Aker Bp Asa U/Adr

With these beautiful pictures of this quarter's hookup, completion and drilling activities at Munin in the Yggdrasil area, I have the pleasure of welcoming you all to RKBP's third quarter 2026 results presentation. The third quarter was another good quarter for RKBP. We delivered robust financial results, advanced our major development projects, put new production on stream and strengthened our portfolio of future opportunities. Our ambition remains unchanged to create long-term shareholder value through safe and efficient operations, disciplined project execution, and a strong financial framework. This quarter can be summarized through five highlights. First, we delivered strong operational performance combined with favorable commodity prices, which resulted in robust earnings and cash flow. Second, our major development project continued to make good progress towards startup, bringing us closer to a period of significant production growth. Third, we successfully brought the SCAV satellite project on stream well ahead of original schedule. Fourth, we continued to high-grade and strengthen our portfolio through exploration and targeted business development. And finally and fifth, we have taken important steps to prepare RKBP for the next phase, including the launch of a new operating model to support increased value creation as well as new industry collaboration on exploration and complex resource. Production efficiency remained strong at 94%. Production averaged 374,000 barrels per day, somewhat lower than the previous quarter, mainly due to planned maintenance at Johan Svardrup. This was partly offset by strong performance in the Eiger area following the turnaround in the second quarter, together with contributions from the Solveig and Symbra startups. Year-to-date production stands at 385,000 barrels per day. Johan Sverdrup is now back at normal production levels, while ramp-up continues at the Skaaf satellites. We therefore remain on track to deliver within our full year production guidance of 380,000 to 400,000 barrels per day. Production cost was $9 per barrel in the quarter, broadly in line with the previous quarter. Year-to-date production cost was 8.5 dollars per barrel and David will return to this topic later. Emissions intensity increased to 3.8 kilograms of CO2 equivalents per barrel. The main driver was increased use of gas turbines at Edvardkrig following technical issues with the electrical boiler system. Higher vessel and rig activity related to exploration and development project also contributed. We are currently working to determine and implement an appropriate solution at Edvard Grieg. Until that is in place, we expect emissions intensity to remain above our normal levels in the coming quarters. Even so, Arca Bp remains one of the oil and gas producers with the lowest emission intensity globally. This quarter marked an important step towards AKBP's next period of growth, as we reached several major milestones across our portfolio. Importantly, both Yggdrasil and Valhalla PPP Fendres remain on track for start-up next summer.

Let me start with Yggdrasil.

As we showed you in the introduction, the Munin topside was successfully installed offshore during the quarter, and the Huginby topside is also in place. We have completed the installation of all major subsea components, while drilling, hook-up and commissioning activities continued across the project. On Huguenet, we are now in the final phase of completion and commissioning at Stord, and we are optimizing the schedule for efficient start-up. The detailed planning of the final stages is being finalized as we speak. The current plan is to load the platform out onto the barge early in the year and complete final testing at the yard before it moves offshore a few weeks later. Overall, we continue to make good progress and production startup is as previously communicated planned for mid-2027. We have also continued to make excellent progress at Valhalla PVP Felders. A major milestone was reached in August when the Valhalla PVP topside left the yard at Stord and was safely installed offshore. But rather than listening to me talk about it, let me show you what this looks like.