Good morning and welcome to our third quarter 2025 webcast for Reach Subsea ASA. Our report and presentation were released this morning. I am Jostein Alendal, CEO, and I am here with our new CFO, Arne Joa. I will give Arne the opportunity to introduce himself in a bit, and he will also cover our financials more in detail. First, I will start with the key highlights for the quarter behind us and a view on the way forward. Not at least, I will further explain the major step in Reach Remote development we now have achieved. By being the first ever unmanned vessel operating in Norwegian oil and gas fields, the concept has taken the big step beyond proof and is ready for the next steps. More about that later. Please submit questions via the webcast player, and we will address them in the Q&A session after the presentation. Our third quarter results are below expectations and targets. This is mainly due to two things: lower vessel utilization and extraordinary cost associated with the implementation and certification of Reach Remote. I will address the first here and come back to the second later. We knew the market was going to be both cautious and turbulent this year, but having a vessel alongside through a third quarter is quite unusual and for sure not something we will be continuing with. However, I would like to highlight that we are delivering strong project results also this quarter, a point that Arne will return to. Global uncertainty continues to affect project timing, with some decisions postponed, also somewhat impacting our firm backlog. That said, the firm backlog has over the years been approximately a third of our annual capacity. Despite this, we believe a long-term outlook for the global subsea industry remains good, supported by stable OpEx activities and sound CapEx plans for the coming years. Our service offering continues to be highly relevant across all offshore industries, and our tender volumes are increasing. Interesting to notice here is the latest increase in pure USV tenders, highlighting a growing market interest as soon as our license to operate was in place. Around 40% of current tenders include campaigns where Reach Remote can be deployed. Let's look at how we can respond to a potential market slowdown, at the same time maintain potential for growth also in the coming years. The largest component of our cost base are the vessels, and our business model is based on leasing the manned vessels rather than ownership. Partly ownership is reserved for a few strategic core assets like the Viking Reach and the New Build 76. The fleet structure provides us with a good core fleet through a combination of fixed agreements and profit share models. Our charter agreements and options still have cost-effective rates compared to current market prices. The options give us flexibility to replace vessels or reduce the fleet if deemed necessary to adjust to market in the coming years. Some movements for 2026, though, have taken place lately. We have exercised the first one-year option for the subsea vessel Olympic Triton, extending the charter through February 2027. We have also been informed that the delivery of the new build vessel Viking Vigor has been postponed from the first to the third quarter of 2026. The delay of Viking Vigor does not affect our operation schedule as such, as our order book and other commitments are not tied to any specific vessel. Remaining decisions on the fleet size is the first option for Olympic Taurus for 2026. The Reach Remote fleet will play a key role going forward. Now let's look into our services and deliverables. Our services remain relevant across well-established markets such as oil and gas and offshore wind, as well as in emerging sectors. What all these markets share is a need to plan, install, operate, monitor, and eventually decommission assets in the ocean space. We support every phase of that life cycle. Uptime on production remains a top priority for our clients, and we provide efficient, reliable solutions to help them achieve that goal. Framework agreements and approved supplier status are essential in these segments. We collect and process data from the seabed and subsea installations, delivering fully processed output such as maps, 3D models, and reports that enable informed decision-making. These services are offered both as a standalone solution and as a part of an integrated package. We have built a strong expertise in geological monitoring using proprietary technology, ideally suited for detecting changes in gas and CO2 levels in reservoirs. Common for all these markets is a constant focus on cost efficiency, safety, and value. Our ability to now deliver services also remotely is a key differentiator, enabling clients to reduce cost without compromising quality or reliability. Let's take a closer look at the Reach Remote concept, its current value proposition, and how we envision the evolution going forward. The Reach Remote concept is more than vessels and subsea robotics. Together with the capabilities of our in-house developed software, the Reach Horizon, the total delivery makes a compelling value proposition for any customer in the ocean space. We bring the entire offshore operation to the client's locations onshore, reducing complexity and cost. We have connected the marine robotics with the subsea robotics and with the important milestone we just achieved: the license to operate the Reach Remote 1 vessel totally unmanned in Norwegian waters and Reach Remote 2 ready for work in Australian waters. We have opened the door for accelerated development. The extensive verification program, the extra time, and the extra cost we have spent over the last six months is relatively small compared to the huge breakthrough this represents. We have worked closely with the leading energy companies throughout the development and testing phases of Reach Remote, ensuring that the concept meets real-world operational needs. These companies, like Equinor, TotalEnergies, Shell, and Woodside Energy, are now early adopters of our remote solutions, a critical step that validates the technology and sets the stage for a broader industry acceptance. This collaboration not only strengthens our position in the energy market, but also builds confidence for future applications for the rest of the ocean-based industries. Their adoption is a key catalyst for other sectors to follow. For these emerging sectors, the threshold for buying offshore operations is lowered, both in cost and complexity, as we bring the whole operation to the client. With the Reach Remote 1 and 2 and the full remote setup in different time zones, and with the ordering of Reach Remote 3 and 4, we have started the scale-up. We are also exploring opportunities to further accelerate that scale-up, and the business case and economics are very sound, even on a single unit basis, and further expansion of the fleet will improve this drastically. The benefit of operation in several time zones adds on to this. There is always daytime somewhere. Reach Horizon is also the starting point for leveraging data to continuously improve processing and accelerate the journey towards autonomy in data processing. Today, Reach Horizon is not just a Reach Remote management platform. It is becoming a standalone product, enabling smarter and more efficient operations across both remote and conventional vessels. There are no limits to the types of robotics we can integrate, making this platform the foundation for future innovation and transition to both remote and autonomous operations across the offshore value chain. Reach Remote is not only about vessels. It is a comprehensive solution enabling existing and emerging industries to access ocean space in an entirely new way. With this, I will hand the word over to Arne, who will take you through our financials. Thank you, Jostein, and good morning. This is my first time presenting quarterly results as CFO in Reach. My name is Arne Joa, and I have 20+ years' experience from banking, finance, and industry. I'm very happy to be a part of this exciting company, and I'm looking forward to the journey we have ahead of us. If we start by looking at the third quarter isolated, our utilization was somewhat lower than in the second quarter. Revenue was NOK 688 million with a 7.3% EBIT margin, compared to NOK 834 million revenue in Q3 2024 with a 16% EBIT margin. Project results are in line with the same quarter previous year when adjusting for costs associated with idle time. Startup cost on the Reach Remote vessels, including having the Northern Maria as a support vessel, is also contributing on the negative side in Q3 2025. Year-to-date revenues at NOK 2.07 billion are slightly higher than the same nine-month period last year. The EBIT margin the first nine months in 2025 is 10% compared to 14% in the same nine-month period last year. The reduction in margin is mainly due to the reasons specific to the third quarter in 2025. Profit for the third quarter was NOK 34.8 million compared to NOK 92 million in the third quarter last year. The cash flow in the third quarter this year was strong. Operational cash flow was NOK 340.6 million compared to NOK 307 million in the same quarter last year. This was mainly due to working capital movements. Additionally, cash flow from financing was positively impacted by the bond issue in July, and the net change in cash and cash equivalents amounted to a solid NOK 446.4 million. The EBIT bridge is showing the key drivers behind the sequential reduction of EBIT from the second quarter to the third quarter in 2025. As previously said, the project results are satisfactory and contributing positively. However, the utilization effects from some idle time in the quarter and extraordinary startup costs associated with the Reach Remote ramp-up are contributing significantly to the EBIT reduction of NOK 40 million from NOK 91 million in the second quarter to NOK 51 million in the third quarter 2025. The same story can be told to explain the reduction in EBIT from NOK 134 million same quarter last year to NOK 51 million in the last quarter. Project execution is good, but utilization effects from idle time and Reach Remote ramp-up are the main reasons behind the EBIT reduction. Now let's look at the revenue mix split between segments, sectors, and regions in the quarter. Our third quarter turnover from renewables continued to grow and accounted for 44% of our total revenues in the quarter, while projects in the oil and gas sector represented 56%. We also split our revenue on our two major market segments, data and solutions. In Q3, about 75% of the turnover came from solutions, while 25% came from data. We also present our geographical distribution of turnover to illustrate our strategic expansion to new areas, as well as meeting new and existing client needs. In the third quarter, activity in Europe, including Norway, represented about 55% of our revenue compared to 82% last year. The lower activity in Norway is partly offset by increasing activity in other regions. Now over to our balance sheet. Reach has taken active steps to strengthen its balance sheet over the last year. The equity ratio stood at 35% by the end of the third quarter in 2025. This is an improvement of five percentage points from the same quarter last year. We have a cash and working capital position of just about NOK 850 million. This is a substantial increase from the same quarter last year and is, of course, impacted by the NOK 500 million bond issue in the beginning of this quarter. Our financial debt has increased proportionally, but it is good to have a sound balance sheet with an improved equity ratio and strong cash position. With a strong cash position and financing in place from reputable banks, in addition to the European Union funding, Reach Subsea is now very well positioned for the remaining investments in Reach Remote 3 and 4 and further scale-up of the Reach Remote concept. We are very pleased with the new bank loan where also DNB came in as a lender alongside SpareBank 1 Sør- Norge and Eksfin. It is a NOK 735 million facility, which also includes an RCF facility and a contract tranche for the remote vessels. Like you know, the term sheet was signed in September, and we have now progressed well with the loan agreement, and it was signed last week. We now expect closing well before year-end. We use a sustainability and ESG focus as a foundation for profitable growth, in line with our strategic goals and KPIs. We are investing heavily in remote operations and a modern, environmentally friendly fleet. Reach Remote is a key enabler for Reach to reduce our environmental footprint. Jostein, I give the word back to you for a summary before we continue with the Q&A session. Thank you, Arne. In summary, current market is a bit turbulent at the moment, and we will navigate through that. At the same time, we are over a huge barrier when it comes to introducing new technologies. These milestones we have achieved are not just about technology. They represent a major step towards fulfilling our vision: sustainable access to ocean space. Please continue to submit your questions in the webcast player, and we will return shortly to answer them. Yeah, Q&A, Arne. If you take the questions, and you can throw the questions to me when you feel that it's for me, so. Yes, we have a few questions coming in. We have a couple of questions on the market. They go to you, Jostein. First one is, why extending vessels like Olympic Triton when the market is cautious and clients scaling back? Yeah, it is a total view of our fleet in 2026. That is, yeah, we need the core fleet also in 2026. I am not that worried about the next year as such. As I mentioned, we have one outstanding option, so we can regulate the total fleet for 2026 still. Thank you. I think that also answered a couple of other questions on the market. That said, it is a good option. We are still in, yeah, the price we are paying for the vessels next year are still very competitive, even in a cautious market. Thank you. Also have a couple of questions regarding Reach Remote 2 that has been moved to Australia. First one, can Reach Remote 2 operate without a support vessel in Australia? If not, what is the progress in that regard? The operation in Australia is without a supporting vessel. We have established the bridge, operate the ROC center, and also a supporting ROC center in our office in Perth. When we operated in Norway with a supporting vessel, we had a ROC on board the supporting vessel. In Australia, we do not need that. The project itself in Australia needs a guard vessel up in Scarborough. That is due to the geographical distances and the nature of the operations on the field. That is something different. It is not as we did here with the certification in the Norwegian waters. We had the bridge on board the supporting vessel, and that was for certification purposes only. We are through that. Thank you. Also, more questions on Reach Remote. Can you say something more on the potential for upscaling the Reach Remote program? Yeah, the upscaling is quite interesting because it is speed to reach the scale of economics and so on. It is quite interesting. We have started a scale-up with ordering the number three and four. We are looking into how is it possible to actually speed up the scale-up because we see that as soon as we are through this barrier of certification in one country, it is moving along in other nations. Here it is just a matter of speed. Thank you. There is one question for me here. If we can provide a breakdown of the CapEx in Q3. Not here now a detailed CAPEX, but we activated Reach Remote 1, ROV, and also did some activation on Reach Remote 2. Additionally, we paid the first installments to the yard on Reach Remote 3 and 4 in Q4. That is the majority of the CapEx in Q3. There is also a question on the CapEx commitments going forward. I think that is explained a little bit in the report, but it is mainly, of course, Reach Remote 3 and 4, where we now have a good financing package in place from banks and EU grant in addition. There is not a huge amount of CapEx on top of that. There is also another question on the Reach Remote. What bottlenecks are there regarding production capacity for Reach Remote, Jostein? Bottlenecks. The limitations of a small vessel are obvious, and it only has one ROV. I don't know any bottlenecks as such when comparing to manned vessels with cranes and so on. There are some obvious bottlenecks in what it can do. But it's purposely built for exactly inspection and maintenance work where you only need one ROV with the work-class capacity. I don't see any bottlenecks for what it's built for. Yeah, good one. There was one question again about Reach in Australia and the market reception there and bids. Can you say something about the market reception in Australia? Yeah, extremely good. The first job we are going to do is for Woodside. Woodside was a part of the pilot earlier this year and had been very supportive during the pilot and the certification time here in Norway. The reception is extremely good. I think we. Work through the winter here now and into this springtime and also looking at sort of more long-term operations. Establishing Reach Remote 2 in Australia is a part of the long-term plan we have to have Reach Remote operation centers in all time zones, as I have said earlier. The reception is extremely good. We have shown the capacities here in the North Sea, and it fits perfectly with also operations in the Australian waters. Thank you. There is also a question on market segments. Do you have any leads within defense or surveillance for Reach Remote vessels? Yes, we have. We can call it an emerging sector for us. We are in quite good dialogue with a number of national authorities. Also, part of the pilot was the Navy in Australia. They were also a part of the pilot earlier this year. One of the sponsors of the pilot was as such. There are also time it takes for them to adopt. Everybody was sort of waiting for the certification as such. You see that, yes, it is allowed to. That is the very important milestone, also with regards to authorities and so on. Thank you. This is a follow-up question to the questions about bottlenecks regarding Reach Remote. The question specifically was if there are any bottlenecks regarding how fast we can scale up. How fast? Yeah, that is a question we have to return to. As soon as we have explored the sort of, there is a lot of different opportunities there. We have to revert when it is materialized, I guess. I do not have the answer of how quickly. Not yet. Thank you. There are also questions on the extra expenses on Reach Remote in Q3. If that is something the shareholders should expect to occur and be repeated going forward, I think I can answer in Q3. We had the Northern Maria as a support vessel, which contributed quite significantly to the cost on Reach Remote 1. There were also some, what shall we say, child diseases, implementation costs, training on personnel, and so on. I do not know if you want to elaborate on that one, Jostein, about cost going forward and if they will be kind of repeated, what we saw in Q3. No, it will not be repeated, of course. We miscalculated the time it takes to get the authorities to approve for the first time in history an unmanned vessel operating in the Norwegian waters. It is a clear one-off. We have been through that. For the first time in the Norwegian maritime history, there is an unmanned vessel going in and out in Kristiansund. This is, yeah, but it took a bit longer time for us to get the Norwegian maritime authorities in line and DNV and everything. It is a one-off. Thank you. I think we can take one more question before we round off. That is on the near-term market vessel scheduling for Q4. How do you see Q4 and the start of 2026, Jostein, and the market and opportunities for us there, both on remote and conventional vessels? Yeah. We are not guiding on quarterly or annually and so on. We do not do guiding. My impression of the market is, in general terms, it is quite good. Cautious, of course. All the energy companies are reorganizing and have a focus on cost discipline. That is a good thing. We are not ending up in a new 2014 where the energy companies did not earn any money because of the cost level and so on. It is quite disciplined. There is a lot to do. That is my— I do not think I answered the question. We are not guiding on quarterly or annually. In general terms, I see the market as there is a lot to do around the world. Thank you. One last question on Reach Remote 3 and 4. When will they be ready for operation? Mid-2027. Yeah, mid-2027. We are aiming for that. Yeah. Okay. I think that is all. Yeah. If there are any more questions, feel free to reach out on the company's investor email. Yeah. See you in three months' time.