Hello, and welcome to Shearwater GeoServices' second 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 second quarter 2026 presentation. We appreciate that you are joining us this afternoon. My name is Irene Waage Basili, and I am the CEO of Shearwater. Joining me today is our CFO, Andreas Aubert. Here is today's agenda, and I will start off with the main takeaways of the quarter before going into the operations. Andreas will then go through the financial update before I return to the outlook and a brief summary. After the presentation, we will open up for questions in a Q&A session where we will take the call-in participants first and then the submitted written questions thereafter. Please note the disclaimer. In line with what we have previously communicated, marine acquisition activity was soft in the quarter, mainly due to a slow contract market. Within multi-client, we continued to benefit from our disciplined and organic buildup with a Q2 segment EBITDA of $23 million. This is the third consecutive quarter with segment contribution exceeding $20 million, showing how our multi-client model has become a strategic enabler supporting utilization and backlog by broadening our revenue base as we build a profitable and cash-generative data library. Still, it should be noted that the quarterly segment revenue volatility is expected to continue as is normal in this space. As communicated in the first quarter, we expect the multi-client revenues for 2026 to exceed the 2025 levels. Our group EBITDA came in at $23 million, strongly supported by the multi-client contribution. Our fleet utilization was 76%, slightly up from Q1 across an active fleet of 7.7 vessels, the latter primarily reflecting that the Oceanic Vega was being stacked in late first quarter. This summer, we concluded the recapitalization of Shearwater together with our main shareholder and our relationship banks. Rasmussengruppen provided $40 million of new equity while our bank syndicate contributed with postponed debt amortization and amendments to certain financial covenants. Together, we are pleased to note that we reached a balanced and constructive solution, providing us with a materially improved liquidity outlook ahead. As we communicated in Q1, we see indications of supportive long-term fundamentals for marine seismic beginning to translate into more opportunities. The Indian exploration program launched earlier this year is a key driver for this, while at the same time, we are building backlog through multiple project awards. At mid-August, the backlog stood at $401 million, contributing positively to visibility going into 2027. We are particularly encouraged by the recent awards of two large 3D surveys in India, adding 15 vessel months to our backlog and securing visibility for two vessels well into next year and marking our 11th consecutive season in this key seismic market. We also see tendering activity increasing, yet to result in tender conversion at a pace supporting a recovery. However, the trend seen in the tendering activity indicates that long-term market fundamentals are improving quite well. Moving to the operational update. Marine Acquisition activity reflected a continued muted contract market also in the second quarter, with utilization trending sideways over the latest quarters. We operated an average of around eight active vessels during the quarter, one less than in Q1, as we continue to proactively align our active capacity to market conditions. Streamer contract execution focused mostly on the continuation of active projects while also commencing a project for Eni. Operationally, we completed the third season of multi-client acquisition at the Pelotas Basin early in the quarter, which partly supported sales revenues already in this quarter as decision-ready data was delivered to clients and partly at a later stage when final data is delivered to clients. We remain committed to disciplined fleet management. The Oceanic Vega was cold stacked in late Q1 to protect utilization and margins. The Oceanic Sirius was relocated to Malaysia for a short layup after its project in India was concluded. The vessel will soon return to India to work for ONGC. We continue to optimize our fleet portfolio. This includes the sale of Shearwater Baret at a premium to book value earlier this year with additional vessel divestment processes ongoing to further strengthen efficiency and financial flexibility. In parallel, our cost reduction program targeting $ 40 million in annual savings is progressing to plan. The identified initiatives are all in execution mode, reinforcing resilience in the softer market environment and positioning us to fully capture a recovery when it comes. Just to update on the activity in the current quarter and our recent commercial developments, we are very pleased with the recent awards in India and are currently mobilizing for the two large ONGC campaigns representing 15 vessel months of activity. We have operated in India for a decade, building a strong track record and extensive experience in this very important area for the global seismic market, and we have done so for multiple clients. We see continued strong demand for the Shearwater Tasman plus the Pearl platform in the OBN market. After completing the Ithaca Jackdaw contract in the U.K. North Sea in early Q3, the SW Tasman went to a yard for scheduled upgrades, installing new state-of-the-art electronic ROVs, enabling more efficient OBN operations with a lower external impact. Once completed with this upgrade, we expect the unique OBN platform to soon commence its next project, extending what has now become close to three years of continuous employment. Another example of innovation is the use of Isometrix streamer technology on two characterization surveys in the North Sea. They represent early applications of the Isometrix platform to expand our offering beyond conventional Marine Acquisition, enabling high-resolution offshore site characterization to support offshore developments and planning activities. In the North Sea, we are also executing a 3D multi-client project with strong industry backing, deploying Amazon Conqueror, utilizing our state-of-the-art Isometrix streamer technology. The project marks our first multi-client expansion into the Norwegian Continental Shelf, and it adds high-quality backlog for our fleet. This area includes open acreage areas, which in the context of the announcement made at the ONS conference last week by Vår, Equinor, and Aker BP, bodes very positively in that sense. Lastly, I want to highlight that we in recent awards have seen improvements in margins following a prolonged period of price pressure in a competitive market. Needless to say, also a very positive trend. I then hand over the word to Andreas for a financial update. Thank you, Irene. Revenue was $149 million in Q2, and this is up from the $134 million that we saw in the same quarter last year. We saw strong multi-client sales in the quarter, and this was partly offset by the muted contract market impacting fleet scheduling and project margins. The quarterly EBITDA came in at $23 million, equaling an EBITDA margin of 15%. Generally, the EBITDA of Shearwater is expected to fluctuate in line with varying activity, vessel utilization, and project mix. Our revenue is also increasingly influenced by the timing of revenues generated by our multi-client business. That is recognized at the point in time that the contracted deliverables are made to the client. The Marine Acquisition segment reflected the slow contract market with $2 million in EBITDA. That is materially down from what we saw in the same period last year, and it is a combination of lower activity, contract mix, more transit time, and project pricing. The multi-client contribution this quarter, $23 million, was broadly in line with what we saw in Q1 of this year, but substantially up from what we saw in the same quarter of last year. This is reflecting the continuation of our disciplined multi-client segment buildup. While the multi-client business continues to develop, quarterly segment revenue variability is expected to continue. As we communicated in Q1, we expect 2026 multi-client revenues to exceed what we saw in 2025. In 2025, it came in at $76 million. Year-to-date segment revenue was $45 million at the end of Q2. The Software, Processing & Imaging business continued to deliver positive EBITDA. While the numbers on their own are small, one should note that the business line plays an important part of our wider data acquisition offering through both the contract and the multi-client market. The activity within SPI is increasing due to the growth in our own multi-client activity, as well as external client deliveries. At the end of June, the SPI segment had future external work of more than $15 million in its order book, and this figure comes on top of the reported group backlog. In the other segment, we have SG&A and R&D cost of $3 million on EBITDA level. That is down from the $10 million that we saw last year. However, this improvement is mainly driven by the sale of the Baret that was sold above book value. Please note that our segment numbers include external revenues only, not revenues related to inter-segment activities. Moving over to the cash flow. To the left, you see the development in our cash position from the end of Q1 2026 to the end of Q2. As covered on the previous slide, the EBITDA contribution was $23 million in total. Then we had CapEx in the quarter of $11 million. That compares to $4 million that we saw in the same quarter of 2025. We continue to focus on minimizing non-critical investments to conserve capital in the current market that we see, but quarterly variability is expected due to vessels visiting yards, which is not necessarily evenly spread over quarters. Maintenance CapEx related to our vessels is the main driver of CapEx under the current environment. We saw multi-client investments in the quarter of $2 million. That was related to Pelotas phase three that was completed early in the quarter. We reduced the working capital by $5 million. Net cash flow from financing was $6 million +. This was driven by the $40 million in shareholder loan from Shearwater GeoServices Holding received towards the end of the quarter, offset by $12.5 million of installments, as well as interest paid on both the bank and bond facilities. When I say shareholder loan of $40 million, this is the $40 million that was injected into Shearwater GeoServices Holding by Rasmussengruppen. The funds were then transferred to the company from Shearwater GeoServices Holding as a shareholder loan, and this was converted into equity after the balance sheet date in early July. The cash position was $132 million, which is up from $94 million at the end of Q1, and this reflected the increased liquidity position following the recapitalization in June 2026. I will get back to that in more detail later. The credit facility was fully drawn at the quarter end, and free liquidity therefore equals cash holdings. However, there is $3 million of the cash sitting in the disposal account following the sale of Baret, and that takes our free liquidity down to $129 million. Free cash flow will also naturally fluctuate in line 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. That is calculated as net debt over EBITDA in the last 12 months in accordance with our definitions disclosed in the alternative performance management section in the quarterly report. Through the recapitalization process in June, the leverage ratio covenant was suspended for two years and will be replaced by a debt service to cash flow calculation from Q2 2028. We will continue to show leverage ratio in the quarterly presentations, at least for the time being. At the end of June, the leverage ratio was 4.3. The net interest-bearing debt is calculated as you see to the bottom right, and it stood at $463 million at the end of Q2 after adjusting for the shareholder loan, which was converted to equity in early July. On the same basis, this gave an equity ratio of 35% at the end of the period. Little changed from three months earlier. Looking quickly at our current debt structure on the top right, as you know, we agreed in mid-2025 with our banks to postpone the two H2 2025 installments totaling $25 million to January 2027. Through the recapitalization in June 2026, these two installments have been deferred to the maturity of the bank facility in 2029. On an annual basis, our debt service is approximately $100 million, separated into $50 million in installments and $50 million in interests. Going back to the recapitalization mentioned earlier. In June, together with our supportive main shareholder, Rasmussengruppen, and longstanding relationship banks, we executed a balanced solution to strengthen free liquidity and the financial position. The effect of the recapitalization is illustrated in this chart that you see now. First, Rasmussengruppen contributed with the previously mentioned $40 million in new equity. Completed sale of SW Baret yielded additional $25 million in free liquidity under the vessel sale basket in the bank and bond facilities. The minimum cash covenant was reduced to $30 million from Q3 2026 in the bank facility agreement. That is down from $50 million. All else equal, this is $20 million in additional available liquidity. In total, these measures represent $85 million in immediate liquidity effects. In addition to that, $25 million of bank debt installments that were scheduled to be paid in January 2027 have been deferred to maturity in 2029. With this, that gives us a total liquidity effect of the recapitalization of $110 million. Also, as mentioned, leverage ratio financial covenant was suspended and will be replaced by a debt service to free cash flow calculation from Q2 2028. Finally, the equity ratio was set to 30% to maturity of the bank facility, which is aligned with what is in the bond covenant. To be clear, none of the amendments has impacted the bond agreement. To sum up, the recapitalization has materially improved the liquidity outlook through increased financial flexibility and reduced near to medium term debt service. Together with a lower cost base, it positions us to capture the market recovery when it comes. That is the last that I had in terms of a financial update, and I hand the word back to you, Irene, for outlook and concluding remarks. Thank you. Thank you, Andreas. The main drivers of seismic demand, the long-term need for reserve replacement, energy security needs, and sustained exploration investment continue to strengthen. While it is too early to conclude that the seismic market has passed the trough, it is, however, positive to see more contracts being awarded at better margins as well as increase in tendering activity. I was recently in Houston for the IMAGE Conference, meeting several of the large E&P companies. There is a clear communication from them that they plan to do more exploration and more seismic. At the same time, though, they emphasize the continued discipline in capital spending. The main takeaways, though, was clearly a positive but measured undertaking. Short term, however, we see that the market is moving sideways into Q3 due to the limited project awards that we have seen in the first half of the year. Going into Q4, we will see the recent project awards coming into our operation and will lift the overall activity. We experienced a strong momentum in the multi-client market, with significant sales revenues also recorded this quarter, and we are on track to exceed last year's segment revenue on a full- year basis. Operationally, we completed Pelotas Basin phase three, adding more than 7,000 square kilometers of high-quality wide-tow 3D data. The Pelotas library now stands at 17,000 square kilometers, and we will continue to increase activity in the multi-client market through disciplined and focused investments, selectively targeting attractive opportunities with strong industry funding. We see improved opportunity pipeline in the contract market, which is encouraging, and it is also converted into backlog buildup in the third quarter for us. Tender conversion remains below what one would characterize as recovery levels, but the underlying fundamentals driving the recent awards are indeed positive for the seismic industry. As you know, we continuously track activity in the contract market over time and have presented the rolling 12-month value of identified opportunities showed in the lower right corner of this slide and split between streamer and seabed projects. The data should not be interpreted as a forecast or an indicator of backlog conversion, but rather as a temperature gauge of the market providing a technically consistent view of market activity and underlying trends over time. Against that backdrop, the development in both the streamer and OBN pipelines through the second quarter and into the third quarter is encouraging. We're seeing a strengthening level of market activity and tender flow across both segments. At the same time, we remain disciplined in our outlook, recognizing that uncertainty remains around both the timing of awards and to what extent opportunities ultimately convert into contracted backlog. We talked about the Indian government, DGH, as they are referred to, their program in our Q1 earnings call. Whilst progress has been slower than initially anticipated, this program has the potential to absorb a meaningful share of available global 2D market capacity and therefore support a tightening of the overall market fundamentals. We remain focused on resilience and to ensure that we are running our business on a robust platform to navigate the current slow market, supported by measures making us leaner and a more focused company. Over the past year and a half, we have materially reduced the cost base, we have boosted our operational flexibility and efficiency, and we have recapitalized our balance sheet. This enables us to weather a continued slow market if so is needed and positions us greatly to capture recovery when it comes. With the recent contract awards and increased tender activity, the outlook towards year-end and visibility into 2027 are improving as we have successfully built backlog, which supports consistent utilization in coming months. Against this backdrop, it is positive to see improvements in project margins after a prolonged period of price pressure. We continue to benefit from our organically built multi-client business, supporting overall backlog, revenue base, and profitability. The Tasman Pearl platform continue to outperform in a fragmented OBN market with strong client demand driving industry leading utilization. And finally, supported by our main shareholder and relationship banks, we have increased financial flexibility, which together with a stronger and leaner operational platform, positions Shearwater to deliver long-term value creation to our stakeholders. That concludes our presentation, and we are then ready for Q&A. I will hand over to the operator. Thank you. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad. We will pause for a brief moment while waiting for them to queue in for question. Thank you. There are no questions coming through. Once again, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. We will pause for a further moment. Thank you. We have no questions coming through the phone line. I will now hand over to the presenters for webcast questions. Thank you. Thank you. We will take the first written question, which reads: Are there any plans for a stock market listing in the near future? Of course, a stock listing will be dependent on sufficient data points for an improving market. Although, as we have been saying in our presentation, we do see a few of these data points visible to us now. We have also improved our backlog in the recent month. However, for a listing to become a reality, we need to see more data points that this is not situational and that it becomes more of a solidified market improvement and higher demand over time, which is too early to say at the present. Thank you. Next question comes from Arctic Securities. How many vessels do you keep active and available for work on short-term notice? The second part is, how quickly and at what cost can additional vessels be mobilized, and how many vessels, please? Yeah. So, in terms of how many vessels we have active, we've had seven to eight active vessels so far this year. In the near-term future, we do expect that that will be ballpark where we will remain. We're saying that we, or alluding to probably a relatively low activity, low utilization in Q3, and that we expect that to significantly improve in Q4 and into 2027. In addition to that, we of course have the ability to bring further vessels into the market. We have 22 vessels in total, so if we have eight active vessels, that means that we have 14 that could come into the market. Some of them will be possible to reactivate at a relatively short notice, and when I say that, typically one to three months, and at a relatively low cost as well. It will be different from vessel to vessel, but most of them, or several vessels for less than $5 million. Then, of course, as we get further down the list of vessels, it will take longer and longer, and it will be costing more. But I think for what is a realistic expectation for activity increase, we could be able to provide that capacity. But I think it's also important to note that it would have to be staggered. Its access to people is not straightforward. But I think also it's quite important for us to say that we wouldn't reactivate vessels for a short project at current market rates. We would need to see an improvement in rates and also visibility on activity for that vessel to take the cost of adding more capacity into the market. Yeah. So I think just to add to that, what Andreas is saying there, the biggest hurdle is not what it costs to take a vessel into the market at a given time for a project or so, but what ends up impacting your bottom line positively or negatively is the utilization you're able to keep on your active fleet at any given time. So, the anticipated utilization rate is a much more significant driver for reactivation than the actual reactivation cost as such. Thank you. The last part of the question is circling back to the comment about improved margins. What magnitude are we talking about? We do not comment or give out information on margins specifically. This is a function of a portfolio of projects, and you will typically see that on certain contracts, it is a vessel positioning, it is your technical capabilities to meet the client's technical requirements that could impact a positive improvement on the margin that is more material in another situation where it could be less material. I think what we will opt to comment here is that we do feel that there is an uplift that we feel when we are out there bidding, and we also see it when we are being awarded work. It will depend on where you are, who is your competitor at the given project, and many other variables. In general, the average margin is improving, which is, of course, both pleasant and a relief after having seen downward pressure really since summer of 2024. Thank you. The next question is regarding our multi-client investments. Given the small multi-client investment, what is the outlook for the multi-client revenues in Q4 and into 2027? Yeah. I think it's important to note that when we do a multi-client project, it can often take quite a long time until that will lead to a revenue being recognized because we typically recognize the revenue as we deliver the data that we are supposed to do in the contract, some of that on fast-track data or decision-ready data and some of it on final data. So there could be quite a long lead time. The projects that we have been working on previously, and also this year, is something that is likely to lead to revenues both towards the latter part of this year and also into 2027. Then, although we didn't do much in Q2, we have announced that we're doing a multi-client project now in Q3, and we also said that we have seen a good function of being able to grow that business line over time over the last couple of years. So we definitely hope that we will be doing other projects going forward. All of that, we don't comment specifically on Q4, but what we have said is that we expect revenue for 2026 as a whole to be higher than, or at least on par with what we saw in 2025. And that means that there will have to be significant multi-client revenue also in the second half of this year. And then 2027, I think we should get back to when we get closer to 2027. Yeah. Thank you. That was the last of the written questions, so we'll check with the operator if there is anyone online with questions. At this time, there are no questions from online as well. I would now like to hand the call over to Irene for any closing remarks. Thank you. Thank you very much, and thank you everyone for listening and for joining in on the call. It probably feels like it's a bit old news given that we came out with our results on Thursday. Again, appreciate that you're taking the time to listen in and come with questions. As we have talked about in a number of quarters now, it has been a very challenging last year and a half. It sort of started leading up to Liberation Day in April of 2025. With that backdrop of really a demanding market in this period, it's a relief and also very, very pleasant for us now to see that we're starting to change the trend line on building our backlog and also see improving margins. We've also used, and I would like to just again remind everyone of that we've used this one and a half years to drive important changes in the company, improving our cost base significantly, driving and reorganizing for operational efficiencies, implemented very disciplined capacity management routines, which is, of course, key to our bottom line, as well as recapitalize the company that we talked about that we did earlier this summer. Lots of important initiatives and decisions and actions that have come through this last year and a half of challenging market. Back to what I was saying, that we're building and changing the trend line on building our backlog and improving margins. It is still too early to say whether this is a trend that will continue, and for those of you who follow us know that we tend to be cautious until we actually have firm and trustworthy data points to rely ourselves on in an attempt to give you as transparent information as possible based on what we see. But it's fair to say we are optimistic, and we are positive on what we've seen in the recent months. We hope that when we come back in Q3, that although that will also be a soft quarter, that we will be able to be more firm on the outlook of what we see going into 2027. On that note, again, thank you for joining us, and that's all for today. Thanks.