Good morning, everybody, and welcome to Edda Wind quarterly presentation, Q4. My name is Kenneth Walland, CEO of the company. I will also be joined here today by CFO Tom Johan Austrheim, and VP Finance Lars Stubhaug, that will come in a bit later. We will cover this agenda, short on Edda Wind. Of course, the quarter four highlights, market situation, the quarter financials, a summary, and then at the end, a Q&A that we hope you will participate in. Edda Wind, a company we are very enthusiastic about, and we are very optimistic about the market we are operating in. In balance with what we have announced on the Q4 report, we are experiencing some short-term challenges on the technical side with our vessel. We will cover all of this during the presentation. The company is a market leader in the segments we operate, CSOVs, SOVs. We are soon to become the largest or will have the largest fleet in the market. We have built up strong relations with charterers, as you will see also on the firm backlog and the backlog situation indicator here. We are gradually taking more and more vessels into operations. 6, as we speak, in operation, 8 new buildings, and they are all at attractive yard prices and attractive delivery schedules. So by first quarter 2026, we will have 13 vessels in operation. Vessels, very advanced and headed for the future, including preparations for zero-emission technology. We are operating in both the short- and long-term market, and have a balanced portfolio in these two segments. We also consider our technology risk low towards the question on size of turbines, floating wind, bottom fixed wind, and so on. We have a long track record as a foundation, but are also a young company. Some highlights for the quarter. Revenue is up by 55% compared to a year ago. So EUR 11.4 for the quarter and close to EUR 40 for the full year. Then at the same time, we have results negatively impacted by, in particular, two causes. That is, front runner cost for the Edda Goelo contract with Siemens Gamesa, and what we have announced lately, off-hire and technical challenges for the vessels. The front runner cost has an impact of around EUR 3.5 million. Off-hire cost, around EUR 3 million. And unfortunately, due to the announcement we made in February, we with three vessels, so taking vessels out of operations, we also expect similar levels for the first quarter of 2024. These are challenges we are working hard now to resolve. There is a plan to bring them back to operation, the vessels, in the beginning of March. We are well underway with that project, and we will also come back to that a bit later. Edda Nordri commenced our operations in December as a front runner in the Siemens Gamesa contract in France. Next month, March, she will go to the Vestas contract and begin that CSOV assignment there. Just before Christmas, we concluded an attractive EUR 161 million green term loan for the VARD vessels. So now, as we will also come back to, there's only one vessel not concluded on the debt financing. Subsequent events, on the positive side, we have secured a sale and purchase agreement for the Edda Passat, that we are happy about. We will come back with details. Sea trials for the Edda Goelo, or build number 416, is underway. As you know, we have described that vessel many presentations, and we are now sort of getting very close to delivery of the vessels. Then on the not that positive end, we have taken vessel out of operations to upgrade and do the necessary modifications to the gangway systems to ensure that they... We can provide reliable and robust solutions to our charterers. Revenue, as mentioned, steadily growth. Of course, impacted by also downtime on the vessels, so it could have been even higher. But the trend going forward is looking good, if we see past quarter, quarter one. Also, compared to a year ago, EBITDA, then, as mentioned, unfortunately, negatively impacted by these two reasons, in particular, the front runner cost and the off-hire cost. So that is troublesome for the company on the short term. Then, we will work this through. We have a very good capacity of spare vessels for the coming short term market in 2024, 2025, and onwards. And, we are then working to make this a short-term challenging period, as we have said in the quarter four report. Edda Nordri was delivered from Gondan quarter four and put into operation as a front runner in the Siemens Gamesa contract. She is number three of six vessels. More or less identical specification for all of this. And she, as mentioned, will head on then to the Vestas contract, late March, meaning next month. The green loan facility concluded with VARD, and then as mentioned, there's only one vessel still to conclude. That is a vessel with delivery in quarter two 2024. We are working on that. There is still some time, but that is now sort of high on the agenda to secure also the last vessel. And of course, we are very grateful in the trust we have received in the process leading up to these agreements. Edda Passat, we have concluded a sale agreement for her with the undisclosed client and price. The rationale for the vessel is in a way to optimize our fleet strategy. Edda Passat is a vessel, tailor-made for the longer type of contract. She has been working successfully with Ørsted for between 5 and 6 years. She is a SOV, and we see that either we needed to conclude a long-term contract with her, or we would have to do modifications to make her more suitable and flexible in the shorter CSOV market. That would have a cost, so at the same time, in parallel, we had discussions with potential buyers. We managed to secure great interest in the vessel at what we consider attractive pricing. So there is a agreement now in place with a closing plan just before Easter. With that, also, the sort of standardized fleet we are now building towards zero-emission and so on, is even more sharpened with the Gondan vessels and the VARD vessels. Edda Goelo, it's been a troublesome pet. It is a vessel that is largely delayed due to the financial situations at the yard. We have reported earlier that Edda Wind has taken a very active role in the sort of project management, economical side of completion of the vessel, including taking title of the vessel in the sort of October last year. We are now getting very close to delivery. The vessel left the yard mid-February for sea trials, so she is now undergoing sea trials coordinated by the yard with all the suppliers ourself, class, and so on on board. Delivery is planned to be just after Easter. There will be some test period on the gangway systems during April, so we expect her to be in operation at the Siemens Gamesa contract. What we have indicated early quarter two, we see that as May. Of course, a time we are really looking forward to, and that would also eliminate then the front runner requirement in this contract. So as mentioned, Edda Nordri is the front runner up till March when she's heading for Vestas. Then we will still utilize the Edda Passat as front runner until Edda Goelo is in place to replace her in the beginning of May. Then on the shorter term, we have for some time experienced challenges on the gangway systems, or should I say MacGregor deliveries. That means gangway, elevator, and partly also the motion-compensated cranes on the vessels. We have maybe for too long a time tried to resolve these issues one by one during operation. We see that that has created an unpredictable situation both for us, but not least for our charterers. We have had repeatedly shorter downtime situations, and we see that to in a way create reliable and robust solutions, we have decided to take the vessel out of operation for a period of time. We announced that in the beginning of February that we were taking Edda Breeze and Edda Brint out for call it repair, modification, and upgrades. And also presently we have done the same with Edda Boreas. And that work is well underway. They are shortly heading back to sea trials and return to on hire during the sort of first part of March. Edda Brint will actually depart very shortly for the sea trials. What are these upgrades? Well, it's everything from to correct outstanding work punches. It is warranty claims. It's on the hardware side, electro, mechanical, I would say design weaknesses, improvement needed as experienced during operation. Also, to a very large degree on, maybe the most complicated part, on the software side and the control system side, where we are very much dependent on the, on the response for the maker to correct call it weaknesses or in the design or the setup of the control system. And of course, we are very cautious that we are having robust and reliable systems because we are transferring personnel over these gangway and need to be 100% sure that what we are doing is very much on the, on the safe side. So, that is the reason for taking this, I would say, dramatic move to take them out of operation with the hit that has on our financial results, and also, call it reputation. But we feel, on the longer run, this is the way to solve it. This is the way to rebuild trust, both with our clients and also with our own organization, own crew, and the client personnel that is transferring the gangway systems. So we feel we definitely have taken the correct move. We will deliver what we have said, reliable and robust solutions. Then there might be requirement also later in 2024 for, call it, minor upgrades or improvements, but then more as a planned activity connected with operation or crew changes of the vessels and so on. So we with this are working that the sort of unplanned downtime is a part of the past. Market. As mentioned, we are very optimistic about the market. There is, even though some setback and delays on offshore wind project as such and wind farms, there is still a great requirement for these type of vessels, and also, even though some new vessels have been ordered, there is a undersupply of Tier 1 vessels or special purpose-built vessels, which we definitely feel will be the most attractive one in the market, both due to spec, but also due to price, since the alternative subsea tonnage and Tier 2 vessels is more and more heading back to oil and gas. So, we are working in a growing market, and, as we also will see later, we have, we are building up a very good capacity of vacant days in the commissioning shorter type of market, where we feel that, for over the next few years will be the sort of most attractive place to be also, with regards to, to day rates. And we see that, seasonal day rates observed in the market has been, has been very positive and also sort of the few data points and, and orders that has, or contract that's, has been made. Number of turbines being built and developed is, still on a positive trend, even though we said, some project has been moved to the right. It's still maintaining the robust requirement for these type of vessel that you will see to the right, split in CSOVs, sort of plus 60%, and then SOV and as the other part. So by end of the decade, still 200-250 vessels required in the market. And of course, Europe will be the predominant market, even though there are other markets opening up. There are some orders being done, but we consider it still a sort of a disciplined supply market, at least compared also to the demand situation. So by now, with all vessels in operations or delivered, plus ordered ones, around 90 vessels, there is still, as we say, under supply in this market. And if you see on the Tier 1 vessel only, that is our market and our competition, we are very optimistic that there is a big demand for the fleet we are building up. We mentioned we have done it at attractive pricing. I mean, when we start to order vessels back in 2020, it was on the sort of somewhere on the 40 EUR level. Latest pricing has been low 60s, and we see that prices have gone up by far, and there is still no sort of signals at least that they will go down on the short horizon. Maybe flattened out as we will see here. So that demand under supply high prices will also or as you will see to the right is creating optimistic trend and expectations for the day rates. Both what we have seen in 2023 contracts that we expect going forward in the market is at the level indicated from analysts here. As I mentioned, Edda Wind is gradually becoming the largest operator of CSOV SOVs. Here it's indicated 14 vessels. With the sale of Passat, that will be 13. But still, we are at the top, and we are also in sort of both segments, CSOV, SOVs, compared to others that maybe choose either one or the other of these. So, with this picture, we have a very strong position going forward. Also, of course, whatever would happen in the market, if you consider discussions on also related to consolidations and so on, we will have a strong platform the way we see it. So the fleet overview is the last one I will do before Tom is coming on scene to do the financials. We have the Edda Mistral still working for Ørsted. We expect Ørsted to declare the next annual option this summer. After that, they have three more annual options to declare. Whether we will see her to the end of those remains to be seen, but there is a expectation from our side that they will do declare the option this summer. Edda Brint is on the 15-year contract until 2037 with Vestas. C416, that is Edda Goelo that we have covered. She will be delivered and go into operation for Siemens Gamesa in May this year for the period until 2028. Edda Breeze is on the contract that started in 2021 running till 2032. Boreas is with SSE, where there are also annual options that we would expect SSE to declare. It was two-year firm to start with and one annual options in addition. Nordri will, as mentioned, start on the Vestas call it project campaigns from late March, 20th of March is the date. And she will also be joined next year by 492, a vessel that will be delivered this summer, quarter two, from Gondan. And that those contracts we have, in a way, covered in more in depth in previous presentations. Then we still have a good fleet to come. Two more vessels from Gondan, last quarter 2024, second quarter 2025. Then we have the four vessels, three in 2025, and the last one first quarter of 2026. So with that, and you will also see it shortly on sort of the vacant days diagram, we are there to take over part of the very optimistic market view and opportunities we see in this market. Tom? Thank you, Kenneth. Some words about the financials. Top line revenue is up. It's EUR 11.4 million for fourth quarter 2023, which is 55% over the similar quarter last year. And for the full year, EUR 39 million, which is 38% over the previous year. We have touched upon the fact that although this is largely in line with the Q3, so slightly, only marginally below Q3, it is still impacted by lost revenue caused by off hire and downtime related to the gangway systems. Total operating expenses is EUR 12.6 million, up from about EUR 6 million. Here we have the front runner cost of EUR 3.5 million included, and also some ramp up of the administration or land-based management organization in Haugesund, which started late 2023 and will go on ramping up through 2024, for an organization of 20-25 or around 25 headcount in by the end of 2024. Some additional cost there as well, in addition to the technical management by Østensjø. That gives an operating profit before depreciation of EUR -1.2 million for the quarter and EUR 7 million for the full year. On the financial items, we have financial cost of EUR 1.5 million, up from EUR 400 thousand same quarter last year. Most of that is related to new vessels in the fleet. There is also a slight increase in the interest cost related to the vessels that were already in the fleet in Q4 2022. But as I said, new vessels is the bulk of the increase. On the balance sheet, you see the value of the vessels and new buildings under construction is EUR 226 million, up from end of 2022. We have cash of EUR 33 million at the end of the year, and we have a net interest-bearing debt of EUR 241 million. Equity ratio, 49%. Six vessels in water, two more in 2024, up to a total of 13, excluding the sale of Passat obviously. We have a backlog, firm backlog of EUR 300 million, with additional 115 in optional periods, charter options, so for a total of 416. As you see, nice distribution between industry majors. EUR 54 million of this is related to calendar 2024. Our availability, our open sort of fleet days is represented here in this diagram. The open days in the market is dark blue, almost black, I guess, but the darkest blue. And you see there that the days we have available in the market open is matching well. The gray boxes on top, which is the expected day rates and the increase in the day rates as projected by brokers. This diagram excludes Edda Passat from Q2, because we anticipate to conclude the sale in March. As Kenneth has mentioned, we have financed all but one vessel, which is the latest delivery from Gondan, C504, so we are working on that this year. In Q4, we added one major facility, which is the financing facility for the 4 VARD vessels, a pre- and post-delivery green loan facility for EUR 161 million. And with that, we have secured. Yeah, during 2024, we have raised around EUR 400 million in capital, in excess of 100 in equity and around 300 in debt. You might recall that we also had a new finance facility in March Q1, 2022. You see, we have no significant balloon payments until 2027. So, a nice runway for working on the refinancing of that. All-in interest cost of the current debt is 3.3%, which is regarded as attractive. Yeah, that was short on the financials. Okay, thank you, Tom. A short summary before we head over to the Q&A part. Davin, I would say we are making very good progress. We are developing the company. We are developing the fleet, both onshore organization and the fleet expansion program. As you will see here, we had four vessels put into operations in 2023, and also we will have three vessels delivered this year. The 416 has been mentioned already today from Balenciaga, where we have had a challenging period. We are now very confident that we are very close to delivery. And I would say if not for Easter, we would have seen her in March, but we expect then a delivery from the yard early April, and then after the, call it, sea acceptance testing and sea trial program, both internally and also from charter, we expect her to be in operation in May. So this is now looking good. And gangway and cranes and everything is already installed and will be installed on the vessels prior to delivery for all these vessels in 2024. Contrary to the situation we had in 2023 for the vessels above, where we had to take delivery before and excluding this equipment due to delays from the maker. So it's now a very different delivery situation. 492, same at Gondan, the gangway and cranes and so on is already installed, as you will see here. Vessel will be delivered in June and is Gondan is then making very good progress with this one, and also the next one is on track. So for the vessels and the future deliveries, we have no reason to expect any delays for any of these vessels or the VARD vessels. Summary. I guess we could split this in, call it short term and long term horizon. We feel we have been very open, and I hope you see that on the challenges we are experiencing at the time, presently, and during the last quarter on the gangway systems. We consider these short-term challenges that needs to be solved. We have now teams from makers in-house, a specialist, external specialist that we have engaged to make sure that we now deliver what we have said, reliable and robust solutions on these systems. And then with that ensure that we have we are avoiding offhire time and have a very good high quality delivery to our customers, and also, of course, to our own benefits. Edda Goelo, just mention it, progress as well. We are confident that the plan now is what we indicate. And of course, we have said that not only will this situation impact the quarter four result for 2023, unfortunately, it will have more or less similar impact also on the first quarter 2024. That is in particular due to the off-hire we have announced, front runner cost, and then also what Tom indicated, some duplicated cost on the organization level due to the ramp up of Edda Wind organization. Then I would say on the long horizon, we are very optimistic. We have a strong and solid backlog with very solid counterparties. There is increasing demand for our vessels. There are observations, and we have strong belief in good day rate trends. And of course, we have a fleet being built up, which is very much a fleet for the future, built at, again, good pricing, good delivery schedules. So with that, I think we maybe all head up here, and Lars will coordinate the Q&A for us. Good. Thank you, everyone. We've had some questions coming in, so thank you very much for that, and please feel free to post any additional questions as we go along. First question will go to you, Kenneth. It relates to the Edda Passat. Can you please elaborate on how streamlining through divestment will enhance your operations? Meaning, we've said that streamlining our operation will be a benefit. So any additional comments? Yeah, well, we are now sort of building series of vessel, larger series than Passat and Mistral, where we have to a very large degree the same type of equipment on board. We feel that will be a benefit cost-wise OpEx-wise. Also, call it towards spare part situation, training situation, also the call it the spec that we provide and offer to our clients. And also, of course, we with the last vessels have more tailored and into the CSOV part of the market, the shorter part of the market, where we see that the gain will be highest for the next coming years. Those vessels also will have always a call it a backup opportunity as a SOV on the longer term market. Building on that one, 'cause similar to Edda Passat, Edda Mistral is also applying traditional propulsion technology. Should the market expect that we look for divestments of Edda Mistral when it ends its contract with Ørsted? Well, as mentioned, we expect Ørsted, at least, for this summer, to declare their options. That could very well much be the case also for the coming years. As I said, there will still be three annual options for the vessel. She is doing a very good job for Ørsted, so I would suspect they would try to keep her. But of course, it's promising to see the interest that Passat created, and also the price we were able to conclude on the sale. So, there is no immediate plan for Mistral, but what do they say? Everything is for sale for the right price. Again, building on to this one, just a clarification on why the sale price of Edda Passat is not disclosed. There is a client on the other side of the table. I think that's as easy as that. To the further question, we will book a P&L profit in Q1 related to the sale. So there will be a P&L effect in the next quarter. Then over to the gangway issues and the MacGregor issues. Are there other vessels in addition to Breeze, Brint, and Boreas that will need to go into shore in 2024 and have significant downtime due to gangway problems? We have mentioned that there will be upgrades requirement also for other vessels in 2024. That is, in particular, maybe Nordri, Sudri, or 492, that will be delivered this summer. We will... And 416, we are trying to sort of do it before delivery slash before commencement of contract. But yes, we have said there will be upgrade requirement, but not to this magnitude, where we expect a significant off-hire situations or take them to shore for weeks or a month, like we have done with this two to three vessels. With regards to CapEx, any comments regarding additional CapEx related to the off-hire situation? No, I don't think that's the main effect of that off-hire situation, that there will be some CapEx, but not significant. Our cost related to that is a loss of revenue more than CapEx itself. Thanks to both of you. Additional question here, regarding the front runner. You mentioned, Goelo will be expected to be on contract from May. How much additional days is expected from, or how much additional cost is related to, front runners in 2024? Maybe I should leave it with you, Lars. As stated, Edda Nordri will head for the vessel's contract 20th of March, and we expect Goelo to be on contract in beginning of May. That basically means we have roughly three months of front runner costs in 2024 related to the Goelo Siemens Gamesa contract and the vessel. Another question on the equity portion, either you or I can reply to that, Tom. Do you see the equity portion of your new building program as fully financed? The equity portion, I would say yes. We have one vessel to finance, as mentioned a couple of times. Based on the gearing levels that we've seen in our past two transactions, we will be within our requirement for the equity. Good. Going back to the technology risk, Kenneth, you mentioned technology risk was limited due to the turbine sizes. Can you elaborate? Well, yeah. We are both the CSOVs and SOV, so it's a service vessel in the wind farm. So we are working at the what is called a transition piece or landing area of the turbines. That sort of height and locations are now more and more standardized. So all the vessels we are building now is able to serve these sort of criteria, on, I would say, all the wind farms, whether it's also floating or bottom fixed. But that is, in a way, one of the restrictions that or limitations Edda Passat had. She did not have the same flexibility on landing heights on the various wind farms, and that is also why I indicated that if we should keep her for the future and ensure sufficient utilization, we would have to consider modification to the gangway systems on that vessel. But all sort of the Spanish vessels and the VARD vessels are very flexible on these criteria. Thank you, Kenneth. Remaining questions keep coming in, so thank you very much. Back again to the off-hire situation, and you mentioned the timing aspect of it. But how long do you expect the vessels to be out of operation until the gangway issues are fixed, and the vessels start to generate revenue again? What we announced in the release a couple of weeks ago was beginning of March. That is where we still are. As mentioned, Edda Brint will depart shortly to do the sea trials. We also expect Edda Breeze to be back on revenue in a week or so. Edda Boreas was taken out a bit later, but also, the plan or schedule for her is to be back by before mid-March. So we are sort of still on that plan. Thank you. Final question here. Looking at kind of the long-term growth and potential in the market. In the presentation, it's mentioned dividend capacity. What's the bigger long-term priority for Edda, dividend or future fleet growth? Kenneth? Everybody is pointing, pointing at everything. Oh. Well, we have stated a dividend policy since the beginning of the company that remains firm. Of course, with the short-term challenges we have now, that is, of course, challenging the timing of dividend, but the policy remains. Then, as a political answer, owners and management are also very ambitious on the company growth. So, I guess the thing is to find the correct balance here. The future looks optimistic. The future definitely looks optimistic. Thank you very much for all questions, and feel free to reach out post the presentation should there be any remaining questions. So with that, thank you very much. Yeah, and on behalf of Edda Wind and us participating here, thank you very much for your attention. Have a nice day!