Hello, everyone, and a warm welcome to this Q4 2025 results presentation by DOF. We released our report and presentation earlier this morning, and in this session we will cover operational and financial highlights before rounding off with a Q&A session.

You can already now post your questions in the webcast Q&A function, as I see some of you have already done, so that's good. Keep them coming, and we will cover as many as we can towards the end.

With that, I leave the word to you, Mons, on this nice front page of some freshly painted and upgraded vessels.

Thank you, Eirik, and once again, welcome to the quarter four presentation for DOF. As Eirik say, this is a picture of Skandi Lifter and Skandi Logger that has been at the yard in Denmark in November and December, and now a few days ago they arrived in Rio.

Now they will mobilize and start acceptance test for their four-year contract with Petrobras. Also I seen after we sent out numbers this morning, some discussion among analysts on CapEx for '26 and part the reason why CapEx is a bit higher in '26 is because we have rollover from these boats into '26 from '25.

You see that '25 is well below what we have guided, and then '26 is a bit higher due to, amongst other things, these rollovers. We'll come back more to the CapEx and those.

The good news of course that these boats soon will be making very good money on their charter, four-year charters. Then DOF at a glance.

I guess around 74 boats. We have backlog end of quarter four was 5.1.

I guess we are around 5.2 now, and still a very high backlog, and of course 2025 has been a fantastic year when it comes to winning work and growing the backlog. Of course the backlog for '26, but also '27 and '28 are at record high levels you could say.

On the numbers, we finished the year with a bit higher than $2 billion revenue, and then I guess what makes me really proud is that we delivered very, very strong quarter four, and ending then at 796 in EBITDA. Adjusting for some small sales gain, we had 781 in operational EBITDA in 2025.

I think that this I'm very proud of that, and the quarter four was very strong. We did 220, including $4 million in gain on a sale in Q4, which is very good.

Leave that slide like that. This is then what we do.

We are an offshore service provider. We own vessels and we operate the vessels, and we of course have a large subsea business, global business, all over the globe, and then we is our and products is integrated services within IRM and mooring and construction and SURF and, yeah, most of the services you can execute from a vessel offshore.

We have a fair market value on the fleet of $4.1 billion, and also see we own 80 ROVs and AUVs, and of course interesting to know is that to buy a new ROV these days, we are talking around $5 million a piece, yeah. Then you have to install, and then you have to have launch system, yeah.

It's pretty high value on that ROV fleet as well, yeah. If you look at the numbers split, we have 635 on the assets, and then you see we have 146 on the project or services or the subsea side of the business, yeah.

It is a record high year also on the subsea side, and of course that is is the people, there is no depreciations, there is no interest cost to be paid on that EBITDA. It's and of course you can also reflect then on the value of that organization.

Of course, we notice that listed companies with assets, they are priced at higher multiples than DOF are priced on an average. Then you see combined operational EBITDA 781.

I guess big jump from '24, and we can get back to that, but well above our guide the latest guidance we had in November, but in the high range of what we guided at the start of the year in February. All in all, very satisfied with with the performance in all regions and on all projects, yeah.

It's been a good year globally for us. Here it is.

Quarter four, $220 million, sales gain of $4 million, meaning $216 million from the operations, yeah. DOF Denmark, this is the last time we talk about DOF Denmark.

It's now integrated, and from now on it will be reported together with the rest of the fleet. They delivered, we delivered $55 million, which is pretty good, and Martin will talk a bit more how DOF Denmark delivered for the full year, yeah.

Fleet utilization could still be higher, 87%, there is a bit more to get out of it. As we mentioned, the backlog is $5.2 billion, yeah.

Then we for 2026, we guide 830 to 880. Of course then you have to keep in mind that we have, I would say, close to or around 80% of the revenue, midpoint of the revenue, already in the backlog for 2026.

It's not very high risk to on the numbers, yeah. Where we see, what the uptick of course is partly of course due to already signed contracts with, on renewals and on the boats, we of course we that's the main reason.

I guess what we haven't taken too much into consideration of course is that what has happened in quarter four and now into quarter one and where we see fixing levels on projects through the season is that the anchor handling market for anchor handlers has really tightened, and it looks extremely strong. Of course we do believe that there might be further upside in these numbers due to a very strong anchor handling market.

We really believe that that market will last quite long now. It's a very nice balance in the market.

The demand side is picking up, not only in the North Sea, but we now see, requirements for big boats more or less globally. We are seeing it in Angola, we see it in Guyana, we see it actually in India as well, we see it in the Black Sea, and we see it a lot of other places, yeah.

I think now and of course that is the part the offshore of our market that has been lagging, and now I see the first signs, the signs that this is now coming, yeah. Then so I am, as you understand, I'm pretty bullish on that going forward.

On the net interest-bearing debt to EBITDA, we are at 1.7, in the middle of the range, and then we propose 0.35 in dividend for the quarter, yeah. If you look at the graphs, comparing to last year quarter four, you see 577 in revenue compared to 445, and then 220 compared to 152, yeah.

It's a good growth, and of course a lot of it due to DOF Denmark, but the rest of the legacy DOF also performing much better in this year than last year. Leave it like that.

Then I don't go through all of this, but but just you see quite a lot of new long-term contracts. Brazil, the ROVs in Brazil, four-year contracts; the Skandi Constructor extended in Guyana; the pipe layers, three of them extended with a year before they start the new contract; same with anchor handlers in Brazil.

Meaning that also anchor handlers now have backlog to to into 2031. It's it's also, the backlog is getting longer and longer.

Worth also mentioning, I think, and of course it's a bit special, we sent a press release on contract less than $15 million, but that was for you to be aware of how strong the market is. This a roughly 30-day job, and we expect plus-minus $6 million in EBITDA on that charter in those 30 days, yeah.

It is just showing the strength in the market for the real high-end anchor handlers we are seeing right now, yeah. There are more to come on that in that space.

I leave it like that. Perhaps also what makes me very happy of course was the the one with the green boat here, Havila Phoenix.

Now we won we won the three-year IRM contract with BP in UK, and of course that is the the second-largest IRM contract in the North Sea after Equinor IRM contract, yeah. Very, very happy with that, and of course that is a very strategic important win for us, and we of course expect to that to grow in scope, to do more scopes for BP going forward.

We leave that like that, I think, you know. Perhaps one more on that which is which is the the last one, the we also of course we we mentioned that we renewed Skandi Patagonia in Argentina, which the boat is built in 2000, is 25 year 25 years old, and now renewed, which I believe will be five years, yeah.

Meaning also that these boats can can work for a very long time, and I will not be surprised if she will continue after 2030 on that contract in Argentina, yeah. Then we move on, yeah, and here is the backlog.

By now we have $5.2 billion in the book, which is record high, and looking at, order intake in quarter four $1 billion, book-to-bill close to two. Then you see we have roughly $1.7 billion for 2026, which is then 77% of the midpoint of the revenue guidance, yeah.

Also then if you see the small one up in the corner, you see the status a year ago. Of course you see that, the year one, year zero, year one, and year two is much higher now than it was a year ago, yeah.

If you compare '26 last year with '27 this year, of course you see we have more than $400 million more in the book. If you compare '27 with '28, you see we have more than $500 million in the book.

Of course it's a big growth in backlog. Of course the backlog now is more well paid than the old backlog due to higher rates and margins in the contracts, and of course it gives a fantastic foundation for the earnings not only in '26, but also in '27 and '28, and meaning that of course that the earnings will stay strong for long and that the dividends will stay strong for long as well, yeah.

Very happy. Perhaps, the order intake was remarkable in '25, but of course we're still working on quite a few long-term opportunities, and we expect of course to continue to build that backlog going forward, yeah.

We have we'll mention a few opportunities we have later on, yeah. Here is, just, we are talking all about numbers and backlog and all that, but of course this is what we are doing.

We did a very, the largest project ever in our history we did in West Africa in quarter four and into quarter one. We have finalized it now, a very complex project, a big SURF project, and we had, as you see, we had six vessels on the project, and I think we had more than 600 people involved in the project, onshore and offshore.

It was a big job for us, and I'm very happy to say that client was extremely happy. We finalized the project a couple of weeks in advance of schedule, they got their first productions earlier, and we of course finalizing it earlier meaning that we didn't use our contingency, and so the margin of course also on the project got better than what we had in the calculation when we bid it.

All in all, it's important for you also to understand that we are able to execute big projects on time and better than budget without any injuries at all. Very happy with that, and I guess this is what we need to be best in class on.

I don't know if this slide is should have been here or not, but I read someone, sometimes that analyst talking about net asset value in DOF, yeah. Of course that's fair enough, but what they tend to forget then is that DOF are not a shipowner, yeah.

We are a service company with 85% to 90% of our revenue from services, from projects, and of course the value of that organization is extremely high. As you saw from the previous slide, in '25, we had $146 million in EBITDA outside what we made on the boats, yeah.

Of course, remember that quite decent portion of those $146 million come from projects where we use third-party boats, yeah. We have so of course we the organization could have done that without any boats in the DOF fleet, yeah.

Of course if you add a multiple on that, you have to include that in the when you make the value on DOF, yeah. I'm not saying what kind of multiple you should put on that, but of course I see that similar companies are priced between 6 and 10, 10 times EBITDA.

Then of course you also have the value on the subsea asset. I just mentioned that there is to buy a new ROV and install it, you are at least talking $5 million only to buy an ROV, and then you have to install it, yeah.

There is high values on that as well. I leave it to you to do the mathematics yourself, yeah.

I'm just mentioning it that next time you talk about NAV in DOF, you don't have to forget the organization and the subsea assets, yeah. Then it is Mr.

Martin who do the financial highlights, and Martin, today we have a bit of highlights, yeah. It's the best year ever, and I guess fourth quarter is perhaps the best quarter ever as well,

yeah. Thank you, Mons.

You are right. Second quarter was the best quarter ever before this one, it is certainly highlights on highlights 2025.

You see from the illustration that it is on a equal-to-equal basis a lift of $20 million from Q4 of '24, and of course it is a materially better contribution from the DOF Denmark fleet. It is the largest, call it, positive variations across the group is certainly from the subsea space, the product space, and Northug.

The subsea projects are, let's say, lumpy in its nature. The percentage of completion and the completion tend to affect numbers in the quarters.

That's why we are a bit, yeah, some quarters are extremely good like this one and some are less so, although still very strong results. Of course, as Mons has alluded to a couple of times already, 146 on the from the subsea space is a really good contributor.

On the next one, you see that the story continues in terms of leverage. This is of course core to the strategy.

We have said that we have a target of staying between 1.5 and 2. We are comfortably within that range.

It is the, yeah, not materially new debt during the quarter, but we have extended a couple of charters affecting the debts. The Havila Phoenix has been extended, Skandi Explorer has been extended, the lease proceeds are affecting the numbers.

No major events, no new big loans or anything like that. On the next slide, we see that we've had, and this is something we've touched on before, we have said that the profile on the bank debt has been, call it, a bit steep, steeper than we would have liked, and of course that is linked to the strategy of having a stable leverage level between 1.5 and 2.

We're very happy that we managed to reach an agreement with the creditors of the larger fleet facility to reduce the amortization with 40% from what it is today. It's giving us a, call it, an improved cash flow on a standalone basis of $58 million or close to $60 million per year.

Of course that avoids doing more expensive debt, it's a good alternative in that sense, and it's also of course contributing positively to the outlook on dividends. On Denmark, of course if you go one, a bit more than one year back, we had a separate session after we closed transaction of Maersk Supply Service to guide especially on that fleet.

We said that we were comfortable saying that the fleet would do between $150 and $200 million in 2024. In the first quarter, we had the termination of the Skandi Implente in Mexico, and we have also taken out a couple of vessels through the year from operations to mobilize them for new contracts.

Despite that, the fleet is doing 181 for '25, including gain on sales through the second half of $15 million. I think it's fair to say that the last couple of quarters here is a proof that this fleet is doing what we said it was going to do, and it is also very close to what we assumed in the transaction when it was done, fully proving it's the deal we planned it to be.

Of course this is even without any addition of subsea earnings on top of that fleet, and of course they serve as a very good basis and platform to do subsea services. Let's say the fleet is starting to become red, and the lines between the Mark fleet and legacy DOF fleet is vanishing and fading, this is the last time round we will provide and separate numbers on that fleet.

That was just to make sure we did, call it, transparent communication in the results of that acquisition, and I feel that we have done that now and proven the earnings capacity. This is a more detailed and comprehensive overview on cash flow, and there is this one particular subject that I will enlighten a bit more on, that is the CapEx and the proceeds from borrowing.

There is a small principle change in the numbers, so that there is a one-off for effect that is in Q4, but it is for full year where the lease payments or the lease ROVs were previously shown net of proceeds from borrowing, but they are now gross of CapEx and proceeds from borrowing. So 36 out of the 106 is a, call it, a catch-up effect on grossing up payment on ROVs, and leases are similar in the proceeds from borrowing.

That is 19 from the newbuild and 36 from ROVs for the full year. This is now in the same manner as we do it on the guiding, this is aligned with what we guide on with regards to CapEx, it's more one-to-one shown like this.

Of course highlight, we talk about highlights, it's a highlight for the year, but certainly so for Q4, is the operating cash flow, very strong, higher than the EBITDA with positive changes in working capital. Other than that, it is business as usual with normal amortization, lease payments, and the dividend that we gave in, yeah, last quarter.

Talking about dividends, it is the dividend announced today is the same as it was previous quarter, 35 cents per share, a total number of $86 million, bringing us to a total of $320 million in shareholder dividends for the last four quarters. With that, it's back to Mons.

Thank you, Martin. That is just a summary of the '25, the guiding, compared to the final result, and of course we guided 185 midpoint revenue, and we ended at $2 billion.

Then on EBITDA, we started the year with 720 to 800. We narrowed it to 750 to 760 in November, and then we ended at 781.

If you compare to the early guiding, we deliver in the higher range on that, and of course to the mid, the guiding from November, we I don't know what happened in November, but we might have been a bit pessimistic then, and of course there were $21 million over the higher high end of that guiding, happy, very happy with fourth quarter, yeah. Depreciations more or less in line, a bit lower than where we started, and then interest cost in the middle, and tax payable compared to what we guided at the start, we are roughly $10 million below, yeah.

On CapEx, and here you have to be follow me, we started with 130 to 140 in maintenance CapEx, and ended the year in 123, yeah. We have kind of $15 million in the bag that will be, and of course this is timing effects on when you do the maintenance, some of this will happen in 2026 instead of 2025.

Then on growth CapEx, we in November we guided 80 to 90, and then we have used 75, and as I mentioned, there is roughly $15 million on that growth that comes from the two Lifter and Logger that we have to do finalize now, pay now in quarter one instead of quarter four, yeah. We have 15 roughly $10 million, $15 million for them as well, yeah.

Meaning that we with $30 roughly $30, 15 on the growth and 15 on the maintenance, that is in the '26 guidance that we come to, comes from 2025, yeah. We are lower in '25 and a bit higher in '26.

I think that is the final word we have on 2025. Once again, we have to say we are very happy with all that moved on the backlog, on the numbers, and on the execution, yeah.

Not the least, I have, before I forget it, also the client feedback we have had has been excellent, yeah. I think the clients want us back to do more work based on the feedback we get from them around the globe.

Then here on the guiding for 2026, we guide revenue midpoint 2.2, and as mentioned on that, we have 77% of that guidance in the backlog already, yeah. Then we guide 830 to 880 on the EBITDA.

I would say it carries a bit less risk than it used was last year because the backlog is a bit higher, yeah. Depreciations, 270 to 280, and then net interest, $90 million, a bit lower than last year, and then tax payable, 80 to 85.

Remember that we were a bit high when we guided tax payable last year, we had to take that down. I'm not saying that will happen in '26, but that's what we are where we are now, and of course we are working on optimizing that, yeah.

On the CapEx side, as I said, we have maintenance CapEx 140 to 150, but then remember that $15 million of that comes from where we were lower in 2025, yeah. It's just sliding between the two years.

The same on growth CapEx, it is the two L-classes that lifts that with $15 million that we didn't spend in fourth quarter '25. Perhaps mentioning on the growth CapEx, it is of course some more ROVs.

We still have a few boats we want to have our own ROVs on, and of course that will give quick payback and higher earnings, yeah. The ROVs makes good money for us.

Then we have ordered a crane, a big crane that we are to install on one of the anchor handlers, and of course we see that these big anchor handlers with big winches, big drums, on, they make a lot of money if you combine the vessel earnings and the project earnings, yeah. Far we have invested in a crane, it's roughly $14 million that will cost, but I think that will pay off very quickly.

Then we ordered one new AUV. We of course we won a four-year contract with Petrobras in fourth quarter, for a boat with an AUV, and we therefore want to order a new AUV.

That is the main explanation on the CapEx side, yeah. Then I guess there is one slide left, full-year guidance operational 830 to 880.

Long-term backlog increased a lot through 2025, T plus T plus 2 backlog up 137% compared to the same time in 2025, and then 85.4% of vessel days on owned and chartered-in fleet covered by firm backlog for 2026. Then, as normal, we have a few pictures.

The picture on the left-hand side is a picture of a big anchor handler. I think it's the Skandi Skansen, and as I mentioned, that market has been very hot quarter four, in so far in quarter one, and activity on the projects around the globe, and the pricing on those projects is quite good at the moment, yeah.

As I mentioned, a 30-day job for Skansen probably will give plus-minus $6 million in EBITDA. I'm not saying you're going to annualize that, but I think it shows where that market is heading.

We believe that if that market now goes as we believe, that can give further upside on the DOF earnings in the years to come, yeah. Then I talked about building backlog, and of course, for those of you follow closely, you saw that Petrobras are out now in a tender for pipe layers.

As you probably know, we have three pipe layers coming off contract in '26 and in '27. Of course we are soon bidding that, and of course if we are clever and lucky on that, of course that will build backlog a lot for DOF not only in '27, but in '28, '29, '30, and '31, yeah.

It's a very important tender for us, and we will keep you updated on that. Then we have a picture of a project, and as I mentioned, execution of projects is key to success, and in 2025, our experts around the globe have executed most projects in an excellent way, not only giving us good financial results, but also giving us very good clients' satisfaction, meaning that the business acquisition job going forward will be easier because clients want us back.

Then we have an I-class. I-class is here because we have used part of 2025 to, let's say, to get them into the DOF model.

We have installed subsea equipment on them, and we expect, let's say, the spread earnings, including the subsea side on those boats, to pick up in '26 compared to '25. Then I think we leave it like that, and then we welcome any questions.

Yes, indeed. Please still feel free to post your questions in the webcast Q&A function.

I will kick off with the ones that we have received. As you say, Mons, the anchor handling market has been very strong recently, and you have perhaps wisely previously been less exposed to the spot market.

How do you still see opportunities to capture the upside of this market for your part?

Of course, we have kept most of the fleet busy also in fourth quarter on projects, on long-term contracts, and of course, we haven't had any, I think we have had one vessel in the spot market the last few months, yeah. Of course we haven't got any big part of that upside.

What we probably are going to do now of course is that we have a couple of boats coming off contracts, project contracts now, and probably going to be a bit more, let's say short-term on those, more spot and more shorter projects, yeah, not and but of course longer term, of course if this market stays as it is, of course the this will also then heavily influence the long-term rates you get for these high-end anchor handlers globally, yeah. If it goes according to what I hope and believe is that you will see not only an uplift in earnings on spot and shorter jobs, but you also will gradually see an uplift in long-term rates globally for the really big anchor handlers, yeah.

When you look at prospect list then for, what we call mooring projects globally, it's very high. We see already now in 2027 that, there are several projects happening at the same time, we see conflicts on the schedule if you are able to do should do all of them, yeah.

It looks good, and so I think you will see perhaps DOF in a month, few months from now, you will see DOF having a few more boats, taking a bit more risk in the short market on the anchor handling side.

Thank you. Next question is on Skandi Salvador.

The last update I saw on this was that she was firm until the end of '25. What's going on with this vessel?

Is it being sold? Is the option declared?

Or is it available?

I guess it's a mix, yeah. She's extended now into second quarter.

Thereafter, we of course are evaluating our let's say our options on her, and one of the option is to sell the boat. Of course, we have mentioned before that to have one cable layer is not strategically important for us if you are to be a hero in a market, you need more than one boat, and we have had people inspecting the boat, let's see what happens, but nothing is done before it's done, yeah.

We are working on selling her and we are also working on finding long, charters for her, but I think if we are to choose, we would prefer selling her.

Thank you. Then on tax, you guide quite a bit of an uplift on tax in '26.

Is this mainly due to utilization of tax losses, or does it imply a structurally higher tax rate going forwards?

Of course we guide on payable tax, it's not impacted by tax losses other than the fact that it is not payable in the areas where we have tax loss carried forward. There are a number of factors impacting the number or the amount of payable tax.

One is of course if you make more money, you generally pay a bit more tax, and taxes are often payable in arrears. A good '25 impacts the tax levels payable in '26.

Also the operational area affects it. We consider withholding tax in areas like Guyana, Angola, and so on tax and payable tax, you pay that upfront, so that affects the numbers.

There is also this global minimum tax known as Pillar Two also we are subject to that. Of course, we have a big normal, taxated activity as well, the impact is not among the worst, but it's also impacting the numbers.

A little bit of a mix.

Thank you. Then on the fleet loan amendments, when do you think the credit approvals will be finalized, and are you able to say anything about the leverage threshold that you mentioned?

I can. I think I can say that we are free to utilize this as long as we are within our own strategy on leverage, and of course that is 1.5 to 2, and then it is the two that is the important number to keep in mind.

Of course we've said that it's going to be effective from the first payment, Q1 of this year, within a month's time, we should have that signed and sealed. I don't see any big risks on that.

Great, thank you. Then there are a lot of questions around the topic of dividends, dividend capacity, expected dividends, dividend increase, payout level, dividend policy, etc.

To not cover all of them, I think I will leave the question fairly open and ask if you're able to say anything about dividend going forwards, and to add on to that, if you intend to introduce a fixed policy related to any indicators other than your leverage range target.

Dividend is a board matter, and how that is going to develop going forward is up to them to decide, of course. No changes to policy.

Leverage is still the guiding principle looked at. I think to comment it a little bit, I think the drivers, the key drivers is of course leverage, it is also backlog, it is earnings levels.

It remains the target and ambition of the group to have that steadily increasing over time.

Thank you. Then a question on artificial intelligence.

Can you comment in general on how you are implementing AI in DOF and what possibilities you see related to both cost savings and better efficiency?

It's not much I will say about that. I think we follow what is going on in, call it, the core business of DOF.

It is not a lot of AI impact on the business per se, but of course we do, like everyone else, utilize systems that incorporate AI functionality to be more efficient in day-to-day tasks, office tasks, and so on. I think it's a bit, call it, early for us to say how much we can gain in efficiency in our core business from it.

It's not my area of expertise either, I will refrain from saying too much about it.

All right. Then a few questions on Brazil, starting with whether we have heard anything new on the RSV newbuild that were being discussed.

It's this is a dialogue, yeah, and we are waiting for Petrobras, and more than that is difficult to say, yeah. It is not dead and it's alive, and let's see where it ends.

I can't say more than that.

Okay. Then following up on Brazil, what is your assessment of the offshore market in Brazil in '26, and do you see any risk of potentially CapEx cuts from Petrobras?

I think, first of all, of course, if you see at the DOF backlog in 2026, we are the DOF Subsea, all the RSVs was renewed. We renewed, was it seven RSVs and seven anchor handlers, it's full backlog on all that fleet in '26.

We won this new PRF tender, a three-year tender, yeah. Of course the only we have to renew in 2026 is two of the three remaining pipe layers.

We renewed, of course, three of them last year, yeah. In that context, we see the Brazil market still to be very strong.

We see no weakness, and of course, the activity level is very high, and we also see of course that we when we have available spots, we have had through the winter now we have had actually one I-class in Brazil, and we have had the Skandi Skansen in Brazil, yeah, and picking up project work and we continue to do that, yeah. It's I have no worries about the Brazil market at all.

Thank you. Can you elaborate a bit on what you consider to be the future growth potential for DOF?

Will it typically be contract renewals, growth in subsea projects, or do you also consider M&A and newbuilds as potential growth avenues?

I guess we the first one, of course we want to do more of the same, yeah. We see of course contract renewals at higher rates is one growth area.

We see we are gradually doing more and larger projects and add more services to our on the spreads, as we one of the reasons why we bought Maersk Supply Service, now DOF Denmark, also was of course to add the services on top, yeah, and we see of course that will continue to grow. On new assets, of course we have said that we will high-grade the fleet.

We have so far sold a few smaller boats, but of course if we are to get buy new boats, of course it has to be in the middle of our core where we can add a lot of extra earnings on top, yeah. Of course on newbuilds, we haven't touched that so far, and of course we have one newbuild which is on a 15-year contract, and so you will not see DOF ordering vessels on speculation, yeah.

It's we will be disciplined, and but of course if there is M&A opportunity like we had with with Maersk Supply Service, or if there is, a vessel or two that really fits the core of DOF and strengthening our market position, of course then we will of course look at it, yeah. The discipline will be very strong as we have done so far, and of course then we still have the plans we discussed to exit the cable lay market.

We have a plan to exit sooner or later the PSV market, and so I guess it's let's say at least even likely that we will sell boats than buy boats, yeah. We will in the end, of course in the end, this company will be the subsea side and absolutely high-end anchor handling side and services and services and services, yeah.

We will gradually, let's say, exit the commodity market of PSVs and of the low-end stuff. A long answer, for that.

No, that's fine. Thank you.

Following up a bit on newbuilds, we have a question on whether we can elaborate a bit on the newbuild situation across our vessel segment and how you see that impacting the market.

I think start start with the situation on newbuilds, it's on the anchor handling side, there are no newbuilds, yeah. Of course the reason for that, I I guess number one is that the market has not been extremely good, and also that of course the newbuild price for a high-end anchor handler is probably closer to $250 million, yes.

We have we have we have got some we haven't quoted for it, but we have had some indications, yeah. We you are talking $250 million, yeah, and of course the market do not defend that at all, yeah.

That means that that I don't see any newbuilds in the anchor handling side in the foreseeable future. Then I'm talking not small boats, I'm talking the the 300-ton bollard pull boats, big boats, 24-meter beam and 95 to 100-meter-long.

There is no newbuilds. Then of course on the on the high-end subsea side, the 400-ton, 500-ton crane boats, the pipe layers, with the big lay towers, there are no newbuilds.

I think the picture is the same. If you were to go and build a new pipe layer with with with a 550-ton VLS or 400-ton VLS today, I think you are talking, I don't know, but at least I would guess at least between $400 and $500 million, yeah, to do that.

I don't don't think that will happen, and and and then you you have the, let's say, the the medium-sized subsea market with with where what we showed the slide earlier on that, where we have kind of was it 20%, 25% of values in that space, and and of course there you see there is a quite high number of vessels for delivery in '27 and '28, and and how that pans out remains to be seen, and and so of course it's it's also of course the segment where DOF charter in boats, we have quite a few boats on charter on that, and so I don't know how that will pan out for vessel rates remains to be seen. If there is a weakening in in in vessel rates, will that be negative for DOF?

Not necessarily. We we we don't compete with the vessel owners ordering those boats, we are more a client for them, and and they don't compete with us on on a three-year IRM contract with Equinor or a project subsea project for Eni or whatever, yeah.

I I'm I'm pretty relaxed on that. If I'm if I should be 100% honest, which my mother tells me I have to be, I would of course love to have a year or two with a weak vessel market putting us in a position to get very cheap boats, yeah, but I don't think that will happen.

I think the market is strong enough to absorb these boats, yeah. If it's not, I see myself as a charterer and not as a owner, yeah, because we use these boats for projects and don't do time charter on those boats.

A long answer.

That's good. Thank you.

Recognizing the cyclical nature of the market, what type of indicators do you follow to anticipate a slowdown or negative inflection in your market?

Of course, we we of course, the the big indicator is as always the oil price, yeah. It's the budgets for the oil companies, it it is it's all that, yeah.

It's it's the sale of Christmas trees going forward, it's the order backlog for the Tier 1 guys, and so on, on, yeah. Of course I think the most important, let's say, intel we is is what we get, and of course, remember, we have probably sales global sales force of 700 people, yeah, what where we get the intel from that we make the decisions on is of course the the day-to-day, the week-to-week, the month-to-month dialogue with all of our clients, yeah, and it's our own prospect list.

Of course what we see from that now is that '27 and '28, the early indication for those years is that they look to be quite busy, yeah. We we see, as I mentioned earlier on the mooring, we see multiple tenders now, colliding in in on time on in 2027, so that's where we where we see it.

We we see the opportunities we have, the dialogue with the clients, and and and then we have a prospect list for for our fleet for '27 and '28, and that looks very good, yeah. Of course then the next follow-up question is, how do you mitigate the cyclicality?

Of course that we do with the backlog. As we have said, we will take all the backlog we can get long term now because, it's it's not a tragedy if you have to book book the backlog on today's record high levels, yeah.

We so that's how we how we do it, yeah. We we we are not we cannot do anything with the oil price, we cannot do anything with geopolitics, and but what we can do something with is our own balance sheet and our own backlog, and that is what we are focusing on.

The summary is that we see no clouds on the heaven right now. On the contrary, we we we we see '26 getting more busy, and we see 20 early indication on '27 and '28 that looks very good, yeah.

Thank you. In H2, we saw some lumpiness in the subsea reaching earnings driven by project milestones.

Do you expect the same in '26, and if so, can you provide some color on how you expect the milestones to develop? It's

it's always like that, it depends on of course when the projects come to an end, and when you do the final, let's say, numbers on those and when you have final discussion with the client, yeah. When you when you build a project, you execute the project, you bid that with with, with a certain margin and you bid that with a certain contingency, yeah.

As you go along, you you in early days of a project, you normally booking income according to cost, and then when you see get closer to the end, you you start to take profit, and then when you finalize the project and and you you end up after releasing the contingency and whatever. It is it is how how you do it, and it's impossible to give an answer on how that will pan out between quarter and quarter, yeah.

Of course as you have seen, I guess, fourth quarter normally, we we'll have to release more of those projects' profits at the end of the year, yeah. We we might be a bit conservative through the project, but I guess that's how we like to do it.

Thank you. Then CapEx, what do you see as a fair long-term maintenance CapEx level?

I don't know, you know. Of course that is I haven't that in my head.

Of course that depends on on on on when you drydock the five-year class on the boats, yeah. I have I don't know.

We have we have to get back on that, so that will of course vary a bit from year to year.

Thank you. That was the questions that we were able to cover in in this session.

Thank you all for sending in good questions. I know that we weren't able to cover everyone individually, but I hope that we covered sort of the main topics that you wanted us to speak about, and if you have any follow-ups, please do not hesitate to to reach out.

With that, I'll say thanks to Mons and Martin for a good session.

Thank you very much for listening in, and have a nice evening. Thank you very much.

Thank you.