Good morning. Welcome to Moreld's fourth quarter 2025 presentation. My name is Geir Austigard. I am the CEO of Moreld, and with me here, I have Trond Rosnes, the CFO of the company. I am proud that 2025 was a record year for Moreld. Successful completion of short-duration projects in quarter four led us to a revenue of close to NOK 10 billion, and an EBITDA of NOK 1.1 billion. The EBITDA is higher than 2024 and the highest EBITDA we have had for the group, and was in line with the midpoint of our guiding. The financial performance was strong as planned, and important milestones for the company have been met. If you look at the contribution from the three segments of the group, Ocean Installer is now contributing three quarters of the EBITDA for the year. Moreld Apply, close to 25%, and Global Maritime, a 3% contribution. Okay, let's have a look at the other key figures. The full year EBITDA, obviously, is a very strong performance, and it brings with it a cash balance of nearly 1.1 billion NOK. That's up NOK 95 million compared to last quarter, and our interest-bearing debt is now very low at 0.2 times the EBITDA. The backlog stands at 5.9 billion NOK, and in the last quarterly presentation, I did say that I expected that to be 10 billion NOK at this time. I will come back on that later on in the presentation. We've had some very important awards this quarter, both for subsea, for maintenance, modification, and both of them contributes to the strong outlook for the future. We are continuing our strengthening on the NCS, but we are also, with the awards we've had, manifesting our position on the international arena, especially for Ocean Installer. We did secure E-MOD, E-PRO frame agreements with Equinor, a 5+5-year contract. I will explain to you a little bit more on what that means later on, and that has a relation to the buildup of backlog. What we are doing, we are moving from... When we didn't get the V&M contract in that round, we lost it. We are adjusting our organization to go more on towards a project-driven organization and less so on a, on a maintenance and modification driven setup. That's also something I will discuss later on. I want you to be aware that there is a growing demand for small tiebacks on the Norwegian Continental Shelf, and Equinor has stated that 75 of those tiebacks will take place over the next 10 years. Simple math, that's 7-8 of them per year. That is a very, very important part of our business going forward. We are expecting a slightly negative EBITDA for the first quarter 2026. We are seeing a very strong pickup of the markets as from Q2, and in Q2 onwards, we see very strong performance of Ocean Installer, especially, and that development continues till the end of the year and also into the future. With that, we are issuing a guidance, 0.7-0.9 billion NOK EBITDA for 2026. And we are also... Yesterday, we had a board meeting deciding 0.42 NOK per share dividend for this quarter, and we will now consider to increase the quarterly dividends to 0.5 NOK as from quarter one this year. Now, let's look a little bit more on some key projects that we did last year. I'm starting with the Girassol project that we did for Total in Angola. Why is that important? That is important for the fact that we have been successfully undertaking a very, very large and vital project for that company in the first half of the year. It went perfect. That is manifesting our position as a Tier Two to Tier One player on the subsea SURF market. The Boliden one here is an onshore project, large project, and Apply is now manifesting its position on taking large onshore projects in Norway, also for the future. The two projects down to the left, Johan Castberg SURF, SPS, FPSOs, and Balder, those are examples of the company, especially Ocean Installer, taking the total responsibility for developing new projects and putting them on stream for the subsea installation part. That is a very important milestone, and again, it's a testimonial of our capabilities going forward. I also want to mention Statfjord C. The reason is that that falls under the FLX contract. I need to repeat to you, that is a very important contract for us going forward. That is for all the Statfjord installations. It is, we have, we have fixed period for it until mid-2027, with options to, to extend it with Equinor. Lastly, on the right-hand side, Utsira High and Eirin tie-in, both are modifications, and this is something that is important for the future. Those are modifications on the installations, preparing for picking up new satellite fields going forward. That is exactly what those 75 tiebacks for Equinor is about. And here, we are, have examples on that the company is able to take those, that kind of, activities on the topsides modification. So therefore, we are very positive to the opportunities going forward. On the international arena, we are looking at and bidding for very, very large Tier One SURF projects. That values from NOK 500 million to multi-billion NOK. That's important for, for the group. That is the target that we have had over time. We are now invited for bidding to those projects. And as I said, Norwegian Continental Shelf, the tiebacks, the 75 tiebacks, that is also... We are uniquely positioned because you see the two pictures on the right, the left hand of the with the yellow structures on the sea bottom. That symbolizes the part of the job that is the subsea installation. The right-hand side symbolizes the topsides modification. Those projects, each of them, we have a value expectation from around NOK 200 million up to NOK 1 billion. And when I go through each of the companies now, I want to remind you that all that Moreld does is an asset-light model. We don't own our vessels, we don't own shipyards. We are asset-light in everything that we do, and that is also important in the driving of the strong EBITDA performance and the cash flow generation that we are doing. So with Ocean Installer, they had a fantastic fourth quarter, and I'm not sure if it's a coincidence, but they delivered NOK 835 million revenue in first quarter. That is also more or less exactly the EBITDA of the company for the whole year. So Ocean Installer did around NOK 835 million EBITDA for 2025. Fantastic! We won some important milestone projects. The Balder Next project was, is an engineering and flexible product deliveries contract that we... But it doesn't include the subsea installation. And that will only be awarded after Vår Energi does the final investment decision, expected sometime mid this year. And that's, so there is an upside there. We also got an EPCI contract for Equinor, for the Mikkel field that is a subsea delivery of subsea installation and equipment. And we have also in, we have also stated that we did a non-named contract for a player in West African Mediterranean area, which is also very important in Libya. So Ocean Installer is doing very well, albeit this lower activity now because there is one of the key enabling vessels up at the docking, and that takes the majority of quarter one. But as I said, the outlook for Ocean Installer for the remainder of the year and forward is very, very strong. Okay, back to the E-MOD/E-PRO. The picture to the left is the Gina Krog installation. On this one, Apply did all the works that was required to prepare for a new field, the Eirin field, to be produced through that installation. That was the job that Apply did. Ocean Installer did what you see on the red. I'm not sure if you can see it, but the red pipes that goes on the sea bottom all the way up to the platform, that's the installation that Ocean Installer did on that project. And that is exactly what we think is a very strong future for Moreld as a group going forward. So now we are really seeing synergy effects between Moreld Apply and Ocean Installer, and this can be, and will be, a very, very strong opportunity for us going forward. So where we did not get the V&M contract, we got something that I think for us as a group is more important. It's the E-MOD/E-PRO. The E-MOD/E-PRO is exactly what I said. It's about doing projects and exemplified with one of those projects that are preparing for satellite field hiccups to the existing installations. The E-MOD is valid for all offshore installations that Equinor has on the Norwegian Continental Shelf. The E-PRO is the same, but for the onshore installation, so it's a wide scope of opportunities. We are not allowed... We don't recognize backlog for those contracts before we win the projects, and that's the difference to the V&M contract. There, you can recognize the backlog for the full contracted period, i.e., the full five years. We do expect, and, let me be clear on this, we do expect that the E-PRO contract, over time, will deliver the same volume as the V&M contract. But it's not in the backlog. So where I said that we were going to have NOK 10 billion in backlog, you don't see that on the paper, so you can say I was wrong, but I was also right in that we have opportunities here to make that happen as the time goes by. And remember, the profit level is higher on a project contract than it is on the V&M contract. That's also important. Okay, Global Maritime has won lots of contracts lately, so there's a very good outlook for the company. I'm very pleased to see that. And we are approaching a backlog of about NOK 500 million. So good outlook for Global Maritime, too. So let's sum it up. We have projects, we have a backlog going forward that is strong for 2026. There is outlook on 2027. There is a very strong bidding going on, large projects, especially for Ocean Installer, and there is nothing in here on the Moreld Apply new contracts. So, as a whole, I'm pleased with the situation for Moreld today. With that, I leave it over to you, Trond, please. Thank you, Geir. I will continue going through the financial performance and also touch a little bit more on the dividends and the potential increase that we are looking at. So for the group as a whole, revenue ended at NOK 2.2 billion in Q4 and EBITDA at NOK 132 million for the quarter, corresponding to a 6% EBITDA margin. Revenue for the full year reached NOK 9.8 billion and adjusted EBITDA at NOK 1.1 billion, and as also Geir mentioned, which is spot on, the midpoint in our guidance. As I've talked about in earlier presentations as well, when we present this EBITDA number, remember that this EBITDA number is our cash EBITDA, best proxy for cash EBITDA, meaning that we are presenting EBITDA number exclusive of IFRS 16 adjustments, meaning that all leases, vessel leases, office leases, is included in this EBITDA number. Leverage ratio reduced to 2.2 times, with the net interest bearing debt sitting at NOK 219 million at the end of the quarter. Ocean Installer, as Geir also mentioned, delivered a solid fourth quarter, concluding a record year in terms of financial performance. Revenue for the fourth quarter amounted to NOK 835 million, while EBITDA reached NOK 99 million. For the full year, Ocean Installer has delivered NOK 4.4 billion in revenue and NOK 835 million in EBITDA. The activity in the fourth quarter was primarily driven by small or fast track scopes, including a subsea cable repair job. We have also done a project management and engineering work carried out on as preparation for the larger campaigns awarded by Vår Energi and Equinor that we have for execution now in 2026. Further results was also supported by a final settlement from a project that was completed earlier in 2025. Order intake for the quarter, NOK 1.5 billion, resulting in an order backlog at the end of the quarter of NOK 3.3 billion. Ocean Installer tender pipeline at the end of Q4 remains strong, with numerous tender processes to be decided over the next coming months. Moreld Apply delivered a revenues of NOK 1.2 billion in the fourth quarter, an increase from previous quarter, but somewhat below the revenue in the fourth quarter last year. EBITDA came in at NOK 44 million, reflecting a weaker performance, with margins falling below 5%. The decline was driven by several one-off effects, such as risk accruals, delays in certain projects, and also some lower incentive-based payments compared with previous quarter, but one-offs, as mentioned. For the full year, Moreld Apply achieved NOK 4.6 billion in revenue and NOK 255 million in EBITDA, reflecting a strong year for the company. The order backlog declined from NOK 2.7 billion to NOK 2.1 billion during the quarter. Just to also underscore what Geir also touched upon, and the commercial efforts remain focused on securing backlog for 2026 and beyond for Apply. It is supported by high tender activity and strong positioning, especially also in the onshore market, particularly within modifications and turnaround scopes. Global Maritime delivered a solid year end to the year in what is traditionally a seasonally weaker quarter due to lower offshore activity, particularly in the North Sea. Revenue in the quarter was NOK 193 million and an EBITDA NOK 2.1 million, which is a clear improvement from the -NOK 4 million in the same quarter last year. The result was supported by slightly higher underlying activity towards year-end, and along with positive catch-up effects in part of the business. For the full year, Global Maritime achieved NOK 830 million in revenue and NOK 28 million in EBITDA. This represents a step up in performance, although margins were lower than compared to 2024, due to the absence of larger projects. Year-end backlog increased to NOK 474 million, representing a robust level for a business with a high share of walk-in work. Additional contract awards was also secured in early 2026, pointing to further backlog growth into the first quarter, and also support a positive outlook for the company. Turning over to our balance sheet, starting first with the net working capital. Also, as we have talked about before, Moreld operates with a capital efficient model, where the working capital on a normalized level is negative. The main driver for the negative working capital is front-loaded milestone payments on larger projects, as well as a non-recourse factoring solution that we have for the group. We had a lower level of prepayments compared to end of 2024, but net working capital back within the normalized range, as indicated on this slide. At the end of Q4, we had NOK 70 million of prepayments on the balance sheet, which is a very, very low level, and it's further down from NOK 90 million in last quarter. On our debt, gross interest bearing debt, that includes the $130 million of senior secured notes issued in February last year. It also include lease liabilities accounted for under IFRS 16. So that is basically the vessels, but also the office leases that we have as right-of-use assets on the balance sheet and corresponding lease liabilities on the liability side. Cash balance at the end of the quarter, close to NOK 1.1 billion, up from NOK 985 million at the start of the quarter. So going briefly through the cash flow bridge. As mentioned, we came into the quarter with a cash balance of NOK 985 million. We generated EBITDA, cash EBITDA of NOK 132 million. We had a positive change in net working capital, NOK 112 million. CapEx outflow, mainly linked to the ERP upgrade in Apply. We paid NOK 75 million of dividend in November, while the FX and other, that's mainly linked to currency fluctuations on our USD deposit. So at the end of the quarter, a total cash balance going out of the quarter at NOK 1,091 million, which is an increase of NOK 105 million compared to Q3. Total available liquidity close to NOK 1.3 billion, if we add on the NOK 200 million of untapped credit facilities. So cash generation, that's also a good segue over to dividends. So let me start by with what we have already delivered. So with the NOK 0.42 per share approved for Q4, we will have distributed NOK 300 million over the past 4 quarters. That corresponds to an annualized yield of approximately 10%. This reflects both the strength of our cash generation and our commitment to shareholder returns. If we look at the full cash generation for 2025, adjusting that for changes in net working capital and one-off such as the refinancing and the green shoe related to the equity increase, we had a cash-to-equity conversion of close to 70%. Going forward, we estimate to be able to have a free cash to equity conversion in the range of 65%-70%, going forward. Supported by a strong balance sheet, a strong cash balance, continued solid cash flows going forward, we are now considering an increase in the quarterly dividend to NOK 0.5, as mentioned by Geir as well, from Q1. On an annualized basis, that is up from NOK 300 million-NOK 360 million, and would represent a step-up of 19% from the current level. As always, any dividend will be subject to final and formal board approval in connection with the Q1 results that we will present in May. With that, I hand the word back to you, Geir, to summarize and conclude our presentation. Yeah. Thank you, Trond. I think the, the EBITDA guidance that we are now presenting to you is a clear indication of a much stronger last half of this year. But also it is an indication of an increased activity in our most important market, which is the Subsea installation part. I am clear that the 0.7 billion, we see as a very realistic low level today. We know that albeit having a very full schedule on our Ocean Installer for the rest of the year, there is always the opportunities to take some smaller jobs in between, and also there can be additional work on the project that we're doing. That also goes for Apply in terms of some of that business. So there is definitely room for the upside that we see in the guidance. So I want to be very clear that we have a good foundation for that guidance, and we also see strong opportunities for the company going forward. Then there is always the case on some of the contracts that we are now bidding and have won, whether they will start in 2026 or whether they go over to 2027. So that's a solid position, I think, for the group as it stands. And I think it's interesting to see where we definitely had a softening of the of the Subsea market that that I also talked about, yes, last quarter. We did see that, and that has lasted all the way until the end of last year, and thereafter, we have seen a very strong Subsea market. What we see now is a very strong future. So I think that's important for you to take on board here, and that is, of course, a lot of the background for what you see on the guidance. So with that, we conclude our presentation and open up for questions. ... Yes. First of all, any questions from the audience? No. Then we can move on to the online questions. So there is one on Q1 and the vessel utilization. You mentioned that the North Sea Giant is scheduled for a dry dock. Can you say something about the other vessel? Are there any particular reason why the Normand Vision is presumably idle at the moment? As I said, we did see a very soft quarter in the first quarter of this year. If you ask for the reason why we don't see much activity on the vessels, it is that softening, the soft market we had in the previous quarter. So that is the explanation. Yeah. Right. Back to the outlook. You mentioned a strong subsea market, particularly over the next years. With this outlook, do you have the assets and people you need to deliver on these potential projects? That... I like that question very much because that leads me into, into a very important part of our assessment of, of, the development of Ocean Installer. We are certainly seeing that we have organic growth opportunities in Ocean Installer, and depending on the outcome of the bidding we are doing now for 2026, 2027, 2028, 2029, we may need more vessels. So, that is obvious. But we cannot... We haven't got any firm allocations or firm projects, but it is definitely something we are looking into, that is, to increase our capacity when and if needed. And if you remember from last quarter, we had extensions of some of the charters and the options to both our vessels. That is to cater for the large project we are now bidding for. So that opportunity of increased activity by taking more vessels is definitely there. Okay, there is a question on the guidance for 2026. Can you please elaborate on the key assumptions behind the 2026 guidance and the range between NOK 0.7 billion and NOK 0.9 billion? We are an asset-light setup, and that means that we will always look at our capacity and what can we take a little bit to the previous questions. And maybe, Trond, you want to go into more details there? Yeah, I guess obviously connected to the visibility we have now on 2026, both in terms of top line and also on the vessel utilization that we have talked about already. So that is obviously the background for what we are guiding on. So starting now on point seven, based on what we see now, we are quite confident that we should be able to reach that floor in the guidance, and there could be some upsides to that, but that is too early to comment on, really. Yeah. There is one final question for Trond, I think. The year ended with a net leverage ratio of 0.2x, and if we include the lease liabilities, we are at 0.8x, which is quite low. What is the maximum net leverage ratio that you're comfortable with? That's correct. If you include the lease liabilities, you are at 0.8, but we are talking about the leverage ratio, excluding the lease liabilities, and also compare that to the cash EBITDA that we presented. And based on that, we are at the level of 0.2. What kind of level are we comfortable on? We should at least stay below 1x in terms of leverage on that level, because that is also connected to our ability to pay out dividends going forward. It's connected to the incurrence test, basically. Below 1x, I would say. Yeah. Great. Very high level, there came in a final question there. What is kind of in the long perspective, what is the plan, the three-year plan, would you say, Geir? Yeah, interesting question. We are looking at taking Ocean Installer to become a Tier One player. That is the plan. That must be clear. And we are in the taking steps in order to get there. I can't go into details on that, but that is definitely the plan on Ocean Installer. And also what I discussed in the presentation, the fact that we have now the, especially the E-PRO contract with Equinor, that opens up for Apply to take on large modification projects, and combining that with the capabilities of Ocean Installer of doing the subsea installation and satellite hookups. I think we are seeing we are gonna be extremely efficient in doing this. We are gonna do that fast, low cost, shorter time to first oil, and I believe that personally, that is gonna be a very strong position for, also for Apply going forward. So I think that, if I should say something... And it's not only for Apply that the subsea subsea tiebacks. There is a lot of other projects, by the way, in that E-MOD PRO setup. Mm-hmm. That is kind of the long-term development that I can share with you at least now. Thank you. With that, we can conclude the Q&A session. Thank you very much.