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to ProSafe's quarterly presentation. We're not that many in the meeting room today, which is a bit of a pity, because it's a good quarter and the presentation is refreshed. So hopefully more people follow online. Disclaimer will be familiar. It is not refreshed to the same extent as the presentation. Quickly on the highlights before going into ups, passing it on to Rhys, getting it back and Rhys will round us off in due course. So quickly on the quarter, a fairly good quarter, high activity, six vessels in operation, 77% utilization, which is the highest since 2016 in a third quarter. Good backlog of $293 million. Operations and HSE have been without any major concern. On the numbers, Reese will go through the details. Revenue just above 60 and cash and EBITDA around 24. And liquidity growing to 74.5 million in the quarter. And a bit on outlook, the North Sea is still quiet. It's been for some time. So we do not expect too much North Sea activity next year. It looks a bit weak. It's, I think, mainly a timing issue. We have good activity in 2022, then it looks weak in 2023, and then things are really picking up in 2024, which I will come back to. Then we'll probably see something in 2023, but I don't expect something very meaty in the North Sea. And that is a bit unlike the rest of the world, as we have, as you see, maybe four of our vessels in the Americas next year. Capex and modification costs, we will focus on that in the coming months. If the Cephas goes to Brazil, that will incur about $10 million capex. We have some vessels coming off contract. We are preparing the Concordia. So that will be a key focus in the coming months and cost us some cash. And finally, Outlook, even though the 2023 market in the North Sea looks very quiet, it doesn't mean that tendering activity is quiet. Customers are very active these days, and I would expect that within the coming months, whether it will be this year or early into next year, I don't know, but we will see a conclusion of about six contracts for work in 2024 and a bit onwards. So the key focus in the coming months, see if we can get some more work for 2023, focus on executing the modifications and mobilizations we have to guard our cash. And finally, we have a number of ongoing tenders which will be concluded in the coming months. Quick on operations, as I mentioned, 77% utilization and we can do a quick run through of the fleet. The Boreas commenced and now concluded a short contract in the UK where we had 20 of 30 days option calls. Zephyrus is at ETAP in the UK with BP. We expect it to be concluded on the 21st of December. And then it may sprint to Brazil, as I will come back to. Caledonia, still at Elgin, has been there for almost a year and a half and doing very well. And Euros and Notos are doing well in Brazil, no change in that. And the Concordia has now concluded what was a very good contract for that DP-2 vessel in Trinidad. And as you can see, utilization of the fleet looks fairly healthy over the past quarters. Quickly, on the backlog, as you can see, it has tripled in the past 12 months, mainly due to the Brazil contracts we have added, and now stands around $300 million. The main addition for the quarter was the 11 to 17 months contract in the US for Concordia with a day rate around 100 for the firm period, around 110 for the options. And there's a standby rate depending on commencement, but naturally we hope for the earliest possible commencement from July onwards. After, at the end of the quarter, we were first placed in a bid with Petrobras. For those who remember, it's a retender. The first was canceled because the bids were above Petrobras' budget. It was retendered with an identical specification that shows that Petrobras is willing to pay for this specification. There was a bit of savings so we could reduce the price a bit. But we are first in that and the negotiations are ongoing. Main focus is to get the vessel as quickly as we can to Brazil. If it's done in late December, it may miss the carnival in Rio when it goes there, but hopefully not by much. And we are in dialogue with Petrobras about the earliest possible commencement, which of course is in our interest, as we want to keep the maximum commercial flexibility. A quick overview of our contract portfolio focuses on getting work for our two vessels in 2023, one DP and one Moort, and those are also the only two available we have for 2024 if the Zephyrus goes to Brazil. Zephyrus is done around 21st December, we expect, and then it will go to Brazil if we conclude an agreement with Petrobras. As I mentioned, very busy on centering activity. Six, I think, contracts to be concluded in the coming months, and we see some customer reaction based on our bid in Brazil, and customers realizing that what we have available for 2024 is one DP vessel, the Boreas, and then Caledonia, and possibly Scandinavia. Over to Rhys.

Thank you, Jesper. Before I go in a bit into the details of the financials, I want to say that we have done a bit of a refresh on the presentation. And I think also people have noticed that we've included a lot more information in some supplementary pages to the presentation. I think a lot of that has been driven by, of course, the increased interest in the company over the past months. And I think Jesper and I have gotten many questions on many different fronts. And we felt both amongst the management and the board that it was the right thing to go out and give people a lot more detailed information. This time, this is not something we probably will do every single quarter, but at least a couple times a year, we'll have the intent to sort of give people, I think, a bit more information around CapEx numbers, contract rates, and what we're seeing sort of at the OpEx levels per vessel. So that's something we'll try to do. And I think also there's the intention going forward to present more at the half year and at the final year and maybe be a little bit more tight on the quarters, just coming out with a presentation rather than sort of the full quarterly report. But we will continue to deliver, I think, on the financial information and continue to be as transparent as possible. So I hope everybody finds that beneficial. In the quarter, a solid quarter, very good quarter, as Jesper mentioned, 24 million in EBITDA for the quarter, largely driven by the utilization. Most of the vessels on hire, all the vessels on hire during, not over the whole period, but during the period. So a very strong quarter and obviously one of the better ones that we have had for several years. i would just like to highlight that we do have quite a large portion of what we call other income and i think uh for the sort of accountants out there a big chunk of that in this last quarter was actually what i call a gross up of the income statement where we're actually including in revenue some withholding tax which is then uh actually also on the expenses side. So not really much of a margin on that, and that's very much related to the Trinidad and Tobago contract, which actually ended at the very end of the quarter. So underlying around 50 million of revenue and a little bit of earnings on the other income, but not that much. Otherwise on the P&L, no real big surprises in the P&L. As I've talked about a few times before, we do have some taxes that's again related to Trinidad. So I think going forward we won't see this level of taxes. It was very project related. We do have a large tax loss in Norway and I think we have a very tax efficient structure. I think going forward, the only taxes we see are some minor taxes related to contracts or based on the transfer pricing structure. I think that is a bit of a one-off that will taper off. I think otherwise on the balance sheet, I think we're very happy this quarter to see a little bit of unwinding on the working capital. We'll see that a bit on the next page. But improvement in the actual cash balance, which I think was very favorable. And I think we will see that through this quarter as well with some of the contracts coming off, the Trinidad contract finishing up at the end of last quarter. And then this quarter as well with Boreas finishing its contract. So we think we'll see some positive working capital changes now in the fourth quarter. Otherwise, on the balance sheet, no big surprises. As I mentioned, cash, very happy to see the cash balance going up. I think if you remember last quarter, actually we had a good result, but actually pretty flat on the cash. And that was largely driven by working capital. But I think we were able to catch some of that up with BP coming through. And I think we see that issue coming over. So I think we'll see continued good cash generation, at least through this quarter. And a good kind of look there, I think always good to remember that we do have some interest costs, although we have a very favorable financing package, there is some interest costs that we have to pay on the amortization on the EURUS facility, or seller's credit, I guess is a better term. Net interest bearing debt and the debt profile. Not going to dwell too much on that. I just always like to remind people that we do have a fair value adjustment in our calculation of net interest bearing debt of some $14 million, which I think is, from an accounting perspective, something that One may like to add that to the net debt number or not, but we always kind of footnote that. We have a very favorable package from Costco on that financing for the yard, but we just have to keep that in mind. Otherwise, no big issues. I think we do see interest rates, of course, coming up. We are unhedged when it comes to our interest rate exposure. I actually don't have any hedging lines readily available, so we are a bit subject to the interest rate fluctuations and changes going forward. But nevertheless, a very small margin on top of the base rate, but that is obviously a sensitivity that we're keenly aware of. I think I'll move on and let Jesper talk briefly about the market and then I'll come back at the end for a few. Okay.

Thanks for giving me three slides and then I'm ready to hand back. So a bit on the markets on a global view, I guess. The numbers are quite clearly indicative of a tightening market. The supply side here, we can see how that is declining slightly with older vessels being scrapped. We are not in an industry that has any big order book or overhang from a supply side. In terms of demand the trend is quite clearly increasing. Be mindful that this is in number of vessel years. So if you are in the North Sea you often require two vessels to satisfy one demand year so that is worth keeping in mind and then of course the utilization rates are moving positively and getting into a territory which is meaningful also from a rate point of view if you look at other industries And if I recall what we pointed to in previous presentations, we see some of the lower spec vessels also winning work. And we can actually see how that's improving here at the brown or grayish line at the bottom, that even the lower tier vessels are winning work, which I think is a good sign of how things are presently in our market. and what may lie ahead. A quick look on the North Sea before we take a look at Brazil. I think in the North Sea, as you can see currently, there was a high period. The previous cycle here has been coming down. Even though it's not so visible, rates are moving up between 100 and 140. It's been in a long period. But of course, how things are looking, the market is definitely tightening. On the activity side, we also see a clear increase. What we have done this year is mainly tiebacks, short circle projects, tiebacks in the UK. And when we look forward, we also see tiebacks and works related to that. So I wouldn't be surprised if that continues to be an important activity for us. Brazil is a bit of a more predictable market, I think, as we do plant maintenance activity, largely linked to the installed base in Brazil. And we haven't plotted in our latest bit of 112, but that will probably be as high as you've seen from 17. And rates have moved quickly in Brazil. Interestingly, if you look on the historical activity in Brazil, the peak in 15 and 16 from a flowtel or UMS activity level was actually on a lower installed base. So when we see the installed base increasing and increasing with larger FPSOs it basically underlines our view that there will be more activity and opportunities in Brazil and therefore our focus is of course to have more vessels to offer to Petrobras. Rees, quickly, the two last.