Good morning, everyone, and welcome to this audio cast of Ocean Yield's Q4 2020 results. My name is Marius Magelie, and I'm Head of Investor Relations. We have the usual agenda today. Our CEO, Lars Solbakken, will present the main events for the fourth quarter. Our CFO, Eirik Eide, will go through the key financials. We will, at the end, open up for questions from the web. With that short introduction, I give the word to you, Lars. Welcome, everyone, to the presentation of the fourth quarter results for Ocean Yield. Looking at slide one, Q4 2020 financial highlights. Ocean Yield announced a dividend of $0.053 per share for Q4. This is an increase of $0.0015 from Q3. The dividend yield based on the announced dividends is about 6.8% per annum. The net profit for the quarter was - $51.7 million and includes a loss of $74 million from the vessel Connector, of which $70.7 million was a realized loss related to the sale of the vessels in Q4. Adjusted net profit from continuing operation for Q4 was $21.6 million. Adjusted EBITDA backlog was $2.9 billion at the end of Q4, with an average charter tenor of 9.8 years. The substantial charter backlog should secure reasonable stable earnings in the years ahead. At the end of the quarter, Ocean Yield had a cash position of $112.7 million and available liquidity, including undrawn bank lines of $165.7 million. The reduction of liquidity from the end of Q4 is partly due to repurchase of more than 300 million in bonds in Q4. Slide two, portfolio update. With respect to new investments, we experienced a market with lower volumes of sale and lease-back transactions than normal in Q4. This was mainly due to the uncertainty created by COVID-19 and a lower activity in the new building market. We expect the activity level to gradually increase with a substantially higher activity level in the second half of the year as the negative effects of the pandemic is reduced. Despite the lower activity level for sale and lease-back transaction in Q4, Ocean Yield acquired two Suezmax new buildings for up to $88 million, with delivery in the first half of 2022. The vessels will be on 10-year bareboat charter to Nordic American Tankers. Scorpio Bulkers have recently declared option to sell three dry bulk vessels for about $62 million, with delivery during Q1 2021. The sale is a part of Scorpio Bulkers strategy to exit the dry bulk segment. Louis Dreyfus also declared an option to sell one small dry bulk carrier in Q4. Navig8 Chemical Tankers has recently declared the purchase options on Navig8 Topaz for $30.7 million, with delivery in July 2021. After repayment of debt related to the vessel, Ocean Yield will have a net proceeds of $12 million from the sale. In Q4, the efforts to reduce the exposure to the oil service segment continued. As part of this strategy, the offshore construction and cable lay vessel Connector was sold. The total loss related to Connector in Q4 was $74 million, of which $70.7 million was a realized loss related to the sale. The sale of Connector is expected to improve results in Ocean Yield going forward. The FPSO Dhirubhai-1 continues to be in layup in Sri Lanka. The operating expenses for Q4 was $2.1 million. Sales discussions with interested parties continues, but the sales process for such a unit is very time-consuming, as interested parties need to do extensive technical evaluations. For some of the interested parties, financing is also challenging. A higher oil price is expected to be helpful with respect to our efforts to sell the unit. Slide three, long-term charters secure stable cash flow. Ocean Yield has an adjusted EBITDA backlog of $2.9 billion, with an average duration of 9.8 years. On the left-hand side of the slide, we can see that the adjusted charter backlog for 2021 is US$321 million, and that it remains stable at about $300 million in the following years. This very substantial charter backlog secures Ocean Yield stable earnings and cash flow going forward. In the middle of the slide, the adjusted EBITDA backlog has been split between the different segments. As can be seen from the slide, tankers are by far the largest segment, with 40% of adjusted EBITDA backlog, followed by container vessels with 23%. The oil service segment has been reduced to only 10% of the charter backlog and consists of two PSVs on charter to Aker BP and one vessel on charter to Akastor, Aker Solutions. The chart at the right-hand side of the slide shows that based on book values, 94% of Ocean Yield vessels are on long-term charters. 4% on charters with variable charter rates and FPSO without charter only makes up 2% of the book values. Our Finance Director, Eirik Eide, will take you through the financials. Thank you, Lars. Moving on to slide five. This slide shows a financial snapshot of the company as of the fourth quarter. The graph on the left shows the adjusted net profit from continuing operations being $21.6 million, where the reduction from Q3 is mainly explained by the Connector. EBITDA adjusted for finance lease effects was $67.6 million, and the equity ratio 27.9%. Available liquidity was $165.7 million, and total assets were $2.3 billion. If we move on to the profit and loss. Under operating revenues, we have recorded $20.6 million compared to $25.5 million in the third quarter. The reduction here is mainly explained by the sale of the SBM Installer at the end of the third quarter and also lower revenues on the Connector in the fourth quarter due to a special survey of the vessel followed by a sale. Finance lease revenues $23.5 million in Q4 compared to $24.9 million in Q3. The reduction here is mainly due to lower interest rates in the quarter for those leases that are subject to LIBOR adjustments. It's important to note that the reduction in revenues is offset by lower interest rate expenses on loans financing the vessels. Income from investments in associates was $6 million, which is in line with the number in the third quarter and is related to vessels owned in joint ventures. Other revenue, $0.3 million, this is a small profit related to the sale of the dry bulk vessel La Loirais. That gives us total revenues of $50.4 million, which compares to $57.2 million last quarter. EBITDA $46.3 million compared to $52.2 million in Q3. Adjusted for finance lease effects, the cash EBITDA was $67.6 million compared to $75.8 million in the third quarter. Depreciation and amortization $9.1 million compared to $11.7 million last quarter. The reduction here is also mainly a result of the sale of the SBM Installer in the third quarter and also partly due to the sale of the Connector. Impairment charges $70.7 million, and this is also related then to the sale of the Connector. Financial expenses $15.9 million compared to $17.1 million last quarter, and the lower number here is also then mainly due to lower debt as a result of vessel sales, lower interest rates, and also partial prepayment of the bond issue OCY04. Foreign exchange losses $26.2 million compared to $6.8 million in Q3. We had change in fair value of financial instruments that were positive with $25.9 million compared with a positive movement of $10.5 million last quarter. Looking at these two together, the net FX and mark-to-market position was overall negative with $0.3 million for the quarter. That gives us a net profit before tax, which was - $48.9 million. Net profit from continuing operations was - $49.6 million and net profit from discontinued operations was - $2.1 million and this is the number related to the FPSO. In total, net profit for the period including discontinued operations was negative with $51.7 million. Moving on to the next slide, which shows the adjusted EBITDA and the adjusted net profit in more detail. The adjusted EBITDA $67.6 million, which includes the repayment of finance lease element, which was $21.3 million in the fourth quarter. The adjusted net profit from continuing operations was $21.6 million and you can see on the slide the various items that are included in this number, including the loss related to the sale of the Connector. A few comments also on the balance sheet. On the left-hand side, we have a reduction in vessels and equipment compared to the third quarter, which is now reduced down to $550 million, mainly as a result of the Connector sale in addition to ordinary depreciation. The restricted cash deposits related to our cross-currency swaps have decreased to $1 million from $14 million last quarter, and this is related then to the currency movements of the Norwegian kroner against the U.S. dollar. Looking at cash and cash equivalents, $112.7 million compared to $159 million last quarter. In addition, we had $0.4 million in cash, which is included under assets held for sale. In addition to that, we have undrawn credit lines of $52.5 million available, which gives total available liquidity of $165.7 million. Long-term interest-bearing debt has reduced from $1,771 last quarter to $1,611 this quarter. In addition to our ordinary debt repayments, the main reason for this is the sale of the Connector and the sale of the dry bulk vessel La Loirais, in addition to reductions under the company's revolving credit facilities, which always can be drawn at a later stage. Book equity was $638 million and total assets $2.286 billion. That gives us an equity ratio of 27.9% at the end of the quarter. That summarizes my part of the presentation, and I'll give the word back to Lars to summarize. Okay. We come to the last slide, outlook. Ocean Yield has a large portfolio of modern vessels on long-term charters, and all counterparties are performing according to the charter contracts. This is expected to create stability and earnings going forward. During the second half of 2020, the exposure to the oil service segment has been substantially reduced by the sale of the vessel Connector and the SBM Installer, together with large impairments on the FPSO Dhirubhai-1. This has substantially reduced the risk in the Ocean Yield's investment portfolio. Currently, there is lower than normal transaction activity for new sale and leaseback transactions, but it is expected that the activity level will gradually increase during the year as the negative effects of COVID-19 is reduced. It is also expected that the new building activity will increase in the second half of the year, which is considered to be positive for the sale and leaseback market. Ocean Yield is currently well-positioned to compete for new business. The dividend for Q4 is increased to $0.0530 per share, which gives a dividend yield of 6.8% per annum. Ocean Yield currently has a conservative dividend level relative to expected future earnings, and it is the intention to gradually increase the dividends going forward. We can open up for questions. We have received a few questions from the web. We can start with a question from Jo Ringheim from Arctic Securities. Congratulations on the results and dividend raise. You are highlighting that the new investments is a key priority going forward. With liquidity of $130 million at end Q4, proceeds coming from recent sales, in addition, retaining half the profits going forward, how much are you targeting to deploy of cash towards new investments throughout 2021? In which segments do you find the most compelling risk-reward? We have recently had a strong focus on the more liquid markets, tankers, bulkers, gas carriers, are also considering container vessels. Those segments are the key focus areas. We have a lower activity level in the market currently, we expect substantially higher activity level second half of the year. We now have capacity to invest a few hundred million dollars annually, within the equity that we currently have. We're not giving any specific number for 2021. A question from [Harald Haugerud]. Has the increased activity from the Chinese leasing companies had negative impact in respect of limiting new business opportunities for Ocean Yield? I think that the last few years, the Chinese leasing companies have been the main competitor for some of our projects. We have seen them become somewhat more conservative, moving down in leverage. They have been quite competitive price-wise. A question from Øyvind Mossige from SpareBank 1 Markets. Anything you see in the market that impacts return on future projects? Yeah. I think that if you look at the market, of course, what we see that the banks are continuing to reduce their portfolios and also becoming even more conservative than they have been in recent years. This, of course, opens up and making leasing more attractive for many shipping companies. I think that is an important factor going forward. We see a bright future for leasing as banks gets more conservative. A question from Pål Dahl, Sparebank 1 Markets. Your fleet has been reduced following last six to nine months divestments. Can you please comment on how you expect your fleet to develop over the next 12 - 18 months? We expect clearly an increase in our fleet over the next to 12 - 18 months. I think it's also important, although some options have been exercised, it's on dry bulk vessels with quite low market values. I think that all the bulk carriers or the four bulk carriers plus the chemical carrier where there have been declared options have about the same value as the two Suezmaxes that we invested in. Value-wise, that is about the same values. A question from Karl Fredrik Schjøtt-Pedersen at ABG. At what point will you rather reduce debt versus reinvest excess capital? I think we have reduced debt quite substantially the last year. I think we are now at the point where we expect If we didn't divest, equity ratio would increase substantial over the next couple of years. I think we have capacity now to continue to invest and also increase. It's more within the means we have with the existing equity base that we have in the company. A question from Erik Aspen Fosså from Nordea. Are you considering divesting the two anchor handler vessels, Far Statesman and Far Senator? No, we are not actively looking at that. We made a new agreement with Solstad, so they are operating in a pool. One of the vessels got a very attractive contract with Petrobras. The other is on contract in Australia. After not having received any charter rates for basically two years, we're now in Q4. We're starting now to receive charter rates for those vessels and expect that, or at least hope that we will have acceptable returns on those vessels going forward. One last question from [Morten Stangeland]. What is normal dividend level compared to the conservative level? Do you have any comments on that? No. I think that we, of course, have a much lower level than we have had historically. We also want now to have a gradual increase in dividends going forward. We are now at a low level compared to expected future earnings. I don't think I should be more specific than that. The last question from Petter Haugen, Kepler. How do you evaluate residual risks in new shipping investments from new propulsion technologies, i.e., choice of fuel? Do you have any preference on the fuel? I think we're following the development with new engine technologies very closely, and also what fuels that we think will be the winners more long-term. It's very early days, and I think that the only thing we can do at the moment is to follow development very closely to make sure that we choose the right engines for any new vessels that we invest in. Okay. That's all we have time for today. Yeah. That's all we have time for today. Thank you, everybody, for listening in. If you have any further follow-up questions, feel free to contact me afterwards. Goodbye.