Good day and thank you for standing by. Welcome to the Shelf Drilling Q3 2022 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Mullen. Please go ahead. Thank you, operator, and welcome everyone to Shelf Drilling's Q3 2022 earnings call. Joining me on the call today is Greg O'Brien, the Shelf Drilling CFO. Earlier this morning, we published the Shelf Drilling, Ltd. financial statements for Q3 2022, as well as our latest fleet status report on the investor relations page of our company website. In addition to our press release and the financial statements, we also published a short presentation with highlights from the quarter. A recording of this call will be made available on our website within the next few days. Before we begin, let me remind everybody that our call will contain forward-looking statements. Except for statements of historical facts, all statements that address our outlook for the rest of 2022 and beyond, activities, events, or developments that we expect, estimate, project, believe, or anticipate may or will occur in the future are forward-looking statements. Forward-looking statements involve substantial risks and uncertainties that could significantly affect expected results. Actual future results could differ materially from those described in such statements. Also note that we may use non-GAAP financial measures in the call today. If we do, you will find supplemental disclosures for these measures on an associated reconciliation in our financial reports. I will provide an overview of the company's performance for Q3 2022 before sharing my latest views on the jack-up market. I will then hand over to Greg to walk you through the financials before we open the floor for Q&A. As always, I would like to start my commentary on our earnings call with our safety performance. The Total Recordable Incident Rate was 0.14 as of the end of September 2022. We continue to see an improving trend in our safety performance, which is in part a result of our Make It Safer Today, or MIST program, which we launched earlier this year. This recognition program encourages all of our crew members to actively speak out against and report any potentially unsafe practice that they may see or experience. The fleet-wide uptime was 99.1% for the Q3, and year-to-date uptime as of the end of September 2022 was 99.4%. This exceptional safety and operational performance is a testament to the focus and execution of our team and the quality of our rigs, equipment, and maintenance program. Four rigs returned to operations during the third quarter, following a period with high concentration of out-of-service shipyard projects. The Highland V completed its out-of-service project in Saudi Arabia and returned to work in late July, commencing a new contract with Saudi Aramco ahead of the scheduled time. The Shelf Drilling Supra and the Shelf Drilling Krathong completed their five-yearly recertifications and went back on contract with Chevron in July and August, respectively. The Shelf Drilling Enterprise completed its contract preparation project and commenced a three-year contract with PTTEP in Thailand in July 2022. We recorded a revenue for Q3 of $166 million, which is 10% higher than Q2. Adjusted EBITDA for Q3 was approximately $66 million, the highest EBITDA since the onset of the pandemic period. This represented a sequential increase of 34% and adjusted EBITDA margin of 40%. The sequential increase was largely due to several rigs completing their projects and returning to operations during the Q3. Greg will provide you more details on our Q3 financials. In October, Shelf Drilling North Sea, or SDNS, completed the acquisition of five special capability harsh environment jack-up rigs and their associated shore-based support and infrastructure from Noble Corporation for a consideration of $375 million, as previously announced in June of this year. This was a very complex and unique transaction. There were a number of key strategic actions to complete it in making this acquisition possible, which included the private placement of new equity at both Shelf Drilling and SDNS, the debt financing within SDNS, obtaining approval from the various regulatory bodies, most significantly the Competition and Markets Authority in the U.K., establishing legal entities in new countries of operation, contract innovation with our new customers and vendors, and finally, the listing of the Shelf Drilling North Sea on the Euronext Growth exchange in Oslo. This represented an enormous amount of merger work which was achieved in an incredibly compressed timeline. I'd like to thank everybody involved for their extraordinary commitment and dedication. Through this transformational transaction, we have enhanced our fleet composition, strengthened our leading position in the Middle East, and established a major presence in the North Sea, and gained a team of seasoned experts, both offshore and onshore, to support this incremental activity. Global commodity prices remain at elevated levels compared to historic levels, and in spite of an imminent economic recession. The lack of investment in upstream oil and gas activities over the past several years has severely constrained the supply of both oil and gas. Warmer than forecasted temperatures in Europe moved natural gas prices off their all-time highs. Nonetheless, prices remain well above the historical ranges. Additionally, the recent decision by OPEC+ to scale back production quotas by 2 million barrels per day largely offset any concerns of a softer oil demand due to the projected economic slowdown. We therefore expect commodity prices to remain elevated and provide a very constructive backdrop for the jack-up market fundamentals in the near to medium term. The global number of contracted jack-up rigs increased from 350 in January 2022 to 388 in November 2022, primarily driven by incremental demand coming from the Middle East. The market utilization increased from 84%- 91% over the same period. We expect shallow water activity to further increase through 2023, and we have seen and should continue to see an improving dayrate pricing environment. Since the past quarter earnings presentation, we have had a number of meaningful contract fixtures. The Shelf Drilling Victory secured a five-year contract in the Middle East with an estimated contract value of $236 million, including the mobilization revenue. We expect the contract to commence at the end of Q1, 2023. The Shelf Drilling Winner received a two-year contract extension with TotalEnergies in Denmark in direct continuation with its current contract. The Trident VIII secured a sixth-month contract in West Africa that commenced in early September. As of September 30, our contracted backlog was $1.7 billion across 28 rigs, and the recent awards in the Middle East and the North Sea will drive significant increase in our backlog during the Q4. Post completion of the Shelf Drilling North Sea acquisition, 34 rigs of the 36 rigs are now under contract, representing a market utilization of 94% across our fleet. We are confident that the two remaining rigs without contracts will commence new programs during the H1 of 2023. Since company inception, Shelf Drilling has established a unique operational platform, built strong customer relationships and an industry-leading backlog, and maintained capital discipline and financial resilience through the various commodity price cycles. With the recent addition of six premium jackups, we have significantly enhanced the capabilities of our fleet, which we expect will unlock tremendous potential for the company and value for all our stakeholders. We remain focused on delivering safe, efficient operations to our customers, and I believe that Shelf Drilling is in a very strong position to reap the benefits of an improving jackup market. I will now hand it over to Greg, who will walk you through the financials. Thanks, David. Revenue for Q3 2022 was $166 million, including $146 million of day rate revenue, $16 million of mobilization and bonus revenue, and $4 million of recharges and other revenue. Revenue for Q3 increased by $16 million or 10% relative to Q2 2022, primarily due to higher effective utilization. In India, revenue increased by $9 million sequentially with the successful start of a new contract in late June 2022 for the Key Singapore. In Saudi Arabia, revenue increased by $5 million due to the return to operations of the High Island V in July after a planned out-of-service project and an increase in day rates on both the High Island V and High Island IX. With the commencement of new contracts for three rigs in Thailand in recent months following shipyard projects, effective utilization improved to 85% in Q3 from 78% in Q2. Average day rate was $62,000 per day in Q3, down modestly from $63,000 per day in Q2. A reduction in day rate on the Shelf Drilling Koh Chang in Thailand following the completion of its maiden five-year contract in May 2022 offset increases on other rigs. Operating and maintenance expenses of $89 million in Q3 were substantially in line with Q2. Lower expenses for the Shelf Drilling Scepter following its contract in Vietnam, and lower maintenance and shipyard expenses, primarily for the Shelf Drilling Chaophraya in Thailand and Highland V in Saudi Arabia, were offset by increases across the rest of the fleet. As discussed on previous calls, we do continue to see inflationary pressures in most geographies with the ramp up in global jack-up activity. Due to these factors as well as an expected return to service of our two currently idle rigs during the H1 of 2023, we anticipate material sequential increases in operating costs in Q4 2022 and into 2023. G&A expenses were $12.9 million in Q3, down from $14.3 million in Q2, primarily due to a $1.4 million reduction of certain one-time expenses incurred for the acquisition of the five jackups from Noble in the prior quarter. Adjusted EBITDA was $65.8 million in Q3, representing a margin of 40% compared to $49 million and a margin of 33% in the previous quarter. Income tax expense was $9.4 million in Q3 or 6% of revenues, similar to the previous quarter. As the US dollar continued to strengthen, we reported a further expense at the end of September based on the revaluation of certain income tax refund receivables denominated in local currencies. We also reported a new reserve for uncertain tax positions. Excluding these two items, income tax expense was approximately 4% of revenues in Q3. Net interest expense of $27 million for the quarter was in line with Q2. Non-cash depreciation and amortization expenses totaled $33 million in Q3, and the net loss for Q3 was $6 million. Capital expenditures and deferred costs totaled $60 million in Q3, including $35 million associated with rig acquisitions due to the purchase of the Shelf Drilling Victory in July and the commencement of the rig reactivation project. We estimate that our total delivered cost for this rig will be approximately $80 million, with the balance of the investment recorded prior to the scheduled contract commencement at the end of Q1 2023. Capital spending across the rest of the business declined from $33 million in Q2- $25 million in Q3. Please continue to stand by. Your conference will resume shortly. Thank you for your patience. Your conference will resume shortly. You are now live. Okay. Sorry, we got disconnected for a second. Capital expenditures and deferred costs totaled $60 million in Q3, including $35 million associated with rig acquisitions due to the purchase of the Shelf Drilling Victory in July and the commencement of the rig reactivation project. We estimate that our total delivered cost for the rig will be approximately $80 million, with the balance of the investment recorded prior to scheduled contract commencement at the end of Q1 2023. Capital spending across the rest of the business declined from $33 million in Q2- $25 million in Q3 due to lower costs on the Key Singapore, which commenced a new contract in India in June, and lower planned maintenance and shipyard expenditures on the Highland V and Shelf Drilling Achiever in Saudi Arabia. As David mentioned, we completed the Shelf Drilling North Sea acquisition in early October. The $250 million debt issuance associated with this transaction was completed in September, and the proceeds were reflected in restricted cash on our Q3 balance sheet. As a result, our total debt increased from $1.2 billion in June- $1.4 billion at the end of Q3. When we publish our Q4 and full year 2022 results in March 2023, we will commence standalone quarterly reporting for SDNS in addition to our reporting for Shelf Drilling. Our cash balance as of September 30 was $157 million or $63 million lower than the balance at the end of June. This decrease was mainly driven by the acquisition of the Shelf Drilling Victory and a build in net working capital following the sequential increase in revenue and EBITDA. Cash will further decline during the Q4 due to the completion of the Shelf Drilling North Sea acquisition and the ongoing shipyard projects for the Shelf Drilling Victory. We expect cash flows to significantly improve beginning in Q2 2023. Our results in the Q3 demonstrate the ability of our teams to deliver continued strong performance and sequential improvement, including the highest level of quarterly EBITDA since before the pandemic period. We're very excited about the investments we've made in recent months in the Shelf Drilling Victory and in Shelf Drilling North Sea. We expect to see the benefit of higher day rates in the coming quarters and believe we're well positioned to generate cash and materially delever our balance sheet in 2023. With that, we'd like to open the call for questions. Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone keypad. Once again, please press star one one on your keypad to ask a question. We will now take your first question. One moment. Your question from the line of Fredrik Stene from Clarksons Securities. Please go ahead. Hey, guys, and thank you for taking my question and congrats on the nice performance this quarter. I wanted to touch a bit on the ONGC tender that you might also be aware that other bids opened a few days ago. I must say that these day rates in India now looking to be $80,000 or even as high as $95,000, that's more than I had expected, at least. It would do amazing things to margins. I was hoping that you could give a bit color on what you're thinking in terms of your fleet. You know, I would guess that you could potentially see two or three rigs being tied up in that tender at some point. Is it fair to expect, you know, rates around $80 if we're seeing them tendering towards lower bid or are there any other configurations that we would need to make? Yeah. Hello, Fredrik. The ONGC tender results are out, but ONGC has yet to award any of them. It's a process they go through. They will negotiate with the lowest bidder, which wasn't us. The requirement extends to all the rigs that were bid. I imagine that what will happen here is that the L1 bid will reach an agreement with ONGC on the price, and that becomes the price that everybody else matches to. Your assumptions are pretty much in line with mine. I think, just as a follow-up to that, given where kind of bids came in, do you have any thinking around whether or not we should assume two or three rigs into that for you? Yeah. We bid two rigs into the category of rigs that was open. There's another category, the workover category, which is also a six-rig requirement that's not opened yet. Yeah, I mean, we would be more likely than not to match the L1 if the L1 is in that ZIP code. Okay, perfect. Final one. You are talking about and reading the report about the significant increases in cash flow from the Q2. I think you said, Greg, at the end there. Do you have any or are you able to guide us as to kind of exactly what the word significant means in this case? Thanks. I'll give you a little bit of a short and Greg will give you maybe more detail. You know, we've got a couple of pretty significant projects to put into the Middle East. You know, at the end of Q1, we imagine those rigs will start their work. Yeah, we anticipate that there'll be good cash flows, free cash flows in the H2 of the year, and we'll probably consume some element of cash, certainly consume Q1. We may start generating cash. We'll probably start generating cash in Q2. The H2 of the year should throw back a lot of cash. Greg, you wanna add anything? Yeah. No, I think that's exactly right, Fredrik. I think it's tough to be too specific at this point, but you'll probably recall that the presentation we published last month had some illustrative earnings math on the core business, and a lot of it's tied to where rates can go. I think with the passage of time, I think this development in India is clearly a positive for earnings capacity for the rigs that are eligible in that tender and then rigs that would be up for contract renewals in a few years. I think we're feeling better and better about where average rates can move over the next several quarters. But we did wanna be clear that there will be some investment here in the next six months. Obviously, the Shelf Drilling Victory is one use of cash in the short term, but we're very excited about that contract and getting that rig to work. Yeah, I don't think we wanna be too much more specific than that. As we think about, you know, where average rates can move, we're feeling better about potential upward trajectory by the middle of 2023. Right. Thank you so much. That's all for me. Thank you. Once again, if you would like to ask a question, please press star one one on your telephone keypad. That is star one one if you would like to ask a question. We'll just wait one moment. We will now take our next question. One moment please. Your next question comes from the line of Nikhil Bhat from Jefferies. Please go ahead. Hi, good morning. Good afternoon. Congratulations Congratulations for the good results there. I have two questions. One, in sort of further M&A opportunities that might be seeing if there are any on the market left, and how Shelf can participate in those, you know, on a great deal there, like Victory or maybe like a package, the way that Shelf did in North Sea deal was structured. Then the next question is around effective dayrates and your bullish comments around the market outlook for 2023 continuing driven by the Middle East. Given where dayrates are heading, given that you know almost 1/2 of your fleet is coming off contract next year, how should we think about the $300 million-$350 million EBITDA that you discussed on in previous slides? Is there sort of an upside from that given the market continues to be hot and Middle East continues to operate? That's it for me. Thank you. Okay. On the first part of your question, M&A opportunities. You know, we've been very capital disciplined pretty much through our history in terms of what we acquire and at what price we're prepared to pay for it. I think it would be hard to replicate the deal we did with the Shelf Drilling Victory, and it would be very hard to replicate the deal we did with Shelf Drilling North Sea. If any real good opportunities come around that we see we can plug into a contract and generate very accretive returns, we'll find a way to do it. But our focus is going to be pretty much on executing what we've got and generating cash and value to our shareholders. We believe we've got a really good fleet. We've got an outstanding platform, and we think we can generate a lot of value from what we've got. The second part of your question. Yeah, I mean, we're. I like the idea that we've got some open capacity in 2023 that will allow us to map onto higher dayrate contracts. We see opportunities in all that white space that's available in our Gantt chart of rig contracts. I'm not gonna give any specific guidance as to what that might generate in terms of EBITDA, but Look, I'm very bullish on the market, and I think that we will continue to generate positive results that are improving on prior years. Yeah, I think that's about what I'm prepared to say on. I'm not giving guidance. Yeah. Nicky, the only other point I'd make is that, you know, a couple of comments we did allude to earlier is that we are feeling better about the likelihood that we'll put the full fleet to work, right? We still have two rigs that are not contracted as of today, and we believe those rigs will find work to start in the H1 of 2023. That doesn't mean we'll work at full utilization, but I think the past 85%-90% effective utilization across the business feels pretty doable over the short to medium term. We've talked a lot about where we think average rates could go. We've been around $62,000 a day through this year. The last few quarters, we've talked about, you know, how trying to get that to 70,000 a day or higher was a key target, and that's feeling more and more doable, particularly as they're, you know, constructing data points in the market around us. I think we're feeling good. There'll be a pretty material uplift in average rates as we move into 2023, and we think we'll be able to get to and largely sustain full utilization based on the tightness in the market. Understood. Thank you very much. Thank you very much, gentlemen. Thank you. There are currently no further questions. I will hand the call back to you. Okay. Thank you, operator. Thank you everybody for joining our call today. I look forward to talking to you in the early part of the year when we discuss Q4 results in the full year of 2022. Thank you very much. Goodbye for now.