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 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 our annual report or in today's quarterly press release. I'll now turn it over to John.

Thank you, Katherine, 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 3, Subsea7 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 at $3.8 billion, resulting in a book-to-bill of 2.1 times for the quarter and 1.4 times for the first 9 months of the year.

Our backlog reached a record high close to $14 billion. Slide 4 shows the backlogs of both Subsea and Conventional and Renewables, which continue to increase in quality as we completed work won 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 revenue. Now, I'll pass over to Mark to run through the financial results.

Thank you, John, and good afternoon, everyone. I'll provide selective commentary on group, Subsea and Conventional, and Renewables financial performance in the third quarter before turning to the cash flow and financial guidance for 2025 and 2026.

Slide 5 summarizes the group's revenue and adjusted EBITDA results for the third quarter, set in the context of recent quarterly performance. In the third quarter, revenue was $1.8 billion, in line with the high levels reported in the same quarter of the prior year.

Adjusted EBITDA of $407 million increased by 27% compared with the prior year period, and margin expanded by 460 basis points to 22%. Net income was $109 million, following depreciation and amortization of $175 million, net foreign exchange losses of $38 million, which were driven by non-cash embedded derivatives, net finance costs of $12 million, Operator: Good day, and thank you for standing by.

Welcome to the Subsea7 Q3 2025 Results Conference Call. At this time, all participants are in a listen-only mode.

After the speakers' 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.

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Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Katherine 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 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 our annual report or in today's quarterly press release. I'll now turn it over to John.

Thank you, Katherine, 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 3, Subsea7 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 at $3.8 billion, resulting in a book-to-bill of 2.1 times for the quarter and 1.4 times for the first 9 months of the year.

Our backlog reached a record high close to $14 billion. Slide 4 shows the backlogs of both Subsea and Conventional and Renewables, which continue to increase in quality as we completed work won 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 revenue. Now, I'll pass over to Mark to run through the financial results.

Thank you, John, and good afternoon, everyone. I'll provide selective commentary on group, Subsea and Conventional, and Renewables financial performance in the third quarter before turning to the cash flow and financial guidance for 2025 and 2026.

Slide 5 summarizes the group's revenue and adjusted EBITDA results for the third quarter, set in the context of recent quarterly performance. In the third quarter, revenue was $1.8 billion, in line with the high levels reported in the same quarter of the prior year.

Adjusted EBITDA of $407 million increased by 27% compared with the prior year period, and margin expanded by 460 basis points to 22%. Net income was $109 million, following depreciation and amortization of $175 million, net foreign exchange losses of $38 million, which were driven by non-cash embedded derivatives, net finance costs of $12 million, and taxation of $73 million.

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