Subsea 7 S.A.

Good day and thank you for standing by. Welcome to the Subsea 7 Q3 2025 results conference call. 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 you will need to press star 1, 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1, 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Catherine Tonks. Please go ahead.

Welcome, everyone. 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 Seaway70. The results press release is available to download on our website along with the slides that we'll be using 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 our annual report or in today's quarterly press release. I'll now turn it over to John.

Thank you, Catherine, and good afternoon, everyone. I will start with a summary of the quarter before passing over to Mark for more details of the financial results. Turning to slide three, Subsea 7 delivered third quarter adjusted EBITDA of $407 million, representing 27% growth year on year and a margin of 22%. The increase in our profitability reflects strong project execution, as well as the continued high grading of our backlog. As Mark will discuss, we now expect to exceed our prior guidance for 2025 and to deliver continued momentum into 2026. Order intake was high in the quarter of $3.8 billion, resulting in a book to bill of 2.1 times for the quarter and 1.4 times for the first nine months of the year. Our backlog reached a record high, close to $14 billion. Slide four shows the backlogs of both subsea and conventional and renewables, which continue to increase in quality as we completed work one before 2022 and shift our focus to contracts with more favorable terms. We have a combined backlog for execution in 2026 of $6 billion, giving us over 80% visibility on next year's revenues. And now I'll pass over to Mark to run through the financial results.