Good morning, everyone, and welcome to Edda Wind Quarter Three presentation. My name is Kenneth Walland. I will start the presentation, and I will be joined by CFO Tom Johan Austrheim shortly to cover the financial part. We also have a Q&A session after the presentation. Lars Stubhaug will coordinate that one, VP Finance. So please feel free also to post questions during the presentation. Topics we will cover during the presentation, and Edda Wind are taking now a place as a market leader in the offshore wind segment, commissioning service vessel operations and service operation vessels. We are seeing a fleet of 14 vessels coming between now and up to last delivery, quarter one 2026. So a sizable fleet. We have already established a long and strong relation with our customer and client, and we also now have gradually more and more vessels into operations. Presently, there are five vessels in operations. Number six is in the final stage of testing and will come on scene later this quarter. All the vessels are built at attractive yard prices and delivery schedules. So we started the first orders of this new build series in 2020, and of course, the price level reflect also that. High-spec vessels, including very forward-leaned technology, including the emission part of it, where we are having a path towards zero emission operations, either by hydrogen concept or also on the last series, methanol-ready vessels. Edda Wind is operating in both the long-term operation maintenance segment, but also the shorter commissioning segment. So we have a balanced portfolio of contracts that you will see in both these segments. We can work on sort of any size of turbines, bottom fixed, floating, and so on. So even though a young company, we feel we have a very long and good track record, also from the heritage of the founder companies and the companies now supporting our company. We have been focusing on offshore wind for 10 years already. We have built up a strong backlog that you will see more in detail later. So we are definitely in the right direction here, and that we will also see when we come to the sort of highlights of this quarter. In the first quarter this year, we had two vessels in operations. Second quarter, four vessels. This quarter, five vessels, and gradually more and more. And of course, that is also visible on the result of the company and the activity of the company. That will be covered also in detail more by Tom shortly. But I would say a very positive trend on our revenue, EBITDA, profit, and so on. Also, some subsequent events are mentioned here. We started the Siemens Gamesa contract in France first of October. Edda Passat commenced the new short-term contract end of October. We will come back to build number 416. We have taken steps there to ensure delivery of that vessel in the first quarter of 2024. Maybe more visible, the same possible trends, whether we look at the revenue, the last 12-month revenue or the EBITDA, definitely pointing in the right direction. And as we know, there will be more vessels coming online within the next periods. We will have three vessels, additional, delivered in 2024. We will have four vessels delivered in 2025 and another one in 2026. Again, a total of 14 vessels. Edda Boreas was delivered this summer and started the commissioning work at the Dogger Wind Farm. This is taken in here, maybe a typical or a good example of a commissioning work that the CSOVs are sort of intended for. Dogger, with the commissioning there on Dogger A, B and C, and most likely also D, is a huge project. There are already now four CSOVs vessels in operation at Dogger, and that sort of create quite a lot of vessel days. We will see the sort of advantage of Tier 1 or special purpose-built vessels for work on projects like this. Very fine vessel, big capacities on personnel on board, gangway systems, flexibility, crane, helideck, and so on. She will be there, most likely... It's a firm contract, two years, but she will most likely be there for, for three years. So that's a contract that was starting beginning of July, this year. Edda Nordri was delivered, is a sister of Edda Boreas, and the other six vessels totally being built at the, at Gondán, the CSOVs. She was delivered in the beginning of, of, September from the yard. She is now in the final stage of, of, gangway installation in Denmark, will be ready for operation in a few weeks. Harbor acceptance test of the gangway system is in, is in two weeks from now on. And then she will enter the contract we started in, in, France, with Siemens Gamesa from, from beginning of, of, December. She is, again, same spec, similar spec as, as the Boreas, and number three of the six sister vessels. Following the first one, Edda Breeze. Also, the next one was the build 492, was launched in September, more or less at the same time as we had delivery. That vessel will be delivered Q2 2024, and at the same time, we will also have a launch of the next one after her, build 503 at Gondán. Sorry for all the numbers. Market-wise, we are remaining very optimistic about the market. Of course, we see there are some news on the horizon related to development of wind farms, and in particular, where there is a sort of a committed price and the cost have gone increased by far for many of the developers. But we see that as more requirement for calibrate the prices going forward. And also developer that we meet are very strong in the belief of wind farm and the wind farm industry, and we see that also in vessel demand. There will be a huge demand for these type of vessels, still combined with a very limited supply. And we also feel that now, when the sort of special purpose-built Tier 1 vessel have been introduced, they are definitely more effective for the clients. They have much less fuel consumption. By that, also emissions. And also they can be offered at attractive rates, in particular, since the oil and gas tonnage is either attracted back to oil and gas or are being offered at high rates if they are to continue in the wind industry. So, and we also see clear proof of that during the season with high day rates. So we remain very optimistic about the demand for the vessels in combination with what I said, sort of limited supply for these reasons. That's also visible on the growth projections from the wind developers. There again, there has been news lately, maybe in particular from the U.S., where some developers have even canceled or put on hold projects or plans. Edda Wind is not exposed to operations in U.S. U.S. will and can be a future market for Edda Wind, but in that case, it will be against firm contracts. Presently, there are no such contract in place, so we are not exposed. In Europe, we feel there is still huge plans and increased development in general, even though that some project maybe have been shifted to the right. Also, we see that there are quite a number of unplanned project or additional work due to these delays or circumstances during development of the wind farms. So again, when we liaise with the analysts and brokers and the market in general, again, still big demand for vessels, lack of supply. And sort of these 200+ vessels needed by 2030, two-thirds will be CSOV vessels, one-third SOVs. This is worldwide, excluding China. And we also know that the CSOV always can trade down and act as SOV if needed. So we are optimistic on the demand. That means we are also optimistic on the expected day rates, and these are sort of figures from Clarksons/Fearnleys on the historical data and also forecast on a mid case. We also see that we have been able to secure contracts on sort of this mid case level going forward for the contracts we've done with Vestas for 2024 and 2025. Quite a number of players, many, with maybe one, two, and a few vessels. Again, Edda Wind is taking a lead with a fleet of 14 that we are building up. So if we sort of categorize them, there is one company above with 10 vessels or more. So, of these 74, I think I counted, vessels that are visible here, Edda Wind will have around 20%. There are four companies with between five and 10 vessels, and there is a number of companies with less than five, down to one vessel. We feel the size we are building up give us flexibility to take on project, still keep up a high utilization because we are able to fill the gaps between project. That is important to us. We feel that size is also advantage cost-wise, OpEx, training, spares otherwise. We feel that size is also give us negotiation power, and it could also, of course, be a platform for consolidation going forward. The fleet coming up looks like this. I will not mention all of them, but we can start with Edda Passat. I think when we presented last quarter here, three months ago, we were more or less in the same position as today. She had a few weeks left of her present assignment. We said we were working openly to secure more work. We did so. She is now working on a short-term contract started end of October. That will run sort of into close to the end of the year, and there are some options. We are still in the same positions. We are marketing Edda Passat openly on sort of all type of projects she will fit into. We have to realize she is a SOV by design and capacity, so that means she is not suitable for all commissioning work. But the type of project she's working on now is also within sort of commissioning or after work at the wind farm. We are then working openly to secure her more work after this present one. Mistral, not really anything to mention. I think Tom will mention the dry docking taking place last in September. Edda Brint already started in March with Vestas, 15 years. Then we have the 416, the build at Balenciaga. We have announced earlier that we had challenges with that build, delivery of the build, and also the sort of situation at the yard. It's a yard-specific challenge. So we announced last quarter, we are taking sort of active action there. After that period, we have gone in, we have taken legal title to the vessel. We have introduced project management, economic management, so that we have control of the coordination, planning of work, planning of payment of suppliers, and so on, to ensure that we can deliver the vessel by Q1 2024. The vessel is, I would say, at least 90% completed. All the equipment is already on board, except the gangway, which will be put on board and installed in December or end of November, December. By that, all the equipment is on board. So we are in sort of commissioning stages, which already has started. So we are sort of now seeing good progress, because there has been halted progress during the summer, Easter. Now, we are optimistic to have that vessel delivered first quarter 2024, which will then be the permanent vessel for the Siemens Gamesa contract in France. Breeze, Boreas, not that much to mention. They are working, Breeze, on the Ocean Breeze contract until 2032 in Germany. Boreas was already mentioned at Dogger. Nordri has been mentioned as the vessel delivered in September, will be in operation as a front runner in France in a couple of weeks. Then we have the next vessels being delivered, as mentioned, this summer and onwards. And they are all on track as per planned. So with that, I think, Tom, leave it with you. Thank you. Thank you, Kenneth. As you said, a quarter of growth in the third quarter, not only versus same quarter last year, but also versus second quarter. So we'll go through some of the figures, starting with the P&L. Revenue came in at EUR 11.8 million, which was 59% more than the same quarter the previous year, but also 28% increase compared to the preceding quarter, i.e., the third quarter. The income from Breeze was reflected in both years, as we had a front runner for Breeze last year as well. But Boreas and Brint are new to the P&L in this quarter, so to speak. As Kenneth touched upon, Edda Mistral had her five-year docking in this quarter. We had 20 days off hire on that. Despite that, Passat and Mistral, which are comparable because they were in last year and they are in this year, Passat and Mistral in aggregate had an increase in the income this quarter compared to 2022 third quarter. So that is also a positive, we would say. On the OpEx, that is reflecting the increase of the fleet as well. Payroll and remuneration, other operating expenses, you see a drop. The reason for that is the front runner we had in 2022, which was on time charter in. At the time charter rate was reported on the operating expenses. So that has now been replaced, so to speak, by personnel expenses or other operating expenses and interest and depreciation. On the EBITDA, then EUR 4.8 million, which is a 260% increase over the preceding or the same quarter last year. And we see that that is in line with the consensus among the analyst expectations. On the financial items, increase in interest expense, reflecting more vessels being delivered and being financed. Interest income is obviously on deposits and the currency effects is mainly relating to the Norwegian kroner and also some pound sterling. A positive EBIT this quarter, and you see year to date also a positive, but more neutral. And that gives a profit before tax of EUR 1.8 million for this quarter, which is significantly above same quarter last year. On the graphs at the bottom there, you see the historical performance. It's been a long wait for the growth, which is now happening last quarter, this quarter, and going forward, as Kenneth said, on deliveries of more vessels next quarter, next year, and the year after. EBITDA, same story, but with some non-recurring effects in a couple of quarters historically. On the balance sheet, you see investments in vessels and new buildings, increasing. So far this year, increased by around EUR 160 million. The cash and cash equivalents at the end of the quarter was EUR 34.6 million. The equity EUR 290 million, and approximately 57% equity ratio. The backlog of the company is good. EUR 415 million, including options. EUR 314 million of those are firm. You see a good spread between the industry majors and, kind of touched upon, we are seeing basically deal flow of everything that is moving in the offshore wind segment. So we have all the among our backlog, it's only the industry majors. The backlog over time, you see there are some firm revenue left for 2023, fourth quarter, and then an increase 2024, 2025, as more vessels are delivered and then a tapering off as you would expect, that some contracts are entered into closer to delivery. We'll have six vessels in operation by the end of this year. We'll have nine vessels in operation by the end of next year for a total of 14 vessels when the last vessel is delivered, Q1 2026. This one I think is quite interesting. It shows the split between our firm contract days, option days, and open days, which we can secure work for in the market. On top, we have placed the three gray boxes, which is the analyst forecast day rate, the mid case for CSOV work, EUR 40,000-EUR 44,000. I think this shows that the company is well positioned to take advantage of the expected growth in the work and also in the day rate that are to come. The options are mainly relating to Edda Mistral for Ørsted on Hornsea, but also some for SSE at Dogger Bank in 2025 and 2026. So that I think is a slide that shows the potential of the company going forward. This one, those who are following the company might have seen before in very similar terms. We have four debt facilities for the fleet, two private placements for single vessels, and two loan facilities for four and three vessels, respectively. We have no balloon payments before 2027. We have a fixed... Our debt is interest rate hedged by 75%, and the hedged portion has a all-in rate of 3.2%, which I think is quite attractive in the market we see in the last couple of years. ... we are working on financing for more vessels, and we expect to complete one transaction before New Year. Yeah, and then on summary, perhaps back to you, Kenneth. Just stay. I guess we will have to be together for the Q&A. Yeah. Before we start with the Q&A, just a final page. 2023 has been a busy year. As you know, we had challenges at 2024 on delivery on the gangway systems. 2023 is way different. We have already put three vessels into operations. Number four will come shortly. At the same time, we are also building up the, call it, the new Edda Wind organization. Presently, Østensjø is the ship manager and also providing corporate services to Edda Wind. With the size we are building up, it is sort of a logical move for Edda Wind to build up in-house management. We are well underway with that project. We have recruited very skillful people already. So, from being two and three persons in the startup phase, we are by now 12, and by next year, we expect to be at least double that number. And of course, the process now is to put Edda Wind in a position with all the structure, system, and procedures needed to take over management during 2024. We have a very good dialogue with Østensjø. We have entered into a, call it, a transition agreement with them, how to do the overlap. Østensjø will be there until end of 2024, per the plan, but Edda Wind will gradually take over a few vessels during second half 2024, to ensure a more smooth overlap and transition period. So it's also an exciting project for the organization and for the company, which will have, of course, a startup cost, but in the long run, also will be a saving for the company, and also give us a, call it, a better hand on the wheel. And we have already said, we will be busy going forward also, three more vessels to put into operation next year, another four in 2025, and the last one in 2026. So with that, I think we conclude the presentation and go over to the Q&A, assisted by Lars. Very good. Thank you both. We've received a few questions on the web, and then anyone keeping listening—anyone that's still listening, feel free to keep asking questions, and we'll respond accordingly. The first one goes to you, Kenneth. Are you able to comment about the man overboard incident on Boreas at Dogger Bank? Yeah, I can. We had an incident during gangway connection on the Edda Boreas at Dogger in August, which is also covered in the quarter three report. The event during gangway connection led to a man overboard situation with high potential, as it also described in the report. Luckily, the person involved only sort of was subject to minor consequences. He was taken into hospital and released the same evening. But again, the incident were a high potential incident. We have done an investigation afterwards, and of course, as you often see, it's a mix of, call it, technical root causes and also a human. So there is follow-up on that incident. It's reported to all the relevant governmental bodies. There are safety flash shared among the fleet. There are experiences shared in the industry, both by us and also by the manufacturer and our client. And of course, we have taken that very seriously because it's an incident we should not experience and that we do not want. Very good to see that sort of the procedures on board worked very good after the incident. The guy was picked up from the sea within five minutes by the vessel's rescue boat, man overboard boat. But... And again, he had only a fracture in his wrist, but a serious potential event. Thank you, Kenneth. On slide 12 in the presentation, we are shown the vessel demand in 2023 versus 2022, and we see a small drop in demand. The question is: How is this possible with such a positive market outlook and demand side? I may start with that one. It's from Mikkel. Mikkel, obviously, demand is a function of, at least on the CSOV side, it's a function of distance from shore and the number of turbines built. And this kind of drop in demand, it's related to CSOV demand. ... and not SOV demand, which is in, by definition cumulative. So the CSOV demand and the drop is mainly driven by, by Asia, so Taiwan and other Asian Pacific waters. Next one I will direct to you, Kenneth. If the soft demand within renewable continues, are you able to take on work within oil and gas with your vessels? There is nothing preventing us from taking work in oil and gas. Our vessels are sort of purpose-built for offshore wind, but we see that there are similar vessels by other companies that already have taken on work in oil and gas. Then in particular, related to maybe work-to-work campaigns, where there is a requirement for a larger number of personnel due to maintenance, sandblasting, painting campaigns on the installations, and so on. And of course, as I said, with the CSOVs, fallback for CSOVs could be the SOV market. It could also, of course, be oil and gas market. There is nothing sort of preventing us from that, even though we are optimistic that there are more than enough work in the wind market for our fleet. Thank you, Kenneth. Kind of building on from Edward here, are there any long-term tenders out in the market that could fit for Passat? Presently, there is no long-term tender. We are working on quite a few tenders that are suitable for Passat, not with commencement immediately after her present assignment, but more towards quarter two, and so on. But it's not a long five, 10, and so yes, tenders right now, but of course, that is maybe the type of tender where she would be ideal and should also be very competitive. Thank you. This one goes for you, Tom. Could you repeat what your average rate is right now? You mentioned that you expect to close financing for one or more vessels before year-end. What kind of interest cost do you expect to be able to achieve? Yeah, what we said is that we have, on the debt that we have, in the balance just now, we have a coverage for 75% at average 3.2% per annum, for the 75%. For the interest cost on the vessels that we are yet to finance and some of those we are working on at the moment. Well, yeah, that would be Euribor. We will take a Euro loan, so it would be Euribor plus a margin. And what is the margin? I don't think we normally publish that on a deal-by-deal basis, but let's say it's below 3%, margin, plus Euribor, but- You will expect Euribor to be somewhat higher than previously when entered into. Yeah. Thank you, Tom. Back to you, Kenneth. With all the smaller players ordering new builds, is there any appetite for chartering in additional tonnage in order to increase exposure to the market and take advantage of the in-house operational platform that we are now building? For Edda Wind, well, first we have to build the in-house platform. We are in the process of doing so. Of course, there will from time to time, at least in the build-up phase, we have seen that we have had requirement for front-runner vessel. We had the Edda Fjord chartered in from Østensjø for a longer period. We have a front vessel, external front, front-runner vessel right now to start up the contract in France until Nordri is ready in a few weeks. So it's that type of requirement could mean we would need vessels. But of course, as the fleet grows, the probability that we are not able to fill sort of our committed work is becoming less. But of course, there could be a situation where we need a front-runner vessel, or we are benefited by taking in a front-runner vessel instead of using our own. Kind of building on the same, so just elaborating, basically, do you look to acquire any of the smaller players in the market? There is no immediate plan for that, no. This may goes to both of you, so you can pick and choose. You write in the report that the yard price of the C416, the Goelo, can increase by 10%-15%. Can you elaborate on this cost increase, and is the stated cost increase based on a gross or net, meaning net of the Spanish tax lease, yard price? Yeah, I could, I could comment on it. I think maybe the easiest to, to, refer to is the ready for sea cost, because that's eventually what, what matters to, to us and, and what we need to sort of cover. The, the plan ready for sea cost now is, I would say max EUR 50 million, or shortly below EUR 50 million, which is then what we refer to as the price increase indicated by 10%-15% from the original. So of course, that is, that's a increase. If you compare to the spec of the vessel and what this vessel would cost today, I would say the yard price with the specification, with the-- Voith Schneider, the LOHC plant and everything, would be around EUR 60 million for that vessel. Plus, over ready-for-sea cost, project management, interest cost, and so on. So see, I would say, probably closer to mid-60s than low 60s, as a new ready for sea cost. And, by that, sort of even though we are disappointed by the EUR 50 million, it's becoming out to be a cheap vessel since she was ordered in 2020. Thank you, Kenneth. Last question here, at least currently. "An offshore wind installation company last night announced a contract termination for work in 2026, but with good termination fee received. Do you have good termination clauses in the contracts? If you are talking about termination for convenience, yes, they are normally a good deal for us as a company. They are different. It's a negotiation, of course, also as part of the contract, but I would say in general, they are somewhere between 50 and 100% of the committed period value of the committed period. So, you are not afraid of terminations then? That's not our worst nightmare, yeah. Okay. Thank you, Kenneth. As for now, that was all, all the questions. So, unless I see anything in a second. No? Okay. Very good. Okay. Thank you very much for the attendance, and thank you very much for the, for the questions. Have a nice day. Thank you.