DOF GROUP ASA (DOFG) Q1 2026 Earnings Call Transcript

good afternoon and welcome to this dof q1 presentation of 2026. we will go through the presentation as we usually do and you have an opportunity to ask your questions through the web page and we will answer them at the end of the call this month thank you martin and once again welcome to the quarter one presentation This front page is a picture from Congo, where we executed one of our largest sort of projects so far in our history, and involving actually more than 600 people from the Dorf organization. And I think we had six vessels on the project and a very happy client and delivered ahead of time. So it's an example of what we are doing, you know, in the shop and our business. So it was a good project with a very good outcome for both of us and for the client. Thank you very much for the presentation. I have seen this before, but it's just a quick one on that. So at the end of the quarter we operated 77 boats, so we'll talk a bit about that later on, and some changes to fleet, know after another quarter and also true quarter we see that we have shot in boats and we have also sold and and both wasn't so we talked a bit more about that boat Martin and me, Martin and me the financial and the debt development and we talked about what we are doing this high grading on the fitter and the whole. On the earnings side, the growth benchmarking is the last half months we have had an epitaph of 8.13, so continuing to increase and the backlog at the end of the quota was 4.9, but today it is closer to 7 billion. And also talking a bit more about the backlog later on, but I think the short version is of course that it is looking very promising going forward on building backlog for the Romano 26, for 27 and 28 and onward. So we see no weakness in the market. On the contrary, I have to say that today's view on 2027 is very positive. It is, we see that on the global opportunity list and the negotiations we have and on the standards we do, that 27 and also into 28 can be very busy years and today it looks like it's going to be stronger than 26. So it looks like this will continue for a while.

On the next page, this is what we do.

And I guess the Congo project on the first page, of course, is a good example of what we are doing. We own a fleet of vessels. Today we own 62 boats. At the end of the quarter, I mean, 62 vessels. and then we also operate eight vessels we have hired in and we also have management on a few boats so as we saw on the first page we have around 77 boats and then we add equipment and services and people on the vessels and then we sell integrated full-blown projects to our clients globally and that is what we do here and as you see here we have more than 2 000 of our employees they are specialists in the services space where they can be our we pilots i think we have many many hundred engineers years and so on and so on so this is what we do on the next page we have the highlights i think for the quota one and and as you see we delivered 175 million dollars in quota one that is up 11% compared to quota one last year so we continue to grow we have a separate slide on it come back to that but the quota was impacted by what we have called here non-recurring events related to vessel upgrades and mobilizations for new contracts yeah so we and that is not the ordinary dry docking so we also had quite a few dry dockings on that but of course it we did a quick match on it and those non-recurring items you know they at least put them together in small and 20 million dollars in the BTA if they didn't happen. And I think that also shows the run rate. And of course we got over April and was now and internally and of course they show much higher run rate than ever as we report now for 4-4-1. Martin, we talk about the high working capital. he will talk about that and as you see of course fleet utilization at 82% and a bit lower than last year and of course partly explained by what I mentioned backlog as mentioned 6.9 billion of course very high and of course that was driven by the four RSV new builds we announced earlier and and we have a separate slide on those values. And then we lift our guidance just to be 840 to 880 and we lift that to 840 to 880. And also that is partly because we deliver a bit stronger quota in front of one than we actually and also partly due to the high-back lag and the positiveness we see in the market. And then we lift the dividend, last quarter we paid 0.25 and now we paid 0.37. I think that is the highlight of the quarter and then we move on. And a bit slower in our own take, and this is normal, it is a bit up in our own take, and of course we expect that to increase a bit now so we had a book to build point eight in quarter one and but then of course a very big contract after another quarter yet so i don't go through all of this but perhaps a few reflections yeah what we what we see for in one example here is what we have called the Rosebank installation, where I think they will have seven anchor handles on that project, and five of those boats will be Dof vessels. So it shows Dof position on the really high end of the anchor handling side. Of course, we press released Wisconsin when we have known that and it's a very nice race, you could say, on that project. And also in the spot market for the NK and the Snowy, it has been very healthy in April and in May. So it looks promising. And also what we see is that we expect an increased demand globally for this type of oil. So we see new areas with RFQs for this type of vessel that we haven't seen before. And to get that, especially for 27, a very, let's say, what looks like to be a very busy year on mooring projects globally. You know, we are quite optimistic on the anchor. We also extended a couple of PSVs, and we haven't press released the first time, but we also extended here for six months, so the two PSVs we have in Australia now both extended for six months. And as I said, we come back to the 12-week contract later on. So then we are on the next page, please. Yeah, this is the backlog, and we see total of 6.9 billion dollars backlogging, and I guess that is the highest value, so it looks good, as we said, we have 0.2 billion order intake in kvotavånare, so this is bumpier, so kvotas you slower than other kvotas. and then and then of course if you look at the rest of the year we have 85 percent cobadan for 26 compared to the midpoint of the guidance so it's it is fairly good visibility on on on the reminder of of 26. In 27, if you do the same as we are soon getting close to 60% for 426 if you use the same midpoint as we had for 26. and so of course it's starting to build and remember last year I said I will not go on summer holiday before we had a certain percentage in the backlog for 26, I'll not say the same, no but I expect that to, and I had to go on a late summer I have to admit that, but of course I expect that we will see that backlog for 27 and for 28 to grow quite a bit going forward. And of course, I base that on deals we are in final discussions on and we expect to announce it in the next few months. So it's looking promising that we will be able to build that backlog quite a bit in the next few months. and so as I said we are you know we are I would say we are more positive and of course we were positive before but we are more positive than we were today on 27 than we were a few months ago it's looking very promising and I guess the balance I know is to do the right deals and and optimise our portfolio to maximise earnings and utilisation. So we have to hold back on some opportunities to be sure that we take the right ones. So that is how we see 27 today.

On the next page, we have the non-recurring events.

And of course, this is, as I said, you know, we have had Scania Lifton and Scania Loggai because they left Europe early in the quarter and sailed for Brazil and then they mobilized for Petrobasan in mid-march. And, of course, they have a day rate of 75k per day, and, of course, that means that, of course, it's a non-recurring event, and they will make money from in March on March. The same with the TIVA and KSIVA was also mobilizing for Petrobas and command-stör-kontrakt. And as we say, the Kala, Scani-Kala, as well. And we have what we call a PRDF-project, which is this large inspection project we do for Petrobas. You know, a total value of 390 million and have been a good owner for us, for many years. And that project was kind of in the middle between the old project and the new project in quota one and now ramping up now in April, May. And we also had a couple of two, three boats, you know, being mobilized. And of course, we'll start now to make money in quota two and quota three. the mind of us you know we had an incident on her and she's been out of the market for the whole kota so so immobile so were we but we also had some technical issues we had to fix it and then We had advanced dry docking and it was close to two and a half months. So it's a big urna for us. If you summarize those listed here, you know, you have more than 20 million dollar. And of course in addition to that, we had the Hercules, the Patagonia connector, in dry docking so so as we say of course the run rate will increase going forward and so i think i'll leave that slide like that the next one is you know two boats we we announced to be announced buying two vessels, Roa Saltfjord, which is now Scandi Saltfjord, so she has been trading in the Dofnum for roughly a month, and is off to a good start. And then we will take the living of the Stanefjord in second quarter. We expect that, let's say, early late June, early July, is what we expect. And because these are the, it's really high, it's close to 400 ton bollapull, this is the, this is the strongest anchor handlers on the globe, so it's high, it's high, because they get premium rates compared to the anchor handlers in the market. And as I said earlier, you know, we see the market conditions for these type of boats strong, not only the naughty spot but of course globally we see demand picking up in Africa in America and so on so it looks good and then of course we have installed ROV on and we will install a large subject crane also to strengthen our own project delivery and increase that fleet of anchor handles with big cranes so I guess that we move to next one which is is you know what we we call it cash positive high grading on the fleet you know it is we will we will sell we will not not do not we will not spend money on high grading we will sell and make sure that we sell for the free cash that covers purchases and we will going forward, we will continue to high-grading fleet, but we will also continue to do that cash-positivity. As you see from here, we have sold now for lower spec-ankanlas and purchased to high-spec-ankanlas. We also sold our cable-a-vassal scanning connector. What we are telling her is that she is the only cable-a-vassal we have another fleet and we have no you know market for one or no position owning only one boat so that's why we are selling around and of course also we are viewing it is that it looks like you know for at least for Hillary it looks like the market you know are going to be slow for that type both in the rest of 26 and also in 27. It looks like it will be 28 before that market perhaps pick up a bit again. So that's why we are selling here. And as you see from the curve here, we have sold for more than we are buying for. And if you look at the cash position, of course, we have freed up quite a bit of cash by selling this bulls and buying two bulls. So this is we expect that we will no longer continue to high-grade and refine our fleet where we will sell let's say polar vessels and non-core vessels and high-grade them with new more high-spec core vessels.

But as we say, it will be cash positive. And then, next one, please.

And this is then showing you know the whole fleet and as you see we have sold you know lower handboats the three don't have the two team classes with last 10,000 bollar full and also fairly old ladies we also sold us gone in Lhasa which is a bit newer but not the same back as the two on top there, Aurora, Sanofro and Aurora, Southro which is very high And of course, what you also see is that in the 300-ton volatile class, there is a global fleet of 18 vessels and we own it. And if you study that 300-ton vessel fleet, of course, in reality, there is various specs on those, but of course, we control more than, let's say, 8 out of 18 if you look at the really high-end anchor handling fleet. So, of course, it gives us a good position in that market and makes us, as we said, of course, on the roast bank installation that starts now towards the main area, there will be five votes or seven votes, and that project will be the first. And I think that shows a strong position in this market now. Then, next one, please. And I guess that is you, Martin, perhaps. No, that is the RSV new bills, yeah. So, of course, this is four new bills for 12 years for Peter Bosn, and it is, of course, vessels, it is subject equipment, and it's full service scope for us, you know, RSVs survey and so on and so on, all included in the agreements, yeah. And they will commence two first ones in 2013 and the next one in 2013. We have been at the NAV ship in Brazil that is, as we see it, the best job for building this time in Brazil and of course they have been building a lot of similar vessels through the And the interesting one is it's a high spec, it's a hybrid power, meaning that they also will be able to run on ethanol and a large battery pack. So it's also done decarbonizing of our fleet when these vessels come in to service. 2 billion backlog and stretching into 2042 so of course it's interesting but now we have we have five votes done with contracts into the 2040s so I guess oil and gas will be there in 2040s as well and then of course we will as always on long term want to see how we can maximize, you know, the debt financing on them. And, you know, it will at least be a large portion of local financing, BNDS, and of course they offer very attractive terms. So we've also seen how we can further, let's say, reduce our own equity going into those boards so we are working on that and on the money side we don't say too much but it is fully repayment of the debt over the value period and also then generating a positive cash flow so it's it's a fairly decent balanced deal for us and we are quite very happy with And it goes strategically, it's a curse of opposition as a leading IRN provider in Brazil for the next 15 years. And because it also gives you foreign UBITs, of course, also gives you what we call RAB capacity, so meaning that you can also utilize these parts of tonnage to import the more foreign flag-based boats and with advantages that have for us going forward. Next, please. Danny, it's you, Martin.

Then it's me. Thank you, Mons. Yeah. And you saw the headlines already at the start, first quarter up roughly 11% from last year, still a bit of seasonal variation, so Q1 a bit softer than the rest of the year, that is pretty normal, and of course that is also impacted by the one of effects that months went through. I think if you look across the segments, it's, of course, the same monos is playing part of it. One of them is Dofcon with ASU being out for a large part of the quarter. And also the SEBSI region, regional EBITDA, is generally more lengthy than the rest. And, of course, we see that this quarter as well. On leverage, we're still within our target range and it's impacted from, I would say, two main things. We have the Hyper S16 debt, proceeds lease debt on the screen of 77 being debt that at this point does not have corresponding earnings. So, of course, when you add the full debt but no earnings, it impacts the leverage ratio negatively. But of course, over time, it will improve again. But that is also the case with vessels when they are delivered, that they come in with no historical EBITDA, but with full debt at balance date. It is also, of course, you get the opposite effect from delivery of vessels when you sell them, but of course we have not delivered the sold vessels yet, so that effect will be present when delivery is sold. Second effect, impacting the net debt is relatively high working capital buildup through the quarter. That is also something that varies and is part of the nature in our business. It varies through the year. it last year first quarter was also the the worst quarter in terms of working capital buildup we'll get back to that when we look at the cash flow in the quarter it is i would say it's yeah you don't keep much of your uh of your in the current a quarter due to the change in working capital the relatively high level of capex with the with the mentioned one-offs and equity portion on the purchased vessels come in and also the relatively high number of class stockings in the quarter repayment of debt is in the yeah as per agreed profiles of course we also pay a substantial dividend in the in the first quarter of this year a bit more in depth on working capital 85 million dollar negative delta on the operational working capital a bit higher than last year this year it has There was a one-off there as well, a known receivable of a bit more than $30 million that we were notified that we would get early April instead of late March. So it explains a big portion of the difference, and we also received it early April. So that's okay and explainable. And we also see that it's not very different from last year, that December is a bit lower activity month. So you release quite a bit of working capital. And then you ramp up again towards the end of Q1, building up the same type of working capital. um of course that said this is certainly a focus area and something that we're working on on improving as much as we can dividend declared for uh for q2 37 cents per share up from 35 so the top of the month paid recommend the difference uh june of uh last year of 411 million dollars i'll leave it back to you

then once thank you martin i guess uh most of it is sad already but we can't repeat it the guiding and outlook and and uh and on the guiding we we uh only due to changes over the revenue to gardening is the same. We lift the B&A guidance excluding sales to 840 to 880. So we lift the lower end with 10 million US dollars and it was as driven by the acquisition of the two anchor handlers But then also the better than forecasted quota won. And it was then offset by the side of the laser and the connector. And then we also lift guidance on the net interest with 5 million from 90 to 95. And I guess the rest is left unchanged. And so I leave that like that. So let's say minor changes to the guidance, really.

Then on the outlook, yeah, I don't repeat that.

840 to 880 once more. So sorry for repeating ourselves a lot here today. And then strong backlog, 85% of midpoint cover for 2026. And of course, that gives a good foundation. And then as we have cover 57% of the midpoint revenue for 27, and we expect increased oil intake for second half 26, full year 27 and beyond during the next three to six months. As we said, we have quite a few discussions in the final stage, in the middle and early stages, but we see if this develops as normally do, we will beg quite a few nice, let's say, longer term contracts and shorter term contracts that will build a backlog. 4.26, 4.27 and also beyond and it's normal we have a few pictures here this time I'll start from the right-hand side which shows a picture of one of our big pipelines in Brazil and as most of you know with our pit bulls are over the tender for for five players and three or six Vassens are in position to bid on that and we also in discussion with Pedro Basel extending the country for the same three Vassens so we hope of course that we will have good use on those three Vassens going forward And the one with the, we saw that that one is the C1 Atlas that we have charted in for the PLF project and that will start, you know, are ramping up now and soon we will have four boards working on that and of course then that will start to produce the margins we are expecting. Then we have, in the middle we have a picture of the one eyecloth used in grey, so far we know we have painted the duff red colour on one of them and the picture of her is because Because we see also that we are expected to win some long and nice contracts covering one or two of those, covering not only 26. so it's and also we see the market in general for in 27 for for those being very you know it's a lot of demand for that type of votes globally so we we we hope to have good news around those as well and then the three others here are you know the saltfjord and the sanfjord on the left hand side coming into the fleet and of course we expect them to contribute to the earnings going forward and we we have the scani sponsor and we have the scani minder and of course we also expect them their earnings to be higher going forward and especially post the mind that we are dead for out in the full quarter so so a short summary is that we are optimistic on building backlog and that earnings going forward will be stronger than what we saw in Quotaborn. So then I think we leave it like that and then we are ready for any questions.

Good and we have a few and I think I'll start with one that it's probably a need for clarification on this particular page.

You state that you expect increased order intake for second half 2026 does that mean that we go above the 2.5 billion we have in h1 for h2 um whether that is a fair understanding and uh no i guess we we haven't commented on that we i guess what we expect to do of course is to fill up full uh some of the open spots we have on on the boat So whether we go with both revenue gains or not, I can't comment on that. But what we expect, of course, is that today, let's say the 50% that is not sold, that will go.

Yeah, I will elaborate on that because the two and a half billion is including the full R3 value. So if we say that H2 is exceeding H1, we're saying that H2 exceeds the order intake for the first half, including the full RSV contract, and of course that is not there.

No, no, no, no. Then I miss it, of course.

Yeah.

Good.

Next one. Can you tell us about the Scandi-Amazonas incident in Brazil?

No, you know, of course, it's, I can't, of course, confirm that we had an incident on that boat and it is too early to say, you know, how long he went out and so on. I can confirm that we have normal loss of higher insurance and cost normal full of machinery insurance, but it's turdly for us to go into detail on that. other than say that for 2026 we are expected to have what we call limited financial impact on earnings for 2026. we focus now on the people and on the boat and keep her safe and get her And then we will share with you information if it's relevant to one and if it's relevant.

So I think that is how we leave that discussion today.

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

It is a 150-ton crane, and it will be fitted in, I think, in March, April next year, so before the relay season kicks off.

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

Yeah, of course, below market expectations, because it's not often you see sales and purchases of that type of boats. And of course, you always dream of getting more, but, you know, we, in the end, were satisfied with that price. And also reflecting that, you know, the, let's say the bright market for her, as we saw it, was not looking good for second half 26 and for 27. So what is the right price for a boat? I guess the market value for the boat is the price you sell it for. And of course, as always, we market these boats globally when we are out doing second-hand transactions here. So we got the price we got, and that was above the market expectation, I guess.

That is not something we can use time on. Good.

Can you elaborate about Dov's ambitions in the market for large surf projects? will DOF compete with Saipem 7 and Technip FMC in the surf market in the future? If yes, do you need more capacity people, chips?

You know, of course, I think the short answer is no to that question.

I think, you know, for us to, if that was the route we were going, it would take a long, long time. you know they have thousands of engineers they have they have speed bases they have rigid lay boats they have very different balance sheet bigger companies and so on for us to compete with them on one and a half billion dollar projects I think that is that wouldn't be doable even if we wanted for many years so but it goes we have what we perhaps is that them growing bigger them focusing on the big projects, them being very that leaves an opening for companies like Dof to to do more let's say smaller projects so where they do one billion half a billion or one and a half billion and we, for us, can do more of the hundred million, fifty million, so projects. And, and, and I guess that is, yeah, I think it's, it's not, that is something we are doing today and, and something of course we are discussing what is our best moves to, to, to, position of ourselves for that part of the market going forward.

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

The cost, that's a difficult question because I guess if you look at the lift and logger, of course, it's mobilizing both to Brazil and of course that was part of the plan and then going on now, so we went on now, more or less on the day, we plan to go on now. So, but the cost of that, of course, it's, but I guess that is impossible to say. So, and likewise, of PLF projects, we are mobilizing two new boats for that project, and I don't have a specific cost for that in my head, but because that is part of also what it was budgeted and planned for when we did bid on, when we did our project budget, when we guided on, on, on, on, on CapEx. because that is all cost on projects like that because it's costed through the projects like that. So the answer, I guess, is not all.

That's fine, that's fine.

I think the EBITDA figure of an EBITDA loss of 30 should be a good estimate on what that has costed in terms of lost EBITDA for the quarter. And it's probably a better, better explanation. where do you see the SEBSI regions EBITDA margin in the coming quarters of course I guess it's a normal development through the year it's that the regions will increase going forward through the year and I guess you saw the same development

in 25 and in 25 you saw a really good quarter four where you come to the end of the year and you release a bit the answer to that is I think on the from the you will see that increase I guess you agree with that Mr. Martin I do do you have an explicit ambition of keeping dividends at an unchanged level through the year or are you open to variation between quarters yeah that's a good one and because in the end it's the board that decides that but of course as we have said you know how we decide the board of course the input we give the board for their decisions are number one because you know, the backlog I think is key input to that, so it's strong back to how I assert you going forward and it's also a unordning, so Lundberg, I leave it for you to answer that question.

I don't think it's that that's not written in anywhere that it needs to be the same every quarter, although we did 35 cents every quarter last year and this is the first quarter of a new year of 37 I don't think I should put too much into that and I think it's fair to say we don't glide on dividend payments but of course the increase that we see from 35 to 37 is an indication of call it our beliefs and yeah how confident we are in the times ahead but we don't go down on dividends and the last no let's see are there any other repairs or maintenance we should expect this quarter if so can you share the expected impact on EBITDA I guess that is referring to the one-offs in Q1 and whether there are similar events in Q2 that we should be aware of.

That is very difficult to answer from the top of my head, yes, so I think if I don't know it was at least not to the magnitude we have in the kvotavon, and of course we I think what you have to the answer to that of course is that we you know, you have to look at the guiding, yeah we will deliver 175 in in quarter one and we are guiding 840 to 880 for the Romano reporters and I think that is that is the answer to the question yep, thank you and we are guiding what's done, we have taking into consideration all the events that we today have you know have planned and then the follow up on the cable layer You mentioned the soft near-term outlook.

Is that something that could have a direct or indirect impact on the dynamic in the SEBSI market?

Number one, you know, it might be that DOF is not the right expert to talk about the market for cable. We have only one boat. and but of course we have been of course marketing that boat for charter has not turned to do sale and surprisingly how few opportunities we saw for 26 and 27 for the boat and you know whether a cable layer can come and do subsea meaningful subsea work then I think the answer to that is no if this boat could have done meaningful subsea work with the market view we have on the subsea market we would have kept the boat so the Skandi connector is not let's say a threat to the subsea market thank you We have time for a few more still.

Any comments to the order book, 450 to 200 ton crane CSVs coming into the market too?

Yeah, you know, there are a few books coming and of course I think I'll start to answer the question you know, DOF is our end product is not a chip owner we are as we said on page the front page and on the third page perhaps you can go back to the third page Lundberg just to explain that once again here you have it and so what DOF are selling in the market is what we call integrated offshore

services so we deliver a surf project we deliver full integrated IRM services we deliver inspection reports we deliver fully engineered mooring projects and so on So we are, and as we said on the fleet here, you see we have eight higher in-boats. And whether we deliver our project from our own boats or higher in-boats, you know, we can do it from boat. So we don't compete with these vessel owners that are building these boats. they are more a supplier to us so when we are a job in 27 or in 28 because none of these vessels owners are bidding on that job so I think as long as the demand side for our services is the same this will not change the number of bidders for our services, meaning that I don't think that if there are a couple of boats too many on the vessels, I don't think that will influence us at all. On the contrary, it might even be that we can make money on those boats, if we get that for a cheaper rate in and charter a note again including full services at the same rate as we have today. So that's my view. I don't see that as a threat of it at all. And then I guess the question if you look at this, whether I think the market will be oversupplied for vessels you know it's difficult to answer yeah i think quite a few these posts will be delayed delivery i think the as we see the market i think demand will grow so it might be that this balance out very nicely but i haven't spent much time on it either because i I don't see this as the trap it off since we are a user of these and they don't compete with we don't compete with with a boat we compete with with you know the service companies delivering fully integrated services so that's how I see it and of course I think if you go and ask the bigger boys that also uses these boats like the 37s or the guys if they are worried about if there are a couple of 250 ton crane boats too many I think they will just be happy if there are a couple of boats too many. Okay, thank you.

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

Of course, you know, it's a good question, and of course, I think it's a more disciplined supplier side on the anchor.

It's more disciplined holding the rates up, and of course, also, it's a very different earnings on the I think we had we had a look at what we did a thorough review and we before we bought Sannefjord and Salfjordana. I think if we looked at Sannefjord Salfjord and Klas and Borswitz is only a handful. In the spot they had in kvota 4 AC, I might don't take this accurately, but I think you have to help me, Lundberg, I think they had 800 toes knock a day per calendar day. So at 100% utilization in quota for you. But then if you jump down to and I wouldn't give names, but I think if you jump down to uh to what you i don't know how detailed you are but if you look at the vs uh the vs and canada's home by a few that also has 280 to 90 300 on ball and pull they had an average that was roughly 300 knock low wire so it's uh it is i think it is uh because that's why we are buying these fireballs, because then you get higher utilization and you get better rates on quite

a few jobs.

And what was also interesting was that, and I don't know if this is just me or if this is my own theory, but what we noticed was that, you know, what used to be a summer season for these boats very strong you know we see also a very strong winter season for these boats and i think that this has to do with quite a few of the rigs in the summer are working on DP but then due to weather they are mauled in the winter and then meaning that they need more

rank anders for the normal rigmu market in the winter time but it was done in the summer there are more projects and and so on so i even forgot what the question was martin yeah i think you more than answered it so that is so good and we still have quite a bit of questions but unfortunately we have we have spent the hour so we will have to say if you have one more question that is very good we can do that and then we say bye bye after yeah then i will stay on the same subject because there is a very concrete answer why we sell the scandy laser when the hsds and

the 250 plus looks so promising and i think that the answer to that is of course that we we focus on the really high end it's it's nothing wrong with the laser but of course we compare it to the Fjorda, you know, the Iceman or the Sanefjord, Salfjord or those boats, it's quite a different board game. And of course, wherever we are selling it, it's because we are high-grading the fleet and we expect higher earnings from the boats we are buying. And of course, it's also because we have a disciplined approach. We shall be cash positive when we are high-grading the fleet. So we have to sell something to buy something. It's not more complex than that.

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

Yeah, thank you very much. And have a nice weekend, all of you.

Thank you.