DOF GROUP ASA (DOFG) September 2026 Capital Markets Day Transcript

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 does goes through these guys teams so I think you should use this opportunity to to learn from them and what what they do then we of course also have the the usual suspects that you know far too well if you've been following off as a company someone's will kick us off with some words on the 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 from the practicalities I will 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 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 months thank you mr water so of course i read if couple on analysts already saying this is a non-event yeah so but i see some of them are here so let's hope for they will be The Dof story starts in Austervål, an island community near Bergen on the west coast of Norway.

Life here has always revolved around harvesting the ocean, fostering a spirit of innovation and entrepreneurship. In 1981, as Norway's offshore energy industry emerged around them, two fishermen brothers saw a new way to harvest from the sea. They founded DOF and ordered their first purpose-built platform supply vessel to their own innovative specifications. From early success, the company grew step by step, and in 2005, DOF expanded into the global subsea market. Today, we are a global group, delivering integrated subsea and marine services to the offshore energy sector. 2024 marked a new chapter further strengthening our global presence and expanding our fleet. Today we operate more than 70 high specification vessels and have a team of around 6 000 skilled people worldwide.

So this year DOF celebrates 45 years and you know it has been an amazing journey from small local set-up outside Borgen to one of the absolutely leading players in the old service segment globally. We have contracts from Canada to Australia to West Africa to Norway, UK and so on.

Since our beginning DOF has strongly contributed to shape how offshore support vessels are specified operating some of the most advanced offshore support vessels in the world for our own fleet and as a trusted partner for third-party owners. Deep beneath the surface of the ocean, DOF supports offshore energy production around the world. By combining vessels, engineering and project management, we tailor every project to the field, its challenges and the client, reducing risk and delivering with confidence. As energy itself evolves, so do we. Our first renewable project was Highwind Tampen off the Norwegian coast and in the years ahead we continue to pursue relevant opportunities in existing and emerging markets. DOF has grown far beyond Ostevol, operating on six continents and in every major offshore energy region in the world. From new contracts in Guyana to a contract extension in Canada, our presence keeps growing. One of our largest operations is in Brazil, where we, after more than a quarter of a century of steady business, have over 2,000 employees and contracts secured well into the next decade. In Asia-Pacific, DOF has grown steadily from 2005. Today, more than 1,000 people are serving clients from Australia to Korea. And in North America, a new build contract in Canada marks our longest commitment yet, extending into the 2050s. In the Atlantic, we remain a trusted partner to leading operators in offshore conventional energy and increasingly in offshore wind. Off the coast of West Africa, we completed our largest subsea construction project to date. Wherever DOF operates, the principle is the same. Long-term presence, local commitment and trust earned one operation at a time. DOF has grown far beyond the islands where it began. But our foundation is still the same, delivering offshore services safely, responsibly and with a long-term perspective.

I think it is the quality and the world leading competence of our people in every corner around the globe. That is the main reason for the success we have had through all these years. So the future looks quite bright. it's a good movie yeah so this is what we want to remember of 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 We have a slide where we show the contracts we have around the globe and I think it's pretty impressive. A very strong client relationship with all the old media. We see that we have done a few subprojects now and we see that we have executed very well and we see that we make very nice money on them. So what we are, so the strategy going forward is that we are discussing how to get the bigger part of the surf segment, let's say to increase the earnings for the group. And that is the highest agenda on how to develop DOF going forward. And then we talked a bit about Enka-handlers, nobody talks too much about Enka-handlers, but we have done quite a bit on that front lately, and not only us, but also other owners have done it. 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 float of 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. For those who follow us, 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 and services. and we add down assets that we can do that, so it's high grading. The fleet has to increase earnings, and I guess, you know, on a CSV we can do 30 million dollars plus another PSV, if you are lucky, you do 6 million a year.

So it's pretty easy what we are doing, what we are doing.

Then on the markets, we see strong markets and we, you know, the combination of our backlog and the pipeline and let's is that we believe 27 and 28 will be higher activity than 26 yeah so we will see this to continue and we see it will will increase both on activity and of course on on earnings for us the next So we are very positive to the outlook going forward. So this of course is an old slide and I don't spend the jump on what there is. This is the off at a glance. So, you know, I don't spend much time on it. And I'm 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 and it's a bit up and down on the number of vassal owners not done but but 77 is the number by under the quarter and in addition to those 77 we also have no seven boats under construction at the arts yeah so we talk a bit more about that later on and i guess this slide is you know the important of this slide of course is why are we doing what we are doing it is to get get more uh in the middle here you know why are we selling fees and ordering uh or buying csvc it's to is to get the earnings from the the service side yeah And why are we so optimistic on that? Of course it's the limited number of suppliers and the competition is lower and of course our position is very strong in that segment. So normally we have one or two or three competitors and often we also do direct negotiations. So it is to grow that and as we said, you're probably going to see what's going forward doing larger projects as well to get high margin in the service side of the business. So then on the backlog, this is, I guess, I don't spend too much time on it, you have seen it before, but record high, 7.2 billion dollars, and a very good visibility on the earnings high in 2007 and in 2018. So next year we are close to 70% and of course in the old days we said if we had 70% when we started a new year, we knew it would be a good year. And now we have almost 70% already. And of course I think the people here from the regions, they will talk a bit about them. 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 undergear and I think we also will see 28 and 29 will grow a lot from nowhere until Christmas. So we are pretty bullish on that and also my good feeling is that the last few years, for several reasons, it's much easier for us to do access to the oil company that will work. And I think we see that on a quarter to four of our city, that the doors have been open for us when we hold the oil and the round of the globe. And then this is what we, you know, some of the analysts have been addressing, there are a few new bills coming. yeah and of course that is in the middle space here on on the in this uh IRM csv space where there are a few boats under construction in the 150 and 250 ton segment yeah and uh so i guess this slide is uh so what what we have where are our values so we have 42 percent of our fleet value is in high-end, so there are 7 pipeliers and 5 CSVs with 200 ton crane. And I don't think that will be ordered the pipeliers soon. And of course the cost of that will be enormous. And then we have 37% of our value in the enkelhandlings side. And there is no new build on this value. So, and I guess if you are to build a repeat of 350 ton bollar på Länkehandla these days, I think you are between 150 and 200 million US dollars. And today, the second hand values, the one we bought was for 60. So there still is a big gap between new build prices and second hand values. And then we see, we are almost out of the PSV segment. And then we are left with this segment, which is the ARMS CSV segment. And of course, we have around 25% of our value in that space. And we also have a man in Lundberg 678 vessel on charter in that segment.

So we are fairly flexible on that.

So I think we should ask if we are chartered in that space and if we are chip-owner. And I think we are mainly chartered when we are building these new buildings coming. So we don't always compete with the owners and these new buildings that we have to supply. But if Exxon and Chevron and Sø-projects, they come to somebody like us to ship them. So it could be that we would make more money, because we could get cheaper boats. But because I don't think we'll see a big drop in the vessel rates. As long as the demand side from the oil companies over it is, I don't think you will see a big drop. But it might be that some of the owners that have been very optimistic have to adjust their expectations a bit. So that's overview on it. And because of my dream case, It was also 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 you could say, on the encounter side, I think we are almost done with the high grading. And on this side, I think we are where we should be. but you might see that we will do more in that space because the difference in that space between new building prices and second prices are in my head very limited you can get a new build for 120 million dollars and you probably can sell almost 20 road for 70-80 so the gap is very small So if we get the opportunity, you probably see us selling the 20-year-old boat and looking at something new. So that was the fleet and we might do something more in the IRM-CSV-space. And this is, this slide is just showing, because of course when we have a high grade of fleet, we also have two thoughts in what we had yet. 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 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. yeah. Then we got 65 and we have sold on nine, I would call it smaller non-core boats, yeah. And then we have bought two very big enkehandlers. So now we are at 57, yeah. And then we have we have some new bills and then we are at 64 again, yeah. 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 and a half. So of course it's also to gradually renew so you don't hit the wall when you in five ten years from now. So that's the development on the fleet and this is done you know more detail on the fleet age. So this is how you see how we have reduced the age of the fleet going forward. And on the CSV side, of course, we have done roughly 11 years on the enkelhandling that we have 13 years. But of course the global enkelhandling fleet, of course, is what is this. There is no new building I guess that was nothing been delivered from after 2015-16. And done on the total fleet 11 and a half years. And I guess there should be on average at least 20 years left in the fleet. And because what you see now is that the clients that don't talk about fleet Back then before they don't have to go, somebody wanted only a five-year-old boat and somebody wanted a 10-year-old boat, but because that is behind them, and they know they have to take what they can get, and I think especially the big boats, they will run for, I wouldn't say for ever, but I think they will run to 25-40 years, so that was the fleet age, and it was this This is the ankehandling fleet, and as I said, what are we doing, what are we doing? So why is the, why is the, why is the, you know, winning a contract with total renown for a big ankehandler with Ukraine? And why do we have two big ankehandlers in Guiana? And why is the discipline now in the North Sea? So if you have five, six vessels that are idle in the North Sea, in the old days, you know the market would have gone like that, but today the rates are sitting. And it's because the owners and 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 bottle. 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 bollapull, and we have bought two boats with high bollapull. And you know, interesting to see, before we bought those boats, the 400-ton bollapull boats, We looked at the average of all boats in the north side, not over all boats. In the north side in the sport market, in a quarter of 2020. And the interesting thing is that the two boats, the Sonnefjord and Salfjord, the two solstads boats, the last boats, they had an average round in the calendar in that quarter above 800 000. And then if you move a step lower, you know, to the, I don't say name, but to Wiken Sandvik design, the shitloader of Wiken Sandvik design in the market, which is almost 300 of the bull. They had an average between 400 and 500. So that showed that even if it's an enkehandler, big enkehandler, it's a big difference on, on, on urnings. And I don't go into the details. 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, you know, it's a big difference on specs and big difference on earning potential. And then we see our big clients, Total and Suriname, Exxon and Guyana and so on. They are now shifting demand to higher spec boats. It's opening from what's normally been in the North Sea market and Brazil market, and a little bit in Australia, it's not growing. And of course this explains it a bit more. And so I guess this, these are the biggest ones, they have cranes. Of course these are also enablers for when we do projects. There are some projects, wrongly, they need that spec, they need that bullet pull, they need a crane, and they need a venture. So then you see, and I don't know Lundberg, we don't have any numbers of this, but this is, if you add that one and that one, you know, are talking between 30 and 40 million dollar in 25 for that asset alone. And of course that is why we are doing it, and this is the sister so she did the same here and this is a bit smaller boat also with crane and you see she do much more than these boats yeah and when I show you later on we have six boats for 27 in the anchor space that is not fully committed and four of them have cranes and then you see here is the here is the both with all grain. So I guess here we are talking, you know, 12, 13, 14, 15 million. And that was last year, yeah. But this year, you know, one or a couple of the arm classes probably will do 20. So this old slide also showed how the earnings developed. So this was probably below 10 in 25, but 10 in 26, it was almost double that in the sport market. So, and me being that old, you know, the oil companies don't wait to move a rig because they have to pay 3 million for an enkehandlare. So back in 2007-2008, you know, we paid boats in two years in the enkehandlare. I'm not saying that's going to repeat, but I think the earning potential in these enkehandlare is enormous. And the balance now is extremely thin, so if there was 3-4 boats less in the market will be a hallelujah twice too. And I think we will see that balance coming. There is no 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 a hundred times before, my view is that we will see gradually the So this is the BTA for the high-end. This is for the ones we have sold.

So you see this is medium small boats.

You see it's insignificant. And of course here is the back of them. So you see very small boats, all boats. I guess you understand why we are selling these boats. And this is an interesting one, and of course, this is to show what we define as, you know, the high-end or neck-end. So the big beam, the big bollapull boat. So 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 spots, and of course we like that a lot. So, and this is done, I talked about the spot market, I talked about, you know, let's say the tour market outside the North Sea of Brazil, picking up. And this is, of course, the doves-ups part of the business where we go and do the full scopes to more an FBSO or another floater around the globe. And that, of course, is where we normally use the bigger boats with cranes, supported by other boats with outcranes. So typically on a project that you can use four or five 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 will see it becoming really hot so looking forward to that and I guess boys he will talk a bit more about the summer projects we have done and it goes on those of course you can do very nice race on the boat and then we can do a very nice margin on the project as well. Was that the wrong way? No? Yeah, so didn't we have this? This is only the 70 fleet. Well, this is only the 70 fleet. So now we are done with the anchor energy, so this is the 70 fleet. So of course we see we are growing the 70 fleet and we are reducing the fleet And this one is a bit interesting, so this is showing the earnings we have today on similar boses these new bills with 250 on crane and of course a few of them are still on on low rates yeah i think that you know if you look at the pure time charter rate for a 250 on crane it is the blue one there i think the market if you go i want to fix it both today you're talking 75 000 us dollar a day roughly peak and then you make a bit more than 50 000 a day and then I think some of the new build guys they have been asking 90-95 for a new boat so I think they would have to adjust a bit but what's interesting is that you know we have boats in this space on all contracts that still work on 50k so there is a big upside for us when these coming up for renewal even if the market is flat. And then of course we add this on top and then of course we I think we you know we had we have given an example before Mr. Marco used to have the Havela Phoenix on a three-year contract in in Guyana. And on that contract he made 10 million dollar on top. So that of course is why we say that we can have, even if the market is flat, if you get the 75 on the vessel portion, we can add this on top and we can have a payback on these new bills in five years. So that's the whole match behind it. And of course we don't need to own the boards to get that portion. 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 a 3, 4, 5 year contract. We don't have to handicap us at all. So that is the rationale why we are doing this and this is done showing why we are shifting from a PSV to an FSV or a CSV And it's also a bit like that, so why is in my head, you know, all this is my head, why is are we winning small jobs that Sub-Seven used to take. Why did Dagar Raimond win the three BPI-RM-contract that Sub-Seven had for 20 years? It's because they can do 400 million dollar on one big superproject. And he can do 10,50 on this BPI-contract. So they simply don't have the focus anymore. And of course it's the same with us. Why should we chase five million on PSV when we get 30 plus with the same risk and even perhaps lower risk on a three, four, five year IRM contract? And why do we want to do more bigger projects? yeah that's because that guy here you know we will show that on a congo project that we executed last fall you know we we had a revenue of 150 roughly and we made more than 40 million dollar in project a bit on top on 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 times of year. And I can start this, how we see we can continue to lift the earnings in the off going forward. So this side I'm very proud of, so I don't know if I can say it, but when we had a D&B conference, remember we were on the D&B conference, Then we were sitting next to the ocean, and he said he was world champion in IRM. I'm not saying we are world champion, but I don't think he has more boats on IRM-contents global than we have. And what's interesting with these contracts is that they have an opportunity to lose forever. So when you are first in there, you are in there. So we will show that later on, and of course it's also a door open to get much more business. You have a contract, you have a boat, you have all the tools. They give you a lot of extra work. So one more on Doug Raimon here, you know he 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 dollar. So God's understanding that you make more than a little bit on the margins. So that's why we love this long stable income. What do you call it, Chairman? You call it infrastructure. Exactly. Infrastructure, yeah. And then you see you get renewed and renewed and renewed. And as you see, we have a fantastic global presence here. And perhaps what I'm very proud of is that what we have been able to do here in Guyana and Suriname. So I think Marco, we have now six boats in Guyana as we speak. So it's pretty good, yeah. and this is what I'm talking about here so Scandi 7 here in Angola we started back in was it in 2016 and on a one year contract or something like that and of course now we have been working there for eight years no ten years and it's not a secret I guess 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 three years, extended one year.

We expected to sustain one more.

And then of course, we expect to negotiate a new a long deal after that. And that is, let's say the dynamics in the FSVR market. It's critical infrastructure for the clients. and you know that feels better than they do themself yeah yeah and of course this is uh actually read on the plane to to uh from a burger this morning that this this market is really growing so our run market to 2035 is growing a lot yeah and uh and of course you see you see of and everything is also getting older so we expect a steady nice growth in the global IRA market for the next 10 years at least. And this is just some examples of deals that we have done recently so so of course there is a lot of questions on on where the market is going and not going so this is just a few examples on on on on what we have done lately yeah so this is this is a csv on a iram contract yeah a long a long iram contract that is being renewed as we speak So the rate is up to 13%, the overall rate for you. And because that is done directly to the pocket, the bottom line, because it costs the same. And then you have, I guess it shouldn't be difficult to guess what that is, because a long four-year contact with the crane, I guess we only sent out one person is on the four-year contract with crane so but this is showing what the vessel have have been did in earnings in in 25 and this is done the earnings on the on the new four-year contract yeah so because it shows that the market has strengthened and it also shows how limited the supply side of vessel in that category is here so how do you go to if you want an anchor handler to do christmas trees and heavy lifts you have to go to dofia so and this is done you know we have we did a couple of new contracts in in canada so this is done the uplifting race on them and this is done this is done you know an amp class or two in the sport 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 a year. So it means that probably if you are lucky for the rest of the EU can do four times higher earnings in 2016 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 the that one why we are doing what we are doing and any questions on the fleet renewal 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 under new build fleet. We have now seen a couple bigger boats with 400 cranes on. Do you expect that to pick up in pace like we've seen with the smaller CSVs?

I don't think so, I don't think so. I think what you see is that how many building the medium boats, it's a lot of ship owners around the West Coast nowhere yeah and of course none of them or 95 percent of them or they both have no long term contracts so i don't think they have appetite for doing more at the moment and and of course it was sia me what are the two big ones and he of course he is industrial player so it's probably for uh for the 37 renewal of their fleet so i don't think so no um yes thanks 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 percent more while as you just said the client they have the vessel that they can and they cannot choose right now in in the fleet that 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 duff it was a long i have to yeah i think the first

question is related to 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 percent but rather that the pace of installation will probably continue to be at the flattish level but the base of infrastructure on the seabed will then increase as there is not as much being decommissioned.

What we were trying to show on that one is that for our inspection and repair maintenance, part of the OPEX, they expect the demand in that to grow because you have the use increase in install capacity. And then you have the guys who install it, you know, it's the surf side of the market, yeah. So we do it a lot of ourselves, and of course the big players up to seven, technique, type of, and those guys install it, yeah. And of course what you have seen now from the, from the big, some of the big players this year, especially up to seven, is that they have re-delivered both in 26, yeah. 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 2027. So we expect them in the first half of next year that they will have a demand to have to have to charter and 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 are already doing stuff, as I said, we did 150 million dollars in a project in Congo in Kota 4 last year. So, we are still flexible, so we are talking more about that. So, we just want to do more of it, because we make good money on them.

Do you want to make more than 50 million projects or do you want to make a 400 million project?

I want to make more than 150 million dollar projects. We might do 200 million dollar projects, but I don't want to do 1 billion dollar 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.

450 million projects a year, do you need to add vessel capacity or can you manage it?

No, no, we have that, yeah. We have that. We have that. So it's just to, to shift, you know, the, you know, the big boats from, let's say, smaller produce to bigger produce and use them to a degree on the capacity.

Very well, let me move on to Michael, thanks once.

Good afternoon everyone, hear me okay? Yes, good. So I'm Michael Rosic, 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 gonna say east of India we don't really want to go to the east of Africa at the moment I'll leave that with Doug for now but yeah fairly large 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 man 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 at but I haven't been in the industry as long as DOF's been around. But yeah, we have a very talented pool of people. About 834 full-time equivalents at the last time we did a count. That is onshore and offshore people, professional personnel, supports 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 their heavier side. Rigid pipelines, not our patch. We have nine vessels in the region, so one of the smaller ones within DOF. We have three construction support vessels, the Inventor, the Hercules, and our DSV, the Scandi Singapore. We have two MPSVs, both on long-term contracts, Scandi Darwin operating in Bass Strait for what was ESO or Exxon is now Woodside and the Scandi 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 also the Emeralds in the spot market Peregrinos with Woodside in Bass Strait and the PSVs Feistein and Kibitsoy also we manage those but they're on long-term contracts with SO 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. Yeah basically we're looking at delivering services to our clients in the region and as I said as the only point of difference between ourselves and the other regions is the man diving operations. Started off with two vessels and we're now at nine 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 on 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 three-year contract that was extended then re-tendered as another three-year contract which was extended and was re-tendered as a three-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 Jans and Barrow Island itself. 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 zero commitment but in the last five 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're talking about water depths up to 1300 meters there's not too many players off the Australian coast to do that on a regular basis and are there all the time and the other as a the other point that they like about DOF is that if we have a vessel that they want to plan to use in six months time and we pick up other work we've usually got another vessel that may be able to backfill the capacity so they see as I said they see us as a partner not a not a contractor it is all northwest shelf assets we have similar frame agreements with Woodside impacts impacts 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 ESO 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 NOPSIMA as we know them and to operate in the oil and gas space or the offshore energy market you need to have a 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 specific there's a revision to your basic 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 Jan's location and they wanted to commit to a vessel for 12 months minimum. 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 had the Scandi inventor available. We have a pipeline of work in the Australian and the APAC market in the next five years where we can use a vessel with the capability of the Scandi inventor or the I-class vessels, 400-ton 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 eight 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 JIC project Gorgon Jans IO compression project directly for Chevron and then subsequently through their primary contractor Saipen and the vessel has been working with them for quite some time and will be working for them later in this quarter well 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 six 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 JAN's IO compression project, we have executed one of the largest or the deepest water mooring projects in Australia. The field control station for the JIC is in 1300 meters. It is 12 mooring leg configuration, four quadrants clusters in three lines each, a combination of chain, wire rope and chain. We leveraged off of the experience that our colleagues in the US, the UK and Norway had done and we've executed that work on behalf of SIPEM. We did the pre-installation work, the pre-tensioning, it had to use a vessel of 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 pre-lay was completed in the fourth quarter of 25 and we completed the hookup of JAN's JRC FCS last quarter in late late June used the vessel to its full extent and everyone was very happy we were ahead of schedule, under budget no incidents of any significance yeah, 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 had the ability to manage the maintenance of the vessels in performing these activities So, what does that mean for APAC in terms of 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 five years. 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 as I mentioned before the safety case regime is a fairly high barrier to 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 the Singapore as well. Indonesia, Impex and a few others are, E&I 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 in Indonesia they do do use a lot of local personnel but for more complex work they do we have done work for them in that 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. Basically we're here and they know our capabilities. The Philippines, with 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 in the Philippines and we see that as being we have a base we know how to operate in the Philippines and will continue to do so we have the MPSVs the new 250 ton crane boats that are going to be coming available in the in the coming years I'm fully expecting that where they're coming from our part of the world we probably won't leave but we'll see possession is nine-tenths 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?

I'll start with the webcast one 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 Sub C7 playing down when their assets were available and 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 have that made it more difficult for them so that the the competition has was it was high it's lowering now there are other players in have coming into the market deep ocean are trying to make a presence they have a reputation I guess in in southeast Asia which is not as favorable as it is elsewhere they've unfortunately got a bit of an issue one of their boats at the moment but we haven't seen direct competition from them, certainly not in Australia. Vantrus Energy, the former Sapura is operating very heavily in Malaysia and they will tend to get first first dibs on work that has executed there but if there is something that is complex, difficult or somewhat bespoke we've 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'll happen and we get it done.

Thank you. 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 it is a very large large region the vessel the work will move moves around the region at the moment we have nine if we're going to right size the fleet nine ten 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. Which one is the bottom?

This one.

Hello everybody, I'm Marcos Klocki. I'm the EVP for North America. I've been with DOF for 17 years and responsible for North America for the last 13 years. This is North America at a glance. So market position. I like to count our backlog in vessel years. We have a 43 vessel years firm across Canada, Guyana and Suriname. We hold some Turkey project in Argentina and Guyana. And we have a project management and engineering in Canada and Guyana frame agreement from the backlog. On the vessel side, we currently have 14 boats, seven anchor handlers, eight CVS, including tour party vessels. I think we are very well positioned in the region with a strong opportunity to expand 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 increase 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 a strong group. Regional office is in Houston, St. John's and Georgetown in Guyana now. Houston is very focused on a subsea MR and project. Canada is split between a subsea and marine asset operation. And Guyana is a small office that is growing where we're targeting to have a more local logistic and local content development. A few projects to highlight, Senovus project management and engineering with the field support vessel, the long-term anchor rendering contract, shell well intervention in the Gulf of Mexico, MODEC-MURIN-TNI in Guyana, of course the ExxonMobil MPSV in in Guyana and we also performing a project for VIMOS in in Argentina for an oil offloading system on a TNI basis. So this is our we're responsible LAMSAM for the engineering, delivery, transportation and installation of the off-loading system. A few projects that are interesting I think they follow you know 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 continued development. The project was awarded in 2015. We delivered a new boat in 2017 for a 10-year contract plus 10 one-year options. So the contract will be for extension in 2027. We're responsible for the project management, field development and IMR activity for Senovus. and we physically have two project management team. One responsible for the operation of the boat, one responsible for planning the IMR and activity that Senovus requires on the field. This is something new, I would say, for DOF. And on top of that, again, field development, a field that has been there for 15 years plus, clearly there are a lot of, I would say, you know, problems that the field has started to have. So we're always tasked with a special project, like I call. So in 2025, we perform the bottom chain replacement using our own boat, the Scandi V-Land, plus a third-party anchor handler. we had a few project around the maintenance of the FPSO where we have to develop all diverless operation and for 2027-2028 we are now planning the top chain replacement of the FPSO and working on a 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 Cenobus. Second project this is our I would say larger area of development is the ExxonMobil Guyana development. We started in 2022 with two boats we're increasing to two to three boats with the acquisition of of Maersk supply and we have a new contract signed this year for three years. So at the moment we have the Scandi Involver, Scandi Constructor and Norman on this contract. This is represented three of the four boats that they work constantly for Exxon. As you can see in four years of service we installed 78 trees, 28 rigid jumpers, nine flexible jumpers, 71 tubing handers and starting to perform maintenance with 20 pod change out. We are also responsible for all of their survey work on the field. This is a repetitive business every two years. So far we did 282 kilometers of a multi-beam survey which is the first three fields which is going to be a repeating business. On the left you see the pictures of the Scandi involver mobilizing a dock with the Scandi implementer which these boats were both in Trinidad mobilizing on two different projects because on top of the of the ExxonMobil we also been able to support Saipem locally and that today we also have a two anchor handler supporting a rig mooring operation. What is interesting again about Guyana you know there are three year project plus option. We have just the delivery of the Scandi Involver which has been an enabler for DOF. Why an enabler? Because Because, you know, of course, the oil company want to tell you what vessel they want. And they're coming and they're asking for a 250-ton crane boat. 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 Scandi Involver was an enabler to be able now to plan multiple larger projects. So we're working on a power umbilical replacement maybe at the end of 2026, maybe early 2027. we are working on the DWAG expansion which is a destiny water injection expansion so destiny is the first episode that he was installed on the Lisa field you can read on the you know you can read on you know an exon that you know the production is still depleting they needed to figure it out how to keep 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 that is not the rigid the pipeline. Saipem will do the rigid pipeline installation you know is there a PCI contractor but where is the shift now is that the Saipem is not doing at the entire project Exxon took away a larger portion of the development which is pretty much all the subsea installation pile money for the rigid flexible jumper and and this is something that the doffer will install in 2027. The same is for the AMARAD tie back where again SAPEM will install at the flow line and DOF under the frame agreement with Exxon will install umbilical jumper and fly leads. Currently the SCANDI the SCANDI Involver is also performing well intervention in in Gaiana at the moment. We're not responsible of the well intervention system, Baker is, but it's pretty much has been a development between Doff 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 five rigs working in Guyana constantly. So far they installed 155 wells, 155 trees. They are planning to have 300 trees by the end of 2030, right, where a project of five at the moment. They still have a four project to go. One will be, number nine will be sanctioned by the end of this year so for them I'd be able to use the implementer to assess the well and do again let's call it a simple task but task that before were done with the rig is a big saving and there's a big opportunity to keep the rig working where where the money are which is drilling wells. Another project is on going now is Shell Chemical Intervention in the Gulf of Mexico. This was awarded last year in two phases. We did the phase one in April and May. This is with the Scandi Involver. And this is the first time. Why 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 you know when we do a job like this it's not anymore the boats that we're talking a multiple of the boats revenue right on a single project. We were responsible of course to provide all the equipment on deck so riders wear intervention system cold tubing, pumping system, chemicals and we will have a phase two of this project in October and November of this year when the boat is coming back from Guyana. Next project interesting again this was a combination of a support project plus a TNI. We were awarded by MODEC for the Hammerhead project, which is the installation of a thin suction pile and mooring line, but last year in 2025 we supported Jumbo to accelerate delivering their project, their delivery program and we installed 16 of the mooring line with the Scandi scans. Mobilization occurred in Trinidad where we had three mooring line at the time loaded and installed and the next year in 2027 we will have the Scandi implementer performing the suction pile installation. As you can see there an animation of the boat carrying and installing egg suction pile. And the scans will come in a second phase to install the Moorin line. Interesting of this project, we are also responsible for the entire logistic in in Trinidad so for managing the pile and the chain. Another interesting project that is ongoing right now phase two is pretty much at the door October October 2026 to January 2027. This is the VIMOS oil offloading system. VIMOS is a Vacquamuerta oil field services. It's a big pipeline that brings oil to shore, to the offshore where a Tukalm buoy will be installed to offload roughly 700,000 barrels a day of oil. DOF is responsible for the installation of the two buoys, so the preset of the Tukalm buoys, the installation of the two buoys, performing the spooling installation for the system and then pretty much the commissioning, the flodiosum transfer and all of it. So the phase one was already done in June of 2026 with the Scandiera. There is a picture of the Scandiera arriving in Argentina And this is a picture of this chain before we loaded in Buenos Aires. And here is what Monse was mentioning, the Suriname project. This is a recent award that we had from Total Energy with Scandiera, delivered the boat in 2026 to December 2030. 30 where where again Total is is requiring a very capable anchor handler to set to set the moon in line for one of the two rig because the field development goes from 100 to 1100 meter water depth but on top of that they also require in a boat with a 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 also be responsible to installing subsea trees behind the rig. And then with all the other tasks that they come. The field is supposed to have a first oil by 2028, so we start in 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 down there. So like any other presentation we have a kind of a regional market and opportunity update. So I divided a little by the the different area where we work and also by IMR and Morin. 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 then in U.S. and of course we grow a lot of in Canada where we are for sure the first operator in Canada with multiple boats for Senovus and Suncor so if we look about US 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 the development. Already they are in from 200 meters to 3,000 meters so there is still a very active IMR type of activity. John's 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 three big pipeline companies surf we are not playing in the surf market in in the US 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 bigger player subsys seven and technique and especially because again they are not major capital project of very few right that we can mention it but really their goal right now is to keep a production going with a smaller and shorter tie backs where DOFA can help you know DOFA can help without going to company like Sub C7 or Technip. Canada again we're very active very present we have a few contract in renegotiation at the moment like Mons mentioned. Clearly it's a tight market and we're waiting on Bay the North for most of the activity. Mexico, Mexico is picking up. There is the development ongoing. We already work for Woodside where we're both going down in few days supporting some of the work there and we see new operators are coming into the country like Arbor, Arbor Energy with ZAMA and CAN, a CAN that they are planning for 2028 and 2030. This is our interesting job before us because we will also target in the FPSO hookup and the mooring installation. Trinidad, you know we've been working in Trinidad from 2019 pretty much regularly for Shell. There are only few new projects that come in online because again there is a need of gas for the LNG plan and now they are also looking in developing a couple of fields 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. We have a boat there that has been doing all the work for Shell Mbp. Surface shallow water development but it's still a rigid pipeline larger so we can only do support and and they're not really mooring job in Trinidad we're hoping at the Dexon and now both of the big field will will come and progress with what they are doing in Guyana. Guyana is always the big story five project of nine getting first oil by the end of 2026. 153 already installed on 300 to be 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 a 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 you know we always tell them tell us what you need to be done and we tell you will be the right boat or the right ROV. Like I said in Guyana we are going to do the Prelei mooring for MODEC in 2027 and we needed to see how we'll develop you know 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 for the Morin scope of work. On the surf side like I show you before again Exxon 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 a surf type of work in in in the region Suriname of course we talk about the Grand Mogu project we're waiting to see what Petronas will do that they are claiming they found that the 10 largest gas fill in the world there is an FSV planned for 2028 and and this is where we're monitoring monitoring the situation but we will have a company set up in in days to support the total so we will be there ready for their work. So like I said we've been in very well position with the IMR contractor for Trinidad Tobago, Trinidad and Tobago supporting both the Shell MBP, present in Guyana, multi-multi-vessel present in Canada for Senovus and Sancor and the first vessel in in Suriname. This is a this is thanks to our modern fleet you know we have really have the right asset required for this type of operation in deep water. We provide the integrated ROME, our remote intervention services and the survey capability, because survey is something that we don't talk about, it's been part of the of the delivery. We grow a lot our project management and engineering capability and we're really become a trusted service providing the region helping the operator to execute their long-term development plans, not just a delivery in a boat. I think the Monsa told me last week that Exxon now is our second best client, major client. So before Guyana, we have 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. Canada, Guyana and Suriname, for sure. in North America is still because it's very competitive a market there are there are no long-term contract Pro Gaiano you already see four boats are not enough we just supporting the fifth boat right now they come out with another smaller rescue for another couple of months and I will not be surprised and And when in 2028 we needed to renew the Nomad and the Constructor, potentially there will be an extra boat there. Yeah.

What about Venezuela? You mentioned it briefly, but 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 you know 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 the diving is a spaghetti house down there you don't know what is on the bottom right we know it is we know again shell is looking at the dragon BP is looking on the south of Trinidad to be bring oil in that there could be opportunity and then we need to see what Cardone for Repsol and Eni will do but I think is very limited for us due to water depth and and the region itself yeah fair enough thank you then we'll do a 14 minutes break for a coffee etc so we'll like comments again at the 30 in the 50 okay so good afternoon everybody

I'm Mario Fusetti VP in Brazil so I think this is the third or fourth time that we come to this capital market today so we will update the situation in Brazil how are we doing and 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 ABM but we kind of you know work on it a little bit you know you see you know this this this curves and this is the overall number of vessels assets in the marine support what we call the marine support you know class of vessel Brazil basically all the best 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 you know 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 you know the history is well known we have the crisis here you know all the foreign flag you know start being shipped back to abroad from Brazil right but what is different that we do here you know besides in Abian 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 you know put on reb for the Brazilian flag so when you see the Brazilian flag fleet you just added this to is about 390 right so it continues to grow but you see that you know there is a kind of you know stability on the foreign flags you know while the Rebs you know changing foreign flag with the Brazilian flag to avoid exposure of being blocked in Brazil you guys know 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 the spec that started in June last year so is still creating a lot of mess but so you can see that in order to have protection you know the foreign flags start moving into red 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 is about 20 vessels that have been put on flag we ourselves doff we have put five foreign flag vessels on red flag you know this year okay in order to be able to perform and have assurance that we can guarantee those vessels for this long-term contrast that they are mostly fully booked until the next decade right so the market continues sound you know there are always reflections that will depend on what's going on you know this thing here may adjust I would say early next year because you know we are doing a lot of movements in order to see if this what we call this mess that really untuck the government entity has created you know with the dispersal blocking partial blocking you know you understand an RSV can block a PLSV you know a PSV 3000 can block a PSV 5000 right on capacity and and that obviously you know create more with more restrictions for the foreign flag right this is MLS typical the picture that we show every year also Marco and Michael you know have shown it that I think will show the same right it's a good representation of of the company so this is what we call the fleet one in Brazil so we have here 12 HTS's those are high power HTS's you know the four new from last year are this come Jupiter and Mercury I mean they just got into contract in September right when we were here right with foreign flag and this kind of logger and this kind of lifter that were part of this uh you know backlog these awards that we had next year i'll go through it but basically last year was a kind of a unique year for us you know in terms of uh you know awards right so basically we had uh you know seven new awards of ahts for four years all through public bids to Petrobras and then another seven awards of RSVs when I was here in September we practically have half of those signed the orders to under negotiation not yet guaranteed and then towards the end of the year early this year you know we guaranteed everything those that were the five that you know are basically you know what we call the Brazilian you know fleet of these vessels, Urca, Paraty, Angra, Iguaçu and Fluminense, these five vessels here, they were under contract and they are entering into new four-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 too early next year, to the first squared of 27 basically for one year so this came up as extension I mean what was our problem our problem was that you know this let's say old contracts you know had the rates that were you know really below the new rates that we were able to achieve on this new awards so the question is you know yes additional backlog additional extension but basically you know quite the 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. You know, 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 five ten thousand dollars we have difference of about twenty thousand dollars between the rates so basically you know it was important you know to do some kind of famous one-win-win-win situation with Petrobras and they bought it so basically you know these age the assist you know they are now working on a kind of in-between rate between the other contract the new contract and then we will start the new contract in their first quarter of 27 the RSV 7 basically the same the only difference that for you know we're new really they were not a long-term with Petrobras Salvador achiever and Joe home and Scandi Carla you know they were out of the Petrobras long-term working for first-year contractor Saipan BW Saipan BW sub c7 right but those three that were on long-term contract you know yeah they also were extended to the first quarter of 2017 for the same reason right so that's why basically you have seven new contracts of HTS five extensions seven new contracts of RSVs and three extensions right and then you know finally this was expected last year but really you know we we had it 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 eight and bran was first you know for four and we were second for four right and we were able to close these contracts unsigned only in the first quarter second quarter this year but we did manage to right so and these are you know 12 years each of every one or 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 you know for this three years for at least three 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 you know to 29 vessels and before anybody ask as I always start saying I mean it was supposed to be 30 I I'm not counting this kind of Amazonas here anymore, no longer, so that boat was lost, you know, in May this year, so we're supposed to have 30, we have 29, and the outlook, as I was telling you before, I mean, looks, you know, strong, continues strong with Petrobras, and with the MAPSVs, RSVs, IMR, basically, and the first tier, we call the first tier surf contractors. which are basically the same we have a you know even all seas is starting a new you know big surf contract now but Cypens, Sub C7, Merged or No Merged, Technip FMC, now all seas that will do their first large surf starting next year which is Buzustan 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 you know large construction vessels and petrobras tendering 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 you know performed and negotiated so reduce the pace but it's too high with PLCVs that where we are today negotiating three new contracts of BLSVs right so who are we you know 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 you know operation in Brazil and to the extent that we continue right so that was one of this you know 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 that 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 you know that RSV with our AUV contract to us was basically a renew of this kind of commander that was ending you know and still end in the current contract for the new four 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 four slots for three RSVs obviously that when Petrobras and what we wanted prefer to place this kind of commander on a ROV plus AUV contract it has opened this lot 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 you know that contract sells yours we have been qualified right but we didn't have so we gave it a slot to another competitor of us and I'm still waiting for them to tell me thank you about it but someday they're going to say right and you guys probably know who they are right but they will they will they will contribute you see the you see the you know so how the manpower right has increased obviously with those fleet increase right as always a big challenge in Brazil not only marine personnel but also on subsea personnel survey ROV right so we basically you know went from now we have 399 if you see here the offshore marine you know the offshore subsea though the this is you know really you know the people what do we call the you know the the the direct people that we have contracted and then we have third party right and we are total today around or over 2,600 people. Last year I was here showing that we were on the 2,100 you know total workforce so it has increased by more than 400 about 25% you know do it to this right and so basically you know you have the fleet one you have the fleet three what we call you know the subsea fleet and you see here in another color you know this is just the PIDF contract right all these are the long terms that I'm talking about starting all new contracts until 2013 I won't show that more in detail and I put here something that gives an example or how we operate you know between Atlantic DAG you know Gulf of Mexico Caribbean Marco obviously Michael is on the other side of the world but the way that we make these vessels you know take opportunity of contrast spots or not in these areas so this vessel here this kind of discussing she was working with Marco until November last year in in Guyana right as soon as she finished that work we had a spot good spot for BW Brazil you know starting in December so she came straight to Brazil it's kind of discussing and then you know she worked for BW and we had a contract with Saipen those supporting tier one contractors with this kind of achiever but we were successful in place and this kind of 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 Saipan without impacting Saipan and gave this constant immediately after BW to Saipan right but then our friend Doug had a commitment in May with this kind of constant here in the North Sea I think for BP so the vessel had to leave Saipan right on time for BP but again we had the discounting over that was busy in Brazil since the acquisition with MSS Brazil and Alcatel for that Libra you know contract and coincidence or not but we make it happen we took a discounting in one day we put the over the next day after Libra to stipend to complete the work right and as soon as the devolver has completed Cypher right on time she came straight to Guyana for mark to start the long-term contract with with Exxon model so this vessel has been fully booked since the award since the acquisition right months this is an i-class right so you know sometimes we managed to do a good combination with a bit of lucky we make the things happen the clients happy and And the vessels, you know, book it all the time. This is the Fleet 2, what we call the Fleet 2, the PLSCV's fleet. This is the joint venture with Technip. When we come here, we have Technip representatives here, JV directories here. And three PLSCV's new contract, three PLSCV's extension, same thing. petrobras want to extend the contracts of sun iteroi and vitoria to the first quarter of 27 and we had two PLCVs contract extension that just happened you know two months ago to the first quarter of 28 Scandi Busios and Scandi Recife right so when you look then I'll go ahead on what is the status today so this is what really we have you know the state of the art the largest fleet of PLCVs in Brazil fully booked until 2032 if we manage to accomplish the negotiation of the contrast that we're doing now. So out of those you know that only ASU and Buzios, these are the largest PLCVs in Brazil, 650 ton VLS. Petrobras became very clever now they don't do bids for 650 tons anymore. What for? Just for us to bid. So they make bids for 550 because they know we are going to bid the Scandi Busios and the Scandi 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 petrol in in Brazil anymore that's it right so you can see here obviously it's just a representation they were new builds only Olynda, Recife, Vitoria, and Iteroi. Vitoria and Iteroi, the oldest, you know, 2010-2011. Olynda and Recife, the latest, being Olynda the latest in February, you know, 2019. All with the Brazilian flag. So these are real Brazilian flag, Brazilian built PLSVs, right? There is only one, another one, that belongs to CIGEN, this is CANDIS MEDALDA, that has that same classification but you know 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 you know it's a very good representation I mean 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 one, Iguazu, Angra, Paratyurka, you know, Botafogo, Fluminense, and Rio, all with ROV, right, Ipanema, you know, she's not, it's our smallest HTS, you know, she's one term also, but no ROV, Jupiter and Mercury, you know, the two that have started in September last year, three years contract, logger and lifter, you know, together with this award, right, and what do you can identify here maybe you can see you right that we call if there is this kind of circle round is Brazilian or Reb if they are like this right they are being registered on Reb so Brazilians right only Jupiter and Mercury on falling flag logger and lifter on Reb start the new contracts with the Brazilian flag PLSVs you know basically the same right and the RSVs that have been expanded, you know, to 11 boats because, you know, we have the new PIDF three years contract started this year, you know, 26, 27, 28 until early 29. Petrobras, you know, 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 C1 Atlas was a PSCV that we contract in Brazil on time chart basis from CM Brazilian flag this is the same pilot you know is the one that is under you know 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 red early this year to get with the logger and lifter right and Scandi Carla and Geo Home if you guys remember last year I was saying these two boats here Carla and Geo Home they are on the PIDF with the Strio Explorer but we were successful in place then on long term with Petrobras right so and we had to put the Brazilian flag that was the requirement so they and put on reb and we have to go after you know the boats to complete you know the fleet for the PIDF so for the first time we have a PIDF being performed with practically only third-part boats right but they are still delivering the same the same performance right this is a vessel that DOF has a lot of interest probably will stay with us you know C1 Atlas and brass ring this was necessary to put on even if we don't need four boats for all the time since we had this surprise that Scandicardo and Jerome 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 you know Hornbeck HOS Bras Ring Brazilian flag into the fleet for at least six months to give us that you know that punch to recover what we have delayed on the start so this boat here you know probably most probably we're going to release her you know in October because we have already recovered right and also because she was blocking you know the pilot and the Explorer you see that but this time was a real real blocking not partial blocking because she could really block and she was available so we sat down and put things together good for both we needed our four boats for some time they were blocking by being contracted they released the blocking right so was a kind of a combination in order to you know be able to execute the contracts so when you look into the fleet and how they are looking at this is the HTS fleet so you can you can see that basically today, you know, only three boats, Ipanema until mid-27th August, Scandirio goes until September, October 28th, and Botafogo in 29th, so they are still on one term, so this is the boat, you know, from the entire fleet, the Ipanema, that we are now, you know, not trying to lose an opportunity, maybe Petrobras again with a new bid, you know, because she's working the Petrobras, all these boats are working for Petrobras, so we have the entire for it to work for Petrobras this time right and but this is what we are concentrate all the others they are on long term so what you see here on Fluminense, Urca, Paraty, Angra and Iguazu those were the old contracts as I told you were awarded and then you know they were 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 four-year contracts that goes until two thousand thirty one and I can tell you already Petrobras is already proposing to us to further extend that this five boats two 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 a hundred percent but we can predict that it may happen and when it happen is good right it's good because it really guarantees the backlog it give us time because now we are going to really select the stop of this boat so Petrobras has a billet of them and we don't get all of them mobilized at the same time you know just in sequence with time and what we can combine with the dry docking right that's where you know the cost efficiency comes out if we can just have a synergy of dry dockings with the the mobilizations right this is the PLSV's fleet Vittoria and Iteroi as I told you you know already and this the Sioux right here below here are at the new contracts extended until you know early 27. Recife, Olinda and Busios this is the last tender this year. It is still ongoing so we have been able to place all three boats on all the lots that we proposed the boats in first place. So where are we now? We are negotiating this three new contracts, right? What assurance can you give Mario that you are going to have three new contracts starting here, you know, 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, you know, 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 you guarantee I mean what Petrobras what can you guarantee with Petrobras what we can say is yeah is practically guaranteed right if you interpret the way you we want you know probably Marty is going to say Mario don't guarantee anything because this means backlog this means you know so but yeah 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 you know 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 you know 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 you know the delays to start Olinda shift and you know maybe you see some you know 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 you know basically you could not put even more a child on board because it was full up I mean life on board was not easy was pocket so you could not expand it to anything because all is a combination of RV AUV all the time and the boat operates 80% on AUV right that's why back there when you saw you know what we expanded so much because all these boats have survey AUV needs survey and you could see there when I show you that we have two AUVs in Brazil now. Dof has bought a new AUV, has just arrived in Brazil three weeks ago. This AUV from Kornberg, latest generation, can be put to work in place of the SVU1. That's the old AUV, but it's still performing. But she has a new state-of-the-art model. Marco is an expert on this. So she can... You are, right? You can... you know 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 do you want we want to sell to Petrobras right so Petrobras is interest but they need to pay right so maybe we managed to make an amendment this contract add in this additional service on the new AUV contract which will only start right early next year four years so the whole fleet is booked this is just a summary what I was talking about but there are some numbers and all the numbers that you see here somehow have been have been made public right there were press release from DoF right but the seven four-year new contracts of HTS the five extensions the planet start you know that was in excess of 950 million backlog right and you know we are now talking about further extends before we start the new contract fleet two we had the extensions of Niteroi Victoria and Skandae Sioux when we look to these numbers on fleet two they are only tough numbers remember this is JV right 50 percent is technique. So these are only you know DOF numbers, DOF backlog. The three years contract now will commence on the first quarter and Scandi Buzzi receive and which have been extended until January 28th. 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, seven new RSV contracts, the three RSVs extensions, so total contract value in excess, very similar to the HTSs, another, you know, 950 million, a backlog. The PIDF, I was already reporting if we would be awarded that would be close to 400 million and that 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 but recovering easily but we are right there Petrobras is is very happy with this contrast that why you know we succeed in bids you know to continue being awarded this kind of contract we know how to do it and these are you know really you know 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 you guys for sure are following that very closely so the first 12 PSVs were awarded to brand and to start now they are all in construction And then you had, you know, another 10 OSRVs, four awarded to StarNav, six 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 eight RSVs, which we were awarded for, and BRAN of the Schwester Group has been awarded the order for. And by the way, we are going to build these RSVs at Navship, which is the Schwest shipyard in Brazil. So basically, you know, the shipyard is going to build eight very copy-and-paste RSVs to Petrobras. Four for them themselves, four to us, right? so the contracts are 12 years each commencing 2030 the first two and we have awarded and this was you know for the bid that you know the construction would be another ship first two vessels will be delivered after four years signing we signed in the contract early May so we are talking about May 2030 for the first two and then the third another six months the fourth another six month five years so one the third probably by the end of 30 you know the force or the 31 the force by mid 31 right so Marco like to count you know the number of years contract Marco you had there 46 so this here have practically half a century right so there are 40 80 years awards of long-term contracts mom 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 it's an all two battery systems designed for deeper water in fact Petrobras is visualizing you know the equatorial margin for these vessels so hopefully they are going to be very organized also to supply it and all but if they don't it goes on diesel is their choice but we'll be ready the total contract is approximately 2 billion right it's very easy to identify by the day rates we have for the 40-80 years it will be financed by a large portion of local development that's BNDS attractive terms and its first commit the depth of the vessel will be fully repaid over to every year's period so the way it has been priced by the time this contract are over the vessels are paid it's just some characteristics of the vessels you know the yard now ship Santa Catarina delivery you know 988 for 20 and 90 meters depth is not there but it's that many meters free deck at a 650 dip 2 obviously you know two ROVs at least 200 HP always for 3,000 meters the claim class class 80 tons for 3,000 meters that's the spec something that we are looking out together with my ship is maybe to increase that crane a bit you know it does not cost too much but for sure the foundations will be right there if we don't put a you know a bigger crane foundations will be there but put bigger crane later on and accommodation for 56 people but the difference is the hybrid with ethanol and and PIDF I mean you guys are probably tired to see this right but again you know the numbers are expressive every time that you look at what we have been doing right just look into pipeline inspection with you know this until until the latest PI there 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 you know I always knock on the wood because that we have been operated sat diving in Brazil for six years no incident at all we haven't been operating shallow diving right with this contract is now for six years basically you know with no incident and you know it's all the time we pray for that right when we have diving doing on board so every attention you know is it's 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 differences. They continue to increase, to expand the amount of inspections, also with divers interventions. So some of these inspections 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, you know, the inspections report, 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 four vessels. Steel Explorer, Pilot, Atlas, Petrobras has no control of these 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 you know all the time the stir explotar you know just did a survey work for BP for the first time in Brazil that new boomerang field that they have discovered and also the ready so we took that vessel out of the PIDF to do you know a couple of weeks two three 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 you know 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 plant 2026 2030 now we are waiting the next one that will be coming probably a couple of months or less 2027 2031 but it's just a representation what what I want to me here where are we we are right here right okay so you guys know very well that P80 for Buzios 9 and P82 for Buzios 10 this is surf all seas this is surf sub c7 the P80 preset mooring system 26 mooring lines 26 torpedoes have just been completed last week Petrobras is making a good advertisement on this right P82 just starting 26 torpedo launch you know what are that above 2000 meter so the largest torpedoes 120 ton and then you know the the poly lines right and p83 will follow boost is 11 so we see seven 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 P82 now, Skandiurka, Skandiangra, Skandiparaty, Skandiguassu, and two 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 moving system, NAHDS utilization, right? And you know the future is coming right? Sepia 2 you know just awarded to Sub-C7, Atapu 2 just awarded to OCS, 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 you know if we go into the surfs up to 500 million right amongst was saying well that's a large surf you know maybe we may get there but we are more concerned about you know the smaller surf or the tiebacks as marco said you know 1 million on 50 million 2 million we may get to half a billion but to get to 1.5 billion that's 1.5 billion plus or minus right that's why that's why it's very large that's for first year by the time we get there you know then also most probably you are not to retire right we'll get there but they teach you know now is not is not to get to first year right but to be able that we start doing this surf 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 the right projects at the right time so we perform but the capability we have. Brazilian market dynamics this is the same that I showed last year just updated you know the surf market is what I'm talking about how the doff is positioned right and we are not positioned for the very large surf 100% we can state that right but we are looking into moving because we are doing red you know tiebacks and other serve contracts right so it is you know a future for golf for sure Moorings okay most talking a lot about it Marco talking 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 you know service contracts on lump sums and we do we have been providing bids for that but unless we make money and otherwise you know we just we just keep it doing until we are sure that we can make good money on the service contracts in Brazil right but today you know we need to be global vessels because all our vessels are booked right the commissioning is expanding in Brazil right we do a lot of this again you know with the fleet that we have HDS fleet the commission of marine systems right we do with the HDS fleet as we do new system installation we do the commissioning right for Petrobras the same for the PLSV's fleet for all the flexibles and umbilicals right but I am you know looking to this coming back to this that's what you know we wanted to you know let clear for the guys that's our getting ourselves ready for the next move but you know I'm sorry Eric I'm expounded the time right but just a comment on this that's a comment on this here you know Marco has shown the same photograph in black and white this is a photograph on black and white why because the envolver is here this is the envolver this is an assistance vessel and this is probably a record installation for this class of vessels happen in Brazil I can tell the project name I'll prefer not say the contractor's name involved but you guys can understand this is for Raya installation of a plane module weighing more than 200 tons 210 tons to be placed in 2,750 meters watered up so the involved were was marginal right to get to that depth even with a 400-ton glass 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 plane model was on the envolver it was put into the water transfer to this 250-ton class vessel that vessel held had practically 800 meters nearly one kilometers of polyline with practically no weight, you know, neuter weight. So we transfer the load to that vessel to keep it at that depth. And then we went there and picked it up again, right, in order to have at least one kilometer 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, you know, and this vessel here, as soon as it finished, early May, you know, she went straight to Marco in Guiana for Exxon, right. And outlook, you know, I mean, just repeating what we have here. In terms of workforce, I mean, just remember, you know, Mons has shown a video. You guys saw a lady there. She's a captain, Captain Deborah. she is a captain of a PLCV Scandi Vittoria and the other captain is another lead Daniana Bourbonema on the PLCV of a JV so we have two female captains on top of the class vessel you know in Brazil and they are performing right I think that's that was you know quite unique and you know this is important you know this program here Petrobras Shipbuilding Program Mara Berto you guys know what I'm talking about this is not only for marine support this is also for you know for brass trans petro you know handy class you know vessels you know they're about over 10 awarded you know to shipyard Rio Grande in the south of Brazil right but you know these are what you know we are linking only to the marine support so the 12 PSD is awarded the four OSRV is awarded and construction those six you know awarded but hopefully they will go ahead this is what we are expecting you know for next year it has been reported already another eight RSVs but now it's a higher class and the two you know, how complicated was this bid, you know, because the specs were so high, so high, that was practically impossible to build these vessels in Brazil, at least economically, right? And, what? Finish, huh? Oh, but I think I'm fine, or not? Okay. So you guys know as much as we know, but that's the big news.

That's the first discovery that moved well in the Equatorial Margin.

Petrobras just announced it, right? It's really important. So you guys know the drill. I mean, that's Venezuela. That's Guyana, where Mark is doing all this job. And then that's Suriname, and then there is another French Guiana right there, and then Brazil, right? So that's where in that Amapá deep water, that is the delta of the Amazon, 175 kilometers out. That's where Petrobras is living. That's where we are hoping to take Santos Basin.

Okay, all right. Thank you.

I think now we are done.

Yeah, yeah.

Thank you, Mario. During the break Mario told me, Erik, don't worry about the time, 20 minutes, right? But I didn't see you pushing. What you forgot to tell me is that you meant only the first slide. It's very interesting, so thank you. We'll give him more time to that. I think we'll pull the Q&A for the end, and we'll move on to Dagerman. I think you're good with that. Mine is fine, yeah.

That's fine, right? But I need the pointer, Erik. Thank you, thank you. So, good afternoon. I'm DiGreyman Rask, EVP Atlantic. It's great to be back here. I'm the last EVP standing, so please bear with me. I will try to keep it short, and I will get straight to the point, and I have a very exciting message to give to all of you. And, of course, thanks to Mario. It will be a bit fast-track, but we are used to fast-track in the Atlantic region regardless. So in the Atlantic region, we are a marine contractor working across IMR, construction decommissioning, in all segments. And what we do is long-term contracts and also project work. I think it's no secret to you that we like long-term contracts in DOF. That is our primary focus. So a good portion of the fleet we have in the region is operating on long-term contracts. Another portion of the fleet is being kept to projects. Also on the anchor handlers, the spot market, it's a fine balance on what makes business sense based on where we can make the most money on the work that is available. Starting with the North Sea up here, we work out from the beautiful island of Østevål. If you haven't been there, you should really take a holiday there. It's beautiful. Bergen, also an office in Haugesund and also in Oslo. Those offices serve also the long-term contracts we have with the clients on the Norwegian side, which is essentially Equinor. Anchor handlers, Vega, Iceman and so forth on long-term contracts. Also the REM inspector doing the long-term IMA towards Equinor. In addition to that, in the North Sea, we have an office in Aberdeen. There are about 120 strong people there serving the UK market, also helping out on various projects in Africa. the BP contract and various other operators as well, part of that portfolio. We also have an office in Denmark, in Copenhagen, serving the vessels and the manning and also the projects we have across the region. If we go down to the Mediterranean, we work there with one vessel full time. Of course, it's a market we go in and out of. A lot of activity in the Cyprus area, around that area. it's deep water it's very suitable to the to the tonnage we we have if we then move down to to africa we i think it's fair to say we have worked in every country in africa with significant oil and gas today we have a branch in mauritania and senegal completing more than 450 days with Skander ACG the last couple of years, hugely successful project on behalf of SIPAM and BP. We have just recently been in the Ivory Coast conducting the Balane project. We talked about that last year, very successful, two floating units to be fully installed, turnkey basis. We can then go to Nigeria where we have contracts coming. I will talk a little bit more about that in the coming slides Congo as well talk more about that then down to Angola where we have a very strong local presence around 70 people locally employed in Angola we've been there since 2006 so we also have an anniversary to celebrate later this year both with the Scandi 7 Scandi Forsa and we also do a variety of different projects on behalf of the likes of Exxon and the Total and various operators based on their need. The region has around 2,500 employees. What we have been doing the last couple of years is to strengthen the competence side to fully be able to utilize the fleet that we have across the region. So amongst those 2,500 people, we have around 700 people which is purely into the project the project management and the engineering side and we are just coming up to around 200 engineers that is full time staff on behalf of the region of course that gives us the ability to take on more services more responsibilities and to execute scopes as needed directly for the operator. One last important element on the regional fleet, 23 vessels, but these vessels, and this is really the beauty about being a global contractor. These vessels cannot only just go down to Africa when there is wintertime in the North Sea and you have the weather and challenges appear. Suddenly, we can have a vessel going to Marco in US because he has a project. and another one can go to brazil and actually one vessel from the u.s can come to the north sea if we have the right projects and it's not just about the vessel because the same thing happens on the competence side as well so i think it's fair to say that on almost all the subsea projects we have there is competence from all the regions involved good example in a congo where it was such a fast-track project that we used our engineers in APAC to work because it was nighttime in Europe, it was day in Australia. So you can get the 24-hour cycle to actually be able to do the projects faster. And I think that's a very important point too, because one thing is the market, the other part is how can we utilize the global fleet the best possible way across the project portfolio and the requirements that we have then i will show a little video and now it's the eni congo lng project little snippet on what went on on this project the scope of this project was massive it's actually the biggest project we have ever done you know six months to develop a project to this scale and execute it six vessels in the fields all of them in congo more than 600 hundred people to gather from the DoF site.

I think it took a lot of courage from DoF, the testament to the skill of the team.

It's two parts, there's a surf and a mooring scope. The mooring scope was a towing operation from Angola to Congo of the platform with installation of the pre-lay moorings and then the subsequent hookout. The second part of the scope was a major surf project for us. It was installation of flexible and cable lines, trenching of the cables, mattressing, and there was extensive pre-commissioning scope that we undertook.

And we executed it not just on time but ahead of schedule as well.

On time, on schedule and the most important of all has been done, safety. DOF have the right tools in place for keeping people safe from working in the North Sea down to West Africa. Nothing changes regardless of where we are in the world or what vessel we are on.

It proves to the market that we're capable that we can take on big challenges and big projects like this and deliver and deliver successfully.

This project is a testimony to what we are going to do tomorrow in DOF.

I've never been on a project where it's quite so cohesive because it just meant that E&I as soon as this flexibles were laid Scarab L5 came in and then we could start pulling them in.

We took a challenge of wet storing these risers and pulling the water depths we're working in is extremely challenging.

I mean the height of the midwater arch was about 25 meters we're working in 32 meters water depth.

These three flexibles are one is an oil export the other is a gas export and one is a production riser.

There's no room for error everything has to go right the timing has to be right the weather has to be right everybody has to wake up in the right mood and you know have the right breakfast for the day.

It's a very much a balance of the position of the boat versus the crane versus the asset to me there's so much going on. On each riser and basically found new ways and subtle improvements or efficiencies that we could make and again the guys in RLV became a lot more comfortable and familiar with the process. It's a real milestone for the project. There is a bit of a relief seeing the 16 inch being pulled up because although the engineering you know should work there's still relief in seeing it work in practice and operationally.

I think this project is a testimony to how far we have come when it comes to being able to execute the projects in in DOF. I think one thing is to be awarded scopes like this but then you're going to execute and when we signed up this contract we knew it was already a huge fast-track project and having less than nine months to do all the necessary engineering project management engineering logistics go to China take over the product that we were going to install it was a huge task and after executing about one month of the engineering we also realized that okay i think the client maybe have gotten this a little bit wrong so we then flew to the client sat down with them and we proposed a different scheme on how to execute the project and of course the backflip was that would also mean that we would need to pull even more resources on to the engineering and the planning of it adding another 150 people into an already fast track approach of course all of this was to essentially make sure that we could deliver the project as quickly as possible but also do it in the best possible and safe manner for the for the product as well and i'm hugely proud that we managed to deliver this project, achieving a 10-day gap on the schedule, meaning that ENI could start their production on first gas and first oil 10 days ahead of schedule, and we managed to do it with zero LTIs, meaning no harm to any people, equipment, or vessels. So I think this really shows how far we have come. It's six vessels in total in field. We are talking the full surf package with the installation of flexible products, cables and so forth, 19 wheel of products. We did trenching, we did the pull-in, we did the risers and on top of that the float that you see there, the Scarabeo unit was also mowed up by DOF vessels as well. So, very good project. Going a bit further on some of the milestones that we've had in the region, starting all the way to the left with the BP skirm, they will see a green vessel, the Havilla Phoenix, which was in Guyana for a couple of years. Of course, securing this contract after being for more than 20 years with someone else was a very important milestone to us. This is what we call not just a normal IMR contract, it's more the heavy type of IMR that is almost leaning into construction. And on top of servicing all the BP assets in the UK, and some of these assets is also west of Shetland, which is basically a long way from any port or any location at all, also unlocks and opens up additional work under the BP umbrella. So, of course, this is the first season. We have started well. We are executing still, soon wrapping up this year's campaign. And on top of this contract, we have also gotten additional work, which is into, let's say, one of the few tiebacks that is happening on the UK continental shelf as well going forward. A good testimony to the competence we have in our Aberdeen office. We are fully set up over there with the whole engineering team and the project management team that executes this scope with the Havilla Phoenix. Just to mention, in Norway on Equinor, we talked about that last year as well. We are now over one year into the Equinor, first year of the Equinor long-term contract. And I'm very pleased to say that it's going extremely well. We have a very happy client. We have a really good working vessel and a team that executes some of the most advanced IMR activities that you can do, meaning changing out subject control modules, chokes, package after package, and so forth. on all the different Equinor assets on the Norwegian continental shelf. Then Mons touched a little bit on Scandi 7, and of course he mentioned that was a one-year deal. I think Mons, the first contract we did was only three months. And just imagine you go down to Africa for a three-month campaign in 2016, and we are still there. so we actually have a huge anniversary on the Scandi 7 coming up later this month in only 10 days time then we would have executed more than 2000 operational days on that vessel and the magnificent feat is that we also have zero LTIs on that in Angola, in a hugely complicated country to operate in where there is not the same standards as the North Sea we are fully enforcing the DOF way of doing it, and we have delivered millions of man hours on that contract. Really pleased to see how that works all across the board on the 7 on that contract. Going a bit over to the Kulin mooring, and of course we also saw the high wind tampen on the video. It's a few years since we executed high wind tampen, the world's largest floating wind farm. There's not been much activity on the floating wind side as of years after high wind thumpen. The only one that has come up is the Kulin, which is a project by Total now called Neo Next after the merger in UK. And we secured our turnkey project to do the complete installation of the floating unit as well as to install the cable. So we used Sandefjord, the first project on the vessel after we purchased her and got her into the fleet as the leading anchor handler to install the mooring system. And we charted in a couple of anchor handlers from the market to do the safe installation of the floating unit. And Scandi Installer, one of the I-Class vessels, is currently at field and is in the last phases of pulling in the power cable. The cable has been perfectly installed And now we are entering the last phase before the client can power up this unit. Next project, which is again another example of a fast track project. We have had a major wind operator in the UK calling us and asked us, can you please help us? They had lost the complete power export from one of the export lines on a 1.3 gigawatt wind farm. in UK. And of course, when you are losing that kind of power, which is equal to maybe powering up 500,000 homes, you need someone to be able to do it quick and efficiently, and also during wintertime. So within a couple of weeks, we engineered up a solution on how to repair this export cable and executed it, restoring power to the wind farm. and the last one to mention is on the decommissioning side it's the largest decommissioning project we have done to date it's with the Norske Kjell on Knar and Gaupe more than 3500 ton of infrastructure has been recovered we are doing the last bits and pieces this fall before the project is completed restoring the seabed to the condition as defined by the Norwegian authorities. So a little bit on the market, I will go very fast due to due to time, so starting with the construction side. So I think Mons talked about it in the start, establishing yourself as a tier 2 contractor.