Aker ASA (AKAAF) Q4 2022 Earnings Call Transcript

Aker ASA (OTCPK:AKAAF) Q4 2022 Earnings Conference Call February 17, 2023 3:00 AM ET

Company Participants

Fredrik Berge - Head of Investor Relations

Oyvind Eriksen - President and CEO

Svein Oskar Stoknes - CFO

Conference Call Participants

Fredrik Berge

Hi, everyone, and invited to nan Presentation of Aker's Fourth Quarter Results 2022.

My sanction is Fredrik Berge, and I americium Head of Investor Relations. We will commencement nan position pinch Aker's President and CEO, Oyvind Eriksen, who will return you done nan highlights of nan 4th and really nan Industrial Holdings portfolio developed. Our CFO, Svein Oskar Stoknes, will past screen nan Financial Investments portfolio and nan 4th fourth accounts successful much detail.

There will beryllium a Q&A convention pursuing nan presentation. You whitethorn taxable your questions via nan chat usability connected nan webcast.

And pinch that I manus it complete to Oyvind Eriksen.

Oyvind Eriksen

Thank you, Fredrik, and bully morning, everyone.

We are putting 2022 down us, leaving a twelvemonth that will beryllium remembered arsenic a peculiarly disruptive play successful quality history. The warfare successful Europe is first and foremost a calamity for nan group of Ukraine, but it has besides been a reminder of nan vulnerability of some nan world bid successful wide and nan power strategy successful particular. Gone is nan sentiment complete nan past fewer decades, marked by governmental stability, free trade, inexpensive power and liberalization, a clip wherever business has trimmed politics, alternatively authorities is now trumping business.

Aker is actively considering nan semipermanent effect of a caller world order. We cautiously observe nan results of accrued protectionism, starring to important location differences and finance plans and we are forced to make strategical decisions nether unprecedented unpredictability. We do not cognize what nan early holds.

At times for illustration this we move to 3 steadfast pillars. One, Aker's method of activity playing to our strengths and acting countercyclically for semipermanent worth creation. Two, fostering collaborations and partnerships for growth. And three, protecting our beardown equilibrium sheet, which enables Aker to support a dependable people done periods of marketplace volatility.

I proceed to beryllium impressed by nan engagement and desire to harness nan powerfulness of collaboration and thrust affirmative alteration crossed Aker's portfolio companies. I'll get backmost to immoderate of nan cardinal events successful nan 4th successful conscionable a moment. Overall, nan sentiment arsenic we adjacent of 2022 is renewed optimism contempt nan turbulent times.

Today, we are besides announcing that nan Aker Board has decided to propose a dividend for nan fiscal twelvemonth 2022, this tranche being group astatine NOK15 per share, successful statement pinch our policy. A 2nd tranche will beryllium considered by nan Board successful nan 2nd half of this year. If nan further rate dividend equals nan projected dividend for 2022, nan full dividend paid during 2023 will beryllium NOK30 per stock astatine 4.2% output to nan stock value and a 3.3% of nett plus worth astatine nan adjacent of 2022.

For nan afloat twelvemonth Aker's nett plus worth decreased 4.2% aliases NOK2.9 cardinal including dividends. The worth alteration was chiefly driven by a driblet successful Aker Horizons, which was down NOK9.4 billion. This was offset by worth increases successful some Aker BP and Aker Solutions of astir NOK7 cardinal and NOK2.6 billion, respectively. In nan 4th quarter, Aker's nett plus worth decreased 3.1% to NOK66.9 billion, mostly owed to mean decreases successful Aker BioMarine, Aker Horizons and Aker BP. The per stock nett plus worth amounted to NOK900.

In nan quarter, nan Aker stock accrued by 4% adjusted for dividend to NOK719.5. This compares to a 7.8% summation successful nan Oslo Stock Exchange Benchmark Index. For nan afloat year, dividend adjusted shareholder return was minus 9.3% compared to a 1% alteration of nan benchmark index. Aker's worth adjusted equity ratio astatine nan extremity of nan play was 88%, Aker's liquidity reserve stood astatine NOK6.4 cardinal astatine nan extremity of nan year, which included NOK1.3 cardinal successful cash.

Aker's gross plus worth alteration to NOK76.1 cardinal successful nan 4th quarter, and pinch much than 79% of listed assets and cash, nan portfolio remains highly liquid. Our Industrial Holdings relationship for 85% of our gross values. Aker BP remains nan largest plus successful our portfolio astatine NOK40.7 cardinal and continues to beryllium an important root of liquidity, providing valuable upstream rate arsenic we proceed to put successful and create our portfolio on macroeconomic trends.

Aker has maturation platforms successful aggregate segments. Energy continues to beryllium our largest manufacture conception pinch portfolio companies positioned to supply power information short and mean word and thrust longer-term power transition. In parallel, we proceed to build a portfolio of investments successful different segments for illustration business software, seafood and marine biotech.

The 4th fourth marked nan extremity of a transformational twelvemonth for Aker BP. The institution is now afloat integrated pinch Lundin, a merger which doubled its accumulation and created a stronger and moreover much financially robust company.

Highlights successful nan 4th include: Johan Sverdrup Phase 2 starting accumulation publication to caller grounds levels of accumulation for Aker BP of 432,000 barrels of lipid equivalents per day; and nan submission of a grounds number of section improvement plans that correspond investments of much than NOK200 billion. The plans underscore nan company's ambition to create nan lipid and state institution of nan future, pinch debased cost, debased emissions, profitable growth, charismatic returns and accrued export of some lipid and state to Europe.

Next is Aker Solutions, which delivered beardown results some operationally and financially. The institution delivered important gross maturation successful 2022, accrued profitability and ended nan twelvemonth pinch a grounds precocious bid backlog of adjacent to NOK100 billion, of which 60% is related to nan activity package for nan Norwegian Continental Shelf. The subsea associated task pinch SLB and Subsea 7 is progressing arsenic planned and nan transaction is expected to adjacent during nan 2nd half of this twelvemonth pending regulatory approvals. Overall Aker Solutions is positioned itself to capitalize connected some near-term marketplace maturation and for longer-term structural changes successful power markets.

Moving connected to Aker Horizons. 2022 was a turbulent twelvemonth for renewables stocks and Aker Horizons felt nan effects of precocious volatility. We established Aker Horizons' existent building successful different superior market. As nan existent power situation underscores, nan power modulation is urgent, but it will return clip and require tremendous investments. Aker and Aker Horizons is responding to nan shifting marketplace challenges done observant strategical considerations to guarantee a much robust Aker Horizons. Overall, nan company's strategy remains unchanged pinch maturation level positioned for a semipermanent trajectories towards a low-carbon economy.

Next is Aker BioMarine. Offshore accumulation volumes successful 2022 to person improved compared to erstwhile years and nan full krill repast volumes for nan afloat twelvemonth 2022 were 19% supra 2021 levels. Sales crossed each segments, including Ingredients and Brands successful nan 4th fourth were successful statement pinch nan aforesaid play past year. During nan quarter, Aker BioMarine initiated an betterment programme pinch nan purpose to streamline operations and amended profitability to summation robustness for early growth.

Moving connected to our main unlisted assets, starting pinch our Industrial Software portfolio. First, Cognite. The institution made bully advancement besides successful 2022 pinch Software-as-a-Service, aliases SaaS, gross expanding by 85% from nan twelvemonth before, driven by quickly increasing world customer guidelines crossed various business verticals.

Through Cognite's strategical business pinch SLB, Aker is deepening nan collaboration pinch SLB to supply customers successful nan world power assemblage entree to information connected an unprecedented scale. This business is simply a nickname of Cognite's world imaginable and is different illustration that immoderate of nan biggest players successful lipid and state assemblage for illustration SLB and Aramco are choosing Cognite Data Fusion arsenic nan architecture for their respective integer devices and offering for accumulation optimization successful nan lipid and state industry.

The institution has worked intimately pinch SLB done nan 4th fourth and into nan caller twelvemonth to create this unsocial partnership, done which customers tin merge information from reservoirs, wells and accommodation successful a azygous unfastened level and leverage embedded artificial intelligence and precocious analytics devices to optimize production, trim costs and alteration operational and biology footprint.

In nan 4th quarter, nan institution besides formed a strategical business pinch Rockwell Automation, nan world's largest institution dedicated to business automation and integer transformation. This business will further unlock nan worth of manufacturing information and accelerate technological alteration for nan industry. Through its partnership, nan parties will create a unified edge-to-cloud business information hub for nan manufacturing industry.

Our different package company, Aize, is an business exertion package institution enabling businesses to visualize, navigate, collaborate and activity connected nan integer practice of an asset. In nan period, Aize signed a one-year SaaS statement pinch a world lipid awesome for 7 assets crossed nan U.K. and West Africa. Additionally, a continuation of nan strategical business statement betwixt Aker BP, Aker Solutions and Aize was signed, securing improvement backing towards Aize's halfway merchandise moving forward.

Aker Energy, our lipid and state institution successful Ghana, has completed FEED and prepared a revised scheme of improvement for nan Pecan section project. However, nan POD submission has been delayed owed to nan uncertainties and nan risks chiefly caused by nan warfare successful Ukraine arsenic good arsenic proviso concatenation disruptions and inflation. The institution continues to research strategical alternatives successful consequence to these challenges. The existent POD deadline has been extended to April 2023.

Lastly, SalMar Aker Ocean. The institution is moving towards a last finance determination connected a caller semi-offshore portion named Ocean Farm 2. There is besides an ongoing process for creation of nan Smart Fish Farm offshore unit. Both task timelines person been delayed arsenic a consequence of nan projected assets rent taxation aliases grunnrenteskatt successful Norwegian, arsenic good arsenic different topics to beryllium clarified by nan authorities successful Norway.

In conjunction pinch Aker's nonstop investments successful Gaia Salmon during nan quarter. SalMar Aker Ocean has signed a non-binding statement pinch Gaia for nan transportation of post-smolt for nan offshore salmon farming. The strategical practice will amended SalMar Aker Ocean's entree to post-smolt, which is an enabler for scaling offshore farming operations.

SalMar Aker Ocean continues its collaboration pinch Norwegian authorities and nan cultivation manufacture and different willing parties for nan constitution of regulatory frameworks for offshore and semi-offshore salmon farming, including nan effects related to nan projected caller taxation system. SalMar Aker Ocean is committed to caller offshore investments arsenic soon arsenic an wide regulatory model is successful place.

That concludes my portion of today's presentation. I now manus it complete to Svein Oskar, who will return you done nan financials successful nan 4th successful a greater level of detail.

Svein Oskar Stoknes

Thank you, Oyvind, and bully morning. I will commencement retired spending a fewer minutes connected Aker's Financial Investments earlier I spell done nan 4th fourth results successful immoderate much detail.

The Financial Investments portfolio accounted for 15% of Aker's full assets aliases NOK11.2 billion, down NOK685 cardinal from nan erstwhile quarter. This is chiefly owed to a alteration successful rate holdings of NOK1.2 billion, partially offset by a worth summation for our listed financial investments of NOK589 million. As before, nan main components nether Financial Investments are cash, listed financial investments, existent property and interest-bearing receivables, each of which I will now spell done successful immoderate much detail.

Then arsenic usual, starting pinch cash. Our rate holdings represented 2% of Aker's gross plus worth aliases NOK1.3 billion. This is down NOK1.2 cardinal from nan erstwhile quarter. Cash inflows were chiefly NOK1 cardinal from nan issuance of 2 caller unsecured greenish bonds and dividends received from Aker BP and AMSC of nan balanced to NOK752 million.

Cash inflows besides included NOK309 cardinal rate merchandise from nan renewal of nan full return swaps relating to AMSC. The main rate outflows successful nan 4th were chiefly indebtedness repayment of NOK1.6 cardinal and dividend costs of NOK1.1 billion.

Other rate outflows were loans to and equity investments successful portfolio companies of NOK316 million, of which NOK155 cardinal equity finance successful Gaia Salmon. Payments for operating expenses and nett liking were NOK194 cardinal successful nan 4th and our liquidity reserve was a coagulated NOK6.4 billion, including undrawn in installments accommodation of NOK5 billion.

Listed investments included successful our financial portfolio represented astir 3% of Aker's full assets astatine nan extremity of nan 4th aliases NOK2.5 billion. The full worth of this portfolio accrued by NOK589 cardinal successful nan 4th quarter, chiefly explained by worth increases of our positions successful Solstad Offshore of NOK347 cardinal and successful AMSC. The equity finance successful AMSC had a worth summation of NOK193 cardinal successful nan quarter. In addition, Aker posted a full dividend income from nan institution of NOK43 million. And arsenic already mentioned, nan TRS-agreements related to AMSC were rolled guardant successful November pinch nan rate merchandise of NOK309 million.

Next, Real property and different financial investments. And mixed nan 2 represented 10% of Aker's gross plus worth aliases NOK7.4 cardinal successful total. Aker's Real property holding, Aker Property Group, stood astatine nan book worth of NOK973 cardinal astatine nan extremity of nan quarter. Interest-bearing receivables totaled NOK4.2 billion, including a NOK2 cardinal indebtedness and a NOK1.2 cardinal convertible indebtedness to Aker Horizons.

Other equity investments totaled NOK1.4 billion, of which nan main components are related to our investments successful nan company's Industry Capital Partners Abelee, Seetee, Gaia Salmon and Clara Ventures. The alteration successful different equity investments is chiefly explained by antagonistic worth improvement successful Abelee of NOK170 cardinal and successful Seetee of NOK68 million, partially offset by finance successful Gaia Salmon of NOK155 million. Fixed and different interest-free assets totaled NOK883 million.

Then, let's move to nan 4th fourth financial highlights for Aker ASA and holding companies. And fto maine commencement pinch nan equilibrium sheet. Please statement that nan figures connected this descent are aft dividend allocation of NOK15 per share. The book worth of our investments is down NOK430 cardinal successful nan quarter. This is chiefly explained by antagonistic worth changes successful Aker BioMarine of NOK463 million, Aker Horizons of NOK411 cardinal and Abelee of NOK170 million. This is partially offset by nan worth summation successful Solstad Offshore of NOK347 cardinal and an equity finance successful Gaia Salmon of NOK155 million.

The full book worth of our assets was NOK34.1 cardinal and, successful our accounts, we usage nan lowest of historical costs and marketplace values. The adjacent worth accommodation illustrated successful grey colour connected this descent was down successful nan 4th to NOK42.1 cardinal from NOK43.2 cardinal successful nan 3rd quarter. This is chiefly explained by a antagonistic worth accommodation successful Aker BP of NOK1.1 cardinal and Aker Solutions of NOK144 million. This was partially offset by a affirmative worth accommodation successful AMSC of NOK116 million.

The gross plus worth stood astatine NOK76.1 cardinal astatine nan extremity of nan quarter, down from NOK79 cardinal astatine nan extremity of nan 3rd quarter. Aker's liabilities consisted of enslaved indebtedness of NOK5 billion, of which 2 caller greenish bonds of successful full NOK1 billion, successful summation to a US dollar denominated slope indebtedness of NOK1.9 cardinal and Norwegian kroner denominated slope indebtedness of NOK1 cardinal and NOK1.1 cardinal euro denominated loan. The liabilities astatine twelvemonth extremity besides included NOK1.1 cardinal dividend allocation for 2022, representing NOK15 per share.

The Board of Directors is besides proposing that nan Annual General Meeting authorizes nan Board to salary a imaginable further rate dividend during 2023 based connected nan 2022 yearly accounts, and this is successful statement pinch past year's practice. The book equity was NOK23.7 billion, down NOK2.1 billion, explained by dividend paid of NOK1.1 cardinal and allocation of mean dividend for 2022 of NOK1.1 billion. This was partially offset by a profit earlier taxation successful nan 4th of NOK121 million.

If we set for adjacent values of our listed assets and Cognite, we get our nett plus worth of NOK65.7 cardinal astatine nan extremity of nan 4th fourth aft allocation of dividend. Net plus worth per stock was NOK885 aft dividend and nan worth adjusted equity ratio was 86%.

Our gross interest-bearing indebtedness was NOK9 billion, which is down NOK784 cardinal from nan erstwhile 4th owed to nett indebtedness repayments. Net interest-bearing indebtedness was NOK3.2 billion. We issued caller unsecured greenish bonds totaling NOK1 cardinal successful November and subsequently exercised nan telephone action connected nan remaining NOK1.6 cardinal of nan AKER14 bond. This intends we person NOK5 cardinal of bonds and nan NOK balanced of astir NOK3 cardinal of slope loans presently outstanding pinch astir NOK5 cardinal disposable to tie connected nan in installments facilities.

The mean indebtedness maturity astatine nan extremity of nan 4th was 3.3 years. Maturity of nan slope accommodation are 3 years pinch 2 one-year hold options for NOK4 cardinal and five-years maturity for nan remaining NOK4 billion. Taking into relationship disposable in installments lines and hold options connected nan slope loans, nan implicit maturity of nan full indebtedness portfolio is down 4.9 years.

Then to nan income statement. The operating expenses for nan 4th fourth were NOK85 million. The nett worth alteration successful nan 4th was antagonistic NOK711 million, chiefly explained by worth reductions successful Aker BioMarine of NOK463 cardinal and Aker Horizons of NOK411 million, partially offset by a worth summation successful Solstad Offshore of NOK347 million. Our nett different financial items were affirmative NOK926 million, chiefly explained by dividend income of NOK772 cardinal and summation connected nan AMSC full return switch of NOK180 million. And nan profit earlier taxation was past NOK121 cardinal successful nan quarter.

Thank you. That was nan extremity of today's position and we tin past move connected to questions.

Question-and-Answer Session

A - Fredrik Berge

And your first mobility comes from Christopher Mollerlokken astatine Sparebank 1 Markets.

The higher liking situation has caused nan measurement of IPOs of IT companies to travel importantly down successful 2022. Could you stock your position of your plans regarding nan early ownership of Cognite and an IPO connected NASDAQ arsenic antecedently has been considered?

Oyvind Eriksen

Well, our main attraction and rather frankly our only attraction for nan clip being is nan improvement and maturation Cognite. And arsenic I mentioned successful my presentation, nan capacity continued to beryllium great, pinch a year-over-year gross maturation of much than 50% and moreover much importantly, nan software-as-a-service gross proportionality year-over-year grew 85%. The underlying marketplace for Cognite is besides good, and it doesn't bespeak astatine each nan driblet successful nan financial marketplace and including nan task superior marketplace for package companies.

So, what -- really do we deliberation astir IPO longer term? And nan scheme is precisely nan aforesaid arsenic earlier and nan longer-term target is to database Cognite astir apt successful nan United States. It will not hap this year. We return a semipermanent position to nan development, but yet that's nan goal, besides anchored pinch our chap shareholders. In parallel, we are evidently open-minded to different kinds of transactions.

Fredrik Berge

Okay. A follow-up mobility from Christopher.

Last twelvemonth nan aquaculture manufacture successful Norway was deed by a caller assets rent tax, arsenic you mentioned successful your presentation. Your partner SalMar has been vocal that accrued taxation will effect their finance plans. Could you please springiness immoderate thoughts regarding nan planned early finance successful SalMar Aker Ocean?

Oyvind Eriksen

Sure. We proceed to create SalMar Aker Ocean jointly pinch nan guidance of that institution arsenic good arsenic SalMar according to plan, which somewhat delayed for reasons I person already explained. And nan taxation strategy will evidently effect nan business case. And arsenic nan taxation connection has not yet been concluded, that's a mobility people for each of us. So, we will clasp backmost finance determination until we person much clarity connected nan taxation strategy and nan taxation level for nan business longer term.

Fredrik Berge

Thank you. The adjacent mobility comes from Ola Eikanger astatine SEB.

Good morning, and convey you for nan presentation. With nan geopolitical backdrop and European power crunch successful mind, we person precocious seen European lipid fields much muted connected nan greenish finance plans to prosecute investments successful lipid and gas. So, I'm wondering if thing has changed associated to really you deliberation astir superior allocation? And if directing much superior towards lipid and state investments is thing that is higher connected nan schedule now versus 1 aliases 2 years ago?

Oyvind Eriksen

So, arsenic you know, we are investing a batch successful caller lipid and state capacity connected nan Norwegian Continental Shelf, and pinch nan precocious level of greenfield developments successful Aker BP. Those investments were triggered by nan impermanent changes successful nan petroleum taxation strategy alternatively than nan geopolitical environment.

As acold arsenic an allocation of resources to renewables is concerned, we proceed to create our existing businesses, Aker Horizons arsenic an operator, Aker Solutions arsenic a supplier, and going forward, Industrial Capital Partners arsenic an investor successful nan renewable and cleantech projects. It is, however, a truth that it's much difficult to find bully nan finance opportunities successful renewable and cleantech than what it is for nan clip being successful lipid and gas. So that will not alteration our strategy, but we will beryllium much cautious successful nan greenish industries and admit nan truth that astir apt it will return much clip not only for us, but for nan world to complete nan ongoing power transition.

Fredrik Berge

Thank you. The adjacent mobility comes from Erik Aspen Fossa from Carnegie.

Could you please elaborate immoderate much connected nan advancement pinch ICP? Have you started to marketplace your funds?

Oyvind Eriksen

Well, nan constitution of ICP successful wide and nan different finance vehicles successful peculiar are progressing according to plan, pinch license, obtaining licenses hiring squad and engaging pinch some investors arsenic good arsenic early task partners. So, we expect to motorboat nan first costs during nan people of this twelvemonth and consequent to that commencement investing.

Fredrik Berge

His follow-up mobility is, what strategical alternatives are you considering for Aker Energy?

Oyvind Eriksen

Well, Aker Energy is still a very analyzable matter. But nan ongoing dialog is partially astir really to resoluteness nan issues related to Lukoil arsenic Russian licence partner, and partially exploration of nan opportunity to subordinate -- to prosecute different business aliases financial partners successful nan project.

Fredrik Berge

The adjacent mobility comes from Haakon Amundsen astatine ABG.

Good morning. Is it imaginable to springiness immoderate colour connected really you tin optimize nan building successful Aker Horizons?

Oyvind Eriksen

Well, we person already done a batch by simplifying nan building and done nan transactions pinch nan hydrogen and nan upwind business past year. And successful summation to that, Aker Horizons is successful nan process of streamlining business, focusing nan business, reducing nan costs base. So -- and now it's much astir really to execute connected nan existing merchandise portfolio and really to win pinch nan partnerships and successful particular, business pinch Statkraft.

Fredrik Berge

The adjacent mobility from nan web is astir your CEO letter. In your CEO missive you discussed nan accrued attraction connected power security, location differences that mightiness effect transverse separator collaboration. How do you spot this could power Aker strategical guidance moving forward?

Oyvind Eriksen

So, I think, it's a very absorbing world power scenery for nan clip being pinch important changes, which will effect a longer-term strategy of companies for illustration nan Aker Group. It's a partially astir nan equilibrium betwixt established sources of energy, for illustration lipid and gas, and really to gradually modulation into caller and greener sources of energy.

I deliberation I've already mentioned really Aker will deliberation astir that transition. We proceed to put successful lipid and gas. We judge successful lipid and state arsenic an charismatic finance short and longer -- mean term. And successful parallel pinch pursuing selectively and pinch subject caller greenish opportunities.

But it is besides a very, very absorbing displacement and improvement successful different regions. We each travel pinch awesome liking and nan consequences of Inflation Reduction Act successful nan U.S., which has already triggered allocation of resources and initiatives to North America, and now it will beryllium absorbing to spot really Europe response, and arsenic a portion of that, really Norway would for illustration to accordant -- to position itself successful bid to leverage our awesome and unsocial earthy resources.

Fredrik Berge

Thank you. And nan last mobility is astir partnerships. Congratulations connected Cognite strategical partnerships pinch Rockwell and SLB. Do you person immoderate colour astir your activity pinch partnerships successful Aker? And really they mightiness lend to maturation moving forward?

Oyvind Eriksen

Well, partnerships person go a very important portion of our development. And nan tipping constituent was nan transaction pinch BP backmost successful June, 2016. The collaboration pinch BP has not only created a batch of value, but it has besides been a very, very bully acquisition for america pinch a seamless and very constructive collaboration from time one. So that has inspired Aker to prosecute partnerships successful different parts of nan business. Why? Simply because that enables america to standard and turn beyond our existing capabilities.

On nan package side, we often mentioned astir Microsoft, Accenture, Aramco and precocious SLB and Rockwell. It's rather absorbing to announcement that nan institution which hardly existed 7 years ago, is now connected nan radar surface of immoderate of nan astir eager power companies and package companies successful nan world, but we besides use nan aforesaid method of activity to our maturation successful Aker Horizons.

And I'm personally very excited by nan collaboration pinch Statkraft, some connected nan Norwegian Continental Shelf and Offshore Wind opportunities, we are pursuing there, but besides perchance successful different greenish industries. It's early days, but a awesome fresh pinch complementary capabilities and a shared vision, not only to build individual companies, but to build greenish industries successful Norway.

Fredrik Berge

All right. Thank you, gentlemen, and convey you to nan audience. That was nan extremity of our webcast today. So, we wish you a bully Friday. Take care.