Welcome to the Floatel International Q1 2026 Investor Call. My name is Alan. I'll be your coordinator for today's event. Please note this call is being recorded. For the duration, your lines will be on listen only. However, you will have the opportunity to ask questions at the end. This can be done by pressing *1 on your telephone keypad. If you require assistance at any time, please press *0. You'll be connected to an operator. I will now hand you over to your host, Peter Jacobsson, to begin today's conference. Thank you. Good afternoon, good morning, wherever you are. I'm happy to present the Q1 of 2026. I will take you through this presentation together with my CFO, Tomas Hjelmstierna. If you have the pack in front of you, I would recommend that you turn to page 5, where we have marketing and tendering. In short, we still have a very buoyant market with the several incoming tenders, especially for work in 2027 and 2028. Lots of work in Brazil. As you probably know, there was one bid that closed yesterday, which we will not participate for obvious reasons. The utilization in the Q1 2026, in accordance with our recording of the worldwide fleet, was around 64%, and the 2025 full year utilization was around 70%. We have limited availability until 2027, and I'll come back to that. There is a limit supply in the North Sea, but there are also quite reduced demand in the North Sea region at the present. To the right, you have the global supply demand situation, which shows that the demand merely reached the capacity, which means a high utilization will be expected the next years to come, which obviously, hopefully, will have an impact on the daily rate moving forward. Page number 6, showing our present fleet commitment. I'll spend some time on that page. The Floatel Endurance is currently working for Aker BP Skarv. Thereafter, she's going to Yggdrasil project. Yggdrasil have announced a delay of the project to around 1st of December presently, which means that the Floatel Endurance will enter a paid standby period for some 45 days between Skarv and the Yggdrasil project. In addition, we have the contract for Aker BP for the Alvheim FPSO, which is due to commence in March 2029. Floatel Superior did a short campaign on the Skarv field before she transferred to Vår Energi Jotun project, where she is now. That project should end sometime in August, before she goes to Aker BP Yggdrasil project, which is due to commence September this year. Floatel Triumph just relocated to Shell Prelude. She landed the gangway on the Prelude FSO or FLNG vessel on the 13th of May, and she remained there for 100 days before she goes to Chevron in early October. There is a small gap there between Shell Prelude and Chevron Wheatstone. Either we fill that gap with other work, or we will complete the SPS for the Floatel Triumph. The Floatel Triumph will be charter-free sometime in November, December this year. Floatel Victory, she is finishing, coming to the end of the Karoon Energy. They have not exercised the last option, which means that we can move earlier to the Equinor Bacalhau project. We expect that that relocation of Floatel Victory to Bacalhau will happen sometime next week. We expect just a two days gap between the two projects. We have the Brava project that is due to commence in early December 2026. In between the Bacalhau and the Brava project, we will do a truster overhaul of the Floatel Victory in Brazil. Current backlog, as per end of March, stands at $342 million of firm work with options of $162 million. You can see the revenue distribution in the various years to come. Fleet update. I've mentioned most of it already, but can just say that Floatel Endurance utilization in the quarter was 48% as we did a thruster overhaul in the early part of the year. Floatel Superior had a 40% utilization in the quarter as she was awaiting for the startup of the Skarv, the Vår Energi work. Floatel Triumph recorded 100% utilization in the quarter, and Floatel Victory, a 99% utilization in the quarter. By that, I have the HSE statistics where we are recording the lost time injury frequency rate, and you have the graph there on page number 11, showing where we are and comparing also with the IMCA statistics. I have to say also, we have had two LTIs since the reporting date. Obviously, we are working hard to improve our LTI. This is unavoidable incident that we are trying to deal with and train the people more to be aware of what they're doing on board. By that, I hand over to Tomas to take you through the financial statements. Thank you, Peter. Please turn to page 13, the income statement. The recurring EBITDA in the quarter stands at $4 million compared to - $4 million last year. That is in line with expectations, and there were normal operations throughout the quarter, given that we have had a thruster overhaul on the Floatel Endurance, as well as starting up our Floatel Superior in the quarter. Therefore, the utilization for the fleet stand at 72%. Non-recurring effects are minor. Depreciations, impairment, and reversals is just regular depreciations in the quarter. It stands at -$12 million, just like last year, because the CapEx we are incurring this year, as we have guided just north of $50 million for the year, will not increase depreciations until the second half of this year. Finance net is at -$8 compared to -$10 last quarter, and the improvement is mainly due to FX. The net results stands at -$18 million in the quarter. On page 14, you have the balance sheet. Worthwhile to mention is we have $42 million of net client receivables, which is to find accounts receivables plus accrued revenues not yet invoiced, and we have $69 million of cash. The bonds and outstanding senior secured debt stands at $335 million without the adjustments for accounting treatments. We are in compliance with all financial maintenance covenants with ample headroom. We go to the cash flow on page 15. In the quarter, the net customer receivables decreased and thereby improved the cash flow by $8 million. That is, of course, that we came off contract towards the end of the year for Floatel Endurance around the turn of the year. $30 million of CapEx in the quarter, and that mainly refers to the Floatel Endurance thruster overhaul, as well as installation of an exhaust aftertreatment system on her to reduce the NOx pollution. Semiannual bond interest and amortization are, of course, paid semiannually, and the next time is in April 2026, where interest is $31 million to be paid, and $35 million is, of course, the annual one. It's $16 million of interest and $15 million of amortization to be paid in April, then, of course, reducing the cash balance with the same amount. Q1 2025 proceeds from debt was done, was the tap issue net of OID we did a year ago, and the RCF drawdown, which was later repaid in August 2025. With that, we end our presentation and go to Q&A. Thank you. If you would like to ask a question or make a contribution on today's call, please press *1 on your telephone keypad. To withdraw your question, please press *2. You will be advised when to ask your question. We'll pause for a moment to allow everyone an opportunity to signal for questions. As a final reminder, if you'd like to ask a question, please press *1 on your telephone keypad now. We will pause for another quick moment to allow everyone an opportunity to signal for questions. There are no questions on the line, so I'll now hand you back to your host for closing remarks. Thank you very much. It was so clear. There was no questions. I appreciate your participation in this call, and I look forward to the next call later on this year. Goodbye now, and have a good day. Thank you. Thank you for joining today's call. You may now disconnect.
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