Game fails to launch

When I click "Play" in steam, the button changes to "Cancel", then "Stop" then 2 seconds later back to "Play". There is no indication on screen from the game at all and no audible indication of it running. I have not launched SE2 before.

The steam log folder is not present so no logs are created.

In Windows Event Viewer I see the following relating to the game...

Faulting application name: SpaceEngineers2.exe, version: 2.0.2.29, time stamp: 0x68d50000
Faulting module name: KERNELBASE.dll, version: 10.0.19041.804, time stamp: 0x0e9c5eae
Exception code: 0xc0000602
Fault offset: 0x000000000010bd5c
Faulting process ID: 0x46b0
Faulting application start time: 0x01dc65c8bf21fd77
Faulting application path: F:\Games\SteamLibrary\steamapps\common\SpaceEngineers2\Game2\SpaceEngineers2.exe
Faulting module path: C:\Windows\System32\KERNELBASE.dll
Report ID: 9aa2af9b-7eb8-407f-a95f-868da8c2b6c5
Faulting package full name: 
Faulting package-relative application ID: 

Attempting to launch the game directly from the exe gives the same result, nothing happens.

My System:

• Windows 10 Enterprise 20H2 build 19042.867
• AMD Ryzen 9 5950X - standard clock speed
• 32 Gb DDR4 3600
• AMD Radeon RX 7900 XT - Drivers updated last night, standard clock speed
• Motherboard Chipset X570
• 2 Displays, both 1920x1080 with 100% scaling.