Good day, welcome to the Stolt-Nielsen Limited first quarter 2017 results presentation and conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Niels Stolt-Nielsen. Please go ahead, sir.
Thank you. Good afternoon, thank you for joining us for our first quarter 2017 results presentation. I will be referring to the presentation, which is also available on our website. If we go to page three, together with me here in Oslo is Jan Engelhardtsen, CFO of Stolt-Nielsen. Page four, the agenda. We will go through the highlights for the first quarter. I will go through each of the businesses. Jan will take you through the financials, then we will open up for question and answers. If we go to page five. Tankers operating profit was 28.5, that's down from 30.4, reflecting a continued softness in the chemical tanker market. Also, higher bunker fuel costs and a loss on a ship that we recycled. A recycling that was brought forward. That was partially offset by the positive impact of the Jo acquisition.
Stolthaven Terminals, positive operating profit, positive development, 16.7 compared to 14 million last quarter. That is mainly reflected from the improvement that we have done at Stolthaven Terminals, but also some improvement in the market at Stolthaven Singapore, also, increased income from our joint ventures. I will go through each of the businesses, as always, more in detail later. Tank Containers operating profit 9 million. That's down from 15, reflecting seasonality, but also continued strong competition. Also, the fourth quarter here was positively impacted by one-offs, which we didn't have in the first quarter. Stolt Sea Farm's operating profit before the fair value adjustment of inventories was 2.2, that's marginally up from 2.1. We saw in the first quarter a strong wild catch due to very good weather, which increased competition and also put a downward trend on the price.
Corporate and other, a loss of 4.6 compared to 10 million previous quarter, reflecting legal costs related to the Jo acquisition, also, provision towards doubtful account in the Stolt Bitumen Services. That gave us an operating profit of $48.4 million versus 52.1, a net profit of $15.2 million in the first quarter versus a $22.8 million profit in the fourth quarter of last year. If we go to page six, which is the net profit variance between the fourth quarter of last year and the first quarter of this year, we see a $1.9 million lower Tankers operating profit, higher terminal profit of 2.7, lower Tank Containers profit of 6.1, lower Sea Farm profit of 3.9 compared to last quarter because of the fair value adjustment.
The one-off Jo costs of acquisition related cost and the doubtful accounts receivable in bitumen, which we had in the fourth quarter, we didn't have in the first of $4.9, lower corporate and others, $0.7, higher finance cost because of the debt that we took on from the Jo acquisition of $5.1. Lower tax expenses of $1.5 brings it to $15.2 million net profit for the first quarter of 2017. Moving on to Stolt Tankers on page seven. The operating revenue increased 9.2% from the previous quarter, and that is mainly because of the larger fleet that we got out of the Jo acquisition, which helped push operating days up by 15.4% and volume up by 17.3%. That was offset by a softer market condition and increased bunker costs.
You actually can see here that the operating day was up 15.4%, the volume was up 17.3%. The volume is there. Actually, we had a better utilization as a result. Comparing like for like, excluding the impact of the Jo, the COA rates were down 3.6%, while the spot rates dropped 8.9%. Although the Jo ships contributed positively to net profit, their trade routes were typically shorter and contributing to a drop in overall COA rates. If you take the merged company, our COA rates that we booked for the quarter was down 5.4% and spot rates down by 12%. The reason that the COA rates and the spot rates were negatively impacted by the Jo acquisition is not that they were that much lower, it was because their trade lanes were much shorter, and the shorter trade lanes have traditionally a lower freight rate.
The long haul, they operate a large part in the transatlantic. We are in U.S. Gulf and the Far East and longer distances from there. Traditionally, the rates are higher. The COA renewals during the quarter were on average down 6.1%, that's quite significant. You can see that there is downward pressure in the market. Of the contracts that we did renew in the first quarter, on average, they were renewed at 6.1% down. If we move to page eight, fourth quarter operating profit versus first quarter 2017 operating profit. A positive impact from the Jo acquisition of $8. What does it say? $6.1. Lower trading results because of a weaker market of $1.8. The higher bunker costs, net of bunker surcharge of $1.7. Lower gain on the bunker hedges of $1.4 compared to previous quarter.
Lower owning expenses had a positive contribution of $1.4. We had the recycling of a ship, an early recycling of a ship had a negative impact of $2.2. Higher A&G due to one-off pension credit that we took in the fourth quarter of $1.4, lower equity income from our joint venture of $1.1 brought it down to $28.5 million operating profit for the quarter versus $30.4 million in the previous quarter. The bunker costs on page nine. The bunker cost net of bunker surcharge, excluding bunker hedges, increased by $7.9 million from the fourth quarter. The average IFO consumed increased to 306 in the quarter from 261, in the fourth quarter. That what we consumed, 306 versus 261. The average price that we bought during the quarter was $328 versus previous quarter of $273. You can see that's the increased bunker costs.
The COA bunker surcharge clause covered on the average 69.1%. That used to be higher, because of the Jo, which didn't have as much bunker clause coverage, it is now at just under 70%. You see the bunker hedges. We have some paper hedges in place, out of which we realized $ 2.0 million in the first quarter, and we also have an unrealized write-up of the hedges that we have in place also of $30,000 for the quarter. Moving on to STJS sailed-in time charter index. On page 10, you can see a dramatic drop. That is over several quarters, but the peak is from the second quarter of 2016, you have seen a drop in the sailed-in since reflecting again a weaker market. On page 11, deep sea market spot rate development. The commodity rates recovered by 12% in the first quarter of 2017.
That was following a drop of a total of 32% in 2016. Specialty rates, the small chemical parcels that we focus on, remain flat quarter on quarter, which is down 19% from the peak in 2016. What we have seen is that the MR market, the ships that usually have a tendency when there's a weak MR market, these flexible ships coming to our segment. We saw that the MR market has recovered as European refinery margins and ship delays in West Africa combined to cause steep increases, in some cases above chemical earnings. We haven't really seen the effect of it yet, we expect as we see when it's a weak MR market, these ships come into our segment and put pressure on the commodity size of the chemical space.
Even though we haven't seen the positive impact of it, we expect that as the MR market has improved, we will see less of this swing tonnage coming in. How long it will last, we don't know. We haven't seen the effects, I think in the second quarter, we will see a positive impact from it. Spot freight rates appear to have bottom out, but the significant chemical order book and the uncertainty around the MR market presents challenges for a recovery in 2017. If you go to page 12, our 71% COA coverage protect us from the impact of short-term swings in spot rates. Low spot ratio allows us to be more selective on spot cargo. We are quite heavily contracted. The contract rates usually don't react as quickly and as dramatically as the spot rates.
Even though the spot rates we see double-digit reductions there, you can see that the COA rates are more modest. COA coverage decreased to 71% from 77% in the fourth quarter, this again, is due to the addition of the Jo, which has a slightly lower COA coverage. The first quarter of 2017 was impacted mostly by Jo ships short-haul repositioning fixtures at lower spot rates. Spot market weakness does impact COA rates negotiations, but the change in COA rate is typically less than the change in spot rates, as evident by the decrease of 6.1 on the COA rate during the quarter. The order book on page 13. These are the 19 operators that we compare ourselves to. It is gone. I think we said it was 22%. Last time, it's now down to 17.8.
Again, the blue is what is on order and what is to be delivered. You can see there's a significant amount of tonnage coming in in 2017 and also some in 2018. We continue to say that 2017 will be a challenging year for tankers because of the new tonnage coming in. We are seeing that the volumes, both on the COA side and on the spot side, are relatively healthy. The pressure on the market is not really because it's less trade or less nominations on the COAs. It is because there's new tonnage and more ships coming in and competing for the business. New building delivery schedule. The left-hand side is the Hudong ships that we ordered some time back. We have received three, and another three to go.
Then you have the joint venture that we have with Jo, eight ships, where we have four ships are delivered and four to be delivered. Moving then on to Stolthaven Terminals on page 15. Revenue decreased slightly in the first quarter, with slightly lower throughput revenue offset by higher utility revenue. The lease capacity was unchanged, while utilization dropped slightly from 91.8% to 91.1% due to a 1% increase in overall capacity. The cost-saving initiatives are slowly starting to have a positive impact at cost per cubic meter. If we look on page 16, the variance now is in the operating profit between the two quarters. We had $14 million operating profit last quarter, $2.3 million one-off pension and medical credits that we had last quarter, which we didn't have this quarter.
We have a higher gross operating margin of $0.4 million, lower depreciation due to one-offs that we had in fourth quarter, higher equity income from our joint venture, and lower A&G expenses of $0.8 million, and others of $0.4 million brings us to $16.7 million. Page 17, Stolthaven Owned Terminals key initiatives. As we have spoken about earlier, we are modernizing our Houston terminal, particularly, with the latest technology in order to optimize operational performance while improving safety and efficiency. The best investments that we can do in Stolthaven Terminals and of course, really for the group, is to continue to seek organic growth at our current facilities in order to leverage the existing infrastructure and fully utilize the land available for expansion. Really, Stolthaven Terminals, we don't need to buy any more terminals for the time being.
There's a lot of growth opportunity at our existing terminals, and that what we're focusing on to get the full utilization at existing terminal. We are also focusing on developing long-term contracts with potential pipeline-connected industrial customer in order to improve throughput utilization and revenue. We will continue to focus on ship-to-shore interface to create the synergies between tankers and terminals, including the construction of a new ship dock in Houston to be started in the mid of this year. That is to reduce the waiting times and turnaround while increasing tonnes per hour and terminal throughput volumes. These action will take time, but will gradually, positively impact the financial performance of Stolthaven Terminals. I think you will continue to see a gradual improvement from the Stolthaven Terminals, even though it will take time.
The board approved the building of Jetty 11 at what we call the East Property. I'm sorry for the telephone call here, but on the right side of the slide of the picture where there's two yellow squares, this whole area is what we call the East Property. This is the West Property, the west terminal, the existing terminal, and there is the East Property. This is prime location in the Houston ship channel, large location. Here we have now approved, we got the permission and the board approved for us to construct a new jetty, which will of course, be connected to the existing terminal and to the two jetties we have here. It will then reduce the waiting time for the ships and also give us the opportunity to pursue new business on the East Property.
As you read, most likely, there's a lot of activity and a lot of growth of chemical production in the U.S. Gulf, and this is really in the middle of it. We will then have 50 plus acres available for land for expansion opportunities for over 2 million barrels of storage capacity with the additional jetties and rail car and truck racks. Moving then on to Stolt Tank Containers. Revenue was down 2.3% in the first quarter. That's consistent with the seasonality that we have seen over the years. The transportation revenue was up 2.2% due to the increase in number of shipment, which was offset by lower prices and lower demurrage revenue. Lower prices and lower demurrage revenue reflects the increased competition that we see in this segment.
The lower prices, of course, is the freight rates that you charge, but also the customers are becoming better at negotiating terms in relation. Demurrage, they are getting more free days to keep the container, and therefore, also that's why we're getting lower demurrage revenue. Depreciation was up as the residual value of tanks was adjusted down in line with the falling steel prices. This is something that we do each year, once a year. A&G, administrative and general expenses, up in the first quarter due to the one-off adjustment related to pension and post-retirement medical plans that we had in the fourth quarter of 2016. If we go to page 20 and compare STC fourth quarter to first quarter operating profit, we had a higher transportation revenue due to increased number of shipment of 1.9%, lower demurrage and other revenue, as I explained.
Higher operating cost because of the higher transportation revenue. Higher depreciation due to lower residual value because of the steel prices. Higher ND due to one-off cost reduction initiative in the fourth quarter brings us to $ 9 million for the quarter. Stolt Tank Containers key initiatives on page 22. Strong demand for shipment, but competition is driving the margins down. Continue to remain aggressive on pricing to improve utilization and increase turns per tank. We are continuing to focus on the system development and the implementation of global platforms to reduce expenses and to increase scale, the efficiency of operations and effectiveness of sales. Going forward, once we need more tanks, once we get the utilization up, we will pursue that by most likely leasing tank.
Margin deterioration has slowed and may have bottomed out, and I think so. Since the end of the first quarter, we have seen quite a bit of activity increased. Utilization has picked up significantly, we're also seeing actually we're able to pass through higher rate. As you might know, the container lines have consolidated. The groupings of the alliances have reduced capacity out there. As a result, we're seeing the container lines are pushing up rate. When they push up rate, that's a pass-through cost for us, both the container lines and the trucks. When the container lines are able to push through rate increases, we also traditionally are able to push through increases on our rates, and that's what we're seeing.
I think we will actually start to see, I'm hoping, cautiously optimistic, that we will start to see some improvements from the tank container. First quarter is a combination, of course, competition. You haven't seen the pickup from the activity yet, but also because of the short month and also the Lunar New Year and the Chinese New Year, et cetera. Stolt Sea Farm on page 22. Volume of turbot was up 12%, but prices were down 5% due to significant wild catch. I told you that I didn't think that these turbot prices were going to go down, but actually in the first quarter, there were no storms in Europe during the winter storm, so the fishing was phenomenal. The wild fish catch, not only of turbot, but all fishing, put enormous pressure on the prices.
The sole prices were down, were due to increased wild catch as above. The caviar, the volume was down during the quarter, which typically is the peak season. Prices in first quarter increased by 29% due to higher portion of direct sales and better margins. I'm going to skip the variance now for the Stolt Sea Farm. Stolt-Nielsen Gas. We have a stake in Avance Gas. We have a stake in Golar, then we are trying to develop the small scale LNG. You can see a new name here we call Avenir LNG. Avenir LNG is now today 100% owned by Stolt-Nielsen, and all the small scale LNG investments will be done through this company. We will be focusing on small ships and terminal, small terminal, serving stranded customers and stranded demand.
We are continuing to work on both offtake agreements and also contracts for the ships. We, as it stands, have still not yet ordered or confirmed the ships that we have on subjects. That concludes my part of the presentation. Now I give it to Jan for the financials.
Thank you very much, Niels. Good afternoon and good morning to those of you on the phone. We're going to go to slide 26. This is the net profit. As before, I will give some comments to the financial results that we have released this morning. All of this presentation, plus the press release, plus also the interim results that we have filed for the quarter ending February 28th, 2017, you can find on our website. We filed the interim with the Oslo Stock Exchange this afternoon. If we look at the net profit, and this is before the one-offs, $55 million was it in the fourth quarter, so it's down to $51.8 million.
As you saw from Niels' slides, the positive impact from the Jo acquisition is overshadowed by the weakening of the trade market for tankers, the increase in bunker prices, and also the pressure and squeeze on the margins in STC. On top of that, we also had to take a markdown of the inventory of the fish. If you will, alone, that was the difference between the two quarters is $4.1 million. It explains almost entirely the difference in itself. If we look at the one-offs we talked about, Niels mentioned the Stolt Hill, which is a ship that we sold for recycling. Originally, it was supposed to be done later in the year, but we brought it up for various reasons. Of course, then we have to write off any difference between the sales price and the book value.
That is primarily caused by the fact that we brought the recycling forward. If you look at interest, yes, interest is up now reflecting the full impact of the additional debt we took on in connection with the JOT acquisition. It also reflects the fact that we took delivery of two of the ships, the C38s, in China. Taxes are also a little bit down. We had some tax rebates in Santos. We had a tax audit adjustment positive in Singapore. We also had, as you saw, a lower profit, if your taxable profit on STC, which all has contributed to bring the taxes down in the quarter. It brought us down to $15.2 million profit, against $22.8 million. Slide 27, shareholder equity, $1.42 billion. That's up from $1.38 billion. Of course, we had the profit that improved the situation.
We also gave out dividends in the period of $24 million. The reason why it's still positive is the fact that we had translational gains, et cetera, tied to the OCI in the balance sheet. The OCI actually is showing a gain for the quarter. Debt, $2.5 billion. That's up from $2.4 billion. I'll come into the components of that a bit later. Debt to tangible net worth, 1.55 to 1. We have said previously that we try to be below one and a half to one. If you take out the cash, on a net cash basis, it's actually 1.48 to 1. EBITDA to interest expense, 3.51 to 1, this is down from 4.08 to 1.
Cash, $108 million at the end of the quarter, $268 million in liquidity on our revolver, we also have $81 million of uncommitted lines that we can use, which in total then brings the liquidity up to $457 million. You can also see here that going forward, there's always talk about the U.S. dollar interest rates going up, and it will, but we are actually 60% fixed and 40%, if you will, floating. As such, at the average of the first quarter, the interest rate that we're paying is 4.4%. We're very happy with that. We expect that the interest expense for the coming quarter will be $31 million. That's next quarter. This is slide 28.
If you look at the cash flow, you can see here that cash from operation is down from $71 million in the fourth quarter down to $57 million in the first quarter. We had some issues dealing with a buildup of working capital during the quarter. We were working very hard to integrate the Jo Acquisition. We did that the last few days in the fourth quarter. We really got the full impact of this integration starting in the first quarter. It took a little bit longer to get things up and running. We are now in control of the buildup with late billings and various other things that brought the working capital up. As we go into the second quarter, this has been sorted out and I think our guys have done a very good job.
If we look at capital expenditures, I said we took delivery of two of the ships from China, the C38s, Stolt Integrity. We also had some capital expenditures on the terminal side, and also for STC, we're working on building two depots, one in China that needed more cash, and also one in Italy, in Vado, to support the business that we do down there for Infineum. When you look on the financial side, we did, during the quarter, draw down $150 million on a line. It's a line that we put in place to acquire the Jo fleet and the company. It's secured against those ships. We drew down $150 million, and the proceeds we used to repay the debt that we took over when we acquired Jo.
In addition, we also drew down on the EXIM financing that we had with the Chinese for the two new buildings. It was about $105 million. You can also see that I mentioned the dividend paid out was $24 million. That left us at the end with $108 million in cash, which is more cash than we actually would like to hold because normally we just bring it in under the control of treasury, then we use it to pay down on the revolver. Slide 29. The EBITDA. Let me just remind you here that we take out from here any gain or sale on assets and of course any noise that comes with the fair value of the fish farm inventory. You can see here for tankers, you clearly see the contribution for the quarter from the Jo acquisition.
Terminals, also slight improvement, as Niels mentioned. Tank containers, you're really back to where we were in the first quarter 2016 and second quarter 2016. We are down from the good quarter we had at the end of the last quarter. Again, for the company as a whole, we're up to $120 million in EBITDA for the quarter. Next, this is page 30. A&G and general expenses, $51.7, up from $49.9. I have to admit here that when we guided last time, I think we said $56.5 million. We came in significantly below that guidance. Again, part of that increase that we saw was really due to the expenses that we had expected in connection with the JOT acquisition. Now when we look forward into the next quarter, we say $53.1 million is how we're guiding. Depreciation, this is slide 31. $64.9, up from $58.
Most of that increase relates to the JOT acquisition and also the two Chinese ships that we took delivery of. Of course, as we go into the next quarter, the second quarter, we will have the full impact on those two ships that were delivered during the first quarter. Also we're taking delivery, as you saw from an earlier slide, of two additional ships. That's why we bring the tanker depreciation up to $44 million. Stolthaven terminals were slightly down, but that was because we did a write-off of some tanks in the fourth quarter that we didn't have to do in the first quarter 2017. We also wrote off some old operating computer systems that we are going to replace. We did that in the fourth quarter. From $64.9, we're guiding now for the next quarter, $67.7.
JVs and taxes, $4 million for the quarter, down from $5.5. Part of that drop obviously was the weaker tanker market. We also, in corporate, where we actually keep track of Avance Gas and Golar, those investments were also down at $2.5 million instead of around $1 million loss in the previous quarter. We do see an improvement as we go into the next quarter and guiding at $6.5. Taxes, I already mentioned some improvements due to various adjustment in Santos and Singapore. Next, this is the capital expenditure table, slide 33. We were at $129 million during the quarter. For the remaining three quarters, we are at the $278 million. No, sorry. We're at, yeah, $278 million. You can see that the total, these are committed capital expenditures. It's what the board has approved and project that we are currently working on.
You can see for the rest of this year, plus the rest of the five-year plan is at $520 million. Half of that will actually be spent during the next three quarters of this year, the remaining quarters of this year. When you look at it further, out of what we're going to spend for the rest of this year, half of it is in tankers and $112 million is on the terminal side. On the terminal side, it's really various expansions, it's jetties and some upgrades. For tank containers, it's mostly towards the depots. What you will obviously see is that the committed CapEx have come down quite dramatically as we go into 2018 and 2019.
Just one comment, out of the $ 520 million, we have almost $ 120 million left on the financing in China. We also have financing for the jetty, another $ 35 million- 40 million of the jetty in Newcastle in Australia. Debt maturity profile. I think you recognize this slide from previously. The green are the balloon payments. The blue is just the regular amortization of bank debt. The balloon payment that you see here in 2017 relates to the terminal in Singapore. It is maturing at the end of this year. We have gotten credit approval for a renewal. Right now, we're in the documentation phase. We expect to have this solved and closed basically by the end of the second quarter. The facility is $ 280 million. The outstanding amount is $ 180 million. That will net $ 100 million.
We will use what's left to pay down and repay, if you will, one of the facilities that we also got, the short-term facility that we put in place when we acquired the Jo fleet. I think that's back to you, Niels.
Thank you, Jan. Just some takeaways. Integration of Jo progressing as planned. We'll focus on realizing the synergies and improving operations for the benefit of all of our stakeholders. We have announced that we have started the project of separating out Stolt Tankers as a standalone company. I just have to manage expectations because I think some of the analysts are running ahead a little too fast here. The board has approved that we make a clean Stolt Tankers structure so that all of the Stolt Tankers assets is under Stolt Tankers, all the employees. We have created our own balance sheet, a standalone structure. Still 100% owned by Stolt-Nielsen. Still the same debt structure in the group. This gives us the opportunity to look for further consolidation opportunities in the chemical tanker segment.
The purpose of this is not to run and do an IPO, but the purpose of this is if we see opportunities to do further consolidation, that Stolt-Nielsen doesn't have to use only cash like we did for Jo, but can offer a share. We believe that there are quite a few investors that would be interested in participating or receiving shares in return for us doing an IPO. If we are able to find the right acquisition target, and this can't be anyone, it needs to be a tonnage that we need and that fits into our fleet. It's not only tonnage, but it's also a platform. We're looking for other operators to join us so we can pull out the synergies. We're not really after that much tonnage. We're after less operator platforms.
If we are not successful in finding another partner to join with, it's not taken that we will do an IPO. We might, as we are, but that's not given. The focus that we're doing in the group right now is really to separate out Stolt Tankers as standalone, so that we have a piece of paper available, and then it's to find a company for further consolidation. There are quite a few opportunities out there. As a company as a whole, Stolt-Nielsen, as Jan showed you, we have a debt to tangible net worth. If you look at the net debt to tangible net worth, it's just under 1.5 to 1. We've kind of reached our self-imposed limit when it comes to debt.
We are managing our balance sheet, making certain that we are careful in what we are investing or how much additional debt we take on. As you have seen from the presentation, the tanker market is under pressure. We think it has flattened out. We see the volumes, the nominations are relatively healthy. I hope that it won't fall further because of the additional ships coming into the market. To jump to the conclusion that we believe we have reached the bottom of the cycle or bottom of the market, it's very careful how you express yourself. We are cautiously optimistic, if you say. As long as our debt level is where it is, as long as the tanker market has hopefully reached the bottom, the tank container market has hopefully reached the bottom.
We continue to see improvements in terminals, I also think we will see improvements in Stolt Sea Farm. Until we have seen a clear recovery or earnings improvement in both tankers and tank containers, we will remain careful in how we commit to additional debt. One after one, we have good cash liquidity, I'm not worried, but I'm just being cautious. That's it. We'll open up for questions. We'll start here in Oslo, I will try to remember to repeat the question so that people on the phone will hear. Any questions here in Oslo? Yes.
The slide where you're showing the capital expense. Last time you said some of that might be delayed or canceled. Maybe that delayed for that.
The question was on the capital expenditures slide on page 33. On the previous presentation, we showed, I don't know if we showed, but we said that some of the committed capital expenditure may be canceled or delayed. The answer to that is, I don't think we wrote down a specific number, but what we have said is that of this capital expenditure, not everything is committed to third party. This is the list of capital expenditures which the board has approved, which we intend to do, but which not everything is committed to third party. If something should happen, if the market should go bad or get worse, there are things of the capital expenditure where we can hold back on. Now that the jetty was approved, the jetty is around $45 million.
That was something that we had in our capital expenditure plan, but it wasn't committed to. Now that is committed, what is not committed has actually been decreased by SGD 45 million. There are in both tank containers and in Stolt Sea Farm and some investments in terminals, there are things that we can hold back on if we have to. Any other questions? Operator, we're going to see if there's anybody on the phone that would like to ask a question.
Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, please press star one to ask a question. We will pause for a moment to allow everyone an opportunity to signal. Again, please press star one to ask a question.
Any other questions in Oslo? Thank you very much. I wish you all a happy Easter. Thank you. Thank you, operator. That concludes the presentation.
Thank you. That will conclude today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.