Thank you, Doris. Good morning, everyone.

Again, it is a pleasure to be here with you sharing our results. Let's talk about the first Q 2026 results.

We have to start off speaking about CBO. That was approved on both sides on the shareholders' meetings.

We had over 99% approval rate in our meeting and 100% in theirs. The debenture holder meeting also approved unanimously this transaction, this deal.

We understand that this is a very important sign, a very positive sign from the market showing us that they approve the concept and the operation, which, of course, is still pending to have the CADE, the Brazilian Antitrust Authority's approval. We're very excited and doing everything we already can.

We're very optimistic. We're very enthusiastic.

In this quarter, in spite of all the mobilizations that we had already mentioned, we had good results on a year-on-year comparison, and we're going to be presenting that to you now. Next slide.

Our average net daily rate grew 22% on a year-on-year comparison. We had 497 million in net revenue.

Our EBITDA was 163 million; that is a 30% increase year-on-year. We had a net income of 30 million.

I now like to turn the conference over to Haroldo for him to talk about the vessel segment.

Thank you, Flavio. Good morning, everyone.

I'll talk about the main operating highlights in the first quarter 2026 regarding vessels. Let's start with our utilization rate chart.

We had 65% utilization rate at the end of the first quarter 2026. We can see in orange in the chart that seven vessels were in mobilization for new contracts: five RSVs—Bandolim, Mero, Parati, Timbé, and Reis—and two AHTS—Rochedo de São Paulo and Rochedo de São Pedro.

We had two docking: Feiticeira and Jim O'Brien. In pink, maintenance, we had four vessels: [Abrólios?]

, Reis, Macaé, and [Flechas?] .

In yellow, Ilha de Tinharé had no contract for this period. Utilization rate should stay at 78% as per our guidance.

Next slide. Now going to the details of the utilization rate that was again 65% in this quarter, we can see to the left the impact of the no-contract days, which was a 5% impact.

The mobilization account for 22% impact. There're seven mobilizations, as I showed in the previous slide.

Docking accounted for 3%, and operating downtime was 6%. When we look at the chart to the right, we can see there is a decrease in days utilized year-on-year.

We went from 1,703 to 1,335. That is due to the high number of contract mobilizations that we had in the first quarter 2026.

We can also see that the average daily rate grew to 206,000 in the first quarter 2026, climbing up from 169,000 in the first quarter 2025. This is mainly due to the new contracts, the long-term contracts: Jim O'Brien, [Mosqueiro?]

, they already started in 2025, and RSV Parcel dos Reis started this quarter. Also short-term contracts with Mero, Badejo, and São Pedro, and the amendments with the increase in [Maluíche?]

, São Sebastião, and [Ilha Trindade?] vessels.

Next slide. Now let's look at the results of the vessel segment.

To the left, we can see the net revenue from vessels in the first quarter 2026 was 281 million, in line basically with the same period 2025, even though we had 65% utilization rate comparing to 82% in the first quarter 2025. That is mainly due to the increase in the daily rate, as I mentioned in the previous slide.

To the right, we see that the EBITDA from vessels climbs up from 71 to 97 million, and the EBITDA margin goes from 25 to 35%. We had an increase in daily rate and a decrease in operating downtime, which translates into these positive figures.

Now I'd like to turn over to Adriano Ranieri for the Services Segment presentation.

Good morning, everyone. Let's talk about the Services Segment now.

Subsea geosciences, we had 204 million revenue with a 63% rise year-on-year. This rise is driven by both units.

Subsea had the decommissioning project and the mobilization for this with the Trident example and the BSR commissioning in Congo. Now in Geoscience, we had three highlights: two March mobilizations, Petrobras Colombia with a geophysics survey in deep waters, combined with a new contract for environmental monitoring in Brazil.

The oil spill response had a 35 million in revenue with a 15% rise year-on-year. The consulting and logistics and other had a 42 million result, a 75% rise compared to the first quarter 2025, which was 24.

That is due to the consulting and the logistics services that were provided in the decommissioning of the BSR. Next slide.

The consolidated figures in services had 275 in net revenue for the quarter; that is a 53% rise year-on-year. EBITDA was 67 million; that is a 22% increase year-on-year, and the margin was 24%.

This decrease in margin in services is taking place alongside the decommissioning projects due to the high cost that we have with the vessels. From a company perspective, this margin decrease is apparent because the consolidated margin is higher.

The vessels are intercompany payments at market price. Now I give the floor to Eduardo.

Thank you, Adriano. Hello, everyone.

As Adriano just mentioned, we can see the effects on this slide. Net revenue is 497 million; it's an 8% increase year-on-year.

Our adjusted EBITDA is 163 million. It is a 30% increase year-on-year.

Our EBITDA margin goes from 27 to 33%. Next.

As for operating costs, we had 278 million in the quarter. That's basically in line with what we had year-on-year.

This is mainly due to the mobilization of the vessels with the new contracts, as Haroldo mentioned. This leads to operating costs being capitalized in the mobilization.

As for the consolidated G&A expenses, we had 57 million reais. They're also stable when we compare it year-on-year.

Our consolidated CapEx was 205 million. That's elevated, but it's compatible with the vessel mobilizations.

As we mentioned, there were seven—there are seven mobilizations, and 122 out of the 205 million are due to the modernization and mobilization. Let's talk about our financial position.

We had higher CapEx this quarter, our net cash was at 537 at the end of the quarter. Our net debt was at 1 billion 339 million reais, and our net debt-EBITDA ratio is 2.06 times, which is quite good, the net debt to EBITDA ratio.

Now I'd like to turn the conference back over to Flavio.

Thank you, Eduardo. We always present our backlog, and our backlog continues quite strong with 6.6 billion reais.

In this quarter, we had 475 million consumption, quite normal, and 304 million in vessels and services 59 million. Now it's important to mention that CBO has also got a backlog that is very strong, the combination now is going to have a very substantial backlog.

Now when it comes to innovation and sustainability, of course, we continue to be part of ISE B3. We climbed up from the 61st to the 47th position in the ranking with a number of improvements in processes and criteria.

We're not playing by the rules only. We do whatever we deem right to do, and then we're judged by the rules.

We would never do anything that wouldn't make sense to us as a company, that wouldn't match our culture, but we're very happy to be progressing in the indices. We launched internally the OceanIA—it's Ocean I-A, I-A being AI in Portuguese—that's our proprietary AI platform with the existing models, but these are the models we have in the market, but in a safe infrastructure.

We want to train people, teach them how to use the best ways to use these tools, and we know that this is a type of tool that will develop by the week. If you don't look at it for months, then there's something new.

Because we don't want our internal data to be exposed, we created a protected environment that uses the market tools, and we train our staff. The AI-Eye project, it's AI as in the human eye with AI.

We're using it to identify the marine biota. You do not depend only on the professional with their own eye and devices, but you also have this AI analysis with a higher chance of identification, and then the biologist can look at these images.

It's a pilot project. It's not yet ready, but it's very interesting.

Next. Oh, let's go back to that picture, please.

This is our base at UFRJ, the Federal University of Rio de Janeiro. We have a lot of good people working there on autonomous vessels operating ROVs at 3,000 meters depth from our office.

There are very interesting projects going on there. As we said at the start, the most important event for this year is the combination of OceanPact-CBO businesses.

Everything that we can do is going on really well. This combination, this merger, with the current CBO CEO is going to be leading the vessels segment here.

He is also a naval engineer. His technical officer is also a naval engineer.

As I said, these approvals were at 99% in the shareholders and 100% at the debenture holders meetings. Everything is going on as expected with our advisors, with our lawyers.

They all deem it appropriate, and we expect that in June or the start of July, we should have the approval by CADE, the Brazilian Antitrust Authority. Thank you very much for joining, and we'll now open the floor for questions.

Good morning, Flavio and the whole OceanPact team. Hello.

Thank you for taking my questions. Can you talk about your run rate utilization for this quarter?

What can we expect for this indicator this year? Are there any auctions expected in the second half of the year that would be worth mentioning, thinking about the new combined fleet of both companies?

Thank you.

Thank you, Falanga. Haroldo mentioned the figures in the chart, the map.

Haroldo, would you like to give more details here? In the second quarter, we expect 79% utilization rate.

The seven mobilizations we mentioned for the first quarter, we have delivered all the RSVs for Petrobras, they're operating already. There were four, four new contract RSVs.

The AHTS that's going to PRIO is already operating. The one that's going to Petrobras starts in May, and the other RSV, Mero, that is being prepared for the Trident project is already in an interesting position.

There is an internal contract, that is our decommissioning area, hired Mero, but they would need to adapt some of the equipment to decommission it. It's not operating to an end customer yet, but the modernization of the vessel itself is concluded.

Now the flexible items from the seabed are to be finished by the end of May. Right, Haroldo, would you like to clarify?

When we look at the utilization rate map, we see that this is a quarter where we had the highest number of mobilizations and that impacted our utilization rate. The second and third quarters, they should be easier.

We have some potential contracts to be extended, that's the light green: Feiticeira, for example, with Petrobras, but we expect it to be extended. RSVs normally are extended with Petrobras.

Badejo is also in light green, is working with Trident, and we see some opportunities with other companies to get it to work again. Ilha de Cabo Frio, pardon me, it's a PSV that should have the contract ending in the middle of the year, but it should be extended as well.

There's a mobilization that should take place in October. That's basically it.

This should be an easier year from the mobilization perspective for the rest of the year. No major problems expected.

That's it, and we expect to have about 78% utilization rate for the year. Going back to the question around auctions, there's a small one, OSRV 66.

We have Ilha das [Flechas?] as part of that contract.

We don't have any concrete information there yet, but we understand that the equatorial margin should be extended by Petrobras because we see some vessels moving to that end. Maybe they will want this vessel for a longer period, but we don't know that yet, nor do we know how many vessels would be necessary.

Other than that, if I'm not mistaken, team, there's no other tender, no other auction in sight or announced.

All right, thank you very much.

Hello, Flavio, Eduardo, and team. We've got two questions as well focusing on the CBO business combination.

We've been discussing synergies. We had more time now to digest this announcement.

Now so what else is to be expected when it comes to synergies, maybe concerning downtime, shipyards, anything else that you expect to capture with the approval coming from the Brazilian Antitrust Authority, CADE? Considering the combined fleet, do you see any chance of divesting or selling any asset, any vessel where the sales in the secondary market would make sense?

Thank you, Eric. All right, synergies.

As per the announcement, we talked a lot about this, and we had a study that was carried out beforehand. Reducing the OceanPact downtime and increasing the CBO utilization rate, these are the two main vectors, the two main synergies we understand there are.

Of course, the biggest value is in the combination, the coupling of all of the minds, the experiences with these close cultures that are going to merge together very interestingly. We're very optimistic.

We're very constructive when it comes to this synergy from both businesses. Now as for quick wins, as soon as the Antitrust Authority grants approval, what is it that we can capture?

Of course, we'll be insourcing some services, some maintenance services, for example, where they do that more than we do, some of the shipyards for changes and some changes in the Brazilian special registry. There's a tax advantage that we don't have at this point, but we will have immediately after the approval.

These are the most immediate quick wins we can see. Now the other synergies that we expect, I don't think we're ready to present them yet.

We can say, however, that these studies are very positive. There are opportunities, and we will communicate them timely.

Eduardo, would you like to make any comments or any...

Still on the synergies, there is a system interface or integration that can be more complex, but we're making good headway there. We understand that we'll be interfacing really well by 2027, we'll work strong in the second half of 2026 so that by 2027 we are interfacing well.

Now the transaction itself will have the share being priced at the day of the closing, this could vary. I think this is an additional gain that we have from the transaction.

We'll certainly be able to quantify it when we close the deal formally. That's the premium that we would expect.

Thank you, Lucas [Doel?] , for your question.

This is mainly due to some security titles that are retained. We have escrow accounts in this type of operation, deal, and this will amount to the 24 million difference.

In the net debt, we have to exclude this, even though we don't have this amount to be used immediately in our cash.

Thank you for your question. Our CADE, Brazilian Antitrust Authority, expectation is the same as we had announced.

Our experts see no reason to change them. I can talk about the details of the Petrobras question, but that was expected.

That's not a concern, not an additional concern at all. What was the last part of the question?

I forget.

UP Coral hasn't had any changes since our last conference call. We're still waiting for a decision from the Supreme Court.

There was one embargo placed by Petrobras. They didn't win it, and it was refused at first, but they appealed.

There will be a collegiate decision to take place. Let me know if there's anything else, Eduardo, that we should mention.

Petrobras says that the decision, the ruling that we had in that process is not compatible with the decision of the other group, we are waiting for this collegiate decision from both panels. We don't have a date set yet.

Thank you. No, this program that we currently have, OceanIA, Ocean I-A, we don't even know how we're pronouncing it yet, I like to call it OceanIA.

This is not prepared for operations. The agents we're creating for now, they are more targeted for analyses, to look at the P&L, to look at maintenance.

Decommissioning actions, we can use it as people use ChatGPT or Gemini or Claude at their homes for considerations, for ideas, fine, this is possible. Now we're using it in a controlled environment, but we're not using this for technological decisions at all.

We're far from it. We're looking at AI as a support for us to be more efficient in what we already do.

The second part of your question has to do with decommissioning. Now I would say that we are taking a humble stance when it comes to the decommissioning process.

We're doing the basics, what we already have a command of in terms of technology, we're but starting. These decommissionings take place in shallow waters, we made use of the vessels that we already had at hand, the knowledge we already have around the environment, the permits, and logistics, and our penetration and our support base.

Combining all of that—vessels, consulting services, logistics—we are able to offer a very good solution to our customer. This is what we're doing without developing new technologies.

The new technologies, as I showed in the UFRJ technological facilities, we're doing that looking forward. Operating our ROVs remotely from the office, manned and unmanned vessels.

We invested about eight years ago in a vessel that would work with the dams. These are things that we're doing so there wouldn't be a risk of operating that vessel, for example.

The current operations, they are being carried out traditionally. Thank you very much for your question.

We will be doing that at one point in the future.

Thank you for your question. Now when we think about OPCT15, there is a possibility of prepayment, and considering the waiver fee that we see in the market, it seems more attractive, more appealing to actually do the prepayment, and this is what we're working towards at this point.

Thank you, Doris. Thank you, everyone.

We always try and give you some information around the quarter that is already current, right? Let's talk about the second quarter, as Haroldo mentioned.

The utilization rate is expected to be at 79%. This already brings our utilization rate to a higher level than the fourth quarter last year.

We understand that our EBITDA should grow compared to the fourth quarter last year and should get closer to the levels we saw in the third quarter last year. We get new daily rates with the new contracts that get started.

This is basically the expectation that we have for the second quarter that I'd like to share with you. I'd like to give the floor to Flavio for his final remarks.

Thank you.

Thank you, Eduardo. Thank you, everyone.

I had already given my final remarks at the end of the presentation itself, but I think there's no doubt that the transformational operation that we have right now is the combination we have, the CBO businesses. We are, of course, very mindful of our day-to-day operations, and one thing does not compete with the other, do you see?

A good merger and a better operation of our daily activities, as they also operate on a daily basis better, as we understand how the combined operations are going to be faring. We're very excited.

When we speak to the market again, we hope that the deal will have been closed and granted, and that we will be speeding on towards the next phase. Thank you very much for joining, and I wish you all a good day.