Eneti Inc (NETI) 2022 Q4 法說會逐字稿

Hello, and welcome to the Eneti Inc. Fourth Quarter 2022 Conference Call. I would now like to turn the conference over to James Doyle, Head of Corporate Development and IR. Please go ahead, sir.

您好，歡迎來到 Eneti Inc. 2022 年第四季度電話會議。我現在想將會議轉交給企業發展和 IR 主管 James Doyle。請繼續，先生。

Thank you for joining us today. Welcome to the Eneti fourth quarter 2022 earnings conference call. On the call with me are Emanuele Lauro, Chief Executive Officer; Robert Bugbee; President; Cameron Mackey, Chief Operating Officer; Hugh Baker, Chief Financial Officer; Sebastian Brooke, Chief Operating Officer of Seajacks.

感謝您今天加入我們。歡迎來到 Eneti 2022 年第四季度收益電話會議。與我通話的是首席執行官 Emanuele Lauro；羅伯特布格比；總統; Cameron Mackey，首席運營官；休·貝克，首席財務官； Seajacks 首席運營官塞巴斯蒂安布魯克。

Earlier today, we issued our fourth quarter earnings press release, which is available on our website, eneti-inc.com. The information discussed on this call is based on information as of today, February 9, 2023. And may contain forward-looking statements that involve risks and uncertainty. Actual results and events may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statement disclosure in the earnings press release issued today as well as Eneti Inc.'s SEC filings, which are available at eneti-inc.com and sec.gov.

今天早些時候，我們發布了第四季度收益新聞稿，可在我們的網站 eneti-inc.com 上獲取。本次電話會議討論的信息基於截至今天（2023 年 2 月 9 日）的信息。可能包含涉及風險和不確定性的前瞻性陳述。實際結果和事件可能與此類聲明中所述的結果和事件存在重大差異。有關這些風險和不確定性的討論，您應該查看今天發布的收益新聞稿中披露的前瞻性聲明以及 Eneti Inc. 向 SEC 提交的文件，這些文件可在 eneti-inc.com 和 sec.gov 上找到。

Call participants are advised that the audio of this conference call is being broadcast live on the Internet and it is also being recorded for playback purposes. An archive of the webcast will be made available on the Investor Relations page of our website for approximately 14 days.

電話會議參與者請注意，本次電話會議的音頻正在互聯網上直播，同時也被錄製下來以供播放。網絡廣播的存檔將在我們網站的投資者關係頁面上提供大約 14 天。

We will be giving a short presentation today. The presentation is available at eneti-inc.com on the Investor Relations page under Reports and Presentation. The slides will also be available on the webcast. After the presentation, we will go to Q&A.

我們今天將做一個簡短的介紹。該演示文稿可在 eneti-inc.com 的投資者關係頁面的報告和演示文稿下獲取。這些幻燈片也將在網絡廣播中提供。演示結束後，我們將進入問答環節。

Now I'd like to introduce our Chief Executive Officer Emanuele Lauro.

現在我想介紹一下我們的首席執行官 Emanuele Lauro。

Thank you, James. And welcome, everybody, to our fourth quarter and full year 2022 results. In the fourth quarter, the company generated around $46.5 million of revenue and around $12 million of net income, which is a significant year-over-year improvement. 2022 was a profitable year for Eneti. We've generated around $200 million of revenue and more than $100 million in net income. This includes a realized gain on the divestiture of the STNG investment. It was also a productive year. We confirmed our thesis, significant demand for offshore wind and constraints in the WTIV supply create tremendous potential for increasing day rates, cash flows and returns in this space.

謝謝你，詹姆斯。歡迎大家了解我們的第四季度和 2022 年全年業績。第四季度，該公司實現了約 4650 萬美元的收入和約 1200 萬美元的淨收入，同比有了顯著改善。 2022 年對 Eneti 來說是盈利的一年。我們創造了大約 2 億美元的收入和超過 1 億美元的淨收入。這包括剝離 STNG 投資的已實現收益。這也是收穫頗豐的一年。我們證實了我們的論點，對海上風電的巨大需求和 WTIV 供應的限制為提高這一領域的日費率、現金流和回報創造了巨大的潛力。

In December, we've announced the initial employment contracts on our first newbuilding vessel, a leading day rate in our industry and one we feel reflects the tightening market for our assets that we are experiencing. We are in discussion to secure the initial employment contract for our second newbuilding, which we'll deliver in 2025. And at the same time, we continue to build our backlog even on our smaller assets with the 3 NG2500s, which are experiencing an increase in both utilization as well as day rates.

12 月，我們宣布了第一艘新造船的初始僱傭合同，這是我們行業領先的日薪，我們認為這反映了我們正在經歷的資產緊縮市場。我們正在討論確保我們將於 2025 年交付的第二艘新造船的初始僱傭合同。與此同時，我們繼續積壓訂單，即使是在我們較小的資產上也有 3 艘 NG2500，這些資產正在增加在利用率和日費率方面。

Our balance sheet is in a much stronger position than it was at the beginning of -- or a year ago. In 2022, we completed the restructuring of the Seajacks' balance sheet with a new loan facility, which reduced the company's overall leverage as well as its borrowing costs. Through strong cash flow from our existing asset base and the sale of our investment in STNG, we have maintained a healthy liquidity position. And today, with EUR 130 million in cash and a conservative leverage, we feel well positioned to capture the opportunities that 2023 will present to us.

我們的資產負債表比年初或一年前的狀況要好得多。 2022 年，我們通過新的貸款工具完成了 Seajacks 資產負債表的重組，降低了公司的整體槓桿率和借貸成本。通過我們現有資產基礎的強勁現金流和出售我們在 STNG 的投資，我們保持了健康的流動性狀況。今天，憑藉 1.3 億歐元的現金和保守的槓桿，我們有能力抓住 2023 年呈現給我們的機遇。

We are now focusing on closing our previously announced underwritten proposal for a EUR 436 million loan facility to finance up to 65% of the purchase costs of our newbuilding assets at Daewoo. At the same time, as mentioned a minute ago, we're looking at securing initial employment on our second newbuilding. And once these 2 milestones will be achieved, I expect the company to start looking at the next opportunities and focus on further development.

我們現在專注於完成我們之前宣布的 4.36 億歐元貸款額度的承銷提議，以資助我們在大宇的新造船資產高達 65% 的購買成本。與此同時，正如一分鐘前提到的，我們正在考慮確保我們第二艘新造船的初始就業。一旦實現這兩個里程碑，我預計公司將開始尋找下一個機會並專注於進一步發展。

Much of the progress we are making today has yet to be realized, but it will greatly benefit the company in the coming years. We remain and are excited to capitalize on these opportunities, the good news ahead and our role in the transition to a cleaner and more sustainable future.

我們今天取得的許多進展尚未實現，但它將在未來幾年極大地造福於公司。我們留下來並很高興能利用這些機會、未來的好消息以及我們在向更清潔和更可持續的未來過渡中的作用。

Thanks for your time. My opening remarks are over, and I will now turn the call to Sebastian and James, which will walk us through the slides material. Sebastian or James?

謝謝你的時間。我的開場白結束了，現在我將把電話轉給塞巴斯蒂安和詹姆斯，他們將向我們介紹幻燈片材料。塞巴斯蒂安還是詹姆斯？

Great. Thank you, Emmanuel. Jay, if we could go to Slide 7, please. As Emmanuel indicated, I'm Sebastian Brook, I'm the COO of Seajacks which has been installing wind turbines since 2009. Seajacks is the operating platform of Eneti and is responsible for operating and contracting the fleet of 5 vessels that are currently on the water and the next 2 generation newbuild installation vessels, which are scheduled to deliver in the second half of 2024 and the first half of 2025, respectively.

偉大的。謝謝你，伊曼紐爾。傑伊，請讓我們轉到幻燈片 7。正如 Emmanuel 所指出的，我是 Sebastian Brook，我是 Seajacks 的首席運營官，該公司自 2009 年以來一直在安裝風力渦輪機。Seajacks 是 Eneti 的運營平台，負責運營和承包目前在water 和下一代 2 代新建安裝船，計劃分別於 2024 年下半年和 2025 年上半年交付。

We've been busy building backlog over the past 2 years, and you can see from the chart on the bottom left that we've not only increased revenues through new contracts, but also through extensions of contracts beyond their original contractual periods. In Q4, we negotiated extensions for 1 NG2500 class vessel, which has resulted in additional revenue generation of EUR 2.9 million over the fourth quarter of 2022 and first quarter of 2023. In addition, we extended the contract on the Scylla, which resulted in additional revenue generation of EUR 2.6 million in the first quarter of 2023.

在過去的 2 年裡，我們一直忙於積壓工作，從左下角的圖表中可以看出，我們不僅通過新合同增加了收入，還通過將合同延期到原始合同期限之外。在第四季度，我們就 1 艘 NG2500 級船舶的延期進行了談判，這在 2022 年第四季度和 2023 年第一季度產生了 290 萬歐元的額外收入。此外，我們還延長了 Scylla 的合同，這導致了額外的收入2023 年第一季度創收 260 萬歐元。

The GAM chart on the right hand of this slide shows that employment has already been secured for our 2 installation vessels, Scylla and Zaratan through the end of 2023, and we have numerous conversations going on about potential follow-on work in Europe, APAC and North America for 2024. The outlook for the smaller vessels remains very positive. And while the NG2500s are no longer installing turbines, the demand for turbine maintenance, hookup and commissioning of offshore wind substations and the maintenance and decommissioning of gas platforms continues to increase.

這張幻燈片右側的 GAM 圖表顯示，到 2023 年底，我們的 2 艘安裝船 Scylla 和 Zaratan 的就業已經得到保障，我們就歐洲、亞太地區和北美 2024 年。小型船舶的前景仍然非常樂觀。雖然 NG2500 不再安裝渦輪機，但海上風力變電站的渦輪機維護、連接和調試以及天然氣平台的維護和退役需求持續增加。

Case in point, during Q4, we signed 2 new contracts for one of the NG2500 vessels for between 75 and 102 days of employment, which will generate between approximately $5.7 million and $7.1 million of revenue in 2023. We continue to benefit from the reduction of supply of NG2500s and similar units in the North Sea in recent years. You may recall that just a couple of years ago, there were 6 similar vessels operating in the region, but this number has reduced to 4.

舉個例子，在第四季度，我們為其中一艘 NG2500 船簽署了 2 份新合同，僱傭時間在 75 到 102 天之間，這將在 2023 年產生大約 570 萬到 710 萬美元的收入。我們繼續受益於減少近年來在北海供應 NG2500s 和類似裝置。你可能還記得，就在幾年前，該地區還有 6 艘類似的船隻在運營，但這個數字已經減少到 4 艘。

Improvements on the demand side stem from the fact that many of the smaller turbines are approaching 10 years in the water and require increasing levels of maintenance, the number of substations requiring hook-up, commissioning and maintenance in the North Sea continues to increase in line with installed capacity and that the recent energy crisis has prompted utilities and operators to maintain the critical gas infrastructure in the region.

需求方面的改善源於許多小型渦輪機在水中的使用壽命接近 10 年，需要提高維護水平，北海需要連接、調試和維護的變電站數量持續增加裝機容量，最近的能源危機促使公用事業和運營商維護該地區的關鍵天然氣基礎設施。

Slide 8, please. Eneti's core market is wind turbine installation and based on industry fundamentals, the outlook here is bright. Why is that? Firstly, we are operating in a growth industry. While analysts may have different views on exactly what the growth rate is, they're all agreed that growth is robust and the revisions to forecasts are up rather than flat or down. This will lead to an increasing demand for installation vessels. Secondly, there are significant barriers to entry. So the increases in supply are relatively muted and typically limited to companies with an existing footprint in the offshore wind industry. Thirdly, CapEx associated with WTIV installation is relatively low, around 2% of the total spend of an offshore wind farm. So increases in day rate are not going to jeopardize the financial viability of the wind farm. Eneti is well positioned to benefit from these positive market fundamentals, not only with Scylla and Zaratan, but also the 2 newbuildings that are scheduled for delivery in '24 and '25.

請放幻燈片 8。 Eneti 的核心市場是風力渦輪機安裝，基於行業基本面，這裡的前景一片光明。這是為什麼？首先，我們在一個成長型行業中運營。儘管分析師對增長率的確切情況可能有不同的看法，但他們都同意增長強勁並且對預測的修正是上調而不是持平或下調。這將導致對安裝船的需求增加。其次，進入壁壘很大。因此，供應的增長相對溫和，而且通常僅限於在海上風電行業已有足蹟的公司。第三，與 WTIV 安裝相關的資本支出相對較低，約佔海上風電場總支出的 2%。因此，日費率的增加不會危及風電場的財務可行性。 Eneti 處於有利地位，可以從這些積極的市場基本面中受益，不僅是 Scylla 和 Zaratan，還有計劃於 24 年和 25 年交付的 2 艘新造船。

Slide 9, please. As we mentioned, Eneti's 2 newbuildings are scheduled for delivery in the second half of 2024 and the first half of 2025, respectively. As Emmanuel mentioned, we signed the initial employment contract for a newbuild, which will start early in 2025. The contract will be performed by the company's first newbuild vessel, Nessie, which will be delivered in the fourth quarter of '24. The engagement is expected to be between 226 and 276 days and generate approximately EUR 60 million to EUR 73 million of net revenue after forecasted project costs. This equates to an effective day rate of EUR 260,000 per day after project cost. This contract confirms the value, capability and flexibility that these newbuild assets provide to our customers.

請播放幻燈片 9。正如我們所提到的，Eneti 的 2 艘新造船計劃分別在 2024 年下半年和 2025 年上半年交付。正如 Emmanuel 提到的，我們簽署了新船的初始僱傭合同，該合同將於 2025 年初開始。該合同將由公司的第一艘新船 Nessie 履行，該船將於 24 年第四季度交付。該項目預計持續 226 至 276 天，並在扣除預測的項目成本後產生約 6000 萬至 7300 萬歐元的淨收入。這相當於扣除項目成本後每天 260,000 歐元的有效日費率。該合同確認了這些新建資產為我們的客戶提供的價值、能力和靈活性。

We are obviously in contractual discussions for our second newbuilding and believe that market fundamentals will enable us to deploy Siren on attractive terms. As for the longer term, contracting activity remains high for the newbuildings, and we continue to see serious interest for work in Asia Pacific, Europe and the U.S. through to the end of the decade. Clients continue to look to secure capacity early in a market that is predicted to have a shortage of vessels as we move into the second half of this decade. We remain focused on finding the right contracts for these highly capable vessels, and we believe that this strategy will enable us to generate the most attractive returns for our shareholders.

我們顯然正在為我們的第二艘新造船進行合同討論，並相信市場基本面將使我們能夠以有吸引力的條件部署 Siren。就長期而言，新造船的承包活動仍然很高，我們將繼續看到亞太地區、歐洲和美國對本十年末工作的濃厚興趣。隨著我們進入本世紀的下半葉，預計市場將出現船舶短缺，客戶將繼續尋求儘早確保運力。我們仍然專注於為這些高性能船舶尋找合適的合同，我們相信這一戰略將使我們能夠為股東創造最具吸引力的回報。

And with that, I'm going to hand over to James Doyle.

有了這個，我將交給 James Doyle。

Thank you, Sebastian. Slide 11, please. Fourth quarter revenue was $46.6 million, which was higher than expected and the result of optional days being exercised as well as extensions of contracts that were set to finish during the fourth quarter. Given the additional operating days and the extensions, $5 million of project costs that were expected to occur in Q4 will occur in Q1 this year, as these vessels continue to work at the end of the year.

謝謝你，塞巴斯蒂安。請放幻燈片 11。第四季度收入為 4660 萬美元，高於預期，這是由於執行了可選天數以及原定於第四季度完成的合同延期。考慮到額外的運營天數和延期，預計在第四季度發生的 500 萬美元項目成本將在今年第一季度發生，因為這些船隻將在年底繼續工作。

We expect $9.7 million in project costs in the first quarter. Q1 is a slower part of the year and we expect $9.4 million in revenue during the first quarter, which includes optional days that have already been exercised by the customer. For the first quarter, we expect higher OpEx and would recommend using a daily OpEx of $65,000 on the Scylla; 52,000 a day on the Zaratan; and $30,000 a day on the NG2500s.

我們預計第一季度的項目成本為 970 萬美元。第一季度是一年中較慢的部分，我們預計第一季度的收入為 940 萬美元，其中包括客戶已經行使的可選天數。對於第一季度，我們預計運營支出會更高，並建議在 Scylla 上使用 65,000 美元的每日運營支出； Zaratan 每天 52,000；以及 NG2500 每天 30,000 美元。

The increase in OpEx is due to maintenance, which was postponed as a result of extensive work history on the vessels throughout 2022. As Emmanuel mentioned, 2022 was a profitable year.

OpEx 的增加是由於維護，由於整個 2022 年船舶的大量工作歷史而被推遲。正如 Emmanuel 提到的，2022 年是有利可圖的一年。

Slide 12, please. The company generated almost $200 million in revenue and $63.3 million in operating cash flow. Excluding the realized gain on the STNG shares, the company generated $85 million and adjusted EBITDA of 42% EBITDA margin and $49 million in net income. It was also a productive year.

請放幻燈片 12。該公司產生了近 2 億美元的收入和 6330 萬美元的運營現金流。不包括 STNG 股票的已實現收益，該公司產生了 8500 萬美元，調整後的 EBITDA 為 42% 的 EBITDA 利潤率和 4900 萬美元的淨收入。這也是收穫頗豐的一年。

Slide 13, please. From September 2021, the company refinanced all the legacy debt inherited from our acquisition of Seajacks. We reduced the leverage from $198 million to $66 million today, lowering our borrowing costs and simplifying the balance sheet with one loan facility. Our balance sheet continues to improve, and we are pleased with the conservative leverage and a healthy liquidity position.

請放幻燈片 13。從 2021 年 9 月開始，公司對收購 Seajacks 後繼承的所有遺留債務進行再融資。今天，我們將槓桿率從 1.98 億美元降至 6600 萬美元，從而降低了借貸成本並通過一項貸款工具簡化了資產負債表。我們的資產負債表繼續改善，我們對保守的槓桿率和健康的流動性狀況感到滿意。

Slide 14, please. To date, we have paid almost $100 million of installment payments at our newbuilds. On the financing side, we have received an underwritten proposal from Credit Agricole and SocGen for a $436 million term loan facility or 65% purchase cost of the newbuilds, which we are focusing on finalizing.

請放幻燈片 14。迄今為止，我們已經為新造船支付了近 1 億美元的分期付款。在融資方面，我們收到了法國農業信貸銀行和法國興業銀行關於 4.36 億美元定期貸款額度或 65% 新造船採購成本的承銷提議，我們正在重點敲定該提議。

Net of newbuilding finance, the company has $120.3 million in remaining CapEx for its newbuilding program. To the right, you can see our CapEx schedule, the company has $99 million in CapEx payments this year.

扣除新造船融資後，該公司的新造船項目剩餘資本支出為 1.203 億美元。在右側，您可以看到我們的資本支出時間表，該公司今年的資本支出為 9900 萬美元。

Slide 15, please. December 2022, we announced the first employment contract on our newbuild, which equates to a day rate of EUR 265,000 per day or $280,000 per day at today's exchange rate. To the right is a newbuild sensitivity analysis, at 85% utilization for the year, a day rate of $280,000 per day would equate to $70.4 million in EBITDA or a 21% cash-on-cash return. This day rate confirms our thesis, increased demand for offshore wind and constraints in the supply chain have the potential for a higher rate environment. We are both excited and focused on securing the employment contract for our second newbuild.

請放幻燈片 15。 2022 年 12 月，我們宣布了新船的第一份僱傭合同，按今天的匯率計算，這相當於每天 265,000 歐元或 280,000 美元的日薪。右邊是新建的敏感性分析，按當年 85% 的利用率計算，每天 280,000 美元的日費率相當於 7040 萬美元的 EBITDA 或 21% 的現金回報率。這一日費率證實了我們的論點，海上風電需求的增加和供應鏈中的限制有可能帶來更高的費率環境。我們既興奮又專注於確保我們第二艘新造船的僱傭合同。

And with that, I'd like to turn it over to Q&A.

有了這個，我想把它交給問答環節。

(Operator Instructions) The first question today comes from Greg Lewis with BTIG.

（操作員說明）今天的第一個問題來自 BTIG 的 Greg Lewis。

And congratulations on the contract for the first newbuild, the Nessie. Sebastian, I was hoping you could talk a little bit more about potential opportunities for the second vessel and really kind of looking for an overview of what that newbuilding market looks like. Clearly, Eneti has a vessel, there's a couple more, but not a lot. Could you kind of like give -- talk a little bit about the broader strokes of how the offshore market is shaping up for '25 and how you're thinking about that?

並祝賀第一艘新造船 Nessie 的合同。塞巴斯蒂安，我希望你能多談談第二艘船的潛在機會，並真正了解一下新造船市場的概況。顯然，Eneti 有一艘船，還有幾艘，但不是很多。你能不能稍微談談離岸市場如何為 25 年塑造的更廣泛的衝擊，以及你是如何考慮的？

Yes. Thanks for the question. So I think we're in part of a structural change, where as I said previously, we've been in this kind of 2-dimensional European market for the prior decade. And we're now seeing demand coming from kind of numerous regions, Asia Pacific, multiple regions in Asia Pacific, the U.S., Europe, and every month, we hear about another country that has kind of aspirations in offshore wind. And I think as part of that, the longer-term kind of macro top-down picture is very positive. And so the level of inquiries that we see continues to increase. And again, just from a top-down approach, I think that the fundamentals are very, very strong, and that manifests itself by clients looking to secure capacity earlier because they may be concerned that they won't be able to meet their own time lines and again, just strengthening fundamentals for us.

是的。謝謝你的問題。所以我認為我們正在進行結構性變革，正如我之前所說，我們在過去十年中一直處於這種二維歐洲市場。我們現在看到需求來自許多地區，亞太地區，亞太地區的多個地區，美國，歐洲，每個月，我們都聽說另一個國家對海上風電有某種願望。我認為，作為其中的一部分，長期的宏觀自上而下的圖景是非常積極的。因此，我們看到的查詢水平繼續增加。再一次，從自上而下的方法來看，我認為基本面非常非常強大，客戶希望儘早確保產能就體現了這一點，因為他們可能擔心無法滿足自己的時間要求線又一次，只是加強了我們的基礎。

And just under that backdrop, and I think Emanuele talked about the future opportunities. As we think about the ability to add capacity, realizing it's early 2023. Could you talk a little bit about, if one were to order a newbuild WTIV clearly, the prices you paid were pretty attractive. Could you talk a little bit about maybe where current pricing is on newbuilds today? And then where we should think about those delivery windows potentially being.

就在那個背景下，我認為 Emanuele 談到了未來的機會。當我們考慮增加容量的能力時，意識到現在是 2023 年初。你能談談嗎，如果要清楚地訂購新建造的 WTIV，你支付的價格非常有吸引力。你能談談今天新造船的當前定價嗎？然後我們應該在哪裡考慮那些潛在的交付窗口。

Sure, Greg. Cam, do you want have a go or shall I?

當然，格雷格。卡姆，你想試一試還是我試一試？

Happy to, Emanuele. Greg, since sort of the start of the pandemic and all the inflationary pressures around shipyards, you would have expected to see prices increase by somewhere between, I don't know, 20% to 25% and the delivery positions move out now to somewhere late in '26 or even 2027.

很高興，伊曼紐爾。格雷格，自從大流行開始以及造船廠周圍的所有通貨膨脹壓力以來，你會期望看到價格上漲介於 20% 到 25% 之間，我不知道，交付位置現在轉移到某個地方26 年底甚至 2027 年。

The next question comes from Liam Burke with B. Riley.

下一個問題來自 Liam Burke 和 B. Riley。

Your 3 smaller vessels are seeing improving utilization rates, especially looking into 2023. In terms of their strategic value as assets, is there any change on how you currently view them?

您的 3 艘小型船舶的利用率正在提高，尤其是展望 2023 年。就其作為資產的戰略價值而言，您目前對它們的看法是否有任何變化？

Thanks for the question, Liam. There is no change from what we have discussed before. We remain open to explore alternatives on the assets. The good news is that in the -- whilst we are doing that, the market fundamentals have improved and so utilization and day rates have -- so directionally, the market is going up and this enhances and gives us more flexibility in the way we'd like to -- or we will be able to look at divesting from these assets, which we have identified as noncore.

謝謝你的問題，利亞姆。我們之前討論的內容沒有變化。我們仍然願意探索資產的替代方案。好消息是——在我們這樣做的同時，市場基本面有所改善，因此利用率和日費率也有所改善——因此，市場正在定向上漲，這增強了我們的方式，並為我們提供了更大的靈活性。我想——或者我們將能夠考慮剝離這些我們已確定為非核心的資產。

And on the macro front, in Europe, it seems that permitting had been a big gating factor in the development of some offshore wind farms. There was some discussion that the EU is now streamlining that process and making it a little faster to get permitting. Do you see that as pulling in or providing additional opportunity on European offshore wind?

而在宏觀方面，在歐洲，許可似乎是一些海上風電場發展的一個重要限制因素。有一些討論認為，歐盟現在正在簡化該流程並加快獲得許可的速度。您是否認為這是歐洲海上風電的拉動或提供額外機會？

Should I take a go at that, Emanuele?

我應該試試看嗎，Emanuele？

Please Sebastian, thank you.

請塞巴斯蒂安，謝謝。

I think generally, from a macro perspective, the amount of activity that we see at the moment kind of underpins not our story, but our industry as installation vessel owners. So there's significant demand for the foreseeable future. And that for every decision, such as the used decision on accelerating the permitting, you're just looking at kind of increased demand. So what's already an attractive market for us in a way becomes even stronger. And I know that permitting has been an issue for actually many countries. There's some people [making sure] who are trying to streamline theirs as well. But again, that's just a process and that's a process of making their permitting more efficient and to get these wind farms online quicker. But again, that's incremental demand. So to my point of view, even regardless of that, we see robust demand for the foreseeable future, and that just layers on additional demand.

我認為一般來說，從宏觀角度來看，我們目前看到的活動量並不是我們的故事的基礎，而是我們作為安裝船所有者的行業。因此，在可預見的未來，需求量很大。對於每一個決定，比如關於加速許可的使用決定，你只是在看一種增加的需求。因此，在某種程度上，對我們來說已經具有吸引力的市場變得更加強大。而且我知道，對於許多國家來說，許可一直是一個問題。有些人 [確定] 也在嘗試簡化他們的流程。但同樣，這只是一個過程，這是一個讓他們的許可更有效率並讓這些風電場更快上線的過程。但同樣，這是增量需求。因此，在我看來，即便如此，在可預見的未來，我們仍會看到強勁的需求，而這只會增加額外的需求。

This concludes our question-and-answer session. I would like to turn the conference back over to Emanuele Lauro, for closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Emanuele Lauro 作閉幕詞。

Thank you, Operator. I do not have any closing remarks. I just would like to thank everybody for your time today and look forward to being in touch separately. Thanks a lot. Goodbye.

謝謝你，運營商。我沒有任何結束語。我只是想感謝大家今天的時間，並期待單獨聯繫。多謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。