Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 were $259.4 million, a decrease of $17.7 million or 6.4% from Q3 2025, primarily due to a $16 million decrease in day rate revenue [8] - Adjusted EBITDA for Q4 2025 was $105.4 million, bringing full year adjusted EBITDA to $470.1 million, which was at the top end of the guidance range [4][9] - The company recorded a net loss of $1 million for Q4 2025, while full year net income was $45 million, with a 7% decrease in adjusted EBITDA compared to 2024 [9][18] Business Line Data and Key Metrics Changes - Technical utilization for Q4 2025 was 98.8% and economic utilization was 97.8%, indicating strong operational performance [3] - The company secured new commitments for 7 rigs since the last quarterly report, with a focus on filling idle space in the 2026 schedule [13][16] Market Data and Key Metrics Changes - The jackup market utilization remains steady at approximately 90%, with expectations for market conditions to firm as tenders are awarded [6] - In the Middle East, multi-year tenders are in progress for an estimated 13 rigs, and Pemex announced a 34% year-on-year increase in upstream CapEx [5][6] Company Strategy and Development Direction - The company is focused on expanding its fleet and has acquired 5 premium rigs from Noble, which are expected to enhance operational flexibility and scale [6][19] - The strategy includes a mix of short and long-term contracts to optimize fleet utilization while being mindful of market conditions [49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of market fundamentals and expects improvements in the second half of 2026, with a clear recovery in day rates anticipated in 2027 [19] - The company is actively pursuing contracting opportunities and expects to secure commitments that will bring contract coverage above 70% [16][19] Other Important Information - Cash and cash equivalents as of December 31, 2025, were $379.7 million, with total liquidity of $613.7 million [11] - The company plans to return to the Oslo Stock Exchange with a full uplisting expected in the first half of 2026 [12] Q&A Session Summary Question: Outlook for idle rigs Sif and Freya - Management is confident about securing contracts for Sif in the coming months, while Freya may take longer, potentially by late 2026 or early 2027 [22][23] Question: Achievability of EBITDA consensus of $440 million - Management indicated that while it is early for formal guidance, the outlook for 2026 suggests a pathway to achieve activity levels modestly higher than 2025 [24][26] Question: Market conditions in the Middle East - Management noted that tenders from Aramco and KOC are in progress, with awards expected around mid-year, which could tighten the market [31][32] Question: Potential for further acquisitions - Management stated that while they are open to M&A opportunities, they are selective and focused on complementary assets rather than individual rigs [39] Question: Rate development trajectory - Management anticipates that higher activity levels will start impacting bidding levels in Q3 2026, following the conclusion of current tenders [45][46] Question: Contracting strategy - Management aims for a mix of short and long-term contracts, with flexibility based on market conditions and specific tender requirements [49][50]

Financial Data and Key Metrics Changes - Total operating revenues for Q4 2025 were $259.4 million, a decrease of $17.7 million or 6.4% from Q3 2025, primarily due to a $16 million decrease in day rate revenue [8][9] - Adjusted EBITDA for Q4 2025 was $105.4 million, bringing full-year adjusted EBITDA to $470.1 million, which was at the top end of the guidance range [4][9] - The company recorded a net loss of $1 million for Q4 2025, while full-year net income was $45 million, with adjusted EBITDA decreasing by 7% compared to 2024 [9][10] Business Line Data and Key Metrics Changes - Technical utilization for the fleet was 98.8% and economic utilization was 97.8% in Q4 2025 [3] - The company secured new commitments for 7 rigs since the last quarterly report, with expectations for further coverage gains in the coming months [4][13] Market Data and Key Metrics Changes - In the Middle East, multi-year tenders are in progress for an estimated 13 rigs, and Pemex announced a 34% year-on-year increase in upstream CapEx [5] - Overall jackup market utilization remains steady at approximately 90%, with expectations for market conditions to firm as tenders are awarded [5] Company Strategy and Development Direction - The company believes the jackup market has bottomed out and sees gradual recovery in fundamentals as demand increases [4] - The company plans to return to the Oslo Stock Exchange through a listing on Euronext Growth, with a full uplisting to the main list expected in the first half of 2026 [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the tendering pipeline, indicating that significant awards are expected by mid-2026, which could lead to improved market conditions [18][34] - The company anticipates that market conditions will continue to improve through the second half of 2026, with a clear recovery in day rates expected in 2027 and beyond [20] Other Important Information - Cash and cash equivalents as of December 31, 2025, were $379.7 million, with total liquidity of $613.7 million [11] - The company completed an equity offering raising gross proceeds of $84 million and an additional bond offering of $165 million [11][12] Q&A Session Summary Question: Outlook for idle rigs Sif and Freya - Management is confident that Sif will secure a contract in the coming months, while Freya may take longer, potentially going to work in late 2026 or early 2027 [22][24] Question: Thoughts on EBITDA for 2026 - Management indicated that while it is early for formal guidance, the outlook for 2026 suggests a modest increase in contracting days compared to 2025 [25][27] Question: Status of tenders in the Middle East - Management confirmed that major tenders from Aramco and KOC are in progress, with awards expected around mid-year [32][34] Question: Potential for further rig acquisitions - Management stated that while they are open to M&A opportunities, they are focused on complementary acquisitions rather than growth for its own sake [39][40] Question: Rate development trajectory - Management expects that higher activity levels will start impacting bidding levels in Q3 2026, following the awarding of tenders [46][47] Question: Contracting strategy for the fleet - Management emphasized the importance of a mix of short and long-term contracts, with flexibility based on market conditions [50][51] Question: Current status of rigs without contracts - Management indicated that rigs like Var and Freya may take longer to secure contracts, with a focus on developments in the Middle East as a potential catalyst [66]