Good morning and welcome to the presentation fourth quarter and full year 2025 from Solstad Offshore. This presentation will be held by CFO Kjetil Ramstad and myself, Lars Peder Solstad, CEO of the company.

There will be a Q&A session after the presentation, and you see the QR code on on the screen, please use that to enter the the chat to to ask ask your questions during the presentation. We take a quick look at the disclaimer before we move on to the to the business update for for for the quarter and for the full year.

The adjusted EBITDA for the year came in better than we guided in October 2025, mainly due to improved results from Solstad Maritime. Operationally, we had a lower utilization in and EBITDA in fourth quarter than you have seen in in previous quarters.

This is due to two vessels being between contracts. That that is the Normand Tonjer, which is came off a contract in in early October, has been been doing some upgrades and and are preparing now for a contract that starts next week that we announced recently.

That will secure utilization for the vessel up to the end of 2026. That contract is, as we have announced, in in Asia Pacific.

A good improvement will be seen there on the utilization side from from mid-February and onwards. The other vessel is the Normand Topazio.

That came off a a contract with in Brazil in in early fourth quarter. We have done some some upgrades and some some class work on the vessel, and then the vessel will start on its new four-year contract with Petrobras at the end end of March.

Utilization-wise, she will and and EBITDA-wise starts to contribute from second quarter '26 and onwards. As I said, those two vessels are the are the reason for the for the lower utilization in fourth quarter.

We have we also from Solstad Maritime side, we have there are four vessels fixed to Petrobras through the Solstad Offshore setup in Brazil. Those vessels will also start on their new four-year contracts in in some has already started and the fourth one will start very, very soon.

We have, in general, experienced an increase in demand for for our services the last 4 to 5 months. This seems to continue also into 2026.

This goes for project-related work, but also for longer-term opportunities. A main focus for Solstad Offshore is, of course, to secure a new contract for the for the large CSV Normand Maximus after the present contract which is expiring by the end of this year.

It's good to see that that there is firm interest already now, and we are quite confident to secure further work well ahead of of present contract expires. Also, for your information and also to to keep in mind that the vessel will have its main class renewed either at the end of this year or at the beginning of 2027.

Looking at some of the numbers, utilization in fourth quarter, for reasons already explained, was was was lower than than than than the previous quarters and and also the year year before. This also affected the adjusted EBITDA.

This having said, we deliver within the original EBITDA guidance range of $120 million to $150 million for the year, both operationally and financially. That is also thanks to a solid contribution from in fourth quarter from from the from the ownership in Solstad Maritime.

The order intake has been solid in the in fourth quarter with two contracts signed in Brazil and and for the year, and including the the Solstad Maritime vessels with Petrobras, the contract value signed in 2025 was more than $700 million. Solstad Offshore will receive about $4 million in dividend from Solstad Maritime for fourth quarter and suggest paying the same amount as dividend to Solstad Offshore shareholders for the fourth quarter, meaning that $8 million has been distributed to shareholders the last two quarters.

If we move on to to the to the market outlook and and and take a look at at the fourth quarter, and and despite the despite a volatile oil price, we did not experience any any slowdown from our clients, more more the opposite. It seems like that the the record-high backlog held by the subsea contractors starts to give an increased positive effect now to the to the ship owners.

We also see that there has been a much more or much better supply-demand balance on the on the anchor handling side by by reducing the fleet in the North Sea by by mobilizing to to to other other regions, also in combination with with with with quite high project activity, which is then benefitting benefitting the the the utilization and, of course, also then the the rates in in the in the spot market in in in the North Sea for those who has spot exposure there. We see that see Brazil as a still very active.

From the Solstad side, we have and and the combined fleet, Solstad Offshore, Solstad Maritime, we have about half the fleet in Brazil at the moment. Some are on long-term contracts; some are there for for project-related work.

About 20 vessels from from the Solstad fleet is in Brazil at the moment. In in in if we combine the the present order book that that we have and and and bidding activity that we see, that is strong indications of a of a of a decent year ahead for the company.

Looking at the at the backlog, we have nearly all the capacity sold out for for 2026, especially if we include the newly announced contract for Normand Tonjer. That is not included in in the graph you have you see on the screen right now.

The main focus when it comes to new contracts and to and to to building backlog is from is for 2027 and and onwards. As as I already mentioned, the Normand Maximus is presently uncommitted after after year-end '26, and a new contract for for for that vessel will will have a massive impact on on the on the 2027 and and beyond backlog.

We are working on it, and we we see some interesting opportunities for for longer-term work for for for the vessel in from '27 and onwards. For the three Brazilian-owned anchor handlers, they are all fixed on long-term contracts now, all on healthy rates, and they will they will contribute significantly to the to the to the company earnings in the coming years as as also shown on the on the graph to the to the to the left.

If we take a look at the at at the at the backlog to the or the graph to the right, you see that we have the the the we quarter by quarter, we have we have steadily increased the backlog of of the company, which gives gives gives a a a let's say a solid solid foundation for the company into 2027 and and also onwards. Then I leave it to you, Kjetil, to take us through the through the key numbers for the company.

Thank you, Lars. If we start with the financial highlights for Solstad Offshore for the fourth quarter and full year.

We had in the quarter lower utilization of the fleet of 71% compared to 91% last year. The main driver for the low utilization is that both Normand Tonjer and Normand Topazio was idle for majority of the quarter.

For the full year, we had an overall utilization of 90% compared to 95% last year. Revenue for the fourth quarter was $70 million, up from $65 million last year.

Revenue for the full year was $290 million compared to $262 million in '24. The adjusted EBITDA for the fourth quarter was $35 million compared to $44 million last year.

The year-to-date 2025 adjusted EBITDA came in at $126 million compared to $132 million last year. Net result for the fourth quarter was $53 million compared to $66 million in '24.

2025 net result was $141 million compared to $118 million last year. The firm backlog of $325 million at year-end compared to $227 million last year, an increase of almost $100 million.

The figures here excludes the backlog from the vessels on bareboat from Solstad Maritime on Brazilian contracts. Book equity at the end of the year was $425 million, up from $288 million last year, representing an equity ratio of almost 50%.

The cash position at year-end was $74 million compared to $34 million last year. The adjusted net interest-bearing debt is reduced to $51 million compared to $124 million last year.

This is a result of repayment of debt in combination with increased cash position. The company will distribute approximately $4 million to its shareholders, subject to the general meeting approval.

For 2025, the company has distributed approximately $8 million to its shareholders. Then if we go and look at the debt and lease structure in Solstad Offshore.

Solstad Offshore has a regular bank facility of $80 million drawn in November '24 with a five-year amortization profile, maturity in November '27. Also has a $44 million finance $44 million financing on four Brazilian-built vessel with BNDES, matures between 2026 and 2031.

The lease commitments in Solstad Offshore includes the present value of the Normand Maximus bareboat charter, approximately $49 million until October '27, and the present value of the purchase option at 100 of $125 million, and the present value there is $107 million. Other leases of $96 million mainly consists of commitments for the Solstad Maritime vessel operate through the Solstad Offshore Brazil setup.

Yeah. Then we also have a graph showing the net interest-bearing debt overview as of the year-end, and also the amortization overview for the two mentioned loans at the bottom.

If we go to the investment in associated companies and joint venture in Solstad Offshore, we start with Solstad Maritime where Solstad Offshore owns 27.3%. As we see, Solstad Maritime has declared a dividend of approximately $15 million, and that means that Solstad Offshore's share of this will be $4 million, approximately $4 million in fourth quarter.

SOFF's share of result in the quarter from Solstad Maritime is $25 million and $61 million for the full year. The book value of the shares is $233 million, and market value was per fourth quarter around $230 million.

Then we have the Normand Installer, which is a 50-50 joint venture with SBM Offshore. The vessel Normand Installer is predominantly utilized on SBM's FPSO projects.

First half of the year, the vessel had a low commercial utilization. For the second half, the vessel was in dry dock in the third quarter.

However, it had good utilization in fourth quarter. The financial result in the fourth quarter was -$0.4 million and -$2.3 million for the full year of 2025.

We believe that the vessel has a good backlog and good visibility for '26, it looks to be a strong year ahead. The company has a net cash positive position, and the book value of the shares is around $20 million.

Solstad Offshore also owns 35.8% of the shares in a company called Omega Subsea with Omega 365 as the majority shareholder. Omega Subsea owns and operates 12 ROVs as of end of '25 with 12 more ROVs to be delivered in '26 and early '27.

Solstad share of result in the quarter was $0.1 million and total for the year $4.3 million. The book value of the shares in Omega Subsea was $16 million.

Then if we move to the financial outlook and guidance for '26, Solstad Offshore will, from '26 and onwards, only provide financial guiding on operational EBITDA. This means that guidance excludes the share of results from associated companies and joint ventures, which is included in the reported adjusted EBITDA.

The 2026 operational adjusted EBITDA guiding is between $50 million and $70 million. One important factor to take into consideration is that the timing of the 10-year class renewal of Normand Maximus, it will be in the lower range if the docking takes place late 2026, and in the higher range if it takes place early '27.

As mentioned, proposed dividend payment for the four fourth quarter of $0.05 per share, totaling $4 million. It's also worth mentioning that Solstad Offshore is preserving cash for the Normand Maximus purchase option to be exercised fourth quarter 2027.

Then we move to the dividend dates. As mentioned, the company proposed to distribute cash dividends for the four fourth quarter of $0.05 per share, totaling $4 million.

The dividend will be paid in NOK, and the NOK amount will be announced prior to the payment. The key dates for the fourth quarter dividend, we need to issue summons to the EGM will be done 16th of February, and then the EGM will be held at the 9th of March '26.

The last day of right to dividend is also 9th of March. The ex-date is the 10th of March, record date 11th, and then the distribution date on or about 13th of March 2026.

With that, I leave the word to you, Lars, to summarize the presentation. Yeah.

Thank you, Kjetil. As mentioned a few times already, we have had a fourth quarter that ended better than we guided back in October '25, and ended up with an EBITDA for the year of $126 million, which is then also within the original guided range that we gave early 2025.

Despite a weak utilization due to two out of seven vessels being between contracts the full fourth quarter, we experienced marketing improvements. This was also reflected in the ordered intake we had of $84 million in the fourth quarter.

Those are on good EBITDA margins, and these are also giving increased visibility for '26 and beyond. The positive market trend we have seen has also continued into 2026 and where we already have signed an important contract for the Normand Tonjer with the immediate commencement.

We see several opportunities in the market for the vessels we have with availability from 2027 and beyond. As Kjetil said, we continue to distribute dividend to our shareholders on a quarterly basis, $4 million in total for fourth quarter.

That concludes our presentation, and we then move over to Q&As. Any questions so far, Kjetil?

We have one question on Normand Maximus. Do you expect to exercise the option on Normand Maximus, and how do you plan to finance the option if it's exercised?

The option or price is well in the money compared to the value of the vessel. It will be very natural that we use that option.

That has to be declared by fourth quarter this year and with effect from fourth quarter 2027. On finance, it will be a combination if we do it most likely of bank debt, but also some equity.

That is also the reason why we are preserving cash in the company to contribute with the equity part of the financing of that purchase option. Of course, at the moment the contract we have on the vessel is expiring by the end of the year.

If we manage to secure a longer-term contract on that vessel, we can also look a bit differently on how much cash we need to preserve for the equity part of the financing. Those are linked together.

A little bit same question on Maximus and Tonjer. How do you consider the market opportunities for those two vessels from '27 and onwards?

I think the Maximus is an field installation vessel, a key enabler for deepwater subsea projects, one of very few in the market. We are positive to a contract extension beyond what we see today.

We have interest from clients already. I'm not concerned about the commercial future for the vessel after its main class renewal coming up end of the year.

I'm not concerned on that at all. When it comes to Tonjer, what we do now is that we are repositioning the vessel to Asia Pacific, taking on a okay contract there.

The plan is to keep the vessel in that part of the world. We see some interesting opportunities also there.

Yeah.

Thank you. That concludes the Q&A for today.

Thanks for listening in, everyone, and have a nice day ahead. Thank you.