Subsea 7 S.A.

Good day and thank you for standing by. Welcome to the Subsea 7 Q1 2026 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 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 this conference is being recorded. I would now like to hand the conference over to the speaker today, Catherine Tong. 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, currently CEO of Seaway7. 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 Subsea 7's annual report or in today's quarterly press release. I'll now turn the call over to John.

Thank you, Catherine, and good morning, everyone. I will start with a summary of the first quarter before passing over to Mark for some more details. Turning to slide three, Subsea Sem delivered first quarter adjusted EBITDA of $385 million, representing over 60% growth year on year and a margin of 21%. We reported good operational and financial performance in both business units, and as a result, we have revised upwards our four-year guidance. Our order intake remains strong at $1.4 billion with a further $1.3 billion booked in early Q2. This gives us a robust backlog of $13.5 billion and a high visibility on the coming years. Our tendering teams remain busy and the fundamentals for our subsea and offshore wind industries continue to support our confidence in the outlook. Slide four shows growth in the backlogs of both subsea and conventional and renewables, which continue to increase in quality. We have a combined backlog for execution in the remainder of 2026 of $5.5 billion, giving us over 90% visibility on the remainder of the year. Since the year end, our backlog for 2027 has increased by 17% to $5 billion, and visibility on utilization of our global enabling vessels is strong through to 2029. The Middle East accounts for under 10% of our backlog, with most activities focused on engineering and procurement phases of CRPO 148. The offshore activity for this project is scheduled in 2028. In the meantime, we have a small amount of offshore work scheduled in the second half of 2026, with a chartered vessel that is already in the Persian Gulf. And now, I'll hand over to Mark to run through the financial results.