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Good morning and welcome to ProSafe's third quarter 2021 presentation. My name is Jesper Krau Endresen. I'm the CEO of ProSafe and joining me today and as usual is Stig Christiansen, CFO. Turning quickly to the disclaimer, which we will leave for a few seconds and hopefully long enough for all to realize that it's identical. with previous disclaimers and then turning now to the agenda on page three. It's a familiar agenda to most, I would suspect. Stig will shortly give an update on the financial restructuring process, possibly for the last time, if our timeline expectations are correct. I will go through the highlights for what has been a good quarter for ProSafe in more than one respect. Stig will take us through the numbers and the financial results, and I will wrap us up with a commercial update and overview and a summary of the presentation. So I will give the word, Stig, to you to provide an update on the financial restructuring process.

Okay, thank you Jesper and good morning everyone. Turning to slide number four, update on financial restructuring process. The long and short of it is that we are well on track, having worked on this for about 20 months or so. I'm glad to say that we are well on track. The solution as proposed and announced have been sanctioned in the Singapore courts under the Singapore Scheme. The Norwegian reconstruction process is ongoing, as you would know. There will be a voting next week, and then followed by a sanctioning, hopefully, by the Norwegian courts, and then the so-called hardening period, before we can take the process to final close. Well, on the basis of this, as announced for quite some time, the company continues to believe that we should be able to reach the so-called effective date and get this implemented and effective before year end 2021, hopefully a little bit ahead of upcoming Christmas. And of course, as a reminder, the solution will result in a significant deleveraging of the balance sheet to the tune of about 35%. Debt servicing going forward will then be based on no mandatory repayments of the debt, but a cash sweep mechanism to balance the company's cash flow and liquidity needs with ability to service debt over the four-year period till maturity at the end of 2025. Following the restructuring, the debt will be about $340 million plus the seller's credit in favor of Costco for the safe euros of about $90 million compared to close to $1.5 billion today. Existing shareholders following the transaction, as announced earlier, will retain about 1% of the share capital, whereas lenders primarily and creditors will then be initially owning 99 of the share capital but the long and short of it the process is on track and we are very much looking forward to get it implemented such that we can move on as from early 2022. so with those words i'll pass the word back to you yesterday thanks then we can turn to page five and quickly onwards to page six with the highlights for the quarter

And I think, as I mentioned, it has been a good quarter for ProSafe, as Dee has just explained. We are seeing the end of the restructuring process and just looking very much forward to that and focus solely on creating value for the future. And secondly, the quarter has been very active in ProSafe, high fleet utilization and reasonable solid earnings in the quarter. And more importantly, we have in the quarter and shortly thereafter secured work for 2022, which means that 2022 will in all probability be a very meaningful improvement on the 2021 results. So looking at the highlights, fleet utilization came in just above 70%, EBITDA for the quarter amounted to $12.5 million in cash from operations, a positive of $17.3 million. Our liquidity reserve is just about $100 million. Our operations and A to Z performance has been good in the quarter, no incidents, and six of our seven vessels have been in operation, which means a very busy quarter. We've had some good fortune on the existing contracts for Boreas, Zephyrus, Caledonia and Concordia, as we have seen options exercised and future options added. So when we get to the end of this year, I think we will have more operating days than we had at the beginning of the year when adding all options. So we have more than 100% of what we expected would be operating days. Very good. And that is mainly due to the options and additional period extension. Zephyrus, as previously informed, was awarded a 10-month contract with four months of options for BP in 2022, a contract we very much look forward to and which possibly could be the best contract for ProSafe since 2014. Caledonia was then awarded a nine-month contract, also fairly long for north sea standards followed by a 30-day option for to tell also a contract that we go very much forward to and as you know caledonia has been at the elkin field for numerous times and we have also agreed with hotel that the caledonia will stay at the field standby over the winter period on what you may call a pay-per-use basis and that implies some and possibly additional revenue compared to having to demobilize the vessel before mobilizing it back to field again when the contract commences in March. And we have ongoing bids in Brazil, which we expect will be concluded on very shortly. So a good quarter for ProSafe. I will turn back the word to Stig to give a bit fewer or more details on the results for the quarter. Stig, over to you and slides seven and eight.

Yeah. Thank you, Jesper. Looking at the income statement, of course, just to say that the highlights and the juicy bits you have already well covered, Jesper, so I feel that I will now be almost repeating the highlights. But anyway, for sake of order, let's go through it. The P&L statement, income statement. As alluded to by Esper, it's been a very good quarter by basically all measures. And in terms of fleet utilization, very close to 71% compared to 16.4% in the same quarter last year. such a high utilization six or seven vessels as Jesper alluded to of course results in correspondingly higher revenues combining utilization with the day rate levels obviously and that also is reflective or resulting in somewhat higher operating expenses clearly to reflect the high operating activity I think As all of you would know, we have followed the company for four years. We have and continue to work continuously to control spend and cost and turn every stone to be as cost efficient as possible. On the other hand, there are some emerging inflationary measures in the industry following the increasing activity level. in general of course we like the rest of the industry have been through and remain in still to some extent i call it 19 situation which has some impact that you have seen from many other companies as well all companies i would say and then there are also from time to time some specifics in terms of local content etc in various countries brazil being one example such that there are elements that is impacting the costs as well that we, to some extent, need to accept and then continue to see if we can compensate through other measures. But generally, the expenses are reflecting the high activity level and some of these other elements that I alluded to. In sum, this led to an operating profit before depreciation and amortization EBITDA in the quarter of $13 million plus compared to a negative of one in the same quarter last year. Other financial items in the quarter primarily relates to the financial restructuring process, which I'm glad to say is soon coming to an end. I think a few quarters back, I was quite open on the spend to date, and I think at that point, two or three quarters ago, I talked about a number of about $9 million. We have now added to that, and hopefully at the end of the process, we will be looking at total costs of around $20 million, give or take, over a close to two-year period. So, A high number over that period, but I think generally compared to many other such cases, it's a relatively competitive number or cost, keeping in mind the solid strengthening of the balance sheet as a consequence of this. At the end, this then led to a net loss in the quarter of $9 million compared to a loss of $24 million in the same quarter last year. I would also like to add that this point that cash flow from operations in the quarter as a result of the activity level was plus 17 million US dollars compared to a negative of 12 million dollars in the same quarter last year. So that's also a very positive. Moving then on to the next slide, the balance sheet. Given that we are in the restructuring and soon hope to close, I think I'll keep it short. Total assets currently is at 550 million U.S. dollars. Debt, of course, is significantly higher, basically leading us to have a book equity negative at the moment of about 1.1 billion U.S. dollars. I think the key point to mention now is, as alluded to by Jesper, the liquidity situation. position at the end of the quarter was 107 million US dollars. And of course, we are basically just looking forward to get the restructuring done, implemented, effective, such that we can resurface with a somewhat improved balance sheet and then move on from early 2022 on that basis. So I guess with that, I'll pass the word back to you, Jesper.

Thanks, Diek. Then we can turn to page 11, showing our contract backlog and the many overlapping blue bars for the quarter as a visual representation of the high utilization of the fleet, excluding the safe Scandinavia. At this time of the year, most of the bidding for at least the North Sea for 2022 is complete, and therefore it's time to look forward to what the picture looks like in 2022. As you can see on top of the contract backlog, the safe Boreas will be at Ecofisk in Norway next year, as we have announced a long time ago and looking very much forward to that. The safe Caledonia with the extension with the contract award for 2022 from Total and the winter utilization, as you can see, the Caledonia will be at the Elgin Field for a period exceeding one and a half years when we get to the end of 2022, a very good utilization of that rig. The safe Concordia is currently in Trinidad, and we have options going into 2022. There may be more options following that, and we're also bidding that vessel for work in the summer period for 2022. Save Eurus, as business as usual, continue its good work for Petrobras in Brazil. And as I mentioned earlier, the safe notice is coming to the end of its firm contract. And there's a period we have marked in blue of about 240 days following that, which we expect will be concluded very shortly. Save Scandinavia is the only available semi-submersible flow till in the North Sea next year. could be an opportunity for us. And we're also looking at a few special cases for the Scandinavia, which fits its special capabilities. SafeSephora shows the 10 plus fall month contract award for BP at ETAP next year, which will commence on, I think, 17th of January next year. Turning to page 12, we have an updated order backlog which as you can see from the notes does not include the latest sizable contract with Total for Caledonia in 2022 and I think one aspect to be mindful of is when Looking at the contract backlog, the positive aspect is that most of this backlog will liquidate in 2022. So when you've previously seen contract backlogs, they were stretched over multiple years, whereas most of this will be liquidated in 2022 and, of course, impact positively the earnings in 2022. Turning to the summary on page 13, I will refrain from repeating the first bullets highlighting the positive events of the quarter, but only mention the last two bullets. We have previously communicated our ambition to reduce emissions by 2030 and onwards and that we are well underway on that path and working on several initiatives. And the final item is consolidation which remains on our agenda and which is something we hope that we can accelerate as soon as we re-emerge from the financial restructuring process. That concludes the third quarter presentation and we will be very happy to take questions. Deke will check the email and otherwise we can take questions live. Let's see if any questions are coming. I'll just leave at least the microphone open for some time to allow for questions before thanking for the participation. No questions so far. Okay, good. No. Okay, we will give it another five seconds. Okay, thanks. Well, then I would like to thank everybody for attending the third quarter presentation and wish you all a good day. Thank you very much.