DOF Group ASA (DOFG) Earnings Call Transcript & Summary

Welcome, everyone, to this Capital Markets Day for DOF. A new record in number of attendees. We also got the live webcast. So I'll leave the word to Mons.

Thank you Jorgen, and thank you to Pareto for hosting us here. And last year, we didn't even have to pay for the food. So it's important to eat a lot today. So we have a program here, and you will meet a few of my colleagues around the globe. And the program is like this. So we -- this is me Mons. And then our EVP for the Atlantic Region will talk a bit about his region and also some in-depth on projects they are doing at the moment to hopefully educate you a bit on what DOF actually do for a living. And then Elias coming all the way from Brazil will do intro to Brazil and the market on the recent contracts on the outlook. And then Mr. Haukeland, he will talk about the renewable market and especially offshore floating wind. And after a break, we -- Marianne will look at the ESG work in the group. Then I will have a few slides on the acquisition of Maersk Supply. And then, I guess, what you all have been waiting for is Hilde on the financial side and of course, on an update on refinancing dividends and so on, and somebody told me that on[indiscernible] USD 0.3 cent instead of $0.3, so I correct that note. So it was $0.3 not 0.3 cent. So -- and then we end with some Q&A at the end, yes. So -- and I think if you want us to get bit live, you could ask questions as we go along as well. So I guess this one is what we want you to remember from the highlights, the takeaways, we think we going to tell you today that we think we have perfectly or well positioned with the organization we have with offers we have around the globe and with the fleet we have, we think we are very well positioned for the very strong oil and gas market we see globally on -- and especially on the subsea side. Then recently, we have done some bids on offshore floating wind. So -- and it made me smile for several days, yes. So if you were to design a market fitting perfect for DOF and the fleet and the competence, it was like that. They need CSVs for capability. They need CSV for pulling and they need many, many anchor handlings for tow-out and hook-up. So it's perfect for us, yes. So I guess the question is[indiscernible] and how big. And we will talk a little bit about it later. And so as we said, we have a few tenders live already. And if somebody allocate[indiscernible] awards already next year for fairly large projects. Then on the next bullet, it's -- what we say is that the guidance, of course, we have told is a midpoint $275 million for second half this year. If you analyze that, that is $550 million. And then, of course, we know, and we will show you that we have quite a few contracts commencing in second half '24 and into 25 that have fairly higher rate increases compared to what they are on today. So what we are saying here is we are not guiding for '24, but we are saying that we believe that we are still decent away from the top on the EBITDA level we will produce going forward. Then we have all-time high backlog. And I think it was a bit above $3 billion by the end of the -- by today. And so meaning that second half this year '25 and also '26 starts to look pretty good. Then we have a point here in short -- growing shorter in fleet. And I guess the point of that is that we do our business model can make money without any CapEx, yes. So we can charter in boats and the recent reward that[indiscernible] from the Atlantic, we talk about is, of course, the IRM contract with Equinor, where we are making really this money, but on a third-party boat. And of course, that also gives you a bit of flexibility in the market. You can go up and down on the charter in fleet. Then we are delivering, we believe, on the deleveraging strategy. So we expect EBITDA or EBITDA around 1.5 sometimes in '25 and of course, that has been the target. So that is what we think is between 1.5 and 2 is the, let's say, is the long-term key where we want to stay at, meaning that we will not -- have no ambitions to go very much below 1.5. And that's, of course, why we introduced dividend and refinancing. We want to refinance and then we want pay cash out and stay around at that level. Of course, that depends a bit of course on the market on the back of and all that. But as we see it now, there is no need for having any lower gearing that between 1.5 and 2. And then, of course, a few slides on Maersk, still not closed. We hope to close it in fourth quarter. And of course, we look forward to that, and we think it's going to be a very good company going forward with a market-leading position on both[indiscernible] anchor handlers and subsea vessels. And we're also going to talk a bit about -- I had a few questions on why we take are taking on anchor handler, and I hope after this session that you understand that we used anchor handler for a lot more than working in the spot market. So we actually -- normally have much average earning than pure spot market player in that market. But we have a few slides on that one as well. Then on dividends, to be we said in the release today that we plan to -- going to refinance[indiscernible] have that done by -- hopefully, by first quarter next year, and start paying dividends second quarter, and we have indicated level about $0.3, yes. And I tried to have that as a quarterly dividend. And of course, we are not saying it can be higher. And hopefully, of course, it will grow going forward. But that is an indication. And then final point is that, of course, ESG gets more and more important, all 3 letters in that. And we spend a lot of time on that. And of course, we see clients, they -- you don't have a choice if you want to work with the big oil companies around the globe. So that was the highlights. So -- and as you know, this is DOF. And I guess, we don't have to spend much time on it. But today, we have Mr. Elias from Brazil. So he's going to talk a lot about Brazil for you, and we have Dag Raymond from the Atlantic that we'll talk about that -- so I'll leave it like this, no news on this slide, really. And this is what we do here. So we own a fleet. We add on people, engineers, project people ROVs and so on, and then we sell integrated projects to the clients around the globe. And of course, we see the gray here is what we are able to make in return on top of the -- on the assets here. So we value the organization higher. And we -- as I said, we also see -- today, we have 5, 6 [indiscernible] we will make good margins on those as well. And so this is also on our slide, so you have seen it before. And this is a slide -- and of course, this -- I didn't quite understand why we should have that slide, but we -- some of the people in the group thought we should have it because there has been some discussions around new builds. So that's why we made this slide. And as you can see, we have split the fleet here in very large CSVs, which is 5 players and 400 ton crane boats. And as you see, they are 41% of the fleet value in DOF. So this is the pipeline [indiscernible] 400 ton crane boat we have around the globe. And of course, there are no new builds in that space, and I think you also most of the players don't have competence to operate boats like that, yes. So that's why we were saying we don't believe any[indiscernible] segment -- the same with anchor handler, so we have 34% of the value of the fleet is in anchor handlers, with and without crane. And of course, we see no new builds on that as well, and we don't expect any. And where you see new builds, of course, is in the, let's say, the lower end of the CSV segment, we have seen a few new builds, around 10 new builds, 250-tonne crane boats. And 150 tonne crane boats, and of course we noticed that. And of course, we think it's a low number, and we -- so that's why I said I don't need this slide because I think this will be no threat to us going forward. And of course in that space, we also have the chartered-in boats. So you could if you can choose us to be a shipowner, but you can also choose us to be a client or the people building these boats, yes. So it's kind of a twofold -- so on the -- and as you see that segment represent 21% of over values. So I think that is the[indiscernible] sure we're number 1, we are not afraid of the newbuilds. And number 2, we see the new builds are coming are only a small portion of the fleet. And of course, the 50-tonne crane boat cannot compete with a big 400 tonne crane boat and cannot compete with the big anchor handler. So it's isolated to that segment. And so far, of course, is a very, very low part of the sailing fleet. And of course, then if you look at the pricing, it is for delivery, people are paying $130 million, $140 million for a boat to be delivered in 2027 or 2028, I think you have to be rather optimistic, and I hope they are right. Of course, because if they are right, you're going to make a s*** load of lot of money on the present fleet we have here. So it's so I think I'll leave it like that. And as I say, I am not worried at all about newbuilds, I think it will be a very limited number. And there are newbuilds, is only 20% of the fleet value end of year, and also it's in the segment that we charter-in boat. So yes, so that's the purpose of this slide. Then it's a backlog, and this is per today. So this is what we have in the book as we speak. So around $3.1 billion. And then -- which is, I guess, the highest we ever had. And then, of course, the distribution here is that it's $665 million for second half this year and the revenue in first half was kind of -- what was it, [indiscernible]. So it's almost 100% of the revenue in first half and so I think we have -- I think we have -- could have -- 2 or 3 boats for a week or 2 in December, if we are not able to fill those gaps. So that is what we are exposed to and so almost 100% backlog in second half year. So -- and then next year, a bit more than $1 billion in the book, and I think that's the highest we have had this time over a year. And if you compare that to revenue this year. I guess it's 70%, 75% of the expected revenue this year, yes. So it's pretty high and -- so of course, the focus now is, first of all, is to fill a few gaps. We have a gap on 3 or 4 boats. I think in first quarter that we have to fix and then it is to start focusing really on '26. And for '26, you see around 700, which is around 50% of the revenue. So it looks good. So you could say, this year, next year into '26, it's -- the risk is being reduced as we speak. And still a few deals, of course, in the pipeline. But this is a bit interesting as well. And I guess that is why we are saying that we don't believe we have seen the top of the EBITDA level[indiscernible] because a lot of these contracts has now started to deliver yet and the interesting here is, of course, that more than 50% of the[indiscernible] is won in '24 which is interesting. And -- so we are all -- so it's -- and that, of course, I'll show you on the next slide, of course, that means that the rate levels are up quite a bit, yes. We have a few -- still have a few content. The interesting, of course, is that the contract you did in '22 or '23 that you thought were very good, they are not good anymore. So that's how the development has been, yes. So I think -- so we are changing over the backlog and expect to continue to do that -- and then, of course, here you see the[indiscernible] distributed, the new backlog and the old backlog, yes. And then you have this one. And of course, this is not all the contracts we have done, but we have tried to a few examples. Yes. So the #1 -- CSV #1 is a big boat that -- working on a contract now and then start on a new contract first quarter next year, and then you see the rate level. And this is on a TC basis, so it's no subsea or ROV earnings, it's pure vessel earnings, to keep it simple. And you see the level is up 70% compared to what we are making today. And that is an 18-month plus option contract commencing next year. The next example, CSV #2 is where we start a new contract in November this year, and the rate level is up as we see in the 40s. And that is on a 2 plus 1-year firm contract. And the third one here is an anchor-handler in the North Sea. And again, I guess you can know who that is because we -- it's a term contract for anchor-handler and as you see, also, the rate is quite a bit on that. The other one is in Brazil. So it's an old anchor-handler jumping up. And I continue, and then you have the 2 pillars, I guess you can guess who that is. But of course on those 2, the rate is up roughly 50%. And they commence in the second half '24. And the last example, I'm not saying that, that is necessarily represent for a PSV, but it's -- compared to the old ratings is up 80% on that contract, we make $9 million a year on a PSV and EBITDA. So this is -- and we have quite a few more, but I think this is a snapshot on how the market has developed within the various segments, yes. So then Mr. Dag Raymond, he is head of the Atlantic region, meaning that he looks after the North Sea and the Med and West Africa for our subsea business here. So welcome him here.

Thank you very much, Mons. It's a pleasure to be here full house. Also, I understand it's a lot of people with us on the TV as well. I'm Dag Raymond, EVP Atlantic. That means that we are running a business that is focused on delivering integrated subsea services. We do that across oil and gas and also renewables. And we did that in the European and the Mediterranean and also the African markets. The services that we provide is from the early works within the survey disciplines, all the way through to construction, further on into inspection, maintenance and repair and last and finally, decommissioning duties as well. The fleet we have in the Atlantic region is 19 vessels. This is pre the Maersk acquisition. And it's a very versatile fleet, which has anchor handlers, subsea boats and so forth, suitable for the type of environment that we operate and deliver projects in the region. A little snapshot of some of the boats that is working in the region. REM Inspector, we will come back to. That is Equinor IMR. The Skandi Iceman and Skandi Vega on long-term contracts with Equinor. Skandi Hugen is on a long-term contract with Conoco Phillips in the North Sea. Maersk Installer is steaming towards Ivory Coast as we speak, to install flexible pipe for ENI and[indiscernible]. Skandi Acergy has been working in Senegal and Mauritania doing construction duties[indiscernible] BP and[indiscernible] since November last year, and we'll continue on that project throughout the remaining of 2024. Skandi Skansen is also in Ivory Coast, doing one of the largest [borrowing projects] that we see in the global market in '24, I would say, one FPSO and one FSO, full turnkey solution delivered by DOF with a host of vessels coming into Ivory Coast into the fall. And Skandi Seven, which is working in Angola, just recently closed and back in Angola, working for Azule is also one we will touch a bit more on. The backlog in the region is solid. It's the long-term contracts and also the project backlog that drives the region. Overall, we have 1,094 employees. I believe this morning, it's actually 1,095, another engineer signed up. So good news, I would say, because we definitely need more people in the uptick that we see in the market. We expect also in the years to come, we will continue to employ competence, engineers, various disciplines as well to support the project activities that we have on the horizon. So a little snapshot and of the market that we are facing as of just now, of course, both across oil and gas and renewable. In general, starting with construction, we see that this is an area we can offer a lot in our market. We see a number of smaller tieback projects that is on the horizon and coming, both in the North Sea and also in West Africa. We also have quite good competence and track record within this area and are ready to take on some of these projects as well for the year that is ahead of us. On the decommissioning market, this has been, call it, a bit of a bread and butter for us over many years, delivering decommissioning services. We see that overall in the North Sea, that there is quite a lot of fields and satellites and structures that is going to be removed in the years ahead of us. It's a relatively visible market and one we have focused on delivering turnkey services, also including recycling. And also in the years ahead of us, this is an area we will focus a lot on, especially U.K. is a very promising market in the years ahead, but we also see some developments in Norway. On the FSV, FSV field support vessels, this is the segment where you are supporting an operator across both the CapEx part of their activity as well as the operational part of their activity, doing everything from, let's say, survey into inspection and also on some occasions, construction work as well. We see going forward, especially in Africa and in West Africa, but there is several interesting contracts up and coming as well and also perhaps a few ones in the North Sea as well coming up and also a very important market. We believe we have a good offering to our clients. On the borrowing side, a bit of a bread and butter with all the anchor handlers, of course, with the Maersk tonnage coming in as well, will give us even further opportunity and capability to go after the, let's say, the marine operations where a host of vessels are needed to execute our scope. I will come a bit back to that. But on the [indiscernible] side, together with the tie back, those are the 2 leading technologies, we believe, that will be given in oil and gas going forward, and it's certainly an area for us. On the renewables side, so there is basically 2 areas in renewables we are focused on. Number one is on the cable side where we are repairing and installing power cables. We have recently delivered another project for our operator in Europe, repairing also cables for them. We also see that this is a market that is on the uptick as well going forward, and we will continue to invest and build competence within this area. On the Mooring side, that is a bit more linked to the marine operations for the floating wind as well. And of course, still early days for that market, but we are doing FEED studies -- FEED studies as of now, and will position for the larger floating wind farms as they will mature going forward. So all in all, we see a positive market in the years ahead of us, and we see that the services that we have are so often, and we see that the tonnage we have is a good fit for the needs that our clients have. And now a little bit over to a few selective projects, and we will start with one FSV project, which is towards our client called Azule. Azule is for those who don't know who that is and alliance between BP and ENI. So these are the heavy boys to put it that way that is collaborating for all the exploration activities in Angola. So we signed this contract originally in 2017. We thought we were only going to spend a few months in Angola and then go home, but we are still there. And on this contract, we are basically functioning as a subsea department for our clients, and we are doing a lot of engineering work, preparing the packages. It's engineering work, it's procurement activities and the execution of everything from survey to flexible installation and we do all of that on the beautiful vessel we see in the background called Skandi Seven. She has a 250-tonne crane, about 1,200 square meters of deck and is very versatile for a wide range of different scopes. Here, you see Skandi Seven installing jumpers of the barge that we also are in charge on, on this very particular project. Also on this project, we are very proud to say that we have delivered more than 2.8 million man hours, and we have done that with zero LTIs. And that -- and again, this is in Africa. So we are very proud of this achievement. And also, we have brought in a number of other vessels on this particular project as well based on the scope of work that we have executed. Then over to IMR and our contract we announced earlier this summer. So finally, we managed to secure a long-term contract. What we can say is maybe the most tasty subsea long-term contract you have in the North Sea directly with Equinor. So this is for IMR work, where we will, on 365 basis work on maintaining and making sure that Equinor's assets in the North Sea is fully functional. Due to the uptick in the market and the lack of availability on tonnage, we had to go external. So we rented in this vessel you see in blue over here, the RAM inspector, which is very suitable for this type of work. She is currently in Taiwan, but will transit towards the end of the year to North Sea, where we then will commence the mobilization and be ready within April and May and to work for Equinor. So what of will do here? You see this tower we have here. It doesn't look that big, but I can assure you that is a really big structure. That will be mobilized on board over the moon pool on the vessel. And this tower is going to be used to install subsea control modules, chokes, manifolds and so forth in all kinds of weather in the North Sea. On top of that, we will mobilize 3 ROV systems on board, and everything will be fully supported by a host team of engineers and a management team working in the DOF office in Bergen, preparing all the packages of work that we'll do for Equinor. So we are hugely excited for this contract. We think it's a strategic important one that also will open doors for additional work as well for DOF in the years ahead of us. Then another one now over to the Mooring side. So this is the Hywind Tampen project. I think many of you have heard a lot about this before, so I will not go fully into details of it. Essentially 11 floating turbines where DOF had a turnkey responsibility doing all the preparations, the engineering, the feasibilities and all that in addition to the execution of the project as well. So on this project, we used a number of DOF vessels also chartered in a few other boats from the market to complete the installation of the Hywind Tampen and floating wind farm for Equinor. The interesting fact about this is that the competence used on this floating wind project all comes from the same -- very same DOF offices and the community we have installing FPSOs, but in the oil and gas side. So we see that the competence that we have is a very nice fit for these type of projects. And we also see that the vessels that we have is also a very good fit for also towing and installing the type of structures we are talking about as well. Then we go over to the construction side and a very interesting area with regards to the coming tieback markets ahead of us. This is our construction project we did for Chevron back in 2023, where we used the Skandi Acergy, the big vessel you see on the screen. You will see her with the horizontal LA system installing flexible pipe and a number of structures as well. And what we also did on this project was to design and fabricate spools as well. It was kind of a mini SURF project we would say. So for us, this was a huge success. We left Chevron, very happy with the performance of Skandi Acergy on this specific project. And it gives us also the confidence that we can work on this type of level projects in the years ahead of us. Then over to decommissioning. This is a project that we just in a couple of weeks back finalized. This is the Dana Petroleum, Western Ireland's decommissioning project. On this one, we used 4 DOF vessels to remove the [indiscernible] FPSO you see on the pictures. The interesting fact is that we also installed this one back in 2017. So it's not always the FPSO stay for many years in the ocean. But on this one, it was time to remove it. Again, it was a turnkey delivery from DOF where we did all the engineering and also the execution, leaving Dana, a very happy client with the performance of the scope of work. And with that, it is now movie time. We have a little movie from this very specific projects that we would like to show you. And hopefully, the technology works with us. [Presentation]

Yes, that was the Dana Western Isles project. So then we will summarize a bit on the Atlantic region. So first and foremost, we got the offering for the type of services that our operators and clients in the region are after. We also have the backlog, I will say, the backlog and the track record to continue to secure scopes in our segment and part of the market. Also in terms of the fleet. So very versatile fleet from the anchor handlers to the subsea boats, which is from the smaller ones up to the construction boats as well. So very good fit for the type of services that we -- that the clients are after. And lastly, it's about to be able to attract people to come to DOF and to work for DOF. I think that is going to be important, competence. You can have many boats, but you will see the competence. And those 2 items go hand-in-hand together as well. And what we see in the market as well. It's not always straightforward to employed people, but we are getting a lot of good applications as well from good engineers, good people as well that want to join us. So that's very pleasing. Yes. So with that.

I'm just going to give you quick introduction. And just one point on -- you saw this project with all anchor handlers. And we have to be a bit [Foreign Language]. We have to brag a bit. You saw Skandi Hera on that project, yes. So -- which is working mostly on projects. So a bit in the spot market, but let's say 90% on the -- of subsea projects. And we saw the earnings in first half, and we saw some competitors delivering numbers on average earnings for anchor handlers. And that both has double earnings of the [indiscernible]. So it's -- I call it owning anchor handlers, but with the destiny in your own hands, yes, meaning that you control the earnings, you are not just leaving the destiny to the spot market, but you actually work these both globally on projects. And you mentioned the project in Ivory Coast installing FPSO and FSO that we now have 4 anchor handlers doing that. And I guess the average rate you have to pay me for to the steel companies, I guess, it's around USD 7,000 a day for those 4 boats, which is compared to, of course, the spot market value. So that's why I'm saying I'm looking forward to the Maersk anchor-handling fleet because we need at least a handful of those to do those projects. And then on Brazil, so Elias he has been with us -- how long? 20 years, almost -- 11 years. It feels like 20, so of course, and he has been on our commercial side, and he is also handling a project management for the last project we did in Brazil. So if you have questions on the market in any segment in Brazil, this is the go to ask. So he is -- I'm extremely happy with the commercial team in Brazil. So please welcome him.

Thank you [Foreign Language]. I'm probably the only one guy that does not speak Norwegian in the room, but -- it's only to increase a little bit. My name is Elias Abibe. I'm the Commercial Director for DOF in Brazil and talk a little bit about DOF and the market in Brazil. Our history, we are very proud of it. We started in 2000, in a joint venture. We have 2 companies in Brazil, Norskan that is more the vessel owner and vessel operator in the subsea, but I believe we were the first one to do the One DOF. Since I started in DOF, I worked for both companies independently. So -- we presented this graphic last year, but I will mention only the differences. We signed the contract of the PIDF that contract of services that Mons mentioned, that is my responsibility. And this year, we signed 8 big contracts and one extension of contract. It's -- for example, anchor-handlers we signed 5 anchor-handlers and 10 contracted by Petrobras. The PLSVs, we signed 3 PLSVs and one MPSV outside of Petrobras. We are trying to also to get a little bit out of Petrobras to not have all the eggs in one basket. Moving forward, this is a Brazilian offshore spot market. You see that after some rules and regulations published by Brazil, we have a very good increase on vessels. And unfortunately, in 2014, for the first time in history, had a crisis in Brazil at the same time and prices in the oil market because of [turmoil]. So we have a very complicated moment and we pass like almost 5 years, 6 to 7 years on a survival mode there. And why I'm showing this, I don't have a pointer, but it's to show that DOF strategy since the beginning was to invest in tonnage in Brazil. And Brazil has some very interesting flag protection rules there. If you want to use an international vessel in Brazil, you need to make a circularization, this circularization is valid for 1 year. And after 1 year, if any vessel -- Brazilian vessels available, you will lose your contract for the Brazilian fleet. And this helped us a lot to pass this crisis. We kept the vessels contracted due to the flag. This graphic shows all the vessels from the small fast supplier or line handler to the big PLSVs and we are currently at 85% of the maximum vessel available that we had in Brazil. We had 500. We are now 427. One interesting point for Brazil is that we don't have a spot market -- a good spot market as we have here [in our sea]. So if you need a vessel, for example, if you need an anchor-handler for holding position of FPSO during a Mooring installation, you need to bring from abroad or ask Petrobras to have because Petrobras has the major part of the contract of the vessels in long-term contracts in Brazil. Talking a little bit about our scope. We are not operating on the smaller vessels. We are operating on the high-end fleet. And this is the history of the high-end fleet. You see that there was a reduction also due to the crisis. We go from 100 to 73 vessels. The graphic is not so good because from 2011 to 2024, we almost doubled our fleet. We jumped from 13 vessels on the high-end fleet to 22 vessels while the market is going up. We currently have the -- we are #1 in Brazil operators for this type of vessels. And the second position is 10 vessels below us. So we are very strong in this market and thanks to our tonnage -- Brazilian tonnage that helps us also to put a secondary flag on our international vessels and 2 strategy of having the vessels and the ROV combined. A little bit of our capabilities in Brazil. We have management and vessel management owning and operation. We are operating ROVs for a long time, and now we started to operate AUV also on long-term contract with Petrobras. Survey positioning. We have more than 130 surveyors on our operation in Brazil. More operations, integrated services, and we are moving from being a typical time charter contracts, vessel owner and ROV operators to service contract, trying to move through DOF internationally. Some points, we are the first operators in high-end classes. We have the largest fleet of PLSVs. We operate 6 vessels in Brazil over '17. We have the only saturation diving in the country currently operating. It's Skandi Achiever, and we have, except for Amazonas and[indiscernible], the biggest anchor-handle we have there, the smaller one. All the other anchor-handlers are operating with ROV, what is also an advantage to keep the vessels up running. We are divided in 3 fleets in Brazil. Fleet one is a big anchor-handlers, Fleet 3 is the IMR vessels, construction vessels and subsea service vessels and we have the fleet 2, that is the vessel -- the fleet of the PLSVs in the joint venture. Only for reference, we have -- 2 vessels coming next year, Skandi Mercury and Skandi Jupiter, they are green here. They should be green, and they are likely a blue, but not because of the green technologies because they are painted in green, but I guess Mercury is already red, right? Yes, we did saw diversity there. But the vessels -- the red vessels are much better. And we have Stril Explorer here also in blue. It's a third-party vessel that we -- it's a third-party vessel that we chartered for the PIDF project that service project that Mons mentioned. We are currently touching 2,000 employees and third parties on our team, and we are very proud -- very, very proud of our people there. And the people are also proud and satisfied with DOF. We had 84% on satisfaction and motivation in a recent research that we did with our teams. I mentioned the fleet 1,2 and 3, this is the fleet 2 on the PLSVs. We have 6 PLSVs operating, all of them working for Petrobras currently about [Buzios] that we had a fire last year since the first -- we sail her to Europe to fix it. Sale back and since first of August, she's operating with Petrobras. She is back in operation with Petrobras with no problem. We are probably the -- yes, we are the #1 operator and we have the best scores in Petrobras. Signed contracts last 12 months. I'm very proud of what we get. We have all these contracts signed. You see that on vessel chartering, we have 1 to 3, 6, 8 vessels renewed on a perfect time on the market because we have a very huge increase on daily rates and the backlog is significant for 3 or 4 years on contract. Here is an interesting thing, for example, [indiscernible] this 3-year contract end -- starts on -- in the third quarter of 2026. Looking at Petrobras is worried about availability in the near, the mid future, but we extended also the contract with Petrobras. So we go up doing in -- as with the old contract, the 8-year contract up to the start of the new contract. And as Mons mentioned Niteroi and Vitoria, we had very good increases in the daily rates. We left -- from the lower daily rates we had on the -- during the crisis to back to the normal daily rates. Salvador, we have -- this is the contract that we have outside of Petrobras for a first tier contract. It's -- the end client is Petrobras on a big SURF project that we are working there and Achiever with Trident, why I'm mentioning this, it was a 1-month contract. But was the second diving campaign that we do in 4 years. Petrobras kept the vessel during 5-year contract only as a backup if they have any problem. They are trying not do saturation diving anymore. But we made very -- 2 very successful contracts with Trident and achieve -- they will need Achiever, Trident and another company, they will need Achiever because they brought some mature fields from Petrobras that are shallow water, they need this -- so we're in a very good position. She's currently on a Brazilian flag. She's an international vessel, but she's currently on Brazilian flag using our tonnage built in Brazil. And for [indiscernible] mention this later, but we jumped from[indiscernible] from PIDF. Jump to the Salvador contract as a frontrunner, and now she's back to PIDF. Skandi Achiever, she was on Petrobras long term. She went to Trident and now she's on the PIDF. Why this is important? PIDF gives us the possibility of farming out the contracts much faster than Petrobras contracts. So if we have a good opportunity, we can go there and return. So it's -- I guess it's the perfect combination. We have the spot market rates without the spot market being idle. As soon as the spot contract is over, we go back to the PIDF to do -- to sell services to Petrobras, and we can move easily from one part to the other. So we are getting very good contracts, short-term contracts with very good rates. This is a lot of awards that it's more for the future, let's say. We have a very active and a heated market, clients are very worried about availability. It was -- in the past, it was operation, operation, operation, now they want availability at all. Petrobras is shattering vessels up to 2026. We are expecting them to issue some new RFQs for '26, '27. They are very, very worried about the lack of vessels because since 2014, nothing was built, right? So what is happening, we are keeping the contracts -- the shorter contracts, long-term contracts, but they're also focusing on service contracts like the PIDF, and now they are focusing very much on the decommissioning part. And decommissioning part is very good for us because we have some vessels there. We have experienced Atlantic and APAC. They have a very good -- in U.S.A, very good experience that can share with us and we are in a very good position. Clients here are very worried about availability. They are giving you a huge focus on ESG, be it fuel consumption, CO2 emissions and diversity, but this is one interesting thing, diversity for us is slightly different from Europe. Here is more male and female aspects. There we have ethnicity, social position on the personnel. So it's a -- we have a big problem. Of course, we have big problems on Brazil. And we are very proud of our ESG solutions. We have probably the biggest female captain team on the market. We are losing some growth for maternity, but we have very, very good female captains. And we are -- now we have, I guess, with the second team of surveyors only formed by women. Pre-salt and deep waters are still the big focus on the developments. But there are some focus on mature fields. And this mature field smaller projects are very, very interesting for us because we can do this as a main contractor or as a vessel and ROV supplier for the main contractors. This is Petrobras business plan '24, '28. They plan to go from 2.6 million barrel equivalent barrel oil per day to 3.2 million. How do they intend to do that? All the new FPSOs will be installed in stock production in Brazil. All of this, we used to joke that the FPSO is the only thing that we see, but the subsea part, it's almost the double of what we have done here. So Petrobras fleet will need to be maintained and then increase. We have new projects, and we have the old projects to inspect and to ensure the proper operation of the fleet is what we do on the PIDF. More in lines, SURF projects, vessels with cranes and ROVs, all of these will demand for sure. So we have a very good future and firm position in the near future. Only for reference, they jumped from $78 billion in CapEx from less strategic plan for $102 billion in CapEx being $73 billion in exploration E&P. E&P in Brazil is basically offshore and is where we are operating and locating. So very, very interesting future every time that -- next year will be calmer? No. We are always jumping from a stressful year to another stressful year, and I'm not saying the operation, I'm saying the commercial, there's always so many opportunities that we need to follow and to win. An interesting point is that the decommissioning projects are so important to Petrobras right now that they issued a strategic plan for decommissioning. $11 billion in the 5 next years. It's a huge opportunity for us. Only on some numbers, 9 fixed platforms will be decommissioned. We are not so eager to get that. But from the floating units pullouts, flexible lines to be removed from the seabed. This is our business. This is what we do best. So here, there are very -- and many, many opportunities for us. And the opportunity could be, as I mentioned, as a main contractor -- we are bidding for as main contractor and if -- in any case, if some other company wins, we can supply the vessels or even we can block the vessels that they are bringing to Brazil. They need to be very -- our competitors need to be very careful because they will not be able to import a vessel like this. They will need to pass on the circularization and blocking and everything. So we -- having the Brazilian tonnage, we are in a very good position here. Only for [indiscernible] that contract of Salvador on the first year contract I mentioned, it started with a blocking. The first year want to bring an international vessel from them. We said, look, sorry, but we have a Brazilian flag available. We negotiated and we started the contract with them. This is new for Petrobras but Petrobras is being pushed by IBAMA, our environmental agency for decommissioning these units. Some selected projects, the PIDF, my baby, sometimes complicated baby. We have the client in Petrobras. But one thing is very interesting. We do -- it's the third project of this kind. The first one was not succeed. The second, we did the second very succeeded that we are doing very well on this. But an interesting point, we can jump from one contract to the other. We have one farm out that we call in the middle of the way. We were going from one unit to another on unit, national oil company had a problem which simply moved 10 miles, did the job and return there with no problem. Currently, we have 4 vessels operating on this, and we are reaching almost 5,000 subsea inspections done in the last 3 years. If my accounts go okay, middle of October, we reached 5,000 inspections done. We do more or less 70% to 75% of some type of inspections for Petrobras on this contract. Salvador Time Charter, that one I mentioned. This contract was originated via blocking the usage of Brazilian tonnage. Salvador is the biggest light construction vessels ever built in Brazil, and she's currently operating for this client. Skandi Commander - RSV, normal contract of RSV of Petrobras, but we have an AUV onboard, and we thought that, oh, the operation will be 50-50 or something like that, but the AUV operated so well that Petrobras is completely focused on the AUV. Some interesting things on the last year. So we produced 600 terabytes of data from AUV pictures. And 7.3 million pictures, that after receiving onboard, we do like a mosaic and big and interesting data information for Petrobras. And Diving Campaign for Achiever on Trident. We have the only saturation diving in Brazil, Brazilian flagged. And here, another point, we need to have the saturation divers. We never had the national divers diving in Brazil, and we have a complete team on that. It's a partnership. We don't dive. SISTAC is diving with us, but it is the only vessel, the only saturation diving team that Brazil has currently. Our people. We are very proud of our people. We are forming survey and ROV trainee teams only with women. More than 100 leaders trained in the projects. This year is more. We have a bunch of people completing 20 years, not me, unfortunately, but in 9 years, I'll be getting a certificate for sure. We do online seminars for the workforce. We will do this in 2 weeks. We are looking for new people to work for us. We go to Naval Academy, we are going to universities, we are going to technical schools, showing the offshore market to people, because sometimes they don't know. And when we open a trainee team of 15 to 20 people on a class, there's like 800 candidates. So it's moving very well. Similar to what we do here, we do also regional townhouse. I forgot to put that, sorry. If you are in Brazil during the Rio Oil & Gas, please visit our stand there. We will have root beers. Yes, it's interesting. And you can see who was on the booth, because he's with blue [indiscernible]. This is what I'd like to show you guys. The market in Brazil is still very, very strong and with high activities. We are in a unique position, and we'll keep this position of #1 on the high-end vessels, and we are pushing to be the #1 on services also. We had a very good amount of contracts signed in the last 12 months. We have more 6 -- 5 big [indiscernible] contracts on the end of 2026 -- '25, sorry, I'm always changing, '25. So we are in a very good position to have them also on a higher rate. So we get them on the middle rates, now we get down on a higher rate. And service contract is improving, but long-term contracts, it's most due to Petrobras quality specifications and long negotiations and being a governmental company and so and due to not have the spot market. Sorry if I made some mistakes. JK, yours.

Thank you. Yes. So I will talk you through the renewables, and renewables can be quite wide. My focus will be on offshore wind and more specifically offshore floating wind, and I'll come a bit back to the rationale for that. So I'll split my presentation into 3. It's why we are in this segment. I'll talk a bit about the market and then what we are offering in that market. And again, as Mons said in the beginning, feel free to ask questions as we go along. So last year, I was also here, and I more or less used the same slide. I wanted to make sure that people understand the difference between bottom fixed and floating. So it may be obvious, but this is bottom fixed. So the floating -- no sorry, the turbine is fixed to the seabed. Floating, of course, the foundation that the turbine is sitting on is floating and it's moored to the seabed with anchors. So we are focusing on the floating segment. And the rationale for that is, hopefully, you can see that on the picture here. So this is from Aasta Hansteen, the biggest spar platform that has been moved. And you see Dag being very involved with that, with our assets and our people. And this picture is taken from Hywind Tampen in 2022. So this is a much more complex, I call it a tailor-made energy production unit. This is a factory. And the factory thinking is the main difference between what we are doing here and what we are doing here. So this is low volume one-off is you need to be very efficient. And I will come back to that. So that is where we are transferring over competence from oil and gas into the renewable space and specifically floating wind. And of course, the rationale for focusing on floating wind is that we have the know-how, we have the assets, and we have the people, and we have track record from oil and gas. Then a few words about the offshore wind market. It's maybe a busy slide. So the information you are seeing here is from 4C, which is an analyst database, a company that is following the offshore wind market. And here, you can see the progression from what has been installed and what is in the process of being installed with a sort of demarcation line around 2030. And then you see the bottom fixed turbine market, what that will increase to, and then you see a small maybe tiny light blue market, which is the offshore floating wind market. And that is what we are going after. And I've just given you the rationale for why we are focusing on that part of that column and not this column. It's maybe a small market, but I will come a bit back to the number of days of vessel days, the volume, what is required to actually deliver these projects. Then you can take that, say, 7 gigawatts of floating wind turbines to be installed and try to look at where is the market taking place. I should also make a note that this market, if you're looking at the market, like March, April this year, you were looking at 10 gigawatts. So this market has been taken down by roughly 3 gigawatts. But that doesn't mean that the market is disappearing, it's just that it's moving to the right. I will come to that this is still quite a very active market. There is quite a lot of work ahead of us within, I would call it, relatively near future by the 2030. We have predicted ourself, we take a look at a lot of analysis, we have spoken to a lot of clients, where do we think the market will be. And the first demarcation line is 2030. That is maybe a few years ahead, but it's not that far ahead. And then, of course, we can be more certain. And then you see U.K. floating wind roughly 1.5 gigawatt. That was nearly [indiscernible] here before this report, the [indiscernible] report came out. So one of the dips we have seen now is from the, say, 10 to 7 is on the U.K. side. The Norwegian market, we are still optimistic about having a few more gigawatts, 0.5 gigawatt in the water before the end of the decade. The big market is South Korea. We have a very strong belief in that market going ahead. And the U.S., still of course some uncertainty around the election of the new President. But we still think there's going to be a few [indiscernible] that will be in the water floating in 2030, and then we see some activities in France. I don't want to make too much comments about 2035 or even 2040, but as you can see, there is a gradual ramp up. The target now is to try to land a few deals before the end of the decade or that will be installed before the end of the decade.

There's a question.

Yes.

Can you probably [indiscernible] if this is really adding up? Is it -- what's the cost of power we get [indiscernible]?

Yes. So the cost is -- I would say, when you look -- comparing it to bottom fixed, it's higher, but for instance, if I take a country like Korea or a country like Norway, the continental shelf is like that if you need this energy, and we think you need it, then you need to actually go over to floating. And then, of course, this is going to be a volume business. So for instance, Korea and Norway, electricity prices are higher there, and therefore, why they are prepared to pay for this. Of Norway, there is still a bit of reluctancy to go ahead with it. I guess you also saw the U.K. market with the announcement of Green Volt, which quite -- one thing is what was positive with Green Volt project in this [indiscernible] auction is that not only that it actually was something that matured through a strike price that was -- but the positive thing was also that the strike price was very high; GBP 150 per megawatt hour. And that is based on 2012. So it shall be inflated as well. So on the U.K. side, it seems that this is going at. I also personally think that Norway will come. And we also have focus on Korea, because we do see that those projects will be going ahead. Then, of course, there is uncertainty in other areas. So our focus is on the U.K. market. Norway, we think that will come, and then Korea will come. Then may be on the opposite side, a bit north of 2030, we see Japan moving a lot. So there's a lot of investment in Japanese modeling with interest and Green Volt being an example of that, but also there is a project called GoliatVIND, which also have Japanese interests in it. So I see there is a lot of scepticism, but we believe that some of this will go ahead and there's going to be quite a lot of work. If it's going to be delayed, DOF is in a perfect storm, because we can continue to be very busy in oil and gas. And then eventually, when this market comes, we are ready to pick up on it. That was the offshore wind market and more specifically, the floating wind market. Then Mons, and I think also Dag mentioned that there is also a market for cable repair. This is for bottom fixed. So then there is this inter array cables that is between the turbines. So as you can see, I have an example of a project that we have done this year. But as you can see, the volume is tripling over the next 10 years of repair work that is required. If that is to change out a cable between 2 turbines or maybe a lot more than just one, or if it's actually trying to take it up to the surface and then try to repair it, that are different matters, and then you see also the grid cable market. I think that is if we go from, say, 2024, with roughly a bit short of 40 repair jobs, you're seeing close to 200 in 2035. And some of these cables are, of course, already in the ocean. So there is no question that this market will have a quite big ramp-up, and we already see it with the activity level that we have been involved with this year, but also last year. So renewable floating wind and then cable repair market is 2 segments that we are focusing very strongly on. And I think Dag mentioned that in his presentation. Then I mentioned Korea, and we have spent quite a bit of time to set ourselves up in Korea. We believe local content is going to be of strong benefit in Korea. But Korea, there's a lot of smart people that also are very good at exporting. So 2 things with Korea from our side is that we can create local content working with the Koreans, but we can also export the know-how to other places in the DOF Group. So we can have the opportunity of having access to high-end technology and smart people in Korea that we can deploy in other places of the group. There's also some activities going on, on the U.K. side. We are the traditional, I guess, service provider to oil and gas, but we have to be certified to actually work in offshore wind. We have gone through a quite rigorous process with the authorities. So now we are also certified for working on the offshore wind side in the U.K. And we have, of course, spent some time to try to get some publicity around the company in Korea. And this picture here is just showing the Norwegian ambassador blessing the opening of our office in Korea. Then overall value proposition. And this is, of course, very similar to what we have done in oil and gas or what we are already doing in oil and gas. So we are early engaged with the client. Survey was spoken about where we do the seabed investigation, what is done on the seabed. When you're looking at floating wind, there's also understanding of where do you lay out these floating units, how you anchor to the seabed, where you put the cables, et cetera. So Dag mentioned that we are involved with studies with a client to try to optimize the layout at an early stage and try to influence how these fields are being developed, and using that knowledge also to position ourselves for the construction phase, which is what you are seeing here. So being involved and then getting the turbines ready for the offshore tow-out, preparing the seabed for the moving systems, and then towing eventually the turbine out, and hooking it up on the moving system and then connecting it up to the cable systems. And then the [ cutback ] side or the construction phase of the project is maybe relatively short, as you see here, maybe 2 years, we are thinking about for the physical offshore operation, but then there is going to be like 25 years of maintenance that we believe is going to be a quite lucrative market to be in, just like we are in oil and gas today. Dag mentioned this IMR contract with Equinor. We believe there will be similar setups for offshore wind projects and more specifically offshore floating wind projects. This is maybe the most important slide that I have. So you need to listen now. So this is showing -- Mons mentioned in the start of his presentation. And when you're looking at the amount of vessel days that are required to deliver these offshore floating wind projects, it's not just it requires quite a lot of days, this also requires high end tonnage. Last year, I was talking about roughly 3,000 vessel days. This is slightly less, but the assumptions are also being made slightly different. So if it's 2,500 or 3,000 vessel days, it's there or thereabout. That's the numbers we are looking at. And then we see that for the installation of the anchors, the laying of the inter array cables, you need construction vessels. And all lot of analysis. Because we have bid quite a bit of work is that you're looking at tonnage around 400 tonnes. That has to do with the size of the deck. But also these anchors are quite heavy. They differentiate between suction anchors, which Dag had a slide on, big suction cans or [ driven ] pipes, which are even bigger. So you need a big construction vessel to undertake the work, both for the suction anchors, but also for these inter array cables. And then you need a dedicated moving vessel, and we have a few that requires crane, heave compensated crane, ROV systems. So it's not just a traditional anchor handler, it's an anchor handler with some add-ons. And that is to stream out to connect up the moving lines to the suction anchors, but also to stream them out and tension them up before the turbine is arriving. Then the towing operation. This assumption is based on 2 types, one towing and one tailing, steering it. And you're looking at 400, 500 days per anchor handler for project consisting of between 50 and 60 turbines. So that's 700 to say a gigawatt, which is the size of projects that we are looking at just now. And then the final bit is actually pulling the cable into the floating turbines. So that requires also special tonnage, where you also need to be able to transfer the people from the vessel to the floating units. And one experience from Hywind Tampen is that you have a tendency to think that this can be done with more or less the same tonnage as is used for bottom fixed. But when you have 2 moving objects, that is no longer the case. So this requires higher tonnage than what is maybe traditionally used in bottom fixed. So then you're ending up with roughly 250 -- 2,500 vessel days. And I mentioned 6 to 7 gigawatt, and 2,500 is one gigawatt, you can multiply that with 6. And I think you have a lot of smart people there. So then you're getting 15,000 vessel days. And when we are looking at the time scale of this, we are looking at '27, '28, and '29. That's when a lot of these things are actually starting to be awarded. And then, of course, you can ask the question if it's going to go ahead. We believe at least some of this will go ahead. And that's why we have taken the numbers down a bit from the 4C analysis, but these are real projects and they are actually being bid as we speak. One other element to be aware of here is that when you're looking at not just accumulating the number of vessel days and multiplying with the spread rate, you also see that they require quite a lot of project management and engineering. Dag showed Western Isles, which was a decommissioning job. But the size of these turbines, they are maybe a bit less, but imagine that you're installing an Eiffel Tower every week. That is the type of complexity we are talking about. And that requires very good marine logistics, very good management and the coordination of the activities, because this is a factor. And if one machine is stopping, then it affects all the other machines. So that is why it's important to have a solid team preparing this and also executing it. We also see that these type of projects have acquired quite a bit of procurement. That is, for instance, to fabricate the anchor systems, the anchors, but it's also the ropes that is required, therefore, the moving system and also the inter array cables. So these are high valued contracts over and above the quality vessel days. And with that, that also means that there is not that many companies that actually are trustworthy to deliver these projects. And DOF is clearly one of them. Because of the assets, the track record we have from oil and gas, but also the people that we have deployed in our organization. I have also to say that some of these projects, we are collaborating with other stronger players, because they are complex. And it's to try to take the risk down not just for ourselves, but also to maybe avoid a bit of competition and also to make sure that the client gets a solid solution. So as you see here then, you are looking at nearly 2 years of offshore execution of a project between, say, 40 to 60 turbines. That's what you are looking at. I mentioned high-end tonnage, you know. So the towing out of a turbine, if it's a CME or Spark on that, you're looking at 200 tonne ball out there. But if you're going to run the vessel on full machinery for 1.5 years, something will break. And that's why you need a higher-end tonnage, so more than 250 tonnes is like -- that is our analysis. When you're hooking these turbines up, now you're looking at over 200 tonnes to tighten up the moving system. And that is, again, the rationale why you need high-end tonnage. Just so people understand that it's not something we are coming with as nonsense because we have a high-end tonnage. It's actually, real analysis is showing this, and we have the experience from Hywind Tampen, and this is what you need to aim for, even in benign areas like Korea. So I hope you remember this slide as well, as somebody took a picture of it. Then I have one cable repair project. Dag touched on it. So this is done in the Atlantic. We cannot mention the client. But this is a high-end client. It was repair of a cable going to shore, so it was a splice operation, and it was Skandi Hera that did it. We used a bit less than 2 months on it, 50 days I think, maybe. It's not mention here. It created good revenue for the vessel owner and for the project and also good margin and very good feedback from the client. And these type of jobs, one thing is that you can maybe bag a lucrative project or 2, but it is to keep volume with more work. And these anchor handlers, they are perfect for it. They have been shut. They haven't opened still. They used to handling cables, products over a stone. So the fleet expansion over the anchor handlers from Maersk is going to make us even stronger in this market. And if you're looking again at where the market is heading with 3x or 4x where we are today, of course, we have a lot of opportunities for the Maersk anchor handlers into that segment. And then we are now gradually building track records. We are sort of putting stone on stone, as we say in Norwegian, and gradually ramping up for this segment. You need special equipment. So that is something we're also looking at having available. And we also have some frame agreements with high-end clients like [indiscernible], et cetera, for being called off. It's a bit like, I guess, fire brigade, calling the fire brigade when there is fire. And then you need to be ready for work. And having quite a large access to tonnage is going to be important, but also the people, having procedures and equipment ready for going open and do a quick job for them. So I think I'll leave it like that. And then this is another example of projects, call it, in the repair segment. So this is from Hywind Scotland. I'm not sure if you've heard about it, but Equinor is the operator. This is called a DMO. We have 2 vessels on long-term charter to Equinor. But because of that, we have been involved in the disconnection of each of these turbines that have had problems with the bearing, the main bearing of the turbine. And all of them needed to be taken ashore to be repaired. They were taken into the same place as we did the assembly of Hywind Tampen at Wergeland base, and then more or less used the same methodology that we used when we did the assembly of the Hywind Tampen turbines. So the second last one is being hooked up as we speak. There is still one turbine. It has been repaired, but then Skandi Vega spoke to the captain yesterday. So they are in the process. Now this is the Vega you see here. There are 3 tugs required. You see it clearly here on the picture for the hook-up operation. And they are doing their last -- second last turbine as we speak. And then we hope, and at least I can hope that this is finished by the end of this month, and we started, as I said, here early in May in '24. So 5 months this job has taken to repair the 5 turbines. Very interesting project for us. I think also for Equinor, when they are looking at the quality of these turbines and what potentially that can be exposed to in some of these offshore floating wind farms in the future, and what they then need to be absolutely sure don't happen. There is also solutions being looked at where you can repair the turbine on the field. But for the time being, the solution is to tow them to the shore. And then going in for landing. So I mentioned 6 gigawatts, showed on the slide here that it was maybe closer to 7 and 1 number is more like 6 that will be in the water by 2030. We see that the lead time for contract award actually installation is around 4 years. And we take that from some of the Israel bids that we actually are working on as we speak. We also are heavily involved with FEED studies. So the clients see the value, because there is a lot of interaction with, for instance, the manufacturing unit to make sure that the moving system and the inter array cables are looked after well. If you do one mistake, you will repeat that maybe 50x. So you don't want that. So early engagement is important and the client understands that. Then I mentioned this 2,500 vessel days and the mix of it. And if you multiply, as I said, that with 6, we get a feel for what is expected vessel days before the end of the decade and it's high end. Our focus is on the U.K. market, the Norwegian market and where we see the highest activity just now is in South Korea, where we have established ourselves. The fleet we have, the competence we have is quite unique. We have experience with installation of the largest offshore floating wind farm in the world, Hywind Tampen. And we are very active working with partners, clients to develop new opportunities and what we currently have in the pipe as active bids is around $2 billion. And I think that was me. And I'm not sure Mons...

Yes, with an 18-minute leg scratcher, we start again at 20 past 1:00. There should be some coffee and refreshment for us. [Break]

So now it's ESG. And ESG is actually the most important value here. So not harming any people, it's important, and the mission is extremely important. And the clients get more and more focused on it. So I think, to be #1 on that side is the most important on the account to keep the market share and increase it going forward. And Marianne, she's been with us for many, many years. And she commented to me that there is some ESG work to be done here that is only for female, among all. So perhaps in the financial community, you need to look at diversity, she told me. Marianne, please.

Thank you, Mons. Very good. Can you hear me? You need to give me the sign. As mentioned by Mons, my name is Marianne, and I have been in DOF for many, many years. And I would have to say it's very nice to be here. It's very nice to see you again. And I will give you a short introduction to how we work with ESG in DOF and about our ESG commitments. And let's start with some facts. In ESG, it's all about transparency. We have 544,000 tons of CO2 coming out of our vessels. This is 2023 numbers, and this is both from Scope 1 and Scope 3. And if you see in the first box, 70% of that emission is coming from our DP operations and when our vessels are in transit. And this information, that helps us to put our focus, to put our energy and also where we should put our investments. And this operational mode that we here are referring to, that is, in a way, the core in how we work with emissions in DOF. Every day, on all our vessels, we are measuring how much fuel we are using and how much CO2 we are polluting on all different modes. Then we are actually comparing that with the average, let's say, with the baseline that we have for all these modes. And this baseline, that is actually the historical average consumption that we do have. So all the time, we can, in a way, measure ourselves towards that baseline and see where we are. And this is one vessel that's anchor handler in the Atlantic area. And we are here measuring our efficiency in 2023 compared to 2022. And I should maybe have done something on the scale, but it is actually a reduction on all the different modes. So this is how we are working, doing analysis on this every month, reaching out to our operational directors, reaching out to our vessels, sharing and discussing the information with them. We also, of course, have our emissions based on regions, and it's a lot on your shoulders, Elias. So very pleased to see Petrobras stepping up here. Of course, we are also measuring how much emissions we have per year. And if you look isolated on this one, it doesn't look really good. You can see that. But on the other side, the time we are spending offshore, the blue line is increasing as well. Going to the next one. I think stakeholders within ESG is a key factor, is a key word. And here are some of the stakeholders, the stakeholder pictures we are looking at. On the regulation side, it is a lot of regulations coming towards us in the offshore sector, both from the IMO and from EU. And what hits us first is the EU ETS, the EU MRV. We will start reporting in offshore in the EU MRV in 2025, and we will start with the quarters paying for the quarters in 2027. But in DOF, I would say, 90% to 95% of all the fuel, that's paid by the client. So for us, it is very important having a good system measuring this and also making sure that this is well embedded in our commercial contracts. Talking a little bit about the clients, and I still have got good support from both Dag Raymond and Elias here today. We see an increased emphasis on our decarbonization initiatives from the clients. We see a rising demand for them to understand our data, because we are a very important part of their value chain. And I think also it's fair to say that a lot of our clients, they are now stepping up, participating and sharing the cost for some of our decarbonization initiatives. And Dag Raymond, he didn't mention that, but Equinor is taking part of the cost or, let's say, a good part of the cost on the IMR contract now with Equinor. And also very pleased to see Petrobras now having funds where we now are applying for support to our initiatives. And then we have the expectation from the society. And I think here we can add on the employees. We can add on a lot of people. And I think, in general, we see increased expectation for our global footprint, and that we are able to reduce that footprint. When I said global, I did meet carbon footprint. I think also being transparent is important. And being, what you say, ahead of the decarbonization trend and being transparent. It's not just about being compliant. It is actually part of being competitive and take a leadership role in this part of the market. We have a strategy, we have a decarbonization road map that we are working on now. And that details how we will reach our goal of 40% improved energy efficiency by 2030 compared to 2008. And I will say we are on a good way. We have done a lot. We have been working a lot with the low-hanging fruit, working a lot with energy efficiency, but we have a way to go to reach that goal. Key part of our strategy is battery. It is making sure that we have clean hulls, it is use of biofuel, and it is implementation of digitalization and digital fleet. It's a project that we do have. And of course, continuing focusing on the low-hanging fruit, having good initiatives in our OpEx budget. I will give you some examples. So battery, we can start with that. We have had different studies now on some of our big, big vessels like Skandi Africa. And we have used real-time data in our simulations, looking into how much fuel we can save and also the cost and the gains of reduced running hours on our engines. And looking at the fuel side, in general, or let's say, in total, we see we can save up to 11%. Looking isolated at DP, we see around 15% savings on a vessel like Africa. Having clean hulls, that is also areas that we are looking into. And as we speak, we have a very interesting project with a robot. We have a pilot on that right now, but we can, of course, also use companies like ECOsubsea to clean the hulls. One example on this is Skandi Buzios. We took Skandi Buzios from Brazil and to [ Longsdon ] to do the upgrade. And we, of course, have taken it back again. And we cleaned the hull when the vessel was in [ Longsdon ]. And we used 20% less fuel on the way back compared to the way down. And of course, there are other factors here with wind and speed and a lot of things, but it is, I would say, a significant reduction in the fuel when you have clean hulls. Shore power installation. It's mostly, of course, in the Atlantic region. This is a percentage of use on shore power when you are key site. And of course, that helps a lot, but it is a bit limited if we look at our global organization due to lack of infrastructure. Finally, the DigitalFleet, that's a project we have had in DOF, I would say for, let's say, last -- it's about 2 years, and that is actually to digitalize the fleet. That is to get real operational data from the vessel and to use that data to actually run the vessels smarter and more efficient and by then also being able to reduce our fuel consumption. We have 25 vessels in our portal now and hope to roll in most of the vessels within this year. Going to DOF. This is what can you say on the left side. It's the key metrics on the social part on the S side, number of employees, the gender balance. So this is onshore, 17% female, 83% men. We have a goal of reaching 25% female leaders in seasoned professionals and managers by 2025. We are today at 21%, 22%. So the girl sitting here, if you're interested, please approach us. And what we are focusing a lot on now is on this side. And that is I would say it's both to retain all the good people we have in DOF. It is to make sure that they are being focused on that we develop them and that they stay relevant for the challenges we have ahead. And then we also need to attract new people. We took in 447 new hires year-to-date. That means from January to now in DOF. And we have 250 people estimated to start in DOF for the next 6 months. And we have a lot of really good campaigns right now. It's actually featuring Atlantic region. We have 1 for [indiscernible] and we have also 1 for [indiscernible]. And we get a lot of good feedback on those now. We have some open ROV positions out as we speak and we have over 2,000 applicants on those positions. So it is a lot of people who are interested in starting to work in DOF. And I would say we are doing our utmost to onboard them in DOF in a good way. And having enough people, having the right people is actually the risk that all our [ EVPs ] are ranking highest on the risk register because we need new people in to be able to execute new contracts and to be able to actually do the growth that we plan to do. So this is something we are talking about all the time. So it is about to get new people in, but we also need to have -- or let's say, we also need to make sure that the people already have in DOF that they are pleased and that they stay relevant. And if the PIDF project was Elias' baby, I have to say that this is my baby. I always bring this up when I have the opportunity to say something because making sure that we have a good safety culture in DOF, that is important. Making sure that all our employees are getting safe home from their rotation. That is one of the most important goals that we have in DOF. Because if we cannot deliver on that goal, it's very difficult for us to deliver on any other goals. This year, we have had 12 recordable incidents that includes the 3. And it's more, you can see it down here. It's more than we had in 2023, but it's -- and maybe it's -- let's say, it's on the level of 2020. I think -- let's hope it's below the level of 2022. What I can say is that it's low risk, it's low potential. It is this slip and trip. It is dust in your eyes and it's bruises on your fingers. But we are following this very closely with preventive actions. We are talking to the captains. We are talking to the people out there, making sure that we all together really, really work for a good safety culture in DOF. And then the G. Just this weekend, there was in this Kapital magazine, that magazine was totally allocated to ESG and sustainability. And in one article, it was mentioned that it is difficult to get a good E and a good S without a good G. And I think also now with the new CSRD regulation and all the [ IFRS ] standards, it really is important for all of us to make sure that we have good routine around the governance. And risk is a very important part of that. And in DOF, we really have a governance structure, ensuring that risk and opportunity is managed throughout the entire organization and what's going to say at the right point in the business cycle. So down at the projects where both Elias and Dag Raymond have talked about. They are really handling risk, I would say, day by day. It's the top of their, should we call it, attention. And in DOF, I would say that everybody has authority to stop the work to make sure that we have done a good risk assessment. And then these risks they are filtered up all the way up to Mons and even [indiscernible]. So this is important for us. And we have also, I would say, a decade-long history of working with governance in DOF. We have been reporting on the CDP for many, many years. GRI, of course, now with CSD coming in that's on top of our list. Also have a good relationship with Slave-Free Alliance that we have been working with for the last couple of years. But governance in practice, that would be this project. And I'm so lucky that I will have the integration between DOF and MSS and I think having a good governance structure that is one of the success for integration between us. And we have some goals of how we will work and what is important for us in this integration process, that is along the employees, it is on the client or the customer side and also for the shareholders. And I think from the 3rd of July, where we announced this transaction, Mons was very clear that we should take the best from both and making a really, really good company. And this is what we plan to do, leverage both cultures and combine the best from both companies. And we need to make sure that we are a unified team with a common identity. Towards our client, we will continue with safe operations and high client satisfaction. And we will establish ourselves as a global leading provider of subsea service solution. Towards the shareholder, I think we really need to unlock this potential as we have talked about being an integrated company and create accountability to clearly define responsibility and implementation plans. And of course, we need to take out cost synergies along this process. So by that, I think the next one is actually Mons talking about the MSS. So I give the word to him.

Thank you, Marianne. Yes, most of you probably have seen this before, but I think a good story is we can repeat that, yes. So a few slides on Maersk. And here is Maersk in a snapshot. So this is what we are buying, and it's 22 boats. They operate in 5 continents. They have a very long history longer than DOF. And they have 1,200 employees, onshore and offshore. And of course, the fleet is excellent fleet, a young fleet and done within our core segments CSV and anchor handling and cable layer on top of it. And, I guess, I started in this industry back in the early '90s, and I always admire DOF and I really look forward. And I always Maersk -- sorry, DOF as well. So -- but -- so I think there's going to be -- and if we are able to do what Marianne said, we can take the boat to both companies is going to be fantastic, yes. So -- and of course, we have had no feedback around the globe from clients. And I think they support it and the large oil companies, they support this, and I think there will be a lot of opportunities for the combined company that we will have going forward. So I really look forward to it. And the fleet we are buying here and the people we are getting, they are the best you can get. And this is always [indiscernible]. So we will be the largest owner of CSVs. So big subsea boats. We will be the largest global owner and also, what we call, high and anchor handling boats, we will be the largest owner. So I think that is a very good position to be and the subsea market is very strong. And of course, also the market for anchor handler within mooring, the floating wind [indiscernible] and oil and gas, I think, combined this will also be good years ahead for the large anchor handling fleet. And of course, you see the projects we are doing. You need -- the video showed 4 boats [indiscernible] Norway; 4 boats on the floating wind will be 3, 4 anchor handlers at the same time. So, of course, we need a certain size for that fleet. So I look forward to that. And I think this is a very interesting position for us to leverage from. And this is always -- look. We -- so we got critical size in all regions. Where we are growing is North America, mainly in Canada and Guyana and down in the North Sea and down in West Africa, for instance, we got a very interesting position in Angola, yes. So -- and of course, we share office locations here. So there will be synergies that will be a job to do. But also where: I'm most optimistic as is on the market side towards clients that we get even more relevant for all our clients around the globe. So I think this can result in even more interesting contracts and it could also increase the utilization on a combined fleet because you get more opportunities. So I look forward to it on the -- and of course, we got a very relevant size in all relevant regions. So this is the fleet. I have to say this is [indiscernible]. It's kind of -- I haven't done this before, but it's a kind of strange here. You have agreed to buy something, but we are not allowed to know anything about their commercial activities until we close here. So I'm probably the one in the room that know least about Maersk's backlog, but this was the backlog as when we announced the deal. And the main area is, of course, that as we showed previously in my presentation earlier today. The rate level has increased a lot from '22, '23 and into '24. And what is slightly showing is that there are very few legacy contracts. So meaning that we -- the boats that are being renewed and that will be renewed going forward, of course, will be in a much higher rate environment than we saw a year or 2 ago. So then this is done -- and of course, we have shown this before, but we -- if you compare this to ordering new boats, the price here is much more interesting. Got earnings much quicker. And you see the numbers here where we compare -- the asset value is compared to what we are paying. So we think it's a good economic deal for us and that -- and on a very interesting fleet. The next one is showing and perhaps the most interesting stuff from a commercial point of view. So this is actually showing the mark-to-market for 11 out of the 22 boats we are getting. And so it's not really mark-to-market, it is really a mark to deals that DOF has done recently. So what we have done here is that we have said, if you are able for the 5 x M-class anchor handlers we are getting for Maersk. If you're able to do the same rates as we did on very similar boats Iceman and Amazonas done, we show here on this. So if you are able to get those earnings on those 5 boats. And if you are then able to do the same on the CSVs, the 4 I-classes and Maersk Forza we have done on the Skandi Seven, Skandi Acergy and also the Maersk Installer that we have on charter. Then those 11 boats will do between USD 240 million and USD 280 million. So saying if we are able to repeat what we have done on the DOF fleet on these 11 boats. This will then be USD 240 million to USD 280 million in EBITDA. And then between 3.6x and 4.4x EBITDA for those 11 boats. And of course, then you have the earnings on 11 more boats on top here. But I'm saying I'm not guaranteeing that we will be able. But if we're able, this shows that this transaction is very interesting for us. And, yes, and this is -- I guess, this is a summary of why we thought this was a good idea, and [indiscernible] A.P. Moller Holding of Maersk Supply agree to that. We get immediate fleet expansion and we get scale and a very high-quality subsea and anchor handling fleet. The portal fleet is absolutely youngest you have in the global market today. We think there are synergies we have around the globe and meaning that we probably can be more cost competitive. And we think the price we are paying is very attractive. And I show you that on the multiples on the 11 boats. So it's -- if you're able to do it, it's a very interesting deal for us. And what also is extremely important to us and to me is that we get A.P. Moller Holding in as a new shareholder in DOF and they share overall goals and strategy they want to continue to build a leading offshore service player, both in oil and gas and renewables. So I look forward to that. And I think that when we go into the refinance, for instance, no, we know that they can gave us quite some advice and have quite some context that can assist us in achieving the best possible deals we can get in the market. So I'll leave it like that. And -- so I really look forward to it. We hope to close soon. So in fourth quarter, we are waiting for some -- there are some external factors on competition we are waiting for, but hopefully, within a month or 2, we should be able to close it. So then, I guess, this is the highlight and why all -- most of you are here today, it's is the refinancing. It's the dividend and Hilde will take you through that. And then after her, she is the final one here. So then it will be Q&A. So please, Hilde.

It has been a quite eventful year since the last Capital Market Day. Then we focused on the refinancing risk for the group because we knew and know that we have to refinance a large portion of the debt by January 2026. This presentation is going to tell you that, well, when are we going to do the refinancing. And that's for several reasons. Number one, we have strengthened our balance sheet significantly. Our shareholder base, we have a strong shareholder base. And with A.P. Moller having one of -- being the main shareholders has strengthened our position further. And we also see that both the bank and bond market is strong. Just some reflection on, listen a bit history telling. We have been through a very tough downturn. For DOF, it started in 2015. And if you look here at EBITDA and EBITDA margin, it has actually been quite stable. There are several reasons for that. Well, DOF has historically and still has a large backlog. We are focusing on firm commitment for our vessels. We are not that exposed in the spot market. Another reason is that when we went into the crisis, at that time we had a high backlog also done. And also that the fleet segment that was most hurt by the downturn was actually PSV. And that is between 2% and 5% of our EBITDA. The performance from the subsea assets and also the anchor handler fleet has been fairly stable due to the backlog and also that most of our anchor handlers are operating in Brazil on firm contracts. And here, you see that from 20 -- let's say, from '22 and onwards, a significant increase in revenue and EBITDA but the margin has been more or less the same. And the reason is that we have more revenue from project activity than we had in the downturn period, and it was mostly time charter, but pretty stable even through the downturn. But of course, DOF Subsea, the whole period has been more than 70% of the group EBITDA. However, we have had too high debt and that's what you see here. And of course, a significant drop in the interest bearing debt, the net interest bearing debt after the restructuring that was completed in March last year. But the debt has reduced. I will show you some more slides on that. But the reductions hasn't been that steep. And the reason for that is that we have a acquired vessels, but we have also entered into lease agreements for hiring in external vessels. And that is actually approximately $100 million of our interest bearing debt. But that is, for us, it's cash-generating units. So if we look at the debt and exclude the lease portion, when we enter into the restructuring, the gross up was USD 1.756 billion in debt. And here, you see what we have actually repaid through the 15 months from March '23 to end June this year. And that's more than $200 million, a significant amount. What you see here is acquisition of 2 vessels. That's the Skandi Hera and Skandi Darwin where we took a new loan -- 2 new loans. And then approximately $200 million reduction of the interest bearing debt, again excluding lease payments. If you look at the net interest bearing debt, you see a reduction of more than $200 million from $1.4 million to $1.2 million. So we have actually, in real terms, as I see it reduced the interest bearing debt significantly through the 15 months. But we -- it's quite challenging for us on the existing funding because it's funded in silos. DOF Subsea is one, DOFCON is one, Norskan is one and DOF Rederi is the fourth, and then we have the new silo, which is Maersk. It's -- the positive about the restructure facilities is that it's cheap. It's below market. We pay approximately [ 2 to 2.2 ] in margins. On the DOF Subsea facilities, we have lower amortization, but we have cash fee. So there are no flexibilities on these restructured facilities regarding the possibility of paying dividend. If we, for example, sell vessels, all the surplus cash goes to reduce the debt. That's, of course, in our interest as well to reduce the debt as quickly as possible, but the times now have actually changed significantly. I'll come back to that. And we have some other debt. And this is the debt -- the remaining -- the outstanding debt of the 2 vessels that we acquired. And we have the bond loan, which is Norwegian kroner, it's peak interest and the cash we pay is actually 1/3 of any dividend from DOFCON is going to be paid to serve the bond loan. But if you look at the key figures here at DOF Subsea, you see that -- and if you summarize all the debt, the gross debt is USD 767 million, and if you see the net debt reduced by the cash is USD 538 million. That's 2x net interest bearing debt to EBITDA last 12 months, which is a significant drop from when we enter into the restructuring. And you also see that the leverage if you use the net interest bearing debt is 36%, quite low. And then you have DOFCON, we have no plans on do any changes to the DOFCON. DOFCON is a long-term funding. Now all the vessels are secured firm commitment, especially after Acu, Vitoria and Niteroi. Our portion of this debt is USD 300 million, and you see that 97% of that debt is actually fixed and you see that the fixed interest is low and below market. DOFCON has never been part of the financial restructuring that we went through in March last year. And you see the key figures there is also pretty favorable, net interest bearing debt last 12 months is 2.4x. We are -- just one comment on DOFCON. You see that the EBITDA has dropped the last 12 months compared to 2023, and that's simply because of the Skandi Buzios incident. And this vessel has been without any earnings for more than a year. And she is back on hire. She was back on 1st of August. And then you look at Norskan. Here, we have USD 419 million, which is debt to BNDES And even though they have not -- they are pretty high leverage, the fixed interest is still quite low, and this is all in cost. And this is 9 facilities. Now it's actually -- it's 6 facilities with BNDES and the interest is between 3.1% to 4.4%. We have a floating debt, and that's for the international banks of USD 79 million, which is due in 2026. And you see here, gross debt, USD 501 million versus --- and USD 578 million (sic) [ USD 478 million ] the last -- or net interest-bearing debt, but the leverage is still high. Also worth mentioning on the EBITDA development in Norskan is here stable, but listening to Elias on the Brazilian market and also what we have experienced on recent contract for Norskan, we expect this to increase. But Norskan, we have no intention to do anything else than that we know we need to refinance the USD 79 million. And then you have DOF Rederi, where we have dropped -- reduced the debt significantly, mainly because of, well -- stable, good performance but also that we have sold vessels and the same with Iceman, which was refinanced in July last year. And here, you see the same numbers of net interest-bearing debt compared to EBITDA last 12 months or 1.3x. And if you see the leverage is [ 19% ]. So we will not talk about the refinancing risk any longer. We are going to talk about when are we going to refinance this part of the business. And then on MSS. The acquisition of MSS is fully financed. We have a firm commitment from 4 banks of a loan of USD 500 million. And we also did a private placement in July this year. So the cash portion of this acquisition is fully financed. We did at SOFR plus 3.5% in margin and amortization of USD 71 million per year. But the most important is that this is no guarantees from holding. Holding is guaranteeing this part of the debt and 70% of this debt. And when I say holding, I mean DOF Group ASA. We -- last year, we also showed you the value, the NPV of the interest costs which were lower at market at that time, and it still is. But what's interesting is that the blue one here, that is the debt that we have with Norwegian ECA and Brazilian. Brazilian ECA, that's BNDES. And we don't intend to refinance anything of this 85%. So that's where we have the cheap funding if we can use static expression. And you see it's 50%, and that is the debt that we are going to refinance, and that is the restructured debt that was drawn in March last year. The comparable pricing is the last one we did, which is 350 basis points, and that's the Maersk deal. So why do we want to do the refinancing earlier? I think last year, we said we have to start working on this, let's say, second half or -- well, during 2025. I believe we know should do it earlier, and we are already planning for that. And that's what's addressed in a separate press release this morning. We -- the capital structure we have today is not efficient at all. There are no allowance for any free cash flow between the silos. And then I mean the DOF Subsea silos, the DOFCON silos, the DOF Rederi's silos. We are not allowed to have any cash from the subsidiary up to holding. We are, of course, allowed to put cash down but not up, but -- and that's -- it's actually -- it's not easy to manage and we lose some flexibility. So free float of cash is one of the keys for our refinancing. We don't have a flexible amortization profile. Yes, we have low amortization on the existing debt of the refinance debt, but we have cash sweep. So all surplus cash goes to reduce the debt. If we -- as I said earlier, if we sell a vessel, all the cash goes to reduce the debt. And there are -- we are not allow -- we're actually not allowed to pay any dividend. It's fair to say that even though we have been -- we are under our restructuring facilities, the banks in the facilities has been very supportive. They have allowed us to buy 3 vessels, for example. And all the investment proposals we have come up with the lenders, we have had a yes. But it's not very flexible though. And of course, if we haven't refinanced our debt that matures in January 2026. That means that by first quarter 2025, we have to present that as short term. And credit-wise, that is not very good, and it impacts our credibility. Even though we are not concerned about refinancing at all, but of course, the balance sheet that is something people read. And -- the segments that we are reporting on today, that is based on the silos. DOFCON, DOF Subsea is one segment, and you have Norskan and DOF Rederi. And that doesn't reflect the -- our operations or business in a proper way in our view. For example, we should show better our project activity, our time charter activity or we could use fleet segments. We haven't decided what to do, but to show it in these silos is not the best way of showing the business, the operation, the opportunities, the risks, et cetera, of the group. And we need to approve the ability to support the operations. I think the 2 last points kind of are connected. We are not allowed to do any hedging on interest, on currency or whatever and that impacts our operations. And of course, when we see how fast the subsea project activity grows, then we need to have more flexibility on the financing to support that type of operations, performance bonds, for example. So this is how we plan to do it. What you see here is the 5 silos already mentioned. We will keep DOFCON and Norskan as separate silos because of the favorable funding that these 2 groups, companies have and also that this step -- the first step here is in DOFCON is a facility that matures in 2027. And the first facility in Norskan matures in 2030. So we don't want to touch that at all. But here, we see Maersk, I will say that when -- the Maersk acquisitions in our view, has actually improved our ability to refinance the total group because we are not aggressive at all on this -- on how we have funded the acquisition. The net loan to value estimated at closing on Maersk is closer to 20% than 30%. If we just take the broker estimates by March, it's 38%. If we take the net value by locked ox date, which is the 1st of January, then we are at 29%. So we are not aggressive at all. And if we look at these 3 combined, the net loan to value is actually pretty low. And so -- but what's most important is that we have a free float of cash because these -- here is where we see that there are dividend capacity. Here is where we see increased earnings, especially on this part. But as a combined as well, but free float of cash is important for our refinancing. We are in process of document a loan on Maersk supply, is a 3-year loan. But we will, in parallel, look at these 2 as, let's call them, 1 unit in our refinancing that we have started working on. In parallel, we will see how we can simplify the corporate structure. We have too many ship bonding companies. But the main -- our main target for the refinancing is actually free float of cash. So this is the debt that matures. I've already mentioned or said that the DOFCON JV of above USD 300 million will not mature before 2027, while part of the debt will mature in 2027. In Norskan, it's the international -- the loan to International Bank of USD 79 million, which matures in January 2026. In DOF Subsea, it's USD 559 million, USD 113 million. That's the 2 loan for the 2 vessels that we bought in last spring, and it's the bond loan. And then we have DOF Rederi, we are [ 70% ] matures in January 2026. What you see here is the Iceman loan. So that gives a total debt of [ $1.5 billion ] if we include Maersk its's [ $2 billion or $2.063 billion and $709 million ] of debt matures in January 2026. Whether it will -- whether we will include more on the refinancing, I don't know yet but this is the amount that we need to refinance by January 2026. And this is just to show you, if we look at -- this is Maersk and I will not repeat myself. And here, you see the net leverage on Maersk. And here, you see the net leverage by end of June for DOF Rederi and DOF Subsea combined. We have kept out DOFCON and Norskan. So initially, I said that one of the reason why we are -- we believe that the time is better now to start the refinancing of the DOF Group is because we see a strong bank market. I am actually been -- banks are calling me and ask if we are interested -- if they can participate in the funding of DOF. And I must admit that it's many years since I've experienced that but large international banks. And that means that there are capacity and they are interested in DOF. What we also see as the margins are turning down, so that means that this is a good timing for us. But we have an alternative. And that is the bond market, which we are seeing are extremely strong at the moment, especially within our segment. So -- and we are not expert because we haven't been in the bond market for many, many years. So then we have asked Pareto to say some general about the market that is now. So welcome [indiscernible].

Thank you, Hilde. And yes, I have been invited to talk a little bit about markets. My name is [indiscernible]. Okay. Yes. All right. Is it on? Okay. Yes. So -- as I said, this is -- I'm going to just say a few words on the bond market. So far, we can see here to the left, record high volumes of issuance compared to last year. It's even higher than the last high or highs that we saw in 2021. And the bulk or most of this growth comes from growth here, offshore services, E&P and transportation shipping. So $10.1 billion raised so far, Q1, Q2 this year. And that's more than the total volume last year in this market. So yes, I mean, it's been impressive. And I mean why is this? Why is this such a -- yes, improvement in volumes? And I think it's -- several reasons for that, of course. But looking at some of the transactions or actually all transactions we've seen so far this year, here to the right, that sums up to $4.5 billion within these sectors. And I think if you look at the investors behind this, it's high-yield funds for a large part and they've had over the last 2 years, fantastic returns. This has triggered more inflows and they've been very receptive to the deals that has come out of these sectors. If you look at the deal sizes as well here, largest one is EUR 600 million done under Nordic documentation. And then you have a few at [ 500 ] and all the way down to $40 million. So very sort of flexible and -- but also with a depth -- market depth that can do larger sizes. And the special thing with this market, I think, especially within offshore services and shipping, the last 2 years has been the growth here supported by the fundamentals in the sectors. So -- and yes, to the bottom left, you can just see the Nordic funds inflows. But this is, of course, the same development if you look globally on hedge funds and high-yield funds, et cetera. So good sentiment, good backdrop for issuing bonds in this market and we would love to get you guys back again. Yes. So I think that was just a few words on the overall bond market here as an alternative. Yes.

So in summary, I'm actually convinced that we will be able to do the refinancing with banks only. I'm sure we will do -- we are able to do that. But it's also good to see that there are alternatives like the bond market. And I also see that the margin, they are getting closer. So the bonds market is now a real competitor to the banks. So on the refinancing, our main target is to ensure flexibility for the operation and to have a free float of cash. So we have now built or we have a sizable backlog and we have good visibility on our earnings going forward. And we also see that the time charter and project contract and especially from Subsea, we have now built a solid EBITDA margin. And our balance sheet is increasingly robust. And as I -- we also strongly believe that this Maersk acquisition is -- will improve that further and also in respect to the -- our ability to refinance. As we sent a press release this morning, we plan and expect to reach a debt level of around 1.5% net interesting bearing debt-to-EBITDA in 2025. And that means that we are in a good position with that level to pay dividend. So we foresee our dividend strategy where the excess cash is distributed to the shareholders on a quarterly basis. And we are also saying that our first quarterly dividend is going to be paid in second quarter 2025 and that is USD 0.3. Yes. We also believe that the dividends can increase from 2026 and onwards. But this is conditional, yes, of course, we need approval from the AGM. We need to complete the refinancing successfully. And we also need to close the MSS transaction. So that was the last statement on the financing update.

So I guess that was -- this is the last presentation and that's last slide in the presentation we have. And I don't read it once more. So I guess to summarize, I think it's -- if we start with the markets and we have heard Dag Raymond and Elias about their markets. So the subsea market is, I may call it in volume record high. It's -- it is full speed and a lot of opportunities. And as we see, we still think pricing can go further here. And then on the anchor handling market, we see for -- usually us -- the business from Petrobras, quite a few of the vessels to be installed. We see a growing mooring market in the North Sea and in West Africa, also partly in APAC. So we also see that part of the market going -- being strong forward. And then, of course, the [indiscernible] floating wind market. Of course, for us it's a perfect match for us, yes. So I think the markets we operate in is -- looking forward to the next few years in that market because I think it will be a lot of fun and a lot of good opportunities. And of course, also on the competition side, of course, truly downturn, quite a few competitor disappeared, quite a few boats went out of service. Of course, we see the demand side staying. Now the supply side staying flat there. And then we mentioned a few -- this discussion on that slide on these new builds, there or a handful of vessels under construction for delivery done in '27 onwards, so of course, I don't see that as any threat. And so I think it's looks very good on the market side. Then I think the organization on the fleet. We have now combined with Maersk, puts us in a pretty unique position globally and I think we can serve the clients globally, the last client, like the Exxon, the Chevron, the [indiscernible] and so to Petrobras in even better way with the combined fleet. So I think that the merger, if you call it that, it can create quite a few new interesting opportunities for us. And then, of course, the near-term focus is ;#1, close the Maersk merger and integrate it and hopefully, that is not a full integration but the closing will happen in quarter 4 and then start working together. Yes. So I look forward to that. And then the second biggest thing I have been talking about is the refinancing and is less than half that are to be refinanced. It's -- and the debt we are keeping is very competitive. We have between 3% and 4% interest rate all in for more than half of the debt. So, of course, there's a big value in that. We see that the gearing level for the total group is getting towards 1.5%. And that, of course, means that the gearing level for the part that has to be refinanced are much lower than that because the high debt is mainly in Norskan. And then when we hear that the bank market is strong and the bond market is strong. So we hope to finalize that, let's say, at least within the first couple of months in '25. And then as we communicated earlier today, the free cash will be distributed as dividends starting in, hopefully done in second quarter '25 and we start with $0.3 and it might be more. And hopefully, if you're able to execute and deliver what we hope for on the earnings side, on the margin side, we are able to gradually increase that going forward. So -- and then overall CapEx going forward will be mainly maintenance CapEx that goes through the -- through the acquisition of Maersk, we have no ambitions to order any new build. So it will be maintenance CapEx and then perhaps some smaller items on the subsea equipment to enhance our position on the subsea side. So I think that is the summary. So I look forward on to the next few years in DOF and I think we -- it will be -- and then as I said, the rate levels are coming up. So I also look very much forward till we are guiding for 2025. So I look forward to the budget process and see how far we can get it in '24. So then I think we are -- hopefully, you have a few questions here.

Just bring the team up and we'll do it with this microphone for the benefit of webcast listeners. So 1 to the team here to answer and then 1 to the questions. I saw 1 on the back. Start with you then.

Okay. I need to speak louder. I have a question on the dividend. I know it's still early days but I'm just wondering how you think about in terms of how often will you consider changing the level? And what will you use to decide that level? And then the last question on the dividend is, will you also consider doing share buybacks on top of the cash dividend that you're now expecting?

Yes, it's a good question. I think on the -- if you go on the dividend first and we have the Chairman as well here and we have the CFO. So if I were to answer the first question, I think we will address that each quarter. So based on the cash position, on the backlog, on the future earnings. And, of course, if there is room to pay more, we pay more. So that will be on a quarterly basis. And on -- we have not discussed share buyback in the Board, so for me to answer that will be a bit early.

So yes, we will consider as we go forward. Start with the dividend payment and [indiscernible] way to drive value in the field.

Thank you. I'm just wondering, Mons, if you could give some color on like where you see the market now? And it's been some time since I've seen longer-term fixtures for subsea vessels at least outside Brazil. What do you think is a fair day right now is for, let's say, a 250-ton subsea vessels or 150n ton?

Of course, it depends. Of course, what we see is, I think the level done on a 250 ton. It's around USD 70,000 a day and, of course, we see off higher on that -- so -- but I think the levels that has been done is around $70,000 for, let's say, for a term, 1-year contract. So it might be that you can squeeze a bit more out of it. And 150 ton, of course, it depends a lot on the spec of the boat, a small 150 ton or a big 150 ton and the new or old or -- but I don't know, Dag Raymond, what do you have to pay for a 150 ton? So [ 45, 50, 55 ] ?

I would say maybe from the [ $45,000 ] and upwards. And I think also the fact is that we are in the margin -- on margin business, yes. So to use a vessel on a decent TC internally, then we take on a project and we, of course, have decent margins on top of that as well, yes. That's what we are doing.

And of course, if you ask Elias here, what the tier 1 client is paying for SK Salvador in Brazil, which is 150-ton crane boat. That's a lot higher but we -- but, of course, that is due to the position we have in Brazil. So -- but I don't know if we can say that because it's -- yes.

It's the advantage of being there.

Yes. So let's say that is higher than what you get for 250 ton, let's say it like that, yes. We had 1 over here.

Mons, can you address -- is it working? Yes. Okay. Mons, can you address the new builds that you referenced earlier? It's not -- looks like some -- some 150 ton and maybe larger CSVs are being built, sort of how that impacts DOF? It occurs to me that while they are competitors, they're also owned by ship owners, so they're not necessarily operators of those vessels. So it seems like you could see DOF being -- not to lead the witness but DOF could be a beneficiary of those vessels on a chartered in basis. I just -- I'm curious to understand that. And they don't compete with your larger, more sophisticated vessels?

As we said, they compete with 21% of fleet value, yes. And it's in that segment where we have the 5, 6 vessels. We have 1 short always in that segment. So first of all, it was on pricing, yes. We haven't -- I haven't, of course, seen it but we see, of course, that the 250 [indiscernible] order here in Norway. I think we are talking -- I heard [indiscernible] $130 million, $140 million, yard cost, yes. And then, of course, you have to add finance due to builder and you have to have supervision on spare parts and all that, yes. So it's -- so what is new? Of course, with the new build now compared to when we were good at it, it's, of course, that the pricing is double and the lead time is double, yes. So I -- so today, I think it's the total, ton boats, is it's 6, 150s roughly speaking and 4, 250s, something like that. And, of course, it's a very small part of the fleet size. So I see this -- and of course, it means that, of course, we have already discussed opportunities that we could use 1 or 2 of these portfolio. And -- so it might be, it's twofold, as I said, we can -- they can be our supplier. But of course, on some occasions, of course, they can charter to a competitor and compete with us. So -- but at this level of number of new builds, I think it's, it is -- we don't have to spend time on it, yes. But of course, it's interesting. I see there's a lot of banks here. So the question is, what funding do the banks give to a new build without commitment? And I guess if they are limited a bit on the finance, the equity needed will put a quick stop to further orders. So this is to the banks, you have to behave and give not more than 40% on these boats.

All right. Further questions. We can take 1 from the webcast. In the meantime, Mons regarding your comment on pricing can go further. How do you see that in a $70 Brent scenario?

Yes. And of course, this is a very good -- I always got the question, how long -- how low can the oil -- how low most oil price be before it stop influence over the activity level for us. And I think the answer to that, my own question is, it has to be -- I think it has to be below $50 to do that. I think they don't stop much of the activity on the $70. So I don't think whether it's $75 or $78, I don't think that is influencing the demand side. If -- and if it does it is only marginal. But of course, there is quite a few analysts here and I read one of the analysts, there is also one working. Yes, [indiscernible] and he sends out Sunday -- oil something. And he was addressing that in this Sunday. And I think he was saying -- what was he saying?

Everything above $60 was healthy.

Everything above $60 was healthy, he said. So -- and then, I guess, so he really supports us here. So I think -- and then below -- between $50 and $60 was kind of marginal and then below $50was, yes. So that's my kind of view. So -- yes. But I guess this is -- you really have to address to the oil companies to get the honest answer, which they probably will not give you.

So I wanted to ask you guys, obviously, we're focusing on the MSS transaction close and then in the longer run, your refinancing -- I'm sorry, in the medium term our refinancing. In the longer run, do you think like, now that you're reporting in USD, you may issue your new debt in USD. Do you think at some point you might consider a U.S. listing?

Yes. Yes, yes, we will probably raise most of the new debt in U.S. dollars. So I have to say on the -- the Chairman is here, so you knew already, you answer that.

I think we are focusing on the right side of deal and we feel pretty pragmatic on that. And there are quite a number of Norwegian companies now looking at some new collateral so that was [indiscernible]. We have to run and build a great company and we are here to create a great employment position for our employees and deliver ESG and not least, last, not least, create value to our shareholders. So we monitor closely. And now we have a couple of tasks at hand and we will deliver on those.

Yes. So I think, as you say, first closing Maersk, then refinancing, then dividends and then we see where we go after that.

Do you see a need for further consolidation of the industry?

A need -- I don't know and, of course, I'll give you a long answer. When I started in the industry back in 1992. And at that time, I used to work as a broker and then our new friend, Maersk, they're the dominant player in the industry. And every time the market softened a bit. You saw their light blue boats leaving the North Sea, yes. And why? Because they had placing power, they probably had 1,800 offices around the globe in that group. So they have, of course, had opportunities that we now -- DOF know also in the old days. And so I think for us, of course, if you -- when you have 65 boats, you have 5,500 employees and you have a global network, of course, you are on critical size, yes. So you -- but I think for smaller players, I think the clients get bigger, the globe, it's more -- at much more international markets. So yes, I would say that the bigger players should be able to get more return on the assets than a smaller player. But, of course, then -- but I couldn't tell and, of course, we are, of course, following it both on the asset side but it was also on the subsea service, I'll be able to follow what is going on here. So I -- my personal view is that the -- that is needed but I would say the rational thing to do is to build larger units and continue to do that. And still, when you go to a meeting with Equinor on the PSV side, it could have -- can be 20 different ship owners, yes. And it was done, you know the competition is too hard and when you -- we bid, we looked at -- we follow the PLSV tender, I think that was 40 odd bidders, yes, so clearly on some segments but on the segments we operate. And of course, the competition is more limited. When we bid IRM services in North Sea, there is 3 bidders, yes. When we bid [indiscernible] in Brazil, there is 2 to 3. But then when we have to bid one of our PSVs that we have -- 6 have left. In the North Sea, it can be 15 bidders. And so, of course, so that was a very long answer, so will stop there.

Okay. A question on Brazil. We noticed that Petrobras kept their 2024 spending significantly in relation to their Q2 report. Has that impacted DOF in any way? And how do you view the general market outlook for the Brazilian market?

Petrobras is expanding and not expanding only on our market, they're expanding the whole segment. And the outlook is good. I presented the amount of FPSOs that they are planning, the decommissioning. The integrity of their subsea systems is very important for them, not only for them, for the National Agency of Petroleum. So all the environment, it's good. There are some -- how can I say this in English, sorry, some investments that they did not did on the past that they are doing that right now on upgrading units, on refreshing some systems and that market outlook is very -- at least for -- in my opinion, it's very good for the medium -- short and medium future.

Perhaps add 1 comment, which you have and Marianne have told me, because, for instance, on the PLSV tender before -- and another tender, it clearly -- was clearly communicated that everybody thought that Petrobras would take for 5 more than they had on charter. But they ended up with only the boats they had because that was not possible for them to get more boats. And I think the same -- if you look at the -- it was '23 but awarded in '24 [indiscernible] tender. And also the RSVs, our opinion is that they were able to secure much fewer boats than they planned. And why is that? I think they always -- and you have to help me, they always have, they have a budget. So when I go with a budget, if people bid higher than that, they not -- don't award a boat at [indiscernible] then they have to re-tender.

Sometimes the best -- the worst competitor is the Petrobras budget. So we must win that and say, okay, our competitors, we can do it but with Petrobras, probably not. So we are expecting -- we were expecting and still expecting some like rebates for the RSVs, the IMR vessels that they did on last year. And on the [indiscernible] handles also. And the PLSVs, they simply cannot find new vessels to their fleet. They want to increase but there is no offer to them.

And if you have a good time in the evening, you should go home and study that tender they issued. Because there was clauses for all -- they have -- moreover, then they have scanned the global market for subsea boats with [indiscernible]. So it was clauses from typical North Sea [indiscernible] 100 ton, 150 ton [indiscernible] up to the 2 largest ones, the 900-ton crane which is [indiscernible] maximum. So they opened slots for the whole global fleet to try to secure it. So the overall view is, of course, that part of why they are not spending as much as they planned, was -- is at least in our segments that they are not able to secure the capacity they planned for? Are do you agree?

Yes. They are doing, even new RFIs looking for which vessels can be offered and so on. The outlook in Brazil, it's very promising.

Mons, you've talked about potentially selling some assets and especially after the MSS transaction. Should we assume that the cash from these transactions will be used towards dividends?

#1, we first have to sell something. And we have said already, before Maersk we have said that, of course, the PSV fleet of DOF is not strategic long term for us, yes. So it's -- but of course, it's -- the price has to reflect the underlying earnings. So I still think the secondhand values has to come up to reflect the earnings. We showed earlier today that we -- the last PSV deal we did was a 2-year deal where we were $9 million plus in EBITDA per year. And as we said on the -- if and when we sell and we also said that we don't think we -- in 2 years from now, we don't think we will have 64 boats. We think we will optimize the fleet. And then we have said in the dividend policy that we had on here is that excess cash will be distributed through a dividend. So I think that is the answer to that.

Any final questions from the audience? All right.

You said the PSV fleet is noncore. You've done a couple of single asset sales. How do you see values and day rates in that market developing in terms of -- or with the backdrop of making more divestments?

Of course, it's, of course, we -- and of course, if you, will have to give you a long answer on that as well. So if you look at -- and it's very interesting to reflect on it, yes, because you see in Norway, which is -- the rate level has been, I think, the highest was NOK 320, the lowest one, in NOK 280 on midterm to Equinor, NOK 280 it was and then you have OpEx kind of [ 100 ]. Yes. So let's say you have -- between [ 180 and 200 ] and if you get [ 280 or 300 ] in EBITDA per day. And then if you go to U.K. the fixing level has been, I think, the highest you saw this -- early this year was kind of around GBP 25,000 a day. And then on the OpEx is kind of -- it's lower. So it's kind of NOK 15,000, NOK 20,000 lower than in Norway due to demanding. So then also in U.K., you have had higher EBITDA than in Norway. That's a tier market. But then if you go to the spot market, which makes it interesting, the Norwegian spot market has been stronger. The U.K. market this summer has been very weak. And that is due because there is a lot of small hauler boats that trade at market. And then if you go over to the North Sea. And I'm not comparing to the last deal we did because that's kind of a DOF deal, so it's -- but if you go redundant and the market is typically to replace for higher PSVs, 2025. So it's -- and of course, that's this back to also the global presence here. So you see Norway is the higher spec, very tight spot market, only a couple of boats but lowest term rates. U.K. has had a weak spot market because there is a lot of old smaller boats but a stronger tier term market. And then if you go out to the North Sea, for higher boats, it's even higher. So -- and it's interesting to see [indiscernible] hold actually the tier market, especially in the U.K. we look when they start fixing for next season if owners are still holding their position or if they get a bit nervous after trading in a relatively weak spot market. So that was a long answer on PSVs. And to summarize, we have only 1 PSV coming off charter this year. And she is in Australia.

Anyone else? If not, we'll say thank you to the team.

Thank you very much. Thank you.