Good morning, and welcome to our Q2 and H1 2021 conference call. My name is Carel Hooijkaas. With me today is my Chief Financial Officer, Mark Ivin. In Q2, we generated good EBITDA on higher activity and flawless project execution. Importantly, we continued to operate safely with the TRCF at 1.2 and no COVID-19 cases offshore. We also reached a milestone by completing our 100th OBN survey and the first ever carbon neutral survey. This continues to show our leadership and innovation in our market. For Q2, revenue came in at $58.8 million, with a gross margin of 29%. EBITDA came in at $14.3 million or 24%, on the back of higher crew utilization and better margin contracts. The available cash at the end of Q2 was $41.5 million. As announced, we temporarily increased the RCF in July to give ourselves increased flexibility to execute and mobilize the increased activity in H2. I want to thank DNB for their continued support in this regard. Total backlog at the end of Q2 was $230 million, of which $140 million is for delivery in H2 2021. In Q3, we continued to increase our backlog to $339 million with significant contract awards. I will go through these on a later slide. Looking forward, we continue to see increased tendering activity for 2022 projects, not only in our core areas of the Gulf of Mexico and North Sea, but also in Latin America and Asia. Let's now take a look at our operational performance. In the quarter, we delivered on higher gross profit projects. The ZXPLR1 crew completed a Gulf of Mexico project and transitioned to another project in the same region. The Z Explorer Two crew also completed a Gulf of Mexico project and transited to a new survey in West Africa. The Z700 crew completed a North Sea OBN project and went into maintenance in preparation for new projects. The reservoir monitoring and source crews were busy on four fields during the North Sea summer season. The MASS crew started a North Sea project for ConocoPhillips as part of the long-term contract we have with them. Our renewables operations are also mobilizing for client tests in the carbon capture and storage and wind farm markets in the North Sea. We've signed an agreement with TGS to work together on these tests. Magseis Fairfield will be responsible for the acquisition, while TGS will be responsible for the data processing. We will have joint marketing and show rides to use this data to build our renewables business. Importantly, this provides us with a dataset that can be used to develop new multi-client and proprietary acquisition opportunities in the renewables space. We already announced that we have signed an MOU to become part of Project Greensand in Denmark. Project Greensand aims to demonstrate that CO2 can be injected into the Nini West reservoir offshore Denmark, and to validate cost-effective and environmentally safe monitoring technologies. The pilot project will not only be important for Project Greensand, but also for maturing other CO2 storage sites in Denmark and Europe. The project is scheduled to be executed in 2022. As highlighted before, securing quality backlog has been our number one priority. Backlog has increased 52% year-on-year after a marginal increase in Q2. two contracts were awarded to us in Q2. The first one is a four-month project for a multi-client company in the Gulf of Mexico, which started in July, using our ZXPLR deepwater OBN technology. The second one is a one-month 4D OBN monitor survey in the North Sea, commencing in the third quarter using our MASS node technology. In the third quarter, we secured three additional contracts, which has increased the backlog for delivery in H2 2021 to $178 million. We were awarded a two-month OBN survey for a multi-client company in the North Sea, starting in the third quarter using our Z700 technology. This includes the right of first offer for further multi-client surveys in 2022. We were also awarded a substantial OBN survey in Asia for an undisclosed customer. The duration of the survey is approximately five months and is scheduled to commence in the fourth quarter using Z700 technology. This survey requires the full Z700 node inventory and two node handling vessels. The revenue generation potential is therefore equivalent to 10 acquisition months using a single node handler. Last week, we were awarded a small project in the North Sea for a multi-client company using our MASS technology. This survey will be acquired during Q3. The size of all the awards is further highlighted by looking at the 2022 and beyond backlog, which now stands at $161 million, and with the total backlog at $339 million. Let's now take a look at our updated crew activity backlog. With the awards we announced in April, the Z Explorer One crew is now booked well into Q4 in the Gulf of Mexico. The Z Explorer Two crew will complete the project in Angola and is then scheduled to return for a project in the Gulf of Mexico. We had mentioned that the available capacity for our Z700 and MASS technology had our full attention. We have clearly turned the availability into awarded contracts. The Z700 crew is now working on a project we announced in Q3 in the North Sea, and will then transit to Asia for the five-month project there. The MASS crew is executing the projects we have been awarded in the North Sea and will then remain available for additional opportunities. The reservoir monitoring and source crews are under contract and are performing their projects in the North Sea. The extended high resolution, or XHR, renewables crew is mobilizing for the CCS and wind farm tests as we speak. With that, I'll hand the call to Mark. Thank you, Carel. In our Q1 presentation, we said that results would improve later in the year. I'm glad that we already have delivered on that statement, and especially glad that Q2 is an improvement on all our main financial metrics, as well as our crew utilization. Let's take a look at the numbers then. In Q2, we had revenues of $58.8 million, which was a step up from $42.9 million in the first quarter. The uplift is driven by higher utilization on our acquisition crews and increased revenue from reservoir source and monitoring crews in the North Sea as that season got underway. The gross margin improved to 29% in the quarter, and EBITDA increased to $14.6 million from $0.6 million in the first quarter. We ended Q2 with cash holdings of $41.5 million. As we saw that activity was picking up, we secured an agreement with DNB in July to temporarily increase our RCF from $30 million to $45 million to ensure we have sufficient funds to handle customer project-related working capital requirements until year-end. Revenues in Q2 were the highest we've seen in quite a while, as you can see. This mainly reflects higher acquisition activity, which is the backbone of our operations. Carel has given you the operational picture on our crews, but to add to the utilization ratio view, our two Z Explorer crews have been running at 98% utilization throughout Q2. Our Z700 and MASS crews operated at an average of 33% utilization, and our three reservoir monitoring and source crews were working at 100% utilization throughout the quarter. Looking ahead, we now have $178 million of backlog scheduled for delivery for the rest of 2021. Provided our backlog stays intact, and that's a standard disclaimer, this will give us higher revenues in the second half of the year compared to the first half, and that calculates to a revenue uplift of more than 45% for full year 2021 over 2020. To repeat from previous quarters, we do not recognize any revenue from the Cornerstone multi-client project until data processing is completed, after which pre-funding and late sales will be recognized as revenue in our P&L. CGG are handling the data processing and will have data for the main survey area ready in Q4 2021, and our current information is that the remaining area will most likely not be ready until the first half of 2022. We have, over the past few quarters, tried to illustrate the swings in market gross profitability and the corresponding time lag in our project execution. At the Q4 presentation, I told you that project portfolio gross margins would be lower in Q1, and at the Q1 presentation, I said that the expected gross margins will improve later in the year. This is also precisely what has happened. Gross margin improved from 19% in Q1 to 29% in Q2, and gross profit more than doubled from $7.9 million in Q1 to $16.8 million in Q2. Turning to the SG&A, we saw an increase in Q1 2021 compared to the previous couple of quarters, driven by customer project ramp-up efforts by our technical and operational teams, as we pointed out at the time. Reported SG&A for Q2 was very low at only $2.5 million, but please note that this includes loan forgiveness of $3.6 million on COVID-19 loans in the U.S. Underlying SG&A was hence running at around $6 million for Q2. The decline from $7.4 million in Q1 mainly reflects that a larger portion of our technology costs have been capitalized, as our technology roadmap for our next-generation nodal system is shaping up in line with what I said during the Q1 presentation. Also note that we reiterate our earlier guidance for full year 2021 SG&A costs at or below $25 million with the activity level that we currently have forecasted. Summing up on the EBITDA level, we report an EBITDA for Q2 of $14.3 million with an underlying EBITDA of $10.7 million. This compares to $9.9 million in Q2 of 2020 and a significant uplift from Q1 of only $0.6 million. We have already been through the issues supporting the higher earnings this quarter, as well as the drivers of higher backlog and higher revenue. Despite projects with a blended mix of gross margins, as well as some back-loaded costs, we believe that the higher backlog revenues will generate a somewhat higher EBITDA for the second half of the year compared to the first half of this year. In Q2, CapEx came in at $3.1 million, excluding multi-client investments. CapEx increased somewhat from the very low levels that we have seen over the past three quarters. This reflects equipment acquisitions and investments in the extended high resolution crew, known as XHR, that we have established for our renewables business, as Carel pointed out. As we have pointed out in earlier quarterly presentations, we expect CapEx at or below $15 million for the full year. We reiterate this CapEx guide even though our order backlog has increased materially, as these projects can be supported with our existing nodal equipment inventory. We are prepared to support new projects with growth-related CapEx, but only if the market and customer activity supports this extra spend. Here are the key figures summarized for you on both an IFRS and a segment basis. Just a brief note on the P&L below the EBITDA line. Depreciation and amortization amounted to $15.6 million in Q2, generating an operating loss of $1.3 million and a net loss of $1.9 million for the quarter. This is not quite break-even level, but very close and the material improvement over Q1 reporting. We have had excellent support from DNB, and as mentioned, secured a temporary increase in our revolving credit facility in July from $30 million to $45 million. This is to support the increased working capital needs related to execution of customer contracts, and it will be repaid back down to $30 million by year end. DNB has also granted us an extension on the RCF by 1 year and now until December 2023. We are in good shape on our financing with the activity outlook that we see today. Turning to the cash flow for the quarter, we had cash flow from operating activities of $6.1 million, including a negative net working capital effect of -$4.4 million. Net investments amounted to $4.8 million from CapEx plus our share of data processing investments for multi-client. Net financial outflow was $11.3 million for the quarter. As we talked about during the Q1 presentation, we temporarily repaid $15 million on our RCF in Q1 to save interest costs and then redrew the same $15 million in Q2. Other cash flow from financial items included $5.1 million in lease payments, $0.6 million in interest cost, and a positive effect of $2 million from a second wave of U.S. COVID-19 support programs. As a result of this, we had $41.5 million in cash at the end of the second quarter, and as mentioned, our financial flexibility will strengthen further with the temporary RCF increase in July from $30 million to $45 million for the remainder of 2021. As I repeatedly mentioned and as expected, our net working capital has gradually normalized over the past year, and the projects we are commencing in Q3 and Q4 will add to the working capital needs. The additional financing that we have secured will cover this temporary increase in net working capital requirements. I expect net working capital to normalize at a slightly positive level over time as the actions we have taken towards both vendors and customers are taking hold. The balance sheet development is stable in the quarter, with the higher cash balance largely offset by an increase in non-current liabilities due to the redraw of the RCF. We have no debt installments due in 2021, and our debt ratio remains low at roughly 10% of total assets in Q2. The equity ratio remains stable at 57% level from 58% in Q1, and we are in compliance with all debt covenants on our RCF with DNB yet again, as you would expect. With that, I'll hand the call back to you, Carel, for the market and strategic development section. Thank you, Mark. Let's now look at the market and strategic development. Far this year, we've been awarded $240 million in new contracts. Looking at the 2021 market in more detail, 96% of the visible market has been awarded, and some of the available opportunities in 2021 can easily slide into 2022. We are therefore clearly shifting our focus to 2022. Looking at next year, the first observation is that we're seeing a double-digit market growth year on year when looking at the total number of acquisition months. We've been forecasting this for some time, but it's good to see this materialize. Activity in the Gulf of Mexico, North Sea, and Middle East is stable, while we see growth in South America and Asia. Following the recent contract awards, 48% of the visible projects for execution in 2022 have been awarded. Key opportunities remain in Europe, the Americas, and Asia. Tendering activity for 2022 has increased throughout the quarter. Magseis Fairfield continues to be well-positioned to secure further market opportunities. Looking at the macro, we are forecasting a market recovery, which is stimulated by three factors. First, a high short and medium-term GDP growth, which will drive strong demand for oil and gas. Second, under-investment during the COVID-19 pandemic. Third, the assumption of continued discipline by OPEC+. The market recovery will be different from previous ones. Due to the commitments made to the energy transition by our clients, exploration spend will not recover. Instead, our customers will prioritize cash and value generation from already explored assets. In addition, they are prioritizing low carbon barrels, which can be delivered quickly to the market with a short payback on investment. We are therefore forecasting a sharp recovery for greenfield and ultra-deep brownfields from 2022 to 2025. This is precisely where Magseis Fairfield has its offering. We continue to see that IOCs are very much maintaining capital discipline during this time, while NOCs continue to invest for the long cycle. To capture the growth opportunities we see, Magseis Fairfield will continue to focus on technology leadership. As mentioned during previous presentations, our focus is on total system differentiation, leveraging our OBN technology platform to capture growth and value. Magseis Fairfield's differentiated modular and asset-light OBN solutions drive value creation by reducing project costs, improving client ROI, and increasing market opportunities across the energy transition, both in oil and gas and offshore renewables. To achieve this, we are executing our 2021 Technology Roadmap to further strengthen our OBN technology platform and total system differentiation. We are doing this by integrating the technology organization and our MASS and Z technology stacks and by developing the next generation system, leveraging existing MASS and Z technology stacks to strengthen technology differentiation and leadership. I'm very excited about our technology platform. It provides us a strong basis for capturing our fair share of the project pipeline to 2025. This brings me to my last slide. In 2021, we are using our asset-light model and technology differentiation to execute on the secure projects and to capture the 2022 market opportunities we see. We are pleased with the improved Q2 financial performance. We have secured significant contract awards and are on track to deliver increased revenues. As always, our focus is on safe, efficient, and reliable execution of project backlog. As we speak, we are mobilizing for renewables operations over CCS and wind farm areas. The results from these tests will be used to generate additional renewables business. We will continue to leverage our OBN technology platform to capture growth and value. Last but not least, securing new contracts for 2022 remains a key priority. With that, we'll open it up for questions. Operator, can you please open the lines and start the Q&A? We will take our first question from John Olaisen with ABG. Please go ahead. Your line is open. Thank you. Good morning, gentlemen. Congrats with winning a lot of contracts lately. I wonder, one thing is the volume or revenues. Is it possible to give some indication of the margins that you have in the backlog for the second half? Also maybe some comments about potential margin development in 2022, please. Thank you, John. I'll start off and then also ask Mark to comment. What we've seen is that, as you've also seen in our Q2 results, we've seen an improvement in margins over time, as predicted. They haven't reached pre-COVID levels yet. We are encouraged by the general trend. What we are forecasting for next year is similar levels to what we have seen this year at this point. We will provide further comments on that at a point in time in the future. Mark, you want to add some more? Yeah. Thanks for a good question, John. Of course, just for caution, no guidance on margins from us. We'll be happy to comment, of course, on the outlook and an important question for all investors. A decent margin year to date, up from Q1, as you've seen. That's an average of 24% for the two quarters. It's safe to assume that the picture will remain more or less the same going forward, but we have seen margins come up in Q1. You recall the contracts that we won in December, January, February, and March of this year, December last year and first quarter this year, came up quite significantly. We've seen they come down a little bit again in recent contracts. Now we have a blend of contracts from our wins. In our backlog to be executed for the second half, we have then a blend of COVID era contracts, which are lower, and the more recent contracts that are higher. It's going to be a mix. That's the most important trait. Also, we will have some transit cost going to new projects. A little bit of idle cost as well that brings down the margins a little bit. We're optimistic, just on the last note, we are optimistic on continuing the excellent operational execution that we have had. Pretty spotless. There is a risk, of course, that if something happens, that will impact margins as well. Again, we're optimistic on our teams continuing to execute as they have been doing. Again, to complement that, Mark, thank you. Again, the recent contract awards have provided us with a great level of visibility. To Mark's point, having visibility allows us to properly plan and execute, and that is incredibly valuable when it comes to the generation of gross profit. You had a follow-up, John? Yeah, if I may. Given the market dynamics of the OBN market, where you are by far the dominating player, and I guess the only big or serious player competitor is probably Shearwater. I just wonder, why don't you manage to push up margins? Who are the players that are actually bidding against you and pushing down prices and keeping margins as low? Is it Shearwater or is it anybody else? No, there are other players in the market, too. I think we've seen continuous competitive threats in that regard. We recently had a public opening in Brazil, which everybody has seen. You can see that there are other players in the market, too. Additionally, what we're seeing, and this is throughout the oil and gas space, is that particularly IOCs are continuing to be extremely capital disciplined. There are constraints there in how much you can push it up or projects simply disappear. There is a balance to be found, and so far, we have followed the track of getting a fair reward for our services, but also securing our future by putting all these surveys down, and therefore putting us in a prime position to secure the follow-on work and the repeat surveys that are going to come. This is not just about winning the work now, but this is also securing the subsequent repeat surveys in the years to come. May I ask specifically, do you see BHP as a competitor? To meet them in tenders? We have met them in Brazil. Again, that was a public opening, so there's no new information there. Obviously, they have been very dominant in the Middle East, and they are, in fact, a key customer for us there on the back of the equipment sale we did to them. We continue to support them with technical expertise, but also equipment to maintain that operation. Apart from yourself, it looks like most of your competitors are a couple of guys and a dog. I'm just a bit puzzled why you're not able to push prices up when volume is increasing. Yeah. Give us more- I'm not going to comment on that. We continue to be opportunistic and understand the competitive landscape really well, and where possible, obviously, where we see opportunities to increase prices, we are and we will. At the same time, again, to my previous point, there are competitive threats, and we need to protect and preserve our core areas and make sure that we secure not only the surveys now, but also the subsequent repeats. My last question very quickly is about the Cornerstone multi-client project. You haven't recognized that in the revenues yet, but you're right that you will recognize them once it's ready, processed. May I ask, have you had a lot of sales on the Cornerstone project? I.e., once it is ready, processed, will you book a lot of revenues? Okay. You want to. How about cash flow? Sorry, Mark, you want to start on the revenue recognition? The revenue recognition is, John, I think we may have talked about before, but just to confirm, as soon as the data processing is complete, and that's in Q4, certainly for the vast majority of the data, as I just gave a voiceover on that revenue slide. We have reason to believe that a smaller portion of that might slide into Q1 with data completion, Q1 of 2022. Revenues to be recognized as the data is complete. We did have the fast-track data ready in Q2, as we have said for a few quarters now, but it's the final data completion date that dictates when we can recognize all the pre-funding and any potential late sales. Maybe, Carel, you want to comment on the outlook for late sales? Yeah. We're continuing to work closely with CGG on generating the late sales. There is a lot of discussions going on in that regard with customers, and we hope to see the fruits of that in Q4 and onwards. That's still one of the remaining items that we need to lock in for the rest of the year. Of course. Sorry. I presume you define late sales as revenues recognized after data processing is finalized. Is that correct? That is correct. Correct. Yeah. Yeah. How about pre-funding? Will you be able to book pre-funding revenues once the data has been ready, processed, and how much will that be? So John can maybe- The answer is yes, when the data is complete. The full pre-funding for, let's say, both portions of the data is $13.7 million. Again, if all data is complete in Q4, it will be $13.7 million recognized in Q4. If that smaller portion slides into Q1 next year, as I said, then it will be slightly below the $13.7 million. All right. That's net to you? Well, that will be our revenue recognized figure. For Magseis. Yeah, for us, if that answered the question. Right. Yeah. That's to us, yes. Yeah. Will that also be a positive cash flow once recognized, or have you received that cash already? We have received the cash already, the majority part of it, and then the remainder as we go along for the second half of the year. Okay. How much is remaining? Sorry. A very, very small portion. The vast majority has all been received. Okay, thank you. I'm going to leave the floor for other questions. Thank you for taking my questions. Thank you, John, for good questions as always. We will now take our next question from Joakim Carlsten with Hawk Infinity. Please go ahead. Your line is open. Thank you. Congratulations on a good quarter. two questions from me. Number one, I noticed the announcements of some pilot projects on the renewable side this morning. Can you give any comments or guidance as to when you hope or expect to see the first commercial projects out of this new vertical? Second question, we had some questions from ABG, but I've been noticing that the general analyst coverage of Magseis is perhaps a little bit less active than what it should be. Do you have any plans to step up the IR activity and hopefully bring some more investment banks on board in terms of coverage and more active sort of follow-up and reviews and previews on Magseis? Thank you. Thank you. Thank you for your comments and thank you for your questions. I'll start with your question around the pilots that we've announced with TGS this morning, then I'll hand it to Mark for the analyst coverage. We're very excited about working together with TGS on these pilot projects. Just to be clear, Magseis Fairfield will be responsible for the acquisition, and TGS will be responsible for the processing and interpretation. We want to use this data to really help us in securing the next project. Even ahead of the actually acquiring these pilots, we are already having a good level of customer engagements about potential new projects. I'm not going to speculate on when they're going to land. All I can say is that there are a number of active discussions. We are excited about entering the renewable space. We see great potential. You will also have seen the Project Greensand announcement the other day. It's an area that we are tracking very actively, and we see a great promise in the medium to longer term. I think that's as far as I can go on giving you line of sight on the commercial projects that are going to come. I'll finish by saying that I think we have a very strong collaboration with TGS on this pilot, and it puts us on the best possible footing to have a very high-quality data set that we can then use to market our solution to future customers. Mark, you want to cover the analyst question? I understand your question, actually. Let me just start by saying that I certainly feel that I have very good contact with DNB Markets through John Mastal, Sparebank Markets with Tommy Johannessen, with ABG Sundal Collier with John Olaisen, and also with Arctic Securities. It has been Morten Nystrøm until now, but he has left, as I'm sure you know, and he's about to be replaced. These guys are certainly on my speed dial, and I think that I am on theirs. The activity with the analyst has been actually slightly higher in the last, let's say, quarter and a half than it has been previously. At the same time, Q2 is the first quarter since Carel and I joined the company in Q3 of 2019, that there is no consensus estimate for Magseis as a listed company. I've been putting my ear to the ground to figure out why that is. three main reasons stand out. Number 1, investors' focus have shifted towards renewables. There's basically just less demand for seismic estimates. That's one piece of input. I'm not qualifying these, by the way, or saying that they're absolutely true. I'm just sharing, to your question, what I hear and the input that I've received. Sure. The second reason is that there's been a large increase in new IPOs over the past year and a half, as you know. That's tailing off a little bit now, but all these banks have received very high increase in activity for new listings and thus new customers and thus new analyses from these guys. My understanding is that there's no new resources in the analyst teams to continue both the past and the new customers, if you will. I think that will be something that will smooth down and land a bit as we go forward. They understand that they need to cover all listed companies. Thirdly, and lastly, there's been a little bit lower volume of trades in the seismic space and may be driven by PGS being taken out of the OBX Index this March. Which in turn, of course, for institutional investors, limits the trades they can do. Those are the 3 main reasons that we see, and I hope it's in passing, and it will be picked up again, and we will certainly increase our efforts to make sure that it will be a passing matter. Again, just to repeat, the frequency of dialogue between myself and the analysts has actually been higher precisely because they want input to build their models for their customers, and I want to be sure that they're not way off on drivers of the market of input that the company can give, so to speak. They're not way off in their own right. They understand this market very well. Thank you very much for the answers. I think generally attention will follow performance over time, but it would be good to get some more news flow around the company. Thank you very much for the answers. That's it for me. Thank you. Thank you. Once again, if you would like to ask a question, please press star 1. We will now take our next question from Tommy Johannessen from SB1 Markets. Please go ahead. Your line is open. Yes, hello, Carel and Mark. I just want to follow up on margin question from John. Can I ask specifically on the large 5-month contract you just recently won in Asia, how many players did you compete against on that contract? Thank you for your question, Tommy. We had a total, I think, of four companies submit a proposal for that work. That was truly a competitive bid, and we're very pleased with the outcome, obviously. It seems like, I think it was in February in your presentation, you said that prices were increasing on the awards, and that activity was increasing. You all actually seen the past six months that tender activity is up, oil price is up, but prices remain sort of flattish is my impression. It's actually because the competition is intensifying. Is that the conclusion to why prices are not increasing as you see it? No. Again, there are other constraints here also. Yeah IOCs in particular are extremely capital disciplined. Again, it's finding the balance between locking in work now and putting baselines down, which then secures the future work for us, versus not having the projects at all. We are playing the longer-term game here, where we want to secure the work now, but clearly have a view on the future also, and making sure that we, as Magseis Fairfield, have as many surveys and baselines out there so that we secure the future revenue streams also. Again, as always, it's a mix of elements that go into the final pricing and margin discussions that we make. Yeah, those are the ones that we bounce around when we have the internal discussions. Looking at the pipeline, around half of your 2022 expected volume to be tendered in the market has already been awarded. Shouldn't it be fair to assume that the remaining 50% should have potential for high prices? I know your comments earlier that you expect flat margins in 2022. Yeah. increasing volumes I think it's in fact a little too early to start talking about exact margins for 2022. The other comment I made was that we will be opportunistic on pricing depending on where we see competition. Clearly, we have a very good understanding of where competition is active. If we see an opportunity to increase prices, we will. Again, looking at the results that we've announced today, we have indeed increased prices, and you've seen the results of that. Again, when we have the opportunity to do so, we will further push pricing up. An additional benefit we hold is that we hold a very significant share of the node inventory globally, and that has been a key lever for us winning the work in Asia, and I think it could be a key lever for some of the other opportunities we see in the future. That may give us further opportunities to look at pricing also. Perfect. My last question is on net working capital. When do you expect this to be at the normalized level, and what do you consider to be a realistic normalized level? Yeah. I'll answer the second piece of that, Tommy, but not the first. Timing is always a double-edged sword. Very fair question on normalization of networking capital. We've said all along that it would normalize over time from -$45 million in Q1 of 2020, or around -$40 level, and to -$10 now. It's been evolving precisely as we've said. I think we've taken a lot of actions towards both customers and vendors and finding the right balance between the 2 to limit the increase in networking capital, and increase meaning above the zero mark. I think over time, and of course, depending on the activity level, the higher the activity, the higher that figure will go. In a balanced environment, to put it that way, my expectation is for us to keep the networking capital at a low positive level, meaning between $10 million and $20 million in a balanced market. It doesn't mean that it couldn't go above that temporarily or below $10, meaning between $0 and $10 temporarily, but long-term should be between plus $10 million and plus $20 million. Perfect. That was all the questions I had. Thank you. Thank you, Tommy. Thank you, Tommy. It appears there are no further questions at this time. I would like to turn the conference back to our speakers for any additional or closing remarks. Well, thank you all for listening in and the good questions. Clearly, we are pleased with our improved Q2 financial performance. We have secured very significant contract awards, which give us great flexibility and visibility into the future and allows us to execute well. Very excited about the pilots we've announced today together with TGS and the opportunities that will bring to us. We will continue to focus on securing further contracts into 2022. That will remain a key priority at the right pricing levels. Thank you very much for dialing in.