Gunnar Pedersen
Chief Executive Officer

Good morning, everyone, and welcome to this Q1 presentation for Vow. As always, I have our CFO, Cecilie Hekneby, with me here today. She will take us through the numbers. My name is Gunnar Pedersen. I'm the CEO of the company. So we will take you through some highlights. Cecilie will go through the numbers with you, and I will be back for a market and business update before we open up for questions. Now before we start, I would like to share some reflections with you. This quarter marks the 1-year anniversary for both Cecilie and myself here at Vow. And we've had the pleasure of working with a highly competent team and very dedicated also, I would say, for a full year now. And as you can see in the report, our collective efforts have paid off. We have improved project follow-up procedures. We have improved the financial discipline, improved transparency. And all of this leads to more predictable operational performance and also the improvements that you can see in the report. Our core operation continue to deliver solidly.

This is driven by Maritime Solutions and aftersales. And they are again fueled by the very strong activity in the cruise market on new build as well as an increasing fleet of vessels in operation. We are, as we speak, entering a very intensive period in terms of delivery and commissioning on new vessels. So execution discipline remains a key priority for us. Within Industrial Solutions, the first quarter has been dominated by commissioning activities. The 2 large projects within Circular Solutions have faced some technical challenges, and these challenges are pushing the time