A warm welcome to you all to this Q2 presentation from DOF. Today's presentation will include operational and financial highlights, and some views on certain market segments in the coming years before we then round off with a Q&A session.

You can submit your questions in the webcast Q&A function, and you can do so at any time during the presentation, and then we will cover them at the end. All right, with those practicalities out of the way, let's get going.

I reckon the first order of business is to pause for a moment and marvel at this beautiful picture of one of the newest additions to the DOF fleet. Or what do you say, Mons?

It's a beautiful picture, and yes, it is the Skandi Saltfjord, we we took delivery of her and the sister the sister just in was it end of June and and Saltfjord a bit earlier, yeah. This is Saltfjord, and and and of course, she is now on her way to Guyana, the first term contract we do on her.

It's been a success so far, and of course the the market for this type of boats, big very big high-end anchor handlers, has been very good so far this year, and and and our our market view is of course that it will strengthen going forward. We have a few slides on that.

We're going to talk more about that. At least so far the the the the earnings from from these boats has been very good in second quarter, and we expect that to continue.

Then we move on. This is the traditional slide "At a glance".

I guess worth noting here is of course that revenue last 12 months creeped up, the EBITDA also grows. We come back to that, and and a few changes to the fleet.

Going to talk a bit more about that later on. We have a capital market day in September, and then of course we will talk more about why we are doing what we are doing on the on the fleet side, yeah.

It's all about, adding high-end vessels that where we can add services and margins, and then selling less capable assets where we are not able to to add services on top, yeah. That was "At a glance".

This is what we do, yeah. Of course most of you have seen this before.

We we own a fleet, we own today we own 61 boats, but at the end of the quarter, and then we we have hired in boats from external owners where we use to execute our projects and contracts worldwide, and and then we are own a very large fleet of ROVs and other subsea equipment, yeah. I think we are among the top five owners of ROVs, and of course good earnings on on those, and and also we see values on the ROVs have increased.

What used to be a newbuilding price for for less than around $4 million is now $5 million plus, yeah, and secondhand value as well. Then we on on that equipment, we add people, we add add services, engineering, ROV services, project management, and so on, and we then sell to our clients, you know what I would call integrated offshore services, yeah.

Then adding a margin on top of the vessel earnings, and and you see here the development in those through the last few years, yeah, and the last 12 months, yeah. Still creeping up, and last 12 months 822.

Next one is showing the, I think is showing the highlights for the quarter, and and and we delivered, of course Martin Lundberg will talk more about that when he he comes on, and but we delivered an EBITDA of 238, which is, the highest EBITDA we ever had in a single quarter, it's an up 11% compared to the to the quarter two. Of course, this is excluding then the the effects of the Skandi Amazonas total loss and also the $10 million in the sales gain we had on selling a small anchor handler, yeah.

The reported EBITDA of course is 358, and I leave it to Martin to explain that. Utilization on the fleet 88%, and and of course very happy with with the backlog.

Now stands at $7.2 billion, and and and of course that that gives us very good visibility going forward, and and perhaps the best visibility we have had ever in DOF when you look at the backlog for '27, '28, and onwards, yeah. Of course that is also part of the reason why now why the board, decided to increase do a small increase on the on the dividends as we see the visibility and and and and also the market outlook.

We are getting we are getting more and more convinced that this market will will will stay strong for long, yeah. We we so and of course that's why we we we increased the the dividend.

The graphs of course shows the the EBITDAs and the the debt and equity and so on, and I leave Martin will talk more about that later on. A good operational quarter, and and and very strong outlook based on a very solid order book.

This is a few the summary of the awards, and of course it's spread globally. It's starting in Australia, two jobs on the Skandi Santo, a total of almost a year, and and and at what at what I would call very healthy rates and margins, yeah.

Then we had three years on the sister boat, Skandi Salvador, in Guyana. We commenced commenced that late June, early July, she has started that contract, and of course then now DOF is back having three out of four CSV with full services for for Exxon in Guyana, very proud of that.

We won a project in with Total in in Nigeria that will involve four boats, which is a big mooring project that we believe will deliver good good margins for us then. Then we extended Búzios and Recife for for a year or a bit more into early '28, and of course the interesting on the pipelayers is there is an ongoing tender.

We have bid Búzios, Recife, and Olinda on that, and and and we have for Olinda and Recife, we are the only bidder, and for the Búzios, we have one competitor with a similar sized boat, yeah. Let's see, it will take a bit of time, but we of course are hopeful, and and it's a four-year contract then starting in early '28, meaning that if you are awarded that, you have backlog for those boats to 2032, yeah.

As you remember, the three other PLSVs, they have backlog to 2030, yeah. Of course, we see that you know that the the backlog starts creeping, into the 2030s and beyond, yeah.

It's also a sign, of course, how the oil companies are viewing the market. They are when they go long and into the 2030, of course, it's because they believe the market will be strong also going forward.

Then I mentioned on the first page, it was the the two anchor handlers going to Caribbean, or that is to Guyana, and and it's very interesting, yeah, it's the first time we do large anchor handlers on on drilling support in that area, yeah. We we see now the demand for very, very high-end boats, developing outside Brazil and and the North Sea into new areas.

Likewise, if you're on the on the bottom here, you see the Skandi Hera. Of course, it's it's a four-year contract for a high-end anchor handler in Suriname, yeah.

It's our first entry into Suriname, and very interesting to see that they demand a very big anchor handler with a crane for on a four-year contract, yeah. Also of course including ROVs and services on top, yeah.

I think the the so I leave I leave it like that. Of course it's it's been good, from APAC to to Canada to the North Sea to to and to Caribbean and so on, yeah.

It's been a global good quarter for good quarter for us, and and of course we also expect it to continue. There will be more awards, there will be shorter awards, and there will be longer awards, and and and we we expect the backlog to continue to build going forward, yeah.

Then the next, I guess, summarizes the So this is the anchor handlers, yeah, and for those who remember how it looked back in when we we we bought DOF Denmark or Maersk Supply Service, of course it's it's changed a lot, yeah. We have we have sold quite a few low-end boats, and then we have bought a couple of high-end boats, and and of course the backlog has also changed dramatically, yeah.

Now we I think we have is it 24, 25 boats on this slide, and then you see for for second half this year, we have we have three three three, 3.5 boats, exposed to the spot market, and and then we for next year, we have full backlog for for all the boats around six boats, and three of them with large cranes, and and and three without, yeah. We have never had such a high backlog on anchor handlers, and we we also see of course rate levels I think the last deals, you could say the rates are up around 15% compared to the existing rates we have, yeah.

It's creeping in the right direction. We feel we have a very balanced balanced portion out to to to the market exposure on those boats, yeah.

It might be, of course, as we write here, that we will need to charter in a boat now and then to to support us on a few projects, yeah. The next page is showing why also the reason why we are a bit optimistic on these boats is that this is then the, the what you call, the the floater market, and and then you see with that was six being done in '26, and then we see we have 13 and 13 for '27 and '28, yeah.

Especially from second half '27, we see a very busy market on on mooring projects globally, yeah. Of course that is of course part of the reason why we have these three anchor handlers with big cranes to to capture that market.

All in all, to summarize anchor handlers, very high healthy pipeline of of for mooring projects, demand now for high-end anchor handlers outside the, let's say the traditional areas, and and and a very strong balanced North Sea spot market, yeah. We are, as you understand, optimistic on that segment going forward.

This is the backlog then, around $7.2 billion if we include what we have won after balance date. For remainder of this year, we have we're of course, we are raising our revenue guidance for for this year, we we with a new guidance, we have a backlog around 92%, and next year we are creeping up towards 70%, and then for '28, we are are, around 55%.

Of course it's interesting to see that if you look at T-1 backlog, we are $300 million higher now than we were a year ago, yeah. It's it's the strongest ever, and as I say, we we we we expect that to continue, and I wouldn't be surprised if we are 80% plus when we start '27, yeah.

It's it's it's quite good, and and we see the, as I said, we see the pipeline of expected awards and bids, and and that, is very, very promising. All in all, very optimistic on continue to build backlog for the group.

Then, yeah, I talked a bit about what what we are doing with the fleet. We are selling four PSVs.

Of course, we continue management on them. We have a small ownership and we we they will continue working on on their jobs and and we will manage them.

We and then we are we are netting out $50 million in cash from it, and and and of course on the PSV, you you make the dayrate, and that's what you make. On an anchor handler or that go on a project, an anchor handler with ROV or a CSV, of course you make margins on top, yeah.

Of course that's why we are exiting this segment gradually, and it's not because we don't believe that PSVs will be a decent place to be going forward, it's simply because it's not part of our core strategy anymore to to do that type of operations, yeah. Then we have we have on the next slide, we of course we have then invested in two newbuilds to be delivered late '24 early '27, early '28, and and and of course that is that is part of the strategy.

We we are selling, let's say, older assets asset and and non non-core assets, and then we are focusing that in on on core core newer core assets, yeah. This we bought the two anchor handlers, and we are buying these two, and and and of course on our on the present earnings we have on similar boats in the fleet, we we believe this will will be will be, what do you call it, Lundberg, in English?

Accretive.

Accretive, yeah. It's a very difficult word, yeah.

For the numbers in DOF, yeah. Then next one is showing what we talked about earlier is that we will highgrade the fleet, but we will be cash neutral or cash positive and fund it from vessel sales, yeah.

I guess the graph here is showing that with the PSV sale and so on and so on, if we have a 65% debt on the two new boats, we will be slightly cash positive on what we have done so far on sales and purchases of boats, and that is how we will do it going forward, we will be minimum cash neutral when we renew and highgrade the fleet, yeah. That's it really.

Then, Mr. Lundberg, you take the word?

Yep. Thank you, Mons.

I'll go a bit more into details on these numbers. I guess it's needless to read them all, but across all the segments, it's another strong quarter.

On this slide, you see that, yeah, it's a good development across the group. The ship owning section or segment is who has the biggest improvement from last year with 17%, and one of the big drivers for that is for sure the anchor handler spot project market, so that's been a good contributor.

11% up year on quarter to the same quarter last year, $24 million. Of course, in this graph, we are showing the underlying, call it operational EBITDA, exclusive of any sales gain and the Amazonas booking effect that I will come back to.

Of course it's important to say that they are non-recurring, but they are still earnings, yeah. The sales gain of $10 million relate to the sale of Skandi Lars, delivered in the quarter, while the Skandi Connector and the four PSVs delivered after Q2 will not be booked until they are in that quarter.

There is no sign of those in this quarter presentation. Still and comfortably within our targeted leverage range.

We communicated 1.5 to 2 is where we want to stay. That is also one of the important principles of the dividend levels.

This is, yeah, we see, as Mons said, very stable, strong markets for the longer terms, this is a comfortable place to be. We said that we could sit in the upper end of that range when we see good visibility and good tendering activity, and that's where we are at the moment.

On debt development, it is, yeah, slightly down on normal amortization, and of course the Amazonas impact is a part of that. We have also done a few new loans related to particularly the Skandi Saltfjord being delivered to us in the quarter.

Of course, new debt has no corresponding EBITDA in the 1.8, so that will improve when you have a full year of operations. On this one, it is a few highlights.

Of course, positive change in working capital on a high activity quarter is not always we manage to do that. We're happy about the operational cash flow in this quarter.

A relatively high CapEx number when you look at the purchase of Saltfjord and general CapEx being maintenance, purchase of ROV systems, and also the newbuild installment on the Norseman being delivered for the long-term contract next year. These CapEx, as you see from the financing activities, also partly financed, it's not all cash out.

Same with of course the biggest portion on the financing activities is of course from the one we're happy with, and that is the dividend payment of close to $90 million. Positive that, yeah, cash remains comfortable and even a little bit up from last quarter.

This is the, call it the one complicated booking event during the quarter. I'll spend a little bit of time going through how you get to the underlying numbers.

Of course, the booking of a insurance is different from booking of a sale. The vessel is written down to zero, and you get a revenue on the entire value of the insurance payout or the settlement.

The net settlement after a local tax element is 111, impacting the revenue. The EBITDA is impacted by 110.

There is a $1 million cost that was amortized over the contract period that we had to expense when this event occurred. It is a debt repayment on the vessel of 95, and we have a $19 million receivable on the balance for the remainder of the insurance claim.

The book value of the vessel was $42 million, if this was booked in a similar manner as a sale, it would result in a gain of $68 million and not the 110 as we show in this overview. Of course, this was a Norskan-owned vessel, being one of the higher levered silos or segments of the group.

Of course when this $95 million debt repayment has been done, it is a $309 million remainder debt on the company, net 282, and a leverage of, yeah, somewhere in the 3s on the last 12 months earnings, excluding the Amazonas effect. With the new contracts commencing next year, we see that, call it high leverage on Norskan is past us.

This is more just an overview of the dividend to be paid on the 12th of September, and it is showing how the dividend payments have been developing over the last 1.5 years. The total amount of $505 million is, yeah, it's a high number and that's something that we think we have a sustainable and strong dividend level, and we're working to continue to have a strong and a good level of dividends, and something that we're able to maintain over long time.

Guess I leave it back to you, Mons.

Thank you. This is updated guidance.

As we mentioned earlier, we lift revenue guidance a bit, now midpoint is 2,250 compared to 2,200, we lifted it $50 million, yeah. EBITDA excluding gain and so on, we keep the low end of the range at 840 and we lower the high end, and of course the reason for lowering it is that the four PSVs we talked about were delivered to new owners in July, the Skandi Amazonas grounding in May, and then we are moving forward the class renewal of the Skandi Forsa from '27 to '26, and the effects of those three events is $25 million for the remainder of the year.

Of course in reality, apple-to-apple, we are guiding up and not down, yeah, we're actually guiding up $15 million when we adjust for that, yeah. It's not that we believe the market is worse or that the prospects are worse, it's just that we have these three events that we had to adjust for, yeah.

Then going down, similar in net interest and on tax, and then on CapEx, of course there are a few changes. The maintenance CapEx is adjusted up a bit, and of course that is to reflect that the Skandi Forsa is coming from '27 into '26, yeah.

It's just a timing issue and not nothing more. Then of course on the newbuilds with the two CSVs, we are buying, of course we are paying in a deposit in models this year, and will pay 85% on delivery, yeah.

All in all, not many major changes, and I guess most of them natural consequence and not any shocking news to anybody on the changes, yeah. Last page is just to summarize the new guidance 840 to 860, very strong backlog, 92% for '26, already 68% for '27, and I think that is probably the highest we ever had so early in a year, of course we expect that to continue to build.

As we said, strong pipeline, high tender activity, a lot of negotiations ongoing as we speak, and expect new awards going forward as well, of course. Then strong anchor handling market, which we talked a lot about, and also then a strong project market for the anchor handlers.

Then we have the pictures here, the number one on the left hand side here is the Saltfjord, which we talked about, a new addition and expect a lot of good earnings out of her going forward. The second one is a picture of one of our A-classes, where we have secured backlog for two of them in the quarter, and of course we expect to build backlog for the two remaining going forward as well.

It looks good. Then very proud of the Skandi Hera, our first long-term contract in Suriname, and I guess one of the first contracts for any industry player in that country, and of course we expect like we have seen in Guyana that there will be a lot of more opportunities going forward in Suriname for us and other players.

The last one of course is a pipelayer, one pipelayer where we extended two, and where we have this tender with Petrobras live, and our hope of course is to win three contracts, which will then give these boats backlog into the 20, well, 2032. Leave it like that, and then we are open for questions, yeah.

We are indeed. We have received a lot of questions already, thank you for that.

I think we have enough to cover the remaining 30 minutes, but please do keep them coming if you have any using the Q&A function in the webcast player. We start with one on dockings.

You include some effects from timing of dockings, and the question is: what drives the decision to move a docking in general, and then specifically for Forsa, if there are any particular considerations there?

Of course it can be many reasons for a docking. It can be a schedule issue, always discuss with the client when it's the most convenient time to do a docking.

That could be one reason. Another reason can be that you see that you have available slots, and sometimes it's difficult depending on where in the world you have a boat.

The third reason can be that you have technical problems, and that don't want to stop the boat once, and then do the docking later on. It could be many reasons for that, yeah.

Of course we are talking here about moving the docking forward three, four months, yeah, it's not dramatic, yeah. Of course the window for a docking with the class is normally three months, yeah.

Thank you. Do you have an updated valuation of the vessels as of June 2026, and if yes, how does this compare to the book value and to the end of 2025, Martin?

It is a valuation included in the deck, is it $4.2 billion that is the broker estimates on the fleet. The book value of the fleet is included in the report.

I will have to cheat slightly to then find it here, but...

I can just fill in on the broker values in the meantime. As of the end of Q4, that was $4.1 billion, slightly below the current broker value.

Of course that includes slightly different fleet with the Saltfjord coming in and the Amazonas and Lars going out for those values.

I can also fill in. Of course the broker values are based on charter-free boats, yeah, it's not a direct measurement, because you have contracts on most of the boats, yeah, you have to adjust for that when you look at the values, yeah.

Yeah. Fixed asset in the the quarter is tangible assets is 3.160, a good billion higher broker estimates than the than the current book value of those assets.

Of course, the tangible assets also include ROVs, but the the broker values does not. The so the real difference is is likely higher than that.

Thank you. How do you translate the increase in floaters that you describe into demand for the anchor handlers?

Is it possible to quantify with a number or range? I guess the latter is difficult, but perhaps Mons, you can talk about the sort of general scope for such a floater and vessels typically utilized, vessel days, etc.

Of course you have a pre-lay and then you have a hookup phase for when you do a floater, yeah, and for a pre-lay, you often use one big anchor handler with big crane. That's of course why we have a few of those.

Then in a hookup phase, you normally use the same boat, and then you need three, four boats in addition for heading control, yeah. Then of course, I think a typical duration for a project for each of these phases, let's say that's a month then.

Then of course most of these projects are in West Africa or long way from where the anchor handlers work spot, of course there is normally then almost one month each way sailing on top, yeah. For a hookup, then you can have four or five boats then out for let's say for 90 days, yeah.

Perfect, thank you. A few more questions on this project anchor handler topic.

The first one is how many of your anchor handlers currently have cranes, and will you install cranes on any new ones?

Today we have, is it three we have with either 150- or 250-ton cranes, and we will install one not on Saltfjord, but on Sunnfjord, in March, April next year. Then we will have four.

Then of course the Skandi Hera, which is going to Suriname, she will of course be out of the market, then we will have the same exposure with three anchor handlers with crane.

I guess it's one more, Mons. You're forgetting Frøydis.

Forgotting, yeah. I forgot her, then you have to add one, yeah.

I'm getting old, I'm getting old, it's good to have you...

No, no. Then related to this, do you have enough anchor handling capacity to meet the booming demand that you illustrate for 2027, and do you think sourcing third-party vessels could become an issue?

Of course,

I think we have the core fleet we need. We have the A-plus that we need, and of course on quite a few of the projects we have done in the past, we have used third-party boats as well, yeah.

It's not something we look at a problem to source, yeah. Of course we are doing this project now, Cúlin project, we are starting now next week, and there we of course use three boats from our own fleet and one chartered-in boat.

It's pretty normal that we don't have the whole fleet ourselves.

Thank you. Moving then over to Brazil, and first Skandi Amazonas.

Will Petrobras seek to replace this vessel, and if so, how will they do that?

I can't answer what Petrobras will do or not do. Will we replace it?

The answer to that is no.

Thank you. In Norskan, what is the reason for the high EBITDA margin, and are these sustainable?

I think that is probably looking at an unadjusted number for the Amazonas event. The Amazonas recognition of $110 million in EBITDA is the reason for that, and of course that is not a recurring event, and it's not something that you will see in the numbers going forward.

The underlying EBITDA margin in Norskan is in this quarter pretty similar to what it has been historically, and of course it's a high asset segment with eight vessels operating on long-term contract, but it also has a management element to it that gives EBITDA contribution, but with higher volume so that it slightly dilutes the margins.

Of course we do expect of course the numbers in Norskan, adjusted for Amazonas, to improve next year as of course remember of course is it four or five of Norskan anchor handlers that start on new contract early next year, yeah. Going forward, of course we expect better EBITDA number from Norskan when you come into, let's say, quarter two in '27.

That was actually the next question, Mons, you're ahead of me with the trajectory of the Norskan full-count that has addressed then. Then on the ship owning segment, are there any specific and isolated events impacting this quarter, or was it mainly reflecting good contracts and the good spot market?

I guess no special events. It is reflecting contracts and a strong spot market in the quarter,

yeah. Yeah.

We've seen some very strong vessel transactions, especially on the subsea side reported over the last 12 months. Do you see any opportunities to dispose of older DOF vessels, especially in the subsea segment at these strong levels?

Of course we have said perhaps that the next you will see from DOF is selling a boat, and of course we have sold a few, and yeah, it's correct, yeah. You see there is fairly short distance between pricing of a secondhand boat and a new boat, yeah.

We can't guarantee anything, but of course we are looking at selling a couple of boats more, yeah. We will have to come back to that when it firms up, yeah, if it firms up.

Thank you. A question on tax.

The tax and tax rate is quite a bit higher in this quarter. Can you break down the effects and explain why this is?

I can at least try. It is higher and it is mainly the big difference is Amazonas, it is as a tax effect in the P&L, although it is not a cash tax because there is a corresponding opposite effect on realization of the dollar loan in Norskan that, call it, eliminates the effect, but that the value of that tax loss from the loan was booked as a temporary difference.

You utilize deferred tax assets on that particular event. From the overall tax cost of 68, 69 on management accounts for the quarter, more than half is deferred reduction in deferred tax assets, utilizing former losses.

If you look at on the cash flow, only 23 was tax paid in the quarter. Of course you recognize the P&L effects on tax for every penny that you earn, but you utilize the tax loss carryforwards to eliminate the payments of it.

Thank you. Then slightly related, what is the Skandi Amazonas accounting effect on net profit for the quarter?

That is very related. The EBITDA effect of 110 less the book value of 42 will take you to 68.

If you then include the tax effect of roughly, yeah, let's say just south of 20, it takes you to 50. Of course it's simplified, but in that range.

Thank you. There is a small wave of newbuilds coming on the CSV side in the not-too-distant future.

Does that affect your contracting strategy on the CSV side, and do you see the newbuilds potentially affecting rates in this segment?

To the first, I think we have said for a long time we are pushing and we've done that for a few years long-term, and we continue to do that, yeah. On the newbuilds, you have to remember that on the CSV side, of course the contract we are winning of course is not the boat, yeah, it's a full service, yeah.

Of course we don't compete with these shipowners that are building these boats. We actually is more a client to them.

We have chartered in boats for a few of them, and of course we put services and equipment and use the boat. I don't see our segment, what's the end users, as being influenced by these boats.

Whether I think that the rate levels for a pure time charter on these boats will be influenced, I doubt that. I think there is good activity and opportunities for these owners.

Of course they shouldn't expect to get the rates much higher than what we see for the boats already working in that segment, yeah. It might be that they will not get the 90k a day that they dream of, but they have to be satisfied with 75 to 80.

Thank you. Then on the Hera contract in Suriname, as you say, a first ever in the country and a long duration, could you say a bit about what she's going to do there, and do you expect to put additional vessels to work in Suriname?

Of course what she is doing is she will be used of course for mooring jobs. She will also be used for supply, but then also quite a bit on IRM and on construction work, yeah.

She will for instance install Christmas trees and similar equipment, yeah. It's a field support contract, yeah, including anchor handling duties.

Thank you. Of course

a subsea scope on top of the vessel, yeah.

Indeed. Then on the extensions on Búzios and Recife, how should we think about the terms of those extension periods compared to the current contracts?

I guess you should think it's very similar, yeah.

Thank you. Then a couple of questions on Skandi Acergy and the status of that vessel, and what options you're considering for that vessel going forward now that the current contract is about to expire?

No,

I guess plan is to as we used to do before we did that contract is to run her ourselves, and we are building backlog for her, and I don't remember, but I think we have at least booked 150 days for her in '27 already, and more to come. She will go in and be part of the DOF Subsea operated fleet.

Great. Next one: how do you see the project activity developing from '26 into '27?

Is it up, flat, or down, do you reckon?

As we said on anchor handling side, we expect it to be up. On the CSV side, we also see I think '27, but of course this is more me being my stomach talking, my gut feeling tells me that it will be higher activity in '27 compared to '26.

I don't have, like I had on the anchor handlers, I'm showing slides on it, this is just my overall feeling looking at our prospect list, looking at our backlog, and looking at opportunities, yeah. I can't guarantee that, but that's my feeling.

Okay. Question on the PIDF project.

Did this contribute to the full quarter, and what can you say regarding the level of contributions from this contract going forward?

Of course, as we said, it's been in a startup phase in quarter one and into quarter two, and a few of the boats has been under mobilization and acceptance test. You could say that only from, you correct me if I'm wrong, but I guess only from June, we saw the PIDF project on, let's say, in full activity, yeah.

We of course expect second half on that to be better than what we have seen in first half, yeah.

Thanks. For the two new CSVs, what would be your preference: using them on projects or on more long-term field support type contracts?

You see,

yeah, I think what we do with exactly those two boats, yeah, I guess what you want to keep, let's say, the mix on a total fleet on what is on long-term and what is on short-term, yeah. Whether these isolated go on long-term or do projects, of course we are chasing more long-term work to keep the backlog and the risk in the company at decent low level, yeah.

Where we are going with these two boats, I wouldn't comment, yeah. Of course there are a few opportunities around the globe, key clients needing more capacity, both in Africa and in the Caribbean and other places, yeah.

We are optimistic on finding good work for them, but I don't know whether they go on long-term or somebody else go on long-term, it's too early to say.

Yeah. Canada: a lot of moving parts there in the years ahead with your strong position.

What are your expectations for additional vessel demand in Canada? No,

it's a good question, yeah. Of course it's not a big market, yeah, and but of course you saw we are increasing with one boat now.

We announced two anchor handler contract in Canada, and one of them is coming from North Sea, and going forward, we see a few opportunities. Here you have a few clients, there are a few tenders we are working on now, and then of course you have the Equinor Bay du Nord project.

Of course if that get final decision, of course that will drive the demand from roughly '29. I think to summarize Canada is that we don't expect an enormous growth, but perhaps that would be opportunities to go slowly, and then perhaps if Bay du Nord, of course it might be opportunities for us long term, but of course there are competition, yeah.

A steady, stable, slow-growing market as far as we see.

Yep, fair enough. Then a follow-up on Canada: which anchor handlers will you have working in Canada in 2027?

I guess if you follow the slide we had on the anchor handler, we showed the backlog for those, and then you saw who is on contract, and of course today we have a Kvitbjørn and three N-classes in Canada, and then we're adding one more, yeah. I guess everybody will know that pretty soon anyway when this boat start transiting.

It will be four Ns and Kvitbjørn and Clipper, yeah. If we have more, I don't remember if we have more, but at least three Ns, it will be four Ns and Kvitbjørn and Clipper.

That's the list of the anchor handlers in Canada. That's correct.

Are there any regions where you are experiencing more or tougher competition now compared to a year ago, both on time charter vessel deals and subsea projects?

I don't think that has been any major change on competition, at least I think it's the same as we saw a year ago, yeah.

All right. Then in which areas both on...

Perhaps to add on, perhaps on the anchor handling side, you have seen consolidation, yeah, you could perhaps argue that there is a bit less competition on the very high-end anchor handling market.

Okay. Then another one on the competitive position: where do you see DOF as the strongest relative to the competition, both on types of jobs and locations?

Oh, that's a difficult one, yeah, and of course all our competitors might disagree strongly. I think always where we are strongest is on high-end anchor handlers, no doubt, and on the FSV, IRM side of the business and into smaller surf projects, yeah.

That's I think where we are strongest. Geographically, you certainly just mentioned Canada, of course, where we are very strong position in that.

I think we are getting into a very strong position in the Caribbean. Of course Brazil needless to mention, and APAC is pretty strong as well, especially in the Australian area.

Then I think we deserve a higher market share in the North Sea than we have, but of course working on that, yeah. West Africa, yeah, of course not the dominant player, but strong foothold and hopefully be able to capture and win more deals and grow the business there as well.

That was, I guess, a very modest answer,

yeah, so. I think so, too.

All right, very good. That concludes the Q&A session that we had for you today.

Thank you everyone for your good questions, and thank you, Mons and Martin, for your answers and your presentation.

Thank you. Thank you all for listening, and have a nice day, and bye, bye, I would say.

You, Martin, some final words from you?

No, I think it's thank you all for attending and enjoy the rest of your days.

Thank you very much.

Thanks.