Teekay Corporation Ltd.

Welcome to TK Corporation's first quarter 2021 earnings results conference call. During the call, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question and answer session. At that time, if you have a question, participants will be asked to press star 1 to register for a question. For assistance during the call, please press star 0 on your touchtone phone. As a reminder, this call is being recorded. Now for opening remarks and introductions, I would like to turn the call over to the company. Please go ahead.

Before we begin, I'd like to direct all participants to our website, www.tk.com, where you'll find a copy of the first quarter of 2021 earnings presentation. TK's President and CEO, Kenneth Hvid, and TK's CFO, Vince Locke, will review this presentation during today's conference call. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the first quarter of 2021 earnings release and earnings presentation available on our website. And then I'll turn the call over to Vince to begin.

Thanks, Ryan. Good morning, everyone, and thank you for joining us today for TK Corporation's first quarter 2021 earnings conference call. We hope that you and your families are all safe and healthy. Before I hand the call over to Kenneth, I will briefly review our financial results for the first quarter of 2021. Starting with our recent highlights on slide three of the presentation. In the first quarter, we reported consolidated adjusted net income of 11 million or 11 cents per share, up from 3 million or 3 cents per share in the prior quarter. We also generated total adjusted EBITDA of $202 million, up slightly from the previous quarter. Compared to Q4, we recorded higher results in each of our entities, supported by our large portfolio of long-term contracts in our gas shipping business, higher spot tanker rates in our oil shipping business, and higher revenues from our marine services business in Australia. All of this despite the continued weakness in the spot conventional tanker market. Looking ahead, we are expecting the second quarter to be lower than the first quarter, mainly due to a heavy dry dock schedule in both our gas and tanker fleets, certain non-recurring items in the first quarter, and the recent expiration of fixed rate charters in our tanker fleet that were locked in last year at higher rates. For guidance on our second quarter results, please refer to the appendix of this presentation. Since reporting earnings in February, We have made significant positive progress towards the strategic objective of winding down our FPSO segment, which we expect will result in a material reduction in our total asset retirement obligations in the second quarter. Kenneth will discuss this in more detail on the next slide. Over the last couple quarters, we discussed our ESG strategy, and we are now excited to have published our 11th consecutive TK Group Sustainability Report last month. which aligns with global frameworks such as GRI and SASB. We have included a link to our latest sustainability report on the slide, and it is also available on our website. With that, I will turn it over to Kenneth.