Lars Peder Solstad: Good morning, welcome to the Solstad Offshore Second Quarter Presentation. It has been a strong and active quarter for the company with improved operational performance, important contract wins, increased the backlog visibility, and a continued capital distribution to our shareholders. We have also taken important strategic steps through the new joint venture we have established with SBM Offshore, and the ordering of a specialized mooring and installation vessel to further strengthen our long-term position in an attractive offshore market. This presentation will be held by CFO Kjetil Ramstad, and myself, CEO Lars Peder Solstad. There will be a Q&A session after the presentation. Please send in your questions in the chat. We take a quick look at the disclaimer before we move over to the business update for the quarter. It has been a solid quarter with increased utilization and earnings from the vessels, as well as good performance from the JVs and the associated companies. We entered into a long-term contract with SBM Offshore for a new build, specialized mooring and installation vessel. This vessel will be jointly owned with SBM and start operation in 2029. We have also signed an MoA for the sale of the vessel Normand Tonjer. We own 56% of the vessel. We expect a cash effect for Solstad Offshore of around $19 million when the vessel is delivered to new owners sometimes during the next six months. During this quarter, we have also won an arbitration case, which will give the company a positive liquidity effect of around $14.5 million when received. A P&L effect of $7 million has been booked in second quarter. On the earnings, we delivered a total adjusted EBITDA of $41 million, compared to $32 million in the same quarter last year. This is divided between operational adjusted EBITDA of $22 million, compared to $17 million same quarter last year. Share of result from JVs and associated companies of $19 million compared to $15 million, same quarter last year. We have had an order intake of around $216 million in the quarter, where the letter of intent for the Normand Maximus is the most significant. We are in the process of transferring the LOI to a firm contract. This will keep the vessel occupied until first quarter of 2029, with further options thereafter. This contract will also be favorable for the financing of the upcoming purchase option Solstad Offshore had on the vessel. We continue to return capital to shareholders and are increasing the dividend for the quarter to $0.15 per share, corresponding to approximately $12 million, more or less the same amount as Solstad Offshore receives in dividend from Solstad Maritime. I will hand the word over to you, Kjetil. Take a closer look on the numbers.
Kjetil Ramstad: Thank you, Lars. If we start looking at the financial and operational summary for the second quarter and the first half year. Second quarter of 2026 had a fleet utilization of 85%, lower than the same quarter last year, which was 100%. For the first half, the fleet utilization was 82%, down from 96% last year. The lower utilization for the quarter, and for the first half year is mainly driven by two vessels. The Normand Topazio started on a four-year contract with Petrobras in late May, and Normand Tonjer was idle until mobilizing for a new contract in Asia Pacific in the quarter. The rest of the fleet was fully utilized. Operating income for the second quarter was $105 million, versus $78 million last year. For the half year, operating income was $191 million versus $147 million last year. The increase is driven by four Solstad Maritime vessels on bareboat to Solstad Offshore, which all commenced their four-year contracts in February, and recognition of approximately $5 million related to successful outcome of the arbitration regarding disputed hire from 2024. The operational adjusted EBITDA was $22 million in the quarter, an improvement from $17 million last year. For the first half, the operational adjusted EBITDA was $34 million, which is in line with last year. The $10 million improvement from first quarter this year is driven by the mentioned $5 million in disputed charter hire and all owned vessels now being on contract. In terms of adjusted EBITDA, share of result from joint ventures and associated companies came in at $19 million, an increase by $4 million from the same quarter last year. For the first half year, the adjusted EBITDA was $75 million, an improvement of $13 million or 21% compared to last year. The net result for the quarter was $38 million versus $39 million last year. For the first half year, the net result improved from $62 million last year to $67 million this year. Book equity at the end of second quarter was $478 million, up from $349 million last year. This reflecting an increase of almost $130 million, and it gives an equity ratio of 44%. Book equity has increased by the net result in the period, offset by dividends paid to shareholders approximately $16 million. The adjusted net interest-bearing debt of $28 million at the end of second quarter, down from $83 million last year. The cash position at the year-end was $83 million versus $60 million last year. The main reason for the higher cash position is strong operational performance and limited CapEx the past 12 months. Firm backlog for Solstad Offshore owned vessels of $432 million at quarter end versus $238 million last year. This is an increase of approximately 82%, driven by improved visibility for Normand Maximus and the anchor handlers in Brazil. If we go to the next slide, have a look at the depth overview in Solstad Offshore. Solstad Offshore has a term loan of $70 million, paid down $10 million in the quarter. This facility was drawn in November 2024, a five-year amortization profile, and maturity in November 2027. We have the $40 million financing of the four Brazilian-built vessels with BNDES. This loan matures between 2026 and 2031, with low schedule amortization over the coming years. The lease commitments include the present value of the Normand Maximus bareboat charter, $36 million until October 27, and $112 million, which represent the present value of the purchase option that we have at $125 million. The other lease payments of $246 million mainly consist of commitments from Solstad Maritime vessels operating through Solstad Offshore's Brazil setup. These commitments increased significantly in the first quarter this year due to commencement of contracts for Solstad Maritime vessels going on a four-year contract in that quarter. Solstad Offshore has external backlog covering the lease commitments of those vessels. In summary, Solstad Offshore has a net interest-bearing debt of $422 million, and adjusted for the leases from Solstad Maritime, the adjusted net interest-bearing debt amounts to $28 million. On the next slide, we will have a look at the dividends for the second quarter. As a consequence of the improved earnings visibility and the financial performance, the company will increase the cash dividends in the second quarter from $0.1 per share to $0.15 per share, totaling approximately $12 million. This represents a dividend yield of approximately 8.5% based on yesterday's share price. The dividend will be paid in NOK, and the NOK amount will be announced prior to the dividend payment. Key dates for the second quarter dividend. Last day of trading, inclusive the right to receive dividend, 16th of July 2026. Ex-date, 17th of July 2026. The Record date, 20th of July 2026, and then Distribution date will be on or about the 29th of July 2026. With this, I will give the word back to you again, Lars.
Lars Peder Solstad: Thank you, Kjetil. I will take a closer look at the investments we have into JVs and associated companies. These come, of course, in addition to the fleet, the owned fleet. First, Solstad Maritime, where Solstad Offshore holds 27.3%, has had a strong quarter, and Solstad Offshore will receive about $13 million in dividend for this quarter. Now Solstad Offshore's share of SOMA's market cap, as per second quarter, is about $313 million. NISA is the JV we have with SBM Offshore. This JV owns the mooring installation vessel, Normand Installer. The vessel had full utilization in the quarter, and SOFF's part of the result for the quarter is about $1.4 million. The vessel is nearly fully booked for second half of the year, and the booking for next year is also already solid. The frame agreement with SBM Offshore, where they commit to hire the vessel for around 200 days per year, has also now been extended to 2034. NISA is a debt-free company. SOFF also owns around 36% of Omega Subsea, which owns and operates ROVs, survey, and associated equipment. Omega Subsea now has 16 ROVs in operation, and further 14 for delivery in second half this year and beyond. The majority of the ROVs are mobilized on Solstad vessels, but the company has also entered into contracts with other companies lately. During the last 12-month period, Omega Subsea has had a revenue of around $96 million and an EBITDA of $27 million. SOFF's combined book value of its shares in the three companies are about $295 million. As mentioned before, we have entered into a new contract that requires a new-build vessel. In more detail, SBM Offshore and Solstad Offshore has established a new joint venture that has ordered a specialized mooring and installation vessel with CIMC Raffles in China, and the vessel will start on a 14-year contract with SBM upon delivery from yard in 2029. This follows the same basic partnership model that has worked well with SBM through NISA over the last 20 years, and it allows Solstad Offshore to participate in a high-end, long-term contracted asset with limited equity contribution. The rationale is supported by expected long-term demand for mooring services, including new FPSO developments, maintenance on existing systems, and potentially floating wind opportunities into the next decade. The new vessel has unique installation capabilities down to 4,000 m of water depth. If we continue and take a closer look on the market, I would say the overall activity level in our markets remains high, and the outlook continues to be positive. For Solstad Offshore, the anchor handling exposure is limited to Brazil, where all three of our owned vessels are on long-term contracts, where Normand Topazio commenced her four-year contract with Petrobras around 20th of May in second quarter. Globally, the anchor handling market is strong, especially for the largest vessels with project capabilities and with spot exposure to the North Sea market. For the CSV segment, the activity is good, but it's very project oriented, with a few exceptions. Petrobras is one exception where a number of medium-sized vessels have or are about to start on two to four-year contracts within the RSV and Walk to Work segments. The Solstad Offshore fleet, we have a few vessel updates during the quarter. Normand Maximus has transferred from Brazil to Guyana and from there to mobilizing in Las Palmas and is now on her way to the next project in the Black Sea. She will be on that project until the planned dry dock starts late this year and continues into first quarter 2027. Normand Superior continues on her contract in Angola until first quarter next year, and the client has an option to extend the contract with one more year. During third quarter, it will be clear if that option is exercised or not. As mentioned, we have an MoA for sale of the Normand Tonjer. The vessel will be handed over to new owners after the present contract she is now on, and that will be at the latest, early next year. The sale will have a positive cash effect for Solstad Offshore of around $19 million. The utilization in the CSV segment in general is at a high level, but there are also some vessels that are idle and/or have available capacity going forward. I would have liked to see a bit more activity, especially taking into consideration the new buildings that will be delivered from yards the coming 18 months or so. Geographically, the story is the same as earlier, where South America, including Guyana, West Africa, and the North Sea is the busiest areas as we see it. Taking a closer look at the backlog for the company. Our backlog provides good visibility for the coming years with very limited vessel availability. During second quarter, the backlog increased substantially, mainly driven by the new Normand Maximus contract. The total backlog is now close to $1 billion, of which approximately $430 million relates to the owned vessels, with the remaining backlog is related to Solstad Maritime vessels on contracts through Solstad Offshore in Brazil. If we then move to the guidance. Based on our performance so far this year and the current operational outlook, we are narrowing our operational adjusted EBITDA guidance range from $50 million-$70 million, up to $60 million-$70 million for the full year. This reflects, among other things, the expectation that the dry dock of the Normand Maximus will predominantly take place in the first quarter 2027. It is important to note that this guidance excludes the contributions from the joint ventures and the associated companies. We are also increasing the quarterly dividend to $0.15 per share, corresponding to a total distribution of approximately $12 million for the quarter. To summarize the first half year and second quarter for Solstad Offshore. We delivered a solid quarter, both operational and financial, with improvement in most of the key parameters year-over-year. We have secured important new contracts, ordered a new CSV with long-term contract already in hand, and our investments in the JVs and associated companies are performing well. The activity in our markets is at a high level, and the visibility for the company in the coming years is solid. We are narrowing the guidance range to an operational adjusted EBITDA of $60 million-$70 million for the year. Finally, we are increasing the quarterly dividend to $0.15 per share. This concludes our presentation, and we will now open for questions.
Kjetil Ramstad: All right. Let's see if we have some questions. We have one question. How do you see dividend distributions from the NISA joint venture and Omega Subsea going forward?
Lars Peder Solstad: I think if we start with the Omega Subsea, it's a company that is delivering very solid results. It's also a company that are in steep growth. It will mainly be the organic growth of the company that will require capital the next, let's say, year or 1.5 year or so. Thereafter, the company will come into a dividend position, most likely. On the NISA, it's a debt-free company. There will be, as it looks, solid utilization for the vessel going forward and the company will come in a dividend position for sure going forward.
Kjetil Ramstad: Thank you. On the Normand Maximus, the dry docking. For how long do you estimate that this dry docking will take?
Lars Peder Solstad: I will estimate around 60 days.
Kjetil Ramstad: Okay. Thank you. I think that concludes the questions for Solstad Offshore.
Lars Peder Solstad: Okay. Thanks a lot for listening in, everyone, and I wish you all a nice summer ahead. Thank you very much.