Good day, and thank you for standing by. Welcome to the Vantage Drilling International Ltd. Second Quarter 2025 Earnings Call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Rafael Blattner, Chief Financial Officer. Please go ahead. Thank you. Good morning, everyone, and welcome to the Vantage Drilling International Ltd. Second Quarter 2025 Earnings Conference Call. On the call with me today is Ihab Toma, our CEO. This morning, we released our earnings announcement for the quarter ended June 30, 2025. The earnings release is available on our website at vantagedrilling.com. Please note that any comments we make today about our expectations of future events and projections are forward-looking statements pursuant to the Private Securities Litigation Reform Act. We have based forward-looking statements on management's current expectations and assumptions, and not on historical facts. Examples of these statements include, but are not limited to, our expectations regarding future results, including expectations regarding our liquidity position, future costs and expenses related to upgrades and out-of-service work, as well as contract preparation costs and expenses. Forward-looking statements in today's call are subject to a number of risks and uncertainties, many of which are beyond our control and could cause actual results to differ materially from the projections made today. Vantage does not undertake to update any such statement or risk factor that could cause actual results to differ materially from our expectations. We refer you to our earnings release and financials available on our website. We have pre-recorded our prepared remarks and are participating on the call remotely to manage the question-and-answer session segment of the call. In the event there are issues with sound quality or of a similar nature, please accept our apologies in advance, and thank you for your understanding. Now, let me turn the call over to our CEO, Mr. Ihab Toma. Thank you, Rafael, and welcome, everyone. I am pleased to report a successful second quarter of 2025, driven by safe and efficient operations. I'd like to summarize some highlights before moving on to our three corporate goals. The Tungsten Explorer delivered an outstanding quarter with no incidents and achieving near-perfect revenue efficiency. Building on this strong performance, on August 11, 2025, Vantage completed the sale of the Tungsten Explorer for $265 million to our joint venture with TotalEnergies, in which TotalEnergies holds a 75% interest and Vantage a 25% interest. The consideration consisted of $198.75 million in cash and $66.25 million in equity. As previously announced, Vantage will continue to operate the Tungsten Explorer under a management agreement with an initial term of 10 years, with an option to extend for an additional 5 years. As a result of this transaction, Vantage will redeem its outstanding debt of approximately $65 million on September 10, positioning the company to be debt-free. Turning to the Platinum Explorer, in April, we secured a conditional letter of award, which has since been extended to allow the parties to finalize the drilling contract. The anticipated contract value is approximately $80 million, including mobilization, contract preparation, and demobilization. Now, I would like to take you through our progress in relation to our three corporate goals of: one, maintaining our stellar safety and operational performance; two, contracting the entire fleet; and three, achieving excellent stakeholder returns. I will begin with our first corporate goal and our number one differentiator, which is maintaining our stellar safety and operational performance. We continue to uphold our commitment to excellence in safety and operational execution. During the second quarter, Vantage delivered outstanding results, achieving zero recordable incidents across the company and almost perfect operational efficiency across all operating rigs. This exceptional performance reflects the unwavering dedication of our teams in adhering to established processes and embracing our perfect day leadership principles. I am proud to announce that we successfully retained our ISO 9001 Quality Management, ISO 14001 Environmental Management, and ISO 45001 Occupational Health and Safety Management certifications. This was our five-yearly renewal audit, which was much more detailed than the previous year's audit. I am also pleased to share that the Vantage Behavioral Analysis Tool that seeks to verify and enhance knowledge retention was honored with the Best Initiative Award at the 2024 International Association of Drilling Contractors, Southern Arabian Peninsula Chapter. Now switching to operations, revenue efficiency for the Tungsten Explorer during the second quarter of 2025 was 99.7%, while our managed fleet achieved 99.8%. On a combined basis, the overall revenue efficiency was an outstanding 99.8%. I will now walk you through our fleet status, which is directly aligned with our second corporate objective: contracting the entire fleet. Starting with our owned fleet, our priority remains converting the existing conditional letter of award for the Platinum Explorer into a firm contract, while also focusing on other opportunities after this contract. Once finalized, the rig will commence contract preparation and mobilization, and we will remain focused on adding backlog in direct continuation. Turning to the Tungsten Explorer, as mentioned earlier, the rig was sold to our joint venture and has mobilized to Las Palmas for its scheduled out-of-service period, which will include upgrades funded by TotalEnergies, agreed enhancements funded by the joint venture, and some equipment certifications funded by Vantage, which were conditions for the completion of the drillship sale. Upon completion of this yard stay, the Tungsten Explorer will mobilize back to West Africa to commence its maiden contract under the joint venture ownership. The firm duration of this contract is 160 days, with additional options of up to 290 days. For the managed jackups, the Topaz Driller continues operations with CPOC in the joint development area between Malaysia and Thailand. There are currently 13 or so months remaining of the firm term, and a further 3x3 months options available to be exercised, with the first option strike date in quarter one of 2026. The Sohana concluded operations with MedcoEnergi in Indonesia mid-July 2025 and has since demobilized to Johor Bahru for some maintenance scopes and warm stacking ahead of any future charters. The contract was completed approximately 75 days earlier than the estimated program duration, even including the drilling of an additional well, which was due to the rig's outstanding performance and low NPT over the duration of the contract. The rig is being actively marketed and has been offered for a number of opportunities, both in the region and beyond. We remain confident that with the rig's stellar operational record, she will return to work in the not-too-distant future. At quarter end, our total backlog stood at $199.8 million, of which $189.1 million was attributable to our managed fleet, with the balance representing the remaining operations of the Tungsten Explorer in Congo prior to its transfer. Turning to market dynamics, we continue to see the long-term fundamentals of both the shallow water and deepwater segments remaining constructive, even as near-term challenges persist. We expect some idle periods across all asset classes through the remainder of 2025 and into mid-2026. That said, there is a steady flow of inquiries and tenders already issued or expected shortly, which should drive higher utilization across both sectors from late 2026 and 2027. Moving to our third corporate goal of achieving excellent stakeholder returns. In the second quarter of 2025, we ended with a total cash balance of $52.9 million. This includes $2.4 million of restricted cash, $6.9 million of pre-funded cash related to managed services, and $9.5 million pre-funded by TotalEnergies to support planned upgrades on the Tungsten Explorer. In closing, we remain focused on maintaining exceptional safety and operational performance and securing profitable long-term drilling contracts to deliver strong returns for our stakeholders. With that, I would like to turn the call back over to Rafael to take us through the numbers. Thank you, Ihab, and welcome, everyone. I will now provide an overview of our financial performance for the quarter ending June 30, 2025, and an update on the sale of the Tungsten Explorer. On August 11, 2025, we completed the sale of the Tungsten Explorer to the previously announced joint venture, receiving $198.75 million in cash and $66.25 million in equity consideration. From these proceeds, we will fully redeem the outstanding principal of our senior notes, totaling $65.1 million on September 10, 2025. Following the sale, the Tungsten Explorer entered into a 10-year management agreement with an option to extend for an additional five years. The rig has since been mobilized to Las Palmas to begin its previously announced out-of-service program ahead of its next drilling contract. Vantage's share of these expenditures will be approximately $20 million, which is reflected in the Liquidity and Capital Resources section of our quarterly report, to be published later today. Turning to the cash position, the company ended the second quarter with approximately $52.9 million in cash, compared to $89.6 million at year-end. Excluding cash pre-funded by our managed services customers, VDI's cash position was $36.5 million, down from $61.4 million at year-end. VDI's cash, net of managed services pre-funding, decreased by $24.9 million in the quarter, driven by $18.2 million used in operations, $1.7 million of cash interest, $600,000 in financing activities, and $4.3 million in investing activities, including $8.3 million in capital expenditures, offset by $4 million related to the purchase price adjustment from the sale of the Sohana to Aedes. Working capital for the quarter ended June 30, 2025 was approximately $82.2 million, compared to $115.3 million at year-end. The decline in working capital is primarily attributed to the decrease in cash explained above, coupled by increases to accounts payable associated with the completion of the Platinum Explorer upgrades and certifications and the Tungsten Explorer out-of-service project. For the second quarter of 2025, we reported revenues of $34.4 million, compared to $49.8 million in the same quarter last year, a decline of $15.4 million. The decrease was mainly due to the sale of our jackups in October 2024, which reduced revenues by $11.2 million, and the conclusion of the Capella management agreement in September 2024, together with the end of the EDC support agreements in May 2025, which reduced revenues by another $13.8 million. These impacts were partially offset by higher efficiency on the Tungsten Explorer, adding $3.5 million, and higher management revenues of $6.1 million. Year-to-date revenue for 2025 was $66.3 million, compared to $126 million for the same period in 2024, a decrease of $59.7 million. The decline was mainly due to the sale of our jackups in October 2024, which reduced revenue by $40.3 million, as well as the conclusion of management agreements for the Polaris in March 2024, the Capella in September 2024, and the EDC support service agreement in May 2025, together reducing revenue by $31.4 million. In addition, the conclusion of the Platinum Explorer campaign in February 2024 lowered revenue by another $7 million. These impacts were partially offset by higher revenue efficiency and reimbursables on the Tungsten Explorer of $7.9 million, along with higher management revenues, including reimbursables of $11.1 million. Revenue efficiency in the second quarter of 2025 was 99.7% and 99.8% for the Tungsten Explorer and the managed fleet, respectively. Year-to-date revenue efficiency was 99.8% and 98.3%, respectively. Operating costs for the second quarter were $31.9 million compared to $39.6 million in the same quarter of 2024, a decrease of $7.7 million. The reduction was mainly due to the sale of the jackups in October 2024, which contributed by $6.2 million and a $2.7 million decline in reimbursable costs from reduced activity. The conclusion of the Capella management agreement in September 2024 also contributed $600,000. These savings were partly offset by $1 million in higher Tungsten Explorer costs due to increased activity and $800,000 in higher management costs. Year-to-date operating costs for 2025 were $61.3 million compared to $92.3 million in the same period of 2024, a decrease of $31 million. The decline was primarily driven by $18.3 million from the sale of the Topaz Driller and Sohana in October 2024, along with $13 million in lower reimbursable costs following the conclusion of the Polaris and Capella management agreements in March and September 2024, respectively. Costs on the Platinum Explorer were also lower by $1.4 million. These decreases were partially offset by $400,000 in higher Tungsten Explorer costs due to increased activity and $1.3 million in higher management costs. General and administrative expenses for the second quarter of 2025 were $5.8 million, compared to $5.2 million in the same quarter of 2024. The $600,000 increase was mainly due to $500,000 in non-cash share-based compensation following the IPO condition being met in the first quarter of 2025, and $100,000 in higher professional fees. For the first half of 2025, general and administrative expenses were $14.1 million, up from $12.5 million in the prior year. The increase of $1.6 million was driven by $3.2 million of non-cash share-based compensation, which included a one-time cumulative adjustment when the IPO condition was met. This was partly offset by $1.3 million lower professional fees related to the Oslo listing, Bermuda redomiciliation, joint venture work, and other strategic costs, along with $300,000 lower labor costs. Equity earnings from unconsolidated affiliates decreased by $600,000 in the second quarter of 2025, mainly due to joint venture costs related to the Tungsten Explorer ahead of its out-of-service period. Interest expense was $1.6 million for the second quarter and $3.2 million year-to-date, compared to $5.7 million and $11 million in the same periods of 2024. The decline was driven by the $184.9 million note redemption completed in November 2024. The net result for the second quarter and year-to-date was a net loss attributable to shareholders of $16 million and $34.9 million, respectively. Please note we will post our June 30, 2025 quarterly report to our website later today, and with that, I will now turn the call back over to the operator to begin the Q&A. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Frederic Steen with Clarkson Securities. Your line is now open. Hey, Ihab and Rafael, hope you are well. I have some questions relating to the Platinum Explorer to begin with. I guess a kind of two-part question. First, just based on your prepared remarks, I get a feeling that the work that will come from the CLOA is as firm as it can be without being a firm contract. My first question relates to that. Is there a risk that the CLOA will not come through? If it does turn into a firm contract, when should we expect the rig to start working? That's the first part. The second part comes kind of on the back of the potential CLOA work. It seems like ONGC is out in the market now with a tender, three years, I believe, drillship with MPD. If you guys were to be interested in that, which I would presume that you are, what's required to kind of fit the Platinum up to those standards, cost associated, and whatnot? Thanks. All right. Thanks, Frederic. Just the first question. Of course, if there is no risk, it would not be a CLOA, right? Definitely, there is always a risk. I mean, of course, things are progressing well, and we are happy with where we are in that process, getting to a signed contract. If and when the contract gets signed, we expect the process for mobilization and the contract preparation that is required and so on to start sometime in October, early October. On the second part of the question, yes, of course, we will be participating to ONGC. It's not the only opportunity we're chasing. I always said, you know, we don't wait for a pie in the sky. ONGC has always been our number one target, but we cannot just keep the rig warm and just waiting for ONGC forever. We are, of course, chasing other opportunities at the same time. For the MPD, in this case, most likely, we will be renting the equipment, and we'll just have to do the piping and equip the rig for receiving a rented MPD set. The cost of that, I mean, again, I don't want to speculate before we really do the full study on that, but it's usually somewhere between $4 million- $6 million. Okay. That's very helpful. Good caller. One more, if I may, just relating to the sale of the Tungsten Explorer. With approximately $200 million received from that, $65 million are going to be paid to bondholders, and that would leave you with $135 million, roughly. Based on your cash position now increasing materially, can you share any thoughts about how you go on with that cash? I guess, you know, dividends, extraordinary dividends is a potential use of that. Any call you can give on use of proceeds would be super helpful. Thank you. Absolutely. We're expecting that question, Frederic, but the company continues to evaluate returning capital to shareholders once we have greater clarity on the Platinum Explorer contracts, always ensuring proper liquidity to continue to operate the business and to pursue opportunities. At this time, this is all we are prepared to answer. All right. I guess I will just have to wait. I appreciate your answers, guys. Thank you so much. Thank you. Thank you, Frederick. Thank you. As a reminder, to ask a question at this time, please press star one one on your touch-tone telephone. I'm currently showing no further questions at this time. Thank you, everyone, for your participation on today's call. This does conclude today's conference. You may now disconnect.