Subsea 7 S.A.

Good day and thank you for standing by. Welcome to the Subsea 7 Q1 2025 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Catherine Tonks. Please go ahead.

Welcome, everyone, and thank you for joining us. With me on the call today are John Evans, our CEO, Mark Foley, our CFO, and Stuart Fitzgerald, CEO of Seaway7. The results press release is available to download on our website, along with the slides that we'll use during today's call. Please note that some of the information discussed on the call today will include forward-looking statements that reflect our current needs. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast. For more information, please refer to the risk factors discussed in Subsea 7's annual report or in today's quarterly press release. The call today will be focused on our results, and we ask that you limit your questions to this topic. Securities laws in the U.S. and in other jurisdictions restricts us from discussing the proposed merger with SIPEM. Information regarding the proposed merger can be found on our website. I'll now turn the call over to John.

Catherine, thank you and good afternoon everyone. I will start with a summary of the first quarter before passing over to Mark for more details of the financial results. Turning to slide three, Subsea 7 delivered a first quarter adjusted EBITDA of $236 million, representing and a margin of 15%. We reported a good operational and financial performance in both subsea and conventional and renewables, and we're on track to meet our full year guidance, which is unchanged. Despite the uncertainties of the macroeconomic environment, Subsea 7 is experiencing continued momentum across the group and a positive tone to the discussions with clients. Slide four shows the growth in the backlog of both sub-scene conventional and renewables, which continue to increase in quality. We have a combined backlog for execution in the remainder of 2025 of $4.8 billion, giving us over 80% visibility for the year. And now I'll pass over to Mark to run through the financial results.