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Hello and welcome everyone to this Q2 2026 results presentation for ProSafe. My name is Reese McNeel and I'm the CEO and I have here with me our CFO, Halvdan. So I look forward to running through the presentation today. I will touch a bit on where we are, the key highlights and the market, and then I'll hand it over to Halvdan to discuss a little further on our financial results for the quarter and half year. Very shortly, a little reminder of who we are at ProSafe. ProSafe, we are... The leading operator of accommodation units. We have five accommodation units. We have three operating in Brazil, one operating in Australia, and we have one which has a contract for 2027 in the UK. We're headquartered here in Norway, but have a very large operational presence in Brazil and, of course, an operation today in Australia. Briefly on the key highlights for the quarter, I'd like to say first of all a huge thank you to our entire operation and all of our teams out there. We had a very safe quarter and we had really high operational uptime. We completed the SPSs at the beginning of this quarter, but I think coming off the back of the SPSs, the guys did a fantastic job getting the rigs back operational and we had really high uptime results. Close to 100% commercial uptime on all of the vessels, with the exception of that short period at the beginning where we were finishing these SPSs. So a really good effort by everyone operationally to deliver what I view as a very solid Q2 performance. Liquidity remains high. We had a little bit of draw. I'll probably don't come into that, but that was expected in the back of these SPSs. EBITDA for close to 10 million for the quarter. And we have actually tightened our guidance looking ahead. We had the guidance from 45 to 55. We've tightened that guidance now from 50 to 55. And I'll touch a bit more on the market, which we view very positively as I run through these slides here. Where is the fleet and where are we currently busy? I think one thing to highlight here is the safe notice. We are transitioning on to the new contract at a much higher day rate. So we're going from from $75,000 to $140,000 a day. That should happen on Tuesday, the 1st of September. I think everything's in line for that to move ahead. So that will be a very positive looking a bit ahead. Other vessels, you know, safe and positive operations. And we'll talk a bit about that later. But of course, there's a very key focus on Eurus and Zephyrus and securing additional backlog looking into the back half of 27. On the market, I think there hasn't been any fundamental changes to this market. I think this market remains dominated by everything to do with maintenance and operations. So if we look in this market, where are people operating? Where are people delivering a service? It is largely in this area and largely to floating units. There are some hookup jobs. We're working on a hookup job, obviously, in Australia, but by and large, This market is driven by supporting FPSOs and older infrastructure for maintenance campaigns and we haven't seen a fundamental shift in this market structure and I think that remains very positive because we do see globally an increase in FPSOs and FPSOs are not getting any younger. So I think the market fundamentals here remain very strong. Again, just a very quick reminder, this is largely a market today driven by Brazil. Most of the units are in Brazil. We view a supply picture here of 31. I'll touch a little bit onto that, of which almost half of these units are currently operating in Brazil or the South American region. Quick run-through on this. I think this is a very positive slide along with the next couple. One of the key takeaways of what's happening in the market today is that there's very, very limited availability in this market, whether it's actually high-end or even the lower-end units. Everybody is basically busy. A couple of units, our unit, for example, Caledonia, yeah, she's warm-stacked, but she does have a contract next year. And so we see that this market is very tight. We've had dialogue with clients, and I'll touch a little bit on the next slides, but one of the key drivers here is that clients actually are struggling to find units to meet their demands. And this is leading to what we see as one of the tightest markets in over a decade. So if you look at how utilization has gone, if we roll back from the back end of the last downturn, where utilization was, you know, 50%, we're now back, you know, up to, if you look particularly the high end units, you know, from the previous slide, you're pushing again that 80% mark. So, you know, utilization is again, continued to climb and we think, and I'll touch a bit on that in the next slide in more detail, but With several contracts rolling off in 27 and this tight market, we think this trend will continue. And this is a key focus area for us. And again, I mentioned that Brazil is the biggest market here. For accommodation, and I think many of you who are watching our market will have seen there was a recent award to our competitor. I think that is a reiteration, you know, taking a unit from actually Australia, taking her to Brazil. I think that's a reiteration, you know, again, reiterating how good this market is at the moment that... Eirik Fjelde, Elena Hajiroussou, Halvdan Kielland Ouff, Claudio Pereira, Eirik Fjelde, Elena Hajiroussou, Halvdan Kielland Eirik Fjeland, Reese McNeel and that is for us a key focus area but also a key opportunity as we do have in Eurus a vessel rolling off an $86,000 day rate and the market day rates. As we look on the next slide, the market day rates have been going trending up towards the 140 plus mark. So I think there's a key opportunity here for us to capture that increase in day rates. Also outside of Brazil, this market, you know, like I said, half of it's in Brazil, but that means half is outside of Brazil. And we have seen also their positive activity and particularly with the market tight. I think we will continue to see positive activity in other markets as well, particularly West Africa or Africa in general has been very active with awards in Nigeria, Angola. You've also seen vessels working in Libya. You've seen vessels working in the Black Sea as well. So I think the market has a little bit more depth than only Brazil, but Brazil is, of course, a key driver to this market when you have half of the fleet globally working there. Again, and I think this is just reiterating the same theme that we have seen the day rate trend and we've seen an alignment between day rates. Again, higher day rates outside of Brazil. When I mentioned Brazil 140, 150 and a positive trend globally, they've been a bit higher, but the contract term tends to be lower. But we've seen a convergence of day rates over the last period. So I think all in all, I think, you know, very positive on the market. We have a very key focus on recontracting these two, the two units rolling off in 27. But I think, you know, the market's very, very tight and we actually do see active recontracting activity and opportunities. So I think over the coming months, I think we will see this coming to fruition and a clear expectation that this will drive further earnings growth as the rates tick up. Going back a little bit to operations, we talked about this on the last earnings call, but from my perspective, an excellent result again by the team on these SPSs. It was on time, it was on budget, despite many challenges faced conducting these offshore or in an offshore environment there in Brazil, finding a location, getting all the work complete. I think it was an excellent result, and again, on time, on budget. And I think, you know, the utilization as we show here with those behind us, we will see utilization increasing and Caledonia, of course, she will be working next summer. Backlog, not going to dwell too much on this, obviously a focus area for us, as I mentioned, Eurus and Zephyrus, but If I look at Boreas, Boreas has been doing fantastic. We do have six months of options for Boreas in the back half of 27. Those are callable 90 days ahead of the option. So I think so far work going well. She's operating well and delivering well to the client. And we have to see how those options pan out. But we're positively optimistic on Boreas. And I think a key focus for us on Boreas is trying to continue to have her working in Australia. There was three units working in Australia not too long ago, and it looks like it's going to be only one unit working there, our unit. So, you know, again, knock on wood, that should give us a good opportunity here looking in 27 and beyond. Caledonia, 27, 28, we got work in 27. She's got some options on the back of that. UK, I think there will be work going forward in 28 and beyond. So I'm optimistic there that we can also find her some follow-on work in 2028. With that, I think I'll hand it over to Halvdan to run through a bit on the financials, and then I'll jump back at the very end. So Halvdan, over to you.

Thank you, Reese, and good morning. Okay. Given the stability of operations in the last quarter, there should be no real surprises on the financial side. EBITDA tripled year over year, of course slightly lower than Q1 due to Caledonia not working and the SPS stays for the Zephyrus and the Notus. As we look towards the third and fourth quarter, we expect this to normalize with the whole fleet working and of course the improved day rate from the new notice contract. On the income statement, most importantly, we continue to be on track for the SG&A target of 19 million. In addition to this, the company has a strong focus on both keeping costs low and lowering them even further. Expect this work to continue. And net loss of 6.1 million compared to a net loss of 23.9 million in Q2 2025. On the cash flow side, we had a large working capital inflow throughout Q1. As we said on the last call, we expected part of that flow out given the timing of the SPS payments. You'll see here 15 million related to SPS and a 22 million negative swing. As we look forward on this, given the SPSs are now firmly behind us, we expect this to even out and normalize with not as many swings going forward. Cash position of 52.3 puts us in a comfortable position again with the SPSs behind us and now going into stable operations. Touched on liquidity position, nibbed and nibbed to last 12 months EBITDA, a slight increase due to the cash drawdown on the quarter. We have repaid some debt. I'll get onto that on the next slide. And of course, equity ratio on 27%. On the capital structure, we repaid 1.75 million as part of the EURES facility in the quarter reflected here on the right in 2026. We continue to pay PIC interest on the senior facility reflected in a 1 million increase in the light blue here. I would like to remind everybody that there is the possibility to extend all the facilities to latest 31st of December 2029 given an extension on the EURUS facility. While largely dependent on the re-contracting going forward, the company of course continues to look at alternatives to optimize the capital structure to further provide value to all stakeholders. Moving on to summary and outlook, we maintain our mark-to-market EBITDA potential of 90 to 100 million. We have seen long-term contracts both above and below the reflected level of 140. We continue to see this as very realistic of 75% with a reduction of net debt Eirik Fjelde, Elena Hajiroussou, Halvdan Kielland Eirik Fjelde, Even our current fleet has the potential to produce 100 million in EBITDA. We see this as highly unlikely at 12.5 times EBITDA and then not including kind of going forward CapEx. I think you would need to see a substantial uplift in the current market to justify any new vessels coming in here. With that, I think I'll hand it over to Reese for the closing comments and the outlook.

Thank you very much, Halvdan. Yeah, touching a bit on some closing comments and obviously some questions have come in as well as we've been going through this. I think, you know, again, lifting our guidance to 50 to 55. I think one of the questions I saw here coming in was, you know, what is the key driver behind that? I think a key driver is that we have successfully completed the SPSs on time and on budget. and I think we also see that you know things have gone very well on Breas and we and we see that you know we're very well positioned to get on contract with the with the notice on time so I think that's drifting us towards the you know the upper end of that original guidance so again you know by and large driven from the operational efficiency and and how the team is delivered and we continue to focus on our cost base I think we have guided 19 million on EBITDA I think we're going to hit that sorry not EBITDA Thank you very much. I know a lot of questions out there from people. There was two low spec tenders from Petrobras. I think we did not participate in those two tenders. They were very much focused on the lower spec. I think what's key to note there, though, is that there was still a nice day rate increase on those vessels from where they were to where they have landed. Our full expectation is that there will be a need, a continued need for high-end vessels. And there are, frankly, not many low-end vessels available in the market. So I think we will see a drive here from Petrobras and for others to seek higher-end vessels. I think we just saw that with the award to our competitor as well. So that gives us strong confidence that they will be recontracting from Petrobras or the likes in the coming months. Questions, I think, about demand, overall demand. How do we see demand going further? Will there be an increase in the number of FPSOs? With the increase in FPSOs, do we see an increase in UMSs? I think we have seen an increase already. So if I go back a couple of years, we were talking at one point about 26 vessels in this market and then 28 vessels. Now we're kind of at 31 vessels. So I think we have seen an increase. And again, all of those have been absorbed into the market. I'm optimistic. I think as people say, there are more FPSOs coming into this market. And in addition to that, players are actually slower in taking out older FPSOs. And you see that there's actually more maintenance activity there. So I'm optimistic about it, but I'm not going to set an exact timeline of when we will see that kind of coming to fruition. But I do think we'll see an increasing demand picture going forward. I think in the near term, this tight demand will keep rate levels decent. Let me just take one second here. I think that wraps up the presentation, but I will come back and see if there's some questions that have come in. Yeah I think most of the questions which I see here relate very much to the recontracting picture and the timeline and how it's going to look and whether it's Petrobras or not Petrobras or a number of opportunities or and I think all I can say there is again there's many opportunities in Brazil from I think I listed many of these players who have either historically been using or are actually many of them are actually actively looking to use You know, whether it was, you know, your Prios, your Modex, your Equinors, your Kroons, your, you know, I think, you know, BWs. I think these are people who have been users in the past. And I think some of them do have, you know, concrete demands coming forward. And again, we do think the Petrobras will need these units going forward. But I don't want to speculate on this call exactly what the timing will be or how they're going to structure it or anything like that. So I'm not going to speculate on that. Let's see here if there's any other questions. Yeah, and then, you know, what's the timeline for this? You know, I think the best estimate of the timeline is that, you know, we think it's, you know, can be weeks to months. I know it's not particularly concrete, but I think we have seen now recently, you know, stuff starting, you know, they've done two. Now we see the flotel unit. I think we're, you know, our expectation is that in the coming months, we will see more contracting activity. And, you know, historically, we have seen everything from Petrobras or others being out there a year or more in advance to actually relatively short time frame on some of these units, particularly when people were looking at extensions and particularly some of the more independent players in the market tend to have shorter time spans between issuing an attender and getting something on higher. So So I think, you know, yeah, I'm not going to speculate too much, but I think it is sort of in that weeks to months category. But the market is very solid. Again, you know, very little demand and very little supply and a lot of demand pushing, you know, and people actually actively, you know, not being able to get units. So we had a I was with some clients, just to give a color, a little story. I was with some potential clients back in the summer, and some of them came and said, well, Reese, actually, we need a unit now. Don't you have something now? Don't you have something for the fall? And we sort of pulled up that slide and said, well, there's actually nothing really available. And they said, well, we've tried other solutions, but it's been very ineffective and very costly, and we've really struggled, so we really want a unit. And we sort of said, you know, guys, you need to start planning further ahead because, you know, this market is much tighter than you think. So if you really do need a high end unit or really do need a specific UMS with a gangway, a passive gangway, you need to be into the market earlier. So I think, you know, there's a realization there from clients that they need to do that. So I think we are going to see more activity in this market. So. One last check. Oh, I think that was it from the questions. So that I would like to thank everyone who joined the call and look forward to speaking to you at the next quarter. Thank you very much. Thank you.