Eneti Inc.

Hello, and welcome to the Anetti, Inc. Second Quarter 2023 Conference Call. I would now like to turn the call 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. Second Quarter 2023 Earnings Conference Call. On the call with me are Emanuele Loro, Chief Executive Officer, Robert Bugbee, President, Cameron Mackey, Chief Operating Officer, Hugh Baker, Chief Financial Officer, Sebastian Brooke, CEO of CJAX. Earlier today, we issued our second 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, August 8th, 2023, 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 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 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. While we will not be going through slides, there is an earnings presentation on our website under the investor relations page and reports and presentation. After opening remarks, we'll go to Q&A. Now, I'd like to introduce our Chief Executive Officer, Emanuele Loro.

Thank you, James, and welcome and thank you everybody for joining us today. In the second quarter, the company generated close to $39 million of revenue and an adjusted net income of $8 million. This represents a strong improvement from the first quarter. During this quarter, all five vessels were on employment contracts. Today, we announced the sale of the ENG2500 for a price of $70 million. These are assets which we had previously identified as non-core and discuss the fact that we were marketing them for sale. The sale itself reinforces our commitment to focusing on wind turbine and foundation installation. In addition, it creates liquidity and we expect cash proceeds of $57 million after debt repayments. In June, more importantly, we've entered into a business combination agreement with Cabela as we've previously announced. While the combination remains subject to regulatory approval, the transaction remains on schedule and we expect it to close during the fourth quarter of this year. We believe the combination is right for all stakeholders, for our shareholders, for our customers, and as we previously discussed, also for our employees. As a combined entity, the scale and our respective capabilities will create significant value at a time when offshore wind needs reliable partners and reliable solutions, which we think we will be able to offer. The track record of CGICS has been built on tireless efforts of our shore and seagoing professionals, and we're delighted that Cadillac shares the same values. The combination is a testament to our shared vision for the future of offshore wind and our unwavering commitment to creating value. Senior management of Eneti will remain as one of the largest shareholders in the combined entity, and I will be nominated to serve as vice chairman. We're confident that this combined entity will continue to drive positive outcomes for our shareholders, customers, and employees. and we're excited about the future together. Thanks very much for your continued support and look forward to updating you on further progress in the upcoming quarters. I'd like now to turn the call to James, please.