Good morning, everyone, and welcome to Solstad Maritime's third quarter 2026 presentation. This presentation will be held by Kjetil Ramstad, CFO, and myself, CEO Lars Peder Solstad. There will be a Q&A session after the presentation, so please send your questions into the chat. We are pleased to report another strong quarter for the company, with improvements across all key financial and operational metrics compared with the same period last year. Let me take you through the key developments during the quarter. First, a quick look at the disclaimer before we move to the highlights of the quarter. The third quarter continued the positive development we have seen throughout 2026. Adjusted EBITDA came in at $117 million, compared to $69 million in third quarter last year. Year to date, we have generated $308 million in adjusted EBITDA, which is up about 35% compared with the corresponding period last year. The most significant improvement came from the anchor handling fleet, particularly in the North Sea spot and project segment, where both utilization and day rates improved considerably. At the same time, the CSV fleet also delivered improved earnings compared with both the previous quarter and the same quarter last year. When talking about CSVs, as earlier announced, Solstad Offshore declared their option to purchase the Normand Maximus for $125 million, and that transaction will then take place in October 2027. Commercially, we have had about $235 million in order intake in the quarter, equivalent to a book-to-bill of 1.2 times. This includes important contract awards for the CSVs Normand Cutter and Normand Valiant, and also a contract extension for Normand Vision. In addition, important work also for the Australian anchor handlers Normand Saracen and Normand Scorpion for commencement next year. Given the strong year-to-date performance, we are increasing and narrowing our full-year adjusted EBITDA guidance to $375 million-$390 million. Finally, and based on our financial position and outlook, we are increasing the quarterly dividend to $0.12 per share, or approximately $56 million for the quarter in total. Overall, a strong quarter, both operationally, commercially, and financially. Kjetil, will you take us through the numbers in more details? Yeah, I will do that. If we start on the financial and operational summary, the third quarter of 2026 delivered a fleet utilization of 88%, up from 79% the same quarter last year, and 82% second quarter this year. Year-to-date utilization has been 85% compared with 78% last year. The improvements are driven by higher activity in the anchor handling North Sea spot market and project market, together with improved CSV utilization and lower maintenance activity. This has led to operating income for the third quarter of $198 million, compared with $145 million third quarter last year. Year-to-date operating income is $554 million, representing an increase of approximately 25% from $442 million in operating income last year. The improvements in activity and operating income resulted in a record high quarterly adjusted EBITDA of $117 million in the third quarter, compared with $69 million in the same quarter last year, an increase of 68%. Year-to-date adjusted EBITDA is $308 million compared to $229 million last year. The adjusted EBITDA margin was 59% in the quarter, reflecting a strong operational performance and the company's contract mix. Net result for the quarter was $79 million compared to $32 million last year. Year-to-date net result was $208 million, up from $124 million last year, which reflects the increase in adjusted EBITDA. Booked equity at quarter end was $984 million, corresponding to an equity ratio of 55%. This is an increase of $180 million from last year, with approximately $170 million in dividends distribution to shareholders in the last 12-month period. Adjusted net interest-bearing debt was $488 million at the quarter end, down from $580 million last year. This is primarily driven by increased cash position and minor debt repayments. The leverage ratio measured as adjusted NIBD over the last 12 months adjusted EBITDA was healthy 1.3 times. If we move to the dividend slide, and based on the strong operational and financial performance, solid financial position, and healthy earning visibility, the company has decided to increase the quarterly dividend and distribute a cash dividend for the third quarter of $0.12 per share, totaling approximately $56 million. The dividend will be paid in NOK, and the NOK amount will be announced prior to the payment. Key dates for the third quarter dividend, last day including right to receive dividend, 5th of November 2026. The ex-date is 6th of November 2026. Record date, 9th of November 2026. The distribution date will be on or about 17th of November 2026. With that, I will give the word back to you again, Lars, to give an update on the market. Yeah. Thank you. We will have a closer look at the market, and the overall demand within offshore services continues to be positive. We see that in the North Sea anchor handling market, we have had solid conditions since the fourth quarter last year, and we have seen further improvements into the third quarter this year. Fourth quarter has started some slower, not unexpectedly, as we are moving into the North Sea winter season, where the activity normally is a bit slower. Looking at the global activity, that continues to be healthy, although with somewhat lower activity in Australia, that we expect will continue for a couple of quarters going forward. Our three vessels operating in the Australian anchor handling market came off their term contracts recently and are now trading the spot market. Two of them has been awarded term contracts again with commencement in second quarter 2027, and we are chasing similar commitment for the third one. In the meantime, they are trading the short-term market in Australia, and we expect to achieve a reasonable utilization still, even if they are trading in the short-term market. On the CSV segment, the market remains active, still very project-oriented, with a quite high overall fleet utilization. We have also recently seen some longer-term opportunities that we are bidding at the moment. On the supply side, we still see that there are coming more capacity into the market, including a number of uncommitted new buildings that will be entering the market from around now and for the coming one and a half years. For our fleet, we have recently announced eight, nine months of work for the Normand Australis in Southeast Asia, with commencement in December. Normand Baltic, another medium-sized CSV, came off her contract in Taiwan a few weeks ago. We are actively bidding new contracts for the Baltic for the short-term market now, and also for more seasonal and longer-term work in 2027. In the North Sea, we have Normand Mermaid trading in the spot market. She is presently out on projects on the Norwegian side of the North Sea, while we have the Normand Cutter preparing for her upcoming long-term contract in West Africa, and where we expect to start sailing towards Africa during December. In South America, we have Normand Valiant doing her dry dock at the moment ahead of her earlier announced two-year contract with, new contract with Petrobras. While we have the Normand Pioneer working in the short-term market, presently on a contract that takes us firm until sometime in December. Geographically, we still see that South America, including Guyana and Suriname, and Brazil, of course, very important areas for us. We see that we do more and more work both with the longer duration, but also on project-wise in West Africa. North Sea, of course, also continues to be a very important region for our company. At the moment, we also pay special attention to the security situation in the Black Sea, where we have some of our vessels operating at the moment. Overall, we continue to see an active market, although the picture varies both by segment and by geographical regions. If we look more specifically into the anchor handling fleet and with focus on the North Sea spot and project fleet, we have three vessels operating in that area doing spot and projects. Utilization in third quarter reached 89%, and we had a combined EBITDA on those three vessels of $27 million for the quarter. So very healthy earnings on those vessels. That compares to 67% utilization in the second quarter. If we look back to the third quarter last year, we only had 38%, and we actually had a negative EBITDA on the same three vessels in third quarter one year ago. So this also shows the volatility in this segment. The results for the third quarter we achieved through a combination of a very active approach to the project market, where we are achieving high utilization, and with some spot work in between. Even a very good quarter, we should also recognize that the utilization across the overall North Sea fleet has remained more moderate, and we also expect that some more vessels will come into the North Sea market over the coming quarters. We remain positive to the segment, but we should not expect the exceptionally strong third quarter performance in the North Sea to continue at the same level the coming quarters. On the CSV side, our strategy the last 12 months has been quite deliberate. We have taken advantage of the current market to secure meaningful contract coverage for our larger and more capable CSVs through 2027 and beyond. During this period, we have secured significant contracts for several of our vessels, as you will see on this slide. This provides considerably earnings visibility when we move into a period where additional new building capacity will enter the global CSV market. Our approach is not simply to maximize the contract duration, but we focus on close collaboration with our core clients. We do direct negotiations where that is appropriate. We provide additional services where we can, and we are leveraging on our local presence in the key offshore regions. This combination of high-end assets, customer relationships, additional services, and global presence is important competitive advantage for Solstad Maritime. The result of the commercial activity is reflected in our backlog. The firm backlog stood at approximately $1.1 billion at the end of the quarter, including option about $1.7 billion. Importantly as well, the economics of the backlog remains attractive, and based on our current backlog, the estimated average EBITDA margin is approximately 63%. Our book-to-bill ratio was 1.2 times for the quarter, and also in average for the last 12 months, demonstrating that we continue to replace activity with new business. Looking at the fleet coverage for the fourth quarter, it was at 67% of available days is booked. A little bit more if we include options. More important, if we look into 2027, already 67% of our available days is already firm. It's also important to remember that a part of this picture is also that about 9% of our total fleet capacity represents the three anchor handling vessels that we intentionally have exposed to the spot and the project market. We retain some market exposure while having substantial earnings visibility for the rest of the fleet. Kjetil, will you take us through the outlook and the guiding on the numbers? Yes. Let's have a look at the outlook and the guiding for the rest of the year. Based on the strong year-to-date performance, full year adjusted EBITDA guidance has been narrowed down to $375 million-$390 million, compared with the previous range of $360 million-$390 million communicated when we reported the second quarter in July. Capital expenditure guidance has also been narrowed down to $60 million-$70 million, compared with previous range of $55 million-$70 million. The remaining guidance remains unchanged. If we use the midpoint guide ranges and the illustrative cash flow in the cash flow bridge shows that the adjusted EBITDA of $383 million, less $10 million paid in taxes, $65 million in capital expenditures, plus $32 million in vessel sales proceeds. The results from the free cash flow before debt servicing is at $339 million, and free cash flow after net interest of $299 million, which is approximately the same as the free cash flow to equity is approximately the same, or $298 million. With that, I give it back to you again, Lars, to wrap it up. Yeah. Thanks. To summarize, this has been another strong quarter for Solstad Maritime. We have delivered record high quarterly adjusted EBITDA of $117 million, supported by improved utilization and day rates, and with particularly strong performance from the anchor handling fleet. At the same time, commercial activity remains healthy with the book-to-bill of 1.2 times and further strengthening of our CSV contract backlog. Our firm backlog now stands at about $1.1 billion, gives us good earnings visibility through 2027 and beyond. Our financial position has continued to strengthen with the leverage declining to 1.3 times adjusted EBITDA and a cash position increasing to $189 million. Based on the strong year-to-date performance, we have increased and narrowed our full year guidance to $375 million-$390 million. Finally, we continue to convert the strong operational performance into shareholder returns with an increase to $56 million in dividend for third quarter, equal to $0.12 per share. With that, I conclude the presentation, and we move over to Q&A, Kjetil. Yep. We have quite some questions, so let's start. You said in the presentation that the North Sea will increase the next quarter. Are you considering to move vessels and relocate vessels to North Sea in the coming period? Well, we don't plan to move any vessels, if this is related to the anchor handlers. What we observe is that we believe that some are moving vessels to the North Sea, meaning that the supply side will potentially increase. Our intention is to keep the vessels in the regions where they are, but of course chasing project work, especially for the North Sea fleet, also outside the North Sea geographical area. Thank you. I assume this is also related to the anchor handling fleet, the next question. Where do we see the most recent North Sea rates level, and how long do you expect them to stay at this level that we are seeing now? That's a good question, of course, but the rate level that we are fixing on now is the lowest for the year. Historically, it's not that bad. The short-term market is very volatile. It can change with 100% even within a day. So to speculate how this will be for the remainder of the quarter is very difficult. My guess is that we will continue to see a volatile spot market. Yeah. Over to CSV. Can you talk a little bit about the prospects or what you see for the Normand Baltic going forward? Well, over the last five or six years, we have had a lot of work in Taiwan related to offshore wind. We see that there will be quite some activity there next year as well. We recently fixed the Normand Australis also to that, or one of the projects is in Taiwan for next year. I will not be surprised if we end up with the contract in that region also for the Normand Baltic. But remains to be seen, but yeah, that is my guess. Yeah. Thank you. There is now a question on the dividend. We see that there is an increase in dividend for the quarter. Should we expect this level also going forward? Well, we are very happy to increase the dividend now. It is based on the performance. Part of the picture is also that we now know that the Normand Maximus will be sold in a year from now, so we can plan because of that. Yeah, our intention is to continue to pay a dividend on a high level, but it will always be based on the company's performance. How do you see the competition from the new build that is entering into the market? Will we see a more aggressive pricing, or do you think the different ship owners will be disciplined in the period to come? I think, seen from a Solstad perspective, we have been, as I also said during the presentation, we have had a very clear strategy to fix our vessels through the period where the majority of the new builds are entering the market. We have been quite successful in that. I think what we see or what we hear is that the bidding is still going on healthy levels. I do not see any steep, let's say, steep reduction in commercial terms. I have not seen that yet. Thank you. A question on Normand Mermaid. How should we think around this vessel going forward in terms of work and prospects? We have had a long idle period for the vessel in second and third quarter. Now the vessel is out working. We are on short-term contracts, but able to keep the vessel going. We are also bidding on some more, let's say, short-term work in the North Sea. We see some longer-term prospects for the vessel into 2027. What you should expect is that we are trading the short-term market, let's say, for the next six months or so, and we expect to achieve a decent utilization, and at least better than we have seen the previous six months. Based on the guiding that we now repeat in Q3, can we say a little bit about the drivers for the drop in EBITDA for Q4 of this year? Yeah. I think there are two things. One is that the vessels in Asia Pacific are coming off contracts. So we are coming from a long period where we have predictability. We know the earnings. Now we have a period of a couple of quarters where we have less overview of the earnings. So Asia Pacific is one of the reasons. The other one is how will the short-term market in the North Sea for the anchor handlers develop. So that is the two main things that are going to, let us say, have an influence on the earnings into the next quarters. Yeah. A little bit follow on to that also question on Australia. We are referring to that we say in the presentation that we expect a lower activity the next few quarters. What is the long view on this market, and do you expect that vessels will be relocated from our side or from competitors? Yeah, I think First of all, yes, we are entering a couple of quarters with lower activity. But thereafter, there are reasons to believe that the activity will pick up again. We have been very Let us say we have three vessels in the region. We have now secured work for two of them from approx May next year at okay levels. We are chasing similar, let us say, there are some tenders in the market that we are trying to position the third vessel for as well. In the meantime, there is a spot market that is giving a decent utilization. My point is that, yes, we will enter a period with low activity, and then it will increase again. How the fleet will look like, I don't know, but seen from a Solstad perspective, our target is to, and ambition is to build on the position we have in the region and keep the vessels going where they are. Mm-hmm. Then a general question on the tendering activity around globally. How do you see the tender activity for projects starting in 2027 and 2028? Is the activity on a high level, or how do we see it? It's a quite active bidding activity at the moment. We see that for the CSVs, as I mentioned, there are project, yes, but there are also some longer term opportunity that is in the market at the moment. We see that on, let's say, projects for the anchor handling fleet, there are bidding activity ongoing for 2027 work. We see that in Brazil, it has been a period with quite low bidding activity, but we also see that the majority of the fleet is coming, or the firm part of the contracts are, for many of the vessels, are expiring, say, sometimes in 2028. Meaning that just for Brazil to keep the number of vessels working as they have today, there needs to be quite some tendering activity, which I will guess will start within the next six months or so. Mm-hmm. Then the last question that we have, how should we think about the maintenance and scheduled class renewals for 2027 compared to 2026? I think, for Solstad Maritime, there will be We will probably have a better guidance on that when we are coming to next quarter. I think we I'm not going to I cannot guide on any numbers on that yet. But with a fleet of the size as we have, there will always be some vessels that has scheduled maintenance, and that would also be the case for 2027. Yeah. Thank you. That concludes the Q&A. Okay. We thank you all for listening in and wish you all a nice day ahead. Thank you very much. Thank you.