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Welcome to ProSafe's Q2 presentation. My name is Jesper Andresen, I'm the CEO of ProSafe, and with me I have Rhys McNeill, who will introduce himself shortly, new CFO in ProSafe. Thanks to all who showed up in person. Maybe a sign of a good quarter that our soft drink selection outside has improved significantly. If someone wants to take a look, there has to be a benefit of showing up in person. A quick view on the highlights. When we're done with highlights, Riis will take us through the numbers. I will give a commercial update and a bit on the strategic agenda we have. First of all, second quarter was a good and busy quarter for ProSafe. Fleet utilization came in at 81% and I think we have to go back to 2015 to find a similar utilization for the fleet. Earnings also positively affected. EBITDA came in at $22.8 million and cash flow was around neutral, which REITs will come back to, mainly due to working capital when activity picks up. Therefore, liquidity stands at the 57.6, more or less in line. As a result also of the positive quarter, book equity has improved by 36% from last quarter. Operations were busy. Only the Scandinavia and the Boreas were not in full utilization in the quarter. So it's a good quarter in that respect. We have not had any incidents or poor performance in the quarter. which is impressive considering the high activity and on the contract side I think most are updated in the quarter we formally won the two contracts with Petrobras we secured a short contract for Boreas in the UK sector which is waiting to Commence in September and finally as we informed recently on the Concordia BP called early all the four weeks options They have on that vessel and then we will have to wait and see if more is required But those are the highlights for the quarter positive quarter good operations Good numbers. We hope to continue and with that Reese I

Thank you very much, Jesper. Maybe a few words about myself first. So I'm in actually week three, and it's a great pleasure actually to see so many people here in person. I think that's probably not a reflection of me joining, unfortunately, but I think a reflection of a substantially improved marketplace, I think. across the board in oil services but I hope also a reflection of what people see in ProSafe because I'm very excited to be here and I think that ProSafe has a very strong future ahead of it in the coming years. I wanted to say that I think the accommodation sector is very interesting. I think I had my first dip into the accommodation sector when I was the CFO and then CEO of Savon Marine, who also ordered and built a couple of accommodation rigs probably at just about the wrong time. But I did have the pleasure actually then of visiting both of those in Nantong and in Costco in Shidong. And at that time, I also visited maybe quite sneakatively. I also had the pleasure of visiting a couple of ProSafe's rigs that were being built there. They looked very nice then. And I also had the pleasure last week of visiting the Boreas. And I can say that she's a high spec vessel. She looks very good. Coming from Atlantic at Tender Drilling and looking at rigs operating in Congo, I can say that these are impressive rigs. And I had also the pleasure then of meeting, I think, the crew, which is really crucial to any offshore business, and also getting to know some of the people in ProSafe. My focus these last weeks has been meeting the team and obviously getting into the numbers and also look forward to meeting all of our investor base here in the future as well and hopefully growing that investor base over the coming quarters and years. On a little bit to the income statements. As Jesper said, it was a very solid quarter. I think operating revenues Obviously higher than last quarter, that's obviously somewhat seasonal, particularly in the North Sea, but also much better than last year. And that is simply driven by the higher utilization with all the rigs, except for Scandinavia working during the quarter. Obviously that drove quite a substantial revenue and that also flowed through then to the EBITDA. Maybe worth noting as well that we did have in the operating expense some one-offs in the SG&A. So I think our SG&A, we're still tracking to the $14 million, which comes later. But actually this quarter, I think we had about a million of sort of one-off items in the SG&A. So if you were to sort of take that out, I think actually the operating result was actually slightly better even, which is, again, the reflection of having that high utilization in the quarter. Interest expense, I think we pay approximately $3 million in interest under the restructured facility, obviously very, very favorable in the current market. And the rest is actually non-cash and related to the Costco agreement. We do have some taxes, Trinidad and Tobago, with the Concordia working. So we do actually have some actual tax payable there, which is reflected here in the P&L. Onto liquidity, this was, I think, the first thing that I picked up on is, OK, we have really strong EBITDA, but little cash generation in the quarter. And that is purely a reflection of accounts receivable. So our accounts receivable balance Approximately 44, 45 million at the end of the quarter. And that is purely driven by rigs ramping up in the quarter. There's Boreas and also the Caledonia coming on stream. receivables outstanding as the activity picked up, increasing need in working capital. And we did also have a little bit outstanding on Trinidad and Tobago. I think some of that will normalize in the coming quarter. But of course, as your activity level increases, you will have a bit of a draw on working capital, particularly from AR. So no big surprises there, simply a reflection of the increased activity level. Otherwise, I have to say that I have the pleasure of joining a company with a substantially revised and cleaned out balance sheet, which is really good to see. And I think we look forward to... to improving the cash balance over the coming quarters. Hopefully, the working capital will normalize out, and we'll see how we can manage that going forward. I think I'll hand back to Jesper. I'll take it forward, and then we can take some questions at the end.

Just on the practicality, questions in the room, welcome. Otherwise, there's an email if you're following online that you can send questions and we'll pick those up at the end. Quick overview of the commercial. This is the detailed slides. As you can see, starting, I'll just go quickly through this. No surprises. Boreas, completed jot at EcoFisk. That was actually done. Before the end of the firm period, very unusual. Normally, you have a firm period which is P90, P70 of a project duration, and then you have options that traditionally work out. But ConocoPhillips did a good job. So when we saw that those options were not likely to be called, Our markets at the vessel very aggressively were able to secure a direct award from a customer in the UK. They should be ready to operate mid-September or in the second half of September. So good to have extra utilization on that. Caledonia and Zephyrus, steady states, both operating very well. OPEX, very stable for those two vessels and have been that for a very long time. Looks very efficient. Concordia, as I mentioned, In Trinidad, all options are called. We can speculate if there will be additional need in Trinidad. I don't know. It's always a good sign that the options are called early by the clients. But I don't know whether we will need a further short extension. Naturally, we are already marketing that vessel for its next job. Notos and Euros in Brazil. As you can see, Notos already commenced its new contract with Petrobras. Commencement date was moved forward, which means that when it's done at the existing FPSO later the year, we'll just take a week, max two, out to do a few cleanups, hull cleaning, other things that are mandatory in Brazil. And then basically, it's on to its long-term contract. Same for Euros, but that will commence next year and we'll just have a week or two, hopefully less, in between those two contracts. Scandinavia still in layup at CCB in Bergen. We had one potential client inspecting that vessel last week, I think, but it's very early days. But of course, we are very keen to attract potential clients on board and showcase the vessel. It is a very impressive vessel that is well maintained and capable. And at the yard, we have the two vessels, Nova and Vega at Costco. We are in dialogue with Costco. Of course, we would like to take these vessels into the market when the financials make sense. So we are in constant dialogue with Costco. How do we make sure that delivery terms are suitable for the current markets? There is no secret that Brazil is our main focus these days, given the market outlook there. And we will see basically when we are in a position to do something concrete, but it's high on our list of priority. And as you will see on some of the coming slides, the supply of Petrobras' preferred spec, which these vessels fit, is drying out. So we have some focus on this. Auto backlog update, no big developments compared to last. As a comment on safe barriers in Brazil, there was a process. Safe Boreas was bid in at $117,000 a day. Other four-year contracts were awarded, and Boreas, as we predicted, came into contention. We were at the head of the pack with that rate. Unfortunately, the rate was higher than Petrobras' maximum budget that they had allocated for this tender. And then you are given the option to reduce your rate to match the budget, which we declined. And I think at last presentation, I think I answered on a good question that Boreas is a bit of a dilemma. We expect that there will be very good use for these vessels in the North Sea. So do you take it to Brazil? And especially at the latter end of the 650 days, we would probably prefer to have it in the North Sea. So we were not willing to revise what we had indicated to Petrobras. So what happens now? I guess Petrobras have issued an RFI, which means that the process is basically restarted. I think they are probably Many potential outcomes, but three can be cancellation, no 650 day job. Number two, increase budgets. And number three, change technical specification to see if you can find cheaper supply. Or a combination of the two latter. And I think, I don't want to speculate, I think that there's a need for the 650-day job. I think they need something. Will they increase price or the budget, or will they have a different specification? I think that's speculation. For the shorter durations, and for Petrobras, this is shorter for 650 days, you can have more flexibility. What decides the technical... Requirements is a long discussion, but I think you have many elements. But safe and efficient are probably the two to start with. Safe in the sense that when you consider alternative spec, the first question is, of course, does that represent an acceptable operational risk when considering collision and other aspects? And the second element is efficiency. what is the expected gangway connectivity in these environmental conditions at the prospective fields and so on. So this is the trade-off which I think Petrobras will do and we know for the long contracts they seem quite fixed on having understood over many years what is the optimal spec. So we will see the process is ongoing. On 2023 and 2024, North Sea and in Brazil, there are a number of tenders ongoing. And to preempt many of the questions in the room, I'm sure, I would love to lay out a fully visible field of opportunities and rates so you can predict the earnings. Unfortunately, things have not changed in this quarter still. It is a low visibility industry, and many of the tenders that are ongoing, of course, as you know, have a binary outcome. So we would have to guide in quite detail to make this visible, and I will refrain from doing that. There are tenders ongoing in the North Sea for 2023, outside the North Sea for 2023, and for 2024 is actually the more active year already when you look at a tendering point. Some of the more meaty and the active is actually relating to 2024. I think, when will the first awards be there? Within the next two months, I think there will be some awards that basically will give kind of an indication. And then the last bullet here, options, is I don't want to call it a lottery. Well, we cannot influence so much. But of course, we try to take a view on what is the probability and duration of the contracts we enter into. And historically, more than 50% has been called. And if you look at our numbers, there are a number of options at the end. And I think the EBITDA range for all coal will be $10 to $15 million, depending on if you have full payout on those and considering something in Trinidad. So that's the range of the uncertainty we have for the remainder of this year. A bit overview of the markets and a few familiar slides to those who follow us regularly. a bit of a supply overview. It's a very selective snapshot, and we can spend all day discussing what is supply here. The truth is, of course, that this market is regional. So if you're in Mexico, supply, your competitors is one thing. If you're in Norway, if you're UK, if you're Brazil, it's one thing. So the list changes. And I think what we are seeing now, which links back to what I mentioned about Brazil, is that First tier demand in many regions is basically drying up. Our supply is drying up. And therefore, we can easily see competition from other vessels when basically demand of the preferred specification starts to dry up. And then basically the competitive field changes a bit. And if you look in Brazil, then everybody is fairly busy these days. Cost slide we always include. I don't think that the sharp observers would find it difficult to spot any differences from last slide. Reece gave intro on the SG&A, and we have our main capex assumptions here, which I guess basically should pave the way for a good cash conversion in the near coming years, as we don't expect to have no big capex elements planned. If we have big capex, hopefully it will link to our contract. Oil and gas will play a role through the energy transition is probably a very modest statement and I don't want to be preaching to the converted in this room but I think it's a fairly self-evident statement and compared to the last presentation we did we were here. I think things have developed as we had expected. There's a full focus on security of energy supply. We had a board meeting yesterday with a presentation from one of our customers and one of the oil majors from UK to get a better understanding of their thinking. And it's quite interesting to see how the customers are doing quite well these days and of course have a number of interesting opportunities on their desk that are definitely in the money. So the pipeline is growing. Quickly on the North Sea and in Brazil as you can see this year everybody is working in the North Sea and that has been a bit the trend the previous year. So how does that work from an earnings point of view? A number of vessels overlapping drive day rate and then of course when you multiply with duration then it gets interesting from an EBITDA point of view. In Brazil, as I mentioned, this is also a snapshot, right now there are 11 vessels on contract in Brazil. These six are the Petrobras preferred specification and then you have different levels. I think how we think about Brazil is probably we try to divide demand into three brackets. We have Petrobras, that use the vessels for plant maintenance, have a good idea of the specification, long contracts, and an FPSO program. Then we have a group of customers that have, let's say, recurrent demands. Not long contracts, but have a recurrent demand. Those would be the likes of Equinor, SBM, MODEC. And then we have, as the market in Brazil is fragmenting right now on the customer side in conjunction with Petrobras selling off assets, we have a whole range of new operators that are our potential customers. And we will be in Brazil next week and look forward to speaking to potential customers. So Brazil is quite interesting. The prime supply is drying up. We have two vessels that meets the spec in China. And we will follow that closely. I think a quick comment on the North Sea market. Historically, UK has been a source of a recurrent and fairly stable demand. Norway has, in recent years, been a bit more staccato. Something, nothing, something, nothing. And Norway is probably one region where the arrow is pointing in the right direction when we look at the activity. from our customers and potential customers, the FIDs, the PDOs submitted, the many developments, some incentivized by the tax breaks. And just keep in mind that we are a bit down the value chain. We are not the first who will serve as a customer when the investment decision is taken. So we will basically be a bit down the line. Activity in the UK looks solid. Activity in Norway looks very promising in the coming years. So we are keenly focused on that. And in Brazil, just a quick comment. This is the FPSO program. Some are with Petrobras, some are with others. I think the third bullet I have mentioned a few times, the question, what does the new FPSO program mean for our services? I think when we analyze the data, we can see that, There's eight or nine replicas which are now in service in Brazil. And we see that they have a higher flow tail intensity than the existing infrastructure. So they are fairly new, two, three, four, five years old. But we can already see that when you start using a flow tail, normally after two to three years, the days you use a flow tail at an FPSO is higher. The intensity is higher for the new. replicas compared to the older versions even though normally old infrastructure is more in demand of maintenance and modification than the new ones but these are of course substantially larger. I saw one comparison that for a job at one, we had to accommodate painting of about 200,000 square meters of an FPSO. Some of the new they have 400 and 450, so that there's a significant size difference. So that is encouraging that the new FPSO seems to have a higher intensity and use for flowtail than the existing, despite the age difference. That concludes the quick presentation and update, hopefully capturing the main points. Good quarter, 81% utilization, 22.8 million EBITDA. Big growth in working capital that more or less explains the difference between cash and EBITDA. And then we will see in the next month or two if we can provide updates on contract awards in the North Sea outside for 2023 and 2024. With that, I think we will open for questions. We can start in the room. Otherwise, Ries might have some on the phone. Yes, please go ahead. You can just do it. Then I repeat the question if necessary.

Perfect. So I wanted to just get a bit more color on the way in Brazil. I think it's good to hear that budget right now. But I also wonder if this has kind of made you rethink how you're positioning your fleet there. If there is a new tender, and you're saying that you could actually prefer to keep the Urias in the North Sea, but if there is a new tender now in Brazil, do you think you're still going to build that or would you instead use that as an opportunity to potentially tighten the market there and instead push your new builds into Brazil?

Good question. So first, in the 650-day tender, the fact that a tender is issued and then it's not awarded and a new issue, I think it's been seen before in Brazil. It's not an unusual process. So that's quite normal. In terms of Brazil right now, I wish we had more vessels. What we see and we are going there next week, Ries and I, we see how there are new customers coming up. They have different types of demands. So right now we wish we had more vessels. Would we mobilize our prime vessels from the North Sea to Brazil? Very tough call, I would have to say. It would have to be quite attractive. And we see, and this is the interesting thing about Brazil, we see Petrobras with a long-term fixed mindset on a specification that would require a North Sea vessel. We also see the likes of Equinor that did mobilize a floater from the North Sea because of the operations on Peregrino. So right now, I would like to have more vessels, and I would like to have the high spec vessels. I think those provide, from an operational cost point of view, almost the same. Some of the small are a bit cheap, but not a big difference. From an efficiency point of view, much better. So I would like to have more vessels in Brazil right now and hopefully not have to juggle the basically limited supply game that you're playing where are the earnings best. But on the other hand, We are also a bit careful. We don't want to flock new supply into the market at terms which don't work financially. We are not desperate. We have time. So with the development in Brazil, there are opportunities now. There could be opportunities later. So we'll be ready, but the numbers have to work. And I don't have a fixed answer on what is the inflection point before we do one or the other. But it's a dilemma, but we would expect that normally the North Sea vessels belong in the North Sea. That is the rule of thumb.

Just as a follow-up to that one, I guess it's a broader question, but in Brazil, or the US does not have the best visibility, and I think most of us can kind of agree that that's absolutely correct. But I guess there is still a question here to be made around how you would think about long versus short-term opportunities, since we're probably coming into a point where in a market now, when we're looking at, for example, drilling as well, we're suddenly seeing these acceleration rates. You have a new balance sheet, you have some cash in favourable debt, but have you made any thoughts around how long you can afford to wait, or would you prefer short-term opportunities now to make sure that we're able to also capture those earnings up faster rather than slower.

Yeah. So I think generally, we are fairly risk on. Don't see a need to go long in the current market. We think there are positive indicators, so we are fairly risk on. So yes, we have that. And of course, in the balance sheet, we have. We don't price based on balance sheet. We price to get the maximum. So that's how it works. We have a solid cash balance. We have a flexible structure, so we can play the market. We are not forced to take what we have, and we intend to play the market. And then we'll see if we are right. But right now, we are risk on. We think there will be high activity 24, 25, 26 when you see the pipeline. It's very difficult to say if and when. And then in Brazil about visibility, good point. If anyone would do some research, that would be helpful because we're doing it ourselves. So what we are doing is that, yeah, long visibility. You have some statistical material you could use for Petrobras, some GPS tracking where you can get some good intel for the long run. But we combine that with the bottom-up, and especially with the fragmentation of the market in Brazil. Does that mean that you will have the long-term petro-bus market, and then you will have more like a North Sea look-alike market, where you have the recurring but not full-year demands for some operators that have some size of infrastructure? And then will you have like a third tier or another group of customers that will join forces basically to get the optimal solution? Yeah, visibility of the Petrobras on the long contract is fine. But what's happening in Brazil now means that it's much more of a complex exercise. And we try to track that very much to basically get the long and short-term effects. Thanks. OK. Other questions? Cecilie? Delina? I have a question about the cost . Yeah.

you're seeing and at the same time you're saying, you know, you put them into work or trigger the release, whether you have contracts and then you say now that you'd like to have more high-spec weeks in Brazil already. So where are you and what, which different decisions do you, what financial situations?

Yes, that's a good question and something we are working on very actively. But I think from the starting point, I think our start would be that we need to have some contract visibility before we take out a new build. That's the first. Secondly, when you look at the deal structures that are done in China these days, there are mainly three models. or three models and a number of variants around those. But I think the current deal terms we have would require a much stronger market. So one is basically to sit and wait. I understand the yard would very much like to work with us to get the rigs out in the current market. And then, of course, the terms have to reflect that. And I think with Costco, As it said on the slide, they have not reactivated the rig. They shouldn't. We haven't given notice. So we are in this mutual dependency, which has been for a long time. And I have worked with Costco since 2008. And you also normally find a solution where you calibrate the terms to reflect the market. So that is the discussion we are having also with Costco on what to do. You can have different models depending on your visibility and so on. But I think the rule of thumb is just that when we take the rigs out, it has to make obvious financial sense. That's the short of it. And then we can kind of shape that in different ways. But that is something timeline. Yeah, that's a very good thing. We expect there will be new opportunities in Brazil either late this year or early next year. That's something we're thinking about. Will that provide the ideal competitive setup for us? That's a good question. But we will be there, no doubt. Our ambition is when there is a new, we'll be there. and then we, I think, also have a bit of faith in the activity, so we're not desperate to take the rigs out. If the market improves, then, of course, it makes it a bit easier. So I think that's as much as I can say, apart from it's an ongoing process. Any other questions in the room? Yes?

How would you... I was going at it.

Concordia used to work with Petrobras. Right now, it's not in the top tier. It's a DP2 vessel. They cry DP3. So for Concordia, of course, if Petrobras changed their spec, it could come back into play. I don't think so. I think they have zoned in on the high spec. And then, of course, for shorter duration, they can be more flexible, because they can be more flexible. But will Concordia go back and work long term for Petrobras? Well, if the opportunity is there, we will consider it. But I will be surprised. So Concordia is probably a bit more the rest of the Brazil market, and what you see in Guyana, and what you see in the Americas. We're in Trinidad. US Gulf is probably more that kind of better suited for that. Yes. Yes. Yes, that would be ideal for that. And the Concordia has done follow target work, which I guess is the most complex. And they can do that. And I will be honest, I think it was the first vessel that ever did it. Poor result the first three months. Then there was a learning curve, and now it's done very well. And Equinor used it in Brazil and had very efficient operations. So it can definitely do it. It's a versatile vessel, but it's not specced. It's a 2005 vessel, not DP3. I think Petrobras have zoomed in on what they need. But for the secondary market in Brazil also, absolutely. Also work for MODEC. Celina?

Looking at other places in the offshore service market at the moment, there's a huge positive momentum and there seems to be a great deal of dynamics around consolidation or thinking of acquisitions or whatever, spinning of things. What are your thoughts on that? Do you have any current processes, any ideas, any wishful thinking around it?

Yeah, the wishful thinking is a plenty. But we also have close contact with basically all the owners that have equipment that we think we can operate better. and that we think it makes sense to have an hour under our wings. And we have a good dialogue. It takes two to tangle. It has to make financial sense. So it will happen sooner or later. When is the right time? I don't know. But we follow quite keenly. what is going on in other parts of the industry. And I think there are some obvious synergies for many of the one or two vessel owners. Some already have external management arrangements in place. We think we could add more value to those vessels and would be a much a more sensible long-term owner. And of course, we can also offer an aligned structure where we have part payment and shares, part payment and seller's credit, what have you, basically to give an aligned structure, but where we have, I think, probably a stronger position to extract value from that. So that is something we would be very keen to do, and we have pursued for some time. But it has to make financial sense. Yes, exactly, exactly. And that is, I think, that is probably very helpful to the process, yes. Yes. Any, Ries, anything on the phone?

There were a few questions that came in. I will just read them out. Okay. The 650 days for Petrobras is canceled. Do you think they need a vessel since this was canceled?

Yes.

I think you have answered that question already. Is it possible to get Nova and Vega there now? I think we have also... Everything is possible, but financially it has to make sense. Yeah. And I think we'd very much like to see a contract to back out, getting it out of the yard. So if you had a contract that would support that, that would be the easiest. How do you see opportunities for Scandinavia as a flotel or TSV?

Yeah, very good question. It's like Scandinavia is not the ideal flow-tell. That's true. After it's been converted, POB people in UK, 220, 230 can actually be meaningful. In Norway, about half. That can work for some prospects. But realistically, as we see lost time, Scandinavia worked as a flow-tell, basically was sold out. And that is, of course, something that very well can happen in the coming years. So that's one option. But is it the ideal flow term? No, it's not. TSV? Yes, we are in dialogue with that. And I think the potential customer that were looking at it a few weeks ago was looking at that. Can you use the pump capacity to boost production? That's, of course, also something which is very much in focus with our customers. Do you modify the fixed installation to recovery, or are you possibly late production? Other way you can boost production in the immediate by using more pumping capacity as kind of the business cases we've discussed. But it has been there for some time. It's well preserved. It's a good rig. But yeah, it's not on the top of the shelf. And I think, as we have mentioned before, how do we think about it? It cost us about $3,000 a day to have it there. So we consider it a fair option.

I think it's fair to say we're open for whatever opportunity may come forward to get her working. Very much.

But I think from the value point of view, it can add considerable value if you can boost production. In this case, it can be quite valuable.

When do we believe Nova and Vega will be activated? As soon as possible. I think you also mentioned tenders looking next one, like the end of the year, early next year in Brazil for Petrobras. Yes. Yeah, so... And there's obviously some activation time for the rig post any sort of tender. How do you see rates in the North Sea? Rates, economics, and length of contract?

Yeah, so that was probably a place I have to be careful. But we'll see when the next awards are coming out. And of course, it depends on the individual operator's market view. And there may be some, let's see if people converge or whether there's a big price and difference. We have our view. And then we'll see if others have the same view. But we are fairly optimistic about activity. So we'll see. And then, of course, the more challenging part is probably duration. How do you see that? And you have many contracts. five plus five months or six plus three or five plus four that makes it a bit more difficult. You have the firm period and then you have a kind of an option period that normally spills into the earnings for the year. But it's of course difficult really to get a good grip on. So that's something we are focusing on. The second thing we are focusing on is of course when markets become a bit tight, we would try to have the best possible utilization. So if we can get flexibility or combine basically to make sure that we make the best use of our assets and do not have a boreas contract like this year for a few months smack in the middle of the year, that would of course be ideal to get the maximum utilization.

I do think it's fair to say we see a lot of activity in 24 in particular. interest. Yes. The next question was Concordia in Trinidad. Where do you see it continuing afterwards, Brazil or North Sea? I think there was a question on that a little bit earlier about whether she could go back to Brazil, which I think the answer was yes, a possibility, but it has a lower spec than what Petrobras is looking for. So maybe the North Sea?

No. I think that would have to be a... It doesn't have a UK safety case and so on. That would be challenging. But... Yeah, I don't think go there, but we are bidding in that part of the world, the Americas and that world, and there's something both north and south.

And related to that, how do you see a return to Mexico?

Yeah, that's very good. It has worked many years in Mexico, and I guess Mexico and Pemex have spent some time on sorting itself out. We are following it closely. There hasn't been new floaters coming in there since 2016, 2017, but... We see the backlogs there. It's a bit difficult market to predict, but it's certainly not something we would rule out.

And I think the final question that we received here by email was, how do you see, I will summarize the question, but how do you see the current geopolitical situation, potential Taiwan conflict and Ukraine with respect to getting the rigs and accessing the rigs in China?

Yeah. Yeah, I guess right now we don't see a threat in that respect. I guess the biggest challenge right now in China is COVID, where we see some people actually have to take the risk to Singapore to reactivate them because you still have a 10-day quarantine when you enter China. So I think it's... On the geopolitical side, I think I'm not the right person to comment, but right now it's not a concern for us.

And I think it's fair to say, at least, I have been involved already in some dialogue with Costco, so they're very responsive and answering questions and coming back and joining calls. So I don't think this is a concern of ours right now. No. That was the questions which we received by mail.

Okay. Okay. Well, on that note, unless someone has... a burning desire to ask more questions. And thank you very much for coming, and thank you for those who are listening. I hope that it answered your questions, and I look forward to seeing you next quarter in presentation, and hopefully have some good news in the meantime. Thank you.