Hello everyone, and welcome to NorAm Drilling's third quarter 2025 results presentation. My name is Marius Furuly, and I'm the Director of Strategy and Investor Relations here at the company. With me today, I have the company CEO and CFO, Marty Jimmerson, in Houston. We will go through a presentation of the quarterly results and recent market developments before we open up for a questions and answers session at the end of the presentation. As usual, before we begin the presentation, I would like to note that this conference call will contain forward-looking statements. Words such as expects, anticipates, intents, estimates, or similar expressions are intended to identify these forward-looking statements. Forward-looking statements are not guarantees of future performance, and these statements are based on our current plans and expectations and are inherently subject to risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. You should therefore not place undue reliance on these forward-looking statements. With that said, Marty, please begin. Thank you, Marius, and hello to everyone joining us today. I am pleased to report that NorAm continued to deliver operational excellence despite Permian rig counts declining 6% during the quarter. Permian rig counts finished the quarter at 253, down 17 from the end of the second quarter. WTI began the quarter at approximately $65 a barrel and finished the quarter at $62 a barrel. Revenue was $23.9 million, down $1 million from the previous quarter as a result of lower utilization. NorAm's fleet utilization decreased to 80.2% from 86% in the prior quarter. Adjusted EBITDA, defined as earnings before interest, tax, depreciation, and amortization, plus non-cash stock option expense, was $4.3 million, down $1 million from the previous quarter. Adjusted EBITDA was impacted during the quarter by lower utilization and a modest increase in repair expenses offset by slightly lower payroll cost. Profit after tax was $4 million in Q3 versus $3.7 million in Q2. Nine of our 11 rigs were under contract and working at the end of the third quarter. We are pleased to report that one of the two stacked rigs has been contracted and is expected to commence operations in December with a major E&P. Our backlog was $25.8 million as of yesterday. Flipping to page four for recent events and outlook, during the third quarter, we paid dividends of $4.1 million, or NOK 0.96 per share. Subsequent to the third quarter, we have announced two additional monthly dividends, and our latest distribution represents our 36th consecutive distribution since our listing. As mentioned on the previous slide, our current backlog is $25.8 million. Seven of our rigs are currently operating under contracts of at least six-month terms. Three of our rigs are on pad-to-pad contracts with major E&Ps. Permian rig counts started to stabilize towards the end of the third quarter and have continued into the fourth quarter as well. As of last Friday, Permian rig counts were steady at 253. Near-term WTI prices suggest flat activity levels in the Permian as E&Ps finalize their 2026 CapEx plans. We believe U.S. shale production has likely peaked at the current rig count levels and creates longer-term optimism for super-spec rigs. Interestingly, if natural gas prices continue to increase, we also believe there will be incremental demand for super-spec rigs. Flipping to page five, taking a look at Permian tight oil production. Permian rig counts and completions have stabilized, as you can see on the chart on the left, at a level where oil production is starting to decline. Oil production efficiency gains are no longer able to compensate for the lower activity level in the Permian. Super-spec rigs continue to be E&Ps' rig of choice, and NorAm should be first in line to benefit from any increased activity. Permian rig counts are now down 51 rigs year to date. Well completions continue to decline, and that started in early 2024. Oil production growth has continued to slow. We are firm believers that we would need to see increased rig counts to accommodate material production growth in the Permian going forward. E&Ps in the Permian continue to high-grade underperforming rigs, and our discussions with customers indicate that 2026 CapEx and drilling plans could result in modest but not significant increases in rig counts at current WTI prices. As I said earlier, seven of our contracted 10 rigs are working for major E&Ps. In closing my opening remarks, I would like to thank all of our employees for their hard work and dedication. Our entire team, from operating, supervising, supporting, and maintaining our rigs, deserves the credit for our operational performance, which has contributed to the significant concentration of major E&Ps utilizing our rigs. Let me turn it back over to you, Marius, for our key operational figures for the quarter. You may be on mute, Marius. Thank you for that. In the third quarter, we achieved a reutilization of 80.2%, down from 86% in the previous quarter. We had two stacked rigs during the whole of Q3, and as mentioned earlier, one of these units will be reactivated for a new contract mid-December. Revenues came in at $23.9 million, slightly down from $24.9 million in the second quarter, with one less rig working. Our adjusted EBITDA was $4.3 million, down from $5.3 million in Q2 due to lower revenue and utilization. On the cost side, our repair and maintenance expenses increased from Q2, making our overall cost base quite similar to that of the second quarter. Our all-in break-even was around $18,600 per day for the working rigs. On the income statement for the quarter, we had an operating profit of about $2.8 million, compared to an operating profit of about $3.8 million in the second quarter. Looking at the financial income for the third quarter, we had a fairly stable interest income as we have a debt-free balance sheet and a fairly stable cash position. Third quarter net profit after tax was $4 million versus a net profit of $3.7 million in the previous quarter due to tax calculations. Turning over to our balance sheet and cash flow statement, NorAm has a debt-free balance sheet and minimal investment requirements. We ended the quarter with a cash balance of $9.4 million as a result of working capital reductions during the quarter. We also have available an RCF of up to $4.5 million, where we had no amounts drawn during the quarter. Also note that we had exceptionally low CapEx in the third quarter, and we would expect a normalization of this metric in the next quarter. Yeah, the company paid out $4.1 million, or NOK 0.96 per share in monthly dividends during the quarter, and subsequent to quarter end, we have declared two more monthly dividends. We will continue to pay dividends, subject to continued positive net cash flow from operations. By concluding this presentation, NorAm has a fleet of 11 super-spec rigs fully upgraded with a track record of drilling the longest wells in Permian and are among the very top performers in terms of drilling efficiency measured by feet drilled per rig per day. We retain a top-quality customer portfolio of five E&Ps ranging from super majors to smaller private companies, all in Permian. The company has an industry-low cash break-even and minimal investment requirements in the rigs to keep them at the very top of the market. We have a clear dividend policy of returning all excess cash to our shareholders, and since the listing about three years ago, we have returned $86 million to our shareholders, roughly equal to NOK 21 per share. Our latest monthly cash distribution implies an annual yield of approximately 12.2% as of closing price yesterday. With that, I would like to open up for questions from the audience, and please use the raise hand function to ask a question, and I will unmute your speaker. Otherwise, you can write in the Q&A section of Microsoft Teams. I think you can also use the reaction function. Teams is changing this all the time, so I'm sorry about it. Our first question comes from Nicolas Legrand. He's asking, "Good afternoon. I'm an individual investor based in France. Could you inform me whether any maintenance shutdowns are planned for certain drilling rigs in the coming months? Thank you. Nicolas, thank you for your interest in NorAm and being a shareholder. How I describe the maintenance and our expectations is generally it's pretty much in line. During the third quarter, we did incur some repairs on engines and mud pumps. That's just normal course of business. Additionally, we also incurred recertification costs on a couple of our rigs for five and ten-year recertification requirements, five years on the BOPs, ten years on the rigs. We're nearing completion of all but two of our rigs on ten-year requirements, and we're through most of the BOP recertifications. That's more of a timing issue. We typically expense those items, and unlike kind of other people who maybe capitalize them, we just take the cost upfront. Again, I'll point out we're working our rigs hard to achieve the efficiencies that our operators demand, and it puts wear and tear on the rigs compared to what we did ten years ago. I think for the most part, the significant expenses, we're starting to get through those. Thank you, Marty. Yeah, fair to say we've had a few recertifications, especially the ten-year at the ten-year mark. How many of those do we have left, Marty? I believe it's two. What I would like to point out is the ten-year recertification, you're inspecting what I'm going to describe as the bones of the rig, the derrick, the substructure. You're looking for cracks. I think that's one thing we do extremely well, which is we maintain and really inspect our rigs when we move the rigs from pad to pad. What I'm very pleased to report is we have not had any major repairs on any of our rigs on the ten-year recertifications. That is just a compliment to our operations. Indeed. Marcus Monson of Pareto has sent in a question. "Good afternoon. Cash break-even of $18.6 per day. Do you see that level flat going forward?" Yeah, Marcus, great question. I think we're going to stay in line with that. That $18.6 is all inclusive of overhead and CapEx. We don't see any pressure on wages. We're actually starting to see some decline in rig insurance renewals. I think that's kind of been increasing over the time. As long as our repairs and maintenance kind of stay in check, I think we're at a very comfortable all-in, fully burdened break-even level of 18.6. That's good. We have another question there. "Repair and maintenance expenses increased during the third quarter. Could you provide any additional color on why those expenses were up?" Yeah, if you go back to and you look at our trailing three quarters, the first quarter was actually down from our normal run rate. The second quarter was more consistent with the trailing four or five quarters. The third quarter was higher, as I mentioned, as a result of engine and mud pump repairs. It was not super material, but it was a factor. Plus, we have the five-year and ten-year recertification requirements. What I would point out is on the ten-year recertification requirements, the biggest expense associated with that is the downtime because we have to bring the derrick and the substructure into our operations yard and do the inspections. Typically, that can last anywhere from minimum four days to a maximum maybe six or seven days total. It is more the lost day rate and utilization associated with that. Thanks for the color. We also have a question from Jarle Stordal. He asks, "How does NorAm Drilling assess the current availability of well-qualified personnel for drilling and maintenance operations, and what measures do you consider most effective to secure competence in the years ahead?" Yeah, this is a great question and a challenge for our industry. Continue to be just very pleased with how we go about sourcing new employees. We get both interest from experienced hands, either more typically hands that have left the industry and are looking to get back into the industry. They typically have a lot of experience for us to evaluate. Our secret sauce, that we like to say, is we rely upon our operations team to review and vet and recommend either people who send in resumes or referral from their buddies at home. If our teams aren't willing to support and recommend an employee, that's hard to have a consistent success factor. I was just out on a rig two weeks ago, and this was a young man that was recognized by IADC as kind of super impressive. He received an award. He's been with us two months. He was essentially working in a department store. When I met him, I was just super impressed. He just wants to learn and do things right. Had oil-based mud all over his hat and his clothes. It is those kind of employees that want to get their fingers dirty and their clothes dirty and learn that are successful. I'll wrap up by saying we have roughly 300 employees in our company, and we have almost 50 employees who've been with us more than 10 years. I think that just talks to the family business that we have and complements our hiring practices. Compared to the industry average, what's our turnover compared to that? Yeah, it's actually come down a little bit. Obviously, with the rig count declining like it has over the last two years, I would say the traditional turnover is somewhere in the 30% range. The majority of those are young, inexperienced hands that only work a hitch or two, and they figure out that this is tough work, and maybe they don't want to be away from home. Our turnover actually has come down or below that industry average, but we do think the turnover is in the 30% range. Interestingly, our rig managers, we've not had to move any of our rig managers around for them either leaving to get out of the industry or go work for an E&P. Our leaders also are consistently employed, and the fact that you do not have turnover at the rig manager level also bodes well and keeps the entire operations team together. Yeah. Thank you for the call, Marty. Another one on the chat here, Philippe asks, "Do you have any—" I assume he's asking, "Do you have any leads for renting out the 11th drilling rig?" We do have leads. What I'll tell you is through the end of the year, the leads are one rig here, one rig there. Most of the operators are monitoring current WTI prices to try and finalize their 2026 CapEx plans. While I'm cautiously optimistic that one of the handful of leads that we have for our stacked rig may come to fruition, if it does, I probably would not expect the rig to be contracted until kind of early in the first quarter of 2026. The fact is we do have leads, and the opportunities for leads, you're competing with kind of two or three or four other rigs of competitors that are also in the marketplace as well. We'll continue to monitor it, cautiously optimistic. Marcus also had—Marcus of Pareto had the same question. Yeah, what's your expectations for 2026? Yeah, let me follow up on the last question. I was in Midland two weeks ago, and I couldn't have been more impressed with Rig 23, which is our only current available rig. It looks great. We've been through all of the equipment, and we do not anticipate any break-in issues associated with it. We've been running all the equipment. It's ready to go. That bodes well. As we move into 2026, it certainly feels like near-term, it's probably going to be flat and steady. If WTI were to decline below $60 for a sustainable period, you may see some privates and/or maybe some majors that cut back on their CapEx. I wouldn't think it's going to be super material, barring the prices not going below $60 for a long period of time. We do hear of customers looking to add an additional rig. What I think is going to happen more near-term is underperforming rigs are going to be displaced with rigs with great operational reputation. I think we're in a steady environment near-term, subject to WTI. Thank you. Another question here on the chat is from Per Øyvind. He asks, "How long are the contracts for the contracted rigs?" Yeah, and I covered that a little bit. I think we have seven of our rigs that are on contract terms of six months or more. I think the longest one is a one-year contract, which is very long in the U.S. land business. Three of the rigs that are on pad to pad. One of the rigs has been working for the same customer for six years on a pad to pad arrangement, and we're on their schedule. The other two rigs are very much the same. There are some unique circumstances on those two rigs because they have a JV partner that has some constraints on being able to sign rigs up. What I've been pleased about is we just kind of refreshed our backlog from the previous quarter, as you may recall. What I'm pleased with is we were able to renew all of our rigs, whether they be pad-to-pad or six-month to one-year contracts, at the same average fleet rate. I think that kind of bodes well. I wouldn't expect any changes as we come up on the next round of renewals. Thank you, Marty. Yeah. There are currently no more questions in the chats here. Yeah, I think we can finish here. Thank you so much for the attendance and so many questions from the audience. I wish you all, in the meantime, a Merry Christmas and a Happy New Year before we meet again in February. Yeah, thank you to all the NorAm families of workers and all our stakeholders for their efforts put in in the third quarter. Hope to see you again next quarter. Thank you. Thank you.