Hello, welcome to Shearwater GeoServices Fourth Quarter Presentation. Please note this call is being recorded, and for the duration of the call, your lines will be on listen-only mode. I will now hand you over to your host, CEO, Irene Waage Basili, to begin today's conference. Thank you. Good afternoon, and welcome to Shearwater's Fourth Quarter 2025 Presentation. Thank you very much for joining us this afternoon. My name is Irene Waage Basili, and I'm the CEO of Shearwater. Joining me here today is our CFO, Andreas Aubert. Here's today's agenda, where I will start off with the main takeaways of the quarter before going into the operations. Andreas will go through the financial update before I return with the outlook and a brief summary. After the presentation, we will open up for a Q&A session, where we will take the call-in participants first, and then the submitted written questions thereafter. As always, please note the disclaimer. Key takeaways. We delivered improved financial results compared to Q4 of last year, despite low marine acquisition activity. This was driven by high multi-client revenues, clearly demonstrating the value of our multi-client strategy and the diversification that this gives. The EBITDA for the quarter came in at $44 million, reflecting this contribution from multi-client, as we also communicated in our Q3 report. Our fleet utilization was 67%, representing a stable quarter-on-quarter level and reflecting also the muted contract market year to date. On the OBN side, we maintained good activity with two active crews during the quarter. On multi-client, we commenced our third acquisition season in the Pelotas Basin in Q4, using the high-capacity vessel, Shearwater Empress, which also successfully performed last season's acquisition in the same basin. The Pelotas Basin remains, as I've said before, one of the most attractive exploration regions globally, and we continue to expand our multi-client library here with solid industry funding. Our disciplined multi-client strategy remains a core value driver for us, as we are building a profitable cash-generating data library that strengthens our backlog, diversifies our revenues, and supports selective growth under strict capital discipline. Client discussions are increasingly focused on reserve replacements and encouraging signal for long-term seismic demand. As most of you know, after years of underinvestment, international majors and NOCs will need to rebuild reserves to sustain production and energy security, supporting renewed demand for marine seismic. Early indications show that demand materialized quickly, illustrated by ExxonMobil's contracting of the Amazon Warrior shortly after securing new acreage offshore, Trinidad and Tobago. While this shift has yet not translated into higher tendering activity in our real market near term, and we do expect a competitive sideways trending market going into 2026, the underlying demand drivers still remain intact. Against this backdrop, Shearwater has taken decisive actions to strengthen liquidity, simplify the organization, and enhance cash flow resilience, ensuring readiness for when we see the market upturn. In 2025, we launched a $40 million cost reduction and efficiency program, which is moving ahead in line with our targets. These measures, including a 20% reduction in headcount, were necessary to align the company with current market realities, and we are building a more resilient Shearwater from those actions. At quarter end, backlog stood at $316 million, including committed multi-client projects. Moving to the operational update. Marine seismic streamer activity remained low during the period, reflecting muted order intake throughout the year. Despite this, though, the active fleet increased compared with Q3, with Oceanic Sirius reactivated from warm stack and returning to operations. We operated an average of 8.8 active vessels versus 7.8 active vessels in Q3. Q4 streamer contract activity was primarily focused on multiple projects for Oil India on the east coast of India. In the deep water ocean bottom seismic execution remained solid. We completed a 4D program for ExxonMobil offshore Guyana and continued project work for Tullow Oil offshore Ghana with Shearwater Tasman, demonstrating consistent delivery and strong operational performance in this segment. We continue our approach in this space, aiming for sensible profitability and utilization, meaning that you will see our market share fluctuate, but it will fluctuate by design and not by default because of that approach. Multi-client activity showed good momentum with startup on Pelotas Basin Season 3 in Brazil. We also launched a two-month 3D survey in Nigeria. Both projects are supported by industry funding. Our multi-client strategy is a core value driver for us that strengthens our backlog and diversifies revenues in what is a market with often intra-quarterly variations. That supports selective growth under strict capital discipline in this market. In early 2026, we've been awarded several contracts that further supports forward visibility. ExxonMobil contracted the Amazon Warrior for five months of 3D work offshore Trinidad and Tobago. As announced, we secured recently, we secured a two-month 3D seismic acquisition contract for Eni in the Timor Sea, utilizing the Shearwater Bly. The market has softened, our response has been disciplined and deliberate. We have consistently taken proactive decisions to align active capacity with what we see demand visibility to be, rather than chasing utilization at any cost. This is demonstrated by the fact that we have, since 2023, reduced our active streamer fleet by close to 40%, with, of course, the subsequent reductions to our crews and support organization. Our currently total active fleet can be deployed selectively across streamer, OBN, and multi-client work. This reduction that I just referred to has been a conscientious choice aimed at protecting pricing, margins, and cash flow in a challenging market environment. This approach, of course, requires discipline, but it is the only sensible thing to do in a concentrated market with muted demand. We are actively managing the supply side, supported by a versatile and diversified fleet, and also naturally managing the consequential impact to our organization from a reduced active fleet. These are the inherent variables in a business like ours and needs to be managed accordingly as part of what we do. This disciplined approach helps keep the market more balanced, even when demanding, and ensures that Shearwater remains resilient through a softer market while staying ready to respond quickly as demand returns. The full commercial update. Just to update on the current quarter, in Q1 2026, the Shearwater Tasman will execute the Shell 4D OBN contract in Malaysia in single vessel mode, conducting both node deployment and source capabilities and demonstrating the unique capabilities of this vessel, while extending its continuous streak of work over 24 months. Quite impressive. We continue with the Oil India streamer contracts on the east coast of India, and in Trinidad and Tobago, the high-capacity Amazon Warrior has already commenced the five-month contract for ExxonMobil. As confirmed during a recent visit to their offices in Houston, they are extremely happy with the performance of the vessel, which they know well from previous surveys in both East Canada and Guyana. As mentioned earlier, we will commence the 3D contract for Eni in the Timor Sea later this quarter, a project which Eni's exploration team expressed their excitement around during their visit to our headquarters in Bergen a couple of weeks ago. In the multi-client segment, we are growing our position with data libraries in key basins, expanding our client portfolio and partnerships to enable our selective and disciplined growth. Currently, the Shearwater Empress is on our third successful season acquiring data in the Pelotas Basin with solid industry backing. Data collection is expected to continue to early Q2 this year. Additionally, the Shearwater Duchess is executing a converted contract with solid industry backing in Nigeria, and we're also continuing with the industry-supported 2D multi-client survey off West Africa in Q1. I hand over the word to Andreas for a financial update. Thank you, Irene. Revenue was $169 million in Q4, which is up 63% from the same quarter of last year. The increase comes on the back of higher utilization of the vessels and also supported by strong multi-client sales. This also impacted the quarterly EBITDA, which ended at $44 million, with an EBITDA margin of 26%. This is up from $13 million in the same quarter of last year. The strong multi-client contribution was as anticipated and communicated in November when we released our Q3 report. EBITDA will fluctuate from quarter to quarter with activity levels, vessel utilization, and project mix, and it is also increasingly influenced by the timing of revenues generated by our multi-client business. Marine acquisition segment reflected the muted contract market with $11 million in EBITDA. That's in line with what we saw in the same period of last year. Multi-client delivered a material EBITDA contribution of $49 million in Q4. While the multi-client business continues to develop, quarterly segment revenue will vary in the future. For Q1, Shearwater has already recognized more than $10 million in multi-client revenues. The software, processing, and imaging business continued to deliver positive EBITDA. It's an important part of our offering, even though the contributions are small when it comes to the numbers. The other segment, we have SG&A and R&D, with an EBITDA impact of $17 million compared to $13 million in the same quarter of last year. The increase is partly related to one-off costs in relation to the ongoing cost reduction initiatives. Moving over to the cash flow. To the left, you see the development in our cash position from the end of Q3 2025 to the end of Q4. As covered on the previous slide, EBITDA contribution was strong, delivering $44 million in total. We had CapEx in the quarter of $3 million. This compares to $19 million invested in Q4 of 2024, and it reflects reduced non-critical investments in the current market environment. Multi-client investments was of $16 million, driven by Pelotas phase III, mobilization of the Nigeria converted contract, and the 2D project of West Africa. We built the working capital up marginally in this quarter by $6 million, and net cash outflow from financing was $22 million. This is mainly reflecting interests paid on both the bank facilities and on the bond. As previously communicated, we agreed with our banks to postpone two 2025 installments to January 2027, meaning we had no installments in Q3 and Q4 of 2025, twelve and a half million dollars each. The cash position was $65 million at the end of Q4, which is down $16 million from the previous quarter. The RCF was fully drawn at the quarter end, and that means that free liquidity equals the cash position, and it remains well above our bond covenants. Free cash flow is ended at $7 million for the quarter. Free cash flow also naturally will fluctuate with varying activity and working capital changes as vessels and equipment mobilize and execute projects. Turning to our balance sheet, we start off with our leverage ratio in the top left. This is calculated as net debt over EBITDA in the last 12 months. Supported by the solid multi-client revenues this quarter, leverage ratio decreased to 4.6, which is within the threshold in the bank facility. As I will return to on the next slide, we implemented a series of important measures during 2025 to strengthen liquidity and enhance the company's financial robustness. We continue this focus into 2026 while we remain in close dialogue with our key stakeholders. The net interest-bearing debt is calculated, as you see to the bottom right. It stood at $554 million at the end of Q4. This gives an equity ratio of 35%, which is slightly down from three months earlier. If we look at our debt structure on the top right, with the postponed installments, total debt service in 2025 was approximately $75 million. In a normal year, our debt service is approximately $100 million, split between $50 million in installments and $50 million in interests. The 2025 EBITDA of $119 million, even though this is lower than what we would like, it still covers our debt service. In July, we announced a number of measures to reduce cost and CapEx. This will conserve capital and improve free liquidity. We make these measures to support what we expect will be a sideways market in 2026. In July, we implemented phase I, which consisted of reducing CapEx, adjusting our financial schedule, and initiating structural cost actions. Phase I is now fully implemented and will contribute positively to the financial performance for the whole of 2026. Phase II, launched in the autumn of 2025, targets an additional $20 million in annualized cost reductions. We are currently about 65% through the execution of that phase, with a positive contribution expected to be phased in over the first half of this year. Other initiatives, such as potential vessel divestments, are progressing. We have entered into an agreement for the sale of one cold-stack vessel that will go into a different market. This is subject to certain buy-side conditions. We continue to explore additional potential vessel transactions over the coming months and quarters. With that, I will hand the word back to you, Irene, for outlook and concluding remarks. Thank you. Thank you, Andreas. For the first quarter of 2026, we expect marine acquisition activity to remain muted as a follow-on from the low order intake last year. In this environment, we will continue our disciplined approach to tendering and fleet management and focus on utilization quality rather than volume. Following a year of subdued order intake, we do not see near-term inflection in the overall market activity. Although, I'll get back to this later, we do observe a clear shift in sentiment on the positive side, that would suggest increased demand into 2027. As I said, I'll get back to that in a bit. As a result, we continue to plan for a lower visibility environment through 2026. In multi-client, we are acquiring in Pelotas in Nigeria, we're doing 2D acquisition in West Africa, and we are working on several projects which may materialize during the year. I repeat, and it's important to stress, that we maintain a strict return requirement and are increasing multi-client activity gradually and responsibly. Building on this position of strength, we prioritize growth through converted contracts while remaining highly selective in new, high-quality multi-client investments. Our backlog in mid-February stood at approximately $335 million, and that includes multi-client commitments and the minimum commitment of guaranteed vessel months from TotalEnergies, providing a solid base of visibility in a challenging market. In response to ongoing market conditions, we remained focused on resilience by consolidating the organization, aligning capacity with demand, and ensuring that the business is structured for efficiency without compromising execution capabilities. Proactive actions on liquidity and cost discipline, as you've heard Andreas talk about as well, remain a priority. As you all know, the industry is facing a widening reserve replacement gap, placing seismic at the very front of the reinvestment cycle. More critical today, we believe, than at any other point in the past decade. Conventional discoveries are at a cyclical low. Reserve replacement trail declining rates and oil and gas demand continues to grow, with peak demand in several scenarios now being beyond 2050. Against this backdrop, several recent client discussions are increasingly centered on reserve replacements, which is, of course, a very encouraging signal for the long-term fundamentals of seismic and fully aligned with Shearwater strategy. After years of underinvestments, majors and NOCs must rebuild reserves to sustain production and energy security, inherently driving renewed demand for marine seismic acquisition and imaging. We're often asked what the first signs of change are, and our answers has consistently been the investors of the oil companies. Following years of prioritizing buybacks and dividends, we are now seeing early but meaningful, and also in public, signals of a shift, with majors returning to reserve replacement and investor commentary recognizing the need for increased exploration. While this has not yet translated into higher tendering activity in our real market right in front of us, we do believe these are underlying demand drivers that will remain firmly intact as we move into 2027. This reinforces our confidence in the medium to long-term outlook for seismic and our conviction that Shearwater is positioned in the right side of this cycle. To summarize, the near-term market environment remains challenging, and we are preparing for that through 2026, but the longer-term outlook is improving. The growing focus on reserve replacements and renewed interest in exploration, expressed both by clients in direct communication and meetings, as well as industry experts also in public, support the long-term fundamentals of the seismic industry. The driver for this tipping point is shareholders shifting focus on reserve replacements. CEO masters are the shareholders. When shareholders ask for sustainability focus, oil companies diversify into renewables. When shareholders ask for higher distribution and capital discipline, oil companies scale back investments with long lead times. When they challenge the depleting reserves and future fall in production, oil companies increase investments in filling up those reserves, and that is what drives our business, and that is what we see are happening now. These factors reinforce our confidence in the medium to long-term outlook for our market. We believe that Shearwater is positioned really well to capture the market drive when it comes, with the resilience and strategic focus needed to run a sensible business pending this recovery. We're ready for Q&As, I will hand over the word to the operator. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. Again, it is star one on your telephone keypad to ask a question, and we'll pause for a brief moment. Thank you. We will now take our first question from John Olaisen of ABG. Your line is open. Please go ahead. Good afternoon, ladies and gentlemen. A couple of questions. Let's start with the outlook. You're saying that you expect a flattish market in 2026. This is pretty much similar to what Viridien said yesterday evening. However, Viridien said that they expect a softer market in the first half of 2026, but sees slash hope for some improvements in the second half. Is this in line with your view as well, or will not be a softness in the first half? That would be my first question, please. Hi, John. What was your question? Whether we see a gradual improvement through the year and into the second half? Yeah, no, well, you said flat this year, sideways for the year. Yeah. Is there like a inter year difference that is so softer in the first and better in the second half, as Viridien said yesterday evening? I think it's hard to say at this point, because as you know, really the backlog tends to be, if not spot, but relatively short term. Typically, this time of the year, you still don't see the tenders that are going into the second half. One could, of course, logically or apply the logic that as we believe in a recovering market into 2027, it could, of course, start happening earlier on towards the end of 2026. Mm. That would just be sort of applying. Okay. Yeah. For the first quarter, you say you, the active fleet is expected to remain broadly in line with the first quarter of 2025. However, in the Q4 2025, you had multi-client revenues of $49 million, and now you see them at $10 million+. This is one of the dynamics. The EBITDA, will it be flat for everything but multi-client, and then multi-client will be the direct quarter-on-quarter difference in multi-client sales will impact the EBITDA directly, or are there any other factors at play in here? Just a little bit more the near-term outlook. We haven't guided on the, on Q1 EBITDA. Of course, starting by multi-client, we say that so far this quarter, we have booked revenues of more than $10 million. We're two-thirds into the quarter, but it's not done yet, so I think it's too early to conclude how that will end up for the quarter. Also, one thing is the number of active vessels that we have. Another thing is on the, which utilization we end up with those vessels. It's the project mix between the various kinds of projects, and there could also be other one-offs that impact that EBITDA. There are many things that will come into that, and we haven't given a guiding on the, on Q1 EBITDA. Mm-hmm. My final question on the outlook is, I heard your comments earlier about the oil companies changing the tone. Historically, it's always been they had the priorities has been, one, dividend, two, buybacks, three, development CapEx, four, employee salaries, and then seismic. I just wonder, there's probably some truth in that saying, but I just wonder, what kind of oil price do you think is required to see improvements in the seismic market, whether it be in 2026 or for 2027? Actually, I think the oil companies are seeing through the current oversupply in oil that, with the exception of the situation now, in Iran, has kept the oil price relatively muted. I think they're seeing past that and seeing into what they're expecting beyond 2027. What I think is more important for their exploration activities is what I say towards the end of the presentation. It is the shareholder focus. We know that once, and we said this when we did the bond raise, about two years ago as well, probably if I had $1 for every time we hear the question, "When do you believe that the market will recover?" We say, "When it will happen in terms of time, is difficult to predict, but it will happen once shareholders of the oil companies are starting to challenge the depleting reserves." That is what we're seeing happening now. Then, of course, at what pace and at with what assertiveness will they put that message across? I'm sure you read the Financial Times article a couple of weeks back around Shell as well. I just had a trip to Houston last week, and sort of what you hear is that the scent, the focus is shifting from what has been, what you lined up in your argumentation and in your question but it's moving towards that replacements, reserves needs to be replaced. Mm-hmm. Mm-hmm. Yeah, let's hope we see that. It's just that all the seismic players are saying it's not going to happen near term, so I just wonder, when will it happen? I guess that's the key question, but maybe 27 is more realistic, I don't know. A couple of detailed questions about Q4. You report other revenues of $14.7 million, $14.7 million. May I ask, what is that? I suspect it's an insurance related to the streamer tangle in India, but maybe I'm wrong. Yeah, it's not related to. It's not related to the streamer incident. It's related to technology revenue, actually, from we've announced previously, it's been quite a long time ago, a technology partnership with the Petrobras for the BASS source, and this is related to that. Mm. It's not a huge impact on EBITDA, though, even though it is a significant revenue number, associated to it. It's got associated costs. Yes. Yeah. There's another line, $9.9 million in other losses. What may I ask what that is? This is more or less completely related to currency losses. Okay. Yeah, yeah. Non-cash currency losses, or? Most of it, yes. Yeah, final question for me, sorry. SG&A was $40 million in Q4, higher than $10 in Q3. What would be the run rate going forward, sir? Well, we had a bit of one-offs related to some of the cost reducing measures that we have seen. That has been for all practical purposes taken in 2025 in its entirety. With the already actioned cost reductions that we have seen, we don't expect that to impact 2026 numbers at a great level. We expect SG&A going forward to be below $10 million a quarter. Okay, nice. Very final question. Any indication about multi-client investments planned for 2026? As we've said before, multi-client is an area that we have seen growth. It's driven by several factors. It's more and more converted contracts in the market where it's a high pre-funding level. We have done some more traditional multi-client as well, but typically where we see a good balance between risk and reward. Because of that, we don't have a specific multi-client investment target that we have. It's more on a case-by-case basis, but we don't expect to risk a lot of our own cash on projects with pre-funding. Yeah. That's good. All right. Thank you very much for taking all my questions. Good luck into 2026. Thank you. Thank you. We'll now move on to our next question from Øyvind Hagen of Arctic. Your line is open. Please go ahead. Hello. Thank you. I know it's hard to guide on 2026 and particularly on single-line items, but I was just wondering, in terms of free cash flow after interest in 2025, this was, roughly speaking, $10 million. How do you see the direction of this metric going into 2026? As you say, we are not giving specific guiding on free cash flow for 2026. I think. We don't have a lot of visibility in this market, as you know, but what we have said is that we expect the market to move sideways in 2026. I would add that we have done during 2025 and continuing into 2026, to do everything we can when it comes to cost-reducing measures and efficiency improvements. We hope that will have a positive impact, all else equal. As we said, it's difficult to be specific on that one. Visibility is relatively short. Excellent. The reason why I'm asking is that in 2026, you will also, at least per the current schedule, restart amortization. How comfortable are you regarding that, given now the current outlook? It's a bit difficult to hear you, but I think the question was, how comfortable we are with postponing installments that are now due in 2027, in January 2027. If that is the case, then, well, of course, we, as we've said before as well, we would, we would have liked to see a higher cash generation than what we currently see in the market that we operate in. We would have liked to have a bigger liquidity buffer than what we have. But we are doing everything that we can to ensure that we have cost and efficiency improvements. We also say that we remain in close dialogue with key stakeholders, as I think we have also shown in 2025. That we have been able to make adjustments when needed. We'd also add that I suppose in our report today, we have entered into an agreement on a sale of a vessel. It's it has got subjects on the buyer side, it's not. We hope that that will conclude, and we have other vessels that we're also working on selling. Hopefully, that is also going to have a positive impact. All of those things in combination, I think is the answer to the question. Thank you. Ladies and gentlemen, once again, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. We'll now move on to our next question from Børge Johansen of Fearnley Securities. Please go ahead. Good afternoon, Andreas and Irene, thanks for the update and what seems to be a quite strong quarter. A question on sort of the strong multi-client sales in the fourth quarter. Can you provide any insight into, call it, the amount of pre-funding versus late sales on that number? When it comes to the revenue that we are showing, typically, if we have funding before a project is started, that will not be booked as a revenue. We will book it as revenue once we have started to meet milestones in the client contracts when it comes to data delivery. That revenue is related to projects that we have carried out, rather than projects that we will do in the future. Okay, great. Secondly, I can't remember if the leverage covenant goes back to four in the first or the second quarter. Can you provide any color on sort of the dialogue that you guys are having with the banks in relation to that covenant? We've, as we've said, we remain in close dialogue with key stakeholders, and that, of course, includes the banks. We've shown in 2025 that we've been able to have a good and constructive dialogue with the banks that to a large extent, we've had strong relationships since what was established. Other than that, when we have something, if and when we have something to announce when it comes to that, then we will do so. All right. Thanks. I'll leave it at that. Thank you. We have no further questions on the line. I'll now hand over to the presenters for webcast questions. Thank you. Thank you. There are a lot of questions coming from the web, we'll try to summarize them. First question: Can you share more details on vessel sales, which sector it's sold to, and what type of sale price level we are talking about? Would you also give some indication on how many other cold-stack vessels are in similar discussions? Yeah. First, when it comes to the sale that we have entered an agreement on, it's, I can't say which sector, but I can say that it's to a different market than the seismic market. It's being sold out of the seismic market. When it comes to the sales price, I can say that it's around $20 million. It's. We will, once the sale has concluded, as we said, there are some subjects on the buyer side, and once those have been lifted and the transaction is completed, we will announce more details on that. When it comes to how many others, I think it's difficult to put an exact number on it. These dialogues, you have, quite a lot of interested parties that will contact you. Most of those, discussions don't lead to anything. We currently have a lot of, various dialogues, but, how many of those will actually, conclude in the coming quarters? Very difficult to say. We definitely continue to work on, more potential transactions. What's key to sort of to add to what Andreas just said, is, of course, we are in a concentrated market, which we have been instrumental to arriving at. As we are considering sales candidates and potential buyers, of course, we are not considering sales that are going into the streamer seismic market. It's out of the market in a number of different segments. Thank you. Øyvind Hagen dropped off during his question, but his question was related to the pre-agreed amortizations during 2026 and not the postponed amortizations in 2027. Yeah, I think that my answer still covered that as well. Yeah. Many of the questions have been already asked, but we have a question on the upgrade and configuration of the Shearwater Tasman some years ago seemed to be a big success. Do you plan to upgrade other vessels in the same way? Depending on the OBN market, how is that market evolving going forward? Mm. yes, it, it indeed has been a very successful market entry for that vessel, and as I've said a number of times, we're now looking at more than 24 months of consecutive utilization for a wide range of clients, so we're very happy about that. Our focus in the OBN market is targeted also here where we are focusing on building utilization on the Tasman and maintain high utilization and decent profitability. It's not in the cards at the moment that we will convert another vessel. However, we do have potential conversion candidates, so if the visibility in the OBN space and if we client dialogues would encourage us to do so, and of course, also be defending such an investment to be made, that is certainly something that we will consider. Not in the current market environment, focus is on maintaining a high utilization on the Tasman. We do see that the OBN market is also competitive. Again, we maintain our selected approach on this, where we are focusing on profitability rather than market share. We see, as I think the rest of the market does, that this is a still a fairly fragmented market on the supply side, which again, leads to high competitive pressure in some of these contracts. No change to what we've seen in previous quarter on this part. Thank you. Do you expect to see further M&A activities in the seismic market? Probably not. Then again, one does not know. I think this is probably given the concentrated nature that one sees on the supply side, and also the concentrated nature that we've seen in our clients, as they also have gone through a number of M&As over the last five years. Also, you've seen consolidation in the multi-client space. I think there are actually few segments in the oil service industry that have seen as many M&As as you've seen in the seismic space, both on the multi-client side and on the vessel side. Then again, you can never rule out that there may be other ones. Thank you. Could you share any investment targets on multi-client during 2026? I think we covered that in an earlier question. We don't have specific targets on investment. It's more about, yeah, the right projects, rather than a specific target on an overall number. How much of the backlog is related to the minimum commitment from TotalEnergies? That is about remaining, well, let me see, we're six months in-ish. We are looking at about 130. Yeah O r thereabout, spread over two and a half years. Coming towards the end of the series of questions, given the variability in earnings, how do you see the future of the Shearwater Group? I mean, the inherent nature of this business is variability. It's a cyclical business over years, and it's a volatile business in between quarters. That, and that is the way it has always. What our focus is, and I think we've perhaps repeated ourselves in the presentation we just shared. Our focus is to ensure that we remain resilient through what we believe to be a flat market through the year, and to maintain the muscle so that we can grow as quickly as possible when we expect the recovery to come, hopefully in 2027. What's interesting, I mean, we're told it probably seems a bit odd to be talking at the what will happen when a recovery is coming, given that the current market is muted. Given what, when this market recovers, and I think you've seen the same in the rig market, and the same in some of the other oil service markets, with the exception of, subsea, there will not be new buildings. That's probably going to be something that differs the future upturn from previous upturns. I firmly believe that you will not see more added capacity when an upturn comes, for a number of reasons that we can get into when that upturn comes, and, discuss it in more detail. I think that makes for a potentially very exciting scenario once we see the recovery coming. Last question, just came in here. Can you confirm what the vessel sale proceeds can be used for? Would you use them to pay down the RCF facility? Well, both the bank and bond agreements have different mechanisms when it comes to what sales proceeds can be used for. I won't go into all of the details, but some proceeds will be for the free use of the company. That could be used to reduce RCF, of course. Some of the proceeds would go into an account that can then be used for investments over a 12-month period, and after that, if not used, be used to repay debt. That's what the agreement says, and then there is a basket that means that some of the early proceeds can be used freely by the company, whereas later on, there will be more shifted towards the deposit arrangement. Yeah, I think that covers it. That was the last question that's been coming in from the web. I will hand it back to the operator, and unless there's new callers, you're free to round off the call. Then, uh, on that note- Sure, thank you. Oh, sorry. There is one question in queue, if that's okay to be taken? Go ahead. Yes, we've got a follow-up question from John Olaisen of ABG. Your line is open, John. Please go ahead. Sorry, my question has been asked by some others, so sorry about that. Thank you. Okay. If there are no further questions, I would like to hand over to Irene for closing remarks. Thank you. Yeah, thank you for joining us on a Friday afternoon, and wish you a very nice weekend in a couple of hours. Thanks.