Teekay Corporation Ltd.

Welcome to TK Corporation's second 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 touchstone 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 at www.tk.com, where you'll find a copy of the second 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 second quarter of 2021 earnings release and earnings presentation available on our website. I'll now turn the call over to Vince to begin.

Thanks, Ryan, and good morning, everyone. And thank you for joining us today for TK Corporation's second quarter 2021 earnings conference call. Before I hand the call over to Kenneth, I will briefly review our financial results for the quarter. Starting with our recent highlights on slide three of the presentation, in the second quarter, we reported a small consolidated adjusted profit of $30,000, down from $11 million or 11 cents per share in the prior quarter. We also generated total adjusted EBITDA of $172 million, down from $202 million in the previous quarter. We reported another strong quarter in our gas business. However, compared to Q1, our tanker business results were weaker due to lower spot tanker rates and the expiration of certain fixed rate time charters that were secured during last year's strong tanker market. Our second quarter results also reflected a higher than normal number of scheduled dry dockings in both our gas and tanker businesses. Looking ahead, we are expecting our third quarter results to be lower than the second quarter mainly due to weaker spot tanker rates and another heavy dry dock schedule for both our gas and tanker fleets. However, we are expecting our fourth quarter results to be stronger due to a lighter dry docking schedule and the anticipation of a stronger spot tanker market, especially during the winter months. For guidance on our third quarter results, please refer to the appendix of this presentation. In May, we reached the major milestone towards our strategic objective of winding down our FPSO segment, including fulfilling our remaining obligations relating to the BAM field, which resulted in a $33 million gain from the reversal of our associated asset retirement obligation in the second quarter. Kenneth will discuss this in more detail on the next slide. Lastly, despite the lower earnings, the TK Group has maintained a strong financial position with total consolidated liquidity of over $800 million at the end of the quarter. With that, I will turn the call over to Kenneth.