Good morning and welcome to Solstad Offshore's second quarter and first half presentation. This has been a quarter with very high activity and solid operational and financial results. Today's presentation will be held by CFO Kjetil Ramstad and myself, CEO Lars Peder Solstad. After After the presentation, we will open up for Q&A, so please ask your questions in the chat. If we take just a quick look at the disclaimer before we move on to the second quarter highlights and a business update. Obviously, the listing of Solstad Maritime, where Solstad Offshore owns 27.3% in mid-May, was an important milestone for the company, and I'm happy to see that Solstad Maritime has been well received by investors and analysts. The outlook for our industry and the market fundamentals are still positive, but the steep activity increase that we saw earlier has now leveled out for now, and it has leveled out on a relatively high level, with day rates we achieve still being on healthy levels. We have had a quarter with 100% utilization on our fleet, and the EBITDA has improved to $32 million. We continue to sign new contracts, and we signed four times four-year contracts in the quarter with Petrobras, where one is directly owned by Solstad Offshore and three bearboated in from Solstad Maritime. These contracts will contribute very positively to the company from first quarter 2026 and onwards. In total, we signed new contracts for above $400 million in the quarter, and that also confirms our very strong position in Brazil. Solstad Offshore will receive about $9.5 million in dividend from Solstad Maritime for the quarter, and the plan is still that Solstad Offshore will start to distribute dividends to shareholders on a quarterly basis based on third quarter 2025 results. If we take a closer look at the market, the outlook and the long-term outlook for our industry remains positive, and especially South America, which includes, of course, Brazil, but also Guyana and other countries, and West Africa offers opportunities for the subsea fleet. The feedback we have from several of our clients is that 2026 has more activity than we have seen in 2025. In the first half of this year, we have experienced a more competitive subsea market, and the market continues to be very project-related, with a typical duration of projects of about one to six months. Still, rate levels for CSV are on a stable high level, and during the last month, we have also seen an increase again in the number of new requirements. Brazil is different and continues to offer opportunities for both CSVs and for anchor handlers. That goes for long-term contracts, and it goes for shorter projects. We have a strong position in Brazil, and the contract we have signed this year will have effect from first quarter next year and build visibility into the next decade. There are many more opportunities in the country for Petrobras and for others. The key to be able to win contracts is to have a strong local presence. From the Solstad side, we have invested into our position in Brazil for nearly 30 years, and that definitively pays off now. If we look at the backlog and also for the visibility going forward, we see that we have a firm backlog for Solstad Offshore vessels of $238 million. In addition, we include also in the Solstad Offshore backlog several of the Solstad Maritime vessels that are chartered in to cover contracts in Brazil. In the third quarter, one of the Solstad Maritime vessels was announced on new contracts and thereby was bearboated in or will be bearboated in. This increases the Solstad Offshore backlog substantially and brings the backlog for Solstad Maritime vessels via SOF up to more than $500 million in the second quarter. The total combined backlog in Solstad Offshore is then $770 million. The visibility for the remainder of this year is strong as most of the vessel base are already firmed up. A new contract for the anchor handler Normand Turquesa was announced last week, and there are also ongoing prospects for the three other vessels that can potentially have some availability at the end of this year. Also, for 2026 and beyond, the contract coverage for Solstad Offshore is strong. Kjetil, I leave the word to you to say a few words about the financial highlights. We're on mute. Thanks, Lars. If we start with the second quarter financial highlights, there was a good quarter for Solstad Offshore. Vessel utilization was 100% in the quarter, and all vessels have been working full. Year-to-date utilization has been 96%. Revenue for the second quarter of $78 million compared to $58 million same quarter last year. Revenues of $147 million year to date, increased of approximately 14% compared to last year. Adjusted EBITDA of $32 million compared to $25 million the same quarter last year, which is a 28% increase compared to the second quarter last year. First half adjusted EBITDA of $62 million. The net result of $39 million in the second quarter compared to $4 million same quarter last year. First half net result of $62 million compared to $41 million last year. Solstad Offshore has a firm backlog of $238 million for the Solstad-owned vessels. Approximately $84 million was added in the quarter. If we also include the backlog for Solstad Maritime chartered vessels, the total backlog is $771 million. Book equity of $349 million compared to $193 million same quarter last year. This gives an equity ratio of 40% at the end of the second quarter. The adjusted net interest-bearing debt in the financials are $83 million, down from $211 million last year. The reduction is mainly related to the settlement of Maximus residual claim that was resolved end of last year. Cash position in Solstad Offshore is $60 million, excluding RCF. If we go to the next slide, we will look closer into the debt structure of the company to hopefully give a clear view on the debt side of the balance sheet. If we start with the waterfall on the right-hand side, Solstad Brazil or BNDES interest-bearing debt of $52 million. This is the financing of the four Brazilian-built vessels owned by Solstad Offshore. Maturity on this facility is between 2026 and 2031. The Brazilian vessels are performing better than planned, and debt is being paid down faster than we anticipate. The SOF ISR interest-bearing bank loan, currently $90 million, was established when we refinanced SOF in connection with the Maximus residual claim settlement in November 2024. This debt has a five-year amortization profile with a three-year tenor. If we then adjust for accrued interest and the cash on hand, the net interest-bearing debt before leases is $82 million. This is what we call adjusted NIM. We have two large components of leasing debt. Normand Maximus lease of $164 million. This leasing debt consists of $62 million in leasing obligation throughout the firm bearboated charter period. In addition, SOF has a purchase option of $125 million, and this option is included with the present value of $102 million. SOF can choose if they want to exercise the option or extend the bearboated contract. The second lease primarily consists of the bearboated charters from Solstad Maritime to SOF Brazil. Solstad Maritime utilized the SOF setup in Brazil for some of its vessels. This is Solstad Maritime vessels that are being chartered to Brazilian end clients. All bearboated charters and contracts are back-to-back with very limited exposure for SOF. SOF are being compensated for rendering this service at market terms. The adjusted EBITDA is also after lease payments. This is the EBITDA that is available to service the adjusted net interest-bearing debt. As of the second quarter, the adjusted net interest-bearing debt of $83 million over the long-term adjusted EBITDA was 0.8. That illustrates the low leverage in Solstad Offshore. If we go to the financial investments and investments in associates and joint ventures in Solstad, we will go through the three that we have. Solstad Offshore has an ownership of 27.3% in Solstad Maritime, and the ownership of this stake is recorded by using the equity method, and the share of the result in the second quarter was $12.6 million. Book value of the shares as of the second quarter was $212 million. If you look at the Solstad Offshore share of the Solstad Maritime market cap, this was approximately $300 million at the end of the second quarter. If we move to the middle one, that is the joint venture Normand Installer SA. It's a long-lasting cooperation with our business partner SBM Offshore. The joint venture is owned by Solstad and SBM Offshore 50/50, and the joint venture is in a net cash position at the end of the second quarter. There has been a slow start for the joint venture, giving a result of $0.6 million in the second quarter. Normand Installer will also, the vessel, will also have its main class renewal in third quarter. Except for that, the utilization going forward will be strong. Book value of NISA shares in SOF was $21 million per end of the second quarter. The last investment that we have in Solstad Offshore is Omega Subsea, an owner of ROVs, rental equipment, and survey services. Omega continues to deliver strong operational and commercial performance and continue its growth. Per second quarter, Omega owned 12 working-class ROVs, and further 12 is scheduled to be delivered in 2026 and beyond. Solstad Offshore currently owns 35.8% of the shares in Omega Subsea. The ownership is also being recorded by using the equity method, and the share of the result in the second quarter was $1.5 million. The book value of the shares in Omega Subsea was $15 million at the end of the second quarter. If we move to the next slide, financial guiding for Solstad Offshore, Solstad Offshore maintains its previous guiding for second quarter at the same levels, and the range is $120 million - $150 million. Lastly, as mentioned by Lars as well, we have an intention to commence quarterly dividends based on the third quarter results this year. With that, I hand the word over to you, Lars, to summarize. Thank you, Kjetil. To summarize this presentation, Solstad Offshore has had a good first half year and a solid both operational and financial performance. 100% utilization in the second quarter and a net result that is significantly up compared to last year. The market is still robust, but has leveled out on a healthy level, I will say. Solstad Offshore has a very strong position in Brazil, and with this as a fundament, we continue to sign new long-term profitable contracts with Brazilian clients that gives us visibility into the next decade. I would also like to highlight the investments we have into associated companies and joint ventures, and they continue to create shareholder value for Solstad Offshore. All in all, a strong quarter, strong first half year, and the outlook for the industry we operate in, particularly in Brazil, looks still very positive. This concludes our presentation, and we move now over to Q&As. Kjetil, have we received any questions? Yeah, we have received quite a few. Let's start with the first one. With Turquesa secured until 2030, what are the plans for Normand Turmalina and Normand Topaz Tube? Those are the two. I mean, we have, as you well know, we have three Brazilian-built anchor handlers that operate from contract with Petrobras and others in Brazil. Now one is secured four-year contract. The others will potentially become available end of the year. We are participating in Petrobras tenders; that is public knowledge. We are in negotiations for one of them there. There are some prospects for the other one. We foresee that we will be able to continue to have a high utilization on those vessels and potentially also win longer-term work for the vessels. Thank you, Lars. There is a question on Normand Maximus. Will Normand Maximus get an increased rate from the second half and onwards? We have a rate model that is firm, but there are some adjustments. It will more be linked to the next project after the present one, more than a firm date. I expect that an adjustment there will be probably by the end of the year. The vessel is on very good terms on present contract. The next question is on NISA. NISA had delivered a low first half, being between jobs and with mobilisation. What are the prospects for NISA for the second half? It's first of all influenced by the first quarter, where we had the vessel was idle in the first quarter, has been working more or less full quarter, the second quarter in Guyana. Now the vessel is on the Rosebank project west of Shetland here in this part of the world. We then go for dry docking in August. The vessel is also nearly fully booked for the remaining period of this year and also have very strong firm commitments also beyond 2025 on projects globally. Thanks, Lars. We have a question on dividend. How much dividend are you planning to pay out based on third quarter results? Our intention is to start to pay quarterly dividends, but we will come back to the level when we present the third quarter numbers. That is something we will share with you later on. Thanks. It's a general question on the market. Do you see a demand for floating wind offshore projects with our high-end anchor handlers or CSVs? Yeah, I think the floating wind is, of course, interesting, but timing-wise, it's still moving to the right. I suspect that, let's say, a substantial activity within floating wind is probably more by the very end of this decade or maybe even into next decade before we see some really substantial activity within floating wind. Thank you. Our vessels are very relevant for floating wind, both anchor handlers and CSVs. Thank you. A little bit of a general question on the market again. Can you elaborate on the softening of the market momentum as you commented on? Is this in terms of new opportunities, in terms of day rates, or in terms of contract durations? I think it's a combination. As I said, the exception is Brazil, where it's a lot of opportunities, long-term contracts. Brazil is still very solid. We see that the number of requirements in the market has slowed down a bit over the last, let's say, three to six months, meaning also that competition on the various projects that are out there is higher. That having said, the vessel rates that we achieve are still on a good level. I think we have seen also that the number of requirements has actually increased the last month. In general, I would say it has leveled out. There are a few less requirements in the market in general than we saw a year ago. That also has resulted in that the typical contract duration is somehow shorter. The market is not a, I would not see it as a strong negative signal. It's still high activity. Rates are being kept up on a good level. It has leveled out, I would say, and not continued to grow as we saw a year ago. We have a question on Brazil and the recent awards in the region. The new contracts that we have entered into, are they representing a step up in the rates and will increase the EBITDA from 2026 and onwards? Yes. All the contracts we have announced recently will improve the earnings on those vessels compared to what they have today. They will give improved margins. We have a question on Omega Subsea. Do you have any plan to increase the ownership in Omega Subsea going forward? No. We have a 36% ownership now, and we are happy with that. It gives us access to ROVs, to people, to survey, to tools, and so on. It enables us to offer services on top of the vessel itself. That is the most important. That is more important than how much we own of Omega Subsea. We're happy with the ownership we have, and we are very happy with the partners we have in Omega Subsea. The last question of today. You mentioned the Normand Maximus option that is approaching. Is it a strategy for the company to exercise this option? The option is well in the money. We can purchase the vessel for $125 million. I would say the plan A is to exercise that option. We don't have to exercise until, I think, it's third quarter next year, and then with the effect from third quarter 2027. As it looks now, it's very likely that that option will be exercised. Okay, that was the questions for today. Thank you very much, everyone, for listening in. I wish you all a nice day ahead. Thank you very much.