Eneti Inc.

Good morning and welcome to the ENETI Inc. Third Quarter 2022 Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. Please note, this event is being recorded. I would now like to turn the conference over to James Doyle, Head of Corporate Development and IR. Please go ahead, sir.

Thank you for joining us today. Welcome to the Anetti Inc. Third Quarter 2022 Earnings Conference Call. On the call with me are Emanuele Oro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Hugh Baker, Chief Financial Officer, Sebastian Brooke, Chief Operating Officer of CJACS, Earlier today, we issued our third quarter earnings press release, which is available on our website, annettiinc.com. The information discussed on this call is based on information as of today, November 8, 2022, and 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 earnings press release issued today, as well as Annette Inc.' 's SEC filings, which are available at annetteinc.com and sec.gov. Call participants are advised that the audio of this conference call is being broadcast live on the Internet, and that it 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. We will be giving a short presentation today. The presentation is available at Inediinc.com on the investor relations page under reports and presentation. The slides will also be available on the webcast. After the presentation, we will go to Q&A. Now, I'd like to introduce our chief executive officer, Emanuele Loro.

Emanuele Loro Thank you, James. Good morning or afternoon to all. Thank you for joining us today for Anetti's third quarter 2022 results. In the third quarter, the company generated more than $69 million of revenue and close to $28 million of net income. And this excludes a realized meaningful gain in our investment in Scorpio tankers. The demand has increased. Rates are trending higher and utilization is ticking up. And this is true for all different sizes of WTIBs. In addition, also the COVID-related challenges like long quarantines or crew movements that have been affecting a global player like Eneti, whose operating assets worldwide, have started to show signs of normalization. I'm referring more specifically to Asia, where a few of our assets are operating. that is gradually going towards a more westernized COVID approach. Recently, we have contracted one of the NG2500s for employment in 2023, and we're optimistic about further contracts at higher rates and longer duration in this class, but also in our bigger classes. We are in a fortunate position as these assets, the 2,500 more precisely, can generate positive cash flow whilst we are exploring alternative solutions including potential sale of the 2,500s. We are excited to contract our existing assets base and new buildings at higher rates in what appears to be a very undersupplied market going forward. The contractual backlog continues to increase. The pipeline of potential projects for our new buildings is becoming increasingly attractive. On the financing side, in October, we have received an underwritten proposal from Crédit Agricole and Société Générale for a $436 million term loan facility to finance approximately 65% of the purchase cost. of the company's two WTIBs new buildings under construction currently in Korea. Our balance sheet continues to improve. Strong operating cash flow from our existing fleet and the divestiture of our holding in Sting has created a strong liquidity position. A position which, given our conservative leverage, allowed us to repurchase 2.3 million shares of the company at an attractive valuation. And looking forward, we anticipate significant opportunities for the existing fleet as well as for our new buildings as offshore wind demand accelerates and expands into new markets. We are excited to capitalize on these opportunities and as well as play our role in the transition to a cleaner and more sustainable future. I'd like to thank you for your support, and I will now turn it over to Sebastian and James that will go through a few slides. Thank you. Sebastian, please.