Welcome to the Q1 presentation. This front page is a picture from Congo where we has executed one of our largest SURF projects so far in our history and involving actually more than 600 people from the DOF organization.

I think we had six vessels on the project, and very happy client, and delivered ahead of time. It's an example of what we are doing in the sharp end of our business, yeah.

It was a good project with a very good outcome for both us and for the client. Then we move on to the presentation.

DOF at a glance, most of you have seen this before, but it's just a quick one on that. At the end of the quarter, we operated 77 boats.

Of course, I'll talk a bit about that later on. There are some changes to the fleet now after end of the quarter and also through the quarter.

We see that we have chartered in boats, and we have also sold and bought vessels, yeah. We'll talk a bit more about that, both Martin and me, Martin when it comes to the financial and the debt development, of course, due to the IFRS 16, and I will talk a bit about why we are doing this high grading of the fleet and how we do it, yeah.

On the earning side, I guess, worth mentioning is last 12 months, we have had an EBITDA of 813. Continuing to increase and a backlog at the end of the quarter was 4.9, but today, it is closer to $7 billion, yeah.

Of course, I'll talk a bit more about the backlog later on, but I think the short version is, of course, that it is looking very promising going forward on building backlog and for the remainder of '26, for '27, and '28, and onwards. We see no weakness in the market.

On the contrary, I have to say that today's view on 2027 is very positive, yeah. We see that on the global opportunity list, and the negotiation we have, and the tenders we do that '27 and also into '28 can be very busy years.

Today, it looks like it's going to be stronger than '26, yeah. It looks like this will continue for a while, yeah.

On the next page, and this is what we do, and I guess the Congo project on the first page, of course, is a good example of what we are doing. We own a fleet of vessels.

Today, we own 62 boats. At the end of the quarter, 62 vessels and then we also operate eight vessels we have hired in, and we also have management on a few boats.

As we saw on the first page, we are around 77 boats in the total DOF fleet, yeah. Then we add equipment and services and people on the vessels, and then we sell integrated, full-blown projects to our clients globally.

That is what we do, yeah. As you see here, we have more than 2,000 of our employees, they are specialist in the subsea space where they can be ROV pilots or I think we have many, many hundred engineers, and so on.

This is what we do. On the next page, we have the highlights, I think, for the Q1 and, as you see, we delivered $175 million in Q1.

That is an up 11% compared to Q1 last year, we continue to grow. We have a separate slide on it, come back to that, but the quarter was impacted by what we have called here non-recurring events related to vessel upgrades and mobilizations for new contracts, yeah.

That is not the ordinary drydocking. We also had quite a few drydockings on that, but, of course, we did a quick math on it.

Those non-recurring items, at least put them together, it's more than $30 million in EBITDA if they didn't happen, yeah. I think that also shows the run rate.

Of course, we got our April numbers now and internally, and, of course, that April, of course, shows a much higher run rate than the average we report now for Q1, yeah. Martin will talk about a high working capital.

He will talk about that. As you see, of course, fleet utilization at 82%, a bit lower than last year, and, of course, partly explained by what I've mentioned above.

Backlog, as mentioned, $6.9 billion, of course, very high. Of course, that was driven by the four RSV newbuilds we announced earlier.

We have a separate slide on those as well, yeah. Then we lift our guidance.

It used to be 820 to 880, now we lift that to 840 to 880. Of course, that is partly because we deliver a bit stronger quarter in Q1 than we actually thought ourselves, and, of course, also partly due to the high backlog and the positiveness we see in the market.

Then we have lift the dividend. Last quarter, we paid $0.35, and now we pay $0.37.

I think that is the highlights for the quarter, and then we move on, yeah. A bit slow the order intake.

This is normal, yeah. It is a bit up and down on order intake, and, of course, we expect that to increase a bit now.

We had a book-to-bill 0.8 in Q1, and but then, of course, a very big contract after end of the quarter, yeah. I don't go through all of this, but perhaps a few reflections.

What we see in one example here is what we have called the Rosebank installation. Where I think they will have five anchor handlers on, no, seven anchor handlers on that project, and five of those boats will be DOF vessels, yeah.

It shows DOF position on the really high end of the anchor handling side. Of course, then of course, we press-released the Skandi Skansen when we announced that.

Of course, it's very nice rates, you could say, on that project. Also then in the spot market for the anchor handlers now, it has been very healthy in April and in May.

It looks promising, yeah. Also what we see is that we expect an increased demand globally for this type of boats, yeah.

We see new areas with RFQs for this type of vessels that we haven't seen before. Then together then with especially for '27 a very, let's say, what looks like to be a very busy year on mooring projects globally, we are quite optimistic on the anchor handling side.

We also extended a couple of PSVs. We haven't press-released the face then, but we also extended here for 6 months.

The two PSVs we have in Australia are now both extended for 6 months, yeah. As I said, we come back to the CSV contract later on, yeah.

Then we are on the next page, please. This is the backlog, and we see total of $6.9 billion backlog.

Of course, that is the highest ever, yeah. It looks good.

We, as we said, we had $0.4 billion order intake in Q1. As I say, this is bumpy, yeah, some quarters is slower than other quarters, yeah.

Then, of course, if you look at the rest of the year, we have 85% covered now for '26 compared to the midpoint of the guidance, yeah. Of course, it is fairly good visibility on the remainder of '26.

In '27, if you do the same math, we are soon getting close to 60% for '26, if you use the same midpoint as we had as for '26. Of course, it's starting to build.

I remember last year, I said I will not go on summer holiday before we had a certain percentage in the backlog for '26. I'm not saying the same now, but I expect that to and I had to go on a late summer holiday, I have to admit that, but, of course, I expect that we will see that backlog for '27 and for '28 to grow quite a bit going forward, yeah.

Of course, I base that on deals we are in discussions on, and we expect to announce it in the next few months, yeah. It is looking promising that we will be able to build that backlog quite a bit in the next few months, yeah.

As I said, we are I would say we are more positive, and of course, we were positive before, but we are more positive, let me say, today on '27 than we were a few months ago. It's looking very promising.

I guess the balancing act now is to do the right deals and optimize our portfolio, yeah, to maximize earnings and utilization. We have to hold back on some opportunities to be sure that we take the right ones, yeah.

That is how we see '27 today. On next page, we have the non-recurring events.

Of course, this is, as I said, Skandi Lighter and Skandi Logger, of course, they left Europe early in the quarter and sailed for Brazil, and then they mobilized for Petrobras and went on hire in mid-March, yeah. Of course, they have a day rate of 75k per day, and, of course, that means that, of course, that is a non-recurring event, and they will make money from mid-March onwards.

The same with Achiever. Of course, he was also mobilizing for Petrobras and commenced her contract.

It's, as we say, the Carla, Skandi Carla as well. Then we have what we call the PRDF project, which is this large inspection project we do for Petrobras, a total value of $390 million and have been a good earner for us for many years.

That project was kind of in the middle between the old project and a new project in Q1, and are ramping up now in April, May. We also have had a couple, two, three boats being mobilized, and, of course, will start now to make money in Q2 and Q3.

We had an incident on her, and she's been out of the market for the whole quarter, yeah. We mobilized her early, but we also had some technical issues we had to fix, yeah.

Then the Skandi Açu where we had to advance the drydocking on her, and so she also was out, as you see, close to 2.5 months, yeah. Of course, is a big earner for us.

If you summarize those listed here, you are more than $30 million. Of course, in addition to that, we had the Hercules, Patagonia, Connector, Iguaçu, and Ipanema in drydocking.

As we say, of course, the run rate will increase going forward. I think I leave that slide like that, yeah.

The next one is two boats we announced. We announced buying two vessels, the Roar, Sandefjord, which is now Skandi Sandefjord, she has been trading in the DOF name for roughly a month and is off to a good start.

Then we will take delivery of the Salfjord in second quarter. We expect that, let's say, early late June, early July is what we expect.

Of course, it's really high-end. It's close to 400-ton bollard pull anchor handlers.

Of course, this is the strongest anchor handlers on the globe, yeah. It's high-end, and, of course, they get premium rates compared to an average anchor handler in the market, yeah.

As I said earlier that we see the market conditions for these type of boats strong, not only in the North Sea spot, but, of course, globally. We see demand picking up in Africa, in Americas, and so on, yeah.

It looks good, yeah. Then we, of course, will install ROVs or own ROVs on them.

We will also on one of them install a large subsea crane also to strengthen our own, let's say, project delivery, and increase that fleet of anchor handlers with big cranes, really versatile. That we move to next one, which is what we call cash-positive high grading of the fleet.

We will not net to net, we will not spend money on high grading the fleet. We will sell and make sure that we sell for with free cash that covers purchases.

We will going forward, we will continue to high grade the fleet, but we will also continue to do that cash positive, yeah. As you see from here, we have sold now four lower-spec anchor handlers, and purchased two high-spec anchor handlers.

We also sold our cable-lay vessel, Skandi Connector. Why we are selling her is that she is the only cable-lay vessel we have in our fleet, and, of course, we have no market power and no position owning only one boat.

That's why we are selling her. Of course, also our view on this is that it looks like at least for her, it looks like the market are going to be slow for that type of boats in the rest of '26, and also in '27.

It looks like it will be '28 before that market perhaps pick up a bit again. That's why we are selling her, and, as you see from the curves here, we have sold for more than we are buying for.

If you look at the cash position, of course, we have freed up quite a bit of cash by selling these boats and buying two boats, yeah. This is expect that we will now then continue to, let's say, high grade and refine our fleet where we will sell, let's say, older vessels and or non-core vessels, and high grade then with newer, more high-spec core vessels, yeah.

As you say, it will be cash positive. Then next one, please.

Then this is then showing how the DOF now whole the fleet of anchor handlers looking, DOF, and as you see, we have sold lower-end boats, the three down there, Handler, the two T-classes with less than 200-ton bollard pull, and also fairly old ladies. We also sold the Skandi Skansen, which is a bit newer and a bit bigger, but not the same spec as the two on top there, the Roar, Sandefjord and Roar, Salfjord that we bought, yeah, which is very high-end.

Of course, what you also see, of course, is that in the 300-ton bollard pull class, that is a global fleet of 18 vessels, and we own eight. If you study that 300-ton vessel fleet, of course, in reality, of course, there is various specs on those, but, of course, we control more than, let's say, 8 out of 18 if you look at the really high-end anchor handling fleet.

Of course, it gives us good position in that market, and makes us, as we said, of course, on the Rosebank installation that starts now towards end of May, that there will be five out of seven boats on that project will be DOF vessels, yeah. I think that shows our strong position in this market now.

Then next one, please. I guess that is you, Martin, perhaps?

No, that is the RSV newbuilds, yeah. Of course, this is four newbuilds for 12 years with Petrobras, and it is RSV vessels.

It is subsea equipment, and it's full-service scope for us, ROVs, survey, and so on, all included in the agreements, yeah. The two first one commence in 2030, and the two next one in '31, yeah.

They are being built at the Navship yard in Brazil that is, as we see it, the best yard for building this type of boats in Brazil. Of course, they have been building a lot of similar vessels through the years, yeah.

Interesting, of course, it's high-spec. It's hybrid power, meaning that they also will be able to run on ethanol and a large battery pack, yeah.

It's also then, let's say, decarbonizing of our fleet when these vessels come into service. $2 billion backlog and stretching into 2042.

Of course, it's interesting, but now we have five boats then with contracts into the 2040s, yeah. I guess oil and gas will be there in 2040s as well.

Then, of course, we will, as always, on long-term wants to see how we can maximize the debt financing on them, and, it will at least be a large portion of local financing, BNDES, and of course, they offer very attractive terms, yeah. We will also see how we can further, let's say, reduce our own equity going into those boats, yeah.

We are working on that. On the money side, we don't say too much, but it's fully repayment of the debt over the 12-year period, and also then generating a positive cash flow, yeah.

It's a fairly decent balanced deal for us, and we are, of course, very happy with that award. Of course, strategically, it secures our position as a leading IMR provider in Brazil for the next 15 years, yeah.

Of course, it also gives you four newbuilds, of course, also gives you then what we call REB capacity, meaning that you can also utilize these vessels' tonnage to import more foreign-flagged boats and with advantages that have for us going forward. Next, please.

Then it's you, Martin.

Then it's me. Thank you, Mons.

You saw the headlines already at the start. First quarter up, yeah, roughly 11% from last year.

Still, of course, it's still a bit of seasonal variation, Q1 a bit softer than the rest of the year. That is pretty normal.

Of course, that is also impacted by the one-off effects that Mons went through. I think if you look across the segments is, of course, the same one-offs explain part of it.

One of them is DOFCON with Açu being out for a large part of the quarter, and also the Subsea regional EBITDA is generally more lumpy than the rest, and, of course, we see that this quarter as well. On leverage, we're still within our target range, and it's impacted from, I would say, two main things.

We have the IFRS 16 debt, proceeds lease debt on the screen, of 77 being debt that at this point does not have corresponding earnings. Of course, when you add the full debt, but no earnings, it impacts the leverage ratio negatively, but, of course, over time, it will improve again.

Of course, that is also the case with vessels when they are delivered, that they come in with no historical EBITDA, but with full debt at balance date. Of course, you get the opposite effect from delivery of vessels when you sell them, but, of course, we have not delivered the sold vessels yet, so that effect will be present when deliveries occur.

Second effect impacting the net debt is relatively high working capital build-up through the quarter. It is something that varies, and part of the nature in our business, it varies through the year.

Last year, first quarter was also the worst quarter in terms of working capital build-up. We'll get back to that.

When we look at the cash flow in the quarter, yeah, you don't keep much of your EBITDA on the current quarter due to the change in working capital, the relatively high level of CapEx with the mentioned one-offs, and equity portion on the purchased vessels coming in, and also the relatively high number of class dockings in the quarter. Repayment of debt is, yeah, as per agreed profiles.

Of course, we also pay a substantial dividend in the first quarter of this year. A bit more in-depth on working capital: $85 million negative delta on the operational working capital, a bit higher than last year.

This year, there was a one-off there as well, a known receivable of a bit more than $30 million that we were notified that we would get early April instead of late March, it explains a big portion of the difference, and we also received it early April. That's okay and explainable.

We also see that it's not very different from last year, that December is a bit lower activity month, you release quite a bit of working capital, and then you ramp up again towards the end of Q1 building up the same type of working capital. Of course, that said, this is certainly a focus area and something that we're working on improving as much as we can.

Dividend declared for Q2, $0.37 per share, up from $0.35, the total amount paid since we commenced the dividends June of last year of $411 million. I'll leave it back to you then, Mons.

Thank you, Martin. I guess most of it is said already, but we can repeat it, the guiding and outlook.

On the guiding, we only do the changes. The guiding is the same.

We lift EBITDA guidance excluding sales to 840 to 880. We lift the lower end with $10 million US, and, of course, that is driven by the acquisition of the two anchor handlers, and also the better than forecasted Q1, yeah.

Of course, then offset by the sale of the Lapa and the Connector. Then we also lift guidance on the net interest with $5 million from 90 to 95.

I guess rest is left unchanged, and so I leave that like that, yeah. Let's say minor changes to the guidance, really.

Then on the outlook, yeah, I don't repeat that 840 to 880 once more, sorry for repeating ourselves a lot here today, and then strong backlog, 85% of midpoint covered for 2026. Of course, that gives a good foundation, yeah.

Then, as we have covered 57% of the midpoint revenue for '27, and we expect increased order intake for second half '26, fully in '27 and beyond during the next 3 to 6 months. As we said, we have quite a few discussions, some in the final stage, some in the middle, and some in early stages.

We see if this develops as it's normally do, we will bag quite a few nice, let's say, longer term contracts and shorter term contracts that will build the backlog for '26, for '27, and also beyond, yeah. It's normal.

We have a few pictures here. This time, I start from the right-hand side, which shows picture of one of our big pipelayers in Brazil.

As most of Petrobras are out with a tender for pipelayers, and three out of our six vessels are in position to bid on that, and we also in discussion with Petrobras on extending the contract for the same three vessels, yeah. We hope, of course, that we will have good news on those three boats going forward, yeah.

The one beside that one is the Siem Atlas that we have chartered in for the PRDF project. Are ramping up now, and soon we will have four boats working on that, and of course, then that will start to produce the margins we are expecting, yeah.

Then in the middle, we have a picture of the I-class, one I-class. They have been gray so far, but now we have painted the DOF red color on one of them, and the picture of her is because we see also that we are expect to win some longer, nice contracts on her on one or two of those covering not only '26.

Also we see the market in general in '27 for those being it's a lot of demand for that type of boats globally. We hope to have good news around those as well, yeah.

Then the three others here are the Salfjord and the Sandefjord on the left-hand side, they're coming into the fleet, and of course, we expect them to contribute to the earnings going forward. Then we have the Skandi Skansen, and we have the Skandi Mindar, and of course, we also expect their earnings to be higher going forward, and especially, of course, the Mindar, that were out in the full quarter, yeah.

Short summary is that we are optimistic on building backlog, and that the earnings going forward will be stronger than what we saw in Q1. Then I think we leave it like that, and then we are ready for any questions.

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

You state that you expect increased order intake for second half 2026. Does that mean that we go above the $2.5 billion we have in H1 for H2?

Whether that is a fair understanding, and

No, I guess we haven't commented on that. I guess what we expect to do, of course, is to fill some of the open spots we have on the boats, yeah.

Whether we go above the revenue guidance or not, I can't comment on that, but what we expect, of course, is that today let's say the 50% that is not sold, that will go,

yeah. I will elaborate on that because the 2.5 billion is including the the full RSV value.

You could say that H2 is exceeding H1, you're saying that H2 exceeds the order intake for first half including the full RSV contract, and of course, that is not Oh,

no. No, then I misunderstood.

Yeah. Good.

Next one: can you tell us about the Skandi Amazonas incident in Brazil?

No, of course, I can, of course, confirm that we had an incident on that boat, and, of course, it is too early to say how long she will be out, and so on. I can confirm that, of course, we have normal loss of hire insurance, and, of course, the normal hull and machinery insurance.

It's too early for us to go into any detail on that other than say that we, of course, for 2026, we expect it to have what we call limited financial impact on our earnings for '26. We focus now on the people, and on the boat, and keep her safe, and get her repaired, yeah.

Then we will share with you information when and if it's relevant, yeah. I think that is how we leave that discussion today, yeah.

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

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

Good. The price for the Connector, the cable-layer, was rumored to be below market expectations.

Can you please comment on that?

Of course, it come, of course, below market expectation. Of course, it's not often you see sale and purchases of that type of boats, and, of course, you always dream of getting more, but we in the end were satisfied with that price, and also reflecting that the let's say, the right market for her, as we saw it, was not looking good for second half '26 and for '27, yeah.

What is the right price for a boat, I guess the market value for that boat is the price you sell it for, yeah. Of course, as always, we market these boats globally when we are out doing second-hand transactions, yeah.

We got the price we got, and whether that was above or below the market expectation, I guess that is not something we can use time on, yeah.

Good. Can you elaborate about DOF's ambitions in the market for large SURF projects?

Will DOF compete with Saipem 7 and TechnipFMC in the SURF market in the future? If yes, do you need more capacity, people, ships?

Of course, I think the the short answer is no to that question, yeah. I think, for us to if that was the route we were going, it would take a long, long time, yeah.

They have thousands of engineers, they have they have spool bases, they have rigid lay boats, they have a very different balance sheet, bigger companies, and so on, and for us to compete with them on $1.5 billion projects, I think that is that wouldn't be doable even if we wanted for many years, yeah. Of course, what we what we perhaps see, of course, is that them growing bigger, them focusing on the big projects, them being very busy, that leaves an opening for companies like DOF to to to do more, let's say, smaller SURF projects, yeah, where where they do $1 billion, $0.5 billion, or $1.5 billion, we for us can do more of the $100 million, $50 million SURF projects, yeah.

Of course, that is, yeah, I think it's it's not That is something we are, of course, doing today, and and and something, of course, we are discussing what is our best moves to to to to position ourselves for for that part of the market going forward.

Thank you. We got another question around the one-offs.

Can you please quantify the total cost of the one-offs or non-recurring elements in Q1? Of course,

the cost, that's a difficult question, because I guess if you look at Lighter and Logger, of course, it's mobilizing the boats to Brazil, and of course, it was part of the plan and then going on hire. Of course, we went on hire more or less on the day we planned to go on hire, yeah.

I guess that is impossible to say, yeah. Likewise, of course, for the PRDF projects, we are mobilizing two new boats for that project, and I don't have a specific cost for that in my head, but of course, that is part of also what it was budgeted and planned for when we did the bid and when we did our project budget, and when we guided on earnings and on CapEx, yeah.

Of course, all cost on a project like that, of course, is costed through the project life, yeah. The answer, I guess, is no.

That's fine. I think the EBITDA figure of, call it an EBITDA loss of 30, should be a good estimate on what that has costed in terms of lost EBITDA for the quarter,

and

it's probably a better expression. Where do you see the Subsea region's EBITDA margin in the coming quarters?

Of course, I guess, of course, it's general answer to that, of course, is that, of course, we the normal development through the year, of course, is that the the EBITDA EBITDA out of the regions will increase going forward through the year, yeah. I guess you saw the same development in '25, and and and, of course, in '25, of course, you saw a really good Q4, yeah, where where you come to the end of the year, and and you release a bit.

The answer to that is, I think, on on the EBITDA from the Subsea regions, you will see that increase going forward. I guess you agree with that, Mr.

Martin?

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

That's a good one, and, of course, in the end, of course, it's the board that decides that, but of course, as we have said, of course, the input we give the board for their decision are, number one, of course, the backlog, I think, is key input to that, the stronger backlog, of course, the higher certainty going forward. Of course, also the earnings and the earnings development.

Lundberg, I leave it for you to answer that question.

I think that's not written in anywhere that it needs to be the same every quarter, although we did $0.35 every quarter last year, and this is the first quarter of a new year of 37. I don't think you should put too much into that.

I think it's fair to say we don't guide on dividend payments. Of course, the increase that we see from 35 to 7 to 37 is an indication of, call it, our beliefs and yeah, how confidence we are in the times ahead, but we don't guide on dividends.

Now let's see. Are there any other repairs or maintenance we should expect this quarter?

If so, can you share the expected impact on EBITDA? I guess that is referring to the one-offs in Q1 and whether there are similar events in Q2 that we should be aware of.

Of course,

that is very difficult to answer from the top of my head, yeah. I think, of course, at least not to the magnitude we have seen in Q1, and, of course, the answer to that, of course, is that you have to look at the guiding, yeah.

We will deliver 175 in Q1, and we are guiding 840 to 880 for the remainder of the quarters, and I think that is the answer to that question, yeah.

Yep. Thank you.

Of course,

when we update our guidance, of course, then we have taken into consideration all events that we today have planned, yeah.

Then the follow-up on the cable-layer: you mentioned a soft near-term outlook. Is that something that could have a direct or indirect impact on the dynamic in the subsea market?

Number one, it might be that DOF is not the right expert to talk about the market for cable-layers. We have only one boat.

Of course, we have been, of course, marketing that boat for charter as an alternative to sale, and it is surprisingly how few opportunities we saw for '26 and '27 for the boat, yeah. Whether a cable-layer can come and do meaningful subsea work, then I think the answer to that is no.

If this boat could have done meaningful subsea work with the market view we have on the subsea market, we would have kept the boat, yeah. The Skandi Connector is not, let's say, a threat to the subsea market.

Good. Thank you.

We have time for a few more still. Any comments to the order book for 150- to 200-ton crane CSVs coming into the market, too?

There are a few boats coming, and of course, but I think I will start to answer that question, DOF is our end product is not a shipowner. We are, as we said on the front page and on the third page.

Perhaps we can go back to the third page, Lundberg, just to explain that once again. Here you have it, and so what DOF are selling in the market is what we call integrated offshore services.

We deliver SURF projects, we deliver full integrated IRM services, we deliver inspection reports, and we deliver fully engineered mooring projects, yeah, and so on. As we said on the fleet here, you see we have eight hired-in boats, and whether we deliver our projects from our own boats or hired-in boats, we can do it from both.

We don't compete with these vessel owners that are building these boats. They are more a supplier to us, yeah.

When we are bidding a job in '27 or in '28, of course, none of these vessels' owners are bidding on that job. I think as long as the demand side for our services is the same, this will not change the number of bidders for our services, meaning that if there are a couple of boats too many on the vessel side, I don't think that will influence us at all, yeah.

On the contrary, it might even be that we can make money on those boats if we get them for a cheaper rate in and charter them out again, including full services, at the same rate as we have today. I don't see that as a threat to DOF at all.

Then I guess the question if you look at this, whether I think the market will be oversupplied for vessels, it is difficult to answer, yeah. I think quite a few of these boats will be delayed delivery.

I think as we see the market, I think the demand will grow. It might be that it's balanced out very nicely, but I haven't spent much time on it either, because I don't see this as a threat to DOF since we are a user of these boats, and we don't compete with the boat.

We compete with the service companies delivering fully integrated services. That's how I see it.

Of course, I think if you go and ask the bigger boys that also uses these boats, like the Subsea 7s or the guys, if they are worried about if there are a couple of 250-ton crane boats too many, I think they will just be happy if there are a couple of boats too many.

Thank you. Anchor-handling spot rates have been very high so far in 2026.

At the same time, utilization has been low for the overall spot fleet. How is this possible?

Can this continue, or will rates come down? Of course,

it's a good question, yeah. Of course, I think I think it's a more disciplined supplier side on the anchor handlers.

It's it's more disciplined holding the rates up. Of course, also it's a very different, earnings on on the various vessel types as well, yeah.

Of course, if you I think we had a we had a look at at Of course, we did a thorough review when we before we bought Sandefjord and Salfjord, and I think, if you looked at the Sandefjord, Salfjord class of boats, which is only a handful in the spot, they had in Q4 last year, I might not, don't take this as accurate, really, but I think they and you have to help me, Lundberg, I think they had around per calendar day, they had around 800,000 NOK a day per calendar day. That's 100% utilization in Q4, yeah.

Then if you jump down to to, and I won't give names, but I I think if you jump down to to what you I don't know how detailed you are, but if you look at the VS the VS anchor handlers, home by a few few that also has 280 to 200, 300-ton bollard pull, they had an average that was roughly 300,000 NOK lower, yeah. It's it is I think it is, and of course, that's why we are buying these higher boats because then you the higher the and boat, because then you get higher utilization, yeah, and you get better rates on quite a few jobs.

Of course, what's also is interesting, of course, is that, and I don't know if this is just me or if this is my own theory, but what we notice, of course, is that, what used to be a summer season for these boats, very strong, we see also a very strong winter season for these boats. I think that is has to do with with quite a few of the rigs in the summer are working on DP, but then due to weather, they are moored in the winter, and and then meaning that they need more anchor handlers for the normal rig move market in the wintertime, yeah.

Then in the summer, there are more projects, and and so on, yeah. I even forgot what the question was, Martin.

No, I think you more than answered it, so that is all good. We still have quite a bit of questions, but unfortunately, we have spent the hour, we will have to

If you have one more question that is very good, we can do that, and then we say bye-bye after,

yeah. Then this will stay on the same subject because there is a very concrete answer: why we sell the Skandi Lapa when the HSTS and the 250-plus looks so promising?

I think that the answer to that is, of course, that we focus on the really high end. It's nothing wrong with the Lapa, but of course, if compared to the other, the Iceman or the Sandefjord, Salfjord, or the DOF boats, it's quite a different ball game, yeah.

Of course, why we are selling it is because we are high grading the fleet, and we expect higher earnings from the boats we are buying. Of course, it's also because we have a disciplined approach.

We shall be cash positive when we are high grading the fleet. We have to sell something to buy something, yeah.

It's not more complex than that.

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

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