DOF Group ASA (DOFG.OL) Earnings Call Transcript & Summary

Hello, everyone. It's a pleasure to welcome you all to this DOF 2025 Capital Markets Day. We will be running a program here for approximately 3 hours, with an intermission approximately halfway through. We will get an introduction or walk-through of various aspects of the DOF Group. Starting out, first presenter is CEO, Mons Aase.

Thank you, [Rolf]. So it's -- welcome to all, and we are very happy to have this Capital Market Day. And with me, I have EVP -- our EPs for North America, for the Atlantic and Brazil; and our CFO, of course, Martin. So hopefully, we can give you a picture of what we are doing globally and also in the markets. And I think they will confirm what we have tried to tell you that we are doing very well globally and that the opportunities and the markets are still very strong, and there is a lot of opportunities in the pipeline. So then, how do you move this? So this is the program. So a quick introduction by me. Then we had a strategy review just before summer and so a quick update on our strategy. And then Mario will take you through Brazil, then we have the break, and then Marco will take you through North America, and then Martin will give you a finance update. So that's the plan for the day. And then we open for questions after each session. So not after introduction, but after the strategy, after Brazil, after North America and after the finance. So we don't forget the questions, yes. So that was the plan. And I guess the key message we try to deliver today is that we have a differentiated market position. What we are selling is not the vessel, it's services to the global energy market. So we have a very strong workforce and a very good fleet that sell services globally. And of course, we are in, let's say, a position between just below the big Tier 1 players and enjoy, I would say, a market that is now very strong and also with a limited number of competitors. So we often see only 1 or 2 competitors on bids and sometimes we do direct negotiations. So we enjoy being in that space. And of course, we also see that some clients are encouraging us to take a step up. So we feel that the doors are more open among our clients globally than ever before. And of course, the global reach is the next highlight. And of course, that is -- we cannot underemphasize how important that is to have global reach, to have the organizations globally, local content, local experts. And of course, that is why we claim that DOF, on average, through a cycle, will have high utilization and higher margins than not being a global player. So we can move the boats to where the market is good and securing higher utilization for the larger subsea asset by trading them globally. And then, of course, we -- the market is good. Rates are, you could say, and margins are -- you can almost call it, say, historic levels. So we will and we have continued to build backlog. So we are in what we call building-backlog mode where we push hard to secure backlog. And of course, we see that we know with awards and with the contract being sanctioned, meaning that they are approved, just waiting for signatures, we are above $5 billion in backlog. So a few sanctioned contracts since we last did the presentation. Martin will talk more about the strong financial position, but on the guiding, we expect to be around 1.8x by year-end. And then we will also talk a bit more about shareholder return later on. And of course, it's -- I guess, we have communicated earlier that we expect the dividend to increase going forward compared to what we have paid in the last 2 quarters. So that is what we want you to remember. And this is DOF. Of course, this slide we show every time, so you have to bear with me, but we operate 77 boats globally. We -- as I said, we had $3.7 billion in backlog by end of quarter 2. And now with awards after balance date, but also the contracts that has been sanctioned, we have passed $5 billion. So we've had a very strong order intake so far in quarter 3. And then with me today, of course, North America, South America and the Atlantic. And of course, they run the ballpark of our business globally. So leave it for them to talk more about their business. And this is -- yes, so what are we? We own, of course. We are a vessel owner and operate and do marine management for the boats. And in addition, of course, we own roughly 77 ROVs and AUVs, which is a tool to do all the subsea work, but also the mooring work we are doing globally. But then we have spent -- you will see that on -- for instance, on the time line for North America, we established North America in 2005, and that was when we bought GEO Group, and we bought Century Subsea. So that's when we started to build the subsea side. So we have spent 20 years now, to build the subsea project business. And a lot of investments to get that in place, small acquisitions globally and building gradually up. And of course, now we are where we want to be. We are harvesting and we -- of course, we see clients really appreciate what we are able to deliver to them. So there is no investment, no CapEx in that space. And of course, this is really, let's say, increasing the return on invested money, the workforce we have built through the years. And of course, this is the last 12 months. We have, of course, guided midpoint [ 755 ] for full year. And of course, we expect that to continue to grow into 2026. Martin have a slide on -- showing a bit on that. And of course, we expect it to grow due to the strong backlog. And of course, most of the backlog has been won in the last couple of years. So it will be -- so the margins and rates in the backlog is higher than it used to be. We will talk a bit more about that as well. And of course, this is a new slide. And of course, I can go on forever talking about this boat, but the purpose is to show where we have the high values. And so the highest value in the DOF fleet is on the very big boats, the big pipelayers, 7 pipelayers: 6 in Brazil, 1 trading globally and then the big 400-tonne crane boats. That's where the 44% of our values are. And of course, it's a limited number of supply in that market. There is no new builds. And of course, it's very versatile boat. And they keep working in good markets and bad markets. So it's -- and of course, it's the key enabler to execute big projects. So -- and then 21% of the fleet is in the segment we call IMR/CSV, which is anything between 0 almost and 250-tonne cranes. So -- and of course, that's where you see new builds, but it's also where you see DOF chartering in boats. We have presently 5 vessels on charter in that space. And I guess, I think after we have left today, you will see there is -- you will get the feeling that we probably need to charter in more boats to execute the work we plan to do. So we are short -- actually short boats in that space, and our own fleet are more or less sold out. If a client -- or to -- exercise an option or 2, we are probably sold out to at least [ 27 ] and longer. So -- and then the second biggest value we have won the high end all with ROVs and quite a few of them in cranes. And -- also there, of course, we have shifted the backlog a lot. This year, we have signed 5 long-term contracts for both being in the North Sea spot, and we have sold 2. So the spot exposure have been reduced a lot. So now we are down to, I call it, 3.5 boats. We have 3, plus 1 old boat in that market, but we also use them, of course, for mooring work. So the backlog now for the anchor handling fleet is very high and where we want it to be. We -- it's almost that we cannot have more boats or long-term contract because we need a few boats to execute the subsea projects. And the whole spot fleet owned by DOF will go -- later this month, will go to Congo to execute a couple to 3 months projects. So we're going to have 4 anchor handlers doing that. So that is the fleet. And I think it's important to understand the mix of it. And as I said, where the new builds are, is in the space where we are sold out and our short vessels. And then this is the backlog, yes. So I told already. So -- and I guess the new on this is, you know we have been waiting for the 3 RSVs. And Mario will talk a bit more about that later, but it actually could be even RSV #4, so an additional one that might be a 15 position on those 2 tender for us. He will talk more about that. And then we have come to agreement with Petrobras on what we call the PIDF tender, which is a project -- it will be the third time we win that, and we have been working on that for more than 5 years, and you are talking $400 million roughly in backlog for us, yes. So that will occupy at least 3 boats for 3 years and of course, a lot of service attached to it. But I'll leave it to Mario to explain more about that. And that's why now we are close to $5.2 billion in -- on this graph. But of course, these 3 RSVs and the PIDF is not signed yet. So there is a certain chance that they will never be signed, but we -- of course, we believe they will. And then, of course, shows the backlog going forward. And this year, of course, it's -- I guess we are getting close to 90%. And what, let's say, makes me proud or amaze me every week is that the team here week-by-week build backlog also short term. So the gaps we had on -- the few boats we had gaps on are getting smaller and smaller, so -- which is quite good. And then, of course, '26 now close to $1.5 billion. And of course, the guided midpoint on revenue this year is $1.95 billion. So it's a decent portion on '25 revenue. So all in all, I'm very happy with the backlog. And my feeling is that there will be more, there will be more. So I'm optimistic on that we will continue to build that. So then the strategy and -- first me and then Dag-Raymond, EVP for the Atlantic region. So he will introduce himself and -- but he has done a good job the last few years. So a lot of key contract won and high utilization and very good earnings in that region. But I will leave that to him. So this is what we -- so we used -- the old strategy was sustainable finance. Of course, it was to expand and grow conventional, meaning IRM (sic) [IMR], Mooring, Light Construction and Light SURF. And then it was growing renewables. And of course, for offshore renewable is floating wind, and sometimes cable repair and cable laying also for bottom fixture. So we haven't done any investment. It's just to utilize the know-how of the fleet and the competence we have. So that was what we had. And now the new strategy is, I guess, it's very similar to the old one, but it is financial target between 1.5 and 2x and then together with sustainable quarterly dividend. And on the -- Martin will, as I said, talk more about it. And of course, as long as we have the backlog, we have -- so we just saw that we have perhaps 90% coverage for '25. We have -- I don't know, but let's say, 70% coverage for '26. When we have that visibility on future earnings, we will be in the high-end of the range. So we will be closer to 2 than 1.5x as long as we see the backlog is strong and the markets are good. So that's the whole philosophy around that. And I guess that indicates -- and I guess this graph, and Martin will talk about it, shows that there is then room to lift the dividend. On the commercial side, we continue -- we want to continue to develop the position, being a global player, but at the same time, being local in all the key markets. So the strength of being global with a global fleet, a big fleet with global resources, but then very strong offices globally, with [ full local ] content, local employees and a very in-depth knowledge on the market. So that is what we want to do. And I can't -- I think this is -- most important part of is the global reach and the placing power we have globally. That is kind of unique in this industry. Then, of course, we want to be -- continue to be a global leader in mooring. And that is, of course, vessels on long-term contract, but also then we execute quite a few projects globally where mooring is a big part of it. And that, of course, we need a couple of anchor handlers crane, and we need 3, 4 big anchor handlers in addition to execute those projects. And that -- we do that globally from Brazil to APAC, too. So as we speak, we are -- as we speak today, we are executing project in Guyana with Marco here. We will execute one project in Congo, and we are executing one project in -- for Chevron in APAC as we speak. So it's keeping the -- and of course, then you don't only make money on the boats, but you make perhaps 20% margin on the total. So it is a niche where we -- let's say, we are in a new position. I guess we are the only company almost on a globe that can have the full engineering and deliver the full fleet as well. And on IRM (sic) [ IMR ], we're going to hammer on that. We want to stay the global leader, and we -- I hope we will be able to continue to deliver new, very important long-term contracts in that space going forward. So pushing hard for that, very hard for it. And then, of course, it is no ambitions at all to compete with the Tier 1 guys, but there is a niche below them, where there are smaller projects, $50 million, $100 million, perhaps $150 million where we -- the clients -- and I feel -- the feeling I get is that some of the awards we have got lately, we wouldn't have won a year or 2 ago. It's the clients that want us to do these scopes and build us gradually. So that -- it might be I'm wrong, but that's the feeling I have, that some of the global clients, they want us to take the step and execute these projects. So it's -- we will continue to do that. And then on renewable, we call it renewable ready, where we have all the tools. We have all the know-how. So it's just to wait for when the market comes. And how do we get there? It's high grinding fleet. So you have seen we have sold a couple of older boats, and we have installed, and we will continue to install equipment on some of the larger anchor handlers. So to make them more versatile and make them more attractive, also doing -- not only more in project, but also doing IRM (sic) [ IMR ] projects. And then on the -- we talked about on the IRM/FSV (sic) [ IMR/FSV ] fleet, of course, we are short, so we need to continue to grow. We need [either] to charter in boats. So we have to find situations where we -- of course, we will not buy boats on -- just to buy boats. It has to be very long-term contract before we look at that. And then, of course, as we said, derisk the company, backlog, backlog, backlog. And of course, now we see we are winning backlog into the 2030 and onwards. So we see we are able to take down the risk going forward. And then, of course, selective divestments. We have done that, sold PSVs. We have sold small anchor handlers. And of course, we will continue doing that. And then I guess the one on the bottom here, of course, is the most important here. That is to -- when a client, on the service side, want you to do a project or do a bid, they don't ask you what boat you are using; they ask for the service and the organization you want to use for that project. So that workforce is and will always be the key enabler for us -- for our success. So to attract and retain is the most important -- we are working on every day. So this is a slide just showing the focus on the team, so talented. It's showing also the market and operation that has to be tailored for the global market. And of course, you have to be trusted not only on financial, but also on the track record you have with the industry. It takes a very short time to ruin your track record if you -- so that is... And here on the next slide, it's more about it, yes. So it's -- and this is something that is very important to understand. So to have a skilled workforce globally, it means the big difference. It means utilization, it means delivering on the project. It means you don't go on a hit. So it is -- and of course, it's a door opener for winning new work. And to build that global organization, 25 years ago, we had one office in outside Bergen. So it has taken us 25 years to build this global organization. And to be able to do contract in Guyana, in Canada, in Brazil and compare that to when we had one office in [ Austevoll ], of course, we didn't see more than 5% of the opportunities when we only were a North Sea player. So of course, that pays off, high utilization and higher earnings. And then, of course, the offering as well that you cannot only offer a boat, but you can go direct to all companies and offer solutions. Of course, that means that the access to your clients is much higher than when you have to go via somebody to get the subsea boat working. And that also, I think, will give us higher utilization. And of course, it will also give additional earnings because you get the project margins on top. So you might get 15%, 20% higher earnings than you would have done if you only chartered out the boats. So these 2 talented and tailored, that is, I would say, the 2 most important for our continued success going forward. And of course, trusted, Martin will talk more about the balance going forward. And so I leave that to him. Then Dag-Raymond, please? Shouldn't we -- questions after Dag-Raymond. Sorry.

Thank you very much, Mons. It's great to be back again. It's great to see all of you here, and it's really good to have the opportunity to talk about and show you how we are delivering on the new strategy in DOF. In the Atlantic region, we are an integrated service provider. What we do is that we utilize our vessels, and we deliver projects to our customers. The customers we have is the big operators, the likes of Equinor, Shell, Eni, Exxon and so forth. And I think that, that is also a testimony to the 25 years of activity where we have worked ourselves up to earn the trust of these redeemed and established operators. We have in the region around 2,000 employees. That is spanned across Norway, U.K., Denmark as well, also in Africa, in Angola and in Ghana, too. And across the region, we utilize 28 vessels. Most of these vessels are on long-term contracts, and that is exactly the position where we want to be. If you look at the backlog and the areas we operate in, if we start with mooring, we typically do 2, maybe 3 mooring projects every year. We have seen some fantastic projects over the last couple of years, and truly, truly projects we don't believe that we would have gotten even just a couple of years ago. And namely the Berlin project for Eni, where we utilized 6 vessels in total, making sure that their Berlin FPSO and also the storage unit were successfully installed. Later this year, we are installing yet another very important floater for our client in Africa in Congo on a particularly important LNG project. And this will be to date, the biggest construction project we have ever done in the Group. This project, of course, entails the complete project management, the engineering, the logistics as well. We have teams in China, in France, all over the globe, making sure the product that we are going to install, and the 18 wheels of flexible flow lines and umbilicals and product is safely transported to the area. And later this year, we will deliver in just a little season in the fall, almost 480 vessel days on this specific project. A few of you will probably remember, we talked about IMR and the REM Inspector. First and foremost, in the IMR space, it is all about making sure the clients' assets is operational. This is where you inspect. This is where you repair and maintain the various subsea infrastructure. And of course, over the years and also, we would say maybe in this current situation as well, it is extremely important to make sure that the assets are producing the energy that the industry needs. A little over a year ago, we sat down with Equinor, and we kind of thought how can we create the next level IMR vessel. And also, you have to bear in mind as well that this vessel, we're going to be operating on a 365 basis at all times in all types of weather in the North Sea and all the way up to the Barents Sea as well. That means that you will have severe weather, storms, you will have ice, you will have extremely challenged conditions. And after a little while, as soon as we kind of defined a bit how we were going to do it, we came up with a solution, which we see on the screen here, which is not a red boat, but still, it's also a testimony because this boat is something that is maybe tailor-made for this part of segment, but we still had to do a major modification to get her to the level we needed to deliver on this very important contract. It's maybe a bit hard for you to see, but you see, on the screen here, a tower. This is a modular handling system. This tower weights 400 tonnes, and this is situated over the moon pool. And this is, in effect, a high-precision equipment. This is owned by DOF. This is something we own. And what that is doing is that it can retrieve and also install the critical subsea production equipment in sea states up to 5 meters. That means, full storm, this vessel can do that type of work. In order to deliver this vessel, we, of course, had to use -- had to work with a range of partners, the designer of the vessel, REM of course and all the marine competence we have in DOF. This project, when we started to look at it, we had an estimate on between 12 and 15 weeks. That was too long, and we managed to deliver this huge modification in just 6 weeks. What we also did was that we installed batteries, state-of-the-art batteries, to get the emissions under -- further down. We installed 3 new ROV systems, and these are capable of being launched in 5.5 meter hedges. And of course, this tower and also what you can't see here, our skidding system. That means that you can basically skid without being -- having people moving close to where you have the equipment around the deck. Overall, we had to reinforce the moon pool and the deck with almost 150 tonnes of steel to deliver this. I'm very pleased to inform you that the vessel is fully operational. We delivered on the schedule. We delivered on the budget. She is out working for Equinor, and we are very, very comfortable that this will be, let's say, the Equinor horse for the future when it comes to the IMR type of work. On the organization, a vessel like this demands 150 people. That's a lot of people. And on the onshore side, amongst those 150 people, there is a core project management and engineering team of 15 people working on this every day, and we bring in the extra competence in various engineering disciplines based on the type of activity that we are going to do. What Equinor does? They send us a lot of work packages every day, many work packages, the engineering and logistics teams, they are planning and preparing the packages. And then we organize that in the most efficient way so we can execute on behalf of Equinor. And also, I should say, the offshore team and the competence on the offshore team is very, very critical to make this happen. There is, on this vessel, at all times, around 70 to 90 people working, day in, morning and -- basically, on -- all around the clock. Going forward within this IMR segment, we see a lot of activity in the market, and we expect to be in a position to announce contracts in this area relatively soon. And then over to the Skandi Inventor. You will all recognize this vessel as one of the native ones that came with the purchase from Maersk Supply Service. And the reality, we're -- back in March, April, we didn't have any backlog on this vessel. It was empty. And she had been on a very successful campaign for [Total] in Africa, but she were coming back that contract went to a natural end. And we sat down and thought, "Okay. Now it's time to DOF-onize her." We sent her up to Bergen, to Agotnes. I know a few of you came on board with us on our vessel management visit earlier in May. The first thing we did was to install our own ROVs and also our serve equipment and make her ready for projects. And of course, while we were on board, we were in the middle of negotiations with multiple clients on contracts for this vessel. And we are very pleased to announce that we [have] fully secured utilization for her all through the season into the winter. And actually, in fact, we have utilization on her into 2027. And this was all done on a very, very short time frame. And actually, I'm very pleased to say that we didn't even have 1 day on standby. We just went straight to work as soon as we were finished with the ROV and survey mobilization. And then the question is, what have we done with this vessel? We have utilized her across both, renewables and oil and gas. We started off with a cable repair project for one of the biggest operators in their renewable space. They gave us a call. And basically, the export cable for one of the largest wind farms in Europe had malfunctioned. And that is pretty much like you put out a cord from the socket. It doesn't work. The whole wind farm is down. So then, of course, that is big money. Every day in, every day out, you are losing power production. And they asked us, "Can you guys engineer our solution and how quickly can you repair the export cable for us?" The client wanted initially a 2-vessel solution, but our expert team, which is sitting in Bergen and in Aberdeen, they engineered a 1-vessel solution. And also the fact is that the area where we had to repair this cable was in shallow water with a lot of current and poor visibility and also a lot of traffic too. So going in with 2 vessels did not seem to be the best solution in our mind. And within 4 weeks, we managed to design and also source the equipment needed and do the engineering and prepare for the execution of the campaign. And we managed to repair the cable in less days than what our client expected, and they are super, super happy. I went to a meeting with the client 2 weeks back, and they could not be more pleased with the end result of this project. The vessel worked beautifully and also noting, it is the first project after a major mobilization, we cannot be more happy. After we did the cable repair. We then went on to the oil and gas side, and that is on to the Dutch sector, where we had a decommissioning project for our client. Actually, that project turned into 2 phases because we run into some issues or the client run into some issues that sometimes you see that on decommissioning that you are -- you find stuff, you don't [know were there]. You maybe need to dig a bit more, you need to maybe remove equipment that is maybe on -- not on all drawings, and that was the exact case on this one. After we did the first phase of that project, we went on to the Polarled Connector Replacement. And this is not a big project, but one I'm particularly proud of because this is on the Polarled gas pipeline that runs from Aasta Hansteen to Nyhamna. So that's 482 kilometers, and it's actually the deepest pipeline in all of the Norwegian continental shelf. And the client wanted us to replace our connector at almost the deepest section. And this is, to my knowledge, something that has never been done on this step before. And we have spent more than 1 year with some of the best and clever engineers we have to design the tool and fabricate the tool to do this job. As of this moment, we are offshore on this project. We have about 1 more day to go. The morning report from the project is that everything is going exactly as planned. So we expect to be demobilizing in about a day or so. And then we will go back to the same -- very same decommissioning project and do another phase on her. In my mind, I think this shows the weight and also the strength of DOF. We have a world-class fleet. We have the organization to deliver the full turnkey services on top of that and to be able to turn something like this because this is a rather big vessel, it takes a little bit of time to get the work scopes going. But to do that, I think that we have proven again that we are able to do that also on providing a lot of, I would say, decent rates as well on these scopes. And now we would like to show you a little video, not just the text and the slides, but a little video from the mentioned Cable Repair project. I would like you to take -- particularly notice to all the equipment on the back deck. This is not -- and of course, the Skandi Inventor, she has an 1,850-square-meter back deck. So it's a huge deck. And we have filled up the deck with cable repair equipment. You will see chutes. You will see, of course, the highways. You will see the tensioners. You will see also the basket for the cable and the whole machine that is needed in order to repair something like this. [Presentation]

All right. And we open up for the first Q&A session related to the section that we just presented. We have to use this microphone for the benefit of the webcast. And just to note to those on the webcast as well, you can use the Q&A function in the webcast to submit your questions, and then we will go through those as well. So we can start with one from the webcast actually. And Mons, that's to you, related to the fleet and backlog. Will you consider placing also the remaining anchor handlers on long-term contracts and use the spot market to source for projects?

It's -- I guess we are built in a way where we have difficulty saying no to a long-term contract. So I guess if the opportunity comes, and it's very well paid, we're probably going to take it. But it's not a no-brainer because it is a very important part of the offering we have that we are able to give, let's say, firm pricing for a complete package of boats in '27 or '28. So -- but yes, so it depends on -- I guess, in the end, it's money that decides what we do. But it's interesting to see, of course, maybe -- like, 1 year ago, we installed 140-tonne crane on a boat called Skandi Hera, a traditional North Sea boat. And after that, we probably have had 95% utilization and almost 3x the earnings as if she was in the spot market. And I think she has done 1 rig move after we did that. And of course, that is something we are looking at for a handful of -- not a handful, but a couple of the boats we have left in the spot market to see if we can install a crane or 2 on some of those to -- of course, to reduce the risk and also expect a higher utilization and better pay. Yes, long answer.

Anyone in the room? If not -- yes. First, the mic stand so that we can broadcast as well.

Kevin Roger from Kepler Cheuvreux. Two questions, if I may. The first one is just to understand exactly the positioning that you want in the SURF segment being on the Tier 2 and not competing with the Tier 1. On the Tier 1 side, the competitive landscape is more and more, in a way, reduced with Subsea and Saipem that are merging. So what will make the big difference of DOF versus those guys that will try maybe to maximize their fleet time, et cetera, in terms of having DOF as a Tier 2 differentiated player compared to those ones? And the second question, you just mentioned that, for example, on your vessel, you have added a number of key equipment, proprietary elements what's basically the kind of CapEx that is needed for you when you have a vessel that is coming out of a contract to maximize the capability of this vessel and to be able to offer an extra value to the next client?

Yes. So the first was...

The Tier 2...

The Tier 2 place, yes. Tier 1 is -- and of course, there is no clear, let's say, border between them. But of course, they may, for Technip and also, of course, it's a big project. It's a multi-billion-dollar projects, where you need -- they have 5,000 engineers, and they have a lot of skilled people. And of course -- so that is not what we are after. So when we talk Tier 2, it is the -- let's say, it's the project as they become bigger and bigger, you feel that the appetite they have for also IRM (sic) [ IMR ], but also smaller projects, let's say, $50 million, $100 million. I think the project that [indiscernible] is doing in [indiscernible], it was a typical Saipem project. And that was now awarded to us, which is typical where I see us we are heading. So it's a bit bigger than what we have done before. And -- but of course, within our capability. So it's, let's say, the smaller stuff, up to $200 million perhaps. And then -- but of course, that is not clear. But of course, if you go and ask -- and of course, we know these guys pretty well, if you go and ask some of them, if they have a project of $1.5 billion. Then you ask them, yes, you will make $300 million margin on that project, but now you're probably going to make $450 million. So of course, then what attention do they have on a project then to win a project that is perhaps $100 million, you can make $15 million. So it's -- so we see feel is that, that niche below them is a wide open space for us now that they have lost traction because they are getting bigger and bigger and because they have such a busy backlog on big projects.

We see also -- Mons, we don't -- of course, they do pipelay, [rigid] pipelay. That's an area we don't operate in. They do the big APCI. What we do? We can -- what we have done is to fabricate small spools and jumpers and items like that. But -- and also, we are hearing because we are speaking to the clients on every day, and they are telling us, "Please, can you participate and be part of these projects with us because we are not getting the attention that we used to, back in the day." So it's a demand in the market too, for players in that segment that is able to take, as Mons is alluding to, contacts up to, let's say, USD 200 million and install the products in that space.

There was the second part of your question as well.

Investments, what we did on the investments.

[indiscernible]

I guess on the Inventor, $7 million, $8 million, something like that. But of course, on the SURF, it depends how far you want to go. So of course, if you want to have a 300, 400-ton VLS to play, of course, the ball game is quite different. We need a positive question, sir.

It's definitely one. Erik Aspen Fossa, SB1 Markets. On the PIDF contract that you mentioned, you may touch upon this later, but there's 3 vessels now working on that one. Two of those have already secured long-term contracts with Petrobras. So my question is, how will you meet that vessel demand for this new PIDF contract? Will you use your own assets? Or will you have to lease in from third-party suppliers?

Yes. Mario, of course, will talk more about it later. But I guess -- and I think it's -- and he will also say more about that because the beauty with this PIDF is that it also gives you the opportunity to play a lot the market in Brazil. So we have a long discussion about what -- if this is going to be a third party boat or if we're going to send our own more high-end boats, not only for PIDF then also to play, let's say, the project market and the spot market in Brazil, which has proven very successful. But I guess it's a luxury problem. So it is something we are discussing, and likely it will not be the same boats that executed for 3 years. So it might be -- I guess on the old PIDF, we have had 7, 8 different boats in and out. But he will talk more about that. But it's a good question and we haven't decided yet.

All right. We'll do one more question before we move on, and then we'll also do an overall Q&A after. So you can save some questions for that as well. And that is related to the IMR work. You mentioned the REM Inspector. With an aging infrastructure, will there be more such contracts, do you think?

What we can say is that the answer to that is yes. It's a very simple answer to that question. I can maybe elaborate that it's various types of complexity to the IMR work. What we are doing now with Equinor IMR, I think that is -- we can describe that as maybe the Premier League of IMR work because you are doing a lot of the repair and the heavy-duty work as well. And of course, North Sea is relatively mature, but we see the operators, it's critical for them to keep the assets operating, and that is much more important in many cases than the new developments. Keep what you have working and keep it going. And we've seen throughout the last downturn that some decisions within how they would maintain their assets, that has changed. Because down the road, if you don't do the maintenance, it will be more expensive down the road.

Very well. Thank you. Mario, please, proceed with Brazil.

Good afternoon to you all. I'm Mario, EVP in Brazil. So let's talk a bit about Brazil. So this is important. We just completed 25 years in Brazil. We're celebrating this milestone. So I am 11 years in Brazil with DOF, but half a century of presence in Brazil makes a difference, principally for clients and trust what we do and betting what we are going to do in the future. So it's a very important milestone for us. We're very happy with that. This graphic, I always use. I think most of you are used with. It just gives a clear picture of what we say the offshore support vessels, when you support vessels operating in Brazil. That's the overall number. This is Brazilian built and flagged. The blue line are the REB flags, so foreign flag vessels that are coming to Brazil that are put in Brazilian flag, on REB. And these are still the foreign flag vessels. So what you can see easily here, the market continues to demand more vessels. Pretty easy to see. You can see that the newbuilds are flat. In fact, they seem to be reducing. Some of the vessels are getting old. There have been no newbuilds during the last 5, 6 years. And you can see that foreign flag vessels are coming, having the chances, so they are putting on REB. And also the foreign flag are increasing. So it's just to give a clear picture of how the market is looking at present and the tendency to the future always becoming better and better and increase. So it's a very healthy market for the short to medium and long term in Brazil. The dynamics, so we were talking about SURF. Mons was just approaching this. So the SURF market in Brazil, that's a big business. We're talking about mostly very deepwater, Petrobras, big SURFs, Buzios, Meros, Sepia and also Atapu. So we are talking about more than $1 billion SURF contracts. So those are the first-tier contractors. Those guys are our key clients, too. So we work for them. As second tier, we work for them in that market over there. Obviously, the fleet of PLSVs that we have, 6 PLSVs, we have the largest fleet of PLSVs in Brazil. So we work a lot on the long term for Petrobras but not only SURF contracts, obviously, but installing the flexibles, umbilicals. And part of this fleet that we have, we also do decommission as part of the long-term contracts. But we're always very paying attention on what could be a SURF market that does not demand that capacity. So we are talking about maybe shallow, mid-deepwater. We're talking about other clients like the Brazilians, Brava, used to be out there or Trident when they go for the mature fields. So they have a new installation to do. So capacity to that water depth that does not require really big PLSVs or big pipelay vessels on rigid, that's where we probably have a chance now with the fleet of I classes that we have. So that's what we are looking very careful to that. So we are talking about tiebacks or SURFs that are limited not to compete with the first tier. Will the first tier be interested on those? Yes, they will, but not much. If they have too much to do, they probably let it go. That's the chance that we want to take on this area. Do we have any so far? Not yet. But we are looking at it very closely, okay? And moorings, with the fleet of AHTS that we have, so we are in every moving project of Petrobras, every one, installing the torpedoes, installing the anchor lines and doing the hookups as part of the long-term fleet that we have worked for Petrobras. We are on the high end. So some of that scope is limited to us and to Bram Chouest. And then you have the other guys doing less scope for that. If you guys remember well, Petrobras is changing the strategy a bit for the SURFs. So they started with Buzios 5, Mero 2, Mero 3, and then -- so they were including into the SURFs the preset moorings and then including into the SURFs the hookup of the moorings. And then they understood that, that's not really a good business because those guys are not really too much interested in doing moorings. They want to do what is really the facilities. And that's the reason why we are trying to target that scope with the first tier contractors. But lately, during the last 2 years, Petrobras took off those scopes from the SURFs. So you don't have preset moorings anymore part of the SURFs. You don't have the hookups. Maybe the hookup is left. So it came everything back into the Petrobras long-term fleet. That's why Petrobras is increasing the fleet of AHTSs in Brazil. It's very important for them. And that's what we play. So we want to fix our AHTS's high capacity on long term in Brazil. And we are being successful on that. And decommissioning, so this is an area that is increasing and increasing. We don't have any decommissioning contract as a service contract so far. We started looking at. So we did bid already a couple. We are bidding one right now to Petrobras. So we are looking into this as a surplus to complete what we have to do if we have availability because we know to do this business. So it's going to be kind of a buffer if we have availability. But we are in, as Mons said, in a good place to be in Brazil today. So availability is an issue. So we are trying to play as much as we can with the scopes that we have under contract and with the chances that we have for the future. So decommissioning, yes, can be something that we are going to get. But we are looking to this always with more attention because you guys know very well, I mean, the decommissioning contracts, in principle, they are not really interesting contracts. But if you can play that and you can play it well, you can still make money on that. This is our position. This is basically the DOF fleet. Then we'll have the JV fleet. You have seen this slide before. What really is changing, I mean, this is -- the fleet 1 is our AHTS fleet. I think we were the first in Brazil, 7, 8 years ago to start putting ROVs onboard of the AHTSs. I think that was a big question we have inside. Are we going to play that because? The market was so bad, Difficulty to place these vessels were so limited. But putting ROVs onboard would increase their capacity, would increase their chance. So we start with that, to the extent that you look into this, Rio, Botafogo, Fluminense, Iguaçu, Angra, Paraty and Urca, they all have ROVs. They are under contract today with ROV. And Ipanema and Amazonas had ROVs before. Now we're having the luxury to decide if we want the contract with ROV or if we want the contract without ROV, depends which one is more attractive and can give better return to us. This vessel here, Skandi Iguaçu, is one of our largest vessel. It's now operating with ROV, as you see. On the next contract that I'm going to tell you, we signed the contract without ROV. We won the tender with ROV and without ROV. And then we sit down for what is better for us. It's not because we do ROV service that we are going to have an ROV contract. Because if the contract is more interesting, give a better return without ROV, this is the case, we take the ROV off. So we did a lot to put ROVs on the vessel. Now we are having the luxury to decide if we want to keep or we prefer not to include the ROV. These 2 vessels here, Mercury and Jupiter, they are now transiting to Brazil. Foreign flag. Those 2 vessels, we won the contract last year, have been signed mid last year to be mobilized. I have to deliver this vessel to Petrobras. Today is the 8th. By contract, I have to deliver this vessel to Petrobras tomorrow, the 9th. So why they have not been delivered yet? Because there has been a kind of a changing policy from ANTAQ on the blocking conditions in Brazil. So lately, one of the main Brazilian contractors, they have 6 AHTSs practically in layup. So there has been a big movement in order to possibly put those vessels to work. And ANTAQ, you guys probably know, ANTAQ is the regulatory agency. So they have kind of adjusted the rules by allowing partial blocking on capacity. What that means? That means that if this vessel, right, 270-tonne bollard pull contractor, high spec with Petrobras in order to do torpedoes and mooring systems, can also do pullbacks, heading control. But that's part of the scope. So this little variation on the rule allow vessels that can only do the heading control to block me. So we have been, during the last 3 months, after our friends in Brazil, Maersk Supply Service, have their 3 AHTS blocked and they lost 1 contract, we found ourselves with this problem. But we did work hard during the last couple of months at ANTAQ, with Petrobras also, so this regulation could be reviewed, adjusted. And just 10 days ago, this blocking, partial blocking which we consider not regular because it's going to create a mess in the whole market, they were released. So that's the reason that we did not mobilize them to Brazil to be delivered today because the responsibility to give the CAA, which is the authorization to operate as a foreign flag, is with the client. So it's Petrobras responsibility by contract. So they could not obtain the CAA. So we could not take the vessels to Brazil, be sitting there, waiting Petrobras to get a CAA, whether they would get or not or for how long they would get. So we got into a deal where we all worked together in order to allow these 2 vessels to operate to get the CAA. And that just happened 2 weeks ago. So those vessels have been prepared. You guys know that mobilization for new contracts with Petrobras takes CapEx. Anything takes CapEx. So these 2 vessels, we took the chance to do all the CapEx required, upgrades on the vessels. By the time they were dry docked here in Norway, one, late last year; the other, earlier this year. So these vessels are ready to go to start the contract. So it would be really a big problem for Petrobras not coming with these 2 vessels, a big problem to us. But fortunately, it is resolved and they are going to Brazil. So this is increasing our fleet of 23 vessels now to 25 with these 2 AHTSs. This vessel here, Skandi Involver, is operating in Brazil. It is still called Maersk Involver because I think it's the only vessel that is still called Maersk, Mons, or not? Because they had to be imported. It's still as Maersk by Maersk Brazil. So it's in a contract with Maersk Brazil and Alcatel for Libra, and we had to supply that vessel so they could perform that service contract they had. Obviously, we're not able to include Maersk Brazil in the deal. But we had to support them to finish their service contracts. So this vessel is operating in Brazil, but we are not considering this vessel in our fleet because we are not really including that vessel in our fleet operating in Brazil. And we hope perhaps next year, so when we finish the contract, that we may have the chance to keep this vessel in Brazil and be part of our fleet. But we do operate the ROVs. Would make no sense to have at that the same market, the same ROV people to Brazil, and that's our business. So the ROV service on this vessel is DOF Brazil. But it's not counted as in our fleet. And this is the fleet 3, which are the subsea vessels Salvador, Achiever, Carla, Geoholm. Carla and Geoholm and Stril Explorer are on the PIDF. We are talking about PIDF, and Commander, Chieftain, Olympia are really our RSVs that operate in Brazil. And this is -- I'll talk a little bit about this particular contract here and how we did manage to place these vessels on the contract. Going back here when we talk about the high backlog, because this year has been really a special year in terms of tenders and contract awards in Brazil. I will honestly say that, yes, I mean, we always have expectations. But what we have managed to have is going beyond our own expectations. So we are very fortunate. We're very lucky with this. So we have 11 long-term contracts already awarded, 7 AHTSs. This was out of the bid of late last year, earlier this year, AHTS tender and then on RSV tender. So out of these 2 tenders, we have already signed 11 long-term contracts, which are 4-year contracts, where we are adding 2 L classes on the AHTS contract. So those 2 L classes obviously are not this. So that fleet goes to '25 and then goes to '27. Those have to be delivered in Brazil by February next year. And here, where we are today, I'll get into this more, but we were placed second on a new build RSV tender by Petrobras. The first was Bram Chouest. We were second. But those are 8 RSVs, and each contract can take maximum 4. So Bram Chouest is taking 4, we came second. So we are due to take the next 4. So that's where we are today negotiated with Petrobras. Those are 12 years contract, each one. And we still need to finalize this negotiation. That's why we're not counting 100%. But the chances are really good that we can close that deal. And this is what I was just talking about, 23 is going to 25 and then it's going to 27. And then it's going to 29 because of the PIDF that you guys are talking about. So I'll get into this a little bit before because the PIDF vessels, Carla and Geoholm, we now are given a long-term to Petrobras. So we are looking for vessels. So in fact, Mons will be nearly asking you guys, anybody has vessel to offer? We are available to consider. Right, Mons? We are going to get, no doubt about it. But -- so this AUV operation may give us the chance of another contract because we lost that particular lot in the RSV tender. And now it's showing up as that lot is coming to us, and that's very important for us. And obviously, we are increasing. As this increase of fleet, increase of contracts and potentially new contracts coming, we are increasing our workforce. We are altogether well over 2,000, 2,100 now with certain parts that we have. This is very important. I think we are first in the group, no doubt about it, in diversification, and we continue to further expand in this area. Let me go to the next one. This is the PLSV fleet that you guys know very well, the JV with Technip. And what really is important here, you guys remember the accident on Skandi Buzios, June '23, very critical fire. It took the vessel out of operation. We could have lost the vessel but we didn't, right, Mons? And then 1 year later, that vessel was put back on hire to Petrobras. And that makes the difference last year in terms of results because from August last year, that vessel was back on hire with Petrobras. And that year of the vessel time-off, we consider as suspension to be added to the term of the contract. So we didn't lose any term of contract due to that accident. We had to negotiate that hard with Petrobras. That's not easy, but we did manage to get that. And I think what's really positive last year, just to consider, we did manage to place -- that is the last PLSV tender. We did manage to place the Niteroi, Vitória and also the Skandi Açu on last year tender. So those rates have increased in the order of 40% to 50% in respect to what we have now. And they yet did not even start the contract. So as of today, Niteroi is supposed to start the new contract, the new 3-year contract awarded last year, now in October, and Vitória in November. And Skandi Açu, the current contract has been extended until mid-'26, so only going to start in mid-'26. And there is something going on, like you see up there, that Petrobras has demonstrated interest. This is nothing yet, let's say, conclusive, but has demonstrated an interest to further extend the current contracts to the end of '26 and start the new contract signed last year only in '27. Obviously, there is a big difference of rates between what is new, what is old like we have today. But Petrobras seems to be available to negotiate, so not work with those rates but work with a rate increase that may facilitate. So everything is to gain. I mean, if we have to start as we have today, we are fine. So we start Niteró and Vitoria and then we start Skandi Açu. But if the result is good that we can start only '27, yes, we go for it. The return could be, let's say, attractive to us. This JV is really successful not because I'm there as a Director of the JV, but I have been in so many JVs with my age, you guys can imagine. And a JV like this is the first time that I see lasting so long, much more than 10 years and still with a big future to go. So it's a very successful business for DOF in Brazil. We have the largest fleet. We have the largest vessels, Skandi Açu and Skandi Buzios with [ 650-ton VLS ]. Today, they are on 650-ton VLS contracts. The next contract are for 550 tons, right? So Petrobras was very clever, not put 650-ton VLS class. Otherwise, we practically will be the only ones who bid. So they have preferred to keep the 550, so Subsea7, Technip itself and Sapura, now Seagems, can compete with us. Let's go to the next one. This is what we do. This slide, probably you guys say, you are again with the same slide, Mario? So we're just updating this. So just to show that we cover the whole spectrum of subsea operations in Brazil. We consider our fleet -- we don't have the largest fleet in Brazil. We are probably the third or fourth. But definitely, we have the high-end largest fleet, AHTSs, subsea vessels, PLSVs. And we are recognized even by our competitors. That's what we do. Sat diving, the Skandi Achiever in Brazil has been doing sat diving for long contracts with Petrobras. But sat diving in Brazil, Petrobras kind of is avoiding sat diving all the way. So we don't have more sat diving chances with Petrobras. We may have with the companies like Perenco or even that's -- so these guys are on the mature fields. So on the mature fields, we're talking about Campos Basin still, the old fields, Enchova, Parnaiba and everything. So those facilities, even to be decommissioning, may require some interventions of sat diving. In fact, we did some good campaigns of sat diving for Trident, farming out the vessel from Petrobras. But it's not giving continuity. It's not giving consistency. So that's the reason that we decided to place the Skandi Achiever now as an MPSV or RSV long term with Petrobras. But the plant is still there. We are putting the sat diving plant on a warm layup mode. So what are you thinking maybe, to do some time sat diving in the future? You never know. But so far, the contract with Petrobras does not include that capacity. And this is -- so it's a high-end fleet. We have the largest AHTS fleet. And we really expanded a lot on survey as a result of the AUV contract that we have. But we have been providing service to Saipem. We have been providing services to Subsea7, supporting their SURFs. And we have also included a full package survey in these contracts. So that's why we have expanded a lot this capability in Brazil, to the extent that we are becoming the global data processing center for the group in Brazil. And this is what I was talking about that has even surpassed the expectations that we had. So out of that AHTS tender, that was late last year, early this year, that was an auction tender. You guys know what is an auction tender. You have to go into an auction and bet your rates. And we were targeting on the AHTS fleet, Mons, we were targeting 6 boats. Our 5 Brazilian, we had to put our 5 Brazilian, Angra, Paraty, Urca and Iguaçu and Fluminense. Those were a must. And then we were targeting another AHTS which would be an L class. We were first in the tender on those lots. Majority of the lots, we were first, but not all. The 2 L class is Logger and Lifter. They came as a consequence that they need more boats. So out of 6 targets, we did manage to place 7 contracts with 2 additional L class coming to Brazil. All the vessels that you see here are Brazilian flag. They are on REB, okay? So obviously, all the Brazilians. Logger, we have to REB. Lifter, we have to REB. And Petrobras is kind of moving from the 3 years firm plus 2 to the 4 years firm plus 1. You guys know that they have that kind of limitation of 5 years, which is not 100%, but they may flexibilize, extend. But now they are betting having 4 years with 1 plus year as an option in the contract. So these vessels, they are going towards the end of the decade when they start the contract. With ROV, they are supposed to start in January. That's why it's all Q1 '26, all these vessels. And then we have the RSVs tender, the same subsequent tender auction. And we had a target there. Our target was to place our 3 RSVs, they are in the next slide, which is Commander, Chieftain and Olympia. And it was a must for us to continue with those 3 contracts. And then we were playing the chance to put the Skandi Achiever and the Skandi Salvador, 5. We end up with 7. So why did you put Carla and Geoholm? Because we could not pass the opportunity. So we were not first in the auction. This vessel here in its lot, it was probably the 5th vessel. So we are just playing our chances. It's an auction. We'll be there and see what happens. And then we found out that Petrobras were needing nearly 5 vessels, and they end up doing an offer that we could not pass. So this vessel was not supposed to go but it's going. This vessel has not been offered. So the 2 lots that we target for Salvador and Achiever were the high-spec lots where you have to put 30 tons in 3,000 meter in one lot or 17 tons in 3,000 meters. So those are not RSVs. Those are light construction vessels. So we target those 2 lots with Achiever and Salvador. But we were offered 3 opportunities so we have to bring the Geoholm into the picture. So we had a chance to put the Achiever in 2 lots. We have put on one and opened this lot. On the next one, we brought the Geoholm. And then we put the Salvador in another lot. So we end up with 7 contracts. This is already signed. The next ones are sanctioned, and I'll explain why they have not been signed yet. So I think the question was, what is happening that you are losing Geoholm or Carla? What they are doing now? They are only PIDF today with the Stril Explorer. And the new contract that starts next year that we have been sanctioned already will be signed very soon, 3 years for 2 boats. These 2 boats will be delivered on long term. So we have to replace these 2 boats on the PIDF. That's what Mons is saying, that we are considering the internal scenarios that we have. That's the beauty of the PIDF. I don't like to say beauty of the PIDF. We always say it's the horror of the PIDF because that's what our competitors need to know, that the things goes bad because they are always looking and trying to create the problem for us. It's becoming always more competitive. But we did win the last tender but we lost these 2 vessels. We lost them. I mean we have the luxury to put them on long term. Now we have to replace them on the new PIDF for the next 3 years. And this, we are saying these are the potential prospects, including sanctioned contracts. When we call sanctioned contracts are those that Petrobras has already confirmed that you are going to be awarded. The Petrobras create the commissions for the tender, and then they select the contractors and then they habilitate it or they sanction the contracts. The next step is to sign the contracts. So those 3 vessels that I was talking about, Commander, Chieftain and Olympia, they have been sanctioned already 3 months ago or more. So those were the first vessels that we dealt and we closed the deal. We only did not sign those 3 contracts yet because the start of these contracts are Q4 '26, so Petrobras has time. But that was not the main deal. The main deal was a particular lot that today we have the contract, which is the Commander. It's missing there one ROV plus one AUV. That's an AUV contract. And for that particular lot, it was only one vessel. We lost the auction. We were second and another contractor was first. And in the auction, we lost that for $10. Maybe it's another but for $10. We could lose for $1, but we lost for $10 that opportunity. However, there has been some compliant issues with that particular first bidder that we have disputed. So that contract is, I would say, most certainly coming to us and very soon. So in that case, this vessel here goes to another lot with the AUV, and it opens this lot on this particular lot. So that means that we may have the chance to place an eighth RSV or 15 boats in addition to the 14. That is the latest. That's sanctioned already. That's the largest ever PIDF contract. It's now nearly 6 years that we go one after the other. We are missing only to sign the contract, which starts in Q1 '26 in continuation with the current PIDF '23, which you guys saw on the previous slide. This has just been signed in August. It's an amendment to the current PIDF contract so we can continue until the end of the year, early next year in order to have in sequence with the new contract. It's about $50 million amendment to the current contract. Coming back here. So that is -- soon we'll be able to confirm to you this award. But you can see here, and the way it's showing, we are missing the vessel. Those were supposed to be Carla and Geoholm. So we are now with several scenarios of our own fleet. The beauty of the PIDF is that Petrobras does not control the vessels. We control the vessels. We can put an AHTS with ROV. We did put already. Skandi Salvador today is on the PIDF because she left Subsea7, and she needs to start by the end of the year. Where do we put her? On the PIDF. We've got the extension. Is she the ideal vessel? No, because we require a lower spec. But she performs like hell. I mean, put a big vessel that can perform and performance is everything we need on that kind of contract. That's a lump-sum service contract. We need performance. We need to deliver. So even if the vessel consumes more fuel, because fuel is on our account, she can deliver more performance than a smaller vessel. So basically, the things stay even. And that allow us this flexibility to play with the vessels that we want on the PIDF, and we take them off when we want. Because everything we have to deliver to Petrobras is performance and data of inspections. The rest is with us. So that's why we can put vessels, we can take vessels off. And how do we play the spot market in Brazil? Because all the vessels are booked. We play the spot market with the vessels that we put in that project. So if we put a Salvador class in that project, one of the reasons is that we will play the spot market for that particular vessel. And I can assure you today, we have signed a contract last week for Skandi Salvador today on the PIDF to do a spot for BW, 2 months' work at a very high rate. So that project allows me to do that. That's why we play the spot market in Brazil. And in fact, when you see here, this spot here, Geoholm and Salvador. Just signed the Salvador. Geoholm was potential, we lost to go after this. What do you do in the PIDF? Say we take all the vessels, Okay? We have to manage this. So we have to be careful because we cannot be late with Petrobras. So it's a question of how you successfully and very -- so it's all about project management, really. That's what our competitors probably don't have that track record. You can do a good job on PIDF with Petrobras since you manage all the tasks, all the activities well because Petrobras has a tendency to impose. And it's kind of a contract they cannot impose. They need to let us do the job. And they're letting us do the job. We deliver better than what they deliver with the fleet and allow us this flexibility. And this is in the newbuild. Were second after Bram Chouest. So they would take 4 and we would take 4. Definitely, our rate will be better than Chouest rate because we came second. And our problem is, in negotiating, how far can we be out of their rate because Petrobras will stick on us to be close to their rate, obviously. So it's where we are today. And I think we work so hard for this because this is the future. You saw there in Brazil, DOF has a long history of newbuilds in Brazil, very long list, track record. And we want to be part of this new phase of newbuilds in Brazil. You guys know that the first newbuilds were the PSVs, 12. Chouest Bram was awarded 6, Starnav was awarded the other 6. They are already under construction. And then came the OSRV newbuilds tender, which are the same PSVs with the oil rack facility on top of it. And Starnav took 4, Bram Chouest stayed out surprisingly. And there is a newcomer in Brazil that was first. They are still trying to make that contract happen. And then came in the RSVs tender, 8, that 4 could be awarded maximum to each contractor. These tenders, they are 18 years lot, 10 years lot or 12 years lot. You can be the 1, 2, 3 or 4. But obviously, the best is you go for the maximum and for the maximum term, right? So that's what's happening. That's why we have 4 potential newbuild contracts for 12 years contract each. If you -- there are so many slides about this, but just to emphasize because really it's an achievement for us. So those are the 15 vessels. Up to here, already signed, the 3, yet to be signed because of that famous AUV lot, which we will open this lot. So in Petrobras, in the tenders, you guys know very well, you are not required to bid one vessel on only one lot. You can bid the same vessel on 2 lots. If you win both, Petrobras decide which one they want to put that vessel. That opens that slot for you. You are still first. So they come and give us the chance, give you the chance to replace that vessel but not the obligation. So if you have the chance, okay, you have 2 contracts. If you don't, you just possibly go to the next one. That's what has allowed us to put 2 L classes because of that. That's why we were targeting 6 and we end up with 7 because we were offered another boat. So we took it. And this happens here with the Carla and the Geoholm. So we have a very good chance to put a 15th vessel here. That will be 7 AHTSs plus 8 RSVs. So those are the contracts signed already. For the 3 RSVs, that are sanctioned. As of today, the 11th is given a backlog of that magnitude. If you add the PIDF, that's another 400. If you had the 15th boat, that will be close to BRL 2 billion or around BRL 2 billion backlog out of this. And not yet considering the newbuilds. So we think we are going to close newbuilds. That will jump that backlog quite substantially this year. That's why this year, in Brazil, we think we are delivering not only what we were planning, but we are delivering in excess that we were planning. So it's a good place to be. So the problem that we are having looking for vessels, that's the luxury problem that Mons was saying. So it's a good place to be, and we need to deliver. In terms of the finance, there is obviously a big CapEx associated with this. It's what impacts our EBITDA. But the issue is how can we quickly recover this CapEx that we need to put on all this fleet to deliver the fleet? This is about the aggregate of the group. DOF Brazil is a big contributor to that EBITDA for the group. And what's really important is how the rates are showing up. Only the AHTS fleet rate have an average increase of 38% of these new contracts. The RSVs is about the same trend. The PLSVs, you guys just saw. We are even above that. So it's looking really good, the expectation for the market in terms of midterm, long term. This is the fleet. Principally when we talk of all the vessels, they are all fully booked. Probably they go until 2030. And the Skandi Amazonas, today, she's finishing the current contract mid-'27. But she also has another 2 years option, like the Ipanema and the Rio. So those boats, Amazonas, Ipanema, Rio and Botafogo, they were not included in this tender because they are under contract. So they probably will be our target for the next phase of tenders Petrobras will come probably next year. Angra, Fluminense, Iguaçu, Paraty and Urca, we just placed them under contract right now. Lift and Logger, the 2 L classes that will come into the contract. Salvador, Achiever, Geoholm and Carla, all through '29. Olympia, Chieftain, Commander, all through '29. And the Involver, which is the vessel that is not in our fleet, she probably will end this contract with Maersk Brasil and Alcatel around here on Q1 some time. And then she has options. We may have opportunity in Brazil. Obviously, we want to keep that vessel in Brazil as much as we can. But it's a global vessel. She goes where it's more attractive. The Stril Explorer is the only one left on the PIDF. That's why we need the vessel 2 and vessel 3 to complete the 3-vessel fleet for the new PIDF end of Q1 next year. And then as we see here, a vessel 4, which is the additional 15th vessel that we can put on Commander's lot. So we are really looking for 3 vessels, right, Mons? Yes. We are really looking for 3.

Yes.

Right? Yes. But we'll make it happen. And Mercury and Jupiter, that is a blessing. Even in the church, I was going to have this vessel released. So we did manage to get them back. So the ship -- the vessel owner, our investor, is very happy now because we manage those vessels. Those 2 vessels are not ours. But they are fixed. So we do not own them, we manage them. And this is the PIDF, and I'm trying to check my time. This -- you guys know this, but the PIDF, as they go, Petrobras has always increased the level of inspections. You see all those different inspections, obviously, the base case of PIDF 1, on the bottom; PIDF 2, the riser; PIDF 3, they're very shallow to the facility, where we most need shallow diving there to complete the scope. So we do have shallow diving today and we are going to have a shallow diving on this next contract. But you can see the level and the quality of inspections that are in our pricing list. It's always increasing. It's always becoming more high spec. So that's the track record that allows us to beat our competitors. They all know to do this job. Our main competitors in Brazil, they know how to do this job. They have vessels. But this is a service contract. You need to be able to perform and deliver and they need to be able to learn and use the learning and move forward, that's the base of it, and be able to manage well and make money out of that. But you can see only PIDF 1, 2, 3, only ROV. The PIDF we have now already included the diving and all this inspection. Where you see blank inspections here? They were not there. They have been increased. They have been -- to the extent they look at the new contract that we signing, okay? So we have all the old inspections plus the new ones, and every new inspection, there is a new rate. And that's where we try really to make money, on the new rate. That is difficult for our competitors to understand how long they will take to make any one of this inspection. We are with the track record in a better position to figure that out. That's where we are competitive. And this inspection here, you see -- you have one inspection class here that is only diving. IDBS, bell mouth inspection, inspección de boca de sino in Portuguese, which is the bell mouth on the FPSOs where the risers get in. So they need to inspect that bell mouth facility, that bell mouth equipment to be sure that it is standing, it is not corroded. Sometimes we even do some repairs. And only diving can do that. So these are in the new contracts. And this is a summary. What is the PIDF? We cover 3 basins, Campos Basin, Santos Basin and the EspÃrito Santo basin. So if we transit a lot, we don't make money. We need to reduce the transit to minimum. We don't make money transiting nor going to port. We make money doing inspections. So that's why this is all a contract managing excellence capacity, really. You need to be very talented. The project team that we have created, I think I have one of the best project teams for this in the market. It's $400 million to deliver on lump sum basis unit to rate and make the money. If you do something wrong, you lose money. But we are not allowed to do anything wrong with this. So this cover all the three areas. It's all very deepwater. You can see how this thing has progressed. PIDF 1, the number of inspections, the kilometers, the vessel days, the technical reports, the contract values continue increasing. I was here in 2023 doing exactly this when we have just signed this, just signed this contract. That could be up to $300 million. We are in $280 million already. So we'll get close to $300 million with this additional amendment. And this is the new one. So far, we have -- practically in terms of inspections, you can see subsea inspection there. We are over 7,000 inspections. And this is not only inspect. You need to inspect, you need to clean, you need to show that, that particular equipment, pipeline, whatever, it's sound. That's Petrobras' obligation towards ANP to demonstrate the assurance of their facilities and continue producing. All this job is done also with the fleet, the long-term fleet. The difference is that Petrobras cannot get the same performance on the long-term fleet compared to the performance that we deliver here on the service contract. Why? Because there, they manage our vessels. We do what they tell us to do. Here, we do what we decide to do. So we try to be much more cost-effective, cost-efficient here. And this is the new contract, $380 million plus ongoing for the next 2 years. You guys have this, right? This is a business plan of Petrobras. I'm not going to spend much time on this. What we have new here, the new Tier 1 player, Allseas, showing up in Brazil, in addition to Subsea7 and TechnipFMC. They have already been awarded Buzios 10 right here. Obviously, they didn't start this yet, has 2 more years to go. And here, they have not been awarded yet but they have the lowest price. And that's Atapu 2. And then Sepia 2 is now under bid. So that's why we look very closely to these first years because they are really our clients, and we work for them with our subsidiaries. They need us. This is the decommissioning. Always, you guys know this. This is the decommissioning plan current from Petrobras. It's a massive scope of work. Obviously, you guys know decommissioning has a tendency to go much lower than planned. So this always moves to the right. But it is a must. This will never stop. This will always increase and increase. That's why we look into this as a buffer to complete the scopes that we have, principally if we have availability of vessels. This is just what the oil companies -- just a picture of what we are doing, Bacalhau, Equinor. So it's not only Petrobras. Raia with Equinor, all the SURFs -- you'll see the SURF contractors here. And we are giving a look into this. Maromba with BW, I just told you guys, signed a contract with BW last week in order to use the Salvador for 2 months. That's for Golfinho. But we are looking into that if we could do something here. This is Shell, that after so many years, Shell looks like it's really going forward. It will go forward with Gato do Mato. And this, I think, FPSO has already been awarded to MODEC and the SURF to Technip. And Trident is something -- this, we'll be looking very close to it, the SURF for Trident. This is shallow water. We can do this with I classes. I cannot say much because this will be competitive. So hopefully, we'll be able to submit a good price if we have the vessel available. And otherwise, we pass. And decommissioning, we bid this. We think we have the best technical proposal for this with an I class. We bid over that in Brazil. And we were not first. We were second, very close. So if this thing does not go forward with the current contractor that should be awarded, but who knows? We'll be sitting and waiting. If they award it, fine. If they don't, we go back. These are our people. I think I need to tell you guys, I mean, our H&R team in Brazil, they are first class. To mobilize all these vessels, I mean, how are you going to crew all these vessels? They are Brazilian flags, all Brazilian crew, marine Brazilian crew, ROV crew, survey crew, one after the other, 14. So we need a lot of crew. In order to have all this in the market, we have been expanding a lot all our training programs a lot. So we are producing these people, most of them in-house, to the extent that besides survey and besides ROVs, we are trying to see how can we train people also on the marine crew. Principally when talking about electricians so we can train them, not necessarily depend on the Navy. And basically, when we say the tuition programs, those are the entities that we support. Most of them -- there are 3 of these entities, they are supported by Norway, Karanba, Bola Pra Frente. This lady here, this young lady here, she is working on the engine room. She is one of those poor kids that have been part of this associations that we support, and she is now a very active officer on board of our vessels. So it's just an example that we do contribute with the social programs. We invest a lot in trainings, in innovation, and that gives you a picture of what we do. Inclusion, obviously, and as I told you before in terms of diversity, women. We are leading the group and we expect to continue. Outlook, this is one of the left because we want this to be what you have in mind. So outlook of Brazil, all-time record in 2025. Will be difficult to beat the record of this year. Majority of the local fleet booked to the end of decade, Workforce growing, training program is expanding. Continuous high tender activity. Petrobras today with IOC, local operators, first tier contractors. And the oil and gas market still continues very healthy and promising for the mid, long-term future. And this is the long-term future. That's why we are going for newbuilds. We are talking about here equatorial margin just coming south of Guyana, where Marco is going to talk about it. That's the high expectation for the next 10, 15, 20 years. Current tenders, Petrobras has decommissioned an EPRD. We are looking into this to participate. There is another sales bid. This is targeted to replace the Wayfarer of AKOFS. But it's a bid, let's see. This is a newbuild. We have been working for 1 year on this. This is the fourth newbuild of Petrobras. The SCVs, OSRVs, RSVs are now AHTS. Initially, that spec was practically prohibited because everybody has classified those AHTS as newbuilds of Petrobras, the nice to have they wanted, everybody called them monsters. So we have to build 2 monsters. We are not going to build 2 monsters. The fab yard is going to build 2 monsters. And why we are going to build them? And how can we be competitive, one? Second, how we can build in the Brazil? Third, how you can put a price that then Petrobras is going to contract? That thing over there initially would cost above $300 million each. So during the last 6 months, not only us, but the whole community of potential contractors have been working on for Petrobras to change the spec, the requirement. And they just did it just a month ago. Now they are really attractive, let's put it that way. So they are Skandi Amazonas-like plus. So now we are interested to look at this newbuild. This bid is going. It's due the end of this month. It's going to be postponed to November, perhaps the end of November, so we have time to look it with. This is what I was talking about, Trident. And Petrobras' Sepia 2, what's in the market today, obviously, the first tiers are asking us to bid. So we are supporting them. And a lot of other tenders that we do not participate. We are not in this business, we are not in that business, all in shallow diving. We are not in the walk to work, that's a very short contracts. Yet. But we don't have nor time nor vessels nor people to dedicate to this. I mean, we are not interested. That's about it.

Great. Thank you, Mario. Then we'll do a Q&A here as well before we have a short break. So first, here in the audience?

Assuming that the RSV tender is successful, who will build them?

Ours?

Yes.

We have consulted all the fab yards in Brazil. We have received 4 proposals. And out of these 4 proposals, we did assess each one very carefully on the economics, on the capability, on the track record, on the current status of those shipyards in Brazil, which is complicated, in order to decide where to go with. So we have decided to go for the tender with Navship in Santa Catarina, Navegantes. So Navship is the Chouest Group. And so we say, okay, so Chouest is going to build 4 for them and 4 for you. If we close the contract, that's what is the intention because it really gives us confidence. If probably Chouest -- it's just a particular comment, if they had probably won the 6 OSRVs in addition to the 6 PSVs, they probably would be in a situation with yard capacity for the RSVs. But having not been awarded 6 OSRVs, obviously it created a good spot, a good slot there, not only for their 4, but also for our 4.

On the RSV and potentially also the anchor handling newbuilds, could you say a little bit about the economics there? I guess you won't disclose details.

We are still negotiating.

But if we start off with what you have on the Sea Dragon vessels that are currently a charter-backed newbuild, where you have already disclosed EBITDA payback of something like 7 to 7.5 years. Do you consider that as attractive economics? Or do you have different requirements...

Let's put it in this way, I mean, because just to compare things with Brazil and then with Canada, the newbuild for Canada. But we need to work with what we have in our hands available. BNDES, for example, where is this money coming from? FMM, Fundo da Marinha Mercante. We have already accessed Fundo da Marinha Mercante prior to bid in order to have the priority to access the money from Fundo da Marinha Mercante. And then you go to the agent that's really going to do the finance out of the funds from the FMM. And that, in principle, is BNDES. Different from what we have in the past that BNDES would not limit the period that they would finance when we could consider 20 years. Today, BNDES is not financing more than the firm period of the contract. So we are limited to pay the BNDES, which is about 70% to 80% of the whole investment in 12 years. And then we have an equity, obviously, that's up to us how do we pay the equity. But most of the financing we have to pay in 12 years. So our economics, consider that, I can assure you. So you're telling me, are you paying the boat in 12 years? No. We are not paying the boat in 12 years. But I cannot tell you how many years we are paying the boat. But we are paying BNDES in 12 years.

Thank you. Now there's a question on the L class. Is there a chance that you will run into the same issue as you did with Mercury and Jupiter? Perhaps you can explain the difference between international flag and REB and what's required for the REB tonnage?

Yes. I mean, we have international vessels in Brazil. Today, the Geoholm is on foreign flag. The Skandi Carla is on foreign flag. So every year, they are on our contract. They are not with Petrobras long term. We take care of their circularization. We take care every year that you have to renew their authorization to operate. It's the CAA of ANTAQ. Every year you have to circularize. And if there are Brazilian flag vessels that are similar or can block them, they have the precedent. We are in that business. Because we have Brazilian flag vessels, we block a lot. But not only, we have the foreign flag vessels and we need to avoid them to be blocked. So there are certain strategies in order to do that, but they have certain exposure. Stril Explorer is just a common RSVs. You guys know the Stril Explorer. Stril Explorer has been working in Brazil now for over 3 years with foreign flag. Every year that we circularize the Stril Explorer, Stril Explorer is blocked by any RSV Brazilian flag that is available. So we need to overcome that blocking. But this is something that, let's put it this way, we have a leverage potential because we have foreign flag and we have Brazilian flags. And we are blocking our competitors. The same way they block us, we block them. So a certain moment, even if they are so much so attractive to them that they need to go block him, but -- and otherwise, we find a way to resolve that out of ANTAQ. So in order to have that leverage, you need to have the cards. What are the cards? The Brazilian flag. We have the tonnage. Why are we REB-ing Lifter, Logger, Geoholm and Carla? Four vessels are being REB-ed because those are Brazilian flag tender. We still have enough tonnage available so we could REB them. So once they are REB-ed, they run no danger at all. So they are Brazilian flag on REB. They operate. The Jupiter and Mercury, when we did the tender last year, obviously, we know the market very well. We know all the vessels that could disturb us, all the vessels that could be available, all the vessels that could have a chance to block them based on the regulatory rules at that time. And our decision was, okay, these vessels cannot be blocked, not with this spec of contract, not with this bollard pull, not with the scope of the contract. That's why we decided to go with foreign flag, also because the vessels are not ours. So REB vessels that are not ours, you guys understand. It's not the same thing. But the chances that they could be blocked based on the regulatory that was in place and have been in place for years, they would not be blocked. And then there was this change that I was talking to you about it, early June, that allowed partial blocking capacity or scope in the contract. That's a big mess. So we spent time in Brazil with ANTAQ and all the directors of ANTAQ trying to tell them what hell of mess they have created. With an RSV, I can block a PLSV. With an AHTS, with ROV, I block a subsea vessel and the opposite. So it's going to be a bloody mess, so with this partial blocking. Partial blocking has always been there time-wise. So you don't need to block the whole year. If you have 6 months, you block only those 6 months. And the blocking business became -- the blocking procedures became so hot, got so hot in 2015 and '16 because Petrobras had so many contracts foreign flags. And they had to reduce their fleet and strongly reduce their fleet. They started with the foreign flag. So everybody became blocking experts and how much tonnage, how much you can play with as better leverage you have to deal with the market and assure that your vessels can still operate with foreign flag. So I don't know if I responded so -- but you want to be sure that you have no blocking exposure in Brazil? Put a Brazilian flag on the vessel or make a Brazilian build. When you put a REB flag with a Brazilian flag, you know that becomes a Brazilian vessel, it's a full 100% Brazilian crew. With the foreign flag, you still need the crew to keep the flag. That was one of the arguments, I can tell you guys, that we played against with ANTAQ level. Because sometimes these people they -- I'm sorry, they go on a so different level that they say, well, foreign flag, AHTS, a crew of 23, 25, 20, all foreigners. A big vessel, a bigger vessel, Skandi Açu, foreign flag. Foreigners? Not really. So we had them fully listen. Out of the crew, foreign crew, we obviously keep that to a minimum. That's obviously -- it's a cost implication thing. But you pick an AHTS, the Skandi Jupiter, 23 crew, it's just an AHTS without ROV. Captain, Chief, electrician, that's it, foreign. All the rest, Brazilians. So dear ANTAQ, dear directors, what you are looking for Brazilian content here? We basically -- if you don't allow me this vessel to work, out of each vessel, 23, less 3, 20, 20 Brazilian crew are losing their job. Multiply by 2, 2 ships, 40. Okay. So now we need this vessel. We need this crew. We need these Brazilians to work, even on a foreign flag. Anything else? No.

No. That's it for now. So we do a 12-minute break. We'll be back at 13:45. Grab some coffee, drink. [Break]

So hello, everybody. I'm Marco Sclocchi, I'm the EVP for North America, 1 of the 4 region of DOF Subsea or the fourth region of Subsea because we were established in 2013. So North America at a glance. So we've been a growing region from now 20 years that we are established. We operate in the U.S. Canada, Guyana. We have a project in Suriname, Trinidad and occasionally in Mexico. After the acquisition of Maersk, we expand our fleet now to 14 boats. We were the first region operating a Jones Act -- or chartering a third-party boat, especially to comply with the Jones Act requirement. And we have new incoming vessels in Canada in 2027, as you all know about it. So in terms of backlog, our long-term backlog is mostly in Canada with the Maersk vessels and the Skandi Vinland. We still have a good backlog in Guyana, but now after we were awarded in 2022 a 3-year contract by Exxon, the 3 years now is coming to an expiration. And the contract now, they're going year-by-year extension. So we're calling that a year-by-year backlog in Guyana. While in U.S. Trinidad and Mexico, we really play the project market. We're not concerned of a long-term backlog. Of course, we would like to have a long-term backlog, but the U.S. market has not been a typical long-term contract for IMR boats. And so we have to play how the market rules -- the rules of the market. We've been growing our footprint. Pretty much we work for every single client that is currently in the Gulf of Mexico. So we maintain a frame agreement or MSA, master service agreement. So we can be called with a 7 -- 3 days' notice, and we've been able to keep the boat busy. Of course, the Guyana, we have 2 FSVs, 3 with the Skandi Nomad. But we're also playing some activity in the mooring, SURF, decommissioning and also we see a market into the light well intervention coming. There was recently a publication about where the market is evolving. It's evolving in small tiebacks and it's evolving in light well intervention. Why? Because, for example, in the Gulf of Mexico, there are 50 existing deepwater facilities. Like we talked about SURF before, the main -- the Tier 1 contractors are too busy. They have a backlog that now goes into 2029 and they don't have a capability. And the operators are looking at how we can keep the production flowing. They needed to replace productions. Of course, now a capital project is $2 billion to $7 billion, but they needed to keep the oil flowing. So there is a lot of effort in figuring out how to bring new wells into the existing facility, even half a mile wells, right, that they can give them the 10,000 to 15,000 barrels a day. So from an organizational standpoint, we've been growing both in engineering and ROV services and delivering projects to our clients. Again, I've been there from 2009, coming from another large company. And even if they know us, they know that DOF has beautiful vessels, very capable vessels, there was this lack of experience into the project. And it took a while to convince the client that we can deliver integrated project. So DOF Subsea in North America was established in 2005 with the acquisition of Century Subsea. Until 2010, we play more pretty much a survey role. And in 2010, we were awarded the first two contracts, one in Canada for ConocoPhillips and the one in India for an emergency work with a Radwell controller at that time. And from there, we take off. We become the region that was occasionally winning projects using the vessel from the North Sea when the market in the North Sea gets tight. In 2013, we physically established the region and we started to hire long-term Jones Act vessels. They really opened the market for us to the local IMR and activity. We had a long-term contract with Chevron and a long-term contract with Freeport-McMoRan that it took us up to 2016, in which we not just deliver vessel days but also fabricated jumpers and do a lot of other activity for them, really supporting their field development. In 2017, we were awarded the 10-year contract for the Skandi -- in 2016, we were awarded a contract. We delivered the boat in July 2017, which was our first long-term contract, first FSV long-term contract on 10 years. And in 2022, 2023, we were awarded a 3-year contract for Exxon in Guyana to support their subsea infrastructure in the Stabroek block. In the meantime, we've been working in Mexico, we've been working in Trinidad from 2019 and also in Guyana from 2019. With the acquisition of Maersk in 2024, we increased the scale of the vessel capacity, especially in Canada where, again, there was already existing contract. But we also took in February 2025 the advantage of having the Skandi Implementer and the Skandi Nomad in Guyana. And we will show a little more about what we did with the Skandi Implementer in the Gulf of Mexico after the termination of the contract in Mexico. In March 2025, we delivered 2 boats in Canada, the Mover and the Mariner, bringing the total vessels to 13. We're still operating third-party vessels. We're still operating the Chloe Candies Jones Act boat. And then next year, we will have the Cade Candies, another Jones Act boat, 150-ton, that we already signed 2 years ago. And we have that for 2 years. So in terms of fleet development and profitability, you can see how the fleet in North America is increased here after here, clearly starting with the Jones Act boat and the 10-year contract in 2016 for Cenovus. And then we had the Skandi Constructor, the Havila Phoenix going for Exxon in Guyana, that it was our first -- honestly, was our second project for Exxon, but it was the first FSV project that we have on long-term contract with them. And like I mentioned, the contract, they added vessels in Canada with the Skandi Implementer and the other boat already existing in the contract in Canada. So in terms of financial development, the revenue grew from $150 million to roughly $280 million. So now we are pretty much equivalent to the other regions. Of course, we're talking DOF Subsea. We're not talking the DOF -- the entire group, right? We're talking what, just from the DOF Subsea side, we're doing as a fourth region started in 2013. It took us pretty much 10 years to come to the same levels of the other regions. Like I mentioned, we work for pretty much any -- every single operator that is into this area. From a regional market and dynamics, again, I listed all the countries where we work. And honestly, it's important because when you say North America, people think U.S. But really, U.S. for us is probably 30% of the revenue generating. The revenue comes from Guyana, Canada, Trinidad and occasionally from Mexico and Suriname. So we're pretty diversified. So we play in all the markets. Clearly, the headquarter is in Houston. Canada is a big office, pretty much independent even if we report to Houston. Talking about America, again, we always play into the Jones Act market from 2013 because, again, there is a need, there is a demand for compliance with what is the Jones Act. And we've been very successful again from 2013 to keep vessels on long-term charter from American suppliers and the delivery project with them. Like I mentioned, there is a lot of infrastructure already existing. And the next phase that we see, there's still always 2 or 3 capital projects every year. right? And now BP, we started to develop a project in the Gulf of Mexico, Shell, and then you have the small independent, like a LLOG. But there is a big focus in keeping the production growing or maintaining the existing production, 1.6 million barrels per day the Gulf of Mexico produce. And so there is interest from the operators to develop subsea tie-back. In Canada, the story is waiting for Equinor's Bay du Nord project, that it was started, it stopped, it restarted, it stopped. But I can say DOF probably is the largest vessel operator in Canada at the moment, thanks to the acquisition of the Maersk fleet. We work for every single operator there. We have 1 or 2 or 4 boats with them, Cenovus, Exxon and Suncor. In Guyana, fantastic story in Guyana, right? Exxon now delivered the fourth field development with a targeting of 900,000 barrels a day, and they're expecting to -- they have 3 projects in development, another 4 projects planning. And when we talk to Exxon, their target is -- they're already planning a 2032 activity. So we have another 7 years of activity even if our contracts now are on a year or 2 years renew. We just installed the 100 well, and they're targeting 300 wells by 2030. The problem of Guyana is one operator. So you have a single client like it was Petrobras a few years ago. And personally, I do not see new operators coming into the specific market. The good thing is that both Trinidad and Suriname are really growing, one because need gas. The LNG terminal in Trinidad is less than -- roughly 60% capacity. So there is a big demand for replacing the gas. In Trinidad, you see Shell and BP and EOG, the existing supplier there, the existing operators there developing a small both a capital project and also subsea tiebacks. We have a boat just transiting right now to Trinidad to support Shell. And then, of course, the new frontier, how TotalEnergies called Suriname, the new frontier will be the next big project for them. We deliver in 2028, roughly 30 wells. We're already working for them. Clearly, the job is with Saipem, but there is opportunity for taking the lesson learned from Guyana and growing into Suriname. Mexico. Mexico has been in trouble for the last 2 or 3 years. We have a boat in Mexico until at the end of this year, working for 2 contractors at the end of the day for Pemex. Pemex decided that they don't want to pay any more -- they want 6 months payment terms. So at the end of the day, we pull out the boat. But new government came into power. And they physically, they are selectively open for business. So they're changing a lot of how they want to bring a vessel in. They give more power to the Navy. So let's say, it's more official, right, and it's probably more clear. And they really want to bring international business into Mexico. That is the message that we received. Woodside is the first deepwater project, also scheduled for 2028. We just awarded a small project for them that it will take a vessel into Mexico before the end of the year, we hope, or potentially in first part of the year. Again, very small, so probably list we established ourselves with Woodside. And there is still ENI and other independent that they have a lot of production for what they consider ENI, 80,000 barrels a day just from one field. They, for sure, demand requiring services. We're not established in Mexico or in Suriname or in Trinidad. We just go on a project-by-project basis. But pretty much we are, don't want to say daily, but almost daily in talk with the operators into this region. We have also to touch Renewables, that even if clearly the message is that the current administration wants to shut down as much as they can the development of floating wind, offshore wind, there is still a lot of work that is needed to be done. And considering the limitation of the Jones Act tonnage available, because, again, nobody built a boat from 2013, there is a lot of potential for service contract in the East Coast. And then I will say that, again, even if the U.S. administration is against the wind, the local market, the local governor, New York, California, stuff like that, they're still pushing their own agenda as much as they can, which is good. One of the things that I always like to say is that our ambition is to be a solution provider to the operator, both for marine and subsea services. We like when the clients call us and they say, hey, we have a problem and we need help to resolve whatever is their requirement offshore. So Canada has become an important area for DOF, like we mentioned. We have now a very large fleet in East Canada, like I said, operating for all the current operators. We also already work for Equinor when they were doing drilling. Just 2 M-classes have been mobilizing on a 3-year contract in Canada, one in May and one in middle of April. And we just extended the contract for the Skandi Cutter, which has just come out of dry dock, where we'll show you a picture of it. We have the new delivery both in 2027. We start a 15-year contract for the West White Rose field. One other things that we have been successful in Canada is engineering and planning for Cenovus. So pretty much 2 years ago, we were able to replace the TechnipFMC on the engineering and management contract for all their IMR activities. Now in Canada, we have roughly 20 engineers and 75% of them, they just work for Cenovus. They work for DOF, but they pretty much take care of all the activity that Cenovus has to run offshore. In Guyana, like I mentioned, we've been in Guyana now from 2019, first supporting Saipem and then supporting Exxon. We had 3 permanent boats now. And occasionally, we have the fourth boat, the Skandi Skansen. Here is supporting SBM into the installation of the third FPSO that occasionally comes and goes. And the other advantage of Guyana is that having a contract in Guyana, we have the possibility to do call-out in Trinidad or vice versa, if we have a vessel in Trinidad, we have the possibility to support Guyana on a call-out project. In Guyana, again, starting from November 2022, right now, we have achieved roughly 5.3 million man hours with 0 LTI. Like I said, we have 3 vessels. So far, we already installed 158 subsea hardware, that is trees, jumpers, flying leads. So everything that Exxon needs to install after the post first oil, which is with Saipem. So Saipem roughly installed 50% of the subsea hardware to deliver first oil. DOF is installing everything else with the two 250-ton crane boats that we have there. We have also been successfully called for some special projects like flushing, jumper removal, umbilical replacement, gas-to-shore project that today, they are worth roughly $3 million in extra services above what we are doing regularly for Exxon on the call-out. We're also now performing all the subsea pipeline or line inspection and photometry for Exxon on the 3 fields, which is an activity that has to be repeated every 2 years due to some movement of the pipeline. So when we started the contract, Exxon has a two-contract strategy, EPCI, Saipem and time charter, right? I take a boat and I tell you what to do. It's not what's happening with us, because when we arrive in Trinidad, they realize that they have a lack of engineering capacity and management capacity. And pretty much now they are assigning us a project task, like they do for Equinor here in Norway, right? So they give us a specific task, we deliver them a full engineering solution. We provide intervention and dock tooling and also specialized survey. So we have expanded our services in Guyana to just providing boats and ROVs. In terms of deepwater mooring and hook-up, we want to remind that again, even if we don't have an assigned anchor handler to the region, we've always successfully been able to secure a good project in the North America, bringing the boat from Europe most of the time during the winter, right? So we take advantage of a slow market in the North Sea and bring the boat across. So pretty much almost every year, we were able to bring the Skansen, adding value to the fleet, because, again, the market in the North Sea for anchor handler, it could be a little depressing. But we've been able to deliver project in North America. So these are pictures of the current Skansen in Trinidad, mobilizing for a job in Guyana right now. They just departured 2 days ago. And this was the project of the LLOG Salamanca in 2025, that it was completed in July. So the Skandi Implementer. Like for the Skandi Inventor, we were tasked at the last second to what we do with these vessels after the Mexican decided that we don't pay the vessel. So Mons pulled the boat out of Mexico. The boat was, like I said, in Mexico. We had to do a small stop in The Bahamas for some maintenance. And we had to, again, figure out how to replace this long-term charter that it was in Mexico for another year, right, April 2026. So we had to mobilize -- plan and mobilize ROVs and Survey pretty much almost on the day. So we had to fly the ROV to Trinidad -- mobilize the ROV to Trinidad. And again, there is a lot of stuff that is going on because, again, there is -- with the American administration, there is import and export control. So it was a logistic nightmare, okay? Let's start with that. It was a logistic nightmare to mobilize these 2 ROVs coming from Norway. We have umbilical coming from Trinidad. We have a LARS coming or other umbilical coming from U.S. I think we booked 5 different flights to move the ROVs into The Bahamas. And we were able to mobilize these 2 ROVs and secure immediately a contract with Exxon for the Marshall & Maddison decommissioning. That was a large scope of work for what usually we do. So that included hot tapping, so pretty much drill into the pipeline to be able to flush the line, flushing the line and after that, recovering the subsea jumper and other subsea structure, clearly free of oil, right? That was the task. That was a 60 days job in which, with the 2 ROVs that we mobilized in The Bahamas, and we tested in-transit from the Bahamas to Port Aransas. So 5 days transit. We tested the ROV across the Gulf of Mexico down to 3,000 meters, because that is where the ROVs are rated. We were able to achieve the job with only 2 days' of non-performing time, call it downtime. After that, again, this is a beautiful boat, right? The ROVs are top of the class. We were able to secure 2 projects with BP. And these projects, they really need, especially the subsea manifold, they really need a 400-ton crane. So it was a nice premium rate for the boat, because, again, when you -- there is a market, right, 100 ton to 150, 250 and 400, right? So I don't want to say you can ask what you want. You need always to negotiate, but it's a totally different market when you provide a 400-ton crane, for the crane or for the deck space. And we were able to install in 2 manifold and 2 subsea jumpers in 2 separate campaigns, roughly 30 days of work with a maximum lift of 260 tons in 2,000 meters. And then we kept the boat busy with ENI and now the work -- it is working for Talos. So there have been another couple of projects between. Pretty much we've been able to keep the boat consistently busy, right? We didn't have much of downtime. Of course, between projects, you can have a couple of days, right, to change crew or fixing few stuff. And again, Mons is happy, so I'm happy. So this is Q&A. I know -- this is a picture of the Skandi Cutter. So the boat that just extended for 3 years after dry dock. So this is the second Maersk supply boat now in the red color. The Implementer will be -- we have one boat in dry dock at the moment, right? And we will have an Implementer in December -- no, sorry, late September, going also to dry dock, already planned. It will be the first of the 400-ton crane boat with the red color. And we believe that we will keep the boat busy for -- we cannot say too much about pending contract, but we believe we will keep busy the boat until the end of the year and then see where we're doing with that.

One question from the webcast, which is, do you see potential for further growth in Canada? Or is the market sort of at capacity in terms of vessels there?

So I don't think there is a potential growth for vessels in Canada at the moment. But Cenovus, like Suncor, of course, they need to maintain production. There is -- I don't want to say problem, but everybody has IMR task to perform. Two years ago, we did a very interesting project for Cenovus doing a partial of the marine replacement. And we know now they're talking about doing some umbilical replacement, doing other projects that they can, which we are doing the engineering, right, because we are the Cenovus engineering firm, if you want. So there is that type of potential. Like I said, that Canada is waiting for boat via the North.

Yes. Good. All right. Then we move on to the next section, which is Martin, please.

Yes. Now we're going to see how this operations, commercial achievements and good execution turns into numbers. And I would say for the last -- even for the long run, it's looking very good, both on revenue, EBITDA, of course, now better than ever, partly due to an increased fleet, but also a lot due to the increased capacity capabilities and project activity within the group. So driven further development in earnings without major investments outside of the Maersk acquisition. And also, of course, there is restructuring in this lower graph, but it's also good to see continuous deleveraging both on a gross level, but also on a -- or on a net level, but also on a gross level. And of course, in here, there is a big acquisition of 22 large modern vessels with $500 million in additional debt. Yes. And of course, an important point as well is the ability to have stable margins through cycles. And we think that's going to continue. Just, yes, very recently, we did $150 million senior secured bond loan, very good process, fairly well received. Yes, pricing almost where we wanted it to. So very happy with that. The reason why we did it, I would say, it's threefold. It is refinancing a near term maturity for January of next year. It's a small international tranche left in Norskan after the restructuring. It is, call it, ordinary course of business. These contracts, Mario talked about, in Brazil require a little bit of mobilization cost and CapEx that this helps resolve. And it is also because we want to be in the bond market. We think it is a value to be present. It helps us reduce the average repayment profile on the debt. But it's not a big portion of our capital structure today. But of course, we want to keep the opportunity open for it to become a larger portion of that at a later stage. This is the maturity profiles of the debt in DOF and this is, call it, including the JV and everything. And this was the only near-term balloon in the maturity profile. So total balance was $77 million. And the balloon was $70 million out of that for January of next year. So now there are -- yes, you see the change here. Now it's flat repayment profile for the next 4, 5 years until the big refinance facility comes due in 2030. And of course, there will be a bond loan as well then due in the same year. And this is -- yes, it's the same level of repayment that we've done this year and $200 million is a big amount for a company with increasing earnings and EBITDA levels. So it's reducing the debt quite substantially. But it's very comfortable for us to do it. We mentioned -- or Marco mentioned the SeaDragon, the vessel, which is, let's call it, a special project because it's kind of a free fleet renewal. You do a 15-year contract on a vessel that is fully repaid in a much shorter time period than those 15 years. And what we have worked on and is working on doing is financing this project. We put it in an SPV in our Canadian operations. We finance that SPV with 100% of the newbuild cost in the U.S. private placement market. So the only thing we have -- we have to operate the vessel and we'll get dividends. That is what our, call it, exposure to this vessel for those 15 years. So no equity used on this when the vessel is in operation and no guarantee, no recourse to DOF Group ASA. So now with this, it is, in fact, call it free fleet renewal. Yes. And this, of course, you would have liked us to put numbers on this. We're not doing that at this point. But it is an illustration that shows with -- of course, we mentioned a lot of the contracts and we mentioned the AHTS' in Brazil. We mentioned the RSVs in Brazil. We mentioned a few of the pipelayer contracts commencing. We have a few CSVs commencing. So it is, of course, an all else equal analysis. But it is important to say it's not to scale. So it's not 30%, 40% increase that the graph is showing. But we are pretty comfortable saying that 2026 is an uplift from 2025. And the alternating factor for 2026 is whether the spot vessels, the projects and so on are delivering more or less than in 2025. But of course, as you heard from the speakers before me, we are pretty positive to that market. Yes, backlog. Mons looked at the backlog and showed how a bigger portion of next -- or this year's revenue that is in the backlog. But of course, backlog also turns into cash flow, and we wanted to show also a bit of an illustration, of course, but we are showing how much of mandatory debt service and maintenance CapEx that you need to do in each year. And you see it's rough numbers, let's call it, $200 million amortization, $100 million interest and $100 million maintenance CapEx, and it gives us a level around $400 million that we have to pay each and every year to keep the business going. And the percentage is showing how much margin would you need to have on the backlog to -- or yes, how big a percentage of the backlog is in that number. And we see, for the years to come that it's already at a very comfortable level. So of course, we foresee that there will be good returns also on the equity for DOF holders. Yes. Again, we're not guiding for 2026 and onwards. But we have pretty clearly stated that we have a dividend policy, and it is linked to the leverage of the group. We have said that we are going to stay between 1.5x and 2x, and that increased visibility puts us in the upper end of that range. We've also clearly stated that what we see now is a good visibility, and we have said that we are looking to stay or go at the upper end of that range as long as the visibility is at the current level. So what we are illustrating here is that the relatively rapid deleveraging, and this is using earnings, EBITDA on the, call it, current levels, on guided levels for 2025, we are reducing leverage pretty quickly, giving opportunity and room to increase dividends. So included in this analysis is the debt amortization according to schedule. It is the maintenance CapEx already referred to. And it is the dividend payment on the current level. So this represents the possibility to increase it, all else equal, of course. And I guess this is partly saying the same. But of course, we have said that we have an ambition to have a stable and increasing dividend level. And I think, of course, it's up to the Board to decide to give dividends at each and every quarter, but these are the factors that contribute to doing those -- taking those decisions. So I would say now we have strong visibility through backlog. We have a clear path to increased earnings in the near term. We have resolved the near-term maturities on the debt side, and we are at a deleveraging path where we thought we would be and are looking to be below the guided range of 1.5x or in the -- yes, within the range of 1.5x to 2x at the year-end this year based on Q2 balance and full year guidance. Mons, you want to do the wrap-up?

Yes, you can do it if you want to. Yes.

Yes. No, I...

I've done it before. So see if you are better than me or not.

That is a challenge, yes? I think today [indiscernible] is up pretty well. I think DOF has a different and better position than a lot of our competitors due to the one-stop-shop integrated services on our own fleet. And we have shown that historically that we have managed to have less volatility in earnings due to both the operational model and the access to clients. I think our global reach, of course, it doesn't come for free. I think we have Brazil, 25 years; U.S., 20 years; Australia, 20 years. We have spent a lot of time and money building that organization that today is yielding returns. So I don't think I would -- yes, it did not come for free. But today, we can utilize that full setup without any incremental investment, giving a very good return on capital, because the capital is only the vessels. So apply more people skills and knowledge and make more money. We have a large backlog. It is one of the key strengths of DOF, always has been. The backlog is with very, very good clients. We historically always could rely on the backlog. And I think it is key to our strategy to keep visibility to avoid short-term fluctuations in activity through having as much backlog as possible. Yes, I just mentioned a clear path to increase earnings through contracts that is yet to commence, that is already entered into and, of course, reducing leverage day-by-day, installment-by-installment, and quarter-by-quarter with the earnings levels that we have today. And I also think it is an ambition to us, and it's been clearly communicated ambition to have a sustainable shareholder returns. I think we have gotten off to a good start and that development in that area is to be positive. So that leaves us with questions.

Yes, the final Q&A round. Of course, from the audience as well, but we have a few from the webcast. First one goes to you Mons, and that relates to the CSV newbuilds that are coming in from a year ahead and beyond, many without contracts. Are you starting to get offers to rent those at attractive terms? Or do you see any opportunities there?

I don't think -- we haven't got any offers at attractive terms. I think we have had some questions whether we would be interested. But not that what I would say is attractive terms yet. And it's difficult, of course, to -- and that's a problem with newbuild, of course, it's the long lead time. So they deliver in '27 and '28. And of course, it's difficult to take a decision on charter boat in 2, 3 years from now. So I think those guys, at least in the subsea segments, will have to wait a while before they find backlog for them.

Lukas Daul at Arctic. You said you were short vessels for next year. How many and what vessel types?

The short vessel, you saw of course, we are short vessel in some segments and especially in that, let's say, medium CSV segment. And of course, we can sort, of course, if we -- especially it's the 2, 3 boats in Brazil so far. Of course, we have a few other deals in the pipeline that might increase the need for boats. But so far, we -- but of course, it can be sold. But then we have to -- of course, what we have ability on is our own fleet is either the very big foreign crane boats, which will not use on these jobs, or it's on our anchor handlers. So it might be that we send an anchor handler to serve the BRF, because that gives a lot of spot market opportunities, or it might be that we have to source third-party boats for it. So we haven't decided on that.

Okay. And then just thinking about the dividend. A year ago, you announced it on the Capital Markets Day. You flagged it that it was coming in May this year, so 8 months ahead. Then sort of you made it clear that it was $0.30, not [ $30 ]. And now you have better visibility, I guess, you have higher backlog. So how should we think about what are the decision criteria besides the math that you are showing on the slide, staying within the leverage range?

Yes. No, no. I guess the driving factor is, of course, that is the 1.5x to 2x, and at the upper end if you have a good backlog. And so that is what drives it. So, of course, it's not Martin or me that decides the dividend. And of course, it's -- for what to say, I guess, is that, yes, we'd be very surprised if there is not an increase in dividend into quarter 3. That we can say, I guess. Yes.

And the potential Brazilian newbuilds that are sort of being negotiated or discussed, have you sort of a ballpark number, what kind of a CapEx commitment that would represent?

Yes, of course, you heard, Mario. Of course, we are talking hopefully close to 80% year-on-year. And I think we said on the Q2 call that, of course, this will have no impact on the cash flow in '25 or '26 and '27, because the deliveries start in late '29 into '30. So it's very minor installments to the yards before that. So it will have no impact on -- and I guess that's the question, if there are impacts on the dividend capacity. So not in '25, not in '26 and not in '27.

Okay. And the new -- the contracts, the long-term contracts that you are sort of signing in Brazil, how protected are you in terms of Petrobras trying to get out or trying to reduce their CapEx budget, et cetera?

I guess, all of our contracts in Brazil are with either Brazil flag or [ red ] flag. So there is no risk of blocking. And I guess the best answer is through over 25 years in Brazil, we have never had any termination or any serious renegotiation of rate levels on both contracts. So I think that is the best answer. I think if they are 4-year contracts, they are 4-year contracts. And of course, it's -- so Petrobras was perhaps the best client we had through the whole dock journey.

Kevin Roger from Kepler Chevreux. I have 2 questions, if I may. The first one is the illustrative chart on the EBITDA is useful, and we do see that a lot of the EBITDA improvement is coming from the shipping segment. During the Q2 call, you said that some of the day rates were up by 30%. If you had to quantify maybe the kind of average fleet day rate increase for '26 versus '25, can you provide a kind of growth number? And the second one, do not take it as a bad, but 2025 has been exceptional in terms of order intake, notably with Brazil. You mentioned that it was even better than your expectation, probably more than $2 billion of orders. How should we think about the '26 commercial pipeline? Is there any country that can, in a way, offset the miss in Brazil because probably the activity level here in terms of tendering pipeline will go down? Just to try to understand what could be the commercial performance of DOF in '26 versus '25?

The loss, of course, it's -- for the vessel, of course, it goes a bit in cycles, when they come available. But of course, it's always -- like Mario mentioned, it might be a discussion on the pipelayers next year. That could be for extension of the tree that has new contract, or it could be something on the tree that doesn't have new contracts. So then you really have to sit down and see what boats come available, and then you expect to -- so, of course, to repeat the '25 order intake will be a tough ride. But of course, there are -- so as I see it now and what is that I'm eager to tell you stuff that I can't tell you, because it's not only the one we have shown you where we see there are opportunities. So it's been the last half year and still you feel almost like you are walking on water because everything you want and a bit more comes your way. And of course, that will stop sooner or later. So it goes in waves. But I think with 70 boats, you will see a continuous order intake, short term and long term. But of course, to do 14, 15 contracts on 2 tenders at the same, of course, that is not often you do. But you just have to see when the boat comes available. And of course, then we can do deals on third-party boats as well. So it's difficult to say what kind of order intake you will have in '26. But I'm saying, if it goes according to what we expect, there will be more nice announcement for DOF in the remainder of '25. Do you agree? What was the first -- you had...

If you can provide a gross number [indiscernible].

Yes. No, I guess that is very difficult since there's so many different vessel classes and service elements and all that. But I think the best answer is that you saw, of course, the uplift in second quarter this year compared to second quarter last year. We had, on the legacy fleet, not the DOF Denmark fleet, we had, was it 30% more?

Yes, 35% more.

So it's -- and then, of course, you saw the 5 anchor handlers in Brazil was 38% more. Mario commented that PLSVs starting over, that was up quite a bit and so on. But we don't have an average figure. It also, of course, depends on the mix of services in the backlog. But the slide Martin showed, I guess, we didn't have numbers in it, but it is substantial. And I guess you, analysts, of course, you have what is the average analyst estimate for next year then?

It's 30, 40, yes.

It's 30 something, yes.

Erik Aspen Fossa, SB1 Markets. Mario, I have a question for you. Petrobras, at least how they communicate to the market after the oil prices have come down a little bit kind of changed a little bit towards being more focused on cost. You can maybe also link that to the change in how they tender rigs now. I'm wondering if you've seen any change in behavior from Petrobras towards you and the market that you operate in?

Change, can you further...

In terms of they are a lot more focused -- at least how they communicate externally to the market, they are a lot more focused on cost, cutting costs, improving efficiencies, trying to save as much as they can to kind of offset the lower oil price to continue to pay out dividends. And I'm just wondering if you've seen any change in behavior because of that and how they -- kind of potential future tender processes with them or how they collaborate with you?

The latest tenders compared to last year, you saw, right? And it demonstrates that Petrobras, for their future, they need to guarantee the fleet. Whatever is the PLSV fleet, I mean, the entire fleet contract on long term. So they cannot afford to lose that. This has been going on now for, I would say, a few years. But they continue to be sure that they keep the fleet and they increase the fleet. So a problem that we had or Petrobras had in the previous AHTS tender, when you saw all those 5 PLSVs contracted, 1 vessel, and that was in '22, one vessel that was not given to Petrobras at that time was the Skandi Amazonas, right? And why? Because Amazonas and Iguaçu are the same boat basically. And both of them were offered with ROV, right? But the Amazonas had not an ROV already installed. So we had to mobilize an ROV. So we were very happy to fix the Skandi Iguaçu with the ROV already existing, but we needed more money to compensate the ROV on the Amazonas, right? And I think the difference, Mons, at that time was a couple of dollars, right? So Petrobras could not pay us a couple of dollars more in order to fix the Amazonas. And then the question was, do we give the Amazonas or we don't give the Amazonas, we play the market. So we decided to play the market. So Petrobras was -- you know that Petrobras, in every tender, they fix their budget, right? You never know what their budget is. But when you negotiate, they are not allowed to go above the budget. This was a particular case. For $2,000, they could not contract the Amazonas. And they were very, very pissed off for not taking the Amazonas, for $2,000. It was a big question to us. I mean, let's give the Amazonas, but really we need to make more money, because we were spending more money. So we decided to play the market. And we did good play in the market. So that means what? They have set their targets, budgets too low, right? And so that difference from that timing to last year and this year is that they really increased their budget. So they had a flexibility to really play the market and be able to secure the vessels, all right? So when you say that they are limiting cost or whatever, I think what comes first in their strategy is to be able to secure the vessels. The Skandi Carla, I think I can tell you that. I mean, we never thought we would give the Skandi Carla long term to Petrobras, never. But they offered us a rate that we just could not pass. I mean, what to do. I mean, the Carla was there. And when they gave us the rate, we are not believing. So that means what? They really need to have that amount of vessels to guarantee continuity. How many AHTS' were contracted? We got 7, right? But the number is 15. Altogether, 15 AHTS' contracted. We 7 and then CBO 5 and Solstad, I think, 3 or 4, right? RSVs, how many? We are providing 8, right, 7, 8, but there are 20 contracted. So that's why we did manage to put the Carla. But we never expect -- if you ask me, I would have a PIDF contract to deliver and try to make money and perform. So we were happy to let the Carla on the PIDF. But from the time those guys come in and offer 20,000 above what is the average, how can you pass, right? So what that means? They really -- Petrobras is tough, you know very well, right? And they really must make an effort in order to contract for the lowest rate ever and they really put threats on you. You need to be -- I would say, you need to run a certain level of risk if you want to get the better rates, because when you are at that level that you are trying to negotiate the rate, you can really go just above what they want and think they are going to give and then they cannot. So it's pretty much a good feeling that you need to have in order to get the better rates. But what I can see, they have been trying to flexibilize the budgets that they have so they could not avoid to give contracts, because their limit budget is too low. This is the experience from this latest rounds of contracts. I don't know if I answered you.

Njål Kleiven, ABG. You're clearly deleveraging quite a lot, or you are going to going forward, and that might also require some more debt to be put into the structure. How do you see demand from banks currently? And are you having or do you expect to have discussions with the banks or potentially flattening out the amortization profile of the term loan?

Yes, I think that's a really good question because the flip side is, of course, from reducing deleveraging is either taking up more debt or not repaying the one that you have. And I think we maintain all options open with regards to that, but it's certainly not a bad solution to discuss with your current lenders, whether you could reduce the amortization profile on the existing debt. But I also feel that we are in a good market with regards to obtaining new bank debt on vessels. And of course, we have -- yes, most of the vessels are within the big facility, but there are also a few outside of it.

And you said on the Q2 call that you see the project pipeline for next year shaping up similar to what you saw this year, which I think was a key comment on the Q2 call. Could you add some more color on what regions where you see a lot of requirements, or where there are other regions that are more muted?

I guess the guys are here. The only one who is not here is APAC. And so he just won a 1-year contract for one of the oil classes showing that there is need for them going. So that port is going to Chevron now for a year. So I think perhaps the guys can answer themselves why I am positive that we will get good backlog for the projects in '26. Start with you then, Marco.

There is a lot of tendering ongoing and a lot of interest, like I said, from operators to secure other contractors for different jobs. And this could be a $5 million job or a $50 million job. So there is a lot of tendering activity ongoing that gives us confidence. I cannot win everything, but...

I share Marco's view on it. I think all the years building up to our level is bearing fruit. We see that on tendering, but we also see that on the niche segments. In construction, we see that there is a different tendency to come to DOF. We see that on the IMR side. We see that basically on the decommissioning, which, of course, in the North Sea is a very mature market. And we see 10 years of a very strong decommissioning market ahead. And of course, Mons alluded to getting ready for renewables, cables is part of that, too. And just the 2 last years, we have executed 3 cable repair projects, and we have been making solid money on that equal to oil and gas as well. So, yes.

And I will say we have a 3A-class available that are very attractive vessels into the market because we can cover a lot of task with the deck and the crane, which we didn't have before November 2024.

And then my last question, do you see any opportunities you are discussing to potentially do some more investments in your vessels? Could you put a crane on more of the anchor handlers? Could you -- are you even debating to put VLS on some of the big CSVs?

No, of course, I guess, we mentioned that earlier in the presentation that on the -- of course, we have had -- we put a crane on the Hera. And of course, Skansen and Herculus have had it for forever, yes. So the Hera, of course, has been a great success where we have -- of course, I think I already said that high-grading anchor and fit, we are looking into perhaps a crane on 1 or 2 of the classes as well. And that, of course, makes them more attractive in the mooring space. But of course, also, I guess, on the Hera, we have used for Survey and for IRM and all type of work. So you get much more versatile on a boat. And of course, on VLS, of course, we are asking ourselves the same questions that you are asking us. I guess that's the answer. And of course, we are looking into that. And it could be. But I'm not saying that -- that is a tougher decision than to put the crane on an anchor handler. But it's a relevant question.

All right. Then we wrap up. So thank you, guys, for the presentation. Thanks to everyone who participated here and on the webcast and for your questions. So a round of applause for the presenting team.