Let me remind everyone, we should have some time following the presentation for questions. You just press that Q&A icon at the bottom of your screen, type in the question, and we'll get to as many as we can, time permitting. Looks like the room is filled in. So happy to be joined this morning by Koil Energy. The ticker is KLNG. We have President and CEO, Erik Wiik, and CFO, Kurt Keller. With that, gentlemen, let me turn it over to you. All right. Thank you very much, and really appreciate you joining us in this session. We will give you a brief presentation of the company and what we're about to do, and then we will take some questions. Just be aware that we will share with you some of our ambitions and some of our forward-looking ideas and some of that is to share what we can do and what we're able to do. But of course, nobody can really predict what's going to happen in the future. So please be aware of that. We have more information on our webpage as well, so have that in mind. The company, Koil Energy, has been around for 28 years. It's a company that has a very large portfolio of products and services. And where we are in the industry is what we call subsea. Subsea is a sub-segment of the offshore oil and gas, which means that everything we do is underwater. We work down to 10,000 ft water depth, sometimes more shallow. But most of the installations cannot be reached by divers, so it is handled by remotely operated vehicles, or robots in order to both install and intervene and maintain equipment on the seabed. What we do is critical to the operators in order for them to reliably develop the field and produce the oil and gas. We are straight in their upstream value chain. And recently, with the introduction of more subsea tieback wells, which is basically the ability to add wells to existing infrastructure, some of these projects we are participating in, we can turn around this within two years, from drilling to first oil. So Koil is ideally placed in a very interesting part of the oil and gas market. What you see here is the typical spread offshore. So on the surface, you will have the vessels that install the equipment. You will have a drilling rig you see in the middle there. And then to the far right, you will have the topside processing plant on a platform or a vessel. And all the fluid is brought from the well on the seabed up to the platform, through a riser. And then you may have pipelines that bring you other satellites in the field. And sometimes we also participate in projects where everything on the seabed is brought to shore, and then you have nothing on the surface. We have a very large portfolio of products and services that you see here. But we like to describe ourself as the plumber and the electrician of the oil field. We have all the small connectors and tubes and cables that you need on the seabed in order to make it work. We come in after the well had been drilled, the well head's been put in place, and the Christmas tree, or the valve tree as we call it, has been put in place, and then we start connecting the pieces to control it. The controls umbilical that comes from the facility, that can be the yellow cable you see come from the surface, includes multiple tubes in order to provide hydraulic power. It also provide tubes to have chemical injections into the well in order to stimulate the production. It also may have power cables to run pumps on the seabed or fiber optic cable inside in order to get the signals from what's going on on the seabed to bring up to the control room on topside. We provide all of those functionalities in our connection systems and cables. Being the plumber and the electrician, we obviously have a very large product and services offering. We have about 20 different product lines in Koil Energy that have been developed over the 28 years we've been in existence, and we have about 20 different services we provide in connection with installing it, testing or maintaining the subsea equipment. This is a unique position. Many other players in the industry, certainly those at our size, they have some of this equipment, but not as much as we have. The only providers that have such a wide offering of products and services are the main OEMs, and they're much larger than us, and provide the major equipment. Being the one that provides the small stuff is actually a fantastic position for Koil to be in. This is a great company. Over the years, the culture in Koil has been developed and formed by the employees. I came into the business about three years ago as a consultant. We developed a growth strategy, and then I was asked to implement that strategy as the CEO. Shortly thereafter, I started to ask the clients and the employees of who's Koil? Why are we successful in certain things we do, and what is the client appreciating? What are they appreciating when we perform the services for them? And why do the employees stay with us? And they all stay very long. The average tenure is about more than 10 years. It is a really good group of people we have here. I would like to bring one aspect here, from what we call the business DNA or the canvas of describing Koil. It's our philosophy. Our philosophy is truly about responsiveness and speed. We collaborate a lot intensively in order to come up with the best solutions, and we can do that quickly because we collaborate. We have a completely vertical supply chain in our facility. You have engineers, project managers, production operators, fabrication operators, service technicians working together on each and every project. You see people here, if you come visit us, you will see the huddle around a problem to be solved on the shop floor, and you will see production operators in the engineering office looking through drawings together with the designers and the engineers. This kind of collaboration enables us to provide the services with speed. That is our competitive edge, and that is our philosophy as well. I am Kurt Keller, I am going to start with our financials. We reported our second quarter financials last week. Really excited with the results for both the first half of the year as well as the quarter. On a quarterly basis, we grew revenues year-over-year by 78%, and this was all organic. We have not done acquisitions. We have been able to do this with the team that we have had and the infrastructure that we have had. You will see that it is across both of our major product lines. We have a fixed price. Contracts went up significantly as well as service. Importantly, as we have grown, we have pretty good operating leverage in our business, and we were able to boost EBITDA by almost $1 million just within the quarter, to $1.1 million for the second quarter of 2026. Looking at revenue on a quarterly basis, this shows just the steady but also rapid growth that we have had over the past four quarters. We have had 13% sequential growth, on average, between the second quarter of 2025, which was kind of the trough of the business, where we had some impact from the overall economy and the trade wars as well as I think we had not fine-tuned our utilization of people and perhaps had grown a little faster than the top- line. Since then, we have been able to both acquire new customers as well as deploy strategic assets such as the carousel that we purchased in the second quarter, and we reached a new revenue record of over $9 million for the quarter. Our goal, while we do not give official guidance going forward, we do target profitable growth every quarter, and feel like we are, especially over the last, say, six quarters, done a good job of executing on that. I think this shows the chart of in 2023, the company was below critical mass. We were under $20 million. As a result, EBITDA was pretty much flat. Erik joined the company in 2024. We worked on a pull engineering pull method where we took in revenue as it came in, tried to be aggressive on that, and then be aggressive in our sales, and boosting up the overall revenue of the company. Since then, we have grown revenue, and our EBITDA has responded accordingly. Behind that, as we mentioned, we have had four new clients in 2025. This year we are targeting 10 new clients. In the backdrop, we continue to invest in Brazil, which has been our new regional office. While that does have some impact on our EBITDA, it's important for our future growth and we're starting to see some results from that with our first major contract award. Okay. We are in a great part of the industry. Offshore oil and gas is increasing their investments, and subsea, in particular, is an area that is very attractive. Overall, the global demand for oil is increasing. At the same time, over the last decade, we have not invested enough in this part of the industry. We have been relying on onshore production that is flat now. The nature of the business is such that if you develop a reservoir, obviously, it's going to deplete over time. On average, if you look at all the reservoirs globally, this goes down by 5%-7% every single year. If you don't keep up the investment, we're going to end up having an issue. That's why we see an uptick in the investments for drilling right now. The other part that is also interesting is that the risk of not getting the energy you need or the oil supply you need, that some countries around the world have experienced over the last six months. They're now more interested in developing their fields offshore if they can do that. Many countries have a coast, they have subsea basins outside. They may have developed some of that industry in the past. They're increasing that now. We hear from our clients, the oil companies, that they have very much interest from various countries to start developing their fields so they have better energy security in the future. I would like to mention one more thing. Obviously, we have tailwind here as we plan to grow. I also like to mention the fact that subsea tieback is really coming around as a major way of increasing production. That includes drilling adjacent wells to existing reservoir and tie those wells into existing capacity on the processing plant. That means they need to do it fast, and they have the capacity to process it. Sometimes that is less than two years from drilling to first oil, and that is a unique position for Koil because we're all about doing things fast. Having that part of the market growing is definitely an advantage for us. Our strategy going forward to 2030 is quite exciting. We see that we, this year, are winning foundational projects. What I mean with that are projects that are sustainable growth, represent sustainable growth in certain regions and with new clients. We have got a recent project in Brazil that was significant. We have invested in major rental equipment, particularly our new carousel. We are expanding in service with significant growth in our service business. Next year, we are going to deliver integrated solutions, which means multiple products and services in the same projects. That is new for Koil. We bundle in the past, bundle services, bundle multiple products. A more value add to the client is if we can do the engineering for that system and then provide more product. Obviously, that is more volume when we execute the work, and there are synergies in that, so we can offer a better deal for the clients as well as it is more interesting for ourselves. The rental business have proven to be more attractive than we initially thought. So we, in the beginning of the year, changed our strategy here, and we see that when we invest in rental equipment, we can grow faster. The reason for that is that the competition when you have rental equipment in certain aspect of the services is not the same as when you manufacture products. Very often, we are selected based on having the right assets and having the right capability ready. When you provide the rental equipment, we operate that equipment, so you both get a revenue on a day rate for the rental fleet, as well as the revenue for the service personnel that you provide at the same time. So we want to establish this on a global level so we can move some of the equipment internationally, but we also need to place some of the larger equipment in the various regions in order to effectively pursue that market. Eventually, all the 20 products that I mentioned in the beginning and the 10 different services that Koil have that is unique for the industry, we want to offer that globally. In every subsea basins in the world, we want to be able to offer that to our clients, and then we become a true global subsea provider. Just to mention some examples on the announcements we had so far. We had a major project in the beginning of the year to fabricate and upgrade carousels, which is part of our expertise. Also, in January, we announced the first integrated subsea distribution control system, which is that bigger contracts where you do multiple of products at the same time and includes significant amount of engineering included in that. We also won a service contract in West of Africa that includes a pre-commissioning testing, and includes a large number of rental equipment and service personnel as well. So we recently started that project. Then we recently announced the carousel. As you can see here, this is a fairly large piece of equipment to be installed. At the same time, we bought the carousel, and installed it on a barge, as you see here. We won the first contract for it. That contract includes to move an umbilical cable onto that facility. It is a 50-mile-long umbilical that weighs about 2,400 metric tons, which is about 5 million pounds. That's going to go onto the carousel, and then we're going to transport it to our stationary carousel that you see on the bottom there, a carousel that we've had for years and didn't perhaps utilize it effectively. Now we're going to move it over to there, and we're going to store that product long-term. So each time you have and apply these kind of rental equipment, we charge a day rate to our customers, and we have a whole service crew managing that on behalf of the customer. Then finally, we have been in Brazil for a year. We have a large facility in Brazil. We have employees in Brazil. Then we announced in July that we won our first significant contract. This is a maintenance contract that includes the umbilical re-termination that is a unique expertise that Koil has. We were picked to do that job because we came and offered the best solution for that client. Really exciting opportunity and put Brazil on the map for Koil. I'll wrap up with the slide just showing our fundamentals of our stock and our capital structure. I just want to mention, we are fast-growing. While we did put on some debt this past quarter, we entered into a $5 million asset-based lending facility. We still don't have long-term debt, although we may be adding some of that to fund our capital expenditure needs. When you look at our ownership profile, officers and directors have about 22%, so a solid amount. We're looking to add on more institutional investors. We feel like our stock price, as far as a multiple basis is still inexpensive and our market capitalization is $36 million now. But we're really excited about our story and what we have to offer. All right. Thank you so much for listening to us. Great. Thanks so much. We have a ton of questions already piling in, but as a reminder, we have about five minutes left. If you do have a question, type it in and we'll get to as many as we can in the queue. Erik, first question I see is, can you discuss a little bit about your geographic presence and areas you hope to build exposure? Yes. Our home market is in the U.S., the Gulf of America, and has been the home market since the company started 28 years ago. We have followed the clients internationally, West of Africa particularly. So we have about 20% that's been international in the past as well. The big change we did last year was to move to Brazil. In Brazil, you need to have a facility, you need to have employees in order to do business there. It's just the way it is, similar to the U.S.. So that is a very exciting opportunity for us. We probably need to do a similar thing in some other countries because they are well-established. They have all the vendors and capabilities there. But most other subsea basins around the world, and particularly in West of Africa, you can serve that from Brazil, or you can serve it from Houston. We're going to continue to do that, and transport our rental equipment, manufacture and transport to the country, and then fly over our expert technicians as well. Excellent. That's very helpful. Got quite a few questions regarding your strategy around rental equipment. Certainly, we know plenty of OFS names that a core of their business is rental equipment. They tend to be very strong cash flow generators, and it shows up in their valuation. But it tends to be CapEx heavy upfront to get there. How are you thinking about that in terms of building the fleet and how you get there, and how quickly you'd want to expand the rental fleet? Yeah. First of all, our approach is to get the business first and then invest afterwards. Okay. Is that possible? Yeah. Yes, it is because we are in an industry where much of what we do is unique. It is tailor-made, and it got to fit what that client wants. Our strategy is then to get a first project, and if the client planned that well ahead, we have time to build the asset or acquire the asset. Then we get the first project for it, right? Then they pay for it. The payback period is very short, one to two years. Then we make more money, as we go on to project number two and three. It is a good risk management approach to do it that way. All right, is that how you are thinking about that, try to get full payback on the first contract or as close as possible? Exactly. Got it. That's a good model. We certainly love to see a lot of charts that go up and to the right. You have a number of them. I know this is hard to break down, but how much of that growth can you attribute to the execution you've put in place over the last couple of years versus a more positive macro? The market, if you look at some of our large competitors and the clients, it's single-digit growth that they're— Yeah experiencing, right? We have double-digit growth every quarter, have had over the last four quarters. The market is nice to have, but it's not going to decide how much we're going to grow. We feel that we have a momentum here, with the technology we have, and the experts and our philosophy, as I mentioned. Speed is increasingly important for the clients, and we feel we can continue to grow regardless of how the market behaves. We obviously consistently hear about, with the OFS space, reliability and timing being everything. With offshore projects, given the costs, the daily costs, it's even that much more important. How do you make sure you maintain that? Is that about having the right crews, having the right equipment? So— Because that's everything, particularly when you're entering a new market like Brazil, right? You're going to be judged right off the bat. Absolutely. Having the right crew is number one. As I mentioned, most of the guys have been around for a long time. They like working in Koil. We can easily attract people. They like our story. We don't have any problems recruiting. But we're very picky. Not only do they need to be experts in their field or have the potential to learn, but they also need to have the right attitude, the right culture, so we can continue with the kind of feedback we're getting from our clients now. Excellent. How should we think about the balance sheet and your use of it moving forward? I think, Kurt, you mentioned the fact that there might be some higher CapEx given the faster growth. What are you comfortable with on a leverage ratio, and where do you see this going? The faster you're growing, the more CapEx is going to be needed, right? Right. With our financial performance, we become bankable, and thus— Yep we're able to close the asset-based lending facility. I think, with that, and with the CapEx needs we have for equipment, we are looking to add to long-term debt. I think we'll have some opportunities to do that. We still want to be responsible for it. I don't know if I have a specific multiple that we have. Yeah. We want to be responsible so we can grow fast, but we also have some cushion with it. Just finding that balance is what I'm working to do. Erik, you've been coming to the conference for the last two-plus years, and the story seems to continue to be progressing in the right direction. A lot of stuff you predicted a couple of years ago. What worries you? What limitations do you think might still be in place? I think one thing to mention there, is the political winds that we have around the world and the dependency on the energy policies in the various countries. That is something we can't— Right. solve. The way we are managing that risk is to be present in several regions of the world. As long as the energy demand keep on going up and the subsea market can produce faster, it is always going to be areas that is very attractive. Right now it is, in most places, they really want to go after subsea developments, but you always have that political risk. The way to manage it is to be present in multiple markets, and that is— Diversify away the risk as much as possible. Yeah. Yeah. We are just about out of time. Any closing thoughts you want to leave with the audience? I really appreciate you listening in. I also appreciate the one-on-one meetings we have had and going to continue to have today. Please contact us if you have any questions. I always encourage investors to come visit us in Houston. We are right next to the international airport. You will have a unique experience, I guarantee. Excellent. Erik Wiik and Kurt Keller from Koil Energy. Gentlemen, thanks so much for being here. Thank you so much, Steve.