Welcome to Odfjell Technology's Q2 presentation. My name is Gert Haugland. I'm the SVP for Finance and Investor Relations. I'm joined today by our CEO, Simen Lieungh, and our CFO, Jone Torstensen. The full presentation is available on our website, and I ask you to take note of the disclaimer on page 2. Simen will start with the key highlights, including market outlook, backlog, and contract status. Jone will then take you through the financial results before we conclude with a Q&A session. You can submit your questions through the webcast portal or by using the dial-in numbers. I now give the word to Simen. Thank you, Gert. Thank you so much. And welcome to the Q2 Conference Call, all of you. Just to start with a quick focus on the company itself, we have still a global presence. We operate in more than 30 countries, and we are actually looking at also new areas. We have a strong liquidity position. We have a substantial equipment pool with NOK 4.6 billion as a value. We have maintained a very strong order backlog over the period. From highlights, oh, yeah. This yeah. This one, yeah. Sorry. Sorry, I just flipped it wrong here. Sorry. Highlights are, financial highlights are, as I said, the revenue is approximately NOK 1.4 billion. We have achieved a NOK 193 million EBITDA. If we adjust for the restructuring costs, we will come back to later, and some one-offs. The underlying operations are about NOK 204 million, which indicates a trend for increased earnings and margins, as we have also indicated earlier in the second half of 2025. The order backlog, as I said, maintained at a high level. The good news is that we also see more activity within the well services sector, which has also grown their backlog over the period. We still pay NOK 60 million dividends. We have done that for a while now, which yields approximately 11% over the period. This one, market outlook. Thank you. In general, we need to share somewhat information on what we see on the market side. We operate in a market where, over the last period, there has been some softening, but we still see quite heavy activity within the sectors we are operating in. The tender pipeline, as we talked about, about NOK 8 billion, is just the extract of what we actually have put on our priority list, which is a mix between the different business areas. There are quite a lot within well services. There are actually more and more activity within plug and abandonment activity, especially in the U.K. and in the Middle East, and somewhat also now in Norway. U.K. and Southeast Asia are more active regarding plug and abandonment. We also see now that there are activities within operations, typical potentially wins in that direction. Of course, we also see that the activity level within projects and engineering is quite active. We have now finalized all the SPSs for Odfjell, but we see still quite much activity for engineering projects coming over the next period. What we see now is that, yes, we have spent CapEx for growth. The company has delivered well over the period, but we also see now that we will start to put priority on investments that could bring the company to a next level. That's also one of the reasons we have increased CapEx over the period because they are invested against both maintaining the position we have, but also future spends. For the type of growth thinking, we are looking at the potential M&A market. We will still, we have already invested in our book heavily within wired pipe, power pipe, where we can come back to more details. We today have three contracts within that area, two with power pipe and one with extension with regular wired pipe. The reasons we have increased CapEx is also that we, due to the fact that there are delivery times on equipment that we see are relevant for many of those tenders we are working with, that we need to make sure that we have CapEx in time and place that we can meet and win the requirements from the different tenders we are working with. That means, as I said, some want front-end loading of that, but still, we never invest against the type of leads that doesn't bring us up to the level we want regarding both margins and cash flow. For the next, for the order backlog slide, nothing really more to say. I think the good thing there is a strong backlog within well services. Operations are always very stable. We also report the options, but within platform operations, the options are very much up to us and always to lose. We report them. Within well services, we are quite conservative when we estimate the well services backlog. We know that many of those contracts are based on frame agreements and not that fixed as a type of term contract. This is just an extract of the potential within the approximately, I think, less than 50% we are reporting as a backlog. There is much more potential in here, but we don't take that into grant just to be careful on that side. We have recently also within well services signed new contracts in the Middle East and Central Asia. We finally signed a very important contract for us in Turkmenistan with Dragon Oil. We also have signed a new fishing and retrieval contract in Kuwait. In addition to that, we have also announced that we have won a strategic contract with what I call a blue-chip client for drilling rental tools, which will start from Q4 and onwards. Quite important, these contracts are all on the right side of the margin level we are looking for. This is also why we are investing in that direction. We pay dividend. We have paid stable dividend over the period. Since listing, we have paid NOK 444 million to shareholders since we listed in 2022. That means quite a unique position. We still prioritize both growth and dividend. While saying that, we will carefully look forward now because there are some very interesting leads we are looking for, especially in South America and within some P&A type of activities. We are looking for maybe we will do some focused investment in that direction based on, of course, winning contracts and based on the right level of margins and on tools and services. P&A will be important for us. I have stressed many times that even though the markets are very, I would say, attractive, interesting, growing, we see all over the place that plug and abandonment will be more and more. I think clients are looking for solutions that are more, I would say, maybe smart, disruptive to the regular way of doing it, and which will require also more new technology and a different way of executing those kinds of processes. We see a P&A market which fits very well into Odfjell as a company that integrates both well services, operations, and engineering. With the right mix of tools and partnership, we are quite focused to go in that direction. I actually forgot to mention our partnership in the Gulf of Mexico with OSP. We expect now that the first contracts with the rentals and support, and both in the Gulf, in South America, and also the synergies against the Middle East market will pay off and start later this year. OSP is a very strategic partnership for us and has very complementary equipment and technologies that will fit into our portfolio of services. Yes, we focus growth over the next period. We will see that we have indicated higher income, higher earnings, higher revenue, second half. We see the same going on in 2026. That is why we also have done the Performance Improvement Program, which is part of the growth history we have. We started early back in 2024, initiated that program, and significant, I would say, total program within the company, streamlining operations, resource base, taking down manning, doing things more efficient regarding process analysis. Today, we have let go, reduced the headcount in more than 80 people. We have today NOK 50 million in restructuring costs. We still see some restructuring costs coming out the next half. All these activities within improvements will gain and start to bring the results in the company later this year, will be a part of the second half increase in both earnings and efficiency. We see the full, I would say, potential being taken out in 2026. We have absolutely not forgotten any or reduced the focus on the Improvement Program. I also can mention that our organization down in Manila will also be streamlined more in direction with what we actually are doing there, also to reduce cost, manning, and increase efficiency. With that, we look at the market as quite potential positive for us. We indicate increased earnings, second half. We see that the CapEx level could be viewed somewhat high currently, but that will be stabilized and will be done against the contracts and investments, which yields the right level of return. Thank you, Jone, and start on the financial updates. Thank you, Simen. This is Jone. Steady activity level with underlying margin improvement. The quarter is in line with Q1, reflecting steady performance without highs and lows. EBITDA of NOK 193 million includes NOK 11 million in restructuring costs related to our Performance Improvement Program, which means that adjusted EBITDA is NOK 204 million in Q2. The Improvement Program is on track, and we have had NOK 50 million in restructuring costs year to date, and that's the majority cost is behind us. The underlying improvement in the last two quarters is expected to continue into the second half of 2025. We have, as Simen said, already reduced our workforce with 80 employees in 2025. Available liquidity remains solid despite high front-load strategic CapEx and working capital buildup. We expect improvement in cash position, improved working capital, and reduction in CapEx in Q4. The order backlog remains stable around NOK 13 billion. Next, please. The next is well services. EBITDA margin improved compared to Q1 due to improved product mix. EBITDA margin is 31% and 34% if we exclude pass-through charges. Secure extension of Kuwait and Turkmenistan contracts and the high-performing wired pipe contract prolonged. There's a high tender activity ongoing globally with focus on high-margin business opportunities. We expect that the high front-loaded CapEx combined with effects on the ongoing Improvement Program will contribute positively on EBITDA and cash flow from Q3. Operations, the activity level is steady. Rig mix stability supports predictable earnings and margin lift underway from the Performance Improvement Program. Operations remain focused on optimizing operation structure, continuous improvement of efficiency in operation, and optimizing the cost level. There's a high tender activity ongoing globally, both for traditional drilling operations and for P&A projects. One of our main commercial priorities for operations is to secure work with Brunei Shell Petroleum in Brunei using the technology and experience from our previous collaboration. Engineering delivered a strong quarter with high revenue and strong EBITDA margin. Increased activity in Q2 due to high activity on SPS for Deepsea Stavanger and Deepsea Aberdeen, which was successfully completed on time on budget. SPS work for key client oil drilling has been an important element of our development over the last years. In parallel, we have developed a solid position and contract within modification and at fixed installation platforms and floating storage with key clients such as Equinor and Akastor to balance our portfolio. This is showing EBITDA and revenue development since Q1 2022 for revenue, stable, predictable, and controlled growth in revenue. Solid EBITDA growth until Q2 2024, small growth in Q3 and Q4 2024, and improvement from Q1 2025. We expect this improvement to continue into the next forthcoming quarters. To summarize, stable operation with margin improvement, dividend of NOK 60 million equal to direct yield of 11%, strategic 25% CapEx front-loaded from wired pipe and growth projects, strong cost discipline approach, and on track with our Performance Improvement Program. Finally, positioning for a stronger second half driven by contract ramps up, better well services product mix, and ongoing efficiency initiatives. Thank you, Simen and Jone. We'll now move on to the Q&A session. Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, that's star one and one to ask a question. [Foreign language]. I think there's one question from Truls Olsen. Truls Olsen, first question. Your line is open. Thank you, guys. Hi there, Simen and team. Just a quick question on CapEx as you think about, I know you don't give guidance, but as you think about 2026 forward, what should we sort of think about on that side, given sort of the quality elevated level that we've been coming? As I said, we don't guide on numbers, but I think we will absolutely, we have front-loaded some CapEx, and we see that probably that's what you think. Will that trend just continue? No, that will not continue. We will reduce CapEx because some of this has been loaded early, some linked to Reelwell, some linked to strategic equipment we need to secure for future contracts. Typically, we will maintain the equipment with some part of the CapEx. I can just indicate some NOK 100 million, NOK 120 million, NOK 130 million for maintenance. On top of that, we will see a reduction in CapEx at least from Q4 and onwards. I also say that if we find cases where we see a good rate of return and rate of return on investment on all the right CapEx, all the right KPIs, we have capacity to do investments. We don't plan for more front up. We don't plan for more of that. We see a reduction for the current level from Q4 and onwards. Thank you. That's clear. Another one as well. In terms of you talked a bit about M&A. Are you then talking about more, call it partnership, buying partner companies, or is this equipment or sole companies? How do you think about that position, if you will? Regarding M&A, I think we did partnership or we bought partly us into the ownership of Reelwell. We see Reelwell products as quite interesting going forward. Currently, we have two contracts on power pipe. One will start later this year, I guess October, November, maybe in that area. The second package will start up in March next year with very nice, I would say, numbers, good margins. I would say excellent in that respect. Plus, we have still one wired pipe from the previous technology we bought from NOV with Deepsea Aberdeen with Equinor that will run the wired pipe out 2026. As you also know, that wired pipe with Equinor with Aker BP is done future with NOV. We still see the package we have on one of the rigs for Odfjell will run out 2025. That's an M&A in a very early-stage project. What we're looking at when I mentioned that we are positioning ourselves for future plug and abandonment work on kind of a major operations. In that respect, we have targeted a couple of companies with technologies which operate today with full cash flow. We don't buy into any equity raise or any developing raise. We could potentially buy us into type of technologies that will be quite interesting for providing a more complete package to clients for plug and abandonment activities. We do that together with Operations in Odfjell. We also look at subsea plug and abandonment together with Odfjell, meaning that subsea plug and abandonment will be kind of a natural operation for us. It used to be one company. We know we operate on all the Odfjell rigs already. We know how to integrate smart operations and very efficient integrated operations. That will be just extracted more into the plug and abandonment world. The plug and abandonment are still on an early stage. We foresee that Odfjell as a whole will benefit from that market. We also like to look at the tools and equipment that could make a more disruptive solution compared to the regular way of doing it. I think that illuminates one of them. OSP is a strategic partnership in the Gulf. There we decided to go with a partnership, not the straight M&A. What happens in the future, nobody knows. We are carefully looking at the Gulf of America and Brazil, typical. We see quite many interesting, very interesting leads over there. Time will show how we generate it. We expect the first revenue from that region, Americas, later this year, late this year. That's what to expect. That means four quarters, basically. It's good to hear that things are moving in. Yeah, good to hear that things are moving in the U.S. Gulf and in South America and such. Thank you, guys. Just to say that, Truls, another just a comment. What we do over there will be tools, equipment, technologies. We will not provide, in a way, personal services in the Gulf of Mexico. That will be based on rentals of drilling tools and equipment for downhole operations and others regarding drilling, well intervention, and similar. That's where we kind of attach the OSP into the portfolio, which is very, very, I would say, complementary to our own package or storage of tools and technologies. Just to say that. Come on. Just as a small follow-up on that, in terms of tariffs, will that have an impact on your, call it, U.S. expansion as such? What? I What? I didn't hear. Sorry, the tariffs. Sorry, I didn't hear you well, Truls. No, we don't see the tariff being hit for us. If there are requirements for new tools, technologies, the smartness with OSP, that will be produced in the U.S. They still have a manufacturing center over there, but the equipment we have today, that will not be tariffed as we see it. Potentially, new tools, equipment could be manufactured in manufacturing centers already established in the U.S. Okay. That's clear. Thank you. Thank you. There are no further questions on the audio. I would like to hand over for webcast questions. Yes. We have a few written questions that we'll take. One question here from [Olave Magnarheim] is, there is a reduction in headcount. Is it a signal of lower activity level and possibly revenue going forward? Jone? No, the answer is no. The reduction is a combination of indirect positions, which means overhead positions, and direct. We do not see any reduction. Quite opposite, we see an increase. The reason for this is that we will have a more efficient workforce and we will increase utilization for the employees. Yeah. There is a question from [Lucas Dahl] on the projected earnings impact on wired pipe in 2026 versus 2025. I think we could say that they will be fairly similar, but with some improvements in 2026, and of course, with some potential if our fourth string could be put into use. It will be a little up from 2025. I guess you're right about that. Yeah. He's also asking if there's any early thoughts on 2026 in light of your market comments pointing towards softening markets. I think it's maybe been covered, but you're asking the question. I guess, yeah. If we look at our competitor and we look at the market around us, it has been so much slower over the last period, which we also have indicated earlier. Not too many around us are forecasting high growth over the next half year, quite the opposite, flat around there. We see now that the activity level within the oil companies is based on the fact that they expect reduction in the global production, both in most of all markets. We are very much into the production part of that market, and the production will maintain, and the demand for oil is still quite high. Based on, we just count up the leads we see ahead of us. We just talk to our clients and see what they are doing. The only thing that, again, could are uncertain, we have to trust the clients and their schedules, and we do that, but sometimes they postpone activity. The only uncertain I can say that we do not control is the client's time schedule for spending money. If it's today, as we see today, we are still positive to increase activity and earnings over the second half and into 2026. That's how we see it. Yeah. There is one question on, is it important to become a one-stop shop within P&A, or can you compete with the right technology and quality of service? I think they are not necessarily important to be a one-stop shop. What we see, and I guess that we have spent now two years to analyze that market significantly, we are not in a hurry to enter the P&A market because we see now that we like to find our way of doing it and achieve decent results. P&A will always be, I would say, a cost for clients, no income, but P&A combined with slot recovery might be of interest. What we see now is that every P&A campaign is different from each other. There's not one size fits all at all. There are different fields, there are different challenges, there are different reservoirs, there are different ages, there are different this and that. Everything is kind of different. Like you build a new field development, P&A is equally different from the other P&A activities. You can't just say that one size fits all. There will always be some tailor-made. What we find as what we can call a partner one-stop shop is that we will have basic tools, equipment, and ownership in, and maybe also partnership with some clients, and then add on what's necessary to make the difference, to make the disruptive difference to win that P&A campaign. We are not there to make a one-stop Odfjell shop. We are there to make a stop Odfjell shop in a way, but together with others. The smart investments we have talked about, there could be some M&A we are doing, but it will also be a partnership with key players. Maybe different from case to case, but with some stability in the bottom. Maybe a little vague answer, but there are not a clean answer here. There is one question on working capital buildup in Q2. We did see a buildup through Q1 and Q2. It is a seasonal effect. It's something we see every single year. We see an unwind in Q3 and mainly Q4. We're expecting the same this year. I think with both the CapEx drop in Q4 and the working capital improvements, we should see a positive cash effect before year end. I think most of the questions here have been covered. We are, I think, we'll conclude the Q&A session today. I'd like to thank everyone for joining the call. Please reach out to me if you have any follow-up questions. Thank you.