DOF Group ASA (DOFG) Earnings Call Transcript & Summary

[Audio Gap] In the room and a warm welcome to this event. Also good to have everyone on the webcast joining. So today, we have the regional EVPs presenting their respective local markets and a lot of what DOF goes through these guys' teams. So I think you should use this opportunity to learn from them and what what they do. Then we, of course, also have the usual suspects that you know far too well if you've been following DOF as a company. So Mons will kick us off with some words on the fleet strategy and overall market perspectives. And then Mr. Lundberg will also chime in with some wise words towards the end. Just a few words on the practicalities. We'll run the presentation according to this agenda. And then there will be a short Q&A session relating to each topic at the end of each segment and then an overall Q&A at the end. For you guys on the webcast, you can use the Q&A function in the webcast player to post your questions, and then we will cover them as well. So with that out of the way, I'll leave it to you, Mons.

Thank you, Mr. Vardoy. So of course, I read a couple of analysts already saying this is a nonevent . But I see someone are here. So that hopefully will be a bit more than a nonevent. Was that the wrong way? We start with a movie. [Presentation]

It's a good movie. Yes . So this is what we want to remember or what we want to talk about today. So of course, we will show on a few slides that we are, I would say, perhaps the leading IRM provider globally. When you look at there is we have a slide where we show the contracts we have around the globe, and I think it's pretty impressive. and very strong, of course, client relationship with all the oil majors around the globe. And then of course, what we see, of course, that we have done a few SURF projects now. And we see, of course, we are executing very well. And of course, we see also we make very nice money on them. So what we are -- so the strategy going forward, of course, is that we are discussing how to get a bigger part of the SURF segment to -- let's say, to increase the earnings for the group. And that is highest on the agenda on how to develop DOF going forward. And then we talk a bit about anchor handlers. Of course, we -- nobody talks too much about anchor handlers, but we have done quite a bit on that front lately and not only us, but also other owners have done it. And so I think the combination of a more consolidated supplier side, and we see increased demand globally. We see new areas, new countries demanding high-end anchor handlers that haven't done it before, together with what we believe will be a very strong floater market is -- and of course, that's why we have done what we have done. And of course, we do believe that, that market will be very strong going forward, yes. So -- and of course, then for those who follow us, of course, you have seen we have done a bit on the fleet, and it's all about high- grading and also on the age of the fleet. And I think the short version of that is that we sell vessels where we can't produce earnings on top of the boats on services, and we add on assets that we can do that. So it's high grading the fleet and to increase the earnings. And I guess on a CSV, we can do $30 million plus and on a PSV, if you are lucky, you do $6 million a year. So it's pretty easy why we are doing what we are doing. Then on the markets, we see strong markets and we -- the combination of our backlog and the pipeline and that is that we believe '27 and '28 will be higher activity than '26. So we see this to continue, and we see it will increase both on activity and of course, on earnings for us the next few years. So we are very positive to the outlook going forward. So this, of course, is an old slide, and I don't spend -- did I jump one there. This is at a glance. So I don't spend much time on it other than saying, of course, the backlog has never been higher, $7.2 billion. So it's the highest backlog we ever had. And the fleet, of course, here is 77 boats. And so it's a bit up and down on the number of vessels owned and not owned, but 77 is the number by end of the quarter. In addition to those 77, we also have now 7 boats under construction at yards. So we will talk a bit more about that later on. And I guess this slide is -- the important of this slide, of course, is why are we doing what we are doing. It is to get more in the middle here. Why are we selling PSVs and ordering or buying CSVs is to get the earnings from the service side. And why are we so optimistic on that? Of course, it's the limited number of suppliers. It's -- and the competition is lower. And of course, our position is very strong in that segment. So of course, we normally, we have 1 or 2 or 3 competitors. And often, we also do direct negotiations. So it is to grow that. And as we said, you're probably going to see DOF going forward doing larger projects as well to get higher margins also even higher margin in the service side of the business. So then on the backlog, this year, I guess I don't spend too much time on it. You have seen it before, but a record high $7.2 billion and very good visibility on the earnings side in '27 and '28. So next year, we are close to 70%. And of course, then in the old days, we said if we had 70% when we started the new year, we knew it will be a good year. And now we have almost 70% already. And of course, I think the people here from the regions today will talk a bit about and it's not a secret that they are quite bullish and that they have a lot in the pipeline. So I think the backlog for '27 will creep close to 80% and even above 80% when we end the year. And I think we also will see '28 and '29 will grow a lot from now until Christmas. So we are pretty bullish on that. And also my good feeling is, of course, is that the last few years and for several reasons, it's much easier for us to get access to the oil companies and win work. And I think we see that on quite a few awards that the doors are wide open for us with all the oil majors around the globe. Today, -- and then this is what we -- and of course, some of the analysts have been addressing there are a few new builds coming. And of course, that is in the middle space here on the -- in this IRM CSV space where there are a few boats under construction in the 150- and 250- tonne segment, yes. And so I guess this slide is what we have -- where are our values. So we have 42% of our fleet value is in the high end. So the pipe layers, 7 pipe layers and 5 CSVs with a crane. And I don't think that will be ordered the pipe soon. So -- and of course, the cost of that will be enormous. So -- and then we have 37% of our value in the in the anchor handling side. And there are no newbuilds on that as well. So -- and I guess if you are to build a repeat of 350-tonne bollard pull anchor handler these days, I think you are between USD 150 million and USD 200 million. And today, the secondhand values, the one we bought was for $60 million. So there still is a big gap between new build prices and secondhand values. And then we see we are almost out of the PSV segment. And then we are left with this segment, which is the IRM CSV segment. And of course, we have -- as you see, we have around 25% of our value in that space. And we also have how many Lundberg, 6, 7, 8 vessels on charter into that segment. So we are fairly flexible on that. Of course, you could ask are we a charterer in that space or are we a shipowner. And I think we are mainly a charter when we view these newbuilds coming. So we don't, of course, compete with the owners of these new builds. They are more our suppliers. And they -- if Exxon need an IRM job or Chevron need a project, they come to somebody like us and not to a shipowner. So it could almost be that we will make more money because we can get cheaper boats. But of course, I don't think you will see a big drop in the vessel rates. As long as the demand side from the oil companies are where it is, I don't think you will see a big drop. But of course, it might be that some of the owners that have been very optimistic have to adjust their expectations a bit. So that's our view on it. And -- but of course, my dream case was, of course, that there was a real dip in that segment, so we can get a few very cheap boats, but I don't think that will happen. So that's the fleet. And so we are -- you could say on the anchor side, we are -- I think we are almost done with the high grading. On this side, I think we are where we should be. But you might see that we will do more in that space, where we -- because the difference in that space between newbuilding prices and secondhand prices are in my head very limited. You can get a new build for $120 million, and you probably can sell almost 20-year-old boat for 70, 80. So the gap is very small. So if you get the opportunity, you probably see us selling the 20-year-old boat and looking at something new. So that was the fleet. And as I said, we might do something more in the IRM CSV space. And this is -- this slide is just showing -- because, of course, when we high grade the fleet, we also -- we have 2 thoughts in our here. Number one is, of course, to get the highest possible spec on the boats, but it's also, of course, to address the age of the fleet. So -- so we -- and of course, it also shows what we have been doing. So when we -- before we did the MSS acquisition, we had 43 boats. Then we got 65. And we have sold 9, I would call it, smaller non-core boats. And then we have bought 2 very big anchor handlers. So now we are at 57. And then we have some newbuilds, and then we are at 64 again. So we have done a lot. And then you also see that the age after the acquisition was 13.4 and now it's 11.5. So of course, it's also to gradually renew so you don't hit the wall when you in 5, 10 years from now. So that's the development on the fleet. And -- and this is then more detail on the fleet age. So this is -- you see how we have reduced the age of the fleet going forward. And on the CSV side, of course, we are done over roughly 11 years and on the anchor handlers we have 13 years. But of course, the global anchor handling fleet, of course, is what it is. There is no newbuild and I guess there has nothing been delivered from after 2015, '16. And then on the total fleet, 11.5 years. And I guess so there should be, on average, at least 20 years left in the fleet. And of course, what you see now is, of course, that the clients, they don't talk about fleet vessel age anymore. Back then before the downturn, somebody only have 5-year-old boats and somebody want a 10-year-old boat. But of course, that is behind them. And now they have to take what they can get. And I think especially the big boats, they will run for -- I wouldn't say forever, but I think they will run today are 35, 40 years. So that was the fleet age. And of course, this is anchor handling the fleet . And -- as I said, why are we doing what we are doing? So why is DOF winning a contract with total in Suriname for a big anchor handler with a crane. And why do we have 2 big anchors in Guyana? And why is the discipline in the North Sea. So if you have 5, 6 vessels at the idle in the North Sea in the old days, the market would have gone like that. But today, the rates are sitting. And it's because the owner side or the suppliers have been heavily consolidated. And we have a slide on that later on where we actually show who controls the boats above a certain bollard pull , and it's a very interesting slide. And of course, that is why we have done what we have done. We have sold small boats with low bollard pull and we have bought 2 boats with high bollard pull. And interesting to see before we bought those boats, the 400- tonne bollard pull boats, we looked at the average earning for all the boats in the North Sea, not only all the boats in the North Sea in the spot market in quarter 4 2025. And interesting, of course, is that the two we bought, the Sandefjord and 2 Saltfjord, sister boats, they had an average around calendar day in that quarter above NOK 800,000 a day. Then if you move a step lower to the -- I don't say name, but to M-class in the market, which is almost 300 tonne Bollard pull, they had an average between 400 and 500. So that showed that even if it's an anchor handler, big anchor handler, it's a big difference on earnings. And I don't go into the details here. I guess you remember back in the old days when we did presentations, we could do that if you want -- if you insist, we can go through the specs in details. But -- and that, of course, is what we are doing. So we see why we are doing it. We see consolidating. We see it's a big difference on specs -- and big different earning potential. And then we see our big clients, Total, Suriname, Exxon and Guyana and so on, they are now shifting the demand to higher spec boats. So it's opening from what's normally been a North Sea market and Brazil market and a little bit in Australia is now growing. And of course, this explains it a bit more. And so I guess these are the biggest ones, they have cranes. So of course, these are also enablers for when we do projects. There are some projects around the globe that need that spec. They need that bollard pull, they need a crane and they need a winch. So then you see -- and I don't know Lundberg, we don't have any numbers on this, but this is -- if you add that one and that one, you are talking between $30 million and $40 million in '25 for that asset alone. And of course, that is what -- why we are doing it. And this is so she did the same. And this is a bit smaller boat also with crane. And you see she do much more than these boats. And when I show you later on, we have 6 boats for '27 in the anchoring space that is not fully committed and 4 of them have cranes. And then you see here is the boat without crane. So I guess here we are talking NOK 12 million, NOK 13 million, NOK 14 million, NOK 15 million. And that was last year, yes. But this year, one of a couple of the classes probably will do NOK 20 million. So this old slide also show what -- how the earnings developed. So this was -- this was probably below NOK 10 million in '25. But then in '26, you almost double that in the spot market. So -- and me being that old, the oil companies don't wait to move a rig because they have to pay NOK 3 million for [indiscernible] . So back in 2007, 2008, we paid boats in 2 years in the anchor market. I'm not saying that's going to repeat. But I think the earning potential in these anchor handlers is enormous. And the balance now is extremely thin. So if there was 3, 4 boats less in the market, it would have been hallelujah twice 2 year. And I think we will see that balance coming. There is no new supply, and the demand is increasing globally. So I think my view, but of course, this is my view, and I've been wrong 100 times before. My view is that we will see gradually the anchor handling market really getting firmer and firmer. So this is more -- so this is just showing -- why we -- so this is the EBITDA for the high end. This is for the ones we have sold. So you see this is medium, small boats. So you see it's insignificant. And of course, here is this [indiscernible] So you see very small bollard pull old boats. But of course, then I guess you understand why we are selling these boats. And this is an interesting one. And of course, -- this show what we define as the high end on anchor AHTS . So the big beam, the big bollard pull boats. So of course this shows how that is spread. And of course, the red dots, that is DOF. So we have a fairly large market position in those boats. And of course, we like that a lot. So -- and this is then -- I talked about the spot market. I talked about the, let's say, the term market outside North Sea and Brazil picking up. And this is, of course, the DOF Subsea part of the business where we go and do the full scopes to moor an FPSO or another floater around the globe. And that, of course, is where we use the big boats with cranes, supported then by other boats without cranes. So typically on a project that you can use 4 or 5 anchor handlers for doing a project. And this, of course, shows the activity in '26 and what we expect in '27 and '28. So it's picking up and especially from second half '27, we see it becoming really hot. So looking forward to that, yes. And I guess Rosich will talk a bit more about some of the projects we have done. And of course, on those, of course, you can do very nice rates on the boat and then we can do a very nice margin on the project as well. Was that wrong way? No. Yes. So didn't we have this

This is only the subsea fleet.

Well this is only -- this is a fleet. So now we are done with. So this is a fleet. So of course, we see we are growing the subsea fleet, and we are reducing the fleet age. And is there more to say about that Lundberg -- and I see this one is a bit interesting. So this is showing the earnings we have today on similar boats as these newbuilds with 250 tonne crane. And of course, a few of them are still on low rates. I think if you look at the pure time charter rate for 250 tonne crane, which is the blue one there. I think the market, if you go -- want to fix a boat today, you're talking USD 75,000 a day, roughly peak. And then you make a bit more than 50,000 a day. And then I think some of the newbuild guys, they have been asking 900, 950 for the new boats. So I think they would have to adjust a bit. But what's interesting is that we have boats in this space on old contracts that still work on $50,000 a year. So there is a big upside for us when these are coming up for renewal, even if the market is flattish. And then, of course, we add this on top. And of course, we -- I think we had -- I've given an example before. Mr. Marco used to have the Havila Phoenix on a 3-year contract in Guyana. And on that contract, he made $10 million on top. So that, of course, is why we say that we can have -- even if the market is flattish to get $75 million on the vessel portion, we can add this on top, and we can have a payback on these newbuilds in 5 years. So that's the whole math behind it. And of course, we don't need to own the boats to get that portion, yes. And that's why, of course, you see in that space that we have quite a few boats on charter as well. So we can get $10 million plus with very low risk against the 3-, 4-, 5-year contract without any CapEx at all. So that is the rationale why we are doing this. And then this is then showing showing why we are shifting from a PSV to an FSV or a CSV or IRM boat. So it's -- so the 4 PSV boats we sold. Of course, they have -- together, they have less EBITDA than CSV with project on top. And it's also a bit like that, yes. So why is in my head, all this is my head, why is -- are we winning small jobs that Subsea 7 used to take? Why did Dag Raymond win a 3-year BP IRM contract that Subsea7 had for 20 years. It's because they can do $400 million on one big super project. And he can do $10 million, $15 million on this BP contract. So they simply don't have the focus anymore. And of course, it's the same with us. Why should we chase $5 million on a PSV when we get $30 million plus with the same risk and even perhaps lower risk on a 3, 4, 5-year IRM contract. And why do we want to do more bigger projects. That's because that guy here, we will show that on the Congo project that we executed last fall. We had a revenue of $150 million roughly, and we made more than $40 million in project EBITDA on top of the boat. So that's why the focus is what the focus is on the fleet to get those $40 million to get those $15 million on top. And that's why, of course, we want to do a bit more bigger stuff to get the $40 million more than a couple of tens a year. And of course, that is how we see we can continue to lift the earnings in DOF going forward. So this, I'm very proud of. So I don't know if I can say it, but when we had a DNB conference, remember, we were on the DNB conference Vardoy. Then we were sitting next to DeepOcean. And he said it was world champion in IRM. I'm not saying we are a world champion, but I don't think he has more boats on IRM contracts globally than we have, yes. And of course, interesting with these with the contract is that they have tended to last forever. So when you are first in there, you're in there. So of course we will show that later on. And of course, it also is a door opener to get much more business. You have a contract, you have a boat, you have all the tools that give you a lot of extra work. So one more on Dag Raymond here. He have had a boat in West Africa for a very long time. And in the best years, we had a revenue on that boat of more than $60 million. So of course then you understand that you make more than a little bit on the margins. So that's why we love this. So it's long stable income. What you call it, chairman, you call it infrastructure.

Exactly.

Infrastructure, yes. And then you see you get renewed and renewed and renewed. And as you see, we have a fantastic global presence. And perhaps what I'm very proud, of course, is that what we have been able to do here in Guyana and Suriname. So I think [indiscernible] , we have now 6 boats in Guyana as we speak. So it's pretty good. And this is what I'm talking about here. So Skandi Seven here in Angola. We started back in -- was it in 2016, and on a 1-year contract or something like that. And of course, now we have been working there for 8 years, now 10 years. And it's not a secret, I guess, Dag Raymond, that we are discussing further extension. So you stay on and you stay on and stay on. And the same here is with the Constructor in Guyana, we started 3 years, extended 1 year, we're expecting to send one more. And then, of course, we expect to negotiate a new long deal after that. And that is, let's say, the dynamics in the FSV IRM market. It's critical infrastructure for the clients, and you know they feel better than they do themselves. Yes. And of course, this is actually read on the plane to -- from Bergen this morning that this market is really growing. So the IRM market to 2035 is growing a lot. And of course, you see, of course, why it's going and everything is also getting older. So we expect a steady, nice growth in the global IRM market for the next 10 years, at least. And then as I mentioned, of course, there is still -- this is just some examples of deals that we have done recently. So of course, there is a lot of questions on where the market is going and not going. And so this is just a few examples on what we have done lately. So this is a CSV on IRM contract yes, a long IRM contract that is being renewed as we speak. So the rate is up 13%, the overall rate. And of course, that is then direct to the pocket, bottom line because the cost is the same. And then you have I guess, somebody, it shouldn't be difficult to guess what that is because a long 4-year contract with Crane. I guess we only sent out press release on a 4-year contract with Crane. So -- but this is showing what the vessel have been -- did in earnings in '25. And this is then the earnings on the new 4-year contract. So of course, it shows that the market has strengthened, and it also shows how limited the supply side of vessels in that category is. So who do you go to if you want an anchor handler to do Christmas trees and heavy lifts -- you have to go to DOF. So -- and this is then -- we have -- we did a couple of new contracts in Canada. So this is then the uplift in rates on them. And this is then an M-class or 2 in the spot market. So this is showing -- this is what we did in '25 earnings, and this is what we have done January to July. So almost double the full year earnings in half year. So it means that probably if you are lucky for the rest of the year, you can do 4x higher earnings in '26 than you did in '25. So the market is still paying a bit more than it did last time these boats were renewed. So that was that one, why we are doing what we are doing. And any questions on the fleet renewal?

Yes, you can post on the web as well. As I said, we can start with one from there. And in this room, we'll have to use this microphone for the guys on the web as well. On new build and the new build fleet, we have now seen a couple of bigger boats with 400- tonne cranes on. Do you expect that to pick up in pace like we've seen with the smaller CSVs?

I don't think so, yes. I don't think so. I think what you see is that [indiscernible] building the medium boats, it's a lot of shipowners are on the West Coast of Norway. And of course, none of them or 95% of them or the boats have no long-term contracts. So I don't think they have appetite for doing more at the moment. And of course, it was [indiscernible] the 2 big ones. And of course, he is industrial players. So it's probably for the Subsea 7 renewal of their fleet. So I don't think so. No.

Yes. You have an interesting slide where you do show that the number of trees and SURF line to be installed over the next 10 years will increase massively. But maybe one stupid technical question, but how is it doable today, knowing that all the players in the industry are keeping the fleet roughly the same. No one is investing in new capacity. So how can we, in a way, install 30% or 40% more, while as you just said, the client, they have the vessel that they can and they cannot choose right now in the fleet. That's the first question. And the second one, you said that you could do something else in terms of fleet management. Is there any I don't know, CapEx budget that have been drawn internally at DOF?

[indiscernible] It was a long. I have to.

Yes. I think the first question is related to the increase in SURF trees and subsea trees and SURF lines. And the graph that we're showing there is the installed base, which is increasing. So it's not that the pace of installation will pick up by 30%, but rather that the pace of installation will probably continue to be at a flattish level, but the base of infrastructure on the seabed will then increase as there is not as much being decommissioned.

So I think on the -- what we were trying to show on that one is that for our inspection and repair maintenance, part of the OpEx, you expect the demand in that to grow because you have the huge increase in installed capacity. And then you have the guys who install it is the SURF side of the market. So we do it a lot of ourselves. And of course, the big players, Subsea 7, Technip, Saipem and those guys install it. And of course, what you have seen from the big -- some of the big players this year, especially Subsea 7 is that they have redelivered boat in '26. But our take on that is that you will see them coming out and asking for quite a few boats to add into their fleet in '27. So we expect them in the first half next year that they will have a demand to have to charter increase their fleet. So that's the best answer I can give.

When you talk about you might want to enter the SURF space, what type and size of projects would you target to begin with? What vessels would you use? And would you have to sort of add people to manage those projects?

Because we already are doing SURF. As I said, we did $150 million in project in Congo in quarter 4 last year. So we installed flexibles, we did -- Dag Raymond will talk more about that. So we just want to do more of those, yes, because we make good money on them.

Do you want to make more $150 million projects or you want to make the $400 million?

I want to make more $150 million projects. You might do $200 million project, but I don't want to do $1 billion projects. So I want to do more of them each year. And when it comes to people, of course, we have the core base, but of course, we would have to employ a few guys if we are doing more big projects every year.

And to do $450 million projects a year, do you need to add vessel capacity? Or can you manage...

No, no, we have that. So it's just to shift the big boat from, let's say, smaller projects to bigger projects. And use them to a higher degree on their capacity.

Very well. So we move on to Michael.

Yes, sir. Good afternoon, everyone. Hear me okay? Yes, good. So I'm Michael Rosich. I have the pleasure of being responsible for DOF in the Asia Pacific region. We cover basically Antarctica to Japan, Pacific Islands, not quite as far as Honolulu through to, I'm going to say, east of India. We don't really want to go into the East of Africa at the moment. I'll leave that with Dag for now. But yes, fairly large region. We're one of the -- well, like everyone, we do all the vessel management, all the project management and engineering, all the operations. We own and operate the vessels in the region. The only difference between the APAC region and the rest of the regions is we actually do manned diving as well. We've been doing that for quite some time. DOF has been in one form or another, has been in the APAC region for 21 years, May 2005, it started, as what was Geo. I joined fairly shortly after that. I may look it, but I haven't been in the industry as long as DOF has been around. But yes, we have a very talented pool of people, 834 full-time equivalents at the last time we did accounts that is onshore and offshore people, professional personnel, support personnel and mariners and back deck personnel. Our primary focus is on inspection maintenance repair activities, but we do a lot of construction support, both at the light end of the market and more recently into the heavier side. Rigid pipelines is not our patch. We have 9 vessels in the region. So one of the smaller ones within DOF. We have 3 construction support vessels, the Inventor, the Hercules and our DSV, the Skandi Singapore. We have 2 MPSVs, both on long-term contracts, Skandi Darwin operating in Bass Strait for what was Esso or Exxon is now Woodside and the Skandi Hawk operating out of the Philippines and has been there for -- since 2015. Two anchor handlers, which we manage the Emerald and the Peregrino, both operating in the spot market -- sorry, the Emerald in the spot market, Peregrino is with Woodside in Bass Strait and the PSVs Feistein and Kvitsøy also we manage those, but they're on long-term contracts with Esso, Woodside and the Bass Strait as well. Our primary areas of operations at the moment is in Australia and in the Philippines. We have offices located in Indonesia, in Jakarta, in Singapore itself, that's our regional headquarters, obviously, Perth in Australia. We have a small presence in Darwin. We have a presence in Manila in the Philippines and a regional office in Busan in Korea. Yes, basically, we're looking at delivering services to our clients in the region. And as I said, the only point of difference between ourselves and the other regions is the manned diving operations. Started off with 2 vessels, and we're now at 9. So trying to get the vessels off the other regions is hard. And once you get them, we keep them. A couple of focus points and projects. We have been operating in Australian waters with Chevron and their various operating entities for quite some time. One of our cornerstone projects at the moment is with the Chevron Australian business unit. It's a frame agreement contract we have held since 2020. That was a 3-year contract that was extended, then retendered as another 3-year contract, which was extended and was retendered as a 3-year contract and is extended. We're already talking to them about do we really want to tender it again. They may have to, but they consider us to be one of their key partners in the region for servicing and continuing to deliver production for their fields in Gorgon and Jansz and Barrow Island itself. With all our vessels in the fleet, the reason they like us is because we have a couple of vessels in the frame agreement contract, which is 0 commitment. But in the last 5 years, we've averaged 240 vessel days a year for them in one form or another, predominantly in inspection maintenance repair, but it's on the heavy side. We are talking about water depths up to 1,300 meters. There's not too many players off the Australian coast who do that on a regular basis and are there all the time. And the other point that they like about DOF is that if we have a vessel that they want to plan to use in 6 months' time and we pick up other work, we've usually got another vessel that may be able to backfill the capacity. So they -- as I said, they see us as a partner, not a contractor. It is all North West Shelf assets. We have similar frame agreements with Woodside. INPEX, we're in the process of going through a tendering process for their IMR contract. We have frame agreements with Santos and frame agreements with Esso or Woodside in Bass Strait and obviously, in the Philippines. Fairly busy, keeps a team of engineers planning. It keeps a team of ROV technicians working and maintaining subsea tooling, and it keeps the vessels very, very busy. The barriers to entry and working in Australian waters are quite high. There is a federal regulator, national, or NOPSEMA as we know them, and to operate in the oil and gas space or the offshore energy market, you need to have what they refer to as a safety case, a facility safety case. To get one of those is from scratch is a probably 12-month process if you want to operate in the hydrocarbon environment. And the regulations are getting even tighter to the extent that if there's something that you want to do that's specific, there's a revision to your base safety case. It is a lot of money to invest, but it does mean that the rewards are quite high. The relationship we have had with Chevron has triggered a discussion or triggered a discussion with Chevron about they had an issue that they needed an emergency response capability to operate -- to maintain production for their fields in the Gorgon and Jansz location, and they wanted to commit to a vessel for 12 months minimum. We -- this was first discussed in May -- March 2025. We actually executed a commitment in July of 2025 after I came to the team in corporate, Mons & Co and said, have I got a deal for you? We have the Skandi Inventor available. We have a pipeline of work in the Australian and the APAC market in the next 5 years where we can use a vessel with the capability of the Skandi Inventor or the I-Class vessels, 400-tonne crane, big back deck, can do SURF work. Chevron didn't want a SURF vessel, but they did want a vessel that was going to be capable of doing so much more. So we have that commitment and the vessel duly arrived in July of last year after we went through and got the safety case prepared and accepted, and that took us 8 months from the original position of starting to getting a base safety case. We are continually doing safety case updates now for various other scopes. But as soon as she arrived, she instantly went into IMR scopes and then started doing construction support work for the J-IC project, Gorgon Jansz-Io Compression project directly for Chevron and then subsequently through their primary contractor, Saipem. And the vessel has been working with them for quite some time and will be working for them later in this quarter -- in the first -- fourth quarter. That will see the vessel busy throughout 2027 before her main class docking. The project -- the work that the Inventor is doing is using all our in-house personnel. It's all internally prepared and executed. So yes, having the ability to transit a vessel for the best part of 6 weeks down from the North Sea and not to send it back is very good. On the back of -- well, not on the back, but associated with that Jansz-Io Compression project, we have executed one of the largest or the deepest water mooring projects in Australia. The field control station for the J-IC is in 1,300 meters. It is 12 mooring leg configuration, 4 legs -- 4 quadrants clusters in 3 lines each, a combination of chain wire rope and chain. We leveraged off of the experience that our colleagues in the U.S., the U.K. and Norway had done, and we have executed that work on behalf of Saipem. We did the pre-installation work, the pretensioning. It had to use the vessel, the capabilities of the Hercules for that and the hookup as well had to use the capabilities of the Hercules. So that was executed. That's been work has been finished. The first quarter was first work -- prelay was completed in the fourth quarter of '25, and we completed the hookup of Jansz J-IC FCS last quarter, late June. Yes, used the vessel to its full extent. And everyone was very happy. We were ahead of schedule, under budget, no incidents of any significance. Yes, all very happy. Happy clients. And the vessel had just come straight out of dry dock to do the hookup work. So that proved that we have the ability to manage the maintenance of the vessels in performing these activities. So what does that mean for APAC in terms of what do we -- where we see things going. The Australian market is busy. We're not doing as much work outside of the Australian continental shelf as we have done in the past 5 years, a combination of COVID, combination of downturns. Then the Australian market has picked up. And if we can pick up work in the Australian market where the rates are significantly higher than elsewhere in Europe, why would you go anywhere else? Whilst we can secure that work, we will continue to do so, but we are constantly looking at other opportunities further afield because the Australian market won't keep going at this rate forever, unfortunately. We see a lot of IMR scopes. We have -- we're the only contractor in the Australian market that has multiple vessels rather than just one vessel that comes in and out of the region for specific projects. For the larger projects, that makes sense. For most of the medium to smaller jobs, we can deliver everything for them. And that is -- and as I mentioned before, the safety case regime is a fairly high barrier through entry. There's a lot of projects in development and planning and tendering phase at the moment for construction work, but there's also a lot of decommissioning activities, which are coming up as well, and we're well placed to secure those work with the likes of Hercules and the Inventor and Singapore as well. Indonesia, INPEX and a few others are -- Eni are getting quite busy there. There is high levels of local content requirements. We probably would never be a primary contractor, but we would certainly be supporting the majors because we do have the capability with the vessels in the region, and we've got a local presence as well. Saturation diving is very high on the agenda in Indonesia. They do use a lot of local personnel, but for more complex work, they do -- we have done work for them in those part of the world before. We continue to do so. We are actually one of the few Shell-approved diving contractors. So we are currently fielding inquiries in Brunei and a few other places as well for sat diving. Southeast Asia itself, as I mentioned, Malaysia, Vietnam, Timor Leste, they are all starting to pick up in the market. Where basically, we're here and they know our capabilities. The Philippines, with the Shell -- the former Shell Philippines have left, Prime Energy is the main player there. There's a bit of unrest, I suppose, obviously, with China and the -- what's happening in the South China Sea. However, that will ultimately be resolved one way or the other. The energy market is building in the Philippines, and we see that as being -- we have a base. We know how to operate in the Philippines, and we'll continue to do so. We have the MPSVs, the new 250-tonne crane boats that are going to be coming available in the coming years. I'm fully expecting that they're coming from that part of the world, but probably won't leave, but we'll see. Possession is 9/10. On the renewable side, it has been a lot slower than everyone expected. However, South Korea and Japan are still pressing ahead. And ultimately, it will happen. And we're well placed there to be ready when that market actually does kick off. We have lots of dialogue with local partners. Again, barriers to entry in certain markets are quite high. I think that's the snapshot. Questions?

Start with the webcast from Stan. How is the competitive landscape? And how has that evolved over the past years? Has the competition intensified?

I suppose in the space we operate in the light construction in the IMR and the medium construction levels, I guess, and decommissioning, we have seen the likes of Subsea 7 playing down when their assets were available and were -- didn't have anything to do and potentially bought a few jobs here and there. That's not been the case in the last year or so. They've been a bit busy elsewhere. So the capabilities that their vessels have or their cost to bring the vessels in and out of the region are -- have made it more difficult for them. So the competition has -- was high. It's lowering now. There are other players have coming into the market. DeepOcean are trying to make a presence. They have a reputation, I guess, in Southeast Asia, which is not as favorable as it is elsewhere. They've unfortunately got a bit of an issue with one of their boats at the moment, but we haven't seen direct competition from them, certainly not in Australia. Vantris Energy, the former Sapura, is operating very heavily in Malaysia, and they will tend to get first dibs on work that is executed there. But if there is something that is complex, difficult or somewhat bespoke, we have been more successful for those works than others. We are seen to be a provider that will deliver. If we say we can do something, it will happen, and we get it done.

Then you talk about the fleet and how you'd want to see a couple more vessels come into the region. What sort of fleet size would you say is ideal for DOF APAC?

It is a very large region. The vessel -- the work will moves around the region. At the moment, we have 9. If we're going to rightsize the fleet, 9, 10 is still all right, but I would suggest that the capabilities would be drifting to the higher end of the market. We may see some of those vessels that we're managing not be focused on as much.

Thank you. So with that, we'll move ahead with you, Michael. Thank you, Michael.

Hello, everybody. I'm Marco Sclocchi. I'm the EVP for North America. I've been with DOF for 17 years, responsible for North America for the last 13 years. This is North America at a glance. So market position. I'd like to count our backlog in vessel years. We have 43 vessel years firm across Canada, Guyana and Suriname. We hold some turnkey projects in Argentina and Guyana. And we have project management and engineering in Canada and Guyana frame agreement from the backlog. On the vessel side, we currently have 14 boats, 7 anchor handlers, and 8 CVSs (sic) [ CSVs ], including third-party vessels. I think we're very well positioned in the region with a strong opportunity to expand into -- in both in the IMR, SURF and mooring project, which is one of the targets that we set ourselves right now. Clearly, we have a very strong position in Canada with multiple vessels. And we -- in the last couple of years, we increased a lot of our capability in project management and engineering, both in Canada and in U.S., we count more than 70 people between project management across 600 people strong group. Regional offices in Houston, St. John's and Georgetown in Guyana now. Houston is very focused on Subsea IMR and project. Canada is split between subsea and marine asset operation. And Guyana is a small office that is growing where we're targeting to have a more local logistics and local content development. A few projects to highlight. Cenovus project management and engineering with the field support vessel, the long-term anchor handling contract, Shell well intervention in the Gulf of Mexico, MODEC mooring T&I in Guyana, of course, the ExxonMobil MPSV in Guyana. And we're also performing a project for VMOS in Argentina for an oil offloading system on a T&I basis. So this is our -- we are responsible in lump sum for the engineering, delivery, transportation and installation of the offloading system. Few projects that are interesting. I think they follow what Mons presented about our IMR capability and the relationship we have with the clients. So we already presented this in the past, but again, it continuing development. Project that was awarded in 2015, we delivered a new boat in 2017 for a 10-year contract plus 10 1-year options. So the contract will be for extension in 2027. We're responsible for the project management, field development and IMR activity for Cenovus. And we physically have 2 project management teams, one responsible for the operation of the boat, one responsible for planning the IMR and activity that Cenovus require on the field. This is something new, I would say, for DOF. And on top of that, again, field development, field that has been there for 15 years plus. Clearly, there are a lot of I would say, problem that the field has started to have. So in -- so we're always tasked with special projects, like I call. So in 2025, we performed the bottom chain replacement using our own boat, the Skandi Vinland plus a third-party anchor handler. We had a few projects around the maintenance of the FPSO, where we have to develop all diver-less operation. And for 2027, 2028, we are now planning the top chain replacement of the FPSO and working on the Power Umbilical replacement in 2028. So this is our, again, a project within the project where we're doing all the project management engineering, planning the work for Cenovus. Second project, this is our, I would say, larger area of development is the ExxonMobil Guyana development. We started in 2022 with 2 boats. We increased to 3 boats with the acquisition of Maersk Supply, and we have a new contract signed this year for 3 years. So at the moment, we have the Skandi Involver, Skandi Constructor and Nomad on this contract. This represented 3 of the 4 boats that they work constantly for Exxon. As you can see in the 4 years of service, we installed 78 trees, 28 (sic) [ 29 ] rigid jumper, 9 flexible jumpers, 71 tubing hangers and starting to perform maintenance with 20 POD change out. We're also responsible for all their survey work on the field. This is a repetitive business every 2 years. So far, we did 282 kilometers of a multibeam survey, which is the first 3 fields, which is going to be a repeating business. On the left, you see the pictures of the Skandi Involver mobilizing at dock with the Skandi Implementer, which these boats -- were both in Trinidad, mobilizing on 2 different projects because on top of the ExxonMobil, we've also been able to support Saipem locally. And today, we also have a 2 anchor handlers supporting a rig in operation. What is interesting again about Guyana, they are a 3-year project plus option. We have just delivered the Skandi Involver, which has been an enabler for DOF. Why an enabler? Because, of course, the oil company want to tell you what vessel they want. And they come in and they're asking for a 250-ton crane boats. They don't tell you what they want to do. But then they pretend that you're installing the stuff in heavy weather, that you can do well intervention, that they can do multiple other projects. So for us, the delivery of the Skandi Involver was an enabler to be able now to plan multiple larger projects. So we have -- we're working on a Power Umbilical replacement maybe at the end of 2026, maybe early 2027. We are working on the D-WAG expansion, which is a Destiny water injection expansion. So Destiny is the first FPSO that was installed on the Liza field. You can read on Exxon that the production is still depleting. They needed to figure out how to keep the production going. So they are planning to install a couple of new manifold to enhance production. And we're working with them to do everything that is not the rigid pipeline. Saipem will do the rigid pipeline installation is the EPCI contractor. But where is the shift now is that Saipem is not doing the entire project. Exxon took away a larger portion of the development, which is pretty much all the subsea installation, pile/manifold, rigid flexible jumper. And this is something that the DOF will install in 2027. The same is for the Hammerhead tieback where, again, Saipem will install the flow line and DOF under the frame agreement with Exxon will install umbilical, jumper and flying leads. Currently, the Skandi Involver is also performing well intervention in Guyana at the moment. We're not responsible of the well intervention system. Baker is, but it pretty much has been a development between DOF and Baker to provide an integrated package to Exxon to help them to avoid to use a rig in what is in their operation. They have 5 rigs working in Guyana constantly. So far, they installed 155 well -- 155 trees. They are planning to have 300 trees by the end of 2030, right? We're a Project 5 at the moment. They still have 4 projects to go. One will be -- #9 will be sanctioned by the end of this year. So for them, be able to use the implementer to assess the well and do, again, let's call it a simple task, but task that before we were done with the rig is a big saving and there's a big opportunity to keep the rig working where the money are, which is drilling wells. Another project that is ongoing now is Shell Chemical Intervention in the Gulf of Mexico. This is -- was awarded last year in 2 phases. We did a Phase 1 in April and May. This is with the Skandi Involver. And this is the first time -- why it is important because it's the first time we do chemical intervention in the Gulf of Mexico. So we were contracted by Shell to provide integrated services. Clearly, when we do a job like this, it's not anymore the boat. We're talking a multiple of the boat's revenue, right, on a single project. We were responsible, of course, to provide all the equipment on deck. So diverless well intervention system, coiled tubing, pumping system, chemicals, and we will have Phase 2 of this project in October and November of this year when the boat is coming back from Guyana. Next project, interesting. Again, this was combination of a support project plus T&I. We were awarded by MODEC for the Hammerhead -- we've been awarded by MODEC for the Hammerhead project, which is the installation of 18 suction pile and mooring line. But last year, in 2025, we support Jumbo to accelerate delivering their project, their delivery program, and we installed 16 of the mooring line with the Skandi Skansen. Mobilization occurred in Trinidad, where we had 3 mooring line at the time loaded and installed. And next year in 2027, we will have the Skandi Implementer performing the suction pile installation. As you can see there, an animation of the boat carrying and installing a suction pile and the Skansen will come in a second phase to install the mooring line. Interesting of this project, we are also responsible for the entire logistics in Trinidad, so for managing the pile and the chain. Another interesting project that is ongoing right now. Phase 2 is pretty much at the door, October 2026 to January 2027. This is the VMOS oil offloading system. VMOS is Vaca Muerta Oil Field Services. There's a big pipeline that bring oil to shore to the offshore where 2 CALM buoy will be installed to offload roughly 700,000 barrels a day of oil. DOF is responsible for the installation of the 2 buoys. So the preset of the 2 CALM buoys, the installation of the 2 buoys performing the spooling installation for the system and then pretty much the commissioning, the floating hose and transfer and all of it. So the Phase 1 was already done in June of 2026 with the Skandi Hera. There is a picture of the Skandi Hera arriving in Argentina. And this is a picture of the chain before we loaded in Buenos Aires. And here is what Mons was mentioning, the Suriname project. This is a recent award that we had from TotalEnergies with Skandi Hera, delivered the boat in 2026 to December 2030, where, again, Total is requiring a very capable anchor handler to set the mooring line for 1 of the 2 rigs because the field development goes from 100 to 1,100 meter water depth. But on top of that, they're also requiring a boat with the crane. So we have a 140-ton crane capacity with the goal that we will do all the well positioning support, so setting up the array for the well. We will do the ROV rig ROV support, but we'll also be responsible to installing subsea trees behind the rig. And then with all the other tasks that they come. The field I supposed to have a first oil by 2028. So we're starting a couple of years early following the rig. And we're expecting that Exxon will launch probably in 2027 a long-term IMR vessel RFQ for potentially a 10-year contract. So we are the first one in Suriname, pretty much supporting at the moment the only development that is done there. So like any other presentation, we have a kind of a regional market and opportunity update. So I divided a little by the different area where we work and also by IMR, SURF and mooring. So one of the things that is important, respect a few years ago, our business shift a lot from U.S. down to South America or Central America with the project in Trinidad, Mexico, Guyana and Suriname. I will say that now our -- probably 60% of our business is down there instead of than in U.S. And of course, we grow a lot in Canada, where we are, for sure, the first operator in Canada with multiple boats for Cenovus and Suncor. So if we look about U.S., clearly, is a very how we can say. There is not a lot of new projects coming, but there is a huge infrastructure already on the seabed. I will count in 3,000 well and 400 development. Already there in -- from 200 meters to 3,000 meters. So there is still a very active IMR type of activity. Jones Act requirement is still a major driver, but also cost is. We do not have a frame agreement -- so we don't have a real frame agreement with the operators, but we work with 90% of all the operators in the Gulf of Mexico. There are 11 major operators plus 3 big pipeline companies. SURF, we are not playing in the SURF market in U.S. yet. There is a barrier entry, which is water depth. But we have a serious conversation with the operators that they are desperate to have an alternative to the big players, Subsea 7 and Technip. And especially because, again, they are not major capital projects or very few, right? We can mention it. But really, their goal right now is to keep production going with small and short tiebacks where DOF can help without going to a company like Subsea 7 or Technip. Canada, again, we're very active, very present. We have a few contracts in renegotiation at the moment, like Mons mentioned. Clearly, it's a tight market, and we are waiting on Bay du Nord for most of the activity. Mexico, Mexico is picking up. There is the Trion development ongoing. We already work for Woodside. We have a boat going down in a few days, supporting some of the work there. And we see new operators coming into the country like Harbour Energy with Zama and Kan. Kan that they are planning for 2028 and 2030. This is an interesting job for us because we will also target in the FPSO hookup and the mooring installation. Trinidad, we've been working in Trinidad from 2019, pretty much regularly for Shell. There are only a few new projects coming online because, again, there is a need of gas for the LNG plan. And now they are also looking in developing a couple of field in Venezuela coming into Trinidad. Like I said, the IMR is a seasonal work with 100-plus days per year. This year, DOF did it all, okay? We have a boat there has been doing all the work for Shell and BP. SURF is shallow water development, but it's still a rigid pipeline, large, so we can only do support. And they are not really mooring job in Trinidad. We're hoping that Exxon and now both the big field will come and progress with what they are doing in Guyana. Guyana is always the big story, 5 projects of 9 getting first oil by the end of 2026, 150 trees already installed on 300 to be done by 2030. Interesting Exxon is still not thinking about IMR because what we're doing today is only field development. We did very little IMR. Now we're starting to start to talk to Exxon of what they need for IMR. Like I said before, what I don't like is when the client come and they ask us for a specific boat, we always tell them, tell us what you need to be done, and we tell you what will be the right boat or the right ROV. Like I said, in Guyana, we are going to do the prelay mooring for MODEC in 2027, and we need to see how we will develop because, again, it's between MODEC and SBM. Clearly, SBM does the stuff on their own, but if it's MODEC, we have always an opportunity for the mooring and scope of work. On the SURF side, like I showed you before, again, Exxon has started to have in parallel with the capital project, a smaller tieback or smaller field development internally the development, which is an opportunity for DOF to do more capital work, SURF type of work in the region. Suriname, of course, we talk about the Gran Mogul project. We're waiting to see what Petronas will do. They are claiming they found the 10 largest gas field in the world. There is an FSV planed for 2028, and this is where we're monitoring the situation. But we will have a company set up in days to support Total. So we will be there ready for their work. So like I said, we've been in very well positioned with IMR contractor for Trinidad to Tobago supporting both Shell and BP, presence in Guyana, multi-vessel present in Canada for Cenovus and Suncor and the first vessel in Suriname. This is thanks to our modern fleet. We really have the right asset required for this type of operation in deepwater. We provide integrated ROV, remote intervention services and survey capability, because survey is something that we don't talk about is being part of the delivery. We grow a lot our project management and engineering capability. And we have really become a trusted service provider in the region, helping the operator to execute their long-term development plans, not just delivering a boat. I think the Mons told me last week that Exxon now is our second best client, major client. So before -- yes, before Guyana, we have a very little to do with Exxon. That's it. Thank you.

Looking at incremental long-term contracts, where do you see the biggest potential in the North America region for DOF?

So I will say Canada, Guyana and Suriname for sure. In North America, still because it's very competitive market, there are no long-term contracts. For Guyana, we already see 4 boats are not enough. We're just supporting the fifth boat right now. They come out with another small RFQ for another couple of months. And I will not be surprised then when in 2028, we needed to renew the Nomad and the Constructor. Potentially, there will be an extra boat there. Yes.

What about Venezuela? You mentioned it briefly, but do you see offshore opportunities there?

So Venezuela is a market that Mario knows we spent a few times there in our previous life with Saipem. For DOF, there is not much to do at the moment because, again, as you can read, most of the development is on land, the Orinoco. We needed to see what the Trump organization is now planning for the Lake Maracaibo. But Lake Maracaibo, maybe is not the perfect area for us. Again, a very shallow water, you need a diving. It's a spaghetti house down there. You don't know what is on the bottom, right? We know -- yes, it is. We know, again, Shell is looking at the Dragon. BP is looking on the South of Trinidad to bring oil in that there could be opportunity. And then we need to see what Cardón IV, Repsol and Eni will do. But I think it's very limited for us due to water depth and the region itself.

Fair enough. Thank you. Then we'll do 14-minute break for coffee, et cetera. So we'll commence again at 13:50. [Break]

Okay. So good afternoon, everybody. I'm Mario Fuzetti, EVP Brazil. So I think this is the third or fourth time that we come to this Capital Market Day. So I will update the situation in Brazil, how are we doing? And I always start with this graph always. So it's just a good representation and gives a good picture of how the market is going. This is from ABEAM, but we kind of work on it a little bit. You see these curves. And this is the overall number of vessels assets in the marine support, what we call the marine support class of vessels in Brazil. Basically, all the vessels that we are talking about here are in here, right? And these are the numbers from '23, '24, '25 and this '26, now July, right? So you can see that the fleet continues to grow, right, steady, right? And that's the tendency, right? What you see here, obviously, we don't need to go back, right? There is always -- the history is well known. We have the crisis here. All the foreign flag start being shipped back to abroad from Brazil, right? But what is different that we do here besides in, we do this curve, which are the Brazilian flag, but Brazilian built, right? And this light blue is the Brazilian flag of convenience on REB, right? So that means foreign flag vessels being put on REB for the Brazilian flag. So when you see the Brazilian flag fleet, you just added these 2, it's about 390, right? So it continues to grow. But you see that there is a kind of stability on the foreign flags. While the REBs changing foreign flag with Brazilian flag to avoid exposure of being blocked in Brazil, you guys know very well. I don't need to start explaining the blockings, right? But it's a big mess what we have in Brazil today with the partial blocking on capacity and on spec that started in June last year. So it's still creating a lot of mess -- so you can see that in order to have the protection, the foreign flags start moving into REB. So to avoid being blocked and continue to perform the contracts and being available, right? You know very well that in order to put the Brazilian flag on a foreign flag, you need to have the tonnage credit for that, right? So out of '25 to now July '26, there's about 20 vessels that have been put in flag. We ourselves, DOF, we have put 5 foreign flag vessels on REB flag this year, okay? In order to be able to perform and have assurance that we can guarantee those vessels for the long-term contracts that they are mostly fully booked until the next decade, right? So the market continues sound. There are always reflections that will depend on what's going on. The thing here may adjust, I would say, early next year because we are doing a lot of movements in order to see if this -- what we call this mess that really ANTAQ the government entity has created with this partial blocking partial blocking, you understand an RSV can block a PLSV. A PSV 3000 can block a PSV 5,000, right, on capacity. And that obviously create more restrictions for the foreign flag, right? This is typical, the picture that we show every year. Also Marco and Michael have shown it, Dag, I think we will show the same, right? It's a good representation of the company. So this is what we call the Fleet 1 in Brazil. So we have here 12 AHTSs. Those are high-power AHTSs. The 4 new from last year are Skandi Jupiter and Mercury. I mean they just got into contract in September, right, when we were here, right, with Foreign Flag. And Skandi Logger and Skandi Lifter that were part of this backlog, these awards that we had last year. I'll go through it. But basically, last year was a kind of a unique year for us in terms of awards, right? So basically, we had 7 new awards of AHTS for 4 years, all through public bids to Petrobras. And then another 7 awards of RSVs when I was here in September, we practically have half of those signed. The other is still under negotiation, not yet guaranteed. And then towards the end of the year, early this year, we guaranteed everything. Those that were the 5 that are basically what we call the Brazilian fleet of these vessels, Urca, Paraty, Angra, Iguacu, Fluminense, these 5 vessels here, they were under contract and they are entering into new 4-year contracts. But then we negotiated extensions of these contracts. They were supposed to start all early this year. And Petrobras after award proposed if we could extend those contracts to early next year to the first quarter of '27, basically for 1 year. So this came up as extension. I mean, what was our problem? Our problem was that this, let's say, old contracts had the rates that were really below the new rates that we were able to achieve on these new awards. So the question is, yes, additional backlog, additional extension, but basically quite a difference in terms of rates, right? So Petrobras was really willing to take advantage as much as they could of the existing rates before the new rates would start, right? But for the first time, we did manage to negotiate an increase on the existing rates. I think there is always something new if you really put the pressure that you may be able to achieve even with clients with Petrobras. So we had a kind of difference here. It was not a question of $5,000, $10,000. We have a difference of about $20,000 between the rates. So basically, it was important to do some kind of famous win-win situation with Petrobras, and they bought it. So basically, these AHTSs, they are now working on a kind of in between rate between the old contract, the new contract. And then we will start the new contract in the first quarter of '27. The RSVs, 7, basically the same. The only difference is that 4 were new really. They were not on long term with Petrobras, Skandi Salvador, Skandi Achiever and Geoholm and Skandi Carla. They were out of the Petrobras long term, working for first-tier contractor, Saipem, BW, Saipem, BW Subsea7, right? But those 3 that were on long-term contract, they also were extended to the first quarter of '27 for the same reason, right? So that's why basically, we have 7 new contracts of AHTS, 5 extensions, 7 new contracts of RSVs and 3 extensions, right? And then finally, this was expected last year, but really, we had to work quite hard to be able to accomplish this award, the new RSVs, which we were selected second. If you guys remember, there were 8 and Bram was first for 4, and we were second for 4, right? And we were able to close these contracts and signed only in the first quarter, second quarter this year, but we did manage to, right? So -- and these are 12 years each of every one of these RSVs. And then the PIDF for the third consecutive time when we were here, we were first in the bid, but we had not yet signed the contract, right? So we did sign the contract. And for these 3 years for at least 3 boats starting 2025. That's what we started. So this is what we call the added backlog. So the fleet, when you count these vessels, I mean, the fleet went from 23 vessels when I was here in September to 29 vessels. And before anybody asks, I always start saying, I mean, it was supposed to be 30. I'm not counting the Skandi Amazonas here anymore and no longer. So that boat was lost in May this year. So we are supposed to have 30, we have 29. And the outlook, as I was telling you before, I mean, looks strong, continued strong with Petrobras and with the MPSVs, RSVs, IMR basically. And the first tier, we call the first tier SURF contractors, which are basically the same. We have even Ocyan starting a new big SURF contract now, but Saipem, Subsea7, merged or non-merged TechnipFMC, now Allseas that will do their first large SURF starting next year, which is Buzios 10. And then they are always a good client to us because they need our class of vessels to perform this very large SURF besides their large construction vessels. And Petrobras standing activity, how is it going? I mean, obviously, the pace has slowed down from last year. You could see by that amount of bids that were performed and negotiated. So reduced the pace, but it's still high with PLSVs that where we are today, negotiating 3 new contracts of PLSVs, right? So who are we? We continue to be a very highly regarded company, proud workforce, contributing a lot for the DOF Global organization in Brazil. We have developed the AUV operation in Brazil. And to the extent that we continue, right? So that was one of the RSVs contracts here. That was the last one awarded because we were not first in the bid, but we knew the first company that was in the bid was having serious problems in order to be able to sign the contract, to qualify. At the end of the day, Petrobras came to us and gave that RSV with our AUV contract to us was basically a renew of Skandi Commander that was ending and still ending the current contract for the new 4 years contract. And by the way, if we had another RSV available in Brazil, we would have got the eighth contract because by having guaranteed 4 slots for 3 RSVs, obviously, that when Petrobras and what we wanted prefer to place the Skandi Commander on an ROV plus AUV contract, it has opened a slot where the commander was classified as a pure RSV. So that's the process in Petrobras. They come to you and they say, well, do you have another vessel, right? If we have another vessel, that contract is also yours. We have been qualified, right? But we didn't have. So we gave the slot to another competitor of us, and I'm still waiting for them to tell me thank you about it, but someday they are going to say, right? And you guys probably know who they are, right? But they will contribute. You see the -- so how the manpower, right, has increased, obviously, with those fleet increase, right, as always a big challenge in Brazil, not only on marine personnel, but also on subsea personnel, survey, ROV, right? So we basically went from -- now we have 399. If you see here the offshore marine, the offshore subsea, though this is really the people, what we call the direct people that we have contracted. And then we have third party, right? And we are total today around over 2,600 people. Last year, I was here showing that we were on the 2,100 total workforce. So it has increased by more than 400, about 25% due to this, right? And so basically, you have the Fleet 1, you have the Fleet 3, what we call the subsea fleet. And you see here in another color, this is just the PIDF contract, right? All these are the long terms that I'm talking about, starting all new contracts until 2030. We're going to show that more in detail. And I put here something that gives an example of how we operate between Atlantic, Dag, Gulf of Mexico CARICOM, Marco. Obviously, Michael is on the other side of the world, but the way that we make these vessels take opportunity of contracts, spots are not in these areas. So this vessel here, Skandi Skansen, she was working with Marco until November last year in Guyana -- right? As soon as she finished that work, we had a spot, good spot for BW Brazil, starting in December. So she came straight to Brazil, Skandi Skansen. And then she worked for BW. And we had a contract with Saipem, those supporting Tier 1 contractors with Skandi Achiever, but we were successful in placing Skandi Achiever on long term with Petrobras having to deliver in January. So that was a good coincidence. We gave the Achiever to Petrobras long term, took off from Saipem without impacting Saipem and gave Skandi Skansen immediately after BW to Saipem, right? But then our friend, Dag had a commitment in May with Skandi Skansen here in the North Sea, I think for BP. So the vessel had to leave Saipem, right, on time for BP. But again, we had the Skandi Involver that was busy in Brazil since the acquisition with MSS Brazil and Alcatel for that Libra contract. And coincidence or not, but we make it happen. We took a Skandi Skansen in one day, we put the Involver the next day after Libra to Saipem to complete the work, right? And as soon as the Involver has completed Saipem right on time, she came straight to Guyana for Marco to start the long-term contract with ExxonMobil. So this vessel has been fully booked since the award -- since the acquisition, eight months. This is a class, right? So sometimes we managed to do a good combination with a bit of lucky. We make the things happen. The client is happy and the vessels booked all the time. This is the fleet 2, what we call the Fleet 2, the PLSVs fleet. This is the joint venture with TechnipFMC. When we come here, we have TechnipFMC representatives here, our JV Director is here. And 3 PLSVs new contract, 3 PLSVs extension, same thing. Petrobras wanted to extend the contracts of Skandi Niteroi and Skandi Vitoria to the first quarter of '27. And we had 2 PLSVs contract extension that just happened 2 months ago to the first quarter of '28, Skandi Buzios and Skandi Recife, right? So when you look -- then I'll go ahead on what is the status today. So this is what really have, state-of-the-art, the largest fleet of PLSVs in Brazil, fully booked until 2032, if we manage to accomplish the negotiation of the contracts that we're doing now. So out of those, you know that only Acu and Buzios, these are the largest PLSVs in Brazil, 650 ton VLS. Petrobras became very clever now. They don't do bids for 650 tons anymore, but just for us to bid. So they make bids for 550 because they know we are going to bid Skandi Buzios and Skandi Recife on 550, right? So -- and then we have competition, right? And then they awarded the contract to us. We are going to get the contracts, and they have 650 available to them, right? And they don't need any more 650s in Brazil anymore. That's it, right? So you can see here, obviously, it's just a representation. There were new builds. Olinda, Recife, Vitoria & Niteroi, Niteroi the oldest, 2010, 2011, Olinda and Recife the latest being Olinda the latest in February 2019, with the Brazilian flag. So these are real Brazilian flag, Brazilian built PLSVs, right? There is only one, another one that belongs to Seagems, Esmeralda, that has that same classification. But there are doubts it has been fully built in Brazil. It does matter. But the fact is that she competes on equal basis with these vessels here. So when you put the fleet together, it's a pretty good representation. And again, I'm sorry if I repeat the same slots, the same slides, but they are very representative and updated, right? So you see the fleet. It was Iguacu, Angra, Paraty, Urca, Botafogo, Fluminense and Rio all with ROV, right? Ipanema, she's not -- is our smallest AHTS. She's long term also, but no ROV -- Jupiter, Mercury, the 2 that have started in September last year, 3 years contract. Logger and Lifter together with this award, right? And what you can identify here, maybe you can see, right, we call if there is this kind of circle around is Brazilian or REB. If they are like this, right, they are being registered on REB. So Brazilians, right, only Jupiter, Mercury on foreign flag Logger and Lifter on REB started new contracts with the Brazilian flag. PLSVs, basically the same, right? And the RSVs that have been expanded to 11 boats because we have the new PIDF 3 years contract started this year, '26, '27, '28 until early '29. Petrobras, my guess, will continue to extend. So we have repeated that was the only vessel that was in this contract entering the new contract. This is a new vessel, Sea1 Atlas was a PSV that we contract in Brazil on time charter basis from Siem, Brazilian flag. This is the Siem Pilot. It's the one that is under registering on REB now because we have to protect these boats, right? Because these boats are very exposed to blockings. So we want to be sure. That's why this is Brazilian flag. This was put on REB early this year together with Logger and Lifter, right? Skandi Carla and Geoholm, if you guys remember, last year, I was saying these 2 boats here, Carla and Geoholm, they are on the PIDF with the Stril Explorer, but we were successful in place them on long term with Petrobras, right? So -- and we had to put Brazilian flag. That was the requirement. So they put on REB. And we have to go after the boats to complete the fleet for the PIDF. So for the first time, we have a PIDF being performed with practically only third-party boats. -- right? But they are still delivering the same performance, right? This is a vessel that DOF has a lot of interest, probably will stay with us. Sea1 Atlas and Brass Ring -- this was necessary to put on even if we don't need 4 boats for all the time. Since we had the surprise that Skandi Carla and Geoholm were placed on long term for very good rates. So it took us a bit more of time to put these vessels ready to start performing. So we had to put this boat here, Hornbeck, HOS Brass Ring, Brazilian flag into the fleet for at least 6 months to give us that punch to recover what we have delayed on the start. So this boat here, probably -- most probably, we are going to release her in October because we have already recovered, right? -- and also because she was blocking the Pilot and the Explorer. You see that -- but this time it was a real blocking, not partial blocking because she could really block and she was available. So we sat down and put things together, good for boats. We needed our 4 boats for some time. They were blocking by being contracted, they released the blocking, right? So it was a kind of a combination in order to be able to execute the contracts. So when you look into the fleet and how they are looking at, this is the AHTS fleet. So you can you can see that basically today, only 3 boats, Ipanema until mid-'27 August, Skandi Rio goes until September, October '28 and Botafogo in '29. So they are still on long term. So this is the boat from the entire fleet, Ipanema that we are now not trying to lose an opportunity, maybe Petrobras again with a new bid because she's working in Petrobras. All these boats are working for Petrobras. So we have the entire fleet work for Petrobras this time, right? And -- but this is what we are concentrating. All the others, they are long term. So what you see here on Fluminense, Urca, Paraty, Angra and Iguacu, those were the old contracts, as I told you, we were awarded. And then really, the old contracts were here behind because we are talking about here January, right? So those were extensions of the contract, right, until the first quarter of ' 27. And they are kind of in sequence in order not to start and do mobilization at the same time and the new 4-year contracts that goes until 2031. And I can tell you already, Petrobras is already proposing to us to further extend these 5 boats, 2 of them until the third quarter to start the new contracts then. So there is always this -- I mean, could we predict this kind of thing? We cannot predict 100%, but we can predict that it may happen. And when it happens, it's good, right? It's good because it really guarantees the backlog. It will give us time because now we are going to really select the stop of the boat. So Petrobras has availability of them, and we don't get all of them mobilized at the same time, just in sequence with time. And what we can combine with the dry docking, right? That's where the cost efficiency comes out. If we can just have a synergy of dry dockings with the mobilizations, right? This is the PLSV's fleet. Vitoria & Niteroi, as I told you, Skandi Acu, right, here below here, the new contracts extended until early '27. Recife, Olinda, Buzios, this is the last tender this year. It is still ongoing. So we have been able to place all 3 boats on all the lots that we proposed the boats in first place. So where are we now? We are negotiating these 3 new contracts, right? What assurance can you give, Mario, that you are going to have 3 new contracts starting here on the first quarter of '28. Why first quarter of '28? Because this has already been extended, same reason before, Petrobras just proposed to us to extend. Buzios has been extended to there. Olinda is negotiated. We are expecting Petrobras any time now to extend it also and then negotiate the new contracts until 2032. So it's looking good. Is it guaranteed 100% -- somebody always ask, we guarantee Petrobras, what can you guarantee with Petrobras? What we can say is, yes, it is practically guaranteed, right? If -- well, the way you interpret the way you want. Probably Martin is going to say, Mario, don't guarantee anything because this means backlog. This means -- so -- but yes, I mean, we think that Petrobras need the boats. We know how to do it. And we think that we will accomplish this. It's just a question of time. You guys know this is election year. You probably are following election more than me. So it's a big mess election-wise, right? Sometimes it disturbs a bit what is going on. But I think we are in good shape. And the subsea fleet, right? This is the PIDF that I told you, Brass Ring, we may deliver her back. 100%, we will deliver her back because we did recover. And -- but we resolved the blocking problem, right? And she helped us to recover the delays to start. Olinda shift, and maybe you see some confusion here because we had to do a swap, right, on the AUV. Carla in place of the Commander, Commander in place of Carla. That took time with Petrobras, right, before we start the new contracts because the Commander was doing a damn good job with the AUV, but it was at the limit. Basically, you could not put even more child on board because it was full up. I mean life on board was not easy, was packed. So you could not expand it to anything because it's always a combination of ROV, AUV all the time and the boat operates 80% on AUV, right? That's why back there, when you saw what we expanded so much because all these boats have survey, AUV needs survey. And you could see there when I show that we have 2 AUVs in Brazil now. DOF has bought a new AUV, has just arrived in Brazil 3 weeks ago. She's -- this AUV from Kongsberg, latest generation can be put to work in place of the SV1. That's the old AUV, but it's still performing. But she has a new state-of-the-art module, Marco is an expert on this. So she can -- you are, right? So you can -- we can measure the potential difference at distance, not more on contact with this listen model, listen package from Kongsberg that's in this AUV. Obviously, what we want. We want to sell to Petrobras, right? So -- and Petrobras is interested, but they need to pay, right? So maybe we managed to make an amendment to this contract, adding this additional service on the new AUV contract, which we will only start, right, early next year, 4 years. So the whole fleet is booked. This is just a summary of what I was talking about, but there are some numbers and all the numbers that you see here somehow have been made public, right? There were press release from DOF, right? But the 7x4-year new contracts of AHTS, the 5x extensions, the planned start, that was in excess of $950 million backlog, right? And we are now talking about further extends before we start the new contract. Fleet 2, we had the extensions of Niteroi, Vitoria and Skandi Acu. When we look to these numbers on Fleet 2, they are only DOF numbers. Remember, this is a JV, right? 50% is TechnipFMC. So these are only DOF numbers, DOF backlog. The 3 years contract now will commence on the first quarter. And Skandi Buzios and Recife, and which have been extended until January '28. We are missing the Olinda, as I told you, right? This is about another -- in excess of $130 million, just an extension, right? These were not here last year. Fleet 3, again, 7 new RSV contracts, the 3 RSVs extensions. So total contract value in excess, very similar to the AHTS, another $950 million backlog. The PIDF, I was already reporting if we would be awarded, that would be close to $400 million, and that's what is it, right? So as of today that we are talking about, we are on $60 million revenue already on this -- I mean, are you ahead or are you behind? We are right in the middle. a bit behind, recovering easily, but we are right there. Petrobras is very happy with these contracts. That's why we succeed in bids to continue being awarded this kind of contract. We know how to do it. And these are really what is -- makes the difference in Brazil. And that is part of this new wave of new builds in Brazil for marine support. So you guys, for sure, are following that very closely. So the first 12 PSVs were awarded to Bram and to Starnav. They are all in construction. And then you had another 10 OSRVs, 4 awarded to Starnav, 6 awarded to another contractor, which has yet not managed to make it happen due to difficulty in financing guarantees, this kind of thing. And then the 8 RSVs, which we were awarded 4 and Bram of the Chouest Group has been awarded the other 4. And by the way, we are going to build these RSVs at Navship, which is the Chouest shipyard in Brazil. So basically, the shipyard is going to build 8 very copy-paste RSVs to Petrobras for themselves, to us, right? So the contracts are 12 years, each commencing in 2030, the first 2. And we have awarded -- and this was for the bid that the construction would be Navship. First 2 vessels will be delivered after 4 years signing. We signed the contract early May. So we are talking about May 2030 for the first 2. And then the third, another 6 months, the fourth, another 6 months, 5 years. So one, the third, probably by the end of '30, the 4s or early '31, the 4s by mid-'31, right? So Marco likes to count the number of years contract. Marco, you had there 6. So these here have practically half a century, right? So 40 to 80 years awards of long-term contracts. Mons says that he's not going to be there by when they finish the contract. I'm not going to be there by the time they are delivered, right? So -- so these are high-spec hybrid power, MGO, diesel, ethanol, 2 battery systems designed for deep water. In fact, Petrobras is visualizing the Equatorial margin for these vessels. So hopefully, they are going to be very organized also to supply ethanol. But if they don't, it goes on diesel. It's their choice, but we will be ready. The total contract is approximately $2 billion, right? It's very easy to identify by the day rates we have for 40 to 80 years. It will be financed by a large portion of local, that's BNDES, attractive terms. And it first commit, the debt of the vessel will be fully repaid over a 12-year period. So the way it has been priced by the time the contracts are over, the vessels are paid. It's just some characteristics of the vessels. The yard Navship Santa Catarina delivery, 98 for 20 and 90 meters depth is not there, but it's 90 meters. Free deck area 650 DP2, obviously, 2 ROVs, at least 200 HP, always for 3,000 meters. The crane class, 80 tons for 3,000 meters. That's the spec, something that we are looking now together with Navship is maybe to increase that crane a bit. It does not cost too much. But for sure, the foundations will be right there if we don't put a bigger crane, foundations will be there, but put a bigger crane later on. And accommodation for 56 people. But the difference is the hybrid with ethanol. And PIDF, I mean, you guys probably are tired to see this, right? But again, the numbers are expressive every time that you look at what we have been doing, right? Just look into pipeline inspection with this -- until the latest PIDF, practically 9,000 kilometers of pipeline inspection, right? So this new contract, we have 483 kilometers. Look at the number of shallow diving that we have performed so far beyond the 3,500. So I always knock on the wood because we have been operating -- diving in Brazil for 6 years, no incident at all. We have been operating shallow diving, right, with this contract is now for 6 years basically with no incident. And it's all the time. We pray for that, right, when we have diving doing on board. So every attention is not enough to be sure that you guarantee the performance, but also the safety of the personnel. And you can see how Petrobras really moved into the various difference, they continues to increase to expand the amount of inspections also with diver intervention. So some of these inspections are really bring really good money, right? They all bring good money, but some of them bring really good money. And they depend on performance, right? What do we do here, service contract. There is no day rate here. We deliver the inspections reports, right? So as much as we perform, as less fuel we consume, as more money we make. So it's a very interesting project. And the good thing is we fully control the 4 vessels. Stril Explorer, Siem Pilot, Sea1 Atlas, Petrobras has no control of the vessels. We can take these vessels in and out when we want to attend the spot market. Obviously, that we need to be careful not to expose this contract, but we know how to do it. And we do that practically all the time. The Stril Explorer just did a survey work for BP for the first time in Brazil, the new Bumerangue field that they have discovered, announced already. So we took that vessel out of the PIDF to do a couple of weeks, 2, 3 weeks inspection for them on a spot, right? And you guys know for sure, right? If we take the vessel out of a contract to do a spot job, we must make more money. And otherwise, we keep the vessel where it is, right? So the opportunity is there is no mob, no demob in reality, right? And another client that's happy to have the vessel when they need at the time that they need for the time they need, and then we go back to our homework. You guys saw this. This is Petrobras plan 2026, 2030. Now we are waiting the next one that will be coming probably in a couple of months or less, 2027, 2031. But it's just a representation. What I want to mean here, where are we? We are right here, right, okay? So you guys know very well that P-80 for Buzios 9 and P-82 for Buzios 10, this is SURF RCs. This is SURF Subsea7. The P-80 preset mooring system, 26 mooring lines, 26 torpedoes have just been completed last week. Petrobras is making a good advertising on this, right? P-82, just starting, 26 torpedo launch. Water depth above 2,000 meter. So the largest torpedoes, 120 tons. And then the poly lines, right? And P-83 will follow Buzios 11, Subsea7 again, right? And that will be end of the first quarter, second quarter next year. So what are we doing that we never report this, right? We never make too much of a splash of this. But P-80, P-82 now, Skandi Urca, Skandi Angra, and Skandi Paraty, Skandi Iguaçu and 2 boats from Bram are doing all this job all the time, right? So it's on charter, right? So we do that on charter. We get day rates for that. Those are not service contracts. Those are not lump sum, but that is an expertise that is deep in-house. You could see Marco, you could see Michael, you're going to see Dag talking about mooring system and AHTS utilization, right? And the future is coming, right? Sépia 2, just awarded to Subsea7, Atapu 2, just awarded to Allseas. I'm talking about the SURFs. In Brazil, they are not even large SURFs. We call them very large surfs. I think there was a question to Mons if we go into the SURFs up to 500 million, right? Mons was saying, well, that's a large SURF. We may get there, but we are more concerned about the smaller SURFs or the tiebacks, as Marco said, $100 million, 150 million, 200 million, we may get to 0.5 billion. But to get to $1.5 billion, that's $1.5 billion plus or minus, right? That's why it's very large. That's for first tier. By the time we get there, then also, probably you are not to retire, right? We'll get there. But the intention now is not to get to first tier, right? But to be able that we start doing this SURFs because the class of vessels we have, the engineer we have, the background we have, so we have everything. So we just need the right projects at the right time. So we perform with the capability we have. Brazilian market dynamics. This is the same that I showed last year, just updated SURF market is what I'm talking about, how the DOF is positioned, right? And we are not positioned for the very large SURF, 100%. We can state that, right? But we are looking into mooring because we are doing ahead in our tiebacks and other SURF contracts, right? So it is a future for DOF for sure. Mooring, okay, Mons talked a lot about it. Marco talked a lot about it. We are there. That's what we do for Petrobras. So we are involved on all the FPSOs. I mean, if we have chances for service contracts on lump sums and we do, we have been providing bids for that. But unless we make money. And otherwise, we just keep doing until we are sure that we can make good money on the service contracts in Brazil, right? But today, we need to be global vessels because all our vessels are booked, right? Decommissioning is expanding in Brazil, right? We do a lot of this, again, with the fleet that we have. AHTS fleet, decommissioning of marine systems, right? We do with the AHTS fleet. As we do new system installation, we do decommissioning, right, for Petrobras. The same for the PLSVs fleet for old flexibles and umbilicals, right? But again, looking to this, coming back to this, that's what we wanted to let clear for you guys that's our -- getting ourselves ready for the next move. But I'm sorry, Eirik, I expanded the time, right? But just a comment on this -- just a comment on this here. Marco has shown the same photograph in black and white. This is a photograph on black and white. Why? Because the Involver is here, this is the Involver. This is an assistance vessel. And this is probably a record installation for this class of vessels happened in Brazil. I can tell the project name. I prefer not say the contractor's name involved, but you guys can understand. This is for Raia, installation of a PLEM module weighing more than 200 tons, 210 tons to be placed in 2,750 meters water depth. So the Involver was marginal, right, to get to that depth even with a 400-ton class crane. So obviously, this first-tier contractor came with the idea because they want to make this happen. We work together with them. So what's happening here? So the PLEM module was on the Involver. It was put into the water, transfer to this 250-ton class vessel. That vessel held had practically 800 meters, nearly 1 kilometers of poly line with practically no weight, in water weight. So we transfer the load to that vessel to keep it at that depth. And then we went there and pick it up again, right, in order to have at least 1 kilometers of cable weight reduced in order to get to that water depth still safe within the crane capacity. So this was a dual vessel operation to do that, right? So it was quite unique. And I think -- and this vessel here, as soon as it finished, early May, she went straight to Marco in Guyana for Exxon, right? And outlook, I mean, just repeating what we have here in terms of workforce, I mean, just to remember, Mons has shown a video. You guys saw a lady there. She's a captain, Captain Débora. She is a captain of a PLSV Skandi Vitoria. And the other captain is another lead, Daniella Borborema on a PLSV of a JV. So we have 2 female captains on top of the class vessel in Brazil, and they are performing, right? I think that was quite unique. And this is important. This program here, Petrobras shipbuilding program, Mar Aberto, you guys know what I'm talking about. This is not only for marine support. This is also for Transpetro, handy class vessels. There are about over 10 awarded to shipyard Rio Grande in the south of Brazil, right? But these are what we are linking only to the marine support. So the 12 PSVs awarded, the 4 OSRVs awarded under construction. Those 6 awarded, but hopefully, they will go ahead. This is what we are expecting for next year. It has been reported already another 8 RSVs, but now with a higher cost. And the 2 AHTS, you probably know how complicated was this bid because the specs were so high that was practically impossible to build these vessels in Brazil, at least economically, right? So let me finish. So you guys know as much as we know, but that's a big news. That's the first discovery that Morpho well in the Equatorial margin just announced it, right, is already reported. So you guys know the drill. I mean that's Venezuela. That's Guyana, where Marco is doing all this job. And then that's Suriname. And then there is another French Guyana right there and then Brazil, right? So that's where in that Amapa deepwater, that is the delta of the Amazon, 175 kilometers out. That's where Petrobras is drilling. That's we are hope in the future for the next Santos Basin. Okay. All right. I think now we are done.