Strategic Focus - The company is shifting its strategic focus to fill the 2026 'white space' while positioning its fleet to capture a projected dayrate recovery in 2027 [1] - Management anticipates a clear recovery in dayrates and earnings visibility starting in 2027, following the absorption of available supply by multi-year Middle East tenders [2] Operational Performance - Operational efficiency remained high with a technical utilization rate of 98.8%, although revenue experienced a 6.4% sequential decline due to rigs transitioning to lower-rate contracts [1] - The jackup market is believed to have bottomed out, with a steady global utilization rate of 90% for modern rigs and a significant increase in tender activity [2] Financial Outlook - The company achieved top-end 2025 EBITDA guidance of $470.1 million by leveraging platform scale to offset unforeseen contract suspensions and terminations [2] - Anticipates that 2026 contracting days will modestly exceed 2025 levels, supported by a current fleet coverage of 64% for 2026 (80% for the first half) [2] Market Developments - Performance in Mexico is stabilizing due to improved government financial measures and Pemex's planned 34% increase in upstream capital expenditure [1] - Approximately 120 rig-years of identified tenders are expected to move into the award and preparation phases, which is projected to boost global utilization by mid-2026 [2] Fleet Management - The company acquired five premium rigs from Noble to opportunistically increase scale at an attractive cycle point, with integration currently ahead of schedule [2] - The return of the acquired rig Sif is expected in the coming months, while the rig Freya is anticipated to return to the operating fleet sometime in 2026 or early 2027 as regional demand firms [2] Stock Market Strategy - The company plans a full uplisting to the main list of the Oslo Stock Exchange in 2026 to capitalize on strong European investor interest [2]