Good afternoon, everyone. I'm Madhu Appissa from Al Rajhi Capital. Al Rajhi Capital is proud to host Arabian Drilling's Q1 2025 earnings call. Hearty welcome to all the participants who have joined today. From the management, we have Mr. Ghassan, the CEO; Mr. Hubert, the CFO; and Mr. Bassem, Director of Investor Relations. We'll be having a presentation followed by a Q&A session at the end. Without any further delay, I'll hand over the mic to Mr. Bassem, Director of IR, to start the proceedings. Mr. Bassem, the floor is yours. Please go ahead. Thank you very much, Madhu. And thank you, Al Rajhi Capital, for hosting our call today. Ladies and gentlemen, [Foreign language] and good afternoon. For participants joining from the United States, good morning. We appreciate you taking the time to join us for the first quarter results of 2025. Today, I'm delighted to be joined by Ghassan Mirdad, our CEO, Hubert Lafeuille, our CFO. We will begin with an overview by Ghassan, followed by an in-depth analysis of our financial and operational performance for the quarter by Hubert. After the presentation, we will open the floor for questions and answers. Please note that this presentation includes forward-looking statements. We encourage you to review the disclaimer provided in this document at your leisure for more details. Now, I'll pass the presentation over to Ghassan. Thank you, Bassem. [Foreign language], good morning, good afternoon, good evening, depending on where you're located. Thank you for participating today in our earnings call. Despite several ongoing economical challenges, we have started very positively this year, with the quarterly revenue exceeding guidance shared last quarter. Our EBITDA margins have remained strong, above 40%, and we have achieved a 7.2% increase in net income compared to the previous quarter. As announced recently, we were pleased with the significant 10-year contract extensions with Aramco for two of our rigs, which will add significant value to our backlog next quarter. This move not only enhances our stability but also showcases our resilience in uncertain times. While we anticipate potential challenges, including the risk of rig suspensions, we remain cautiously optimistic and are exploring opportunities to expand our operations beyond Saudi Arabia in both offshore and inland. Now, moving to operational indicators. Our performance indicators remain in a healthy range, and I would like to highlight two main points on this slide. First, we added one brand-new service vessel to our fleet, as previously announced. The service vessel arrived in Saudi Arabia today to start its two-year contract with KJO, enhancing our service capability and contributing an additional SAR 170 million to our backlog. This strategic addition underlines our commitment to diversify our revenue streams and enhancing our operational capacity. Second, we had a record quarter of rig moves, where we have achieved 60 rig moves in Q1, which is approximately 50% more than normal rig moves per quarter. This notable performance is a testament to our operational excellence, agility, and market responsiveness. Now, I will pass it to Hubert to go through the backlog and financials in more detail. Hubert? Thank you, Ghassan. Very good afternoon to everyone on the call. Let me walk you through the next couple of slides. First, we'll talk about the backlog. We ended our Q1 backlog position at SAR 9.5 billion, with a few additions and deletions that basically are offsetting each other. The Q1 Q decrease basically only reflects the revenue that was recognized during the quarter. To go into a little bit more detail, in terms of backlog addition, we have added in Q1 the backlog associated with a new service vessel, SAR 170 million that we have communicated already. We have also added two land rigs on all LSTK projects where a one-year option was exercised with SAR 76 million. This was offset by their rate temporary discounts and as well as one offshore rig whose contract was terminated. The temporary discount relates to two offshore rigs and only applies for 2025. Actually, those discounts will be offset by the revenue coming from the new service vessel once the vessel starts operating. With respect to the offshore rig contract termination, it relates to a rig that was already suspended since Q3 2024, which was one of the lease rigs. Therefore, there is no revenue loss attached; it is just a backlog correction. In Q2, we expect a significant increase in our backlog positions. As mentioned, we have already announced a 10-year extension for two land rigs with associated backlog of almost SAR 1.1 billion. That will be part of Q2. We also expect to close several other rig extensions resulting in further significant backlog additions, which will be announced in due time. Now, moving on to our utilization rates. Our utilization rate is 83.3%, which basically stands for 50 active rigs out of a total available fleet of 60, which means that we have 10 rigs that are currently not active. We have five suspended rigs and five rigs without a contract. If you look at in terms of land and offshore mix, it is three offshore rigs and seven land rigs. If you look at the progression of the Q1 Q total available fleet, it increased from 59 to 60, as you can see on the lower graph, which is plus one. The plus one is made of two unconventional rigs that started early Q1 2025, minus one offshore rig that we have removed from the fleet and qualified as held for sale. Therefore, this offshore rig will no longer be part of the available fleet. Now, the service vessel that we acquired in Q1 will be added to the fleet once the contract starts, expected mid-2025. Therefore, the total fleet will go back by plus one unit, up to 61 units. Arabian Drilling is the largest Saudi drilling contractor by fleet size the way we stand today. Our backlog remains solid and provides us with clear visibility on future revenues and is a strong indicator of our market position and operation stability. Now, let's look into a little bit more detail at our contractual renewal landscape. As of March 2025, we have 19 rigs that are rolling off contract in 2025. If you recall from the last quarter, this is five less rigs than prior quarter. In Q4, we had 24, and in Q1, at the end of Q1, we have only 19. The reason we have decreased by four is because we have renewed two land rigs with a one-year option that I just mentioned in the previous slides. We had two suspended rigs that had their contract dates rolling into 2026. We had one land rig which was working for KJO, and that rig ended its contract in Q1 and is now inactive. This was also mentioned in the last earnings call. Out of the 19 contracts that need to be renewed, and again, bear in mind that this is as of 31st of March, we have 17 land rigs and two offshore rigs. On the 17 land rigs, we have 11 rigs with SLB on the gas LSTK project. Those rigs come with a one-year option, which is very likely to be exercised shortly. We have six rigs with Aramco, and those six rigs include the two rigs that were renewed in Q2. It was six rigs as of March 31st, but it is now four. The four other extensions are being finalized, and we expect to close that shortly. On the offshore rigs, we have two rigs rolling off contract, one rig contracted with KJO, and we expect to close the extension very soon. We have one rig contract with Aramco. It is a lease rig that comes with a one-year option, and it has a back-to-back lease extension option. That gives us the flexibility to extend or terminate the lease based on the renewal status. That rig's contract ends in Q4 2025. Basically, in a nutshell, we are confident our proactive contract strategy will secure and extend our engagements, providing stability and continuity in our operations. The next slide is about the financial performance. Again, our financial performance this quarter was robust, with an increase in revenue, EBITDA, and net income. This was driven mainly by high rig move activity level, with a record number of rig moves done during the quarter, as mentioned by Ghassan. Now, despite downward pressure on their rates due to market conditions, particularly in the offshore segments, we were able to maintain healthy margins this quarter with an EBITDA margin of around 42%. Even though Q1 was a strong result, given the ongoing market dynamics, we might not be able to sustain a margin profile above 40% for the remainder of 2025. Our CapEx spend was SAR 290 million, mainly coming from the acquisition of the service vessel that was concluded in Q1. Our net debt increased quarter on quarter, mainly related to the additional SAR 300 million drawdown to finance the acquisition of the service vessel. Our operating cash flow, excluding change for working capital, has improved by 12.9% compared to the last quarter, showcasing our strong operational and financial managements. In the next slide, Bassem will showcase the advantage of being both a land and offshore drilling contractor. Bassem? Thank you, Hubert. Although we are essentially a land drilling contractor, we have a balanced mix of land and offshore operations. Combined, they could alleviate the risk of an overly concentrated source of revenue. This also aligns with our revenue diversification strategy, which we are delivering on through adding service vessels to our fleet, and that grants us a more resilient type of revenue. This diversification strategy also extends to drilling for resources other than oil and gas, which we have showcased through our engagement with Aramco to drill for other natural resources. This strategy collectively shows the management direction of revenue diversification that we intend to continue delivering on in the future. Now that we have seen these initiatives come to reality, we would like to assure you that our land drilling segment and operations are doing very well, and they are set to boost our growth, especially with the big long-term contracts like the one we have secured with Aramco and announced quite recently. If you allow me, just I want to give a bit of a high-level view on the different segments. Let's start with the land segments, and then we'll discuss about the offshore. First, you can see we have an increase in the land segment that kind of offsets the decrease in the offshore, which is precisely the point that Bassem was doing. On the land side, basically, there are two main elements that explain the Q1 Q upside. The first one is the high rig move activity, as we have discussed. The second one is we'll also have in Q1 the impact of the full deployment of the unconventional rigs, which is basically three rigs. We have one rig that started in the very late days of December, so that almost did not contribute at all in Q4. We have two rigs that started in early Q1 2025. Those two elements, the high rig move and the impact of the full deployment of the unconventional, explain the uptick on the land segment. Now, on the offshore, we have a bit of a different story, and the Q1 Q variation is impacted by a couple of things. First, there is the temporary discount on the offshore rates that I have mentioned. We are talking about two rigs. We are talking about a period that is limited to 2025 only and with an impact of roughly SAR 20 million per quarter. One of our offshore rigs went into a planned shipyard in March for the usual re-certification cycle. That rig was out of service for about two to three weeks, for about two weeks in Q1. That out-of-service time will also continue in Q2. Finally, in Q4, we recognized some additional mobilization revenue that was one of the items that did not repeat in Q1. If we go to the next slide, which is basically the net income bridging, you can see some of the elements that I have just discussed repeating. This bridging effectively shows our Q1 Q net income progression, reflecting an increase of 7%. What you can see here, the significant margin of the SAR 50 million realized from the higher rig move activities has effectively counterbalanced some of the negative impact that we have faced, including the impact of the land rig that was suspended in Q4 that we already discussed, and the suspension was with an impact effected in Q1. We also have the temporary offshore derate discount that I just mentioned that started in 2025, as well as the out-of-service time for one of our offshore rigs that went to shipyard. Collectively, those three red boxes on the waterfall amounted to about SAR 40 million. Other upside includes the additional contribution of the UC rigs, as I just mentioned, as well as others that mainly include land sales proceeds as well as an insurance claim settlement that was recognized this quarter. Furthermore, the waterfall chart also reveals SAR 28 million in mobilization fees that were recorded in the previous quarter as an accelerated deferred revenue, which is non-recurring in nature. All those factors combined have resulted in a net gain of SAR 5 million quarter on quarter, demonstrating our ability to manage finance effectively despite the challenges. The next slide that I want to cover is basically the cash flow bridge, which I think always gives some good insights. Our cash management this quarter has been exemplary, allowing us to meet our debt obligation promptly while maintaining sufficient liquidities for ongoing business operation. Just to discuss a few big-ticket items, on the finance cost, the net finance cost of SAR 92 million includes SAR 78 million payable to Sukuk holders on the semi-annual coupon payments that were executed in February 2025. You can see on the loan proceeds, we have drawn down SAR 300 million of additional debt that was utilized to finance the acquisition of the new service vessel, which is reflected in the CapEx spending of SAR 290 million. In the quarter, if you look at our debt repayments in the quarter, we have repaid SAR 101 million of debt, of which SAR 84 million relates to bank loans, and the remainder are just lease obligations. The last thing that I would like to say on this slide, on the net working capital, you can see a negative impact of SAR 303 million. Our cash collection was slower than usual due to the end of the quarter coinciding with the end of Ramadan and the eight public holidays. Consequently, a lot of collections that were due in the last week of March were effectively collected in April. It is just a timing difference with a catch-up that we have seen in terms of cash collection in the subsequent periods. The next slide is just to reiterate our strong balance sheet position. Our balance sheet remains robust, reflecting a strong solvency position with our net debt to trailing 12-month EBITDA at 1.8 multiple, and the net debt below 0.5 multiple of equity. These metrics not only demonstrate our financial health, but also our capability to fund future growth opportunities efficiently, whether through organic investments or strategic acquisitions. I will hand over the floor to Ghassan, who will walk you through the guidance for the next quarter. Thank you, Hubert. Considering the ongoing uncertainty in the market, we project a cautious approach for the year. We estimate next quarter revenue to reflect a potential 10% decline compared to Q1 level. This is due to mainly two points. One, the rig move activity that was extremely high, with a record of 60 rig moves in the quarter, to go back to normal. The other point, which was mentioned by Hubert, one of our offshore rigs that went for a shipyard maintenance started end of Q1 and continued most of Q2, and it is on location as we speak, and it should start generating revenue in the coming days. Now, looking at our cost, building on the cost structure optimization we began in 2024, we are intensively intensifying our cost management efforts and maintaining strict financial discipline, especially given the current uncertainties. Accordingly, we are lowering our CapEx estimate to between SAR 800 million and SAR 900 million for the year, compared to a SAR 1 billion level communicated previously. While we expect the remaining of 2025 to be a challenging year, we also believe that 2026 will show activity pickup. We need to be strategically managing the next three quarters to position ourselves to benefit from the ramp-up profiling early next year. With this, we end our presentation, and I will now pass it back to Madhu, Al Rajhi Capital, to start the Q&A session. Madhu. Thank you, Mr. Ghassan and Hubert, for the presentation. Now, before we take our first question, just a few instructions. Please limit yourself to two questions, and if you have a follow-up question, you can come back in the queue. First question is from the line of Ricardo. Ricardo, please unmute yourself and go ahead. Hello. Thanks for taking my question. If I may, two questions. First one, when you mentioned about the discounts on two rigs for 2025, do you think that there could be discounts on further rigs as well, or it's very limited to those two rigs? The second question is, you've been very successful on those service vessels, already have two now. Do you see the scope for adding more vessels throughout the year, maybe for 2026? Thank you. On the discounts, to be honest, the two that we had, that's what we can see. Will there be any more discounts? To be honest, it's very difficult to see, to be honest. Very, very difficult to know if there is. Now, we see there were some suspensions, so I don't think the suspension that was done for, I think, around two rigs on the offshore, I think this will tone down any discounts going in the future. In terms of the barge, I think at the moment, this is what we had kind of committed to our clients when they gave us the intention to award last year. We don't see any barges coming, but it's something that we keep an eye on usually for the barges, because it's a very good business to diversify your operation. To add to what Ghassan said, we do not acquire a vessel and then wait for a contract. We need to have it contracted first or requested from a client so that we can procure it and then attach it to a contract. This is how it works. If you have doubts about spending CapEx and not finding work for it, no, this is definitely not going to happen. As we have discussed and as we mentioned in this call, we like this kind of revenue, and we are open to increasing our activities, any opportunities that may arise in that respect. Okay. Thank you very much. Thank you. Next question we take from the line of Leo. Leo, please mention your company name and go ahead. Do you have the name? Leo, we don't hear you. Leo, could you come back in the queue? You can check your audio and come back in the queue. Meanwhile, we'll take the next question from the line of Eldar. Eldar, please introduce yourself and go ahead. HSBC. I have a couple of questions. First one, you said that you expect, I think, better outlook in 2026. What evidence do you have to kind of to say that to support this conclusion? I mean, are you getting any soft commitments from your clients? Yeah. So it's not commitments, but what we're seeing, the rigs, I mean, the rigs that was there was, like, I think, in the market, more than a dozen of rigs from the market that were suspended on the land. You can see in the schedule that they will be back Q1 next year. You can see what the feeling that we have, and that is, it's more of a cost savings for this year, not a drop in activity. It's just kind of saving. All are suspended, not similarly to the offshore. When the offshore was suspended, we knew it's not going to come back. The land is a bit in a different, it's kind of a temporary suspension that we see with the other contractors that got suspension. If I can add also to what Ghassan said, let's not forget that the suspensions that we are witnessing now and what we have witnessed last year is a process of normalization to what happened back in 2022. We are getting back to the normal kind of operations. This is what we hope for. This is what we expect. We are not saying that we have anything carved in stone as of now, but this is our vision and what we sense from market dynamics currently. Understood. Thank you. Secondly, I think there was a line in one of your slides saying that you're advised to exercise caution when forecasting financials for the second half of this year. Does it mean that there are still some downside risks even to the levels you expect in the second quarter of this year? Any particular reasons for that? What we see, as I mentioned, there is more than a dozen of suspensions that happen in the market. Each one. In Q1. You know Arabian Drilling is not immune from that. I just want it's better to be cautious and cost-adherent and make sure that you control your cost to assure that even if we didn't have any suspension, it's very good for us at the end of the day. It's better to be cautious than not to be. Yeah. I mean, if I can just add, I mean, Q1, we had a good EBITDA profile margin and a good profile margin in Q1 because we had high rig move activities. Q2, we expect that the rig move will not be the same. We will have the out-of-service time for one of the rigs that is on a planned shipyard, and that will take most of actually half of the quarter. Those two elements make us feel that we have a cautious look on Q2, and there are uncertainties about suspensions. This is why we are prudent and cautious, giving a bit of guidance in terms of EBITDA from about maybe going below 40%. Understood. Thank you so much. I'll come back in the queue and ask later. Thank you. Okay. Thank you. Leo, could you try again? Hello? Can you hear me now? Yes. Yeah. We can hear you. Perfect. I don't know what happened. Sorry about that. Yeah. It's Leo Currie at UBS filling in for Anna. Obviously, we talked about the macro uncertainty. Any comments on contracts upcoming with Shelf Drilling would be my first question. Second question, I might have missed it in the question before, but any outlook on onshore and offshore day rates this year? Apologies if any of those are repeat. Okay. I'll answer, Hubert, and then feel free to add. Sure. On shelf, I think the tendering is still going on. Actually, we've been asked as well to go for more tenders, more than what we had before. We added, I think, two extra countries that we're tendering for together with Shelf. I think, hopefully, there will be good news soon that we can announce, hopefully. On the pricing, as mentioned by Hubert, there were discounts on two offshore rigs. Temporary discounts. Yeah, temporary. When we say temporary, it's only meant for this year, and it doesn't extend outside of 2025. On the land, I think it's not the same as offshore. Offshore, why we see discounts on the offshore? Because the offshore went to a peak with the high demand and short supply. The prices were really high. Now it's getting back to equilibrium. Whereas the land, it doesn't have that much of fluctuation. We don't see the same discounts on the land. It's either maintaining the same, most probably maintaining the same prices. If you have a bit of an increase, it will be just the inflation that you expect. Yeah. I just want to say on the two, so we have announced two significant contract extensions on the land rigs, two times 10-year extension contracts. On those day rates, the increase was relatively good. Because it's 10 years. It's a long. Because it's a 10-year contract, you have to secure it. You have to maintain the price for 10 years. We've seen an increase in double digits. For all the rest of the extension, we expect it will stay pretty much at par. Yeah. Now, we have one offshore rig that is coming for an extension. We're finalizing the extension because this rig was signed. Long time ago. Long time. It was COVID time, I believe. Before the year. It was during the downturn. We believe we have an upside in that one because the prices were a bit low, actually. Thank you. Thank you. As we wait for our next question in the room, there is one question in the chat box, which I'll read out for you. This is related to the discount on offshore rigs. The question is from Rohan. This discount, was it applicable to all the offshore operators? Were all the offshore operators impacted by this? Is it part of your contract? I'm not sure how it happened with the other contractors, to be honest. What we are sure is that Aramco went and asked discounts to all the operators, not only the drilling contractors. Everybody working for Aramco got a letter requesting for discounts. That's actually right. That's what we're sure. All the rig contractors, all the service providers, all the discount letters. Yeah. This was for the existing rigs, not the ones which came up for renewal? It was for existing. I mean, the letter saying, "To all contractors, existing contracts, discounts. Yeah. Okay. Okay. Fair enough. I think we can only assume that everyone had to chip in. Okay. Okay. Fair enough. A gentle reminder to the participants. If you have a question, you can use the hand-raised button, or you can also use the chat or the Q&A box. Okay. We have a follow-up from the line of Eldar. Yes. Thanks again. Another question I had is about the supply of new rigs, onshore rigs to Saudi Arabia. As far as I know, the new builds keep coming in, right? Are you seeing any kind of scrappings of the ones which are cold stacked in the market? I I mean, what's happening to the overall fleet given the supply keeps increasing? Secondly, also, is my understanding correct that, generally speaking, the land rigs are usually not being moved between different markets? Let's say there's a slowdown in the U.S. due to the lower oil price. It's very unlikely that they could be moved out from there to other countries, is my understanding correct? Thank you. Okay. Just on the second question, what you said, I kind of agree with you. It's easier to move offshore rigs globally. Land rigs, it's not because sometimes in different countries have different requirements. Having said that, we are looking at some opportunity because we have five rigs that are not contracted, and we're looking at different options that we can utilize them somewhere else. You are right. Usually, land rigs are not moved from country to country. You're right. The first part of the question was what? Whether we have new land rigs and what happens to the old? Is there any remove? Do we remove capacity by selling old rigs? I mean, today, as I said, I mean, we're seeing a lot of contractors receive suspensions. There is a lot of old rigs in the land. I think that's why it was easy for our client to suspend some of these old rigs. Now, how the other contractors will deal with that, this, I'm not sure what's their plans. Again, it's a suspension. We see a pickup in 2026, so I don't know if they're going to scrap it or not at the moment, to be honest, because they're not canceling the contract. They're just suspending it. Thank you so much. Thank you. Thank you. We have a follow-up in the chat box related to the discount. The question is from Ayub. The discount that was provided on two rigs, was it mainly to avoid further suspension? I mean. Is there any oversupply situation? I mean, we were not told directly we are going to suspend the rig. What we did is we are at a time where your negotiating power is weak. When the offshore rigs were coming and there was short of supply, you were in a strong negotiating power. Now you are not. When our client sends letters to everyone on negotiation, you try to look at where your prices are a bit high, and it is very kind of, you see a rig that is really kind of high, and it kind of stands out from the others, right? Yeah, that's what you. You start thinking, "Okay, let me just be better to have it in a price range where it does not stand out." We had those two rigs that were really, really standing out in the offshore. I mean, I will not say it was saying, "You do it or you get suspended." It was saying, "Guys, look at your prices." Then we decided at the management team that, "Look, these two rigs kind of stand out," and we prefer that they do not stand out if anything happens. Yeah. Okay. Is it possible to quantify the discount? Yeah. I've mentioned that it's about SAR 20 million per quarter on the top line. 20 million per quarter. Dear. Okay. We have another question from Rohan. Okay. So this is, I believe, for the market, the onshore market land rigs. How many land rigs are there in the KSA, and how many of them are suspended? I believe he's asking total. I mean, unfortunately, I cannot disclose the numbers. It's our client's numbers. I mean, you're talking, I mean, there are about 200 rigs in Saudi in the land segment. Now, how much they're going to suspend, this is, we're not sure, to be honest. We're not sure. As I mentioned, there was more than a dozen that were suspended. In Q1. In Q1. There was, I think, more in last year. I think there was about 32. I I think there was about 30-35 suspended last year, plus another 15 in. This year. Well, 12. Q1, yeah. Q1, yeah. Q1, yeah. About 50. I mean, if you look at the total, if you want to look at the total. Yeah. Yeah. It would be around that, yes. We expect we're achieving. Clear. We do not have any question at the moment in the room. Let's give participants a couple of minutes. Sure. Meanwhile, I wanted to understand what is the cost related to the suspended rigs, the 10 rigs which are not active at the moment? How much cost related to these rigs has hit your income statement, in terms of depreciation and the crew cost? Or most of the crew has been allocated to the land rigs? Yeah. No, you're absolutely right, Madhu. Basically, the depreciation is a sunken cost, right? It's not going away, regardless of whether the rig is working or not working or suspend. The crew cost is basically, typically what we do is we deplete the crew cost from that particular suspended rig, and either the people are being relocated to other rigs. When we had the land rigs being suspended in Q4, we had three land rigs suspended in Q4. At At the same time, we were starting up the unconventional. That works very well for us because we could relocate some of the crew of the suspended rig to the unconventional. This is what we've been doing. Even though, actually, some of it went to. Some of them went to the offshore. Basically, yes. Typically, when you have suspended rigs, you will keep a minimum crew, and you will have half of a crew or a third of the crew that's going to be looking after a number of rigs. If I take the example of the offshore, for instance, for the offshore rigs that we have suspended, we have three offshore rigs, and we have 10 people on board looking after three different rigs. Costs are minimal. Okay. Is it possible to know in terms of or quantify the impact, like how much of the cost is related to the suspended rigs which is not contributing in terms of revenues? There is no revenue against it, but you have SAR 50 million of cost. I don't have the number on top of my head because I would need to look at the sunken cost for the suspended rigs. What I can say is that from a crew cost, everything which is of viable nature, crew cost and repair and maintenance, I mean, everything, all those costs are basically brought down to an absolute bare minimum. You're basically left only with depreciation cost and insurance cost. It depends on the rig by rig because it depends on the age of the rig, etc. I cannot give you a number on top of my head. In offshore, if you want to keep it, like in our case, hot stacked, you just have to run the engines, very, very minimal diesel that you need to keep running just to make sure the engines are running so whenever an opportunity comes. Otherwise, if you cold stack it, getting it back to operation really will cost you a lot of money. Okay. Okay. Clear. I would say maybe that from a cash cost standpoint, I mean, excluding the depreciation and everything, from a cash cost standpoint, you basically the cost goes down by 70%-75% between fully operating and in a stack mode. Okay. Okay. That is helpful. We have a question in the chat box. Again, this is from Rohan. So one offshore rig which is held for sale, is there any impairment loss that you're planning to book? This rig is one of the rigs that was suspended last year. This rig, contrary to the other rigs that were warm stacked, we decided to cold stack it. Cold stack means that we shut down the door, we switch off the lights, and the rig was left there. We took back in Q2 of 2024, we already took an impairment on this. There is no further impairment. This rig, we are in the process of selling the rig. We are engaged with the prospective buyers, and we hope to be able to conclude the transaction soon. Okay. Clear. We have a question in the room. This is from the line of Mohammed. Okay. I just saw that his line got disconnected. There is another question in the chat box. This is on unconventional rigs. Any new update on unconventional rigs? Can we expect more tenders in 2025? Given the situation, is there a chance that even the unconventional rigs would slow down the market for unconventional rigs? Okay. For 2025, we do not expect to see another tendering, especially in the Jafurah because this is where the gas is. It appears that whatever is going to be announced is not going to be this year. This, of course, as you know, is not our call. This has to come from Aramco. Yeah, the short answer to your question is no, nothing is expected this year. Just to kind of add to the question, at the beginning of the year, it was clear that we will not tender for new rigs. However, we're going to kind of move rigs from one department to the other department. With the uncertainty that's going on today, what we see is unconventional will not add any tenders and will not add more rigs this year. Clear. I think that was our last question. Back to you for any closing remarks. No. Thank you very much, all participants today with us, for your engagement, your questions. As we navigate through the dynamic conditions that we are today, we remain committed and our patient excellence, our transparency. As well, it's a three-quarter that we need to navigate because we see the uptake in Q1. We just need to know how can we need to see how we can strategically manage our costs and not go into the fire hire mode where we need to be a bit more strategically how we can manage this cost for us in the next three quarters, and then business will go up. It's just going to go, as Hubert says, it's going to go down before it goes up again, which is part of our operation. Now, working in Saudi, I think it's a big plus. We're working outside with independent or working with IOCs. It's a totally different ball game. We are in a good position, even though we see some uncertainties, but it's just going to be temporary uncertainties on the land, and things will pick up 2026, [Foreign language]. Thank you very much. We look forward to updating you in our next earning call or seeing you in one of the events. Thank you, Arabian Drilling management. Thank you, participants, for joining the call. With this, we end the call. Wish you all a nice evening. Thank you.