Good morning, and welcome to this audio cast presenting PGS's second quarter and preliminary first half 2021 results. My name is Bård Stenberg, Vice President, Investor Relations and Communications in PGS. With us from management today are President and CEO Rune Olav Pedersen and CFO Gottfred Langseth. Before we start, I would like to give some practical information. Participants on this audio cast can submit their questions via the audio cast platform. I would also like to draw your attention to the cautionary statement in today's earnings release and presentation and the risk factors disclosed in our 2020 annual report and the Q2 2021 earnings release. With that, it's my pleasure to give the word to Rune Olav. Thank you, Bård Stenberg. In PGS, we have delivered a solid second quarter considering the challenging market conditions we have been experiencing. We continue to leverage our integrated business model, where we operate vessels, and we have an in-house imaging business, and we operate both in the marine contract and the multi-client market. We believe this positions us well in what we now are considering a recovering market. In the quarter, we experienced strong multi-client sales from mature regions in particular. In fact, we were the largest multi-client player by revenues for the fifth quarter in a row. We experienced late sales of $65.5 million, and we had good client commitment for new projects, leading to strong refunding. We are now seeing increasing demand for new acquisition surveys, and I would say in particular for new contract surveys. This is supported by a positive order book development and, as you will see, increasing bids and leads. We continue to expect higher 2021 segment revenues versus 2020. Before I move on, I would just like to pause a little bit and comment that PGS is celebrating 30 years in 2021. In 1991, a few visionary people got together to fund a 3D seismic company in a world which had not seen a lot, if any, 3D seismic. They got funding, and they merged the two companies, Geoteam and Precision Seismic, and created Petroleum Geo-Services. I won't comment much more on this except to say that it has been 30 eventful years, and in PGS we believe the next 30 will also be quite eventful. Back to the quarter and the financial summary, I will be brief as Gottfred Langseth will go through these numbers in more detail. On the revenue side, I will just comment that what we saw our lowest revenues post-COVID-19 in the third quarter 2020, exactly as we predicted when we presented these numbers. After the third quarter, we have seen a gradual increase for the seismic market. Vessel booking stands at 17 vessel months in the third quarter, and in the fourth quarter, eight vessel months, and the first quarter 2022, three vessel months. I am also glad to say that our order book has now increased four quarters in a row. With that, I give the word to Gottfred Langseth to go through the financials. Thank you. On the key financial numbers, segment revenues and other income, $151.8 million in the quarter. That's a 9% increase from Q2 last year. Segment EBITDA, $84.4 million. Segment EBIT, negative $4.2 million, both EBITDA and EBIT down compared to Q2 2020. This is down to primarily a mix change with more contract and less multi-client, and the fact that Q2 last year still benefited from pre-COVID-19 contract pricing. Revenues and other income on the IFRS basis or as reported, $185.9 million in the second quarter, $351 year to date. This is higher than the segment numbers quite significantly. This is down to timing and due to completing several surveys, some of them relatively large, during first and second quarter this year. Lastly, on this slide, I will highlight, which is also stated there in the footnotes to the table, that our net financial items in Q2 includes a non-cash gain on revaluation of the separate derivative financial instrument deriving from the convertible bond. Also in net financial items, I wanted to mention that the gross interest expense that we're recording on a quarterly basis, of course, includes a significant non-cash component, primarily deferred debt issuance cost and imputed interest from the debt rescheduling exercise. To quantify more data, sorry, in the release. In the second quarter, the gross interest expense amount was $25.3 million, as compared to actual cash interest of $20.1 million, so a difference of approximately $5 million. The Q2 operational highlights. Contract revenues of $51.5 million. That's up from $31 million in Q2 last year. We used more of our acquisition capacity for contract. 69% of the active time was used for contract now in the second quarter. The total segment multi-client revenues, $94.1 million, pre-funding level of 111%, and late sales of $65.5 million. Quickly looking at multi-client revenues by region. North America dominated our pre-funding revenues in the second quarter, while Europe had the lion's share of our late sales. Vessel allocation and utilization, 68% active vessel time in Q2. This is based on six 3D vessels, including Ramform Sovereign, which operated as a source vessel for approximately half of the second quarter. In Q3, we will have an overweight of contract work, and we will have relatively significant vessel relocations, i.e. steaming, but most likely slightly less than what we had in Q2. On gross cash costs, we have a sequential cost increase from $92 million - $102 million in Q2. This is driven by more operated capacity. Costs will increase further in the 3rd quarter due to higher project activity as well. We have increased our full year gross cash cost estimate to $425 million. The primary driver is increased activity, including node acquisition and use of Sanco Swift as a source vessel on a combined node and streamer acquisition project, and also including operating Ramform Vanguard now expected to be through most of Q4, almost to year-end. There is also an impact of higher oil fuel prices, as we've seen the oil price gradually increase so far this year. Balance sheet, some quick comments. Cash and cash equivalents of $155.4 million, practically the same as at the start of the year. Net interest bearing debt, including leases, which is the last line in the table, is slightly down from the start of the year. The book value of our multi-client library is $512 million on IFRS basis and $504 million according to our segment reporting. Cash flow. We had positive free cash flow in Q2. $11.5 million, the third line from the bottom of the table. This, for avoidance of doubt, is after everything, after interest and lease payments. Year to date, we have a balanced free cash flow, or minutely negative, -$1 million. This is after payment of refinancing costs primarily in the first quarter. Working capital and collections at end of Q2 were somewhat frustrating, still impacted by delay of block ratification formalities to the tune of approximately $20 million. These formalities are now solved late Q2 with collection early Q3. That was my last slide. I will then give the word back to you, Rune Olav. Thank you. Fleet activity in July. As you can see, we have three vessels in Europe with the Ramform Hyperion operating in the Barents Sea on the joint node and streamer project. We see Ramform Sovereign and Ramform Vanguard in the Norwegian Sea and North Sea respectively. We have two vessels in Canada, Ramform Atlas and Ramform Titan, and Ramform Tethys is operating outside of Angola. As the summer becomes winter in the northern hemisphere, we will of course move our vessels south. We expect to have a few vessels in the Americas, and you see us announce a project in Guyana, for example. We will have a few vessels, or maybe even more in West Africa and Northern Africa. We will have a vessel in the Asia-Pacific region, as announced today. Ramform Sovereign will go to Malaysia, and Ramform Vanguard will move to the Black Sea, where she will stay most of the year, if not the entire year. As I mentioned, we are seeing increasing contract bids and leads levels. As you can see from the slide, the bids and leads levels are approaching pre-COVID-19 levels. In fact, the leads are already there, and the contract bids are approaching that level. Based on this, we do expect quite healthy bidding activity also in the second half. It is also positive to note that we have received the 1st 2022 North Sea bids already at this stage. There are a few of them actually already at this early stage, which is positive news for the contract market. On the supply side, we are continuing to see historically low supply, obviously. Moderate capacity increase for the 2021 summer season. Part of that obviously our introduction of the Ramform Vanguard. We do not expect any significant capacity increase going into the winter season ahead of us. Changing gear a little bit, you will remember that we announced in the first quarter that we have started a new business unit in PGS called PGS New Energy, and this time I thought I would focus on one of the more promising businesses that this new entity is focusing on, namely CCUS or carbon capture, utilization, and storage. Obviously, the focus for PGS New Energy will be on the storage side of it because seismic is at the heart of offshore storage. You need seismic to identify, to characterize, and to monitoring carbon storage sites. First of all, you need seismic, and here we could use multi-client seismic to find the right structures where you can store and insert carbon or CO2. You need seismic to interpret that structure to see whether the structure has the right characteristics and is suitable for storing CO2. Finally, if you have found that both those are in place and you start to insert CO2 into the structure, you need to monitor what's going on in the subsurface while inserting carbon. Therefore, you need to monitor it. This is very similar to what we are currently doing in our 4D activity. You need a 4D baseline, and then you need to continuously monitoring what happens to the subsurface as you are inserting CO2. There may also be a need to monitor the structure after the insertion is done, but that is probably less intensive. As you understand, there is complex geophysical challenges at every stage of CCS, especially offshore storage. That is one reason why this is an interesting area for PGS New Energy. The other reason, obviously, is that we see a promising near-term market and a potential for a significant business medium to long term. Currently, there are not much CCS activity worldwide, but we are working with two concrete 4D projects for next year and also in dialogue around another two to three, which may come next year or in 2023. We expect to see some revenues coming out of this already next year. If you look a little bit ahead, we can see concrete plans for developments up to 2025, which is quadrupling the levels we saw in 2020. From 2025 up to 2030, if we believe the IEA Net Zero report, there is 10 times as much CO2 storage needed in 2030. If you go to 2050, you can go another quadrupling from that level again. As you can see, there is a massive potential in this area, and it has seismic at its heart. We believe PGS is well-positioned to take advantage of this potentially very large market with our integrated approach. We have an existing data library, which is large, it's in the right place, and it has the right quality. I am very happy that we today announced the signing of an MOU for a cooperation with CGG to use our existing libraries and put together maybe a CO2 atlas and try to take advantage of the identification and characterization of sites for CO2 storage. We have great hopes for this cooperation, and we believe we have a complementary both libraries and technical capabilities in the area. Secondly, we obviously operate our vessels. We do 4D. We are the leading 4D player in the world. As I explained, 4D will also be needed as we start to insert CO2 into structures offshore. Here we see a potential for a large market going forward. Finally, we are also looking into new solutions. As this is a new area, we need to be open for new solutions, how to acquire seismic. There could be more high-density seismic, different types of seismic that is needed. We have recently also increased our ownership share in a company called Ocean Floor Geophysics, which are very technically advanced, for example, in the area of AUVs. We look forward to both use our existing competence and explore new technologies, new opportunities, when we are building this business. Here we see a large and promising potential market driven by the energy transition. A different topic. We have decided to change our internal policy on announcement of contract awards and multi-client projects. This is done to increase the visibility of how our business is developing between these quarterly presentations. We will send out stock exchange releases from now on when we receive contract award with an estimated value in excess of the area of $10 million-$15 million. We will do it when we have been awarded strategically important contracts or multi-client projects. We will do it when we have been awarded multi-client projects with a duration of more than two months. We will typically do it when we have signed up to multi-client projects in joint ventures or in cooperation with third parties. This is to give you some visibility of when we will send out stock exchange releases. Guidance. As mentioned by Gottfred, our group cash cost, we are now guiding at approximately $425 million. This is an increase due to higher activity and higher fuel prices. Multi-client cash investment still stands at approximately $150 million, and we expect to use approximately 45% of our active 3D vessel time in multi-client. CapEx still at approximately $40 million for the year. In summary, as you hear, we believe we are in a recovering market. We are seeing an increased order book. We are seeing contract bids and sales lead approaching pre-COVID-19 levels. We are seeing an increasing demand for vessel activity, especially contract activity. We're seeing this in particularly deeper into the fourth quarter and into the first and second quarter of 2021, where we believe the main increase will come. We are also experiencing, in the 1st and in the 2nd quarter, strong multi-client sales from our mature regions, and in particular in the 2nd quarter from Europe and Norway. We continue to expect higher segment revenues in 2021 versus 2020. All in all, we believe we are well-positioned with our integrated model to take advantage of the recovery we see coming. Thank you. Thank you, Rune. We will go over to the questions. We have a rather long question set here from John Eliason in ABG. Your multi-client late sales in first half were up an impressive 68%. The pre-funding rate was above 100%, and you talk about improving contract prices. At the same time, your net interest-bearing debt is the same now as it was year-end 2020 and higher than it was a year ago. I'm somewhat puzzled. Why don't you manage to generate free cash flow? He also adds, what is your forecast for the free cash flow in the second half? In a way, comparing the net debt level to where it was a year back, this is obviously impacted by two things, an extremely challenging last nine months of 2020. When it comes to development so far in 2021, which is in a way in line with our plans. We're still at very moderate levels in this period with respect to contract pricing. We expect our cash flow generation to improve going forward. We will not provide a guidance or an estimate on free cash flow for the second half. We expect it to be meaningfully positive. Yeah. When we talk about increasing contract demand, and we haven't mentioned contract pricing, but we are also seeing increasing contract pricing. It is not really pricing we have realized much of so far. As you will remember, the first quarter of this year was very low on contract pricing, and that also impacted pricing in the second quarter, which we have put behind us, but we are seeing an improvement. That is correct. The second part of his question. "Your multi-client sales are impressive, especially related to your peers. Why do you think you have been able to outperform your peers on multi-client economics in the first half? Do you expect to see late sales sharply up year-over-year in second half also? I'm not going to comment too much on our peers, but I believe we have, in general, have our core multi-client library sitting in rather mature regions. It is, for example, the North Sea, which has been strong this first half, but also other places in the world where we have data and are more or less the only one with a significant data presence, like Angola, Egypt, and other places, has favored us in this current market environment. We also, which is different from our peers, obviously do not have a large presence in the Gulf of Mexico, which we have reason to believe that has been muted due to the regulatory changes we have seen there. That could be part of the explanation. We also believe that the integrated model where we have, over time, played between the contract and multi-client market has given us a library which is situated in mature basins where the oil companies are currently focusing. Yeah. Mr. Eliason also has a concluding comment, which we basically have addressed already, Rune, but I can just read it out for sake of good order. "In short, I'm somewhat concerned about the sustainability of your multi-client economics, given that basically all of your peers are delivering rather poor multi-client sales. Yeah. There's not much for me to comment on that. No. He can be concerned. We have next question from Mick Pickup in Barclays. "Last year, you had $160 million of contract revenues for Q2 to Q4. You've done $50 million of contract revenues in Q2. Given bookings, this suggests a much stronger Q3 and higher realized pricing. Can you comment? I think it's fair to say that we expect higher contract revenues in the third quarter. I think I will leave it with that. Yes. The improved pricing that we see in the market will gradually have an increase in impact on our numbers. We have another question from Kim Andre Ugland in SEB. "With the cash position in line with what it was at the start of the year and the majority of your vessels capacity booked through the end of the year, do you remain as confident to repay the 2022 debt maturities with operating cash flow as you were six months ago? Yeah, the answer is clearly yes. This is going according to our model. If anything, we are more confident now than we were half a year ago because we have behind us half a year, which has been a very challenging market where we have delivered according to our plan. It's still a year ahead, so there can be no guarantees. Yes, we remain as confident as we have been. We don't have any further questions at this time. We can pause for a minute to allow people to type in any last questions they may have. John Eliason in ABG. Another long question. No, not this one. "When you say contract prices are up, how much are we talking about? For example, year-over-year, where do you expect contract day rates in second half relative to the daily cash cost? If we consider the rates we were bidding a year ago, going into the second half of 2020 versus where we have currently bid and what's sitting in our backlog, we are up more than 20%, and probably with a margin. Where that is related to cash costs, I'm going to be very careful. If you assume that we were bidding around cash costs last year, you can probably derive something from that. Yeah. Mr. Eliason has another question. You mentioned steaming in Q3. How much in% terms should we expect? Relatively high, but as of today, it looks like somewhat less than the 21% we had in Q2. This could obviously be impacted by in a way, the exact timing of completing the surveys in North Atlantic, in a way, if they extend or otherwise are executed fast or the opposite, executed faster, then steaming would start later or earlier. That is the estimate today, somewhat lower than the 21% we had in Q2. We have another question from Mick Pickup in Barclays. Looking at your bidding, how confident are you in further filling the fourth quarter? Well, as I said, there is a fairly large demand out there. The issue and the problem or what we work with every year at this time is trying to match the jobs we win with the end of the North Sea Canada season. We will, as you see, have several vessels moving south at the same time around beginning of October. The challenge is always to make sure that we're able to match the startup dates of contracts and multi-client programs in the Southern Hemisphere with the end of the Northern Hemisphere. That is going to be a challenge this year as well. There is no silver bullet here, but the way it looks now, it's a healthy opportunity basket at least, and we are hopeful that we will be able to fill that without too much idle time between jobs. Thank you, Rune. At this time, there is no further questions. We can pause for a moment to allow any last-minute questions to come through. Question from John Eliason in ABG. Will your contract business generate free cash flow after steaming and CapEx in 2021? That is our estimate, yes. A little math in my head. We don't have any further questions at this time. We will pause for a moment to allow any last questions to come through. Okay, it does not seem to be any last questions from the audience. That concludes this audio cast of our Q2 earnings release. Thank you all for participating, and have a nice day.