Eneti Inc.

Hello, and welcome to the Enetti Incorporated Third Quarter 2021 conference call. I would now like to turn the call over to Hugh Baker, Chief Financial Officer. Please go ahead, sir.

Thank you, operator. Thank you for joining us today. On the call with me are Emmanuel Ilaro, Chairman and Chief Executive Officer, Robert Bugbee, our President, Cameron Mackey, Chief Operating Officer, James Doyle, Senior Financial Analyst, David Morant, Managing Director, Tim Sanger, Managing Director, and Sebastian Brook, Chief Operating Officer of CJAX. The information discussed on this call is based on information as of today, Wednesday, the 12th of December, 2021, and our press release and earnings press release presentation as of this morning, which may contain forward-looking statements that involve risk and uncertainty. Actual results and events may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the presentation issued today and in the press release that we issued today, as well as Enetti Inc.' 's SEC filings, which are available at www.enetti-inc.com and www.sec.gov. Call participants are advised that the audio of this conference call is being broadcast live on the Internet and is also being recorded for playback purposes. An archive of the webcast will be made available on the Investor Relations page of our website for approximately 14 days. In addition to the call today, there is a short presentation that has been uploaded to our website on the Investor Relations page under Reports and Presentations. Now I'd like to introduce Emanuele Lara.

Emanuele Lara Thank you, Hugh, and thanks everybody for joining us today. We've discussed the company at length, most recently in conjunction with our equity raise. The raise itself has placed us on the front foot in building the world-leading wind turbine installation vessel business. We're looking forward to execute on our plans and on what we said we would do. In the meantime, the integration of the CJEX business continues well. We are delighted at the quality of the platform and the reputation it enjoys with customers. And I'm personally also extremely happy to have found the business run by great people. The business remains profitable and continues to generate strong cash flows. There is volatility, which is pertaining specifically to the industry in the earnings, but as I said, profitable and generating strong cash flows. We're optimistic about the outlook for offshore wind in general, and more specifically for the markets in which we operate in. As I said before, we're focused on execution at this stage. have already exercised the second option, or actually the option for the second vessel at Daivu. This will deliver in early 2025. As far as the Jones Act project is concerned, it is an exciting development area for us. Discussions continue with customers and capital providers slash US local content partners. The project has certainly accelerated following the recent equity raise and we look forward to update you as soon as we have tangible news which we expect in the not too distant future. So we also expect a steady flow of contract announcement and news flow through the inflection point with the delivery of the new bills in Q4 24 and Q1 25. From an industry perspective, the visibility to 2030 and beyond is getting clearer every day. The demand curve for our services continues to steepen against an ongoing undersupply of wind turbine installation vessels. We're excited about our prospects as the leading US listed company in the growth industry of offshore wind, both as far as the US market and the international market is concerned. And more importantly, we look forward to many years of partnership with so many new substantial shareholders to our register. After the transition, it feels good now that we have exited our legacy conventional shipping business, merged with CJEX, concluded our equity raise, we do look forward, as I mentioned before, to execute on our plan going forward starting from now, really. I do not have any more opening remarks, so I think, operator, we can turn the call to questions.