Good morning, and welcome to Edda Wind's quarter two presentation. My name is Kenneth Walland, CEO of the company. I will be joined shortly by Hermann Hovland Øverlie, CFO, and also Lars Stubhaug, VP Finance. We will run through the presentation, and also in aftermath, do the Q&A. So, please feel free to post any questions already from the start, and we will coordinate that at the end. Nice opening picture, also with a link to our new slogan, Enabler, that we are now replacing the Edda name from the vessel or the vessels and the fleet to Enabler series of vessel. As said earlier, the name of the company, Edda Wind, will remain as our strong company name already established. The agenda that we will cover quarter two highlights, market situation, financials, a short summary, and then, as mentioned, the Q&A session. Some key events for the quarter. The revenue side is definitely showing a positive trend with more vessels into operation, also more vessels entering the commissioning part of the offshore wind segments. As reported earlier, the Q2 result are negatively impacted by front-runner or substitute vessel cost that we will shortly come into. We will also cover the private placement done in June. And also, on the contract side, the Sudri Enabler and the Goelo start of operations. On the numbers, as mentioned, the revenue side, income side, definitely showing a positive trend, with revenues up 62% compared to quarter two last year. And we also know that we will gradually bring more and more CSOV vessels into the commissioning part of the market. So, that is definitely showing a positive trend. Also, of course, assisted by improved utilization of the vessel after the period we've been through with, in particular, gangway issues and/or fire events. Same for the last 12 months on the operating income side, up 78% compared to a year ago. Then, on the EBITDA side, as mentioned, impacted by a substitute vessel cost that we will also come into more detail later on. To some extent, we will also have a substitute vessel cost for the next coming quarters due to the Goelo incident. Some highlights on the private placement and also some others. In June, we successfully did a private placement of around NOK 400 million. Very good to see the support from the three major owners that guaranteed for the amounts, but also good to see that there were good very good interest from other investors. So the pro rata owner ship share is sort of remaining as prior to the private placement, with around 82% on the three major owners, and then 18% free float to other investors. We also, as reported earlier, have done measures to improve the reliability of our gangway systems, which has been troublesome for the company over a longer period. We did, I would say, a very difficult decision to take three vessels out of operations during the first quarter. In hindsight, a very correct decision. It has definitely created what we targeted to have robust and reliable systems on delivery of the walk-to-work system. So the utilization is now where it should be, and we can. We are experiencing now close to full utilization of the vessel. But of course, the impact of the earlier reported events are negative to the EBITDA, as we just saw. Looking forward, that is creating a big optimism in the company, that we are able to now operate the vessel as expected. And also, of course, that is a very good motivation for the coming new Edda Wind organization that is in the middle of the, call it the ramp-up phase. We are now around 25 people in Edda Wind that are now very keen to start in-house management of the Edda Wind fleet. And that will start quite soon, as we will also explain shortly. Sixth of May, we had a very unfortunate incident on the Goelo Enabler just prior to start of operations in France, Saint-Brieuc wind farm. We had severe damages to the MacGregor gangway system. It happened during the final stages of testing, a so-called harbor acceptance test, where we had damages in the sort of amount that the conclusion was we needed to report that operations would be delayed. We took the vessel back to a shipyard. We landed the permanent gangway systems. To get quicker into operation and revenue position, we decided to install a rental gangway system on board the vessel. That system is then still on board the vessel. We started operation like that eighteenth of July. Hence, there was also then a front-runner cost for the vessel until that period, and as also mentioned during the quarter two. The gangway is under repair at a yard, and we will install that later in the year when Edda Wind has an in-house substitute vessel available. Timing around, call it October, November, quarter four. As you will see at the bottom here, we will need to then bring Goelo Enabler out of operations for a period of about two months, from France to back to France again, to do the swap of vessels and demobilize the rental gangway system, install the gangway system, and bring her back to operation for Siemens Gamesa, as we have reported also earlier. I will say on the more positive side, Sudri Enabler was delivered from Gondan first week of July. Just prior to that, we had secured a good contract with DEME for commissioning work at Dogger wind farms. So the vessel went straight from delivery at the yard to the so-called sea acceptance test for the gangway systems. We went on hire nineteenth of July in what we consider to be a very good contract and also representative for the type of contracts that we are targeting now for the coming fleet of vessels to be delivered, meaning the, call it the shorter type of contracts in the commissioning market at a attractive day rate. Sudri Enabler, also Nordri, is a representative for those type of contracts, and that is also the expectations for the newbuilds to come. We see Nordri as proof that we did a contract again shortly prior to delivery and went straight to operation and on hire, which is also then the target going onward. So the Sudri will be on that contract, call it back-to-back, until she start with the Vestas as the second vessel in that Vestas project contract, either quarter four or first quarter of 2026, depending on what Vestas will declare there. On the management side, we are now building up in-house ship management capacity, meaning that we will take over management of the vessels and the fleet from Østensjø Rederi already from next month and onwards. We will have eight vessels on the water by New Year, then to be operated by Østensjø by Edda Wind, sorry, from New Year at latest, and also the same for the newbuilds that we are gradually now taking out of the yard. Those will be then taken by management from Edda Wind. We have secured a very capable staff in the offices with a lot of experience from similar type of operations and shipping companies. They are very keen to now go to the starting block and do the management of own fleet. And we also are expecting that with the volume of fleet that we are gradually building up, that is definitely also a benefit to the company, both on cost and quality, and also call it more strength as a company to build in-house competence. There will still be some outsourced capacity, for instance, like crewing and IT. Other than that, most functions are to be in-house in Edda Wind. On the market side, we have stated earlier, we are optimistic on the market. That definitely remains, and we also see proof that the tender activity is, I would say, showing a positive trend. There is quite high tender activity, vessel requirement activity. We also see that from call it the discussions and negotiations we are having, the day rate expectations are also showing a positive trend. There are not that many data points in the market right now, not that many vessels secured, but of course, we have done some ourselves, and we also see that from the discussions that our optimism remains, and I would say are even stronger. On the newbuild side, quite limited new orders coming into the market. So the call it demand-supply situation and the demand for vessels in these segments are still remaining strong. And of course, we are in a very attractive position with vessels already on order at attractive pricing and attractive delivery date. So we feel we are in a very good position to take advantage of that position and the market the way we read it. So the fleet we have here changed the name of the vessels to Enabler even though not all are physically changed yet. That will happen over the next few months as we take them on management. The existing contracts are detailed here. Also shortly, Hermann will show you the backlog situation, what that represent for the firm contracts. But we have Mistral still working with Ørsted as from the start. We have Brint on the long-term contract with Vestas. We have Goelo Enabler eventually working with Siemens Gamesa in France. We have the Breeze Enabler working on the long-term contract with Ocean Breeze in Germany. Then Boreas Enabler for SSE Dogger commissioning. Nordri, Vestas, that also then, as mentioned, will be joined by Sudri, either late this year or beginning of next year in that project contract. And in the meantime, Sudri will work with them also at the Dogger Wind Farm. Nordri is working in the Baltic Sea right now. Then on the newbuild side, first vessels to be delivered is C503 from Gondan, quarter four, so she will be operational end of this year. Also, as we mentioned, targeting the commissioning segment. Then 2025 will be a busy year with four vessels being delivered. One from Gondan in quarter two, then we have two vessels from Vard Norway to be delivered in 2025, quarter one, quarter two, and one vessel from Vard Vietnam in quarter two 2025. The last vessel, 968, will be delivered from Vard Vietnam in 2026. It will keep us busy, but also at the same time, we will have a very good opportunity to take the advantage of the market that we see in the commissioning segments going forward. By that, Hermann, I think I leave the word to you for the contract situation and the financials. Thank you. Hello. As of our last couple of quarters, our backlog remains solid, with a total of NOK 314 million in firm backlog, and when you add charterer's option, that number increases to NOK 424 million. Our client base remains well diversified, as per previous presentation, and comprises of key players within our industry. As Kenneth mentioned earlier, we are also pleased to welcome DEME into our customer portfolio. When taking a closer look at our contract coverage, you'll see that it matches well with the anticipated increase in charter rates, as Kenneth touched upon earlier today, and also as anticipated by the broader analyst community. When only taking into account fully open open days, we have for the remainder of the year only 3% of available vessel stays fully open. This number then increases to 37% in 2025, and 58% in 2026. Now, moving over to the financials for Q2. Total operating income for the quarter was NOK 14.9 million, up from NOK 9.2 million in the corresponding quarter last year. Operating expenses for the quarter was NOK 14.4 million, up from NOK 6.5 million in Q2 last year. The operating expenses was, as Kenneth touched upon, adversely affected by front-runner cost of almost NOK 5.4 million during the quarter. Most of this relates to the Siemens Gamesa contract and the Goelo incident. Operating profit before depreciation was therefore EUR 0.5 million. Both depreciation and financial expenses are up in this quarter compared to Q2 2023, due to the fact that we have more vessels in operations. Now over to the balance sheet. Book value of vessels and new builds of EUR 544 million, up from EUR 295 million in Q1, due to yard installments being paid during the quarter. Net interest-bearing debt of EUR 238 million, compared to EUR 224 million in Q1. Equity ratio ended at 51%. Our financing structure remains little changed during the quarter and remains diversified between private placement, ECA facilities, and commercial bank facilities. All but one of our new builds, the C504, have secured debt financing, and we plan to finance this vessel, this open vessel, during the autumn. Now back to you, Kenneth, for a summary and then before we go to the Q&A session. Thank you. Thank you, Hermann. Yeah, we have already touched upon the delivery situation for the vessels. 2024, we had the Goelo Enabler and Sudri Enabler already delivered, as mentioned, and started contracts in July. We will have the C503 delivered end of the year, and as you will see on the picture to the upper right, the gangway systems and walk-to-work systems on that vessel is already installed as we see it from pictures from Gondan. Sudri Enabler was the first vessel to be delivered with the gangway commissioned already when leaving the yard, and of course, that is also what will happen to the next vessels coming from Gondan and from Vard. The gangway systems for the Vard vessels are to be shipped in quarter four for these vessels, both to Norway and to Vietnam, and same for the C503. So I think the delivery situation for the fleet here is mentioned. It will give Edda Wind, as mentioned here up on this slide, a fleet of thirteen vessel, making us the leader in these segments, call it the CSOV/SOV segments in the offshore wind industry. And we feel that we will benefit from the size both in volume commercially also cost-wise and so on. Also, we have a series of vessels that are very much the same, so that means we would have also in call it purchasing spare parts situation, safety training situations, and so on, advantages by similar vessels. The operational track record are definitely going in the right direction and to the level it should be expected to be after the call it unfortunate but successful system upgrades we did in quarter one to in particular the three vessels. But actually all vessels with the MacGregor system has been through various degree of upgrades, including the last ones leaving the shipyard as for instance the Sudri. So, by that, we are now seeing that the vessels are performing as expected to high utilization and performances. The backlog situation, as just mentioned by Hermann, is a strong backlog, but at the same time, also give us the opportunity with available days to target the market in the commissioning segment. That is where we see the best rewards are and day rates will be achieved. We expect, and also see signs that that market is and will be tight. We, as mentioned, see positive trends both on the day rate side, and we also expect the supply-demand situation to remain tight, and with that being a very attractive place for us to be. We have a robust financial platform in the company. Of course, both also related to the private placement that we did in June to, in a way, revitalize the company, but also on the financial institutions that we are supported from. And they are done at, call it, as Hermann also described, fixed and attractive interest levels. That was, in a way, the summary of the presentation, and I think we can all join here and do the Q&A. That will be coordinated by Lars. Very well. Thank you, Kenneth. Thank you, Hermann. Thanks to everyone for sending in question. We'll try and respond accordingly. Some overlapping questions as per usual, and if you all don't get the required answers- Sorry ... please feel free to follow up with any of us, and we'll come back. Starting with you, Kenneth, as always, question on the listing versus non-listing. We have strong owners, and the market, according to some here, seems to be seeing a risk of the owners taking the company private. Can you please comment on -- ... It's hard for me to comment on that, but I have no signals whatsoever that that is a discussion or a discussion that we are a part of. So we are operating the company per the ownership we have today, and I also expect that to be the situation going forward. So kind of as previously stated. And then to Jonas, thanks for sending in several questions here. And I'll try and sum them up. We have a backlog of NOK 39 million for the remainder of 2024, but we have limited available capacity, as Hermann mentioned. So when elaborating on the potential for additional revenue for 2024, I think it's fair to say that we have, depending on the situation of the front-runner and which vessels that will take over, either Nordri or C503. There is... Is there any revenue potential for the remainder of 2024? As you say, I could at least comment on. We have a requirement by the end of the year, where we are doing the vessel swap with to cover the Goelo situation. Of course, for some time there, we will need two vessels in a way to cover that contract since Goelo is out of operation. But we are also having one vessel delivered at the end of the quarter. So there is at least a surplus capacity in the fleet from quarter four, which then will partly be utilized by this vessel. Yeah. Thank you. Going forward to Hermann, our stock, we are currently trading below NAV. Do you think it could be relevant to sell any of the new builds once delivered? Yeah. I think the way we see it now is that there are no kind of immediate plans of anything like that, but... And we also see a strong demand for these new builds, and we anticipate that we'll be able to employ them at a very attractive rates. So, yeah. Building on from there, maybe, towards you, Kenneth. Could it be relevant to add backlog in regions outside Europe? We are definitely bidding for work outside Europe, and of course, if the right opportunity come up, that is definitely relevant, yeah. We don't have any sort of contract there as such, but of course we are bidding as we speak. And on the current contracts, people have been discussing delays at the Dogger Bank. We have several vessels at Dogger Bank. Any particular expectations for increased backlog at the Dogger Bank wind farm? We, of course, observe the same thing, that the progress at Dogger Bank is sort of behind schedule. We have already two vessels there working, and I think we also touched upon it and on the market side, there are a potential in the market for, call it, unplanned work or ad hoc work, and of course, it could well be that there is a longer requirement for commissioning vessel at the Dogger Bank than previously expected, and that would only put us in a better position, I would say, and also, we have contracts that are, call it, limited in time, and of course, that would be a new discussion than with a potential vessel requirement. I agree. And kind of building on to that, again, to you, Kenneth. Can you kind of elaborate and give us your thoughts on entry barriers? What's the highest entry barrier, and do you see kind of client being restrictive to those new players coming in and so forth? I guess, in our company- Yeah ... we have seen at least one entry barriers, and that is to have reliable key systems and mission equipment systems on board. And of course, that has been troublesome for our company. We know it had also been a challenge for other companies. So in a way to build robustness, convincing delivery to the charterers and quality on what you deliver is entry barrier. And of course, we are having, call it 120 people on board these vessels. We have to ensure that all the personnel transfers we are doing is very safe. We are handling people, a lot of people all the time. And by that, we need to operate very much on the safe side. And of course, also, that is one of the reasons why we are also taking in-house management now, because we feel we are in a better position to have that, call it, entry barrier or not, but we feel to build a competence within the company rather than to build up that competence with a third party is, at least for us, important. And then kind of lastly, building on to that, to Roar here, kind of reiterating what we've said before, with regards to consolidation. It's fair to say that we welcome consolidation, and would like to take an active part in the consolidation in the industry, and we do see the benefits of such consolidation. Lastly, to Thorsten here, a clarification, timeline for the options at Vard, Kenneth? There are no options at Vard any longer. Very good. Thanks for that, Thorsten. So I think with this, I've tried to summarize the many questions, several overlapping ones. Again, if you haven't received a sufficient answer, reach out to any of us, and we're more than happy to set up additional meetings. So with that, I'll say thanks to you. Thanks for listening in and very much thanks for the questions. Thank you. Have a nice day. Thank you.