Welcome to the presentation of our results for the first quarter. My name is Bernt Omdal, and I'm the CEO of the company.

Together with me, I have our CFO, Vidar Jerstad, and we will take you through this presentation. Siem Offshore's report for the first quarter 2026 was released prior to the market opening today.

In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions.

Looking at the highlights for the quarter, we operated 15 fully owned vessels and, in addition, we have 4 vessels under construction. All of our vessels in operation delivered a positive EBITDA margin.

We had $72 million in revenue, and we delivered US$37.5 million in EBITDA, which is equal to an EBITDA margin of 52%. We have a book equity ratio of 49% post-dividend.

Our net interest-bearing debt was 217.5 million US dollars at the end of the quarter. We continued to deliver safe and efficient operations in all regions.

This is a result of high focus on safety at all levels in the company. The utilization of the fleet in the quarter was 90%.

The contract for Siem Maragogi was extended with 1 year, taking the vessel's firm period up to January 2027. In January, the company signed a loan agreement for financing related to our newbuilds.

Due to solid results, a strong balance sheet, good liquidity, and a significant backlog, the board authorized a dividend payment of NOK 4 per share, and the dividend payment was executed on the 16th of April. Vidar Jerstad will now give some more details regarding the results for the quarter.

Thank you, Bernt. Operating revenues were $72 million in the first quarter this year compared to $68.5 million last year.

The total revenues for the quarter are above the 2025 revenues, even though the subsea vessel Siem Spearfish was sold in mid-May last year. Adjusted for this sale, revenues have increased compared to last year for all segments, mainly due to higher charter rates, but also due to Balder Viking being on bareboat contract in March, generating revenues for the company.

The operating expenses increased from first quarter 2025 by $4.2 million. This is mainly explained by a one-off item in first quarter last year, which reduced operating expenses by $3.2 million.

In addition, as just mentioned, Balder Viking is on bareboat contract in March 2026, increasing operating expenses. Administrative expenses were $7.8 million compared to $5.8 million same quarter last year.

The increase in administrative expenses is mainly due to weaker dollar compared to most currencies. Our offices are mainly exposed to Norwegian, Brazilian, Australian, and Canadian currency, which all have strengthened against the dollar.

In addition, there were some increased costs related to introduction of a new accounting system, a system which is now fully implemented, and there are also some increased cost accruals related to labor claims in Brazil. EBITDA was $37.5 million compared to last year $40.3 million.

Adjusted for Siem Spearfish and the one-off item of $3.2 million in reduced opex last year, the EBITDA has a 17% increase. Depreciation and amortization expenses were $13.2 million.

Operating profit ended at $24.4 million. Net financial items were positive by $4.3 million, and it includes a net currency gain of $3.1 million.

The positive financial cost in first quarter '26 is due to a reversal of interest accruals related to Siem Maragogi and Siem Marataízes' late delivery litigation in Brazil. This has a $4.5 million in positive impact.

The net profit to shareholders was $28.3 million, or 18 cents per share, compared to 14 cents per share last year. This slide shows margins for our 4 main segments.

The left side presents the first quarter results, and the right side presents the full-year results for 2025. The figures are not included G&A expenses.

Margins increased for the oil spill recovery vessels, the anchor-handling vessels, and the PSVs. The subsea segment margin declined due to the sale of Siem Spearfish.

However, the remaining subsea vessels delivered a 5% margin increase for the quarter. Overall, all segments have underlying margin improvement.

The anchor-handling segment made the largest improvement compared to same quarter last year, increasing the margin by $6 million, or 56%. This slide summarizes Siem Offshore's financial position.

As set out in today's report, the company continues to deliver solid performance. As mentioned, based on solid results, strong balance sheet, good liquidity, and a significant backlog, the board of directors authorized a dividend of NOK 4 per share on the 28th of March.

Following the dividend announcement, $63 million were reclassified from equity to payables or short-term liabilities. However, book equity still remains solid at 49%.

Gross interest-bearing debt is $286 million, and net interest-bearing debt is $217 million. At quarter-end, the company also had access to additional liquidity through an undrawn revolving credit facility of $100 million.

Speaking of liquidity, also remember in January, Siem secured a new $315 million credit facility for the 4 newbuilds. Around $85 million is available pre-delivery for yard installments, and the remaining amount will be drawn on delivery of each vessel.

Now, the cash flow for the first quarter 2026, and note that the dividend was announced in March, however, paid in April, and therefore, the dividend is not included in the cash flow for the first quarter. We started with the year with $86 million in cash.

We have received $23 million from operations. We have paid net interest of $3 million.

We have invested in vessels $26 million, 17 of those in newbuilds and 9 in existing vessels. We have reduced debt by $11 million and ended the first quarter with $68 million on our accounts.

Bernt?

Thank you. Moving on to the contract backlog, Siem Offshore has a backlog of about $1,200 million, whereof $551 million is options.

As you can see, the largest part of our backlog is related to our subsea fleet, which represents 80% of our total backlog. For the remaining of 2026, we have a firm backlog of about $157 million.

For 2026, Siem Offshore has 100% coverage for both the PSV fleet and for the subsea fleet. The anchor-handler segment has about 50% coverage for the remainder of this year.

For 2027, we have 100% coverage for our PSVs and close to 80% for the subsea fleet, and that is excluding vessels under construction. Our OSV fleet consists of 15 fully owned vessels, as listed on this slide.

In addition, we have 4 offshore energy support vessels under construction, and we have 8 vessels under our technical and commercial management. We still have 2 well intervention vessels, we have 2 PSVs, we have 1 offshore construction vessels, and we have 2 oil spill recovery vessels and 2 fast crew vessels, and we have 4 newbuildings under construction in China, and we have 6 fully owned anchor-handlers, and we have 8 anchor-handlers on management, which gives us control of 14 anchor-handlers in total.

Let's move on to the next slide where we have listed vessels and areas of operations as per today. On this slide, we have listed both our fully owned vessels and vessels operated commercially and technically by us.

The company has, as mentioned before, a very good global footprint, which is important for the utilization of the fleet. We will continue to move vessels around the world where we can perform safe operation based on sustainable conditions.

For the anchor-handlers, they're mainly shorter contracts and campaigns. In Australia, we currently have the anchor-handlers Siem Aquamarine, Siem Emerald, and Andreas Viking.

They are all operating on term contracts. Siem Sapphire is on her way to Singapore, and Siem Amethyst is in drydock in Singapore.

The anchor-handler Avalon Sea is still operating in Canada. In the North Sea spot market, we have Siem Ruby, Brage Viking, Magne Viking, Loke Viking, Odin Viking, and Njord Viking, which are all trading the spot market.

The anchor-handler Tor Viking will enter the spot market next week. Moving on to the construction vessels, we have Siem Dorado on a firm contract operating in Brazil, and 2 well intervention vessels, Siem Helix 1 and 2, they are both on long-term contracts working offshore Brazil.

In Brazil, we also have our 2 PSVs, Siem Atlas and Siem Giant. They are both on term contracts.

For our smaller Brazilian fleet, we have the oil spill recovery vessels, Siem Maragogi and Siem Marataízes. They are both on term contracts with Petrobras.

We also have the 2 fast crew vessels, Siem Pandatiba and Siem Piata. They are both on long-term bareboat agreements.

As shown on the previous slide, we have a really good contract coverage for this year and also for the next year. Just a few comments to the market.

The geopolitical tension continues to shape our operating environment, and it creates demand and opportunities for our industry. For the construction support vessel market, long-term demand fundamentals remain strong with subsea backlog from leading EPCs at record levels.

Despite continued low rig activity in the UK, the North Sea anchor-handler market improved further in the first quarter with dayrates peaking well above $300,000 a day. The anchor-handler market is expected to remain volatile, but we expect prolonged peaks as more projects enter the market.

Both the APAC region and South America is softening a bit in the short term, but we are still positive about the market in these regions for the years to come. To summarize, we deliver a strong quarter with high activity.

We continue to deliver first-class operation with excellent HSEQ performance. Our newbuilding program on track with the first vessel to be delivered in January next year.

We have a solid financial position, and we have a strong backlog with quality clients. We have a positive long-term market outlook.

That was the end of the presentation, and we will now open up for questions. All right, we have got one question here regarding the well intervention vessel Siem Helix 2.

The question is, when did the new 5-year contract start? The contract started in January this year.

There's another question regarding the Asia and Australia region: "Can you please update on the outlook for Siem Amethyst and Siem Sapphire?" Siem Sapphire is on her way to Singapore, and Siem Amethyst is in drydock in Singapore.

We have booked some short-term work for the vessels, commencing within a month or two. It is a challenging market in that region, no long-term contracts as we see it, but we believe we will manage to secure some shorter projects for both the vessels.

We also see, Bernt, that we have new rig activity in Australia, which is very promising.

Yeah. There's another question about the 2 vessels already mentioned, if they will return to the North Sea.

There is no plans from our side at this moment to take them back to the North Sea. There is another question regarding the North Sea spot market: "Do you have secured any projects for the North Sea anchor-handler fleet?"

Far, we have not done so. Another question regarding the Avalon Sea: "Can you update on the current duration?"

The vessel is now firm in until end of July, and there is further options attached to the contract. Also a question regarding the vessels trading on the contract in Australia, on the rig consortium.

The vessels are now firm in until October this year. Please feel free to ask questions.

Any other questions, please? We give it a minute more to see.

Here there is. Maybe you could answer this one, Andreas: "Do you think the anchor-handler market can hold up for second half 2026?"

Yes, yeah. Thank you, Bernt.

Of course, if you're thinking about the North Sea market, we see the project activity is highest now in the first half, but we also see it's coming up with new projects. Also, we will have a more rig activity, especially on the UK side, now from May.

Then we will have increased the semis from 3 to 5 on UK side, which is very, very promising for more activity. Very good.

There is another question here regarding our newbuilds: "Can you please update on the geographical area of operation for the newbuilds and type of contracts?" Far, we don't have any contracts for the vessels, but we are targeting work on a worldwide basis, and the typical duration of such contracts is, let's say, from 1 to 3 years, I would say.

This is work in progress, and we will update you once we have secured a contract. Any other questions, please?

Okay. If no further questions, we will then end this session, and we thank you all for attending.

Thank you.