DOF Group ASA ($DOFG)

Good afternoon, and welcome to the DOF Q1 presentation 2026. We will go through the presentation as we usually do, and you have an opportunity to ask your questions through the web page, and we will answer them at the end of the call. Please, Mons.

Thank you, Martin. And once again, welcome to the quarter 1 presentation. This front page is a picture from Congo, where we where we as executed one of our largest sort of projects so far in the industry and involving actually more than 600 people from the DOF organization. And I think we had 6 vessels on the project and very happy client and delivered ahead of time. So it's an example of what we are doing in the [indiscernible] overall in our business, yes. So we are -- it was a good project with a very good outcome from Boson for the client. Then we move on to the presentation and further glance. Most of you have seen this before, but it's just a quick one on that [indiscernible] the end of the quarter, we operated 77 boards and who talk a bit about that later on, there are some changes to fleet after end of the quarter and also through the quarter. We see that we are short in boats, and we have also sold and both vessels, yes. So we're talking a bit more about that both Martin and me. Martin [indiscernible] financial and the debt development, of course, due to IFRS 16, and I will talk a bit about how we are doing this high grading on [indiscernible]. On the earnings side, as we are mentioning is the last 12 months, we have had an EBITDA of 12%, so continuing to increase and the backlog at the end of the quarter was 4.9%. But today, it is closer to $7 billion. And also talking a bit more about the backlog later on. But I think the short version is, of course, that it is looking very promising going forward on building backlog and for the remainder of '26 or '27 and '28 and onwards. So we see no weakness in the market. On the contrary, I have to say the early -- are not too early, but today's view on 2027 is very positive. It is -- we see that on the global opportunity list and the negotiations we have on the tenders we do, that '27 and into '28 can be very busy years. And today, it looks like it's going to be stronger than '26. So it looks like this will continue for a while. On the next page, this is what we do. And I guess the common project on the first page, of course, is a good example of what we are doing. We own a fleet of vessels. Today, we own 62 boats at the end of the quarter -- I mean, 62 vessels and then we also operate 8 vessels we have hired in and we also have management on a few boards. So as we saw on the first page, we are around 77 boats in a total of fleet. And then we have equipment and services and people on the vessels. And then we sell integrated full-blown projects to our clients globally. And that is what we do. And as you see, we have more than 2 on of our [indiscernible] our specialist in the subsea space where there can be our pile also I think we have many, many hundred engineers and so on and so on. So this is what we do. On the next page, we have the highlights, I think for the quarter 1 and as you see, we delivered $175 million in quarter 1. That is up 11% compared to quarter 1 last year. So we continue to grow. We have a separate slide on it. I'll come back to that. But the quarter was impacted by what we have call nonrecurring events related to vessel upgrades and mobilization for new contracts yes. So -- and that is not the ordinary dry dockings. We also had quite a few dry dockings on that. But of course, we did quick math about it. And those nonrecurring items that at least put them together is more than $30 million in EBITDA if they didn't happen. So -- and I think that also shows the run rate and it would be [indiscernible] and internally. And of course, the local shows much higher run rate and the other as we report now for quarter 1. Martin will talk about the high working capital. He will talk about that. And you ask you to see, of course, fleet utilization at 82% a bit lower than last year. And of course, partly explained by what I mentioned in board. Backlog, as mentioned, $6.9 billion, of course, very high. And of course, that was driven by the 4 new builds we announced earlier. And we have a separate slide on those value. And then we lift our guidance [indiscernible] we lift that to [ $880 million ]. And of course, that is partly because we delivered a bit stronger quarter in quarter 1 than we actually taught to ourselves. And of course, also partly due to the high backlog and I know what positive in us we see in the market. And then we lift the dividend. Last quarter, we paid [ $0.25 ] and now we paid [indiscernible]. I think that is the highlights for the quarter and then we move on year. And a bit slower all intake. And this is normal is a bit up and down on order intake. And of course, we expect that to increase a bit now. So we had a book-to-bill in quarter 1. But then, of course, a very big contract after the quarter. So I don't go through all of this, but perhaps a few flags. What we see for 1 example here is what we have called the [indiscernible] installation. I think they will have -- thank you, [indiscernible] on an on that project and 5 of those ports will [indiscernible] passengers. So it shows dock position on the really high the encoding side. And of course, the -- of course, we press released this is consonant and it's very noise rates, you could say on that project. And also then in the [indiscernible] Norway, it is -- has been very healthy in April and in May and looks promising. And also, what we see is that we expect an increased demand globally for this type of ore. So we see new areas with RFQs for this type of vessels that we haven't seen before. And then to get that down with especially for '27 a very, let's say, would look like to be a very busy year on mooring projects globally. We are quite optimistic on the [indiscernible] result. We also expanded a couple of PSVs and we haven't press released, but we also extended her for 6 months. So the 2 PSVs which we have in Australia and our Baltics and it for 6 months. So I -- and as I said, we come back to the 12 contract later on. So then we are on the next page, please. Yes, this is the backlog. We see total billion backlog and. And of course, that is the highest. So it looks good. We -- as we said, we have [ $0.4 billion ] order intake in quarter 1. And as I said, this is in some quarters, you have is lower than other Asia. And then, of course, if you look at the rest of the year, we have 85% [indiscernible] '26 compared to the midpoint of the guidance, yes. So it is fairly good visibility on the remainder of '26. In '27, if you're doing the same math, we are soon getting close to 60% for '26 if you use the same midpoint as we had for '26. And so of course, it's starting to build. And remember, last year, I said I will not go on some holiday before we had a certain percentage in the backlog for '26. I'm not saying no, but I expect that to -- and I have to go on a late some have to admit that. But of course, I expect that we will see that backlog for '27 and '28 to grow quite a bit going forward. And of course, based on deal, we are in final in discussions on and we expect to announce it in the next few months. So it's looking promising that we will be able to to build backlog quite a bit in the next few months. And so as I said, we are -- I would say we are more positive. And of course, we were positive before, but we are more post than we are today on '27 than we were a few months ago. It's looking very promising -- and I guess the balance noise to do the right deals and optimize portfolio to maximize earnings and utilization. So we have to hold back on some opportunities to be sure that we take the right on sheet. So that is how we see '27 today. On next page, we have the nonrecurring events. And of course, this is, as I said, we have had on [indiscernible]. Of course, they left Europe early in the quarter and sailed for Brazil and the mobilized for [indiscernible] in mid-March. And of course, they have a day rate of $75,000 per day, and it was -- that means that, of course, it's a nonrecurring event, and they will make money from in March onwards. The same with [indiscernible]. Of course, he was also in for for [indiscernible] contract and as we say, a conical as well. And then we have what we call a [indiscernible] project, which is this large infection project we do for Petrobras, a total value of $390 million and have been a good earner for us for many years and that project was kind of in the middle between the old projects and new projects in quarter 1 and now ramping up now in April, May, and we also had 3 boats being mobilized and and of course, we'll start now to make money in quarter 2 and quarter 3. [indiscernible] was we had an instant on ore, and has been owed to the market for the whole quarter. So Mobilisa, but we also had some technical issues we have to fix. And then it's going to assume where we have we had to advance Drydocks was talked, as you see close to 2.5 months. So and of course, it's a big number. So if you summarize those listed here, you have more than $30 million. And of course, in addition to that, we had the [indiscernible] in drydocking. So -- as we say, of course, run rate will increase going forward. And so I think I'll leave that slide like that. The next one is 2 boats we announced to be announced buying vessels as, which is no [indiscernible] she has been trading in adoption name for roughly a month and is off to a good start. And then we will take delivery of the standard or in second quarter, we expect that, let's say, late June and early July is what we expected. And of course, these are the -- is really an it's close to full and on balance costs is the strongest analog on the globe. So it's in and of course, they get premium rates compared to other in the market. And as I said earlier, we will see the market conditions for these type of balls strong, not only in the Northeast pulp, but of course, globally, we see demand picking up in Africa, in Americas and so on, yes. So it looks good year. And then we -- of course, we will -- we have installed ROV on the million store ROEs or Norwegian then. We will also on 1 of them install a large subject ran also to strengthen our own, let's say, project delivery and increase that [indiscernible] with big cranes with us. So I guess that we moved to the next [indiscernible] what we call it cash positive grading on the fleet and -- it is -- we will sell for -- we will not -- not we will not spend money on high grading let. We will sell and make sure that we sell for free cash that covers purchases. And where we will -- going forward, we will continue to high grower fleet, but we will also continue to do that cash positivity. And as you see from here, we have sold now for low lower back and Canada and purchased [indiscernible] also sold our cable vessel Skandi Connector and what we are starting earlier is that he is the only cable vessel. We have on our fleet. And of course, we have no market or no position owning only one boat. So that's why we are selling a run. And of course, also we all view it is that it looks like for this for [indiscernible] like the market are going to be slow that type of both in the [indiscernible] and also in '27 and it looks like it will take '28 before the market perhaps pick up a bit. So -- so that's why we are selling it. And as you see from acute, we have sold for Nordea. And if you look at the cash position, of course, we have freed up quite a bit of cash by selling disposal and buying 2 boards. So -- this -- we expect that we will know and continue to, let's say, to high grade and refine our let where we will sell, let's say, older vessels under noncore vessels and high grade with newer more hi-spec core uses. So -- but as you say, it will be just positive. And then next one, please. Yes, -- and this is then showing the year ago what the whole fleet of [indiscernible] and you see we have sold lower land boats. The 3 don't and the 2 classes with less than 2 [indiscernible] also early old ladies and we also sold the [indiscernible], which is a bit newer and a bit bigger, but not the sales back as the 2 on top of a analog that we bought, which is very high. And -- of course, what you also see, of course, is that in the trillions, there is a global set of 18 buses, and we on it. And if you study that tenant liter of course, in reality, of course, -- there is various backs on those, but of course, we control more than, let's say, 8 out of 18, if you look at the really high and handling fleet. So -- of course, it gives us a good position in that market and Mexico. As we said, of course, on the note [indiscernible] installation that starts now towards unmade will be 5 out of 7 or so that project will be to a -- and I think that shows a strong position in this market. Then next one, please. And I guess that is you, Martin, perhaps. No, that is the new base. So of course, this is -- this is for new newbuilds for 12 years or Petros. And it is whose vessels, it is sub equipment and its full service scope -- for us, ROEs surveyor and so on and so on, all included in the agreement. And I will commence in 2030 and the next one in 2031 in Brazil that is as we see at the astounding the stock of bots in Brazil. And of course, they have been building a lot of similar vessels through the issue. And an interesting point, it's Hydrea, meaning that they also will be able to run on ethanol and a large battery pack. So it's also done -- that's a deep urbanizing of our fleet wants buses coming to servicing. [ $2 million ] backlog and starting into -- so of course, it's interesting. But now we have 5 boats done with contracts into the 2040s. So I guess, oil and gas will be down in 2040 as well. And then, of course, we will -- as always, on long term, want to see how we can next financing on them. And -- and it will at least be a large portion of local financing, Ben. And of course, they offer very attractive terms. So we've also CEO, we can further reduce our own equity going into those sports. So we have been working on that. And on the money side, we don't say too much, but -- it is a full repayment of the debt over the value and also then generating a positive cash flow. So it's a fairly decent balance deal for us. And we are, of course, very happy without the word -- and go strategically, it secures our position as a leading IRM provider in Brazil for the next 15 years. And of course, it also gives you 4 new buses, of course, also gives you what we call the RAB capacity. So meaning that you can can also utilize these passions tonnage to import more foreign flag bid boards and with advantages that have for us going forward. Next, please. Turning it to you, Martin.

Thank you, Mons. Yes. And you saw the headlines already at the start, first quarter, up roughly 11% from last year. Still, of course, still a bit of seasonal variations. So a bit softer than the rest of the year. That is pretty normal. And of course, that is also impacted by the one-off effects that Mons went through. I think if you look on the segment is, of course, the same 1 as explained partly 1 of them is dot-com with [indiscernible] for a large for part of the quarter and also the subsea regional EBITDA more than the rest. And of course, we see that this quarter as well. On leverage, we're still within our target range. And it's impacted from, I would from say, 2 main things. We have the IFRS 16 debt proceeds lease debt on the screen of [ 77 ] being debt that at this point does not have corresponding earnings. So of course, when you add the full debt in our earnings, it impact the leverage ratio negatively. But of course, a time that will include again. but that is also the case with vessels when they are delivered, but they come in with no historical EBITDA, but with full debt at balance debt. It is also because you get the opposite effect from delivery of vessels when , but of course, we have not delivered the sold vessels yet. So that effect will be present when the liver is Second effect impacting the net debt is relatively high working capital buildup through the quarter. That is also -- it is something that varies and part of the nature in our business, it varies through the year. last year, first quarter was also the worst quarter in terms of working capital buildup, we'll get back to that. When we look at the cash flow in the quarter, it is -- I'd say it's -- you don't keep much of your EBITDA in the current quarter due to the change in working capital relatively high level of CapEx with the mentioned one-offs and equity portion on the purchased lessen this come in and also relatively high number of class stockings in the quarter. Repayment of debt is in the -- yes, as per agreed profiles. Of course, we also pay a substantial dividend in the first quarter of this year. A bit more in depth on working capital, $85 million negative debt up on the operational working capital a bit higher than last year. This year, it has -- there was one-off there as well on receivable of a bit more than $30 million that we will notify that could get early April instead of late March. So it explains a big portion of the of the difference, and we also received it early April. So that's okay and explain -- and we also see that this is -- it's not to vary it rent from last year at December is a bit lower activity month. So you released quite a bit of working capital and then you ramp up again towards the end of Q1, building up the same type of working capital. Of course that said, this is certainly a focus area and something that we're working on improving as much as we can. Dividend declared for Q2, $0.37 per share, up from $0.35. So we talk to them about recommenced dividends June of last year of $411 million. I'll leave it back to you then, Mons.

Thank you, Martin. I guess also it is at already, but then we can repeat it regarding an outlook. And on the guiding, we only do the changes or the revenue is the guarding is the same. We lift guidance, excluding sales $840 million to $880 million. So we lift the lower run with USD 10 million was driven by the acquisition of the and candles and also the better than forecasted quarter 1 and, of course, then offset by the sale of the loss around Connect. And then we also lift the guidance on the net interest with $5 million from 90% to 95%. And I guess, rest is left unchanged. And so I leave that like that, yes. So let's say, minor changes to the guidance really. Then on the outlook, Yes, I don't repeat 1 more. So sorry for repeating it was also not here today. But -- and then strong backlog, 85% of midpoint cover for 2026. And of course, that gives a good foundation. And then as we have 57% or the midpoint revenue for '27. And we expect increased order intake for second half '26, full year '27 and beyond during the next 3 to 6 months. So we -- as we said, we have quite a few discussions, some in the final stage, some in the middle and early stages, but we see if this develops as is normally do, we will bag quite a few nice, let's say, longer-term contract and shorter-term contracts that are build a backlog for '26, for '27 and also beyond. And -- and as normal, we have a few pictures here. This time I start from the write-ins picture of 1 of our big pipelines in Brazil and -- most of you know with [indiscernible] and 3 of the 6 vessels are in position to bid on that. And we also, in discussion with Pedro Boston extending the content for the same 3 buses, yes. So we -- we hope, of course, that we will have good news on those 3 boards going forward. And the one with Beside that one is the [indiscernible] that we have chartered in for the PR project, and that fills ramping up not one. And -- and some, we have forward working with that and was done that will start to produce the margins we are expecting. Then we have in the middle, we have a picture of the 1 class in gray. So far, no, we have painted the red color on 1 of them. And the picture is because we see also that we are expected to win some longer ice contract on covering on 1 of covering not only '26. So it's -- and also we see the market in general in '27 for those being very -- there's a lot of demand for that top of boards globally. So we hope to have good news around those as well. And then -- the orders here are alternator on the left-hand side, they're coming into the fleet. And of course, we expect them to contribute to the ones going forward. And we -- we have the canine have the scan in mind of course, we also expect [indiscernible] to be higher going forward. And especially, you [indiscernible]. So short summary is that we are optimistic on building backlog and that the earnings going forward will be stronger than what we saw in quarter 1. So Dana, I think we leave it like that, and then we are ready for any questions.

Good, and we have a few. And I think I'll start with 1 that probably a need for a clarification on this particular page. You state expect increased order intake for second half 2026. Does that mean that we go above the $2.5 billion we have in H1 or H2 whether that is a fair understanding?

I guess we haven't commented on that. I guess what we expect to do, of course, is to fill a hopeful some of the open spots we have on the box. So we onboard revenue guidance. So not -- I can't comment on that, but what we expect, of course, is that today, let's say, the 50%, that is not sold, that will go away.

And I will elaborate on that because the $2.5 billion is including the large value -- so we say that is exceeding H1, we think that H2 exceeds the order intake for first half, including the large contract and of course, that is not...

No. [indiscernible].

Good. Next one, can you tell us about the Skandi Amazonas incident in Brazil.

No. It's -- I can, of course, confirm that we had an incident on that boat and -- but of course, it is too early to say how long and so on. I can confirm that, of course, we have a normal higher insurance, of course, the normal machine insurance. And -- but it's too early for us to go into any details on that other than I say that we will be -- for 2026, we are expected to have what we call limited financial impact on our earnings for '26. So we focus now on the people on both and -- and keep if and get to repeat. And then we will share with you information, if it's relevant to 1 and if it's relevant. But so I think that is what we leave that discussion today, yes.

Thank you. Can you tell us the size of the crane being fitted on 1 of the new HSS and when it is planned?

It is it fitted on crane and it will be affected in in I think in March April next year. So before the real season kicks off.

Good. The price of the connected cable layer was rumored to be below market expectations. Can you please comment on that?

Or, of course, below market expectations because it's us is not often you see sales and purchases of that type of -- and and cooler tremor getting more, but we -- in the end, the satin and also reflecting that the, let's say, the right market for or, as we saw it was not looking good for second half '26 and for '27. So it's -- so what is the right part for both, I guess, the market value for the boat is the Board the projects are led for you. And of course, as always, we market expects globally when we are doing second and transactions, yes. So because the product we got done me,that was above or below the market expectation, I guess, that is not something we can use time on.

Good. Can you elaborate about DOF's ambitions in the market for large serve projects. Will DOF compete with Item 7 and [indiscernible] market in the future need more capacity>

I think the -- the short answer is no to that question. I think for us to -- if that was the root we were going it will take a long, long time. They have thousands of engines. They have put basis. They have ready the boards. They have very different balance sheet, bigger companies and so on. And for us to compete with them on $1.5 billion project. So I think that is -- that wouldn't be do but even if we wanted for [indiscernible]. So -- but it would be a is that then growing big and focusing on the big projects, then being very busy. That leaves an opening for companies like DOF to to do more, let's say, a small project. So where they to $1 billion, $0.5 billion or $1.5 billion. We perhaps can be more of the $100 million, $150 million projection. And as that is yes, I think it's not -- that is something we was doing today and something opportunity we are discussing what is robust moves to to position ourselves for that part of the market going forward.

We got another question around the one-offs. Can you please quantify the total cost of the one-offs or nonrecurring elements in Q1?

The costs, that's a difficult question because, I guess, if you look at [indiscernible] logo, of course, it's just mobilizing or to Brazil. And of course, that was part of the plan and then going on. So we more or less on the planting. So -- but the cost of that was it's -- but I guess that is impossible to say. So -- and like suppose for PDF projects, we are mobilizing 2 new boats for that project and I don't have a specific cost for that in my head, but of course, that is part of also what was budgeted and plan for when we be done when we did project urethane guided on earnings and on CapEx and of course, that is all cost on a project like that, of course, is costed through the project loyalty. So the answer, I guess, is no. .

That's fine. That's fine. I think the EBITDA figure of -- call it, an EBITDA loss of third should be good estimate on what that has costed in terms of lost EBITDA for the quarter and it's probably a better better explanation. Where do you see the regions EBITDA margin in the coming quarters?

Then answer the auto is that of course, we a normal department through the year, of course, is that the EBITDA we get out of the regions will increase going forward through the year. As you saw the same development in '25 and of course in '24, which is over a really good quarter 4 where you come to the end of the year and you release a bit. So yes, the answer to the is, I think, on the EBITDA from the regions, you will see that increase going forward. I guess you agree with that Mr. Martin.

I do. Do you have an explicit ambition of keeping dividends at an unchanged level through the year? Or are you open to a variation between quarters.

That's a good one. And it was in [indiscernible] the Board that test, but it was -- as we have said, the we decide the Board was the what we give the Board for their decisions are number one, of course, the backlog, I think, is key to that. So the stronger backdrop was the higher certainty going forward. [indiscernible] also new earnings and the earnings development. So I will leave that to Martin to answer that question. .

I don't think it's -- that has not written anywhere that it needs to be the same every quarter, although we did every quarter last year, and this is the first quarter of a new year of '27. I don't think I should too much into that. I don't think it's fair to say we don't guide on dividend payments. But of course, the increase that we see from $35 million to $27 million is is an indication of, call it, our beliefs and yes, how confident we are in the times, but we don't guide on dividends.

And last -- no, let's see. Are there any other repairs or maintenance we should expect this quarter? If so, can you share the expected EBIT impact on EBITDA. I guess that is referring to the one-offs in Q1, whether there are similar events in Q2 that we should be aware of.

That is very difficult to answer from the top of my head, yes. So I think you've -- I don't know -- of course, at least not to the magnitude we had in quarter 1. And of course, we -- I think what you have to -- the answer to that, of course, is that we -- you have to look at the guiding. And we will deliver $175 million in quarter 1, and we are guiding $840 million to $880 million for the remand of the quarters, and I think that is -- that is the answer to close update on writing always done. We have taking into consideration all the ones that we today have blended. .

And then a follow-up on the cable layer. You mentioned the soft near-term outlook. Is that something that could have a direct or indirect impact on the dynamic in the SBS market.

Number one, it might be that DOF is not devoid expert to talk about the market for cable as we have only 1 boat. And -- but of course, we have been, of course, marketing that both for short as an alternative to sale. And it is surprisingly or few opportunities we saw for '26 and '27 [indiscernible]. And whether a cable layer can come and do subsea -- meaningful subsea work. Then I think the answer to that is at this point could have done meaningful subsea look with a market view we have on a search market, we would have kept the boat. So Skandi Connector is not, let's say, a truck to the subsea market. .

We have time for a few more still. And comments to the order book for $150 to $200 million ton cranes is this coming into the market, too.

Yes, here are a few boards coming. And of course, Well, I think I'll start to answer that question. DOF is over and product. It's not a ship owner. We are -- as we said on page the front pain the page where we put can go back to by -- just to explain that once again. Here you have it. And so what were selling in the market is what vehicle integrated offshore services. So we deliver a [indiscernible], we deliver our full integrated run services. We deliver inspection reports, and we deliver fully engineered mooring projects and so on. So we are -- and as we said on the fleet here, you see we have a hit fire in boats. And when we deliver our projects from [indiscernible] higher day boats, we can do it from a -- so we don't compete with these Barcelonas out of building these boats. They are more deployed to us, yes. So when we are bidding a job in '27 or in '28, it was none of these vessels owners are bidding on that job. So I think as long as the demand side for our service is the same, this will not change the number of bidders for all our services, meaning that I don't think that the -- to call our board to money on the vessel. So I don't think that will influence our [indiscernible]. On the contrary, it might even be that we can make money on those ports, if you get that for a [indiscernible] rate in a shorter [indiscernible], including fuel services at the same rate as we have today. So that's -- that's more I don't see that as a trade off at all. And then I guess the question, if you look at this, what our team the market will be oversupplied of vessels. It's a difficult answer. I think quite a few of these ports will be delayed delivery. I think as we see the market, I think demand will grow. So it might be that this balance very nicely. But I haven't spent much time on it on because I I don't see this as the rapid off since we are a user of these boats and don't compete with -- we don't compete with the boat we compete with the service companies delivering truly integrated services. So that's how I see it. And of course, I think if you go and ask the bigger voice that also uses these boats like the 37. So the guys if they are worried about so only a couple of [ 250 ], I think they will just be happy if our comparables to the money.

Anchor handling spot rates have been very high so far in 2026. At the same time, utilization has been low for the overall spot fleet. How is this possible? Can this continue? Or will we it's going down?

And of course, it's a good question,. And of course, I think I think it's a more disciplined supply side on the cans. It's more disciplined holding the rates up. And -- and of course, also is a very different earnings on the value ties value. Of course, if you -- I think we had a look at that, of course, we did a total review before we bought [indiscernible] I think if you looked at [indiscernible] for classes, which is only until in the sport, I had in quarter 4 last year. . I might -- don't take this as accurately, but I think you have to help me on but I think they had their own [indiscernible], -- they had around [indiscernible] a day for calendar day. So at was on utilization in quarter 4. But then if you jump on to -- and I wouldn't give names, but I think if you jump to what you, I don't know how detailed you are, but if you look at [indiscernible]. They had an average that was roughly [indiscernible] low volume. So it's -- it is -- I think it is -- and that's why we are buying these [indiscernible] boats because the highest and what because then you get higher utilization and you get further was on quite a few jobs. I mean we also interesting is that -- and I don't know if this is just me or if this is my own theory. But what we know is who is this and what used to be so much reason for the poker strong -- we see also a very strong in season. And I think that has to do with point of view of the rigs in the summer are working on DP. But then due to water, they are more in the winter and on, meaning that they need more [indiscernible] for the normal really no market in the winter time only. But it was done some other are more projects and so on. So even for what the question was, Martin.

Yes. I think you more than answered it. So that is all good. And we still have quite a bit of questions, but unfortunately, we have spent an hour. So we will have to...

If you have 1 more question that is very good. We can do that and then we say boom. .

Other than I will stay on the same subject because it is a very concrete answer why we sell the Skandi Laser when the HSTS and the 250 plus looks so promising.

And I think that they also do that is, of course, that we be focused on the really high and it's not in growing with the loss, but of course, we compare to the ice man or safer or those ports, it's quite a different [indiscernible]. And then of course, we are selling it, it's because we are high-grading the fleet. -- and we expect higher earnings from the books we are buying. And of course, it's also because we have this approach, we really shall be cash positive, but we are high grading let. So we have to sell something to buy something. It's not more complex than that. .

Thank you, Mons, and thank you all for listening.

Yes, thank you very much, and have a nice weekend all of you. Thank you.