Welcome everyone to this Capital Markets Day for DOF. It's a new record in number of attendees. We also got a live webcast, so I leave the word to DOF, Mons. Thank you, and thank you to Pareto for hosting us, yeah? Last year, we didn't even have to pay for the food, so it's important to eat a lot today, yeah. We have a program here, and you will meet a few of my colleagues around the globe, and the program is like this. This is me now, Mons, and then our EVP for the Atlantic region will talk a bit about his region and also then some in-depth on projects they are doing at the moment, yeah, to hopefully educate you a bit on what DOF actually do for a living, yeah? Then Elias, coming all the way from Brazil, will do you know an intro to DOF Brazil and the market and recent contracts and the outlook. Then Mr. Haukeland, he will talk about the renewable market and especially offshore floating wind. After a break, Marianne will look at the ESG work in the group. Then I will have a few slides on the acquisition of Maersk Supply. Then I guess what you all have been waiting for is Hilde on the financial side, and of course on an update on refinancing, dividends, and so on. Somebody told me that I, on the Finansavisen TV today, said 0.3 cents instead of $0.3. I correct that now, so it was $0.3 and not $0.003. And then we end with some Q&A at the end, yeah. And I think, you know, if you want, I guess, to get a bit live, you could ask questions as we go along as well, yeah. I guess this one is what we want you to remember from the highlights, yeah? The takeaways we think we're gonna tell you today that we think we are perfectly or well-positioned, you know, with the organization we have, with the offices we have around the globe and with the fleet we have. We think we are very well-positioned for the very strong oil and gas market we see globally and especially on the subsea side. Then recently, we have done some bids on offshore floating wind. So you know, it made me smile for several days, yeah. So if you were to design a market fitting perfect for DOF and the fleet and the competence, it was like that, yeah. They need CSVs for cable. They need CSV for pulling, and they need many, many anchor handling days for the towout and the hookup. So it's perfect for us, yeah? So I guess the question is when and how big, and we will talk a little bit about it later, yeah. So as we said, we have a few tenders live already, and if somebody are lucky, there might be awards already next year for fairly large projects, then on the next bullet, it's what we say is that the guidance, of course, we have told also midpoint 275 for second half this year. If you analyze that, that is 550. And then, of course, we know, and we will show you that we have quite a few contracts commencing in second half 2024 and into 2025, that have fairly higher rate increases compared to what they earn today, yeah. So what we are saying here is we are not guiding for 2025, but we are saying that we believe that we are still a decent way from the top on the EBITDA level we will produce going forward, yeah. Then, you know, we have all-time high backlog, yeah. I think it was a bit above $3 billion by the end of the day today, and so meaning that second half this year, 2025, and also in 2026 starts to look pretty good, yeah. Then we have a point here, a chart—growing chartered-in fleet, and I guess the point of that is that we, though our business model can make money without any CapEx, yeah. So we can charter in boats, and the reason the money from the Atlantic we talk about is of course the IMR contract with Equinor, where we are making really decent money, but on a third-party boat, yeah. And of course, that also gives you a bit of flexibility in the market. You can go up and down on the chartered-in fleet. You know, we are delivering, and we believe on the deleveraging strategy, so we expect NIBD or EBITDA around one and a half times in 2025. And of course, that has been the target, yeah. That is what we think is the between one and a half and two is the, let's say, is the, the long-term key number we want to stay at, meaning that we will not have no ambitions to go very much below one and a half, and that's of course why we introduced dividend and refinance. We want to refinance, and then we want to pay cash out and stay around that level. Of course, that depends a bit, of course, on the market and the backlog and all that, but as we see it now, there is no need for having any lower gearing than between one and a half and two. Then, of course, a few slides on Maersk, still not closed. We hope to close it in fourth quarter. Of course, we look forward to that, and we think it's gonna be a very good company going forward, yeah, with a market leading position on both high anchor handlers and subsea vessels, yeah. We're also gonna talk a bit about. We had a few questions, you know, on why we are taking on anchor handlers, and I hope after this session, that you understand that we use the anchor handlers for a lot more than working in the spot market. Yeah. So we actually normally have much higher average earning than a pure spot market player in that market. But we have a few slides on that one as well, yeah. Then on dividends, so we said in the release today that we plan to – we're gonna refund it and hope to have that done by hopefully by first quarter next year, and I start paying dividends second quarter, and we have indicated level about $0.3. Yeah. And try to have that as a quarterly dividend, and of course, we are not saying it can be higher, and hopefully, of course, it will grow going forward, yeah. But that is an indication. And then the final point is that, of course, ESG gets more and more important, the all three letters in that, and we spend a lot of time on that, and of course, you know, of course, we see clients, they. You don't have a choice if you want to work with the big oil companies around the globe. So that was the highlights. And this, you know, this is DOF. And I guess we don't have to spend much time on it. But today we have Mr. Elias from Brazil, so he's gonna talk a lot about Brazil for you. And we have Dag Lilletvedt from the Atlantic that will talk about that. Yeah. So I leave it like this. No news on this slide, really. And this is what we do, yeah. So we own the fleet. We add on people, engineers, project people, ROVs, and so on. And then we sell, you know, integrated projects to the clients around the globe, yeah. Of course, we see the gray here is what we are able to make in return on top of the assets, yeah. So we value the organization high, and, as I said, we also see, you know, today we have five, six charter in boats, and we make good margins on those as well, yeah. So this is also an old slide, so I do. You have seen it before. This is a slide, and of course, this, I didn't quite understand why we should have that slide, but we. Some of the people in the group thought we should have it, because there has been some discussions around new builds, yeah. So that's why we made this slide. As you can see, we have split the fleet here into very large so CSVs, which is pipe layers and 400-ton crane boats. And as you see, they are 41% of the fleet value in DOF, yeah. So this is the pipe layers, it's the 400-ton crane boats we have around the globe. And, of course, there is no new builds in that space, and, of course, I think you also, most of the players don't have competence to operate boats like that, yeah. So that's why we're saying we don't believe any new builds will come in that segment. The same on anchor handler side, we have 34% of the value of the fleet is in anchor handlers, with and without crane. Of course, we see no new builds on that as well, and we don't expect any. Where you see new builds, of course, is in the lower end of the CSV segment. We have seen a few new builds, up around 10 new builds, you know, 250-ton crane boats and 150-ton crane boats. Of course, we noticed that, and of course, we think it's a low number. So that's why I said I don't need this slide, because I think this will be no threat to us going forward. Of course, it's in that space, we also have the charter-in boats, yeah. You could, if you want, you can choose us to be a shipowner, but you can also choose us to be a client or the people building these boats, yeah. So it's kind of a twofold. So as you see, that segment represents 21% of our values, yeah. So I think that is the purpose of this slide, is to show we are number one, we are not afraid of the new builds, and number two, where we see the new builds are coming are only a small portion of the fleet. And of course, a 150-ton crane boat cannot compete with a big 400-ton crane boat and cannot compete with the big anchor handler, yeah. It's an isolated segment, and so far, of course, it's a very, very low part of the sailing fleet, yeah. And of course, then you, if you look at the pricing, it is, you know, for delivery, people are paying $130-140 million for a boat to be delivered in 2027 or 2028. I think you have to be rather optimistic, and I hope they are right, of course, because if they are right, you're gonna make a shitload of money on the present fleet we have here. So I think I leave it like that. And, as I say, I am not worried at all about newbuilds. I think there will be a very limited number, and where there are newbuilds, you know, it's only 20% over the fleet value end of year. And also, it's in the segment where we charter in boats, yeah. So, yeah, so that's the purpose of this slide. Then there's a backlog, and this is per today. So this is what we have in the book as we speak, so around $3.1 billion, yeah. And then, which is the, I guess, the highest we ever had. And then, of course, the, you, the distribution here is that it's $665 million for second half this year, and the revenue in first half was kind of six... What was it, Lundberg? 670, 680? Yeah. Yeah. So it's almost 100% of the revenue in first half. And so I think we could have two or three boats for a week or two in December if we are not able to fill those gaps here. So that is what we are exposed to, and so almost 100% backlog in second half, yeah. And then next year, a bit more than $1 billion in the book, and I think that's the highest we have had this time of the year. And if you compare that to the revenue this year, I guess it's 70-75% of the expected revenue this year. Yeah, so it's pretty high, and so of course the focus now is first of all to fill a few gaps. We have a gap on three or four boats, I think, in first quarter that we have to fix, and then it is to start focusing really on 2026. And for 2026, you see around 700, which is around 50% of the revenue. So it looks good. So you could say this year, next year, and into 2026, it's the risk is being reduced as we speak, yeah. And still a few deals, of course, in the pipeline. This is a bit interesting as well, and I guess that is why we are saying that we don't believe we have seen the top of the EBITDA level off. It's because a lot of these contracts has now started to deliver yet. The interesting here is, of course, that more than 50% of the backlog now is won in 2024, yeah, which is interesting. And so we are all. So it's. And that, of course, I'll show you on the next slide, of course, that means that the rate levels are up quite a bit, yeah. So then we still have a few contract. And the interesting, of course, is that the contract you did in 2022 or 2023 that you thought were very good; they are not good anymore, yeah. So that's how the development has been, yeah. So I think we are changing all the backlog and expect to continue to do that then. And then, of course, here you see how they distributed the new backlog and the old backlog, yeah. And then you have this one, and of course, this is not all the contracts we have done, but we have tried to a few examples. Yeah, so, the number one, the CSV number one is a big boat that you know are working on a contract now and then start on a new contract first quarter next year, and then you see the rate level. And this is on TC basis, yeah, so it's no subsea or ROV earnings. It's pure vessel earnings, yeah, to keep it simple, and you see the level is up 70% compared to what we are making today. And that is a 18-month plus option contract, yeah, commencing next year. The next example, CSV number two, is another boat where we start a new contract November this year, and the rate level is up, as we see, in the forties, yeah. That is on a two plus one year firm contract. The third one here is an anchor handler in the North Sea, and again, I guess you can know how that is because it's a term contract for an anchor handler, and as you see, also, the rate is up quite a bit on that. The other one is in Brazil, so it's an old anchor handler jumping up. Continue, and then you have the two PSVs, and I guess you can guess who that is, but of course, on those two, the rate is up roughly 50%, and they commence in the second half 2025, yeah. And the last example, I'm not saying that is necessarily representative for a PSV, but it's compared to the old rate, it's up 80% on that contract. We make now $9 million a year on a PSV and AHT, yeah. This is a snapshot on how the market has developed within the various segments, yeah. We have quite a few more, but I think this is it. Mr. Dag Lilletvedt is head of the Atlantic region, meaning that he looks after the North Sea and the Med and West Africa for our subsea business, yeah. Welcome him here. Thank you, very much, Mons. It's a pleasure to be here. Full house. Also, I understand it's a lot of people with us on the TV as well. I'm Dag Raymond, EVP, Atlantic. That means that we are running a business that is focused on delivering integrated subsea services. We do that across oil and gas and also renewables, and we do that in the European and the Mediterranean, and also the African market. The services that we provide is from the early works within the survey disciplines, all the way through to construction, further on into inspection, maintenance, and repair, and last and finally, decommissioning duties, as well. The fleet we have in the Atlantic region is nineteen vessels. This is pre the Maersk acquisition, and, it's a very versatile fleet, which has, anchor handlers, subsea boats, and so forth, suitable for the type of, environment that we operate and deliver projects in, in the region. A little snapshot of some of the boats that is, working in the region. Rem Inspector, we will come back to, that is, Equinor IMR. The, Skandi Iceman and Skandi Vega on long-term contracts with, Equinor. Skandi Hugen is on a long-term contract with ConocoPhillips in, the North Sea. Maersk Installer is, steaming towards, Ivory Coast as we speak, to install flexible pipe for, Eni and Saipem. The Skandi Africa has been working in Senegal and Mauritania, doing construction duties for also BP and Saipem since November last year, and will continue on that project throughout the remaining of 2024. Skandi Skansen is also in Ivory Coast, doing one of the largest mooring projects that we see in the global market in 2024, I would say. One FPSO and one FSO, full turnkey solution delivered by DOF with a host of vessels coming into Ivory Coast into the fall. The Skandi Seven, which is working in Angola, just recently classed and back in Angola working for Azule, is also one we will touch a bit more on. The backlog in the region is solid. It's the long-term contracts and also the project backlog that drives the region. Overall, we have one thousand and ninety-four employees. I believe this morning it's actually one thousand and ninety-five. Another engineer signed up, so good news, I would say, because we definitely need more people in the uptick that we see in the market. We expect also in the years to come, we will continue to employ competent engineers, various disciplines as well, to support the project activities that we have on the horizon. So a little snapshot and of the market that we are facing as of just now, of course, both across oil and gas and renewable. In general, starting with construction, we see that this is an area we can offer a lot in our market. We see a number of smaller tie-back projects that is on the horizon and coming, both in the North Sea and also in West Africa. We also have quite good competence and track record within this area and are ready to take on some of these projects as well for the years that is ahead of us. On the decommissioning market, this has been call it a bit of a bread and butter for us over many years delivering decommissioning services. We see that overall in the North Sea, that there is quite a lot of fields and satellites and structures that is going to be removed in the years ahead of us. It's a relatively visible market and one we have focused on, delivering turnkey services, also including recycling. Also in the years ahead of us, this is an area we will focus a lot on. Especially U.K. is a very promising market in the years ahead, but we also see some developments in Norway. On the FSV, FSV is Field Support Vessels. This is the segment where you are supporting an operator across both the CapEx part of their activity, as well as the operational parts of their activity. Doing everything from, let's say, survey into inspection, and also on some occasions, construction work, as well. We see going forward, especially in Africa and in West Africa, that there is several interesting contracts up and coming as well, and also perhaps a few ones in the North Sea as well, coming up. And also a very important market. We believe we have a good offering to our clients. On the mooring side, a bit of our bread and butter with all the anchor handlers. Of course, with the Maersk tonnage coming in as well, will give us even further opportunity and capability to go after the, let's say, the marine operations, where a host of vessels are needed to execute our scope. I will come a bit back to that. But on the floating, floater side, in a together with the tieback, those are the two leading technologies we believe that will be given in oil and gas going forward, and is certainly an area for us. On the renewable side, so there is basically two areas in renewables we are focused on. Number one is on the cable side, where we are repairing and installing power cables. We have recently delivered another project for our operator in Europe, repairing also cables for them. We also see that this is a market that is on the uptick as well going forward, and we will continue to invest and build competence within this area. On the mooring side, that is a bit more linked to the marine operations for the floating wind as well. Of course, still early days for that market, but we are doing feed studies as of now, and will position for the larger floating wind farms as they will mature going forward. All in all, we see a positive market in the years ahead of us, and we see that the services that we have are sought after, and we see that the tonnage we have is a good fit for the needs that our clients have. Now a little bit over to a few selective projects, and we will start with one FSV project, which is towards our client called Azule. Azule is, for those who don't know who that is, an alliance between BP and Eni. These are the heavy boys, to put it that way, that is collaborating for all the exploration activities in Angola. We signed this contract originally in 2017. We thought we were only going to spend a few months in Angola and then go home, but we are still there. On this contract, we are basically functioning as a subsea department for our client, and we are doing a lot of engineering work, preparing the packages. It's engineering work, it's procurement activities, and the execution of everything from survey to flexible installation. And we do all of that on the beautiful vessel we see in the background called Skandi Seven. She has a 250-ton crane, about 1,200 square meters of deck, and is very versatile for a wide range of different scopes. Here you see Skandi Seven installing jumpers off the barge that we also are in charge on this very particular project. Also on this project, we are very proud to say that we have delivered more than 2.8 million man-hours, and we have done that with zero LTIs. That, and again, this is in Africa, so we are very proud of this achievement. We have also brought in a number of other vessels on this particular project as well, based on the scope of work that we have executed. Over to IMR and a contract we announced earlier this summer. Finally, we managed to secure a long-term contract, or what we can say is maybe the most tasty subsea long-term contract you have in the North Sea, directly with Equinor. This is for IMR work, where we will, on three sixty-five basis, work on maintaining and making sure that Equinor's assets in the North Sea is fully functional. Due to the uptick in the market and the lack of availability on own tonnage, we had to go external, so we rented in this, vessel you see in blue over here, the Rem Inspector, which is very suitable for this, type of work. She's currently in Taiwan, but will transit towards the end of the year to North Sea, where we then will commence the mobilization and be ready within April, May, and to work for Equinor. So, what DOF will do here, you see this tower we have here. It doesn't look that big, but I can assure you that is a really big structure. That will be mobilized on board over the moon pool on the vessel, and this tower is going to be used to install subsea control modules, chokes, manifolds, and so forth, in all kinds of weather in the North Sea. On top of that, we will mobilize three ROV systems on board, and everything will be fully supported by a host team of engineers and a management team working in the DOF office in Bergen, preparing all the packages of work that we will do for Equinor, so we are hugely excited for this contract. We think it's a strategic important one that also will open doors for additional work as well for DOF in the years ahead of us, then another one, now over to the mooring side, so this is the Hywind Tampen project. I think many of you have heard a lot about this before, so I will not go fully into details of it. Essentially, eleven floating turbines, where DOF had a turnkey responsibility, doing all the preparations, the engineering, the feasibilities, and all that in addition to the execution of the project as well. So on this project, we used a number of DOF vessels, also chartered in a few other boats from the market to complete the installation of the Hywind Tampen floating wind farm for Equinor. The interesting fact about this is that the competence used on this floating wind project all comes from the same, very same, DOF offices and the community we have installing FPSOs within the oil and gas side. So we see that the competence that we have is a very nice fit for these type of projects, and we also see that the vessels that we have is also a very good fit for also towing and installing the type of structures we are talking about, as well. Then we go over to the construction side, and very interesting area with regards to the coming tie-back market ahead of us. This is a construction project we did for Chevron back in 2023, where we used the Skandi Acergy, the big vessel you see on the screen. You will see her with a horizontal lay system, installing flexible pipe and a number of structures, as well. And what we also did on this project was to design and fabricate spools as well. It was kind of a mini-SURF project, we would say. So, for us, this was a huge success. We left Chevron very happy with the performance of Skandi Acergy on this specific project, and it gives us also the confidence that we can work on this type of level projects in the years ahead of us. Then, over to decommissioning. This is a project that we just, in a couple of weeks back, finalized. This is the Dana Petroleum Western Isles decommissioning project. On this one, we used four DOF vessels to remove the cylindrical FPSO you see on the pictures. The interesting fact is that we also installed this one back in 2017, so it's not always the FPSOs stay for many years in the ocean. But on this one, it was time to remove it. Again, it was a turnkey delivery from DOF, where we did all the engineering and also the execution, leaving Dana a very happy client with the performance of the scope of work. And with that, it is now movie time. We have a little movie from this very specific project that we would like to show you, and hopefully, the technology works with us. DOF Subsea installed the Western Isles FPSO in 2017, and we decommissioned it in 2024. We don't often get an opportunity to utilize four vessels from our fleet in a project in this capacity. We get to kind of showcase the capabilities and things that we can do for a project like this. The biggest challenge we faced on the project was the entry window into Scapa Flow. It was a seven-day window, and if we missed that window, we'd have to wait another seven days until the next one. The original scope was to pay out and disconnect in a normal, standard process. Instead, we brought in a solution with a diamond wire saw and cut the chains mid-water, and laid them down directly. We were able to save the client quite a bit of time, made things much more efficient. To be able to, to tow the vessel out, install it in the field, and then seven years later, to come here and remove the FPSO and tow it to its final destination is a really, a really satisfying and rewarding job for DOF. This project shows one of the main strengths of DOF, which is that we can plan and prepare a complete project like this. These guys, you know, it just shows the professionalism of the guys offshore because we've no incidents and any kind of safety concerns, so it was well within the capabilities of the vessels. From a project level, this was fully done in-house. We utilized the teamwork between the vessel management side and the subsea team to work a solution and be able to coordinate everything on time and deliver successfully has been amazing. Yeah, that was the Dana Western Isles project. So then we will summarize a bit on the Atlantic region. First and foremost, we got the offering for the type of services that our operators and clients in the region are after. We also have the backlog, I would say, the backlog and the track record to continue to secure scopes in our segment and part of the market. Also, in terms of the fleet, so very versatile fleet from the anchor handlers to the subsea boats, which is from the smaller ones up to the construction boats as well. So very good fit for the type of services that we that the clients are after. And lastly, it's about to be able to attract people to come to DOF and to work for DOF. I think that is going to be important. Competence. You can have many boats, but you also need the competence, and those two items go hand in hand together as well. And what we see in the market as well, it's not always straightforward to employ people, but we are getting a lot of good applications as well from good engineers, good people as well, that wants to join us. So that is... That's very pleasing. Yeah. So with that- Yeah, I'm just gonna give you a quick introduction, yeah. And yet just- Yeah ... one point on, you saw this project with all the anchor handlers, yeah? I know, you know, we have to be a bit, we have to brag a bit, yeah. You saw this going here or here on that project, yeah, so, which is, you know, working mostly on projects. So a bit in the spot market, but let's say 90% on DOF Subsea projects. And we saw the earnings in first half, and we saw some competitors delivering numbers and on average earnings for anchor handlers. And that boat had double earnings over the average they had, yeah. So, so what I say, it's, it's... I, I call it owning anchor handlers, but with the destiny in your own hands, yeah. Meaning that you control the earnings. You are not just leaving the destiny to the spot market, but you actually work this boat globally on projects, yeah? And imagine a project now in Ivory Coast, installing FPSO and FSO, where we now have four anchor handlers doing that, yeah. And I guess the average rate you have to pay to the vessel companies, I guess it's around $70,000 a day for those four boats, yeah. Yeah. Which is compared to, of course, the spot market today. So that's why I'm saying I'm looking forward to the Maersk anchor handling fleet, because we need at least a handful of those to do those projects, yeah. And then on Brazil, so Elias, he has been with us how long? Twenty years, almost. Probably eleven. Eleven. Eleven years. And of course, he, it feels like twenty, and so of course, he, and he's been on our commercial side. And he's also heading a project manager for the largest project we do in Brazil. So if you have questions on the market in any segment in Brazil, this is the guy to ask, yeah. So, I'm extremely happy with the commercial team in Brazil, so please welcome him. Thank you. I'm probably the only one guy that does not speak Norwegian in the room, but it's only to increase a little bit. My name is Elias Habib. I'm the commercial director for DOF Brazil, and talk a little bit about DOF and the market in Brazil. Our history, we are very proud of it. We started in 2000 in a joint venture. We have two companies in Brazil, Norskan, that is the more the vessel owner and vessel operator, and DOF Subsea. But I believe we were the first one to do the one DOF. Since I started in DOF, I worked for both companies independently. So we presented this graphic last year, but I will mention only the differences. We signed the contract of the PIDF, that contract of services that Mons mentioned. That is my responsibility. This year, we signed eight big contracts and one extension of contract. It's the... For example, the anchor handlers, we signed five anchor handlers in 2010 contracted by Petrobras. The PLSVs, we signed three PLSVs, and one PSV outside of Petrobras. We are trying also to get a little bit out of Petrobras, to not have all the eggs in one basket. Moving forward, this is Brazilian offshore spot market. You see that after some rules and regulations published by Brazil, we have a very good increase on vessels. And unfortunately, in two thousand and fourteen, for the first time in history, we had a crisis in Brazil in the same time, and crisis in the oil market because of the oil. So we have a very complicated moment, and we passed, like, almost five years, six to seven years on a survival mode there. And why I'm showing this. I don't have pointer, but it's to show that DOF strategy since the beginning was to invest in tonnage in Brazil. And Brazil has some very interesting flag protection rules there. If you want to use an international vessel in Brazil, you need to make a circularization. This circularization is valid for one year, and after one year, if any vessel, a Brazilian vessel is available, you will lose your contract for the Brazilian fleet. This helped us a lot to pass this crisis. We kept the vessels contracted due to the flag. This graphic shows all the vessels from the small fast supply or line handler to the big PLSVs, and we are currently at 85% of the maximum vessel available that we had in Brazil. We had 500, we are now 427. One interesting point for Brazil is that we don't have a spot market, a good spot market as we have here in our sea. If you need a vessel, for example, if you need an anchor handler for holding a position of FPSO, doing a mooring installation, you need to bring from abroad or ask Petrobras to have, because Petrobras has the major part of the contract of the vessels in long-term contracts in Brazil. Talking a little bit about our scope, we are not operating on the smaller vessels. We are operating on the high-end, high-end fleet, and this is the history of the high-end fleet. You see that there was a reduction also due to the crisis. We go from 100 to 73 vessels. The graphic is not so good because from 2011 to 2024, we almost double our fleet. We jumped from 13 vessels on the high-end fleet to 22 vessels, while the market is going up. We currently have the. We are number one in Brazil, operators for this type of vessels, and the second position is 10 vessels below us. So we are very strong in this market and thanks to our tonnage, Brazilian tonnage, that helps us also to put a secondary flag on an international vessels, and to strategy of having the vessels and the ROV combined. A little bit of our capabilities in Brazil, we have management and vessel management, owning, and operation. We are operating ROVs for a long time, and now we started to operate AUV also on a long-term contract with Petrobras. Survey positioning, we have more than 130 surveyors on our operation in Brazil. Mooring operations, integrated subsea services, and we are moving from being at typical time charter contracts, vessel owner and ROV operators to service contracts, trying to move to DOF internationally. Some points, we are the first operators in high-end classes. We have the largest fleet of PLSVs. We operate six vessels in Brazil, on over 17. We have the only saturation diving in the country, currently operating, which is Skandi Achiever. And we have, except for Amazonas and Ipanema, the biggest anchor handler we have there, the smaller one, all the other anchor handlers are operating with ROV, what is also an advantage to keep the vessels up running. We are divided in three fleets in Brazil. Fleet one is big anchor handlers. Fleet three is the IMR vessels, construction vessels, and subsea service vessels. And we have the fleet two, that is the fleet of the PLSV's in the joint venture. Only for reference, we have two vessels coming next year, Skandi Mercury and Skandi Jupiter. They are green here. They should be green, they are slightly blue, but not because of the green technologies, because they are painted in green, but I guess Mercury is already red, right? Yeah, reducing our diversity there, but the vessels, the red vessels are much better, and we have Stril Explorer here also in blue. It's a third-party vessel that we It's a third-party vessel that we chartered for the PIDF project, that service project that Miles mentioned. We are currently touching two thousand employees and third parties on our team, and we are very proud, very, very proud of our people there. And the people are also proud and satisfied with DOF. We had 84% on satisfaction and motivation in a recent research that we did on with our teams. I mentioned the fleet one and two, and then three. This is the fleet two on the PLSVs. We have six PLSVs operating, all of them working for Petrobras currently. You know about Búzios, that we had a fire last year. Since first, ch... We sail her to Europe to fix it, sail back, and since first of August, she's operating with Petrobras. She's back in operation with Petrobras with no problem. We are the number one operators, and we have the best scores in Petrobras. Signed contracts last 12 months. I'm very proud of what we get. We have all these contracts signed. You see that on vessel chartering, we have one, two, three, six, eight vessels renewed on a perfect time on the market because we have a very huge increase on daily rates and the backlog is significant for three or four years on contract. This, here's an interesting thing, for example, Skandi Açu, this three-year contract ends on it starts on end of third quarter of 2026. Looking what Petrobras is worried about availability in the near, in the mid-future, but we extended also the contract with Petrobras. So we go up to Niterói with the old contract, the eight-year contract, up to the start of the new contract. And as mentioned, Niterói and Vitória, we had very good increases in the daily rates. We left on the from the lower daily rates we had on the during the crisis to back to the normal daily rates. Salvador, we have a this is the contract that we have outside of Petrobras for a first-year contract. It's. The end client is Petrobras, is on a big SURF project that we are working there. And that has Achiever with Trident. Why I'm mentioning this? It was a one-month contract, but was the second diving campaign that we do in four years. Petrobras kept the vessel during five-year contract, only on as a backup, if they have any problem. They are trying to not do saturation diving anymore. And but we made very two very successful contracts with Trident. And Achiever will. They will need Achiever. Trident and another company, they will need Achiever because they bought some mature fields from Petrobras that are shallow water, they need this. So we're in a very good position. She's currently on a Brazilian flag. She's an international vessel, but she's currently on Brazilian flag, using our tonnage, built in Brazil. Farm out, I will mention this later, but farm out, we jumped from job to job from the PIDF, jumped to the Salvador contract as a front runner, and now she's back to PIDF. Skandi Achiever, she was on Petrobras long term, she went to Trident, and now she's on the PIDF. Why, why this is important? The PIDF gives us the possibility of farming out the contracts much faster than Petrobras contracts. So, if we have a good opportunity, we can go there and return. So it's the, I guess it's the perfect combination. We have the spot market rates without the spot market being idle. As soon as the spot contract is over, we go back to the PIDF to sell services to Petrobras, and we can move easily from one part to the other. So we are getting very good contracts, short-term contracts with very good rates. This is a lot of awards that it's more for the future, let's say. We have a very active and heated market. Clients are very worried about availability. They... It was in the past, it was us operators. Now, they want availability at all. Petrobras is chartering vessels for up to twenty twenty-six. We are expecting them to issue some new RFQs for twenty six, twenty seven. They are very, very worried about the lack of vessels because since two thousand and fourteen, nothing was built, right? So, what is happening, we are keeping the contracts, the charter contracts, long-term contracts, but they're also focusing on service contracts like the PIDF, and now they are focusing very much on the decommissioning part. And decommissioning part is very good for us because we have some vessels there, we have experience, Atlantic and APAC, they have a very, very good experience in USA, very good experience that can share with us, and we are in a very good position. Clients here are very worried about availability. They are giving a huge focus on ESG, being fuel consumption, CO2 emissions, and diversity. Yeah, you know, but this is one interesting thing. Diversity for us is slightly different from the from Europe. Here is more male and female aspects. There we have ethnicity social social position on the personnel. So it's a-- We have a big problem. Of course, you know, we have big problems on Brazil, and we are very proud of our ESG solutions. We have probably the biggest female captain team on the market. We are losing some girls for maternity, but we have very good female captains, and we are... Now, we have, I guess, with the second team of surveyors only formed by women. Pre-salt and deep waters are still the big focus on the developments, but there are some focus on mature fields. These mature fields, smaller projects, are very interesting for us because we can do this as a main contractor or as a vessel and ROV supplier for the main contractors. This is Petrobras business plan 2024-2028. They plan to go from 2.6 billion barrel equivalent, barrel oil per day to 3.2 million. How they intend to do that? All these new FPSOs will be installed and start production in Brazil. All of this, we used to joke that the FPSO is the only thing that we see, but the subsea part is almost the double of what we have down here. So, Petrobras fleet will need to be maintained and increased. We have new projects, and we have the old projects to inspect and to ensure the proper operation of the fleet, is what we do on the PIDF. Mooring lines, SURF projects, vessels with cranes and ROVs, all of these will demand for sure. So we have a very good future and firm position in the near future. Only for reference, they jumped from $78 billion in CapEx from last strategic plan, for one hundred and two billion dollars in CapEx, being $73 billion in exploration E&P. E&P in Brazil is basically offshore, and is where we are operating and locating. So very, very interesting future. Every time that we, "Oh, next year will be calmer." No, next year. We are always jumping from a stressful year to another stressful year, and I'm not saying on the operation, I'm saying the commercial. Oh, there's always so many opportunities that we need to follow and to win. An interesting point is that the decommissioning projects are so important to Petrobras right now, that they issued a strategic plan for decommissioning. $11 billion in the five next years, it's more, it's a huge opportunity for us. Only on some numbers, nine fixed platforms will be decommissioned. We are not so eager to get that, but for the floating on units, pull outs, flexible lines to be removed from the seabed. This is our business, this is what we do best. So here, there are very and many, many opportunities for us. The opportunities could be, as I mentioned, as the main contractor, we are bidding for the as main contractor, and if we in any case, if some other company wins, we can supply the vessels, or even we can block the vessels that they are bringing to Brazil. They need to be very. Our competitors need to be very careful because they will not be able to import a vessel like this. They will need to pass on the circularization and blockings and everything. So we, having the Brazilian tonnage, we are in a very good position here. Only for reference, that contract of Salvador on the first year contract I mentioned, it started with a blocking. They, the first year want to bring an international vessel from them. We said, "Look, sorry, but we have a Brazilian flag available." We negotiated, and we started the contract with them. This is new for Petrobras, and but, Petrobras is being pushed by IBAMA, our environmental agency, for decommissioning this plant, these units. Some selected projects, the PIDF, my baby, sometimes complicated baby, we have the client in Petrobras. But one thing is very interesting, we do, it's the third project of this kind. The first one was not succeed. The second, we did the second, very succeeded, we are doing very well on this. But an interesting point, we can jump from one contract to the other. We have one farm out that we call, the, in the middle of the way. We were going from one unit to the another unit, at the national oil company had a problem. We simply moved 10 miles, did the job, and returned there with no problem. Currently, we have four vessels operating on this, and we are reaching almost 5,000 subsea inspections done in the last three years. If my accounts go okay, middle of October, we will reach five thousand inspections done. We do more or less 70%-75% of some type of inspections for Petrobras on this contract. Salvador Time Charter, that one I mentioned, this contract was originated by a blocking, the usage of Brazilian tonnage. Salvador is the biggest light construction vessels ever built in Brazil, and she's currently operating for this client. Skandi Commander, RSV, normal contract of RSV with Petrobras, but we have an AUV on board, and we said that we thought that, "Oh, the operation will be fifty-fifty," or something like that. But the AUV operated so well that Petrobras is completely focused on the AUV. Some interesting things on the last year or so, we produced six hundred terabytes of data from AUV pictures, and more seven point three million pictures that after receiving on board, we do like a mosaic and big and interesting data information for Petrobras. Diving campaign for Skandi Achiever on Trident, we have the only saturation diving in Brazil, Brazilian flag. Here, another point, we need to have the saturation divers. We never had diving international divers diving in Brazil, and we have a complete team on that. It's a partnership. We don't dive. Sistac is diving with us, but it is the only vessel, the only diving, saturation diving team that Brazil has currently. Our people, we are very proud of our people. We are forming survey and ROV trainee teams only with women. More than one hundred leaders trained in the projects. This year is more. We have a bunch of people completing twenty years. Not me, unfortunately, but in nine years, I will be getting a certificate for sure. We do online seminars for the workforce. We will do this in two weeks. We are looking for new people to work for us. We go to naval academy, we are going to universities, we are going to technical schools, showing the offshore market to people because sometimes they don't know. And the... When we open a trainee team of 15 to 20 people on a class, there was like 800 candidates. So it's moving very well. Similar to what we do, DOF does here, we do also a regional town hall. I forgot to put that, sorry. If you are in Brazil during the Rio Oil and Gas, please visit our stand there. We will have blue beers, you know? Yes, it's interesting. You can see who is who was on the booth because he's with a blue tongue, you know? This is what I'd like to show you guys. The market in Brazil is still very strong and with high activities. We are in a unique position, and we will keep this position of number one on the high-end vessels, and we are pushing to be the number one on services also. We had a very good amount of contracts signed in the last twelve months. We have five big anchor handlers ending on the contract on the end of 2026. So, 2025, sorry. I'm always changing. 2025, so we are in a very good position to have them also on a higher rate. So we get them on the middle rates, now we will get them on higher rates. Service contracts is improving, but tender long-term contracts, it's mostly they are due to Petrobras quality specifications on long negotiations and being a governmental company and so, and due to not having the spot market. It's this. Sorry if I made some mistakes. JK, yours. Thank you. Was the pointer not working? I don't know. Yeah, it's working. Oh, it's working. Yeah. Yeah, so I will talk you through the renewable, and the renewable can be quite wide. My focus will be on offshore wind, and more specifically, offshore floating wind, and I will come a bit back to the rationale for that. So I split my presentation into three. It's why we are in this segment. I'll talk a bit about the market and then what we are offering in that market. And again, as Mons said in the beginning, yeah, feel free to ask questions as we go along. So last year, I was also here, and I more or less used the same slide. I wanted to make sure that people understand the difference between bottom-fixed and floating. So it may be obvious, but this is bottom-fixed, so the floating. No, sorry, the turbine is fixed to the seabed. Floating, of course, the foundation that the turbine is sitting on is floating, and it's moored to the seabed with anchors. So we are focusing on the floating segment, and the rationale for that is, hopefully you can see that on the picture here. So this is from Aasta Hansteen, you know, the biggest spar platform that has been moved. And you see DOF being very involved with that, with our assets and our people. And this picture is taken from Hywind Tampen in 2022. So this is a much more complex, I call it a tailor-made, energy production unit. This is a factory, and the factory thinking is the main difference between what we are doing here and what we are doing here. So this is low volume, one-off. This you need to be very efficient on, and I will come a bit back to that. So that is where we are transferring our competence from oil and gas into the renewable space, and specifically floating wind. And of course, the rationale for us focusing on floating wind is that we have the know-how, we have the assets, and we have the people, and we have track record from oil and gas. Then a few words about the offshore wind market. This may be a busy slide. So the information you are seeing here is from 4C, which is an analyst database or company that is following the offshore wind market. And here you can see the progression from what has been installed and what is in the process of being installed with a sort of demarcation line around twenty thirty. And then you see the bottom fixed turbine market, what that will increase to, and then you see a small, maybe tiny light blue market, which is the offshore floating wind market. And that is what we are going after. And I've just given you the rationale for why we are focusing on that part of the column here and not this column. It's maybe a small market, but I will come a bit back to the number of days of vessel days, the volume, what is required to actually deliver these projects. Then you can take that, say, seven gigawatts of floating wind turbines to be installed and try to look at where the market is taking place. I should also make a note that this market, if you are looking at the market like mid-March, April, late this year, you were looking at ten gigawatts. So this market has been taken down with roughly three gigawatts. So it's been. But that doesn't mean that the market is disappearing, it's just that it's moving to the, to the right. I will come to that. This is still quite a very active market. There is quite a lot of work ahead of us within, I would call it, relatively near future, you know, by the 2030. We have predicted ourselves. So we take a look at a lot of analysis. We have spoken to a lot of clients. Where do we think the market will be? And the first demarcation line is twenty thirty. That is maybe a few years ahead, but it's not that far ahead. And then, of course, we can be more certain. And then you see U.K., floating wind, roughly one and a half gigawatt. That was nearly the double here before this report, revised report came out. So one of the dips we have seen now is from the, say, 10 to 7, is in on the U.K. side. The Norwegian market, we are still optimistic about having, you know, a few more gigawatts, point five of a gigawatt in the water before the end of the decade. The big market is South Korea. We we have a very strong belief in that market going ahead. Then the U.S., still, of course, some uncertainty around the election of the new president, but, you know, we still think there is going to be a few demos that will be in the water floating in 2030, and then we see some activities in France. I don't want to make too much comments about 2035 and 2040, but as you can see, there is a gradual ramp up. The target now is to try to land a few deals before the end of the decade, or that will be installed before the end of the decade. Here's the question. Yeah. Can you probably follow up into this? Is it really adding up? Is it... What's the cost of the... How will you get out of this problem? Yeah, so, you know, the cost is, I would say when you look comparing it to bottom fixed, it's higher. But, you know, for instance, if you take a country like Korea or country like Norway, the continental shelf is like that if you need this energy, and we think you need it, then you need to actually go over to floating. And then, of course, this is going to be a volume business. So for instance, Korea, now, the electricity prices are higher there, and therefore, why they are prepared to pay for this. Of Norway, there is still a bit of, you know, reluctance to go ahead with it. I guess you also saw the UK market with the announcement of Green Volt, which quite... One thing is, what was positive with the Green Volt project in this AR6 auction is that not only that it actually was something that matured through a strike price that was, but the positive thing was also that the strike price was very high, to GBP 150 per megawatt hour. So, and that is based on 2012, so it shall be inflated as well. So on the U.K. side, it seems that this is going ahead. I also personally think that Norway will come, and we also have focus on Korea because we do see that those projects will be going ahead. Then, of course, there is uncertainty in other areas. So our focus is on the U.K. market. Norway, we think that will come, and then Korea will come. Then maybe on the opposite side, a bit north of 2030, we see Japan moving a lot. There is a lot of investment, Japanese money being put into this, and Green Volt being an example of that. But also there is a project called Goliath Wind, which also have Japanese interests in it. So I see there is a lot of skepticism, but we believe that some of this will go ahead, and there is going to be quite a lot of work. If it's going to be delayed, DOF is in a perfect, you know, storm, because we can continue to be very busy in oil and gas. And then eventually, when this market comes, we are ready to pick up on it. That was the offshore wind market, and more specifically, the floating wind market. Then, Mons, and I think also Dag, mentioned that there is also a market for cable repair. This is for bottom-fixed. So then there is this inter-array cables that is between the turbines. So as you can see here, I have an example of a project that we have done this year. But as you can see, the volume is tripling over the next ten years of repair work that is required. If that is to change out a cable between two turbines, or maybe a lot more than just one, or if it's actually trying to take it up to the surface and then try to repair it, that are different methods. And then you see also the grid cable market. I think that is if you go from, say, 2024 here, you know, with roughly a bit short of 40 repair jobs. You're seeing close to 200 in 2035. Some of these cables are, of course, already in the ocean, so there is no question that this market then will have a quite big ramp up. We already see it with the activity level that we have been involved with this year, but also last year. Renewable, floating wind, and then, cable repair market is two segments that we are focusing very strongly on, and I think Dag mentioned that in his presentation. I mentioned Korea, and we have spent quite a bit of time to set ourselves up in Korea. We believe local content is going to be a strong benefit in Korea. But Korea, there is a lot of smart people that are also very good at exporting. So two things with Korea from our side is that we can create local content working with the Koreans, but we can also export the know-how to other places in the DOF Group. So we can, you know, have the opportunity of having access to high-end technology and smart people in Korea that we can deploy in other places of the group. There is also some activities going on on the UK side. We are a traditional, I guess, service provider to oil and gas, but here to be certified to actually work in offshore wind, we have gone through a quite rigorous process with the authorities. So now we are also certified for working on the offshore wind side in the U.K. And we have, of course, spent some time to try to get some publicity around the company in Korea. And this picture here is just showing the Norwegian ambassador blessing the opening of our office in Korea. Then our value proposition, and this is, of course, very similar to what we have done in oil and gas or what we are already doing in oil and gas. So we are early engaged with the client. Survey was spoken about where we do the seabed, you know, investigation, what is done on the seabed. When you're looking at floating wind, it's also understanding of, you know, where do you lay out these floating units? How do you anchor it to the seabed? Where do you put the cables, et cetera. So Dag mentioned that we are involved with studies with the client to try to optimize the layout at an early stage and try to influence, you know, how these fields are being developed, and using that knowledge also to position ourself for the construction phase, which is what you are seeing here. So being involved then in, you know, getting ready, the turbines ready for the offshore tow out, preparing the seabed for the mooring systems, and then towing eventually the turbine out and hooking it up on the mooring system, and then connecting it up to the cable, cable systems. And then, you know, the CapEx side or the construction phase of the project is maybe relatively short, as you see here. Maybe two years we have, are thinking about for the physical offshore operation. But then there is going to be like a 25 years of maintenance, that we believe is going to be a quite lucrative market to be in, just like we are in oil and gas today. Dag mentioned this IMR contract with Equinor, and we believe there will be similar setups for offshore wind project and more specifically, offshore floating wind projects. This is maybe the most important slide that I have, so you need to listen now. So this is showing. Mons mentioned in his start of his presentation, and when you're looking at the amount of vessel days that are required to deliver these offshore floating wind projects, it's not just it requires quite a lot of days, it also require high-end tonnage. Last year, I was talking about roughly three thousand vessel days. This is slightly less, but the assumptions are also being made slightly different. So if it's two and a half or three thousand vessel days, you know, it's there or thereabouts. That's the numbers we are looking at. And then we see that for the installation of the anchors, the laying of the inter-array cables, you need construction vessels. Our analysis, because we have built quite a bit of work, is that you're looking at tonnage around 400 ton. That has to do with the size of the deck, but also these anchors are quite heavy. They differentiate between suction anchors, which Dag had a slide on, big suction cans or driven piles, which are even bigger. So you need a big construction vessel to undertake the work, both for the suction anchors, but also for these inter-array cables. And then you need a dedicated mooring vessel, and we have a few. That requires crane, heave-compensated crane, ROV systems. So it's not just a traditional anchor handler, it's an anchor handler with some add-ons. And that is to stream out, to connect up the mooring lines to the suction anchors, but also to stream them out and tension them up before the turbine is arriving. Then the towing operation. This assumption is based on two tugs, one towing and one trailing, steering it. And you are looking at 450 days per anchor handler for a project consisting of between 50 and 60 turbines. So that's 700 to, say, a gigawatt, which is the size of projects that we are looking at just now. And then the final bit is actually pulling the cable into the floating turbines. So that requires also special tonnage, where you also need to be able to transfer the people from the vessel to the floating unit. One experience from Hywind Tampen is that you have a tendency to think that this can be done with more or less the same tonnage as is used for bottom-fixed. When you have two moving objects, that is no longer the case. This requires higher-end tonnage than what is maybe traditionally used in bottom-fixed. Then you are ending up, you know, with roughly 2,500 vessel days. I mentioned 6-7 gigawatt, and if this 2,500 is one gigawatt, you can multiply that with six, and I think you have a lot of smart people there, so then you are getting 15,000 vessel days. When we are looking at the timescale of this, we are looking at 2027, 2028, and 2029. That's when a lot of these things are actually starting to be awarded. And then, of course, you can ask the question if it's going to go ahead. We believe at least some of this will go ahead, and that's why we have taken the numbers down a bit from the 4C analysis. But these are real projects, and they're actually being bid as we speak. One other element to be aware of here is that, when you are looking at not just accumulating the number of vessel days and multiplying with a spread rate, you also see that they require quite a lot of project management and engineering. Dag showed the Western Isles, which was a decommissioning job, but the size of these turbines, they are maybe a bit less. But imagine that you are installing an Eiffel Tower every week. That is the type of complexity we are talking about. And that requires very good marine logistics, very good, you know, management and the coordination of the activities, because this is a factor, and if one machine is stopping, then it affects all the other machines. So that is why it's important to have a solid team preparing this and also executing it. We also see that, these type of, projects require quite a bit of procurement. That is, for instance, to fabricate the anchor, systems, the anchors, but it's also, you know, the ropes that is required for, the, the mooring system and also the inter-array cable. So these are high-value, contracts over and above the quality vessel days. With that, you know, that also means that there is not that many companies that actually are trustworthy to deliver these projects, and DOF is clearly one of them. Because of the assets, the track record we have from oil and gas, but also the people that we have deployed in our organization. I have also to say that some of these projects, and we are collaborating with other, you know, stronger players because they are complex. And it's to try to take the risk down, not just for ourself, but also to maybe avoid a bit of competition, and also to make sure that the client get a solid solution. As you see here, then, you are looking at nearly two years of offshore execution of a project between, say, forty to sixty turbines. That's what you are looking at. I mentioned high-end tonnage, you know, so the towing out of a turbine, if it's a semi or a spar concept, you are looking at 200-ton bollard pull. But if you are going to run the vessel on full machinery for one and a half year, something will break, and that's why you need, you know, higher-end tonnage. So more than 250 tonnage is required. That is our analysis. When you're hooking these turbines up, you know you are looking at over 200 ton to tighten up the mooring system. And that is, again, the rationale why you need high-end tonnage. Just so people understand that it's not something we are coming with as nonsense because we have a high-end tonnage. It's actually real analysis is showing this, and we have the experience from Hywind Tampen, that this is what you need to aim for, even in benign areas like Korea. I hope you remember this slide. I saw that somebody took a picture of it, so. Oh, then I have one cable repair project. Dag touched on it, so this is done in the Atlantic. We cannot mention the client, but this is a high-end client. It was a repair of a cable going to shore. So it was a splice operation, and it was Skandi that did it. We used a bit less than two months on it, 50 days, I think. Maybe it's not mentioned here. It created good revenue for the vessel owner and for the project and also good margin and very good feedback from the client. These type of jobs, you know, one thing is that you can maybe bag, you know, a lucrative, a project or two, but it is to create volume with more work. These anchor handlers, they are perfect for it. They have winches, they have an open stern. They're used to handling, you know, cables, products over the stern. So the fleet expansion over the anchor handlers from Maersk is going to make us even stronger in this market. If you're looking at, again, at where the market is heading, you know, with three times or four times to where we are today, of course, we have a lot of opportunities for the Maersk anchor handlers into that segment. Then we are now gradually building track records. We are sort of putting stone on stone, as we say in Norwegian, and gradually ramping up for this segment. You need special equipment to, so that is something we are also looking at having available. We also have some frame agreements with high-end clients like Ørsted, et cetera, for being called off. It's a bit like, I guess, fire brigade, calling the fire brigade when there is a fire, and then you need to be ready for it. And having quite a large access to tonnage is going to be important, but also the people and having procedures and equipment ready for going out and do a quick job for them. So, I think I leave it like that. And then this is another example of projects, call it in the repair segment. So this is from Hywind Scotland. I'm not sure if you heard about it, but Equinor is the operator. This is called the demo. We have two vessels on long-term charter to Equinor, but because of that, we have been involved in the disconnection of each of these turbines. They have had problems with the bearing, the main bearing of the turbine, and all of them needed to be taken ashore to be repaired. They were taken into the same place as we did the assembly of Hywind Tampen, at Gulen or Værøy base. They more or less used the same methodology that we used when we did the assembly of the Hywind Tampen turbines. The second last one is being hooked up as we speak. There is still one turbine. It has been repaired, but then Skandi Vega. I spoke to the captain yesterday, so they are in the process now. This is the Vega you see here. There are three tugs required. You see it clearly here on the picture for the hookup operation, and they're doing the second last turbine as we speak. And then we hope, and at least Equinor hope, that this is finished by the end of this month. We started, as I said, here early in May in 2024. So five months, this job has taken to repair the five turbines. Very interesting project for us, I think also for Equinor, they are looking at the quality of these turbines and what potentially they can be exposed to in some of these offshore floating wind farms in the future, and what they then need to be absolutely sure don't happen. There is also solutions being looked at where you can repair the turbine in the field, but for the time being, the solution is to tow them to shore. And I'm going in for landing. I mentioned six gigawatts, showed on the slide here that it was maybe closer to seven. Our number is more like six. That will be in the water by 2020-2030. We see that the lead time for contract award to actual installation is around four years. We take that from some of these real bids that we actually are working on as we speak. We also are heavily involved with FEED studies, so the clients see the value because there is a lot of interaction with, for instance, the manufacturing unit, to make sure that the mooring systems and the inter-array cables are, you know, looked well after. If you do one mistake, you know, you will repeat that maybe 50 times, so you don't want that. Early engagement is important, and the client understand that. Then I mentioned these two and a half thousand vessel days, and the mix of it, and if you multiply, as I said, that with six, you get a feel for what is expected before or vessel days before the end of the decade, and it's high end. Our focus is on the UK market, the Norwegian market, and where we see the highest activity just now is in South Korea, where we have established ourselves. The fleet we have, the competence we have, is quite unique. We have experience for the installation of the largest offshore floating wind farm in the world, Hywind Tampen, and we are very active working with partners, clients, to develop new opportunities. And what we currently have in the pipe as active bids is around $2 billion. And I think that was me. And then I'm not sure months. No more on it. Yeah, then we do an 18-minute leg stretcher, and we start again at 1:20 P.M. So there should be some coffee and refreshments on the way. ... Can you? Can't hear on the back there? Now you can hear, so we speak like this. That's good, so now it's ESG, and.. You know, ESG is actually the most important value, yeah. So, not harming any people, it's important, you know, on the emissions, extremely important, and the clients get more and more focused on it. So, I think, it's, you know, to be number one on that side is, is the most important we can to, to keep the market share and increase it going forward. And Marianne, she's been with us for many, many years, and, and, so I let her... And she comment to me that, there is so many ESG work to be done here. You know, there is only four female among all. "So perhaps in the financial community, you need to look at diversity," she told me, yeah. So Marianne, please. Thank you, Mons. Very good. Can you hear me? And then, you need to give me the sign. Good. As mentioned by Mons, my name is Marianne, and I have been in DOF for many, many years, and I would have to say it's very nice to be here. It's very nice to see you again. And I will give you a short introduction to how we work with ESG in DOF and about our ESG commitments. And let's start with some facts, you know? In ESG, it's all about transparency. We have 544,000 tons of CO2 coming out of our vessels. This is 2023 numbers, and this is both from Scope 1 and Scope 3. And if you see in the first box, 70% of that emission is coming from our DP operations and when our vessels are in transit. And this information, that helps us, to put our focus, to put our energy, and also where we should put our investments. And this operational mode that we here are referring to, that is, in a way, the core in how we work with emissions in DOF. Every day, on all our vessels, we are measuring how much fuel we are using, and how much CO2 we are polluting on all different modes. Then, we are actually comparing that with the average, let's say with a baseline, that we have for all these modes. And this baseline, that is actually the historical average consumption that we do have. So all the time, we can, in a way, measure ourself towards that baseline and see where we are. And this is one vessel. It's an anchor handler in the Atlantic area, and we are here measuring our efficiency in 2023 compared to 2022. I should maybe have done something on the scale, but it is actually a reduction on all the different modes. This is how we are working, doing analysis on this every month, reaching out to our operational directors, reaching out to our vessels, sharing and discussing the information with them. We also, of course, have our emissions based on regions, and we have a lot on your shoulders, Elias, so very pleased to see Petrobras stepping up here. Of course, we are also measuring how much emissions we have per year, and if you look isolated on this one, it doesn't look really good. You can see that. But on the other side, the time we are spending offshore, the blue line, is increasing as well. Going to the next one, I think stakeholders within ESG is a key factor, is a key word. And here are some of the stakeholders, and the stakeholder pictures we are looking at. On the regulation side, it is a lot of regulations coming towards us in the offshore sector, both from the IMO and from EU. And what hits us first is the EU ETS, the EU MRV. We will start reporting in offshore in the EU MRV in twenty twenty-five, and we will start with the quotas, paying for the quotas in twenty twenty-seven. But in DOF, I would say 90%-95% of all the fuels, that's paid by the client. So for us, it is important, very important, having a good system, measuring this, and also making sure that this is well embedded in our commercial contracts. Talking a little bit about the clients, and I feel I've got good support from both, Dag Andersen and Elias here today. We see an increased emphasis on our decarbonization initiatives from the clients. We see a rising demand for them to understand our data because we are a very important part of their value chain. And I think also it's fair to say that a lot of our clients, they are now stepping up, participating, and sharing the cost for some of our decarbonization initiatives. And Dag Reimar, he didn't mention that, but Equinor is taking part of the cost, or let's say a good part of the cost, on the IMR contract now with Equinor. And also very pleased to see a, to see Petrobras now having funds where we now are applying for support, to our initiatives. And then we have the expectation from the society, and I think here we can add on the employees, we can add on a lot of people. And we see, I think in general, we see an increased expectation for our global footprint, and that we are able to reduce that footprint. I did say global? I did mean carbon footprint. I think also being transparent is important, and being, what can I say, ahead of the decarbonization trend and being transparent, it's not just about being compliant. It is actually part of being competitive and take a leadership role in this part of the market. We have a strategy. We have a decarbonization roadmap that we are working on now, and that details how we will reach our goal of 40% improved energy efficiency by 2030, compared to 2008. I will say we are on a good way. We have done a lot. We have been working a lot with the low-hanging fruits, working a lot with energy efficiency, but we have a way to go to reach that goal. Key part of our strategy is battery. It is making sure that we have clean hulls. It is use of biofuel, and it is implementation of digitalization and digital fleet. It's a project that we do have, and of course, continuing focusing on the low-hanging fruit, having good initiatives in our OpEx budget. I will give you some examples. Battery, we can start with that. We have had different studies now on some of our big vessels, like Skandi Africa, and we have used real-time data in our simulations, looking into how much fuel we can save, and also the cost and the gains of reduced running hours on our engines. Looking at the fuel side, in general, or let's say in total, we see we can save up to 11%. Looking isolated at DP, we see around 15% savings on a vessel like Skandi Africa. Having clean hulls, that is also areas that we are looking into, and as we speak, we have a very interesting project with a robot. We have a pilot on that right now, but we can, of course, also use companies like EcoSubsea to clean the hulls. One example on this is Skandi Búzios. We took Skandi Búzios from Brazil and to Langsten to do the upgrade, and we, of course, have taken it back again. We cleaned the hull when the vessel was in Langsten, and we used 20% less fuel on the way back compared to the way down. Of course, there are other factors here with wind and speed and a lot of things, but it is a significant, I would say, a significant reduction in the fuel when you have clean hulls. Shore power installation, it's mostly, of course, in the Atlantic region. This is percentage of use on shore power when you are quayside. And of course, that helps a lot, but it is a bit limited if we look at our global organization due to lack of infrastructure. Finally, the digital fleet, that's a project we have had in DOF, I would say, for, let's say, it's about three years, and that is actually to digitalize the fleet. That is to get real operational data from the vessel and to use that data to actually run the vessels smarter and more efficient, and by then, also being able to reduce our fuel consumption. We have 25 vessels in our portal now and hope to roll in most of the vessels within this year. Going to the S. This is, what can I say, on the left side is the key metrics on the social part, on the S side, number of employees, the gender balance. So this is onshore, 70% female, 83% men. We have a goal of reaching 25% female leaders in seasoned, professional, and managers by 2025. We are today at 21-22%. So the girls sitting here, if you're interested, please, please approach us. What we are focusing a lot on now is on this side, and that is, I would say, it's both to retain all the good people we have in DOF. It is to make sure that they are being focused on, that we develop them, and that they stay relevant for the challenges we have ahead, and then we also need to attract new people. We took in 447 new hires year to date. That means from January to now in DOF. We have 250 people estimated to start in DOF for the next six months. We have a lot of really good campaigns right now. It's actually featuring the Atlantic region. We have one for Schibsted and we have also one for Teknisk Ukeblad. We get a lot of good feedback on those now. We have some open ROV positions out as we speak, and we have over 2,000 applicants on those positions. It is a lot of people who are interested in starting to work in DOF, and I would say we are doing our utmost to onboard them in DOF in a good way. Having enough people, having the right people, is actually the risk that all our EVPs are ranking highest on the risk register. Because we need new people in to be able to execute new contracts and to be able to actually do the growth that we plan to do. This is something we are talking about all the time. It is about to get new people in, but we also need to have, or let's say, we also need to make sure that the people we already have in DOF, that they are pleased and that they stay relevant. If the PIDF project was Elias' baby, I have to say that this is my baby. I always bring this up when I have the opportunity to say something, because making sure that we have a good safety culture in DOF, that is important. Making sure that all our employees are getting safe home from their rotation, that is one of the most important goals that we have in DOF. Because if we cannot deliver on that goal, it's very difficult for us to deliver on any other goals. This year, we have had 12 recordable incidents. That includes the three. And it's more, you can see it down here. It's more than we had in 2023, but it's on the level of 2020. I think let's hope it's below the level of 2022. What I can say is that it's low risk, it's low potential. It is this slip and trip, it is dust in your eyes, and it's bruises on your fingers. But we are following this very closely with preventive actions. We are talking to the captains, we are talking to the people out there, making sure that we all together really, really work for a good safety culture in DOF, and then the G. Just this weekend, there was in this Kapital magazine, that magazine was totally allocated to ESG and sustainability, and in one article, it was mentioned that it is difficult to get a good E and a good S without a good G, and I think also now with the new CSRD regulation and all the ESRS standards, it really is important for all of us to make sure that we have good routines around the governance. Risk is a very important part of that, and in DOF, we really have a governance structure ensuring that risk and opportunity is managed throughout the entire organization, and what can I say, at the right point in the business cycle. So down at the projects where both Elias and Dag Raymond have talked about, they are really handling risk, I would say day by day. It's the top of their, should we call it attention? And in DOF, I would say that everybody has authority to stop the work to make sure that we have done a good risk assessment. And then this risk, they are filtered up all the way to Mons and even to Svein Harald. So this is important for us. And we have also, I would say, a decade-long history of working with governance in DOF. We have been reporting on the CDP for many, many years. GRI, of course, now with CSRD coming in, that's on top of our list. Also have a good relationship with Slave-Free Alliances that we have been working with for the last couple of years. But governance in practice, that would be this project. And I am so lucky that I will head the integration between DOF and MSS. And I think having a good governance structure, that is one of the success for integration between us. And we have some goals of how we will work and what is important for us in this integration process. That is along the employees, it is on the client or the customer side, and also for the shareholders. And I think, from the third of July, where we announced this transaction, Mons was very clear that we should take the best from both and making a really, really good company. And this is what we plan to do, leverage both cultures and combine the best from both companies. And we need to make sure that we are a unified team with a common identity... Towards our client, we will continue with safe operations and high client satisfaction, and we will establish ourselves as a global leading provider of subsea service solution. Towards the shareholder, I think we really need to unlock this potential, as we have talked about being an integrated company, and create accountability through clearly defined responsibility and implementation plans. And of course, we need to take out cost synergies along this process. So by that, I think the next one is actually Mons talking about the MSS, so I give the word to him. Thank you, Marianne. Yes, most of you probably have seen this before, but I think a good story is we can repeat that, yeah. So a few slides on Maersk, and here is Maersk in a snapshot. So this is what we are buying, and it is 22 boats. They operate in 5 continents. They have a very long history, longer than DOF. They have 1,200 employees onshore and offshore. Of course, the fleet is an excellent, young fleet and it does very well in our core segments, CSV and anchor handlers, and then a cable layer on top here. I guess, you know, I started in this industry back in the early nineties, and I always said my DOF, and I really look forward. No, I always admire Maersk. Sorry, DOF as well. So, but, so I think there's gonna be. And if we are able to do what Marianne say, we can take the best out of both companies, it's gonna be fantastic. Yeah. So, so, and, you know, of course, we have had positive feedback around the globe from clients and, you know, I think they support it. And the large oil companies, they support this, and I think there will be a lot of opportunities for the combined company that we will have going forward. I really, really look forward to it. The fleet we are buying here, and the people we are getting, they are the best you can get, yeah. This is how it will be after. Yeah. We will be the largest owner of CSVs. Of big subsea boats, we will be the largest global owner, and also on what we call high-end anchor handling boats, we will be the largest owner. I think that is a very good position to be in. You know, the subsea market is very strong, and of course, also the market for anchor handlers within mooring, the floating wind coming, and the oil and gas. I think combined, it will also be a good year ahead for a large anchor handling fleet. And of course, you see the projects we are doing. You need, you know, the video showing four boats, the Berlin probably doing in Ivory Coast now is four boats on the, and the floating wind will be three, four anchor handlers at the same time. So of course, we need a certain size of that fleet. So I look forward to that, and I think this is a very interesting position for us to leverage from. And this is how we look. So we get critical size in all regions. Where we are growing is North America, mainly in Canada and Guyana, and down in the North Sea, and then in West Africa. For instance, we got a very interesting position in Angola. Yeah, so and of course, we share office locations here, so there will be synergies, there will be a job to do. But also, down where I am most optimistic, of course, is on the market side, yeah, towards clients, that we get even more relevant for all our clients around the globe, yeah. So I think this can result in you know even more interesting contracts, and it could also in you know increase the utilization of combined fleet, yeah, because you get more opportunities. And so I look forward to it, and of course we get a very relevant size in all relevant regions. So this is the fleet, and I have to say, this is old data. Yeah, it's kind of. I haven't done this before, but it's kind of strange. Yeah, you have agreed to buy something, but you know we are not allowed to know anything about their commercial activities until we close, yeah. So I'm probably the one in the room that know least about the Maersk's backlog, but this was the backlog as when we announced the deal. And I, you know, the main here is, of course, that as we showed previously in my presentation earlier today, you know, the rate levels has increased a lot from 2022, 2023 and into 2024. And what this slide is showing, of course, is that there are very few legacy contracts. So meaning that we, the boats that are being renewed now and that will be renewed going forward, of course, will be in a much higher rate environment than we saw a year or two ago. Yeah. So then, this is, this is done, you know, and of course we have, we have shown this before, but, but we, you know, if, if you compare it, this to, ordering new boats, you know, the, the price here is much more interesting. You know, get earnings much quicker. And, and you, you see the numbers here where we, we, we compare the, the asset values compared to what we are paying. Yeah, so we, we think it's a good economical deal, for us and, and, that, and, on a very interesting fleet. The next one is, is showing, and perhaps the most interesting slide from a commercial point of view. So this is actually showing, you know, the mark to market for eleven out of the twenty-two boats we are getting, yeah? So it's not really a mark to market, it's really a mark to deals that DOF has done recently, yeah. So what we have done here is that we have said, "If you are able, for the five M class anchor handlers that we are getting from Maersk, if you're able to do the same rates as we did on very similar boats, Iceman and Amazonas, then they will earn, as we show here on the, on the... So if you are able to go get those earnings on those five boats, and if you are then able to do the same on the CSVs, the four I classes, and the Maersk vessels we have done on the Skandi Seven, Skandi Acergy, and also the Maersk Installer that we have on charter, then those eleven boats will do between 240 and 280. So it's saying if you are able to repeat what we have done on the DOF fleet on these eleven boats, this will then be 240 to 280 in EBITDA. And then it between 3.6 and 4.4 times EBITDA for those eleven boats. And of course, then you have the earnings on eleven more boats on top, yeah. But I'm saying I'm not guaranteeing that we will be able, but if we are able, this shows that this transaction is very interesting for us. And, yeah, and this is, I guess, a summary why we thought this was a good idea and why our friends at A.P. Møller Holding and Maersk Supply agreed to that. We get immediate fleet expansion, and we get scale, and a very high quality subsea anchor handling fleet. You know, the part of the fleet is the absolutely youngest you have in the global market today. We think there are synergies. We have cooperation around the globe, and meaning that we probably can be more cost competitive. We think the price we are paying is very attractive, and I show you that on the multiples on the eleven boats. Yeah, so it's if you are able to do that, it's a very interesting deal for us. And what also is extremely important to us and to me is that we get A.P. Møller Holding in as a new shareholder in DOF, and they share our goals and strategy, that you know, they want to continue to build a leading offshore service player, both in oil and gas and renewables. Yeah, so, I look forward to that, and I think that, you know, when we go into the refinance, for instance, now, we know that, you know, they can give us quite some advice and have quite some context that can assist us in achieving the best possible deals we can get in the markets, yeah. So I leave it like that, and so I really look forward to it. We hope to close soon. So in fourth quarter, we are waiting for some. There are some external factors, some competition we are waiting for, but hopefully within a month or two, we should be able to close it. So then I guess this is the highlight why all you, most of you are here today. It's the refinancing, it's the dividend, and Hilde will take you through that, yeah? Then after her, she is the final one, yeah. So then it will be Q&A. So please, Hilde. Thank you. It has been an eventful year since the last capital markets day. Then we focused on the refinancing risk for the group because we knew and know that we have to refinance a large portion of the debt by January 2026. This presentation is going to tell you that, well, when are we going to do the refinancing. And that's for several reasons. Number one, we have strengthened our balance sheet significantly. Our shareholder base, we have a strong shareholder base, and with A.P. Møller being one of the main shareholders, has strengthened our position further. And we also see that both the bank and the bond market is strong. Just some reflection on a little bit of history. And we have been through a very tough downturn. For DOF, it started in 2015. If you look here at the EBITDA and the EBITDA margin, it has actually been quite stable. There are several reasons for that. Well, DOF has historically, and still has, a large backlog. We are focusing on firm commitment for our vessels. We are not that exposed in the spot market. Another reason is that when we went into the crisis, at that time, we had a high backlog also then. And also that the fleet segment that was most hurt by the downturn was actually PSV, and that is between 2% and 5% of our EBITDA. The performance from the Subsea assets and also the anchor handler fleet has been fairly stable due to the backlog, and also that most of our anchor handlers are operating in Brazil on firm contracts. Here you see that from twenty-two and onwards, a significant increase in revenue and EBITDA. The margin has been more or less the same, and the reason is that we have more revenue from project activity than we had in the downturn period. Then it was mostly time charter. It has been pretty stable, even through the downturn. Of course, DOF Subsea, the whole period has been more than 70% of the group EBITDA. However, we have had too high debt, and that's what you see here, and of course, a significant drop in the interest-bearing debt, the net interest-bearing debt, after the restructuring that was completed March last year. But the debt has reduced. I will show you some more slides on that. But the reductions hasn't been that steep, and the reason for that is that we have acquired vessels, but we have also entered into lease agreements for hiring in external vessels. And that is actually approximately $100 million of our interest-bearing debt. But that is, for us, it's cash-generating units. So if we look at the debt and exclude the lease portion, when we entered into the restructuring, the gross debt was $1.756 billion in debt. Here you see what we have actually repaid through the fifteen months, from March 2023 to June this year. That's more than $200 million, a significant amount. What you see here is acquisition of two vessels. That's the Skandi Hera and Skandi Darwin, where we took two new loans. Then approximately $200 million reduction of the interest-bearing debt, again, excluding lease payments. If you look at the net interest-bearing debt, you see a reduction of more than $200 million from 1.4 to 1.2. We have actually, in real terms, as I see it, reduced the interest-bearing debt significantly through the fifteen months. But we... It's quite challenging for us on the existing funding because it's funded in silos. DOF Subsea is one, DOF Con is one, Norskan is one, and DOF Rederi is the fourth, and then we have the new silo, which is Maersk. It's the positive about the restructuring facilities is that it's cheap, it's below market. We pay approximately two to two point two in margins on the DOF Subsea facilities. We have low amortization, but we have cash sweep. So there are no flexibilities on these on these restructure facilities regarding the possibility of paying dividend. If we, for example, sell a vessels, all the surplus cash goes to reduce the debt. That's, of course, in our interest as well to reduce the debt as quickly as possible, but the times now have actually changed significantly. I'll come back to that. We have some other debt, and this is the debt we, the remaining outstanding debt of the two vessels that we acquired. We have the bond loan, which is a Norwegian kroner. It's PIK interest, and the cash we pay is actually one third of any dividend from DOF Group is going to be paid to serve the bond loan. But if you look at the key figures here at DOF Subsea, you see that, and if you summarize all the debt, the gross debt is $767 million. If you see the net debt reduced by the cash, it's $458 million. That's two times net interest-bearing debt to EBITDA last twelve months, which is a significant drop from when we enter into the restructuring. And you also see that the leverage, if you use the net interest-bearing debt, is 36%, quite low. And then you have DOFCON. We have no plans to do any changes to the DOFCON. DOFCON is long-term funding. Now, all the vessels are secured firm commitment, especially after the Açu, Vitória, and Niterói. Our portion of this debt is $300 million, and you see that 97% of that debt is actually fixed, and you see that the fixed interest is low and below market. DOFCON has never been part of the financial restructuring that we went through in March last year. You see the key figures there is also pretty favorable, favorable. Net interest-bearing debt, last twelve months is 2.4. We are just one comment on DOFCON. You see that the EBITDA has dropped the last twelve months compared to 2023, and that's simply because of the Skandi Búzios incident, and this vessel has went without any earnings for more than a year, and she is back on hire, she was back on hire the first of August. And then you look at Norskan. Here we have $419 million, which is debt to BNDES. And even though they are pretty high leverage, the fixed interest is still quite low, and this is all-in cost. This is nine facilities, no, it's actually six facilities with BNDES, and the interest is between 3.1 to 4.4. We have a floating debt, and that's for the international banks of $79 million, which is due in 2026. You see here, gross debt, 501 versus 578, the last, or net interest-bearing debt, but the leverage is still high. Also worth mentioning on the EBITDA development in Norskan is here, is stable, but listening to Elias on the Brazilian market and also what we have experienced on recent contract for Norskan, we expect this to increase. But on Norskan, we have no intention to do anything else than that we know we need to refinance the $79 million. And then you have DOF Rederi, where we have reduced the debt significantly, mainly because of, well, stable, good performance, but also that we have sold vessels. And the same with Iceman, which was refinanced July last year. And here you see the same numbers of net interest bearing debt compared to EBITDA last twelve months of 1.3, and if you see the leverage is 90%. So, we will not talk about the refinancing risk any longer. We are going to talk about when are we going to refinance this part of the business. And then on MSS, the acquisition of MSS is fully financed. We have a firm commitment from four banks of a loan of $500 million, and we also did a private placement in July this year, so the cash portion of this acquisition is fully financed. We did at SOFR plus 3.5 in margin and an amortization of $71 million per year, but the most important is that this is no guarantees from holding. Holding is guaranteeing this part of the debt and 70% of this debt. And when I say holding, I mean DOF Group ASA. Last year, we also showed you the value, the NPV of the interest costs, which were lower at market at that time, and it still is. But what's interesting is that the blue one here, that is the debt that we have with Norwegian ECA and Brazilian. Brazilian ECA, that's BNDES. And we don't intend to refinance anything of this 85%. So that's where we have the cheap funding, if I can use that expression. And you see it's 50%, and that is the debt that we are going to refinance, and that is the restructured debt that was drawn in March last year. The comparable pricing is the last one we did, which is 350 basis points, and that's the March deal. So why do we want to do the refinancing earlier? I think last year we said we have to start working on this, let's say, second half or well, during 2025. I believe we now should do it all earlier, and we are already planning for that, and that's what's addressed in a separate press release this morning. The capital structure we have today is not efficient at all. There are no allowance for any free cash flow between the silos, and then, I mean, the DOF Subsea silos, the DOF Con silos, the DOF Rederi silos. We are not allowed to have any cash from the subsidiary up to holding. We are, of course, allowed to put cash down, but not up. But that's actually not easy to manage, and we lose some flexibility, so free flow of cash is one of the keys for a refinancing. We don't have a flexible amortization profile. Yes, we have low amortization on the existing debt or the refinance debt, but we have cash sweep. So all surplus cash goes to reduce the debt. If we, as I said earlier, if we sell a vessel, all the cash goes to reduce the debt. And we are actually not allowed to pay any dividend. It's fair to say that even though we are under a restructuring facilities, the banks and the facilities has been very supportive. They have allowed us to buy three vessels, for example, and all the investment proposals we have come up with the lenders, we have had a yes. But it's not very flexible, though. And of course, if we haven't refinanced our debt that matures in January 2026, that means that by first quarter 2025, we have to present that as short term. And credit-wise, that is not very good, and it impacts our credibility. Even though we are not concerned about refinancing at all, but of course, the balance sheets, that is something people read. And the segments that we are reporting on today, that is based on the silos. DOF Con, DOF Subsea is one segment, and you have Norskan, and you have DOF Rederi. And that doesn't reflect our operations or business in a proper way, in our view. For example, we should show better our project activity, our time charter activity, or we could use fleet segments. We haven't decided what to do, but to show it in these silos is not the best way of showing the business, the operation, the opportunities, the risk, et cetera, of the group. And we need to approve the ability to support the operations. I think the two last point, they kind of are connected. We are not allowed to do any hedging on interest, on currency, or whatever, and that impacts our operations. And of course, when we see how fast the subsea project activity grows, then we need to have more flexibility on the financing to support that type of operations. Performance bonds, for example. So this is how we plan to do it. What you see here is the five silos already mentioned. We will keep Dofcon and Norskan as separate silos because of the favorable funding that these two groups, companies have, and also that this debt, the first debt here is in Dofcon, is a facility that matures in 2027, and the first facility in Norskan matures in 2030. So we don't want to touch that at all. But here we see Maersk. I would say that when the Maersk acquisitions, in our view, has actually improved our ability to refinance the total group, because we are not aggressive at all on this, on how we have funded the acquisition. The net loan to value estimated at closing on Maersk is closer to 20% than 30%. If you just take the broker estimates by March, it's 38%. If we take the net value by lock box date, which is the first of January, then we are at 29%. So we are not aggressive at all. And if we look at these three combined, the net loan to value is actually pretty low. And so but what's most important is that we have free float of cash, because these, here is where we see that there are dividend capacity. Here is where we see increased earning, especially on this part, but as a combined as well, but free float of cash is important for our refinancing. We are in process of documenting a loan on Maersk Supply. It's a three-year loan, but we will in parallel look at these two as let's call them one unit in our refinancing that we have started working on. In parallel, we will see how we can simplify the corporate structure. We have too many shipowning companies, but the main, our main target for the refinancing is actually free float of cash. So this is the debt that matures. I've already mentioned or said that the DOF Group JV, our part, $300 million, will not mature before 2027, while part of the debt will mature in 2027. In Norskan is the international loan to the international bank of $79 million, which matures in January 2026. In DOF Subsea, it's $559 million. 113, that's the $2 loan for the two vessels that we bought in last spring, and it's the bond loan. And then we have Dovre Rederi, where 70% matures in January 2026. What you see here is the Iceman loan. So that gives a total debt of $1.5 billion. If we include Maersk, it's $2 billion or $2.063 billion, and $709 million of that matures in January 2026. Whether we will include more in the refinancing, I don't know yet, but this is the amount that we need to refinance by January 2026. And this is just to show you, if we look at this is Maersk, and I will not repeat myself. Here you see the net leverage on Maersk, and here you see the net leverage by end of June for DOF Rederi and DOF Subsea combined. We have kept out DOF Group and Norskan. Initially, I said that one of the reason why we are we believe that the time is better now to start the refinancing of the DOF Group, is because we see a strong bank market. I'm actually been. Banks are calling me and ask if we are interested if they can participate in the funding of DOF. And I must admit, that's it's many years since I've experienced that. Large international banks, and that means that there are capacity, and they are interested in DOF. What we also see is the margins are turning down, so that means that this is a good timing for us. But we have an alternative, and that is the bond market, which we are seeing are extremely strong at the moment, especially within our segment. We are not expert because we haven't been in the bond market for many, many years. So then we have asked Pareto to say something general about the market as is now. So welcome, Inge. Thank you, Hilde. And yeah, so I've been invited to talk a little bit about the market. My name is Inge. Could you just get the hand mic for speaker? Oh, okay. Yeah. All right. Hello, is it on? It's for the webcast. For the webcast. Okay. Yeah. So as I said, I'm gonna just say a few words on the bond market. So far, we can see here to the left, record high volumes of issuance compared to last year. It's even higher than the last high that, or highs that we saw in 2021. And the bulk or most of this growth comes from growth here, offshore services, EMP, and transportation, shipping. So $10.1 billion raised so far, Q1, Q2 this year. And that's more than the total volume last year in this market. Yeah, I mean, it's been impressive, and I mean, why is this such an improvement in volumes? And I think it's of several reasons for that, of course. Looking at some of the transactions, or actually all transactions we've seen so far this year, here to the right, that sums up to $4.5 billion within these sectors. I think if you look at the investors behind this, it's high-yield funds for a large part. They've had, over the last two years, fantastic returns. This has triggered more inflows, and they've been very receptive to the deals that has come out of these sectors. If you look at the deal sizes as well here, largest one is EUR 600 million, done under Nordic documentation. Then you have a few at 500, and all the way down to $40 million. So very sort of flexible and but also with a depth, market depth that can, you know, do larger sizes. And the special thing with this market, I think especially within offshore services and shipping, the last two years has been the growth here supported by the fundamentals in the sectors. So and yeah, to the bottom left, you can just see the Nordic funds' inflows. But this is of course the same development if you look globally on hedge funds and high yield funds, et cetera. So good sentiment, a good backdrop for issuing bonds in this market. And you know, we would love to get you guys back again. I am sure. Yeah. Yeah. So I think that was just a few words on the overall bond market here as an alternative. Yep. Thank you. So, in summary, I'm actually convinced that we will be able to do the refinancing with banks only. I'm sure we will do. We are able to do that, but it's also good to see that there are alternatives, like the bond market. And I also see that the margin there are getting closer. So the bonds market is now a real competitor to the banks. So on the refinancing, our main target is to ensure flexibility for the operation and to have free flow of cash. So, we have now built, or we have a sizable backlog, and we have good visibility on our earnings going forward. We also see that the time charter and project contract, and especially from subsea, we have now built a solid EBITDA margin. Our balance sheet is increasingly robust. We also strongly believe that this Maersk acquisition will improve that further, and also in respect to our ability to refinance. As we sent a press release this morning, we plan and expect to reach a debt level of around 1.9 or 1.5 net interest-bearing debt to EBITDA in 2025. That means that we are in a good position with that level to pay dividend. We foresee a dividend strategy where the excess cash is distributed to the shareholders on a quarterly basis. We are also saying that our first quarterly dividend is going to be paid in second quarter 2025, and that is $0.3. Yeah. We also believe that the dividends can increase from 2026 and onwards. But this is conditional, of course. We need approval from the AGM. We need to complete the refinancing successfully, and we also need to close the MSS transaction. That was the last statement on the financing update. Yeah. So I guess that was the... This is the last presentation, and the last slide in the presentation we have, and I don't read it once more. So I guess, you know, to summarize, I think, you know, it's if we start with the markets, and we have heard Dag Lilletvedt and Elias about their market. So you know, the subsea market is, I would call it, almost record high. Yeah, it's full speed and a lot of opportunities. And as we see, we still think pricing can go further. Yeah. And then on the anchor handling market, we see, you know, for the... You saw Elias, the business plan, and Petrobras, quite a few FPSOs to be installed. We see a growing mooring market in the North Sea and in West Africa, also partly in APAC, so we also see that part of the market going, being strong forward, and then, of course, the longer glasses on, you know, van and van, the floating wind market, of course, arrives. It's a perfect match for us. Yeah, so I think the markets we operate in is, you know, looking forward to the next few years in that market, because I think it will be a lot of fun and a lot of good opportunities. And, of course, also on the competition side, of course, through the downturn, you know, quite a few competitors disappeared, quite a few boats went out of service. So of course, we see the demand side staying, no, the supply side staying flat, yeah. And then, you know, we mentioned a few this discussion on that slide on these new builds. There are a handful of vessels under construction for delivery due in 2027 onwards. And so of course, I don't see that as any threat, and so I think it looks very good on the market side. Then, I think the organization and the fleet we have now combining with Maersk puts us in a pretty unique position globally. I think, you know, we can serve, you know, the clients globally, the likes of the Exxons, the Chevrons, the Equinors, and so on, the Petrobras, in even better way with the combined fleet. I think that merger, if you call it that, can create quite a few new interesting opportunities for us. Of course, the near-term focus is number one, close the Maersk merger and integrate it. Hopefully, that is not the full integration, but the closing will happen, you know, in quarter four. Then start working together, yeah. I look forward to that. And then the second biggest hill I have been talking about is the refinancing and, you know, it's less than half the debt that ought to be refinanced. And the debt we are keeping is very competitive, yeah. We heard between 3%-4% interest rate all in for more than half of the debt. So of course, it's a big value in that. We see that the gearing level for the total group is getting towards 1.5, and that, of course, means that the gearing level for the part that has to be refinanced are much lower than that, because the high debt is mainly in North Sea. And then we hear that the bank market is strong, and the bond market is strong, so we hope to finalize that, let's say at least within the first couple of months in 2025. And then, as we communicated earlier today, you know, the free cash will be distributed as dividends starting in, hopefully done in second quarter 2025. And we start with $0.3, and it might be more. And hopefully, if you're able to execute and deliver what we hope for on the earnings side, on the margin side, we are able to gradually increase that going forward, yeah. Our CapEx going forward will be mainly maintenance CapEx, because through the acquisition of Maersk, we have no ambitions to order any new builds. It will be maintenance CapEx, and then perhaps some smaller items on the subsea equipment to enhance our position on the subsea side. I think that is the summary. I look forward to the next few years in offshore, and I think it will be. As I said, you know, the rate levels are coming up, so I also look very much forward to we are guiding for 2025. I look forward to the budget process and see how far we can get it in 2025. So then I think we are, hopefully, if you have a few questions, yeah. Yeah. I think we can just bring the team up, and we'll do it with this microphone for the benefit of the- Webcast listeners. So, one to the team here to answer, and then one to the questions. I saw one on the back. Start with you. Thank you. Okay, I need to speak loud. I have a question on the dividend. I know it's still early days, but I'm just wondering how you think about in terms of how often will you consider changing the level, and what will you use to decide that level? And then the last question on the dividend is: will you also consider doing share buybacks on top of the cash dividend that you're now expecting? Yeah, it's a good question. I think on the... If you go on the dividend first, and we have the chairman as well here, and we have the CFO. So if I were to answer the first question, I think we will address that each quarter, yeah. So based on the cash position, on the backlog, on the future earnings, and of course, if there is room to pay more, we pay more. So to that will be on a quarterly basis, and on, we have not discussed share buyback in the board, so for me to answer that will be a bit early, yeah. So in my- So, I guess we will consider it as we go forward. Start with the dividend statement, but of course, we will rule it in, if it appears that that will be a way to drive value for yield. Thank you. I'm just wondering, Mons, if you could give some call on, like, where you see the market now. And it's been some time now since I've seen longer term fixtures for subsea vessels, at least outside Brazil. What do you think a fair day right now is for, let's say, a two hundred and fifty ton subsea vessels or a hundred and fifty? Of course, it depends. Of course, the, what we see is, I think the level done on the two fifty, you know, is around seventy- Yeah ... $1,000 a day. And of course, we see offers higher than that. So but I think the levels that has been done is around $70,000 for, let's say, for a term one-year contract, yeah. Okay. So it might be that you can squeeze a bit more out to it, and one fifty, of course, it depends a lot on the spec of the boat, a small one fifty or a big one fifty, and a new or old or. But I don't know, Dag Rasch, what do you have to pay for a one fifty? Give him a microphone. So forty-five, fifty, fifty-five? I would say maybe from the forty-five and upwards. I think also the fact is that we are in the margin on margin business, yeah? So to use a vessel on a decent TC internally, then we take on a project, and we, of course, have decent margins on top of that as well. Yeah, that's what we are doing. And of course, if you ask Elias here, what the tier one client is paying for the Skandi Salvador in Brazil, which is a hundred and fifty ton crane boat. You know, that's a lot higher, but but of course, that is due to the position we have in Brazil, yeah. It's so but I don't know if you, we can say that because it's yeah. Yeah. It's the advantage of being there. Yeah, so let's say that is higher than what you get for a two fifty. We'll say it like that, yeah. Cool. Thank you. We had on over here. Yes. Mons, can you address? Is it working? Yes. Okay, okay. Mons, can you address the new builds that you referenced earlier? It looks like some 200, some 150 and maybe larger CSVs are being built, sort of how that impacts DOF. It occurs to me that while they're competitors, they're also owned by shipowners, so they're not necessarily operators of those vessels. So you know, it seems like you could see DOF being, not to lead the witness, but DOF could be a beneficiary of those vessels on a chartered-in basis. I just, I'm curious to understand that, and they don't compete with your larger, more sophisticated vessels. As we said, you know, they compete with 21% of our fleet value, yeah, and it's in that segment where we have the five, six vessel, we have on charter always in that segment. So you know, first of all, of course, on pricing, yeah, you know, we have, I haven't of course seen it, but we see, of course, that the two fifties, they are ordering in here in Norway. I think we are talking, I heard rumors, you know, $130-$140 million yard cost, yeah. And then, of course, you have to add finance, do the build, and you have to have supervision and spare parts and all that, yeah. So it, it's... So what is new, of course, with the new builds now, compared to when we were good at it, is, of course, that the pricing is double, and the lead time is double, yeah. So today, I think it's the total ton boats. It's like six 150s, roughly speaking, and four 250s, something like that. And of course, it's a very small part of the fleet. So I see this. And of course, it means that, of course, we have already discussed opportunities that we could use one or two of these boats for, yeah. It might be twofold, as I said. You know, we can, they can be our supplier, but of course, on some occasions, of course, they can charter to competitor and compete with us. But at this level of number of new builds, I think it is, you know, we don't have to spend time on it, yeah. Thank you. But of course, it's interesting. I see there is a lot of banks here, so the question is, what funding do the banks give to a new build without commitment, yeah? And I guess, if they are limited a bit on the finance, you know, the equity needed will put a quick stop to further orders, yeah. So this is to the banks, you have to behave, you know, and give not more than 40% on these boats, yeah. ... All right, further questions? We can take one from the webcast in the meantime. Mons, regarding your comment on pricing can go further, how do you see that in a $70 Brent scenario? Yeah, and of course, this is a very good. I always got the question, how low can the oil, you know, how low must oil price be before it stop, you know, influence over the activity level for us, yeah? And, I think the answer to that, my own question is, it has to be, I think it has to be below $50 to do that. I think they don't stop much of the activity on the $70. So I don't think whether it's $75 or $78, I don't think that is influencing the demand side, yeah. If and if it does, it is only marginally. But of course, I... There is quite a few analysts, you know, and I read one of the analyst, where is Olausen working? ABG. Sundal Collier. Yeah, he sends out. Sunday. Sunday, Sunday oil, something, and he was addressing that in this Sunday, yeah. And I think he was saying... What was he saying? He was saying that everything above sixty was healthy. Everything above 60 was healthy, he said, yeah, so and then I guess he really supports us. Yeah, so I think and then below, between 50 and 60 was kind of marginal, and then below 50 was, yeah. That's my kind of view. Yeah. But I guess this, you really have to address to the oil companies, yeah, to get the honest answer, which they probably will not give you. All right, anyone else? I wanted to ask you guys, obviously, we're focusing on the MSS transaction close, and then in the longer run, you're refinancing. Sorry, in the medium term, you're refinancing. In the longer run, do you think, like, you know, now that you're reporting in USD, you may issue your new debt in USD? Do you think at some point you might consider a U.S. listing? Yeah. Yeah, I guess we will probably raise most of the new debt in US dollar, yeah. So, you know, I have to say, on the euro, you know, the chairman is here, so you answer that. I should be coming here. I think we are focusing on what our drive value to do. So we will be pragmatic on that, and there are quite a number of Norwegian companies now looking at options, and we will follow that closely. But, of course, we are here to run and build a great company, and we are here to create a great employment position for our employees and to deliver on the ESG, and last but not least, create the value to our shareholders. So we'll monitor that closely, but now we have a couple of tasks at hand that we will deliver on first. Yeah. So I think, as you say, first, closing on Maersk, then refinancing, then dividends, and then we see where we go after that, yeah. Do you see a need for further consolidation of the industry? Mm-hmm. I don't know. You know, of course. You know, I'll give you a long answer, yeah. When I started in the industry back in nineteen ninety-two, yeah, and at that time, you know, I used to work as a broker, and then our new friend, Maersk, were the dominant player in the industry. Every time the market, you know, softened a bit, you saw the light blue boats leaving the North Sea, yeah. Why? Because they had pricing power. They probably had eighty to a hundred offices around the globe in that group, yeah. So they of course had opportunities that we now, you know, definitely never saw in the old days, yeah. And so I think, you know, for us, of course, if you—when you have 65 boats, you have 5,500 employees, and you have a global network, of course, you are on critical size. Yeah, so you... But I think for smaller players, I think, you know, the clients get bigger. The globe is a much more international market. So yes, I would say that the bigger players should be able to get more return on the assets than a smaller player. Yeah. But, of course, then... But I couldn't tell, and of course, we are following it, both on the asset side, but of course, also on the subsea service side, we follow what is going on, yeah. So I... My personal view is that whether it's needed, but I would say the, you know, the rational thing to do is to build larger units and continue to do that, yeah. And it's still, you know, when you go to a meeting with Equinor on the PSV side, there can be 20 different ship owners, yeah. And of course, then you know the competition is to hold on. When we bid, we looked at, we follow the CSOV tender, yeah. I think there was 40 bidders, yeah. So clearly on some segments. But on the segments we operate in, of course, the competition is more limited. When we bid IMR services in the North Sea, there is 3 bidders, yeah. When we bid PIDF in Brazil, there is two, two, three. But then when we have to bid one of our PSVs that we have six of left, in the North Sea, there, you know, it can be 15 bidders, yeah. So, so and so of course. So that, it was a very long answer, yeah. So, yeah, stop there. Okay, I have a question on Brazil. We noticed that Petrobras cut their 2024 spending significantly in relation to their Q2 report. Has that impacted DOF in any way, and how do you view the general market outlook for the Brazilian market? Petrobras is expanding, and not expanding only on our market, they are expanding the whole segment. The outlook is good. I presented the amount of FPSOs that they are planning, the decommissioning. The integrity of their subsea systems is very important for them, not only for them, for the National Agency of Petroleum. So all the environment, it's good. There are some... How can I say this in English? Sorry. Some investments that they did not do in the past, that they are doing right now on upgrading units, on refreshing some systems. The market outlook is very good, at least in my opinion, for the short and medium future. You know, perhaps add one comment, yeah, which you have and Mario have told me. Because for instance, on a PSV tender, before and under that tender, it was clearly communicated that everybody thought that Petrobras would take four, five boats more- Yeah ... than they had on charter. But they ended up with only the boats they had because that was not possible for them to get more boats, yeah. And I think the same, if you look at the 2023, it was 2023, but they were in 2024, anchor handling tug. And the RSVs also. And also the RSVs. Our opinion is that they were able to secure much fewer boats than they planned, yeah. And why is that? I think, you know, they always have a budget, yeah. So when they go out with a budget, if people bid higher than that, they don't award that budget, so then they have to re-tender, yeah. Sometimes the best, the worst competitor is the Petrobras budget. Yeah. So, we must win that. I said, "Okay, our competitors, we can do it, but with Petrobras, probably not." So, we are expecting, we were expecting and still expecting some, like, re-bids for the RSVs, the IMR vessels that they did last year, last year, and on the anchor handlers also. And the PLSVs, they simply cannot find new vessels to their fleet. They want to increase, but the, there's no offer to them. And if you have good time in the evening, you know, you should go home and study that tender they issued, yeah. Because, you know, there was clauses for all. You know, they have... In my overall opinion, they had scanned the global market for subsea boats with light tower, yeah. So it was clauses from typical North Sea setup with 100- and 150-ton light tower, up to the two largest one with 900-ton crane, which is a Skandi Africa and Normand Maximum. So they opened slots for- Yeah ... the whole global fleet to try to secure it, yeah. So, but the overall view is, of course, that part of why they are not spending as much as they planned was, is at least in our segments, that they are not able to secure the capacity they planned for. Are you agree? Yes. They are doing even new RFIs, looking for which vessels can be offered and so on. The outlook in Brazil, it's very promising. Thank you. Mogens, you've talked about potentially selling some assets, and especially after the MSS transaction. Should we assume that the cash from these transactions will be used towards dividends? You know, number one, we first have to sell something, yeah? And we have said already, you know, before Maersk, we have said that of course, the PSV fleet of DOF is not strategic long term for us, yeah? So it's... But of course, it's the price has to reflect the underlying earnings. So I still just think the second-hand values has to come up to reflect the earnings. We showed earlier today that the last PSV deal we did was a two-year deal, where we earn $9 million plus in EBITDA per year, yeah. And as we said, if we, if and when we sell, and we also said that we don't think in two years from now we will have 64 vessels. We think we will optimize the fleet, yeah. And then we have said in the dividend policy that we had on here is that excess cash will be distributed to as dividend, yeah. So I think that is the answer to that. ... Thank you. Any final questions from the audience? Great. You said the PSV fleet is non-core. You've done a couple of single asset sales. How do you see values and day rates in that market developing in terms of or with the backdrop of making more divestments? You know, of course, it's of course, we and of course, if you look, I have to give you a long answer on that as well, yeah. So if you look at. And it's very interesting, you know, to reflect on it, yeah, because you see in Norway, which is the rate level has been, I think the highest was 320. The last turn in NOK, you are 280 on midterm to Equinor, yeah, NOK 280,000. And then you have OpEx, kind of hundred. Yeah, so let's say you have between 180 and 200, and if you get 280 or 300 in EBITDA per day. And then if you go to the U.K., you know, the fixing level has been. I think the highest you saw with this, you know, early this year was kind of around GBP 25,000 a day, yeah. And then the OpEx is kind of lower, so it's kind of 15,000-20,000 NOK lower than in Norway due to manning, yeah. So in the U.K., you have had higher EBITDA than in Norway. That's the term market, yeah? But then if you go to the spot market, which makes it interesting, the Norwegian spot market has been stronger. The U.K. market this summer has been very weak, yeah. And that is due because there is a lot of small older boats that trade that market. And then if you go out to the North Sea, and I, I'm not comparing to the last deal we did, because that's a kind of a dovish deal, yeah. So it's. But you know, if you go down to the market is typically 30 plus for high-end PSVs, 30, 35, yeah. So it's. And of course, that's ties back to also the global presence, yeah? You see Norway is the highest spec, very tight spot market, only a couple of boats, but lowest term rates, yeah? U.K. has had a weak spot market because there is a lot of old, smaller boats, but a stronger, you know, term market. And then if you go out to the North Sea for hire boats, it's even higher, yeah. And it's interesting to see now how actually the term market, especially in the U.K., will look when they start fixing for next season, if owners are still holding their position or if they get a bit nervous also after trading in a relatively weak spot market, yeah. That was a long answer on PSVs, and to summarize, we have only one PSV coming off charter this year, and she is in Australia. Anyone else? If not, we'll say thank you to the team. Thank you very much. Thank you. Thank you. Thank you.