Subsea 7 S.A.

Good day and thank you for standing by. Welcome to sub C7 Q2 2025 results conference call and webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, please press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please note that today's conference is being recorded. I would now like to hand the conference over to your speaker, Catherine Tongs. Please go ahead.

Welcome, everyone, and thank you for joining us. 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 views. 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 today's quarterly press release. The question and answer session today may include discussion of our proposed merger with CYPEM. Security laws in the U.S. restrict the broadcast and dissemination of such content into the U.S. Please refer to the disclaimer that will be displayed during the Q&A sessions. I'll now turn the call over to John Evans, CEO.

Thank you, and good morning, everyone. With me today are Mark Foley, our CFO, Natalie Lewis, General Counsel, and Stuart Fitzgerald, CEO of Seaway. This is the first time we've had the opportunity to speak with the market following entering into the definitive merger agreement with Sypen. I expect there'll be questions on the transactions I have invited Natalie Lewis, our General Counsel, to today's call. Natalie, Mark, and I have been involved since the very start of the negotiations with SIPM and will assist me in answering any questions you have. I will start with a summary of the quarter before passing on to Mark for more details of the financial results. Turn it to slide three. Subsea Sem delivered second quarter adjusted EBITDA of $360 million, representing 23% growth year on year and a margin of over 20%. We recorded strong margin expansion in both sub-scene conventional and renewables, and this, as well as high visibility on the remainder of the year, supports the reiteration of our guidance for 2025. Order intake was high in the quarter at $2.5 billion, resulting in a book to bill of 1.4 times for the quarter and one times for the half year. Slide four shows the backlogs of both sub-seam conventional and renewables, which continue to increase in quality as older vintage contracts are replaced with new. We have a combined backlog for execution in the remainder of 2025 of $3.6 billion, giving us over 90% visibility on our four-year revenue. And now I'll pass over to Mark to run through the financial results. Thank you, John, and good morning everyone.