Good morning, and Welcome to Our Q1 Conference Call. My name is Carel Hooijkaas, and with me today I have my CFO, Stig Hognestad. We welcome your questions at the end of this presentation. In addition to audio questions, like last time, you also have the possibility to ask your questions in the chat function. You can type in your questions as we go through the presentation, and we will answer both the audio and written questions at the end of our prepared remarks. Let's start. In the quarter, we had seasonally lower activity with only two crews operational for the full quarter. As expected, performance was further impacted by weather and environmental conditions on the project in the Gulf of Mexico. This contract was signed during very different market conditions in early 2021. With the tightening market conditions we find ourselves in today, it is the terms and conditions which we are improving in addition to pricing. The project was completed in very early April, and the crew is now executing a new project at good margins. We successfully mobilized a second crew in the Gulf of Mexico, and we are executing well on the new project. In the quarter, we acquired the node-on-a-rope handling system from Carbon Transition, further consolidating the mid-water market. For Q1, revenue came in at $75.2 million, with a gross margin of 11%. EBITDA came in at $3.1 million or 4% due to the Gulf of Mexico project. We generated an operating cash flow of -$3.6 million. Total backlog at the end of Q1 was $257 million, up 13% year-on-year, of which approximately $164 million is for delivery in 2022. Importantly, the new backlog was secured at improving margins as the market starts to tighten. We continued to forecast an improving market outlook with the OBN market approaching $1 billion in 2023. Let's now move to the operations update. The ZXPLR One crew continued to work in the Gulf of Mexico. As highlighted, the performance on this crew was impacted by poor weather and environmental conditions. The ZXPLR Two crew commenced a Gulf of Mexico project for a repeat customer and is executing according to plan. The Z700 crew continued to work on the India project. The MASS crew started their transit to start a new project in Q2 in the Mediterranean. Our reservoir monitoring and source crews performed maintenance in preparation for the spring season projects in Q2. Let's now have a look at our backlog. Our backlog stands at $257 million. In Q1, we secured three contracts. Two conditional awards were converted into signed contracts commencing in Q2 using the Z700 crew for a total of three months. In addition, a repeat customer has exercised an option for an additional project commencing in late Q2 for a two months project using our Z-Explorer technology. In Q2 2022, we have so far secured an additional contract with a repeat customer exercising an option to award an additional project for several weeks in the Gulf of Mexico using Z-Explorer technology. In the quarter, we further consolidated the mid-water market and expanded our capacity by acquiring the handling systems from Carbon Transition. These systems have previously been used for surveys in India, the Middle East, and in the North Sea. This further strengthens our delivery capabilities in the mid-water market and improves our competitive position to bid on more projects with a short time to market using both our Z and MASS nodes. The deal structure limits our financial risk and is essentially based on an earn-out mechanism. The initial investment of $500,000 million with a profit-sharing model over three years with a maximum payout of $12 million and a minimum of $1.5 million. We are very pleased that through this transition to renewables, we continue to execute our renewable strategy along the four tracks we presented previously. We continue to be in discussions with the Centre for Geophysical Forecasting to execute a test in 2022 to validate the research using our node-on-a-rope technology. The engineering for the Greensand CCS project in Denmark is continuing with acquisition scheduled for Q4 2022. We are reviewing pilot plans for acquisition over a CCS field in 2022. Last but not least, we continue to participate in tenders for new projects. Our main focus areas are the U.S., Europe and Asia in that regard. This moves us to the updated crew activity backlog. The Z-Explorer One and Two crews are booked into Q3 in the Gulf of Mexico. The Z700 crew will complete the India project in Q2 and will then transit to the North Sea for the summer season. The MASS crew has mobilized in Q2 for the new project in the Mediterranean, and acquisition is progressing as planned, with the crew booked into early Q3. The reservoir monitoring and source crews are under long-term contracts and completed the necessary maintenance and readiness preparations in Q1, and have now started their acquisition projects in Q2. As mentioned already, the engineering for the Greensand CCS project in Denmark is ongoing, and the project acquisition is scheduled for Q4. With that, I'll hand the call over to Stig. Please go ahead, Stig. Thank you, Carel. Let's have a look at the financial highlights again and go through them in a little bit more detail. Revenue for Q1 came in at $75.2 million. This is slightly up from last quarter, but lower than expected due to operations taking longer than anticipated, experiencing weather downtime and slow production as an effect of currents that we had in the Gulf of Mexico. Because of that, the following work has been delayed and therefore slightly lower revenue for the quarter. Activity vs same quarter last year was significantly higher, mainly as a result of the Z700 project in India this winter. Despite the only two crews operating, we had quite high revenues. Unfortunately, gross margin ended at only 11% as a result of the prolonged operations in the GOM vs 29% on lower revenues last year and similar gross margin last quarter. EBITDA came in at $3.1 million or 4% as a result of the Z- Explorer project in the Gulf of Mexico. Significantly lower than Q4, where we generated $12.4 million, but better than Q1 last year. The operating cash flow for the quarter was -$3.6 million, a slight improvement over the same period last year, but down from last quarter's $12 million. Cash holdings at the end of the quarter ended at $15.7 million. As a result of the lower cash balance, we have in Q2 increased the RCF temporarily by $15 million- $45 million until the end of Q3. This is to support the expected growth we're experiencing this summer. We've also extended the RCF to December 2024. Revenues in Q1 were mainly generated, as I mentioned, from two crews. It's the operation we had in the Gulf of Mexico, where we experienced weather conditions and the operations in India. Overall, revenues were up 45% from acquisition last quarter, but offset by minimal revenues from other segments. The two crews operating throughout the quarter utilized roughly 18,000 of our 28,000 nodes during the quarter. At the end of Q1, after the second ZXPLR crew was mobilized, we utilized 21,000 of the nodes. Looking ahead and building on the crew activity backlog Carel presented, we have at this moment all crews in operations, both the node crews and the RMS source crews. However, in the latter part of Q2, the plan is that our Z700 crew will transit from India to the North Sea, and we expect lower revenues from equipment sales and multi-client sales during Q2. Looking at the gross margin for the quarter, we ended at 11%, generating a disappointing $8.4 million vs $13.2 million with similar revenues last quarter. As explained by Carel, the quarter was affected by the extended duration to complete the project with the ZXPLR One crew in the Gulf of Mexico. If we look at the performance for the quarter excluding this project, the direct gross margin would have been 23%. We're continuously working on improving the T&Cs when negotiating contracts with our customers to limit our risk going forward. Turning it over to overhead costs, SG&A came in at a better-than-expected $5.3 million in the first quarter. Excluding a loan forgiveness of $2 million in the U.S. related to COVID-19, the underlying SG&A spend was $7.3 million, which was in line with our guidance. The cost reflects the significant cost measures implemented a couple of years ago, and we continue our focus on cost and cash and keep our guidance of SG&A spend around $25-$30 million for this year. Summing up on the EBITDA level, our Q1 EBITDA ended, as mentioned, at $3.1 million, mainly as a result of the losses in the Gulf of Mexico, as earlier explained. Excluding the adjustment related to the loan forgiveness, the EBITDA was $1 million, as you can see on the blue graph. We had no late sales during the quarter and little revenues related to equipment sales, both yielding high margins. With the supply chain as it is these days, we don't expect much equipment sales this year, but still aim at securing multi-client late sales. Today, when presenting the Q1 results, both crews in the Gulf of Mexico have started on better contracts. Our MASS crew has commenced the operations in the Mediterranean. Hence, Q2 is the transition quarter to better contracts, where we have mobilized two additional crews and we'll be transiting the large Z700 crew, positioning us well going forward. CapEx for the quarter came in at $4.8 million, mainly consisting of the Axxis equipment we acquired that Carel mentioned, as well as investment in R&D and relating to the mobilization for the ZXPLR crew in the Gulf of Mexico, the one we call Crew Two. We maintain the CapEx guiding for 2022 at around $15 million, depending on activity level and the market opportunities. Looking at the cash flow for Q1, the cash generated from operating activities were a - $3.6 million, vs generating $12 million last quarter, which was greatly assisted by equipment sales and low cash cost at the time. The operating cash flow was primarily hampered by the payments related to the mobilization of ZXPLR Two crew and late payments. Net investments amounted to $3.3 million, reflecting the investments in CapEx, but where only $0.5 million of the $2 million acquisition from Carbon Transition, or Axxis, was paid now. Hence, investments at $3.3 million vs the $4.8 million in CapEx. Multi-client processing costs were very low during the quarter. Cash outflow from financing activities was up $1.3 million quarter-over-quarter to $7.2 million, mainly relating to payment of lease liabilities and $0.8 million in interest payments, which was in line with last quarter. With these cash flows, we ended the quarter with a cash holding of $15.7 million. As already mentioned, we now in May have secured a temporary increase in our revolving credit facility, so we now have a $45 million credit facility, up from $30 million last quarter. This is lasting until the end of Q3, which brings us into a reasonable cash position. Turning to the net working capital development by quarter, we see that it in Q1 increased by $3 million vs prior quarter, mainly due to preparing fuel and related to the rigging and mobilization of the Z- Explorer Two crew in the Gulf. This is in line with what we expected and communicated during our Q4 call. We still have a large balance of AR, partly due to slow payments, as explained earlier, with nearly $10 million due end March, which was paid in April, and partly due to the size of the project in India and how this is invoiced. However, I'm very pleased to say that the invoices issued to our customer in India are paid on time. As I did mention in the Q4 call, we do expect the working capital to approach neutral levels in Q2, but it is depending on finalizing all data deliveries to our customers in India by the end of the quarter. Looking at the balance sheet, the total balance sheet developments have been relatively stable over the past quarters, and it continued to be so. Our debt ratio remains low at below 10% of total assets in Q1, and we have no debt installments due this year. The equity ratio was 49%, similar to last quarter, and we remain in compliance with all debt covenants on our RCF with the bank. With that, I'll give the mic back to Carel for a run-through of the market outlook and our strategic development. Thank you, Stig. Let's now look at the market and strategic development. We are forecasting significant market changes following the tragic events in Ukraine. Let me start by saying that our first priority has and continues to be to look after our Ukrainian and Russian employees. They have been put in very difficult circumstances through no choice of their own, and we therefore continue to do what we can to support them. In addition, we have aligned ourselves with CARE International to contribute to the humanitarian relief efforts. From a market perspective, the changes are forecasted to be significant. In a matter of weeks, the narrative has changed to energy security, and this is expected to continue to be the focus going forward. While governments are looking for energy security, our clients are focusing on investment and reserve security. Our customers are likely to renew their geographical focus on areas where they find investment and reserve security and away from geographies with a negative social impact. National oil companies are forecasted to increase their spend. This fits well with the geographies that Magseis Fairfield has been operating in. In addition, our customers will focus on less carbon-intense projects. Our customers are likely to continue or accelerate the energy transition. They will prioritize projects with lower carbon intensity and emissions. As you know, Magseis Fairfield enables our customers to increase production from existing reserves and to do near-field exploration. This provides lower carbon barrels to our customers and therefore supports this shift in the market. This also ties into the focus on more competitive assets. Customers have been prioritizing short cycle prospects with quicker payback and near field exploration. This is at the heart of the services which Magseis Fairfield provides. All in all, these forecasted significant changes in the market are expected to have a positive impact on Magseis Fairfield. This positive market outlook is clearly shown here when we look at the market growth for 2022. Based on awarded contracts and forecasted tender activity, we predict a 25% overall market growth in 2022. Following the recent contract awards, approximately 70% of the visible projects for execution in 2022 have been awarded. Key opportunities remain in Europe, the Americas, and Asia. As a word of caution, due to permitting delays, market capacity constraints, or project tendering delays, projects may slide into 2023. With the early visibility on 2023 opportunities, we already see today 2023 at the same market size as 2022, with many more opportunities expected to be added. We therefore forecast the total OBN market to approach $1 billion in 2023. As you will have seen, the outlook is clearly positive. Looking at the graph on the right first, we finished 2021 with a total revenue of $258 million. Adding the Q1 revenue and the 2022 backlog, we currently stand at $242 million, with part of Q3 and all of Q4 still to be sold. This gives us confidence about our 2022 revenue performance. In Q2, we have all crews working on new contracts. With the already reported Q1 revenue, you can clearly see the strength of Q2. For H2 2022, the backlog stands at $60 million. This shows that we still have an opportunity to secure new contracts. There is still a significant number of active tenders for 2022, and we are therefore confident that we will be successful. In Q1, I highlighted the changing revenue mix. These comments remain valid. In data acquisition, we see increasing pricing in a growth market, but still with an overlay of seasonal fluctuations. In reservoir monitoring and source, we execute long-term contracts with stable revenues and good margins. In technology lease and sales, we are seeing the impact of supply chain delays pushing the majority of new deliveries into 2023. These supply chain delays will impact this high margin business in 2022. In multi-client, we are expecting late sales in 2022. This is, however, very binary since we only have one multi-client survey to generate late sales from. As presented, we continue to be excited about our renewables business, but this is a startup business. We will focus on project execution in 2022 and backlog growth for 2023. This brings me to the summary and outlook. We will continue to use our large node inventory, track record, experience, and technology differentiation to capture 2022 market opportunities. We are well-positioned for the remainder of 2022. Our focus remains on safe, efficient, and reliable execution of project backlog. Securing new contracts for H2 of 2022 and beyond remains a key priority. We see a robust OBN market outlook for 2023 approaching $1 billion. This leaves me with one final comment regarding the Capital Markets Day. We want to provide you a capital markets update on the new date of September 6, 2022. This will be after we have presented the Q2 results, which will provide a solid basis on which we can build our capital markets update to you. We look forward to presenting this to you and further logistical details will be provided in due course. With that, we will start with the Q&A. As usual, we will have audio Q&A, and you also have the possibility to ask questions through the chat function. We will start with the audio questions, and as usual, you can ask your question with one follow-up. Operator, can you please open the line for the first caller? Thank you. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star one on your phone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach us. Once again, please press star one to ask your question. We have our first question from John Olaisen of ABG. Please go ahead, sir. Your line is open. Yes. Good morning, everybody. May I first ask about the Q1 growth margin of 11% that you're stating? It looks like that is based on the reported IFRS accounting, while the segment growth margin seems to be 2% in Q1. I just wonder, which number do you think is more relevant? When is it the IFRS accounting that's reported, or is it segment growth margin, sir, please? Thank you, John. I'll let Stig reply to that. Good morning, John. The most relevant numbers to look at here is the segment number with the 2% gross margin. The main difference between the two is the depreciation or the lease of vessels that is recorded as depreciation in the IFRS numbers. If you really look at the business and the operation, it's the 2%, unfortunately. Yeah. What kind of gross margins are you aiming for this summer, then, if I may ask, on a segment basis? Yeah. What should we expect? Yeah. We're not giving guidance on margins, as you know, John. We clearly see a step up in Q2. The Q1 performance is heavily impacted by one single project which we've now completed. That crew has now started executing well on a new project at higher margins. In addition, the ZXPLR Two crew, the Z700 crew, and the MASS crew are now all operational on higher margin contracts. We expect to see a very material step up in Q2. Like I said, we're not giving specific guidance on a specific number. Okay. My follow-up will be regarding the backlog. Yeah. When you report the Q1, you said that the backlog for H1 was $190 million. Yeah. I wonder if that is still the case, i.e., Q2 revenue should be about $115 million. This is a ballparkish and all that. Yeah. The exact number is better. Yeah. It now stands at $192 million. Again, there you see some effects of. Okay The delay of the project in the Gulf of Mexico, which pushed some revenue out. It's still in the same ballpark. That's what we reported today. $182 million? Sorry. Uh-huh. Yeah. All right. If I may ask on the second half, 'cause order intake in dollar terms was slightly weak in Q1, I would say. I would say. I would have expected a few more contracts. Yeah At least in dollar terms. Yeah. I just wonder the outlook for filling the backlog for the second half and late Q3 and for Q4. Are there a lot of tenders in the market? Are there a lot of tenders that you are bidding for at the moment? Yeah. Yes. When should we expect announcements? Yes all such? We see a lot of tendering activity still. In Latin America, Gulf of Mexico, there's still some opportunities also in the North Sea, and then in Asia and some smaller ones in West Africa. There's still a lot of tendering activity. Customers still take their time to issue awards. In addition, we see delays in the Gulf of Mexico due to the lack of permits being issued there. I was in Houston last week, and the confidence is building that permits are gonna come out in the Gulf of Mexico, which would immediately trigger contract awards to us. That's my expectation. Before the summer, I expect that the remainder of the backlog is secured for 2022, at which point we will then continue to build the backlog for 2023. Like we've indicated, we continue to see growth in the market also into 2023. With today's visibility, we already see the same size for 2023 as we see for 2022. Clearly, there will be additional projects on top of that, which pushes us towards the $1 billion market size for OBN services in 2023. Are you confident that you'll be able to fill late Q3 and Q4 capacity? Yes, before the summer. Yeah, that's what everything is lined up for. Sounds good. Thank you very much for taking my questions. Thank you. No, thank you, John. Thank you, sir. Speakers, I will hand over the call back to you as we have no further questions for this time. Okay. We got a question online. It's along the same lines of what John was asking about the tendering activity and expected project awards. I'll reemphasize that we continue to see active tendering globally, and that we expect to announce new contract awards before the summer to secure the remainder of 2022 backlog and activity. At which point, we will then focus our attention into 2023. In fact, on that point, we have already some early engagement with customers on 2023 projects as we speak. All in all, a positive outlook. We are actively pursuing opportunities in that regard. Okay. I'll finish it up with some closing remarks. Again, we forecast 25% growth year-over-year in the market for 2022, and we continue to see additional growth into 2023, reaching a $1 billion market size for OBN in 2023. Our focus remains on safe, efficient, and reliable project execution. Like I mentioned, securing the remaining backlog for H2 is a priority, but we have active discussions with customers to close that out before the summer, and we have a very robust market outlook for 2023. Thank you for joining. Okay, we just got some additional questions in. Can you say anything about the status for Echova and also for MASS III? I'll start with MASS III. As we communicated at the last conference call, we have committed to building additional MASS III nodes, and they will be delivered in H1 2023, putting us in a position to have an additional deepwater crew available to us during 2023. The development of Echova continues. We have a lot of engagements with customers to be, in fact, our launch partners for Echova when the system is ready to be deployed. All in all, we're on track with regards to the development of Echova. What's Magseis market share approximately? We are anywhere between 40%-50% market share in the business today. As we develop the company and we see the market changing, our focus is on returns going forward and improving terms and conditions rather than just grabbing market share. A key focus area for us is to improve terms and conditions and pricing on the back of an improved market. That will be our focus, too, going forward. Should I take that one? Yep, go ahead. Can you give a short update on the renewable part and planned CapEx in 2022? As Carel mentioned on the renewables, we are working on preparing for two projects in H2. One is a short streamer technology that we are planning to mobilize for an operation in the North Sea, and the other one is the Greensand project that Carel mentioned in Q4. Overall, the CapEx relating to those operations are north of $1 million this year, and the planned CapEx overall for the company in 2022 is around $15 million. That was also what we guided on last quarter. In that guiding, we did not have the acquisition of the node-on-a-rope system that we acquired in Q1, but we're still looking at around $15 million for now, assuming just normal operations. All right. That were the final questions. Thank you for that. Thank you for joining us today. Thank you.