and we have three of those to be delivered in 2025 and one in 2026. The functional specs, we have also described this previously, but functional spec is more or less in line with the series we are building in Spain, but also some improvements. For instance, we have increased the accommodation area to 201 cabins. We have, in addition to the LOHC hydrogen technology, also included a methanol-ready capability for, for these vessels. It will be very good vessels, and delivery time price is, is also definitely attractive. Again, we are operating in the both operation maintenance, O&M, part of the market with, sort of... The fleet we have now is mainly operating in O&M. Then again, the vessels coming on will be, you will see more and more also weighted in the commissioning installation market, at least for the sort of foreseeable future. The, in a way, the beauty with the CSOV is that we can always trade down in the SOV, O&M market, at the competitive level. The CapEx difference between these two type of vessels is, CSOV is some sort of 10%, higher investment than SOV. Of course, with the early orders and the pricing we have achieved, we are definitely able to trade down in the SOV market if needed. But for quite some years, we don't, we don't see that will be needed. There is quite a lot, again, of opportunity and under supply of vessels the coming years in the commissioning market. I should also mention, we are building up in Edda Wind now, a separate and own organization to operate the vessels. We have already recruited quite a few people this spring, summer. When we start in September, we will double our staff, and by end of next year, we will double that again. The plan is Østensjø, who today is operating our vessel on SHIPMAN and also providing corporate services, will do this until end of 2024. By the end of 2024 and from first of January 2025, we have ensured a sort of a gradually overlap into the Edda Wind own organization. That means we will take over the SHIPMAN and all the services needed to operate and trade these vessels and also the company. By that, we will also, of course, increase our capacity to pursue other opportunities, other business opportunities, and, and also growth potential of the, of the company. We are sort of really looking forward to have our own and dedicated and, and focused organization that we can, that we can build the company further on. Hence, that will also be, of course, give a benefit to, to services indicated to the bottom here, other regions and, and so on. A bit on the market. Many of you have a lot of details on, on this market. I said maybe there are some clouds on the horizon, but, I would say the fundamentals are, are very much intact. We also have, as I say, see, a, a lot of application. We have seen concessions awarded lately in Germany, as late as this week, another 4. For the on vessel side that we will see in the middle, sort of all indicators show that there will still be a huge demand and fairly limited supply. What is indicated here with the 72 vessel by the end of the decade is the Tier One vessel, purpose-built vessels like we are providing. Of course, the market will also be, be, utilized by, by, Tier Two vessels, converted subsea tonnage. Again, many of those are attracted by, by higher day rates in, in, oil and gas. Also, I would say the SOVs have now proven to be a very efficient tool and platform for our operators. The first vessels we had delivered, 2018, in a way, the technology, SOV, use of SOVs was new to the operators. It's now proven it's more efficient, it's more tailor-made for the need of those type of operators. Of course, also, we can do it now at competitive pricing, and also the sort of fuel emission profile of these vessels are way, way better than, than the oil and gas tonnage. We, we definitely see that they will become more and more attractive. I mentioned earlier in the O&M, only Tier one vessels are being awarded. We, we see the same now in, in CSOV commissioning. They are the most attractive and will be. Of course, that give us also a very optimistic view on the, on the day rate expectation to the right. We already see proof of that, in contracts we have done, and of course, also, what we have seen in the, in the commissioning market this summer, is giving us high expectations to, to the, to the years to come. It's also mentioned in, in, in market reports, there are around 500 turbines to be installed in Europe that still have not contracted CSOVs. We see that sort of maybe, if you have a, a wind farm size of 70-80 turbines, at least you need one CSOV to cover it. If you pass that threshold, for instance, Dogger, you need two or more vessels. At Dogger right now, there are three CSOVs operating, where, where we are operating the Edda Boreas. There will be demand for vessel, vessel days in these projects. Backlog. The first vessels and the vessels we have in operation now, as mentioned, are on long-term contract. By that, we have a solid firm backlog, around EUR 320 million and EUR 410 totally with the options. Also indicated here, sort of the contracted revenue for the second half of 2023. Then what we expect from the commissioning market, in addition to this backlog, is sort of giving us a very optimistic view on the years ahead of us. Also, very solid counterparties in this contract, as you will, as you will see here. The fleet. A lot could be said about this fleet. I'll touch into some of them. Edda Passat, she has been working for Ørsted since delivery, 2018. She will end that contract in October 2023. After that, we don't have any firm yet, but we are tendering Edda Passat for quite a few opportunities. It could be both, or it is both related to, to shorter work, a few months, and also for, for longer tender like like she, she came from in, in, in O&M, O&M. We have also received sort of purchase interest for the vessel, and well, what can you say? Everything is for sale, they say, for the right price. We are working, we are working quite wide on opportunities for, for Edda Passat, and are optimistic that, after October, we will, we will have a very meaningful, operation or, role for, for Edda Passat going forward. Edda Mistral, the sister, more or less, we expect to remain with, with, Ørsted, even though they don't have to declare the, the optional year yet, but that's at least our expectation. Edda Brint was delivered to, to Vestas in, in March, a 15-year contract. We used some time to commission and finally complete the, the gangway installations, but she is now in full operation and will be there until, what is it? 2037. So quite a long period. I will come back to the C416, but cover the vessels in operation now. Breeze, the same went into or replaced the Edda Fjord in the Ocean Breeze contract. Also working well for Ocean Breeze for the next nine to 10 years. Boreas delivered to SSE July, working at the Dogger commissioning. Vessels are performing very well. We have had some teething problems on the gangway systems, maybe to be expected. You know, we have had challenges on the gangway systems throughout the construction phase, but they are now fully operational. They are on, on, working full time with these charters, and they are pleased. We have, I would say, we have spent a lot of focus on gangways over the last couple of years. We feel that is now controllable. We actually have FAT of the gangway system for the C492, the vessel to be delivered next spring. FAT, Factory Acceptance Test, is being done this week. From now on, the gangway system for that vessel is ready well in time for vessel delivery. Sort of the next project of the gangways are now online. The focus we have spent there has paid off. We have now one more area where we have to put high focus, that is the C416, the Edda Goelo being built with Balenciaga. We have earlier said there are challenges at the yard. We have seen postponement on delivery time. We have now also announced that the delivery time in the Q2 report will be first quarter 2024 of that, that vessel, unfortunately. We have to, in a way, play it the same way as we've done on the, on the gangway system. We are going into a much more proactive role towards the yard. We are, we are sort of entering into the area with project management, sitting on their back, both on, on project planning, financials, economics, and so on, because we, we have to ensure that all the steps they take now are the correct ones. We, we are entering a, a sort of a agreement or addendum to the shipbuilding contract with, with the yard to ensure that we, we can, we see that vessel in operation by 1st of quarter 2024. It's my job to ensure that, and I'm optimistic that we can achieve it, but of course, it will be, again, high focus and, and, and hard work. That contract, or the vessel is intended for a contract in, in France with Siemens Gamesa from, that is announced start of March, 1st of October. We know that C416 will not be ready, so we will... We are, we are in, in discussions to, to take on a vessel, a front runner vessel, to cover that period from 1st of October until either we have, until we can replace that front runner with a, with a, with our own vessel. That's sort of unfortunate, but again, it will, it will take focus, and I'm optimistic that we, that we will also solve that, that challenge. The other vessels, not that much to, to, to say. C419 at Gondán will be delivered to us second week of September now. The gangway system is ready in Poland and, and will be installed there, so she will be operational from November this year. She could be a possible front runner vessel also in the, in our contract in France, to, in a way, release a external front runner. Yeah, that is, I guess, the operational fleet. The new buildings, I mentioned the VARD progress. We have options on the VARD contracts that have to be declared sort of a bit ahead of us now if we want to utilize them. That is a discussion that's been taking place in the company. We are here to create shareholder value. We feel that the present share price does not reflect the value of the company. We feel it does not, in a way, support the capital raise at the moment. A capital raise now on these premises is sort of not likely, and by that, it's not very likely that the options will be taken. They would be good priced compared to the price level right now. I would expect the price have increased by maybe 5% since we ordered securities options in March. Where the market will be for the next years in new building price, it's hard to say. It could be at this level, it could be up, but it could also be down. That's also part of the decision, of course. With regards to the market, as mentioned earlier, and I think I give an impression, we have a strong belief in the market, so the market could take the vessels, but right now, we don't feel that a capital raise needed to raise the equity for these vessels are the right thing, and that will sort of be the foundation of our decision there. Yeah. With the building program we have, we will gradually move from a lot of firm backlog to more and more open capacity. It match very well with the demand in the market, we feel that for Edda Wind to sit with open capacity and be able to play the commissioning market on the shorter type of contracts will be beneficial, and it's very much aligned here. These are sort of Edda Wind vessel days per quarter until end of 2026. We are very much looking forward to play that market with these fine vessels. I'm not gonna say too much about the vessels, I've said that Tier one purpose-built vessels are becoming the most attractive also in commissioning, and of course, that is because they are giving so much better efficiency for these operators, because our vessels are tailor-made for the purpose and the requirement. If you take a oil and gas subsea vessels, it's fine vessels, but it's expensive vessels. It's large vessel. It has a lot of equipment that is not really needed here. It has a very different fuel consumption. These vessels, again, are in a way pinpointed to what they need and by that, is serving them very well as the platform in the wind farms. Also, as wind farm are going further and further offshore, that is, of course, giving us an even better opportunity. I mentioned zero emission preparations. We have prepared all the new building series, that means the eight vessels from Spain, and also now the four vessels from VARD, for zero emission operations. Our main concept is what is called here, LOHC, Liquid Organic Hydrogen Carrier, Hydrogen Carrier. We have chosen this sort of for these three parameters: safety, it's very safe to store and utilize on board a vessel. It give us full endurance for four weeks with the capacity that are planned, and also logistic-wise, it's easy to handle, bunkering-wise, transport to and from fabrications, and so on. We have done quite a lot of preparations and investments in the vessels. Next step is to, in a way, test the hardware. That is being done now by the partner of Hydrogenious Maritime, LOHC. They are building our prototype that will be tested. They will be testing fuel cells on LOHC, and so on. It takes maybe a bit longer time than we hoped for. We have said earlier that this vessel could be outfitted totally for LOHC in 2026. We'll see if that is still 2026 or maybe moving into 2027. At least that's the sort of horizon we are on. I've been saying a lot about good contribution from Enova earlier, that has been important for the vessels we are building in Spain. I have to say, we are a bit disappointed on the VARD series of vessels. We have applied for sort of the same type of grant as for for the Spanish series on the preparation for LOHC. The way it looks now, we will not receive a penny, and of course, that is not making such a decision to do this investment easier for the owner. But that's something we have to work on in different arenas. So with that, I think I've said a lot. Tom, you have to show them your financials and the figures. Thank you. Thank you, Kenneth. Yes, as you have pointed out, finally, a meaningful growth in fleet days. Finally, a meaningful growth in top line revenue. You see 32%-33% growth in fleet days, and a 34% growth in revenues, up to EUR 9.2 million from EUR 6.9 million the same quarter last year. This, of course, is due to more vessel days in operation, and this is despite Edda Brint operating on reduced hire for the quarter, since the gangway system was not fully commissioned when she went on hire. She is now fully commissioned with the gangway system and on full hire from the beginning of third quarter. Five hundred and forty thousand euro due to that, can I say, lack of commissioning. On the operating cost side, there are similar development. You see the, the operating cost increase as we have more fleet days in operation. You will see that the, the other operating expenses increase significantly. That is due to Edda Fjord, which was on hire with a time charter payable last year, but being replaced now with Edda Breeze, and Edda Breeze having a, can we say, normal, traditional operating cost, technical and crew cost. Within OpEx, we have around EUR 600,000 in non-recurring expenses. This is stocking up, it's training, it's cost relating to commissioning, and also engine overhaul, which was scheduled for Passat and Mistral. Around EUR 600,000 in, in non-recurring there, in, in operating expenses. That gives EBITDA, or Operating Profit Before Depreciation, of EUR 2.7 million. Depreciation obviously increasing as we have more owned vessel on water and in operation, the operating profit of just above EUR 900,000. Financial expenses reflects interests payable on the two new vessels in operation, Brint and Breeze, also some increase in interest costs for Passat and Mistral, which have operated since 2018, and have their financing and income in GBP. The net currency gains and losses, losses, as it is, this quarter, is EUR 500,000, which is mainly unrealized currency losses. That gives a profit before tax of a loss of before tax for, for around EUR 200,000. On the balance sheet, you see us investing more. If you, if you look at vessels and new building and, and, and see that together, you see a investment in vessels and new buildings of EUR 104 million for the first half year. On the equity side, you see a equity of EUR 288 million, following the, a capital increase in March of around EUR 105 million, and, and an equity ratio of just above 60%. A solid balance sheet there. We have financing in place for nine of our 14 vessels. There's a EUR 110 facility, EUR 110 million facility for four vessels. We have private placement facilities for each of the Edda Brint and Edda Breeze, so two vessels there. In February, also, a EUR 120 million green loan facility for three vessels from Spain. We are already now in discussions with banks for financing of the remaining five vessels, and we are happy to note that there is significant and meaningful interest from several banks for participating in this. You see on the amortization schedule for the debt that was drawn at the end of the quarter, that there are no balloon payments for our existing debt before 2027. We have taken advantage of the long-term interest rate facilities that were available to us for the existing financing. By that I mean for, for the Brint and Breeze, we have so-called private placements for the entire tenure of the contract, 10 years, 15 years, and that those financings carry fixed interest for the entire period. Those were done prior to the inflation and interest rate hike that we have seen the last years, so, so at very attractive levels, low 3%. On top of that, we have taken... Well, we utilised the CIRR vehicle that comes with with the Eksfin financing. Again, linking back to pre-inflation and pre-interest hike dates for the respective building contracts and supply contracts. You see us here with a significant portion of a fixed interest rate at around 3.2%, depending on exactly which year we are looking at for the debt that we have drawn already. Yeah, and that was sort of the short and sweet of the financials. This is a summary before we before we take the Q&A. Well, before I log on here, we- Thank you, Tom. Not that much more to say on, on, on the summary. I think we have, we have covered it. If something should be said, maybe the, the picture, it, it indicates the, in a way, the, the, the difference between the next generation Tier one vessel, Edda Breeze, to the right, and, a Tier two vessel, to the, to the left. In a way, you, you see why, why I'm claiming that, the, the tailor-made vessel are, giving a more efficient operations to the operator. Instead of working sort of mainly outside in the open air on, on our Tier two vessels, all the workshop, facilities they need is, is covered. Gangway systems is, is enclosed. It's, the equipment and the workflow is, is tailor-made for... We, we have to demonstrate to them, everything from basically wake up and leave the cabin, to they go for the public areas, to the work areas, to the turbines. It's, it's in a way, a workflow that is, that is well-prepared for, for their needs, and that is why they now have, have and already are proven to, to be very attractive vessel, and we also see the, the benefit of that going forward. With that, I think. Yeah are going to the Q&A. We are, and, we have the questions here on, on our screen. I will read them, and I think at least the first one is for you. "How is Dogger Bank wind farm progressing? Do you expect the wind farm to need any more CSOV days than it currently has contracted? Well, seen from our side, on the vessel side, it's to, to, to say it, it's not a busy operation yet. I'm sure it will be as it develops. I'm not aware of they are looking for any more CSOVs, but of course, they have taken in a way, have they are utilizing our vessel. They are utilizing a vessel that is going to be a SOV long-term in Dogger, and they have also taken on a vessel from the market due to, due to delay on vessel already planned there. There are three CSOVs right now. I'm not aware of, of any more, at least on the, on the shorter horizon there. In light of the delays in offshore wind recently, has client discussions' expectations around the day rates changed? No. I would say they have rather changed in a positive direction due to lack of tonnage. There have been there have been project in a way, coming up quite ad hoc, where, where, at least, this year, we have seen very high rates, way above anything we have in our models. If you think of the O&M part of it, I'm sure there are maybe expectations to beneficial day rates from the operator, but of course, the day rate also there will have to support a new build because in O&M, you can actually offer new builds against such a contract, and that needs to be aligned. Could you talk about the delay of the C416? Is the delay yard-specific? It's, unfortunately, yard-specific. The yard has, for some time, seen financial challenges, liquidity-wise. That's also why I say we, we have been in dialogue with them now since, well, for quite some time. That's also why we are taking a proactive role. They have lost progress due to this sort of vacuum during the discussion period. We, we are now ensuring and progress is, is now. Work is going on, progress is, is, is coming on, we have lost valuable time. Yes, it's yard-specific. Could you explain the rationale behind the previous gangway problems related to the previous delays, and whether these problems are fixed? Yeah, I think I, I mentioned it. We have seen unfortunate a lot and too long delays. We have again spent a lot of resources with, with also in-house competence or, or higher competence to us. We, we have managed to, to get the the next projects online. As I mentioned, the, the gangway for the vessel to be delivered from Gondán in April next year, is already being finally or final tested this week. Now it's it's sort of coming on track. That means that that gangway system will be sent to Spain and installed at the yard as originally planned. While the first ones, due to delay, delay, we have, we have installed in Poland and, and Denmark. Yes, it's it's getting there. Thank you. Well, I think we are halfway through. Another one. Day rates for short to midterm contracts are quite high at the moment. What day rates would be expected on a one-year charter, and what do you expect to be average contract duration for the uncommitted CSVs? I should be careful in, in sort of stating figures on the day rate. We, we have in the presentation, showed some figures from the analyst low, mid, and high case. I think we should relate to those. We have done some new contracts a few months ago, which are sort of at least proving the mid-range of that those expectations. Of course, what we have seen in the short ad hoc market, the summer is way above the high case. It's hard to give any specific there. On the contract length, we, we say plus minus 12 months, but we could also see, maybe short assignments down to two months. Dogger is, also a commission contract that will most likely be three years. So it's, it's a, it's a big span. You mentioned more than 500 turbines uncontracted. For which year is this? 2024? Yeah, it's 2023, 2024, sort of in the pipeline right now. Yeah. Yeah. You said we were half? Yeah, yeah, yeah. Hang on. Sorry. Can we give more color to the delay of C416? This might be a bit of the same, but will it have any financial implications that you state that you will take a more prominent role in financing the remaining work? Well, we are sort of entering into agreement with the yard and their banks, to, in a way, pre-fund the completion cost of the vessel. That there are money available to ensure the needed progress and ensure that the vessel is delivered. That is a part of it. Of course, there will be some additional cost also on the company, on the, sort of on a, our side. The. We will have a site team longer. We will already have paid for quite a big portion of the vessel already, so financial costs are increasing. The ready-for-sea cost will increase. I don't have a figure to state here, but, it will be, it will be, affected, of course, by, by the delay. Then one, on the NOK 600,000 in non-recurring costs related to the start-up of two newbuild vessels, is this something we should expect for the remaining new builds when they are being delivered? Perhaps, I can start- You can start. I can try to answer as well. Of course, there will be some stock-up costs, et cetera. The NOK 600,000 for these two vessels include training and, and, and rotation of personnel that will be, be also be working on, on vessels that will be delivered later, et cetera. It might not be to the same level as in Q2. Also we have some non-recurring costs also in, in shore-based, which is related partly to the ramp up of the shore-land organization, as, as you explained, and that will be a project that will live with us for, for, I guess, 12 months or so from now. So partly, yes, but perhaps not exactly to the same tune, I would say. Yeah, I know, I would agree. and of course, I mentioned we have had teething problems on the gangway, and even if it's, if it's claimed towards the supplier, guarantee works and so on, often has a cost to it. Because not all of the, all of the work, travel, logic, and so on, is, is, is included from the supplier. We should expect less of that, but probably not down to zero. Yeah. To what extent the share price, discount to NAV playing into your decision to not exercise the newbuilding options? Have you looked at alternative non-dilutive finance sources, like corporate, debt financing or similar? You're starting. You said something about it in your presentation. I think we, we definitely have looked at alternatives, various alternatives. Yes, the, of course, the, the NAV calculation and values are a part of the decisions on the, on the decision for the options. As mentioned, we, we feel that presently, the share price does not reflect the values that we see in the company and expect to see. By that, it does not support equity raise or maybe also to, to, to look into the alternative that would, would increase the debt side of the, of the company. In regard to the potential frontrunner vessel, subsidy dayrates have increased lately. Is it fair to assume that the dayrate into the NOK 40,000s, until the end of Q1, before Goelo can commence its contract? No, we are luckily not at that level, and it's not sure we will take a frontrunner for the whole duration until Goelo is delivered. As mentioned, we have C491 being delivered from Gondán shortly. And she will most likely, when she is ready for operation, end of November, enter into that contract and release the frontrunner. We are talking about a frontrunner for obviously a max period of two months, and not at the EUR 40,000 level. How have newbuilding prices developed since you ordered, your last four CSAVs? Yeah, I think I barely touched into it. We have looked at it internally. We have discussed it with, of course, VARD and others. I think if you estimate maybe a 5% increase since March, if we should start fresh today, I don't think that is way off. Last, can you elaborate on when we can expect to see Edda Passat start operating on a new contract? I don't have a date. As I said, we are working on it continuously. We have, of course, worked for some time. It could happen fast, it could take some time, but of course, the deadline is coming off Ørsted, beginning of October. We, we... And the target is to have something in place for her in due time before that. I guess that's the most precise I could be. Oh, well, that completes the questions. Okay, thank you very much, and thank you for putting in the questions, and thank you for attending. If there's anything, you- I'm sure you know where to find us also, after we close this, this event. Thank you very much. Bye. Thank you.