Good morning, and welcome to Edda Wind quarter one presentation. My name is Kenneth Walland, CEO of Edda Wind. I will be joined here today by Herman Hovland Øverli, CFO, and Lars Stubhaug, VP Finance. We will also have a Q&A session at the end, and feel free to post the questions already from the start. The agenda and the topics we will cover, of course, the quarter one highlights, market considerations, the financials, a summary, and as mentioned, the Q&A. We will be splitting the sessions between the three of us. When we presented in February last quarter, we indicated that quarter one would be sort of in the same line as quarter four, meaning red numbers. It does not look that way of the numbers we see here, but as we will come back to, that is also largely affected by the sale of Edda Passat. Of course, positive to see the numbers, but we will also detail the effect of the Edda Passat sale into these figures. We have had Edda Nordri commencing operation for Vestas end of March 20th of March this year, which is the sort of first contract into the shorter commissioning market for our fleet. Very positive contract. Then on not that positive end, we have, as announced earlier, had issues with our gangway systems on several vessels. We have taken out vessels for upgrade to enhance reliability and performance. We are very happy to see that that has given the positive result, and we have achieved what we have said here, more reliable operations and better performance. We will come back also with details related to that. Passat sale is mentioned, and we will cover it more in detail. On the subsequent events, we had a naming ceremony of Sudri Enabler a couple of weeks ago. That was the first vessel being named in accordance with the new naming series for our fleet. So from now on, the vessels will be named Enabler, and we will discontinue the Edda name on the naming of a vessel. I have to say that was a decision being made quite a few months ago, more than half a year ago, so it's not linked to the transaction that took place recently. But a development what we feel is natural for the company to innovate, diversify our fleet from the other Edda fleet. Then we have announced a delay on the operations of Goelo Enabler that we will also cover more in detail. On the numbers, clearly a positive trend on the income side, both if we see on the quarterly basis to the left or last 12 months in the middle. And we also have to say we have lost considerable amounts of revenue due to the vessels being taken out of operations in this quarter, but still a very positive trend. And the fleet is gradually increasing and will also generate better income as we are entering more and more into the shorter commissioning market going forward. On the EBITDA to the right, we will see there is a for the quarter a result of EUR 7 million. 6.5 of that is related to the sale of, and gain of Edda Passat, which will also be mentioned by Herman later. So, as from the starting point, a quarter, sort of in the region of quarter four, is then still a fact, call it unfortunately, excluding the effect of Edda Passat. Nordri, as mentioned, she commenced operations for Vestas, 20th of March. Prior to that, the vessel were acting as a front runner in the Siemens Gamesa contract in France, awaiting the Goelo Enabler. The Vestas contract is 750 days, including work 2024 and 2025. So, Nordri have started a 2024 campaign. She will also be engaged in 2025, together with, with, another of our vessels, in that, in that contract. Positive, contribution and, and, work, as mentioned, in the, in the shorter commissioning market at very attractive, rates. So, by that, she is the first of the new builds entering into that, into that part of the segment then offshore wind. We will have more vessels, coming in too, and have a vacant capacity in the commissioning market, as we get, more and more vessels delivered now. So we are really looking forward to, to, employ more vessels into the, the, commissioning market, and by that, also get the reward that, we see, is possible in, in this, in that part of the segment. Vestas, she is sister number three of the vessels being built at Gondán. We had the Sudri named a couple of weeks ago, as mentioned, and she will be delivered shortly. So, there are now more and more vessel of these CSOV type of vessels coming into the market in the Edda Wind fleet. Then to the gangway systems. We mentioned earlier that we have had lack of performance on several of the vessels. We have lost operational time. We have tried to, in a way, solve the issues while in operation. We saw that was, in a way, giving an unreliable service, and create frustration to our clients, and ourselves. So in the beginning of February, we took, in a way, the bold decision to bring the vessel out of operation, Edda Brint, Edda Breeze and Edda Boreas, for a more in-depth upgrade. So there are a huge upgrade being made to the control system, the software, the hardware, replacement of vital kit and equipment that was maybe not suitable or installed in the correct way. And we had the vessels out of operations for four to six weeks. They came back, Edda Breeze sixth of March, Edda Boreas twenty-first of March, and Edda Brint came back end of March, but also had some issues there, as reported in April. They are now all working fine, operational, and we see that by taking that decision to do the upgrade and bring them out of operation, we have now achieved what we were searching for: more reliable operations and the performance that we should expect of this type of system. We also see that the gangway systems when they are working like now, it's a very advanced system giving a incredible good performance, also compared to sea state and compared to other gangway systems in the market. So the sort of expectations of the systems when they are working now is definitely very good. That also is shared by our clients. Of course, also, we have gained a tremendous amount of experience in this unfortunate upgrade and, and, and, that requirement, that is also being employed, and a lesson learned for the sailing fleet and also for the vessels to be taking out. So that the testing program for vessels and new build being taken out is also enhanced and improved in quality. We mentioned Sudri Enabler and the naming. She was the first vessel to be named with the Enabler name. Goelo Enabler is the second one, taking and having that name registered. And we have used the sort of Enabler slogan in the company since more or less the start. If you see to the right here, you can see at least how it's visible in renewables, Enabler, and EW for Edda Wind. As we take over management of the vessels going forward now from late summer and throughout the second quarter, we will also use the opportunity to rename the rest of the fleet, and the new builds to come will then directly go out as Enabler in their name. Goelo Enabler, we have covered that vessel earlier. It was a troublesome project at Balenciaga in Spain, where, as we have reported earlier, the yard were in financial difficulties. And we had to go very active into to secure that the vessel was delivered, and we could bring her into operation. So we were very pleased that we could take the delivery of the vessel just before Easter. We sailed her to Holland for final commissioning of the gangway system. We did most parts of the so-called Harbor Acceptance Test in Holland before sailing. There was one outstanding test or load test to be done of the Harbor Acceptance Test just outside the wind farm in France, before we started on the so-called Sea Acceptance Test and charter sea trials. During this harbor acceptance test, or HAT, as we call it, and the overload test, we had an incident that created structural damages to the gangway systems. So we had to turn around. We have sailed to Denmark, where the vessel is right now. Repairs have started. Investigation is ongoing to why this happened, and how we can ensure that the system is reliable. As I said, it was during a test, so there were no personnel near. All areas were blocked, and there was no sort of risk for personnel, and it's not an incident that would happen during operation. But still, now we are facing a situation where we need to repair the gangway system, and that has delayed commencement of the vessel to Siemens. We expect her to be back within end of July operational in France. And of course, that is a setback as she is meant to be the permanent vessel for the Siemens Gamesa contract that started in October last year. The market situation. We see, I would say, a very positive trend in the market. We have had strong belief in the market all the way throughout the last few years, but we also now sort of the last few months experienced even increased tender activity particular in the commissioning segment. That is both for planned work linked to planned commissioning and installation at the wind farm, but also considerable amount of work related to delay and scheduled work at the wind farms. All of that will require and does require CSOV days, and we feel that by having now sort of the situation in the company where we are taking delivery of more new build without a firm contract presently, we are able to cover much more of that requirement in the commissioning market. There has been some new build orders also the last three to six months, but still compared to the demand we feel that there is definitely need for this vessel. And we also see that special purpose-built vessel are the most attractive one, and that is, in a way, giving us a very optimistic view on the possibility to create good day rates in this market for our fleet. And we also see that there are good day rates observed in the market for similar tonnage, including ourself. And of course, the trend and development of wind farm continues. There was a sort of a slack period on FIDs or investment decisions in 2022. It's now sort of a very positive trend, and that will create a further demand for CSOVs and as well as SOVs. More than, call it, 200 vessels in total for these segments, excluding China. We mentioned, call it still a disciplined new build activity versus the demand, so the supply-demand outlook is still very favorable, as you see here, and it will, the gap will increase as we go here, even though I'm sure there will be some few more newbuildings to come. Yard newbuilding prices have gradually increased. It looks like it's in a way flattening out the last period, but at least we see different data points and we have not seen any sort of trend of any decrease in newbuilding prices, and it will surprise me if we see that on the shorter horizon. You can argue whether the increase will continue, but at least these are the level we observe right now. And again, on day rate, that creates a very positive momentum. Also, sort of the input we get from the brokers and, of course also the tender activity we participate in and that we also observe in the market is looking very positive, in particular for the commissioning segment. The SOV segment is more, call it, competitive, by the fact that you can often order a new building against the contract, and by that, push the prices are pushed down. So the Edda Wind fleet right now looking like this. Edda Passat has been delivered to owners. We used it for a while as a front runner in the contract in France, but she is redelivered to the new owner, Purus. Her sister, Edda Mistral, still working at Hornsea for Ørsted. The contract was renewed by another year, actually yesterday, so now she is firm at Hornsea until September 2025. And Ørsted have three by one year options after that, after that time. Brint working for Vestas. She is one of the vessel we took out in February, now back with Vestas and is the permanent vessel at Seagreen until 2037. Goelo has been covered from July. She will be the permanent vessel in the contract we are operating in France for Siemens Gamesa until 2028. Breeze working for Ocean Breeze in Germany until 2032. Boreas at Dogger Bank for SSE. two year firm running until mid-2025, and there's another optional year for SSE. Nordri, as mentioned, has started the Vestas campaign for 2024, will also be engaged in that campaign in 2025. Sudri Enabler is the second vessel likely to be engaged in the Vestas contract in 2025. That vessel will be delivered in end of June next month to us, and we'll do the sort of so-called sea acceptance test and so on in beginning of July, and operational from beginning of July. And then we have two more vessels at Gondán, one for 2024, one for 2025, and we have the four vessels being built at VARD. Two from Norway in 2025, one from Vietnam in 2025, and one in 2026. So all in all, 13 vessels that will come over the next period. So by that, I think I hand the word over to you, Herman, for the backlog. Thank you so far. Thank you, Kenneth. By way of introduction, my name is, as Kenneth mentioned, Herman Øverli, and I'm the new CFO, taking over from Tom from first of March. Our contract backlog remains strong with almost EUR 300 million in firm backlog. When you take into account the options or the charterers option, this number increases with 117, and with it giving a total backlog of around EUR 416 million. These numbers don't take into account the recent option declaration by Ørsted on Edda Mistral, but it's just turning numbers around from optional period to firm period. Our contract backlog remains well diversified between key off-takers within our industry, such as Vestas, Siemens Gamesa, Ørsted, SSE, et cetera. When taking a closer look at our contracted vessel days, whereby dark blue box in this chart is open days, you'll see that it matches well with the expected increase in day rates as estimated or anticipated by the analyst community. Whereby we, for the remainder of 2024, have approximately 13% of available vessel days open. This number then increases to 40% in 2025, and in 2026, we have 60% of our available vessel days open. Again, these numbers don't take into account the recent option declaration by Ørsted. As to the financial performance, this, as Kenneth has mentioned many times in the presentations before, been heavily influenced by the technical challenges that we have experienced. Total operating income came in at approximately EUR 17 million, up EUR 10 million compared to Q1 last year. Negatively impacted by loss of revenue, but positively affected by the gain on sale of Edda Passat, where we booked a gain of almost EUR 6.5 million in Q1. Operating expenses of around EUR 10 million, up from EUR 6 million in Q1 2023, with the increase largely driven by more vessels on the water compared to the same period last year. Operating profit before depreciation of EUR 6.8, which is in line with what we communicated in our Q4 when adjusting for the sale of Edda Passat. Both depreciation and interest cost is up in Q1 compared to Q1 2023, due to more vessels on the water compared to the same quarter last year. Then over to the balance sheet. Book value of vessels is down compared to year-end, again, due to the sale of Edda Passat. Investments in new buildings have, though, increased as we have had CapEx in the quarter. Net interest bearing debt of EUR 224 million, compared to EUR 241 million year-end. Equity ratio stands at around 49%, which is in line, or the same level as we saw at the year-end. Our financing profile is little changed since Q4, and remains diversified between private placements, ECA facilities, and commercial bank facility. All but one of our new buildings, C504, is financed, and we have limited refinancing needs prior to 2027, where we have a guarantee renewal. Depending on that, there is no kind of firm maturities then before 2029. As previously communicated, our financing comprises of both fixed and floating rate loans, whereby the fixed rate portion bears an all-in interest rate of around 3.3%. With that, I hand it back over to Kenneth for a summary before we turn over to Q&A session. Thank you. Thank you, Herman. A last slide before we all join up for the Q&A. Or two final ones. As we said, the fleet is growing and will continue to grow. We have mentioned the vessels. We have three more vessels to bring into operation this year. Edda Goelo, or sorry, I am not used to it yet. Goelo Enabler was at the doorstep to start operation in May. As explained, we have to wait a couple of months. Then we have the Sudri Enabler being delivered and operational, delivered in June, operational from July. And we have the next one from Gondán ready for delivery in November. These vessels, all three of them, are delivered with the gangway system and crane systems already installed at the yard, and in case of Sudri Enabler and the coming months, also all the testing will be done at the yard prior to taking delivery. Compared to the situation we had earlier, where we due to delay and other reasons on the walk-to-work system, have had to install these systems after delivery. So it's back to the original plan, so to speak. Same with the coming SOV vessel and C504 at the bottom, these five vessels. So as a summary, as also Herman indicated, our results and performance have been largely affected by the downtime and loss of revenue, and loss of operational time on some of the vessels due to the gangway systems and the requirement for upgrade that was in a way decided and took place there. Therefore, we are happy to see that it has paid off and on the long run is paying off, even though it hits this result of the quarter. We see that we are achieving what we targeted, reliable systems and better performance. Of course, that is very much important now, in, in sort of, in build up, trust, among the clients and also, clients on board and, and crew on board and ourselves, to, to see that we can, we can deliver and perform as expected going forward. Unfortunately, we had a Goelo Enabler incident that was mentioned, and by that, we see that our 2024 financials are impacted, for this quarter. And, and of course, also, the Goelo incident will also touch into the, into the coming quarters, by, by means of, of, front runner cost, and so on. On the positive side, we have a very strong backlog, as, as Herman indicated, against, also, solid, counterparties. At the same time, we have and will have more and more vacant days to, in a way, target the commissioning market, where we think the best rewards will be gained going forward. There is definitely a increasing demand for this type of vessel. We see it also, as I said, in the tender activity, especially a positive trend the last three to four months or so. And by that, we are very confident that the fleet we are building up and will take delivery on will also be sort of welcomed and attractive in this market. So a very optimistic view on the market. We are optimistic on, on where we are taking, the performance of the vessels, from now on. And, and by that, Edda Wind will, will, be, ready to, to, deliver even a bit, delayed compared to the original plans. So, I finalize the, the, the presentation with this, and then, I'm sure there's already maybe some questions in the system, and there will be more. So if you join me, we can see who will be the likely one to answer these questions. Lars, you haven't been seen on the screen- I haven't been seen, so- ... I hope they, I hope they find you. Thank you for the question. Thanks for a good presentation. We'll start off with the questions, and feel free to post as we go along. ... several overlapping questions. We'll try to sum up all of them. If we don't manage to cover it all, feel free to reach out post the presentation. First of all, starting to you, Kenneth, from Jonas on the Sudri Enabler and also on the Nordri Enabler. When you expect to book a contract for Sudri Enabler prior to the Vestas campaign, as you say, in 2025? And second, there's a wide space for Nordri in between the Vestas campaign as well. So can you please elaborate on the possibilities for both vessels? Yeah. Well, I have no contract to announce today, then I would have done it already. But of course, Sudri is the first vessel that now has vacant days. And as a company engaged in the commissioning market and the charter type of market, we are constantly tendering for work, chasing work. And as I said, there are quite a few opportunities out there. So we are definitely in discussions with charterers for work for Sudri after delivery, as well as Nordri or any other of the vessels coming vacant. And we remain optimistic about the possibility to find work for these fine vessels. Thank you, Kenneth. And kind of building on, same question goes for 503, when obviously its delivery is a bit further out in time. But any elaboration of contract length and potential opportunities for 503- I guess- regions and so on? ... the answer is more or less in line with the other, but also that vessel will most likely be employed in the charter type of market. So contract length would be, we have said, often ±12 months. It could be a bit shorter, or it could be two years, like we see with Boreas. But sort of in that region, because that's where we see the best day rates being possible to achieve, sort of the next few years. She will be operational by the end of the year. And we are, as I said, tendering most vessels for work already. Of course, also by having more similar vessels vacant in the fleet, we also have the possibility to have a better interchangeability in the fleet. So if there is a spot, we are with more vessels more able also to fill these gaps the way we see it. Mm-hmm. And kind of building on that, looking at the supply-demand balance that we are presenting, there is a significant deficit in Tier One and Tier Two vessels, where there will be a need for approximately 160 vessels, as said. And given this backdrop, why are we not seeing developers eager to secure long-term frame agreement to secure vessels? Some are looking at it. And also we have seen that, for instance, Siemens did a frame agreement over at least a three-year period. Others are looking at the same and also are, in a way, having out request for same. But the majority of them are still sort of taking on vessels from call it project to project. But I guess the Vestas contract we have is in kind of a mix between a frame agreement and a single contract, where they have, in a way, covered more than one campaign. It's a three project in one contract, where we fill in with a vessel that is call it most suitable from the fleet. I think we can expect that some more will look for frame agreement because there is a balance of day rates versus their commitment for period. Yeah. But kind of on... Thanks for that. Kind of following up again, on what you said on the commissioning phase. Our current aim is to, and the current tenders that we are participating in are more on the short-term segment, Correct. With the vessels coming, as we have said earlier, these vessels will always have a fallback in call it a O&M market, if needed or wanted, but because CSOV can do, in a way, anything that the SOV is required to do, not necessarily the opposite. So it is a fallback for these vessels, but for the next few years, we see the best reward and the best place to be is in the commissioning market. Meaning that you are confident that all new builds will enter into contracts once delivered? That's the plan we're working to, yes. Good. Thank you. From Jonas here, related to the comment on the lost revenue potential, I can reply to that. We say we have lost revenue related to taking our fleet out of operation, and the question was if we can elaborate. So thank you, Jonas. What we mean by lost revenue potential, there's a twofold answer. We have obviously lost direct revenue, as the vessels have been out of operation in the period where we have not had front runners, of up to approximately EUR 2 million. In addition, there's an indirect effect of the fact that Passat and Nordri, they've both been working as internal front runners. So they have not been out in the open market. We have not obviously gained the expected external revenue from those two vessels. Over to Goelo, several questions on the Goelo. I'll try to sum it up. Kenneth, can you reiterate the timing for Goelo and when you expect both front runner cost to end and when you expect the vessels to be back into operation? Yeah. The sort of date is or the, as I said, the incident, this is quite, call it fresh, meaning that the investigation is still ongoing to find a root cause. But of course, we have our expected outcome of the investigations. And as I said, the repairs have started already, so major equipment is already landed because part of the gangway system has to be landed for repairs, like the gangway bridge, the so-called pedestal that we hoist and lower. And that will take place in Denmark. We had a test period that we're going to start in France to prove the vessel as it was. That still has to be done after this repair. So all in all, I cut it short, we expect the vessel to be in operation by the... or within the end of July. That's the plan we are working to for Goelo. In terms of front runner, There will be front runner requirement for at least part of that period, until she's back. We don't have a front runner right now. We had at Passat, but as mentioned, she is now being redelivered. So, the part of the period will... there will be a requirement for a front runner, most likely from the market. Finally, from John here, Kenneth, different topic, but how do you think Østensjø's exit will impact Edda Wind's short-term and long-term strategy? I have no reason to see or state any opinion that will change Edda Wind. To us, it was a transaction between the four owners. Well, three very solid ones are remaining. We feel it's positive to the company. The four of them were working very good together. I'm sure that the three will continue to work well together, and for us as management, it's, how should I say it? Business as usual, and we have not seen, and I have no sort of reason to think that that will change Edda Wind, the way we work. Good. Thank you for that. I think we've covered all questions, more or less, as I said, overlapping questions. So feel free to reach out directly to any of the members of the team here, should you have any further questions or if you require any further elaborations. So unless anything else as a final remark, we say thank you for listening in, and thank you for- Mm-hmm ... for sending across questions. Yeah. Thank you for your attendance. Thank you. Bye.