In the room, a warm welcome to this event. Also good to have everyone on the webcast joining. Today we have the regional EVPs presenting their respective local markets, and a lot of what DOF does goes through these guys' teams. I think you should use this opportunity to learn from them and what they do. Then we, of course, also have the usual suspects that you know far too well if you've been following DOF as a company. Mons will kick us off with some words on the fleet strategy and overall market perspectives, and then Mr. Lundberg will also chime in with some wise words towards the end. Just a few words from the practicalities. We'll run the presentation according to this agenda, and then there will be a short Q&A session relating to each topic at the end of each segment, and then an overall Q&A at the end. For you guys on the webcast, you can use the Q&A function in the webcast player to post your questions and then we will cover them as well. With that out of the way, I'll leave it to you, Mons. Thank you, Mr. Vardøy. Of course, I read a couple analysts already saying this is a non-event. I see some of them are here, so hopefully it will be a bit more than a non-event. We start the wrong way? No. We start with a movie. [Presentation] This year, DOF celebrates 45 years. It has been an amazing journey from small local setup outside Bergen to one of the absolutely leading players in the old service segment globally. We have contracts from Canada to Australia, to West Africa, to Norway, U.K., and so on. [Presentation] I think it is the quality and the world-leading competence of our people in every corner on the globe that is the main reason for the success we have had through all these years. The future looks quite bright. John Cohen. It's a good movie, yeah. There we are, yeah. This is what we want to remember or what we want to talk about today. Of course, we will show on a few slides that we are, I would say, perhaps the leading IMR provider globally. When you look at the rest, we have a slide where we show the contracts we have around the globe, and I think it's pretty impressive. And very strong, of course, client relationship with all the oil majors around the globe. Then, we see that we have done a few SURF projects now, and we see we are executing very well, and we see also we make very nice money on them. The strategy going forward, of course, is that we are discussing how to get the bigger part of the SURF segment to, let's say, increase the earnings for the group. That is highest on the agenda on how to develop DOF going forward. Then we talk a bit about anchor handling. Of course, nobody talks too much about anchor handlers, but we have done quite a bit on that front lately, and not only us, but also other owners have done it. I think the combination of a more consolidated supplier side and we see increased demand globally. We see new areas, new countries demanding high-end anchor handlers that haven't done it before, together with what we believe will be a very strong floater market. Of course, that's why we have done what we have done, and we do believe that market will be very strong going forward. For those who follow us, you have seen we have done a bit on the fleet, and it is all about high grading and also on the age of the fleet. I think the short version of that is that we sell vessels where we cannot produce earnings on top of the boats on services, and we add on assets that we can do that. So it is high grading the fleet to increase the earnings. I guess on a CSV, we can do $30 million+, and on a PSV, if you are lucky, you do $6 million a year. So it is pretty easy why we are doing what we are doing. On the markets, we see strong markets, and the combination of our backlog and the pipeline is that we believe 2027 and 2028 will be higher activity than 2026. We will see this to continue, and we see it will increase both on activity and, of course, on earnings for us the next few years. So we are very positive to the outlook going forward. This, of course, is an old slide. Did I jump or no, Darius? This is DOF at a glance. I do not spend much time on it other than saying, of course, the backlog has never been higher, $ 7.2 billion, so it is the highest backlog we ever had. The fleet, of course, here is 77 boats, so it is a bit up and down on the number of vessels owned and not owned, but 77 is the number under the quarter. In addition to those 77, we also have now seven boats under construction at yards. We talk a bit more about that later on. I guess this slide is. The importance of this slide, of course, is why are we doing what we are doing? It is to get more in the middle here. Why are we selling PSVs and ordering or buying CSVs? It is to get the earnings from the service side. Why are we so optimistic on that? Of course, it is the limited number of suppliers. The competition is lower, and of course, our position is very strong in that segment. So of course, normally we have one or two or three competitors, and often we also do direct negotiations. So it is to grow that, and as we said, you are probably going to see DOF going forward doing larger projects as well to get higher margins also, even higher margin in the service side of the business. On the backlog, I guess I do not spend too much time on it. You have seen it before, but record high, $7.2 billion and very good visibility on the earnings side in 2027 and in 2028. Next year we have close to 70%. Of course, in the old days, we said if we had 70% when we started a new year, then it would be a good year. Now we have almost 70% already. Of course, I think the people here from the regions, they will talk a bit about and it is not a secret that they are quite bullish and that they have a lot in the pipeline. I think the backlog for 2027 will keep close to 80% and even above 80% when we end the year. I think we also will see 2028 and 2029 will grow a lot from now until Christmas. We are pretty bullish on that and also my good feeling is, of course, that the last few years, and for several reasons, it is much easier for us to get access to the oil companies and win work. I think we see that on quite a few awards that the doors are wide open for us with all the oil majors around the globe. Of course, some of the analysts have been addressing there are a few new builds coming in this IRM CSV space where there are a few boats under construction in the 150 and 250 ton segment. I guess this slide is what we have there are our values. We have 42% of our fleet value is in the high end. The pipe layers, seven pipe layers and five CSVs with four on crane. I do not think there will be another pipe layer soon. Of course, the cost of that will be enormous. Then we have 37% of our value in the anchor handling side, and there is no new builds on that as well. I guess if you are to build a repeat of a 350 ton bollard pull anchor handler these days, I think you are between $150 million and $200 million. Today the secondhand values, the one we bought was for $60 million. There still is a big gap between new build prices and secondhand values. Then we see we are almost out of the PSV segment, and then we are left with this segment, which is the IRM CSV segment. Of course, as you see we have around 25% of our value in that space, and we also have how many, Lundberg? Six, seven, eight vessels on charter in that segment. We are fairly flexible on that. Of course you could ask, are we a charterer in that space or are we a ship owner? I think we are mainly a charterer when we view these new builds coming. We do not, of course, compete with the owners of these new builds. They are more our suppliers. They effect on the IRM job or Chevron in the Essar project, they come to somebody like us and not to a ship owner. It could almost be that we will make more money because we can get cheaper boats. Of course, I do not think you will see a big drop in the vessel rates. As long as the demand side from the oil companies are where it is, I do not think you will see a big drop. Of course, it might be that some of the owners that have been very optimistic have to adjust their expectations a bit. That is the overview on it and of course my dream case was, of course, that there was a real dip in that segment so we can get a few very cheap boats, but I do not think that will happen. That is the fleet and you could say on the anchor handling side, I think we are almost done with the high grading, and on this side, I think we are where we should be. But you might see that we will do more in that space. Because the difference in that space between new building prices and secondhand prices are in my head very limited. You can get a new build for $120 million, and you probably can sell almost 20-year-old boat for $70 million- $80 million. The gap is very small. If you get the opportunity, you probably see us selling the 20-year-old boat and looking at something newer. That was the fleet and as I said, we might do something more in the IRM CSV space. This slide is just showing, because of course when we high grade a fleet, we have two thoughts in our head. Number one is, of course, to get the highest possible spec on the boats, but it is also, of course, to address the age of the fleet. Of course, it also show what we have been doing. Before we did the MSS acquisition, we had 43 boats. Then we got 65, and we have sold nine, I will call it smaller non-core boats. Then we have bought two very big anchor handlers. Now we are at 57. Then we have some new builds and then we are at 64 again. We have done a lot and then you also see that the age in turn of the acquisition was 13.4, and now it is 11.5. Of course, it is also to gradually renew so you do not hit the wall when you in 5- 10 years from now. That is the development on the fleet done and this is done, more detail on the fleet age. This is how you see how we have reduced the age of the fleet going forward and on the CSV side, of course, we are doing over roughly 11 years and on the anchor handlers we are 13 years. But of course the global anchor handling fleet, of course, is what it is. There is no new build and I guess there was nothing been delivered from after 2015, 2016. Then on the total fleet, 11. 5 years. I guess, there should be on average at least 20 years left in the fleet. Of course, what you see now is of course that the clients they do not talk about fleet, vessel age anymore. Back then before the downturn, of course, somebody want only a five-year-old boats and somebody want a 10-year-old boat, but of course that is behind now. Now they have to take what they can get. I think especially the big boats they will run for, I would not say forever, but I think they will run till they are 35- 40 years. That was the fleet age and of course this is the anchor handling fleet. As I said, why are we doing what we are doing? Why is DOF winning a contract with Total in Suriname for a big anchor handler with crane? Why do we have two big anchor handlers in Guyana? Why is the discipline now in the North Sea? If you have five, six vessels sitting idle in the North Sea, in the old days, the market would have gone like that. Today the rates are sitting. It is because the owner side or the supplier side have been heavily consolidated. We have a slide on that later on where we actually show who controls the boats above a certain bollard pull. It is a very interesting slide. That is why we have done what we have done. We have sold small boats with low bollard pull and we have bought two boats with high bollard pull. Interesting to see before we bought those boats, the 400 ton bollard pull boats, we looked at the earn average earning for all the boats in the North Sea, not only our, but all the boats. In the North Sea in the spot market in Q4 2025. The interesting of course, is that the two we bought, so the Sandefjord, Saltfjord and two Solstad boats, sister boats, they had an average around each calendar day in that quarter above NOK 800,000 a day. If you move a step lower, to the, I do not say name, but to Vik-Sandvik designs, a shitload of Vik-Sandvik designs in the market, which is almost 300 ton bollard pull. They had an average between NOK 400,000 and NOK 500,000. That show there, even if it is an anchor handler, big anchor handler, it is a big difference on earnings. I do not go into the details. If you insist, we can go through the specs in details. That of course, is what we are doing. We see why we are doing it. We see consolidating. We see it is a big difference on specs and big difference on earning potential. Then we see our big clients, Total in Suriname, Exxon in Guyana and so on. They are now shifting the demand to higher spec boats. It is opening from what is that normally been a North Sea market and Brazil market and a little bit in Australia is now growing. This explains it a bit more. I guess these are the biggest one. They have cranes. These are also enablers for when we do projects. There are some projects around the globe that need that spec and they need that bollard pull, they need a crane and they need a winch. Then you see, I do not move them by, we do not have any numbers for this, but this is if you add that one and that one, you are talking between $30 million and $40 million in 2025 for that asset alone. That of course, is why we are doing it. This is a sister. She did the same. This is a bit smaller boat also with crane. You see she do much more than these boats. When I show you later on, we have six boats for 2027 in the anchor handling space that is not fully committed and four of them have cranes. Then you see here is the boats with all crane. Here we are talking NOK 12 million, NOK 13 million, NOK 14 million, NOK 15 million. That was last year. This year, one or a couple of the AMM classes probably will do NOK 20 million. This slide also shows how the earnings developed. This was probably below NOK 10 million in 2025, but then in 2026, you almost double that in the spot market. Me being that old, the oil companies do not wait to move a rig because they have to pay NOK 3 million for an anchor handler. Back in 2007, 2008, we paid boats in two years in the anchoring market. I am not saying that is going to repeat, but I think the earning potential in these anchor handlers is enormous. The balance now is extremely thin. If there were three, four boats less in the market, it would have been hallelujah twice to you. I think we will see that balance coming. There is no new supply and the demand is increasing globally. My view, but of course this is my view, and I have been wrong 100 times before, my view is that we will see gradually the anchor handling market really getting firmer and firmer. This is just showing why we. This is the BTI for the high end. This is for the ones we have sold. You see this is medium, small boats. You see it is insignificant. Here is the backward AMM. You see very small bollard pull of all boats. Then I guess you understand why we are selling these boats. This is an interesting one, and of course, this shows what we define as the high end on anchor handlers. The big beam, the big bollard pull boats. This shows how that is spread. The red dots, that is DOF. We have a fairly large market position in those boats. We like that a lot. This is done. I talked about the spot market, I talked about the, let us say, the tour market outside the North Sea and Brazil picking up. This is, of course, the DOF Subsea part of the business where we go and do the full scopes to more than FPSO or another floater around the globe. That, of course, is where we normally use the bigger boats with the cranes, supported then by other boats with AHT cranes. You typically on a project like that, you can use four or five anchor handlers for doing a project. This, of course, shows the activity in 2026 and what we expect in 2027 and 2028. It is picking up, and especially from second half 2027, we will see it becoming really hot. Looking forward to that. I guess the boys here will talk a bit more about some of the projects we have done. On those, of course, you can do very nice rates on a boat, and then we can do a very nice margin on the project as well. Was that wrong way? No. Yes. Did not we have this? Subsea fleet only. This is only the subsea fleet. Oh, this is the subsea fleet. Yeah. Now we are done with anchor handling, this is the subsea fleet. Of course, we see we are growing the subsea fleet and we are reducing the fleet age. Is there more to say about that, Lundberg? You covered it. No, you covered it. Yeah. This one is a bit interesting. This is showing the earnings we have today on similar boats as these new builds with 250 ton crane. A few of them are still on low rates. I think that if you look at the pure time charter rate for a 250 ton crane, which is the blue one there, I think the market, if you go, "I want to fix a boat today," is you are talking $75,000 a day, roughly peak. Then you make a bit more than $50,000 a day. Then I think some of the new build guys, they have been asking 90- 95 for the new boats. I think they would have to adjust a bit. But what is interesting is that we have boats in this space on old contracts that still work on $50,000 a day. There is a big upside for us when these are coming up for renewal, even if the market is flatish. Then we add this on top. I think I have given an example before. Mr. Marco, he used to have the Havila Phoenix on a three-year contract in Guyana. On that contract, he made $10 million on top. That is why we say that we can have, even if the market is flatish, if you get 75 on the vessel portion, we can add this on top, and we can have a payback on these new builds in five years. That is the whole maths behind it. We do not need to own the boats to get that portion. That is why you see in that space that we have quite a few boats on charter as well. We can get the $10 million + with very low risk against a three, four, five-year contract, without any CapEx at all. That is the rationale why we are doing this, and this is then showing why we are shifting from a PSV to an FSV or a CSV or an IRM boat. The four PSV boats we sold, of course, together they have less EBITDA than one CSV with the project on top. It is also a bit like that. Why is, in my head, all this is in my head, why are we winning small jobs that Subsea 7 used to take? Why did Dag Raymond win the three BP IRM contract that Sub 7 had for 20 years? It is because they can do $400 million on one big super project. He can do 10-15 on this BP contract. They simply do not have the focus anymore. Of course, it is the same with us. Why should we chase NOK 5 million on a PSV when we can get 30 plus with the same risk and even perhaps lower risk on a three, four, five-year IRM contract? Why do we want to do more bigger projects? That is because that guy here, we will show that on a Congo project that we executed last fall. We had a revenue of NOK 150, roughly, and we made more than $40 million in project EBITDA on top on the boats. That is why the focus is what the focus is on the fleet, to get those NOK 40 million, to get those NOK 15 million on top. That is why, of course, we want to do a bit more bigger stuff to get the NOK 40 million more than a couple of times a year. Of course, that is how we see we can continue to lift the earnings in DOF going forward. This side I am very proud of. I do not know if I can say it, but when we had a DNB conference, remember we were on the DNB conference, were they? Dan, we were sitting next to DeepOcean. He said he was world champion in IRM. I am not saying we are world champion, but I do not think he has more boats on IRM contracts globally than we have. Of course, the interesting with this contract is that they have a tendency to last forever. When you are first in there, you are in there. Of course, we will show that later on, and of course, it also is a door opener to get much more business. You have a contract, you have a boat, you have all the tools. They give you a lot of extra work. One more on Dag Raymond here. He has had a boat in West Africa for a very long time. In the best years, we had a revenue on that boat of more than $60 million. Of course, then you understand that you make more than a little bit on the margins. That is why we love this. It is long, stable income. What you call it, chairman? You call it infrastructure. Exactly. Infrastructure. Then you see you get renewed and renewed and renewed. As you see, we have a fantastic global presence. Perhaps what I am very proud of course, is that what we have been able to do here in Guyana and Suriname. I think Marco, we have now six boats in Guyana as we speak. It is pretty good. This is what I am talking about. Skandi Seven here, in Angola. We started back in, was it in 2016? On a one-year contract or something like that. Of course, now we have been working there for 10 years, and it is not a secret, I guess, Dag Raymond, that we are discussing a further extension now. You stay on, and you stay on and stay on. The same here is with the Constructor in Guyana. We started three years, extended one year. We are expecting to extend one more. Then, of course, we expect to negotiate a new, long deal after that. That is, let's say, the dynamics in the FSV market. It is critical infrastructure for the clients, and you know that feels better than they do themself. This is actually read on the plane from Bergen this morning that this market is really growing. Our end market to 2035 is growing a lot. You see why it is growing, and everything is also getting older. We expect a steady, nice growth in the global IRM market for the next 10 years at least. As I mentioned, of course, this is just some examples of deals that we have done recently. There is a lot of questions on where the market is going and not going. This is just a few examples on what we have done lately. This is a CSV on our IRM contract. A long IRM contract that is being renewed as we speak. The rate is up 13%, the overall rate for. That is done direct to the pocket, bottom line, because the cost is the same. Then you have, I guess somebody, it shouldn't be difficult to guess what that is, because a long four-year contract with crane, I guess we only sent out one press release on a four-year contract with crane. This is showing what the vessel did in earnings in 2025, and this is done the earnings on the new four-year contract. It shows that the market has strengthened, and it also shows how limited the supply side of vessels in that category is. Who do you go to if you want an anchor handler to do Christmas trees and heavy lifts? You have to go to DOF. This is done. We did a couple of new contracts in Canada. This is done the uplift in rates on them, and this is done an M- class or two in the spot market. This is showing this was what we did in 2025 earnings, and this is what we have done January to July. You almost double the full year earnings in half a year. It means that probably if you are lucky for the rest of the year, you can do four times higher earnings in 2026 than you did in 2025. The market is still paying a bit more than it did last time these boats were renewed. That was that one, why we are doing what we are doing. Any questions on the fleet renewal? Yeah, you can post on the web as well. As I said, we can start with one from there. In this room, we will have to use this microphone for the guys on the web as well. On new build and the new build fleet, we have now seen a couple bigger boats with 400 ton cranes on. Do you expect that to pick up in pace like we have seen with the smaller CSVs? I do not think so. I think what you see is that who are building the medium boats, it is a lot of ship owners around the west coast of Norway. Of course, none of them or 95% of the boats have no long-term contracts. So I do not think they have appetite for doing more at the moment. Of course, it was Siem who ordered the two big ones, and of course, he is an industrial player, so it is probably for the Subsea 7 renewal of their fleet. So I do not think so, no. Yes, thanks. You have an interesting slide where you do show that the number of trees and SURF line to be installed over the next 10 years will increase massively. Maybe one stupid technical question, but how is it doable today knowing that all the players in the industry are keeping the fleet roughly the same? No one is investing in new capacity, so how can we, in a way, install 30% or 40% more while, as you just said, the client, they have the vessel that they can and they cannot choose right now in the fleet? That is the first question. The second one, you said that you could do something else in terms of fleet management. Is there any, I do not know, CapEx budget that have been drawn internally at DOF. [Non-English content]. It was long. I think the first question is related to the increase in subsea trees and SURF lines. The graph that we are showing there is the installed base, which is increasing. It is not that the pace of installation will pick up by 30%, but rather that the pace of installation will probably continue to be at a flattish level, but the base of infrastructure on the seabed will then increase as there is not as much being decommissioned. I think what we were trying to show on that one is that for our inspection repair maintenance, part of the OpEx, they expect the demand in that to grow because you have the use increase in installed capacity. Then you have the guys who install it, is the SURF side of the market. We do it a lot ourselves. Of course, the big players, Subsea 7, Technip, Saipem, and all of course install it. Of course, what you have seen now from some of the big players this year, especially Sub 7, is that they have really level boated in 2016. Our take on that is that you will see them coming out and are asking for quite a few boats to add into their fleet in 2027. We expect them in first half next year that they will have a demand to have to charter increase their fleet. That is the best answer I can give. When you talk about you might want to enter the SURF space, what type and size of projects would you target? Would you have to add people to manage those projects? Because we already are doing SURF. As I said, we did $50 million in project in Congo in quarter four last year. So we have installed flexibles. Dag Raymond will talk more about that. So we just want to do more of those. Because we make good money on them. You want to make more $150 million projects or you want to make a $400 million project? I want to make more $150 million projects. We might do $200 million project, but I do not want to do $1 billion projects. So I want to do more of them each year. When it comes to people, of course, we have the core base, but of course, we will have to employ a few guys if we are doing more big projects every year. To do $450 million projects a year, do you need to add vessel capacity, or can you manage No. We have that. We have that. It's just to shift the big boat from, let's say, smaller projects to bigger projects and use them to a higher degree on their capacity. Very well. We move on to Michael. Yes, sir. Thanks, Vards. Good afternoon, everyone. Hear me okay? Yes. Good. So I'm Michael Rosich. I have the pleasure of being responsible for DOF in the Asia-Pacific region. We cover basically Antarctica to Japan, Pacific Islands, not quite as far as Honolulu through to, I'm going to say east of India. We don't really want to go to the east of Africa at the moment. I'll leave that with Dag for now. But fairly large region. Like everyone, we do all the vessel management, all the project management and engineering, all the operations. We own and operate the vessels in the region. The only difference between the APAC region and the rest of the regions is we actually do manned diving as well. We've been doing that for quite some time. DOF in one form or another, has been in the APAC region for 21 years. May 2005 it started as what was Geo. I joined fairly shortly after that. I may look it, but I haven't been in the industry as long as DOF's been around. We have a very talented pool of people, about 834 full-time equivalents at the last time we did a count. That is onshore and offshore people, professional personnel, supports personnel, and mariners and back deck personnel. Our primary focus is on inspection maintenance repair activities, but we do a lot of construction support, both at the light end of the market and more recently into the heavier side. Rigid pipe lay is not our patch. We have nine vessels in the region, one of the smaller ones within DOF. We have three construction support vessels, the Inventor, the Hercules, and our DSV, the Skandi Singapore. We have two MPSVs, both on long-term contracts, Skandi Darwin operating in Bass Strait for what was Esso or ExxonMobil, is now Woodside, and the Skandi Hawk operating out of the Philippines and has been there since 2015. Two anchor handlers, which we manage, the Emerald and the Peregrino, both operating in the spot market. The Emerald's in the spot market, Peregrino's with Woodside in Bass Strait, and the PSVs, Feistein and Kvitsøy also we manage those, but they're on long-term contracts with Esso, Woodside in the Bass Strait as well. Our primary areas of operations at the moment is in Australia and in the Philippines. We have offices located in Indonesia, in Jakarta, in Singapore itself, that's our regional headquarters, obviously Perth in Australia. We have a small presence in Darwin. We have a presence in Manila, in the Philippines, and a regional office in Busan, in Korea. Basically, we're looking at delivering services to our clients in the region. As I said, the only point of difference between ourselves and the other regions is the manned diving operations. Started off with two vessels, and we're now at nine, so trying to get the vessels off the other regions is hard. Once we get them, we keep them. A couple of focus points and projects. We have been operating in Australian waters with Chevron on their various operating entities for quite some time. One of our cornerstone projects at the moment is with the Chevron Australian business unit. It's a frame agreement contract we have held since 2020. That was a three year contract that was extended, then re-tendered as another three year contract, which was extended, and was re-tendered as a three year contract, and is extended. We're already talking to them about do we really want to tender it again. They may have to, but they consider us to be one of their key partners in the region for servicing and continuing to deliver production for their fields in Gorgon and Jansz and Barrow Island itself. With all our vessels in the fleet, the reason they like us is because we have a couple of vessels in the frame agreement contract, which is zero commitment. But in the last five years, we've averaged 240 vessel days a year for them in one form or another, predominantly in inspection maintenance repair, but it's on the heavy side. We're talking about water depths up to 1,300 m. There's not too many players off the Australian coast who do that on a regular basis and are there all the time. The other point that they like about DOF is that if we have a vessel that they want to plan to use in six months' time and we pick up other work, we've usually got another vessel that may be able to backfill the capacity. As I said, they see us as a partner, not a contractor. It is all North West Shelf assets. We have similar frame agreements with Woodside. INPEX, we're in the process of going through a tendering process for their IMR contract. We have frame agreements with Santos, and frame agreements with Esso or Woodside in Bass Strait, and obviously in the Philippines. Fairly busy, keeps a team of engineers planning, it keeps a team of ROV technicians working and maintaining subsea tooling, and it keeps the vessels very, very busy. The barriers to entry in working in Australian waters are quite high. There is a federal regulator, national, NOPSEMA as we know them, and to operate in the oil and gas space or the offshore energy market, you need to have what they refer to as a safety case, a facility safety case. To get one of those from scratch is a probably 12-month process if you want to operate in the hydrocarbon environment. The regulations are getting even tighter to the extent that if there's something that you want to do that's specific, there's a revision to your base safety case. It is a lot of money to invest, but it does mean that the rewards are quite high. The relationship we have had with Chevron has triggered a discussion, or triggered a discussion with Chevron about they had an issue, that they needed an emergency response capability to maintain production for their fields in the Gorgon and Jansz location, and they wanted to commit to a vessel for 12 months minimum. This was first discussed in March 2025. We actually executed a commitment in July of 2025 after I came to the team in corporate, Mons and Co., and said, "Have I got a deal for you?" We had the Skandi Inventor available. We have a pipeline of work in the Australian and the APAC market in the next five years, where we can use a vessel with the capability of the Skandi Inventor or the I-class vessels, 400-ton crane, big back deck, can do SURF work. Chevron didn't want a SURF vessel, but they did want a vessel that was going to be capable of doing so much more. So we have that commitment, and the vessel duly arrived in July of last year after we went through and got the safety case prepared and accepted, and that took us eight months from the original position of starting to getting a base safety case. We are continually doing safety case updates now for various other scopes. But as soon as she arrived, she instantly went into IMR scopes and then started doing construction support work for the JIC project, Gorgon, Jansz-Io Compression project, directly for Chevron, and then subsequently through their primary contractor, Saipem. The vessel has been working with them for quite some time and will be working for them later in the fourth quarter. That will see the vessel busy throughout 2027 before her main class docking. The project, the work that the Inventor is doing is using all our in-house personnel. It is all internally prepared and executed. Yes, having the ability to transit a vessel for the best part of six weeks down from the North Sea, and not to send it back is very good. Associated with that Jansz-Io Compression project, we have executed one of the largest, or the deepest water mooring projects in Australia. The field control station for the JIC is in 1,300 m. It is a 12-mooring leg configuration, four quadrants, clusters in three lines each, a combination of wire rope, and chain. We leveraged off of the experience that our colleagues in the U.S., the U.K., and Norway had done, and we have executed that work on behalf of Saipem. We did the pre-installation work, the pre-tensioning. It had to use a vessel of the capabilities of the H ercules for that, and the hook-up as well had to use the capabilities of the Hercules. That was executed. That work has been finished. First work pre-lay was completed in the fourth quarter of 2025, and we completed the hook up of Jansz, JIC FCS, last quarter, in late June. Used the vessel to its full extent. Everyone was very happy. We were ahead of schedule, under budget. No incidents of any significance. All very happy. Happy clients. The vessel had just come straight out of dry dock to do the hook-up work. That proved that we have the ability to manage the maintenance of the vessels in performing these activities. What does that mean for APAC in terms of where we see things going? The Australian market is busy. We are not doing as much work outside of the Australian continental shelf as we have done in the past five years. Combination of COVID, combination of downturns. The Australian market has picked up, and if we can pick up work in the Australian market where the rates are significantly higher than elsewhere in Europe, why would you go anywhere else? Whilst we can secure that work, we will continue to do so, but we are constantly looking at other opportunities further afield, because the Australian market won't keep going at this rate forever, unfortunately. We see a lot of IMR scopes. We are the only contractor in the Australian market that has multiple vessels, rather than just one vessel that comes in and out of the region for specific projects. For the larger projects, that makes sense. For most of the medium to smaller jobs, we can deliver everything for them. As I mentioned before, the safety case regime is a fairly high barrier to entry. There are a lot of projects in development and planning and tendering phase at the moment for construction work, but there are also a lot of decommissioning activities which are coming up as well, and we are well-placed to secure those work with the likes of the Hercules and the Inventor and the Singapore as well. Indonesia. INPEX, and a few others, Eni, are getting quite busy there. There are high levels of local content requirements. We probably would never be a primary contractor, but we would certainly be supporting the majors, because we do have the capability with the vessels in the region, and we have a local presence as well. Saturation diving is very high on the agenda in Indonesia. They do use a lot of local personnel. But for more complex work, we have done work for them in those part of the world before. We continue to do so. We are actually one of the few Shell-approved diving contractors, so we are currently fielding inquiries in Brunei and a few other places as well for sat diving. Southeast Asia itself, as I mentioned, Malaysia, Vietnam, Timor, basically we are here and they know our capabilities. The Philippines, with the Shell, the former Shell Philippines have left. Prime Energy is the main player there. There is a bit of unrest, I suppose, obviously, with China, and what is happening in the South China Sea. However, that will ultimately be resolved one way or the other. The energy market is building in the Philippines, and we see that as being we have a base, we know how to operate in the Philippines, and we will continue to do so. We have the MPSVs, the new 250 ton crane boats that are going to be coming available in the coming years. I am fully expecting that they are coming from our part of the world, but probably will not leave. But we will see. Possession is nine-tenths. On the renewable side, it has been a lot slower than everyone expected. However, South Korea and Japan are still pressing ahead, and ultimately it will happen. And we are well-placed there to be ready when that market actually does kick off. We have lots of dialogue with local partners. Again, barriers to entry in certain markets are quite high. I think that is the snapshot. Questions? Start with the webcast one, Stan. How is the competitive landscape, and how has that evolved over the past years? Has the competition intensified? I suppose in the space we operate, in the light construction, in the IMR, and the medium construction levels, I guess, and decommissioning, we have seen the likes of Subsea 7 playing down when their assets were available and did not have anything to do and potentially bought a few jobs here and there. That has not been the case in the last year or so. They have been a bit busy elsewhere. So the capabilities that their vessels have or their cost to bring the vessels in and out of the region have made it more difficult for them. So the competition was high. It is lowering now. There are other players coming into the market. DeepOcean are trying to make a presence. They have a reputation, I guess, in Southeast Asia, which is not as favorable as it is elsewhere. They have unfortunately got a bit of an issue with one of their boats at the moment, but we have not seen direct competition from them, certainly not in Australia. Vantris Energy, the former Sapura, is operating very heavily in Malaysia, and they will tend to get first dibs on work that is executed there. But if there is something that is complex, difficult, or somewhat bespoke, we have been more successful for those works than others. We are seen to be a provider that will deliver. If we say we can do something, it will happen, and we get it done. Thank you. You talk about the fleet and how you would want to see a couple more vessels come into the region. What sort of fleet size would you say is ideal for DOF APAC? It is a very large region. The work all moves around the region. At the moment, we have nine. If we are going to right-size the fleet, nine, 10 is still all right, but I would suggest that the capabilities would be drifting to the higher end of the market. We may see some of those vessels that we are managing not be focused on as much. Thank you. With that, we will move ahead with you, Marco. Thank you, Michael. What was that? Which one is the bottom? Just- This one left one. Hello, everybody. I'm Marco Sclocchi. I'm the EVP for North America. I've been with DOF for 17 years and responsible for North America for the last 13 years. This is North America at a glance. So market position, I like to count our backlog in vessel years. We have 43 vessel years firm across Canada, Guyana, and Suriname. We hold some turnkey project in Argentina and Guyana. We have project management and engineering in Canada and Guyana, frame agreement from the backlog. On the vessel side, we currently have 14 boats, seven anchor handler, and eight CSVs, including third-party vessels. I think we're very well-positioned in the region with a strong opportunity to expand in both in the IMR, SURF, and mooring project, which is one of the target that we set ourself right now. Clearly, we have a very stronger position in Canada, with multiple vessels. In the last couple of years, we increase a lot our capability in project management and engineering, both in Canada and in U.S. We count more than 70 people between project management, across 600 people, a strong group. Regional offices in Houston, St. John's, and Georgetown in Guyana now. Houston is very focused on subsea IMR and project. Canada is split between subsea and marine asset operation. Guyana is a small office that is growing, where we're targeting to have a more local logistic and local content development. Few project to highlight. Cenovus project management and engineering with the field support vessel, the long-term anchor handling contract. Shell well intervention in the Gulf of Mexico. MODEC mooring T&I in Guyana. Of course, the ExxonMobil MPSV in Guyana. We also performing a project for VMOS in Argentina for an oil offloading system on a T&I basis. We're responsible in lumpsum for the engineering, delivery, transportation, and installation of the offloading system. Few projects that are interesting, I think they follow what Mons presented about our IMR capability and the relationship we have with the clients. So, we already presented this in the past, but again, a continuing development. Project was awarded in 2015. We deliver a new boat in 2017 for a 10-year contract, plus 10 one-year options. So the contract will be for extension in 2027. We're responsible for the project management, field development, and IMR activity for Cenovus. We physically have two project management team. One responsible for the operation of the boat, one responsible for planning the IMR and activity that Cenovus require on the field. This is something new, I will say, for DOF. On top of that, again, field development, a field that has been there for 15 years +. Clearly, there are a lot of, I will say, problem that the field has started to have. We are always tasked with special project, like I call. In 2025, we perform the bottom chain replacement using our own boat, the Skandi Vinland, plus a third-party anchor handler. We had a few project around the maintenance of the FPSO, where we have to develop all diverless operation. For 2027, 2028, we are now planning the top chain replacement of the FPSO and working on a power umbilical replacement in 2028. This is our, again, a project within the project where we are doing all the project management engineering, planning the work for Cenovus. Second project, this is our, I will say, larger area of development is the ExxonMobil Guyana development. We started in 2022 with two boats. We increasing to three boats with the acquisition of Maersk Supply, and we have a new contract signed this year for three years. At the moment, we have the Skandi Involver, Skandi Constructor, and Norman on this contract. This is represented three of the four boats that they work constantly for Exxon. As you can see, in the four years of service, we installed 78 trees, 28 rigid jumper, nine flexible jumpers, 71 tubing enders, and starting to perform a maintenance with 20 pod change-out. We also responsible for all their survey work on the field. This is a repetitive business every two years. So far, we did 282 km of a multi-beam survey, which is the first three field, which is going to be a repeating business. On the left, you see the pictures of the Skandi Involver mobilizing a dock with the Skandi Implementer, which these boats were both in Trinidad, mobilizing on two different projects because on top of the ExxonMobil, we also been able to support Saipem locally. Today, we also have two anchor handler supporting a rig mooring operation. What is interesting again about Guyana, they are a three-year project plus option. We have just delivered the Skandi Involver, which has been an enabler for DOF. Why an enabler? Because, of course, the oil company want to tell you what vessel they want, and they come in, and they ask for a 250-ton crane boat. They don't tell you what they want to do. But then they pretend that you are installing the stuff in heavy weather, that you can do well intervention, that they can do multiple other projects. For us, the delivery of the Skandi Involver was an enabler to be able now to plan multiple larger projects. We are working on a power umbilical replacement maybe at the end of 2026, maybe early 2027. We are working on the DWIG expansion, which is a Destiny Water Injection Expansion. Destiny is the first FPSO that was installed on the Liza field. You can read on Exxon that the production is still depleting. They needed to figure out how to keep the production going. They are planning to install a couple of new manifold to enhance production. We are working with them to do everything that is not the rigid pipeline. Saipem will do the rigid pipeline installation, is their EPCI contractor. But where is the shift now is that Saipem is not doing the entire project. Exxon took away a larger portion of the development, which is pretty much all the subsea installation, pile manifold, rigid flexible jumper. This is something that DOF will install in 2027. The same is for the Amerada tieback, where, again, Saipem will install the flow line, and DOF, under the frame agreement with Exxon, will install umbilical jumper and flying leads. Currently, the Skandi Involver is also performing well intervention in Guyana at the moment. We are not responsible of the well intervention system. Baker is. It is pretty much has been a development between DOF and Baker to provide an integrated package to Exxon to help them to avoid to use a rig in their operation. They have five rigs working in Guyana constantly. So far, they installed 155 trees. They are planning to have 300 trees by the end of 2030. We are at project five at the moment. They still have four projects to go. Number nine will be sanctioned by the end of this year. For them, be able to use the Implementer to access the well and do, again, let us call it a simple task, but task that before were done with the rig is a big saving and is a big opportunity to keep the rig working where the money are, which is drilling wells. Another project is ongoing now is Shell Chemical intervention in the Gulf of Mexico. This was awarded last year in two phases. We did the phase I in April and May. This is with the Skandi Involver. Why is important? Because it is the first time we do chemical intervention in the Gulf of Mexico. We were contracted by Shell to provide integrated services. Clearly, when we do a job like this, it is not anymore the boats. We are talking a multiple of the boats' revenue on a single project. We were responsible, of course, to provide all of the equipment on deck, so risers and intervention system, cold tubing, pumping system, chemicals. We will have a phase II of this project in October and November of this year when the boat is coming back from Guyana. Next project, interesting again. This was a combination of a support project plus Eni. We have been awarded by MODEC for the Amerada project, which is the installation of 18 suction pile and mooring line. Last year, in 2025, we support Jumbo to accelerate delivering their project, their delivery program, and we installed 16 of the mooring line with the Skandi Skansen. Mobilization occur in Trinidad, where we had three mooring line at the time, loaded and installed. Next year, in 2027, we will have the Skandi Implementer performing the suction pile installation. As you can see there, an animation of the boat carrying and installing eight suction pile. The Skansen will come in a second phase to install the mooring line. Interesting of this project, we are also responsible for the entire logistic in Trinidad, so for managing the pile and the chain. Another interesting project that is ongoing right now, phase II is pretty much at the door, October 2026 to January 2027. This is the VMOS oil offloading system. VMOS is Vaca Muerta Oilfield Services. It is a bigger pipeline that bring oil to shore, to the offshore where two CALM buoy will be installed to offload roughly 700,000 barrels a day of oil. DOF is responsible for the installation of the two buoys. The preset of the two CALM buoys, the installation of the two buoys, performing the spooling installation for the system, and then pretty much the commissioning, the flow deals, and transfer, and all of it. The phase I was already done in June of 2026 with the Skandi Hera. There is a picture of the Skandi Hera arriving in Argentina, and this is a picture of the chain, before we loaded in Buenos Aires. Here is what Mons was mentioning, the Suriname project. This is a recent award that we had from TotalEnergies with the Skandi Hera. Delivered the boat in 2026 to December 2030. Where, again, Total is requiring a very capable anchor handler to set the mooring line for one of the two rigs, because the field development goes from 100 - 1,100 m water depth. But on top of that, they also requiring a boat with a crane, so we have a 140-ton crane capacity. With the goal that we will do all of the well-positioning support, so setting up the array for the well. We will do the rig ROV support. But we also be responsible to installing subsea trees behind the rig, and then with all the other tasks that they come. The field is supposed to have first oil by 2028, so we are starting a couple of years early following the rig. We are expecting that Exxon will launch, probably in 2027, a long-term IMR vessel RFQ for potentially a 10-year contract. So we are the first one in Suriname. Pretty much supporting, at the moment, the only development that is done there. Like any other presentation, we have a regional market and opportunity update. I divided a little by the different area where we work and also by IMR, IRF, and mooring. One of the things that is important, respect a few years ago, our business shift a lot from U.S. down to South America or Central America, with the project in Trinidad, Mexico, Guyana, and Suriname. I will say that now probably 60% of our business is down there instead of down in U.S. Of course, we grow a lot in Canada, where we are, for sure, the first operator in Canada. We multiple boat, both for Cenovus and Suncor. If we look about U.S., clearly is a very- How we can say. There is not a lot of new project coming, but there is a huge infrastructure already on the seabed. We are counting 3,000 wells and 400 development. Already they are in from 200 m to 3,000 m. So there is still a very active IMR type of activity. Jones Act requirement is still a major driver, but also cost is. We do not have a frame agreement, so we do not have a real frame agreement with the operators, but we work with 90% of all the operators in the Gulf of Mexico. There are 11 major operators plus three big pipelining companies. SURF, we are not playing in the SURF market in U.S. yet. There is a barrier entry which is water depth. But we have a serious conversation with the operators that they are desperate to have an alternative to the bigger players, Subsea 7 and Technip. Especially because, again, there are no major capital project or very few. Right? We can mention it. But really their goal right now is to keep production going with small and shorter tiebacks where DOF can help without going to company like Subsea 7 or Technip. Canada, again, we are very active, very present. We have a few contract in renegotiation at the moment, like Mons mentioned. Clearly is a tight market, and we are waiting on Bay du Nord for most of the activity. Mexico is picking up. There is the tie development ongoing. We already work for Woodside, where we are both going down in few days supporting some of the work there. We see new operators are coming into the country like Harbour Energy with ZAMA and Ichal, that they are planning for 2028 and 2030. This is an interesting job for us because we will also targeting the FPSO hookup and the mooring installation. Trinidad, we have been working in Trinidad from 2019, pretty much regularly for Shell. There are only few new projects coming online, because again, there is a need of gas for the LNG plan. Now they are also looking in developing a couple of field Venezuela coming into Trinidad. Like I said, the IMR is a seasonal work with 100 + days per year. This year, DOF did it all. We have a boat there, has been doing all the work for Shell and BP. SURF is shallow water development, but it is still a rigid pipeline larger, so we can only do support. There are not really mooring job in Trinidad. We are hoping that Exxon and now both of the big field will come and progress with what they are doing in Guyana. Guyana is always the big story. Five project of nine are getting first oil by the end of 2026. 153 already installed on 300 to be done by 2030. Interesting, Exxon is still not thinking about IMR because what we are doing today is only field development. We did a very little IMR. Now we are starting to start to talk to Exxon on what they need for IMR. Like I says before, what I do not like is when a client come and they ask us for a specific boat. We always tell them, "Tell us what you need to be done and we tell you will be the right boat or the right ROV." Like I said, in Guyana, we are going to do the prelay mooring for MODEC in 2027, and we needed to see how we will develop, because again, it is between MODEC and SBM. Clearly, SBM does the stuff on their own, but if it is MODEC, we have always an opportunity for the mooring scope of work. On the SURF side, like I show you before, again, Exxon has started to have in parallel with the capital project, a smaller tieback or smaller field development, internally the development, which is an opportunity for DOF to do more capital work, SURF type of work in the region. We are waiting to see what PETRONAS will do, that they are claiming they found the 10 largest gas field in the world. There is an FSV planned for 2028, and this is where we are monitoring the situation. But we will have a company set up in days to support Total, so we will be there ready for their work. Like I said, we've been very well-positioned with the IMR contractor for Trinidad and Tobago, supporting both Shell and BP. Present in Guyana, multi-vessel present in Canada for Cenovus and Suncor, and the first vessel in Suriname. This is thanks to our modern fleet. We really have the right asset required for this type of operation in the port. We provide integrated RME, remote intervention services, and survey capability, because survey is something that we don't talk about as being part of the delivery. We grow a lot our project management and engineering capability, and we're really become a trusted service providing the region, helping the operator to execute their long-term development plans, not just delivering a boat. I think that Mons told me last week that Exxon now is our second-best client, major client. Before Guyana, we have very little to do with Exxon. That's it. Thank you. Looking at incremental long-term contracts, where do you see the biggest potential in the North America region for DOF? I will say Canada. Canada, Guyana, and Suriname for sure. In North America, because it's very competitive a market, there are no long-term contract. For Guyana, we already see four boats are not enough. We're just supporting the fifth boat right now. They come out with another smaller RFQ for another couple of months, and I will not be surprised then when in 2028, we needed to renew the Nomad and the Constructor. Potentially, there will be an extra boat there. Yeah. What about Venezuela? You mentioned it briefly, but you see offshore opportunities there? Venezuela is a market that Mario knows. We spent a few times there in our previous life with Saipem. For DOF, there is not much to do at the moment because, again, as you can read, most of the development is on land, the Orinoco. We needed to see what the Trump organization is now planning for the Lake Maracaibo. But Lake Maracaibo maybe is not the perfect area for us. Again, very shallow water. You need diving. It is a spaghetti house down there. You do not know what is on the bottom. Yeah, it is. We know, again, Shell is looking at the Dragon. BP is looking on the south of Trinidad to bring oil in. That there could be opportunity. Then we need to see what Cardón IV, Repsol, and Eni will do. But I think it is very limited for us due to water depth and the region itself. Yeah. Fair enough. Thank you. Thank you. Then we will do a 14 minutes break for coffee, et cetera. We will commence again at 13:50. Okay. Good afternoon, everybody. I am Mario Fuzetti, EVP in Brazil. I think this is the third or fourth time that we come to this Capital Market Day. I will update the situation in Brazil, how are we doing, and I always start with this graph, always. It is just a good representation and gives a good picture of how the market is going. This is from ABeam, but we kind of work on it a little bit. You see these curves and this is the overall number of vessels assets in the marine support, what we call the marine support class of vessel in Brazil. Basically, all the vessels that we are talking about here are in here. These are the numbers from 2023, 2024, 2025, and this 2026, now July. You can see that the fleet continues to grow steady. That is the tendency. What you see here, obviously, we do not need to go back. The history is well known. We have the crisis here. All the foreign flag start being shipped back to abroad from Brazil. What is different that we do here, besides in ABeam, we do this curve, which are the Brazilian flag, but Brazilian built. This light blue is the Brazilian flag of convenience on REB. That means foreign flag vessels being put on REB for the Brazilian flag. When you see the Brazilian flag fleet, you just add these two, is about 390. It continues to grow, but you see that there is a kind of stability on the foreign flags. While the REBs, changing foreign flag with Brazilian flag to avoid exposure of being blocked in Brazil. You guys know very well, I do not need to start explaining the blockings, right? It is a big mess what we have in Brazil today with the partial blocking on capacity and on spec that started in June last year. It is still creating a lot of mess. You can see that in order to have protection, the foreign flags start moving into REB, to avoid being blocked and continue to perform the contracts and being available, right? You know very well that in order to put the Brazilian flag on a foreign flag, you need to have the tonnage credit for that, right? Out of 2025 to now, July 2026, it was about 20 vessels that have been put on flag. We ourselves, DOF, we have put five foreign flag vessels on REB flag this year, okay? In order to be able to perform and have assurance that we can guarantee those vessels for these long-term contracts, that they are mostly fully booked until the next decade, right? The market continues sound. There are always reflections that will depend on what is going on. This thing here may adjust, I would say, early next year because we are doing a lot of movements in order to see if this, what we call this mess that ANTAQ, the government entity, has created with this partial blocking. You understand an RSV can block a PLSV. A PSCV 3000 can block a PSCV 5000, right, on capacity. That obviously create more restrictions for the foreign flag, right? This is typical, the picture that we show every year. Also Marco and Michael have shown it. Dag, I think, will show the same, right? It is a good representation of the company. This is what we call the Fleet One in Brazil. We have here 12 AHTS's. Those are high-power AHTS's. The four new from last year are the Skandi Jupiter and Mercury. I mean, they just got into contract in September, right when we were here with foreign flag. The Skandi Logger and the Skandi Lifter that were part of this backlog, these awards that we had last year. I will go through it. Basically, last year was a kind of a unique year for us in terms of awards, right? Basically, we had seven new awards of AHTS for four years, all through public bids to Petrobras, and another seven awards of RSVs. When I was here in September, we practically have half of those signed. The other is still under negotiation, not yet guaranteed. Towards the end of the year, early this year, we guaranteed everything. Those that were the five that are basically what we call the Brazilian fleet of these vessels, Urca, Paraty, Angra, Iguaçu, and Fluminense, these five vessels here, they were under contract, and they are entering into new four-year contracts. We negotiated extensions of these contracts. They were supposed to start all early this year, and Petrobras, after award, proposed if we could extend those contracts to early next year, to the first quarter of 2027, basically for one year. This came up as extension. What was our problem? Our problem was that these, let us say, old contracts, had the rates that were below the new rates that we were able to achieve on these new awards. The question is, yes, additional backlog, additional extension, but basically, quite a difference in terms of rates. Petrobras was really willing to take it. But for the first time, we did manage to negotiate an increase on the existing rates. I think there is always something new if you really put the pressure that you may be able to achieve, even with clients, with Petrobras. We had a kind of difference here. It was not a question of $5,000- $10,000. We have a difference of about $20,000 between the rates. Basically, it was important to do some kind of famous win-win situation with Petrobras, and they bought it. Basically, these AHTS, they are now working on a kind of in-between rate between the old contract, the new contract, and they will start the new contract in the first quarter of 2027. The RSVs, seven, basically the same. The only difference that four were new, really. They were not on long term with Petrobras. Salvador, Achiever, and Geoholm, and Skandi Carla. They were out of the Petrobras long term, working for first-year contractor, Saipem, BW, Subsea 7. But those three that were on long-term contract here, they also were extended to the first quarter of 2027 for the same reason. That's why basically, we have seven new contracts of AHTS, five extensions, seven new contracts of RSVs, and three extensions. Then, finally, this was expected last year, but really, we had to work quite hard to be able to accomplish this award. The new builds RSVs, which we were selected second, if you guys remember, there were eight, and Bram was first for four, and we were second for four. We were able to close these contracts and sign it only in the first quarter, second quarter this year. But we did manage to. These are 12 years each of every one of these RSVs. Then the PIDF, for the third consecutive time, when we were here, we were first in the bid, but we had not yet signed the contract. So we did sign the contract, and for these three years, for at least three boats starting 2025. That's what we started. This is what we call the added backlog. The fleet, when you count these vessels, the fleet went from 23 vessels when I was here in September, to 29 vessels. Before anybody asks, as I always start saying, it was supposed to be 30. I'm not counting this Skandi Amazonas here anymore, no longer. That boat was lost in May this year. We were supposed to have 30. We have 29. The outlook, as I was telling you before, looks strong, continues strong with Petrobras and with the MPSVs, RSVs, IMR, basically. The first tier, we call the first-tier SURF contractors, which are basically the same. We have even Ocyan is starting a new big SURF contract now, but Saipem, Subsea 7, Maersk or non-Maersk, TechnipFMC, now Allseas, that will do their first large SURF starting next year, which is Búzios 10. Then, they are always a good client to us because they need our class of vessels to perform this very large SURFs, besides their large construction vessels. Petrobras tendering activity, how is it going? Obviously, the pace has slowed down from last year. You could see by that amount of bids that were performed and negotiated. Reduce the pace, but it is too high with PLSV that we are today negotiating three new contracts of PLSV, right? Who are we? We continue to be a very highly regarded company, proud workforce, contributing a lot for the DOF Group organization in Brazil. We have developed the AUV operation in Brazil, to the extent that we continue, right? That was one of these RSV contracts here that was the last one awarded because we were not first in the bid, but we knew the first company that was in the bid was having serious problems in order to be able to sign the contract to qualify. At the end of the day, Petrobras came to us and gave that RSV with our AUV contract to us. It was basically a renewal of the Skandi Commander that was ending, and still ending the current contract for the new four years contract. By the way, if we had another RSV available in Brazil, we would have got the eighth contract, because by having guaranteed four slots for three RSVs, obviously that when Petrobras and what we wanted prefer to place the Skandi Commander on a ROV plus AUV contract, it has opened a slot where the Commander was classified as a pure RSV. That is the process in Petrobras. They come to you and they say, "Well, do you have another vessel?" Right? If we have another vessel, that contract is yours. We have been qualified, right? But we did not have, so we gave the slot to another competitor of ours and I am still waiting for them to tell me thank you about it, but someday they are going to say, right? You guys probably know who they are, right? But they will contribute. You see the, how the manpower, right, has increased obviously with those fleet increase, right? As always, a big challenge in Brazil, not only on marine personnel, but also on subsea personnel, survey, ROV, right? We basically went from now we have 399. If you see here the offshore marine, the offshore subsea, this is really the people, what we call the direct people that we have contracted, and then we have third party, right? We are total today around or over 2,600 people. Last year, I was here showing that we were on the 2,100 total workforce. It has increased by more than 400, about 25%, due to this. Right? Basically, you have the Fleet One, you have the Fleet Three, what we call, the subsea fleet. You see here in another color, this is just the PIDF contract, right? All these are the long terms that I am talking about, starting all new contracts until 2030. I am going to show that more in detail. I put here something that gives an example of how we operate, between Atlantic, Dag, Gulf of Mexico, Caribbean, Marco. Obviously, Michael is on the other side of the world, but the way that we make these vessels take opportunity of contract spots are not in these areas. This vessel here, the Skandi Skansen, she was working with Marco until November last year in Guyana. Right? As soon as she finished that work, we had a spot, good spot for BW Brazil, starting in December. She came straight to Brazil, Skandi Skansen, and then she worked for BW and we had a contract with Saipem, those supporting tier one contractors with the Skandi Achiever. We were successful in placing the Skandi Achiever on long-term with Petrobras, having to deliver in January, so that was a good coincidence. We gave the Achiever to Petrobras a long-term, took off from Saipem without impacting Saipem, and gave Skansen immediately after BW to Saipem. Our friend Dag had a commitment in May with the Skandi Skansen here in the North Sea, I think for BP. The vessel had to leave Saipem on time for BP. Again, we had the Skandi Logger that was busy in Brazil since the acquisition with the MSS Brazil and Alcatel for that Libra contract. Coincidence or not, but we make it happen, we took Skansen in one day, we put the Logger the next day after Libra to Saipem to complete the work. As soon as the Logger has completed Saipem right on time, she came straight to Guyana for Marc to start the long-term contract with ExxonMobil. This vessel has been fully booked since my class. Sometimes we manage to do a good combination, with a bit of luck, we make the things happen, the client's happy, and the vessels booked all the time. This is the Fleet two, what we call the Fleet, the PLSV fleet. This is the joint venture with Technip. When we come here, we have Technip representatives here, JV director is here. Three PLSV's new contracts, three PLSV's extension, same thing. Petrobras wants to extend the contracts of Skandi Niterói and Vitória to the first quarter of 2027. We had two PLSCVs contract extension that just happened two months ago to the first quarter of 2028, Skandi Buzios and Skandi Recife. I'll go ahead on what is the status today. This is what really we have, the state-of-the-art, the largest fleet of PLSCVs in Brazil, fully booked until 2032, if we manage to accomplish the negotiation of the contracts that we're doing now. Out of those, you know that Olinda and Buzios, these are the largest PLSCVs in Brazil, 650 ton VLS. Petrobras became very clever now, they don't do bids for 650 tons anymore. What for? Just for us to bid. They make bids for 550, because they know we are going to bid Skandi Buzios and Skandi Recife on 550. Then we have competition. Then they awarded the contract to us. We are going to get the contracts, and they have 650 available to them. They don't need any more 650s in Brazil anymore. That's it. You can see here, obviously, it's just a representation. They were new builds. Olinda, Recife, Vitória, Niterói. Vitória and Niterói the oldest, 2010, 2011. Olinda and Recife, the latest. Being Olinda, the latest in February 2019, all with the Brazilian flag. These are real Brazilian flag, Brazilian built PLSCVs. There is only one, another one that belongs to Seagems, Skandi Emerald, that has that same classification. But there are doubts it has been fully built in Brazil. It does matter. The fact is that she competes on equal basis with these vessels here. When you put the fleet together, it is a very good representation. Again, I am sorry if I repeat the same slides, but they are very representative and updated. You see the Fleet One, Iguaçu, Angra, Paraty, Urca, Botafogo, Fluminense and Rio, all with ROV. Ipanema, she is our smallest AHTS, she is one term also, but no ROV. Jupiter and Mercury, the two that have started in September last year, three years contract. Logger and Lifter, together with this award. What you can identify here, maybe you can see, we call if there is this kind of circle around, is Brazilian or REB. If they are like this, they are being registered on REB. Brazilians, only Jupiter and Mercury on foreign flag, Logger and Lifter on REB, start the new contracts with the Brazilian flag. PLSCVs, basically the same. The RSVs that have been expanded to 11 boats because we have the new PIDF three years contract started this year, 2026, 2027, 2028, until early 2029. Petrobras, I guess, will continue to extend. We have repeated, that was the only vessel that was in this contract, entering the new contract. This is a new vessel, Sea1 Atlas, was a PSCV that we contract in Brazil on time charter basis from Siem, Brazilian flag. This is the SIEM Pilot. It is the one that is under registering on REB now because we have to protect these boats. Because these boats are very exposed to blockings. We want to be sure. That is why this is Brazilian flag. This was put on REB early this year together with Logger and Lifter. Skandi Carla and Geoholm, if you guys remember, last year, I was saying these two boats here, Carla and Geoholm, they are on the PIDF with this three Explorer, but we were successful in place them on long-term with Petrobras. We had to put the Brazilian flag, that was the requirement. So they are put on REB. We have to go after the boats to complete the fleet for the PIDF. For the first time, we have a PIDF being performed with practically only third-party boats. They are still delivering the same performance. This is a vessel that DOF has a lot of interest, probably will stay with us. Sea1 Atlas and Brass Ring, this was necessary to put on, even if we do not need four boats for all the time, since we had this surprise that Skandi Carla and Geoholm were placed on long-term for very good rates. It took us a bit more of time to put these vessels ready to start performing. We had to put this boat here, Hornbeck HOS Brass Ring, Brazilian flag, into the fleet for at least six months to give us that punch to recover what we have delayed on the start. This boat here, most probably, we are going to release her in October because we have already recovered. Also because she was blocking, the Pilot and the Explorer. This time was a real blocking, not partial blocking, because she could really block, and she was available. We sat down and put things together, good for both. We needed our four boats for some time. They were blocking. By being contracted, they released the blocking. It was a kind of a combination in order to be able to execute the contracts. When you look into the fleet and how they are looking at, this is the AHTS fleet. You can see that basically today, only three boats, Ipanema, until mid-2027 August. Skandi Rio goes until September, October 2028, and Botafogo in 2029. They are still on long-term. This is the boat, from the entire fleet, the Ipanema, that we are now not trying to lose an opportunity, maybe Petrobras again, with a new bid, because she is working with Petrobras. All these boats are working for Petrobras, so we have the entire fleet working for Petrobras this time, right? This is what we are considering. All the others, they are on long-term. What you see here on Fluminense, Urca, Paraty, Angra, and Iguaçu, those were the old contracts, as I told you, were awarded. Then, really, the old contracts were here behind, because we are talking about here January, right? Those were extensions of the contract, right, until the first quarter of 2027. They are kind of in sequence in order not to start and do mobilization at the same time. The new four-year contracts that goes until 2031. I can tell you already, Petrobras is already proposing to us to further extend these five boats, two of them until the third quarter, to start the new contracts then. There is always this, could we predict this kind of thing? We cannot predict 100%, but we can predict that it may happen. When it happens, it is good, right? It is good because it really guarantees the backlog. It gives us time because now we are going to really select the stop of this boat so Petrobras has availability of them, and we do not get all of them mobilized at the same time, just in sequence with time. What we can combine with the dry docking, right? That is where the cost efficiency comes out. If we can just have a synergy of dry dockings with the mobilizations, right? This is the PLSV's fleet. Vitória and Niterói, as I told you, already, and Skandi Açu, right, below here, are at the new contracts, extended until early 2027. Recife, Olinda, Buzios, this is the last tender this year, is still ongoing. We have been able to place all three boats on all the lots that we proposed the boats in first place. Where are we now? We are negotiating these three new contracts, right? What assurance can you give, Mario, that you are going to have three new contracts starting here? Because this has already been extended. Same reason before. Petrobras just proposed to us to extend. Buzios has been extended to there. Olinda is negotiated. We are expecting Petrobras any time now to extend it also, and then negotiate the new contracts until 2032. It is looking good. Is it guaranteed 100%? Somebody always asks, "Will you guarantee?" What, Petrobras, what can you guarantee with Petrobras? What we can say is, yeah, it is practically guaranteed, right? Well, you interpret the way you want. Probably, Marty is going to say, "Mario, don't guarantee anything, because this means backlog." We think that Petrobras needs the boats. We know how to do it, and we think that we will accomplish this. It's just a question of time. You guys know this is election year. You probably are following election more than me. It's a big mess election-wise, right? Sometimes it disturbs a bit what is going on. I think we are in good shape. The subsea fleet, right? This is the PIDF that I told you, Brassring. We may deliver her back. 100%, we will deliver her back because we did recover. We resolved the blocking problem, right? She helped us to recover the delays to start Olinda shift, and maybe you see some confusion here because we had to do a swap, right, on the AUV. Carla in place of the Commander in place of Carla. That took time with Petrobras, right, before we start the new contracts because the Commander was doing a damn good job with the AUV, but it was at the limit. Basically, you could not put even more a child on board because it was full up. Life on board was not easy, was packed. You could not expand it to anything because it's always a combination of ROV, AUV, all the time, and the boat operates 80% on AUV, right? That's why back there when you saw what we expend so much, because all these boats have survey, AUV needs survey. You could see there when I showed that we have two AUVs in Brazil now. DOF has bought a new AUV, has just arrived in Brazil three weeks ago. This AUV from Kongsberg, latest generation, can be put to work in place of the SV-1. That's the old AUV, but it's still performing. She has a new state-of-the-art module. Marco is an expert on this. You are, right? You can We can measure the potential difference at distance, not more on contact with this listen package from Kongsberg that's in this AUV. Obviously, what we want, we want to sell to Petrobras, right? Petrobras is interested, but they need to pay. Maybe we manage to make an amendment to this contract, add in this additional service on the new AUV contract, which will only start early next year, four years. The whole fleet is booked. This is just a summary of what I was talking about, but there are some numbers, and all the numbers that you see here somehow have been made public, right? There were press releases from DOF. The seven four-year new contracts of AHTS, the five extensions, the planned start, that was in excess of NOK 950 million backlog. We are now talking about further extends before we start the new contract. Fleet Two, we had the extensions of Niterói, Vitória, and Skandi Açu. When you look to these numbers on Fleet Two, they are only DOF numbers. Remember, this is JV, 50% is Technip. These are only DOF numbers, DOF backlog. The three years contract now will commence on the first quarter. Skandi Buzios, Recife, which have been extended until January 2028. We are missing the Olinda, as I told you. This is about another in excess of NOK 130 million, just on extension. These were not here last year. Fleet Three, again, seven new RSV contracts, the three RSVs extensions. So total contract value in excess, very similar to the AHTSs, another NOK 950 million, the backlog. The PIDF, I was already reporting if we would be awarded, that would be close to NOK 400 million. And that what is it. So as of today that we are talking about, we are on NOK 60 million revenue already on this. Are you ahead or are you behind? We are right in the middle. A bit behind, but recovering easily. But we are right there. Petrobras is very happy with these contracts. That why we succeed in bids, to continue being awarded this kind of contract. We know how to do it. And these are really what makes the difference in Brazil. That is part of this new wave of new builds in Brazil for marine support. So you guys for sure are following that very closely. The first 12 PSCVs were awarded to Bram and to Starnav. They are all in construction. Then you had another 10 OSRVs, four awarded to Starnav, six awarded to another contractor, which has yet to not managed to make it happen due to difficulty in financing guarantees, this kind of thing. Then the eight RSVs, which we were awarded for, and Bram, of the Chouest Group, has been awarded the order for. By the way, we are going to build these RSVs at Navship, which is the Chouest shipyard in Brazil. So basically, the shipyard is going to build eight very copy and paste RSVs to Petrobras. Four for them themselves, four to us. The contracts are 12 years each, commencing 2030, the first two. We have awarded, and this was for the bid, that the construction would be Navship. First two vessels will be delivered after four years signing. We signed the contract early May, so we are talking about May 2030 for the first two. Then the third, another six months, the fourth, another six months, five years. So one, the third, probably by the end of 2030, the fourth, or early 2031, the fourth is by mid 2031. Marco likes to count the number of years contracts. Marco, you had there 46, so this here have practically half a century, right? So there are four to eight years awards of long-term contracts. Mons says that he is not going to be there by when they finish the contract. I'm not going to be there by the time they are delivered, right? These are high spec, hybrid power, MGO, diesel, ethanol, two battery systems, designed for deeper water. In fact, Petrobras is visualizing the equatorial margin for these vessels. So hopefully, they are going to be very organized also to supply ethanol. But if they don't, it goes on diesel. It's their choice, but we'll be ready. The total contract is approximately NOK 2 billion. It's very easy to identify by the day rates we have for the four to eight years. It will be financed by a large portion of local development, that's BNDES, attractive terms. As first commit, the debt of the vessel will be fully repaid over a 12 years period. So the way it has been priced, by the time these contracts are over, the vessels are paid. It's just some characteristics of the vessels. The yard, Navship Santa Catarina, delivery, 98 for 20 and 90 m depth. It's not there, but it's depth 90 meters. ADA 650, DP2, obviously, two ROVs, Atlas class, 80 tons for 3,000 m. That's the spec. Something that we are looking at now together with Navship is maybe to increase that crane a bit. It does not cost too much, but for sure, the foundations will be right there if we don't put a bigger crane. Foundations will be there, but put a bigger crane later on. Accommodation for 56 people. The difference is the hybrid with ethanol. PIDF, you guys are probably tired to see this, right? Again, the numbers are expressive every time that you look at what we have been doing, right? Just look into pipeline inspection with this, until the latest PIDF, practically 9,000 km of pipeline inspection, right? This new contract, we have 483 km. Look at the number of shallow diving that we have performed so far, beyond the 3,500 km. I always knock on the wood because we have been operating sat diving in Brazil for six years, no incident at all. We have been operating shallow diving, right, with this contract. It's now for six years, basically, with no incident. It's all the time, we pray for that, right, when we have diving doing on board. Every attention is not enough to be sure that you guarantee the performance, but also the safety of the personnel. You can see how Petrobras really moved into the various difference. They continues to increase, to expand the amount of inspections, also with divers intervention. Some of these inspections bring really good money, right? They all bring good money, but some of them bring really good money. They depend on performance, right? What do we do here? Service contract. There is no day rate here. We deliver the inspections report, right? As much as we perform, as less fuel we consume, as more money we make. It's a very interesting project. The good thing is we fully control the four vessels. Stril Explorer, Pilot, Atlas, Petrobras has no control of these vessels. We can take these vessels in and out when we want to attend the spot market. Obviously, we need to be careful not to expose this contract, but we know how to do it. We do that practically all the time. The Stril Explorer just did a survey work for BP for the first time in Brazil, that new Boomerang field that they have discovered, announced already. We took that vessel out of the PIDF to do a couple of weeks, two, three weeks inspection for them on a spot, right? You guys know for sure, right, if we take the vessel out of a contract to do a spot job, we must make more money. Otherwise, we keep the vessel where it is, right? The opportunity is there is no mob, no demob in reality, right? Another client that's happy to have the vessel when they need, at the time that they need, for the time they need, and then we go back to our homework. You guys saw this. This is Petrobras plan 2026, 2030. Now we are waiting the next one that will be coming probably in a couple of months or less, 2027, 2031. It is just a representation. What I want to mean here, where are we? We are right here. You guys know very well that P-80 for Búzios 9 and P-82 for Búzios 10, this is SURF or Seas, this is SURF Subsea 7. The P-80 preset mooring system, 26 mooring lines, 26 torpedoes, have just been completed last week. Petrobras is making a good advertising on this. P-82 just is starting, 26 torpedo launch, water depth above 2,000 m. The largest torpedo is 120 tons. Then, the polylines. P-83 will follow. Búzios 11. Subsea 7 again. That will be end of the first quarter, second quarter next year. What are we doing? We never report this. We never make too much of a splash of this. P-80, P-82 now, Skandi Urca, Skandi Angra, Skandi Paraty, Skandi Iguaçu, and two boats from Bram are doing all this job all the time. It is on charter. We do that on charter. We get day rates for that. Those are not service contracts, those are not lump sum, but that is an expertise that is deep in-house. You could see Marco, you could see Michael, you are going to see Dag talking about mooring system and AHTS utilization. The future is coming. Sépia 2, just awarded to Subsea 7. Atapu 2, just awarded to Ocyan. I am talking about the SURF. In Brazil, they are not even large SURFs. We call them very large SURFs. I think there was a question to Mons if we go into the SURFs up to NOK 500 million. Mons was saying, "Well, that is a lot smaller SURFs," or the tiebacks, as Marco said, NOK 1 million, NOK 150 million, NOK 2 million. We may get to half a billion, but to get to NOK 1.5 billion, that is NOK 1.5 billion±. That is why it is very large. That is for first year. By the time we get there, then also Mons, probably you are not retired. We get there. The intention now is not to get to first year, but to be able that we start doing this SURF because the class of vessels we have, the engineering we have, the background we have, so we have everything. We just need the right project at the right time so we perform with the capability we have. Brazilian market dynamics, this is the same that I showed last year, just updated. The SURF market is what I am talking about. How the DOF is positioned. We are not positioned for the very large SURF 100%, we can state that. But we are looking into moving because we are doing RED, tiebacks and other SURF contracts. It is a future for DOF for sure. Moorings, Mons talked a lot about it, Marco talked a lot about it. We are there. That is what we do for Petrobras. We are involved with on all FPSOs. If we have chances for service contracts or lump sums, and we do, we have been providing bids for that. Unless we make money, otherwise, we just keep it doing until we are assured that we can make good money on the service contracts in Brazil. But today, we need to be global vessels because all our vessels are booked. Decommissioning is expanding in Brazil, right? We do a lot of this again with the fleet that we have. AHTS fleet, decommission of mooring systems, right? We do with the AHTS fleet. As we do new system installation, we do decommissioning, right, for Petrobras. The same for the PLSV fleet, for all the flexibles and umbilicals, right? But again, looking to this, coming back to this, that's what we wanted to let clear for you guys. That's getting ourselves ready for the next move. But, I'm sorry, Eirik, I'm expanded the time, right? Just a comment on this here. Marco has shown the same photograph in black and white. This is a photograph on black and white. Why? Because the Involver is here. This is the Involver. This is an assistance vessel, and this is probably a record installation for this class of vessels, happened in Brazil. I can tell the project name. I'll prefer not say the contractor's name involved, but you guys can understand. This is for Raia, installation of a plane module weighing more than 200 tons, 210 tons, to be placed in 2,750 m water depth. So the Involver was marginal, right, to get to that depth, even with a 400-ton class crane. So, [Ocyan], this first-tier contractor, came with the idea because they want to make this happen. We worked together with them. So what's happening here? The plane module was on the Involver. It was put into the water, transferred to this 250-ton class vessel. That vessel had practically 800 m, nearly 1 km of polyline with practically no weight, neutral weight. So we transfer the load to that vessel to keep it at that depth, and then we went there and pick it up again, right, in order to have at least 1 km of cable weight, reduce it, in order to get to that water depth, still safe within the crane capacity. So this was a dual vessel operation to do that, right? So was quite unique. And this vessel here, as soon as it finished early May, she went straight to Marco in Guyana for Exxon, right? And outlook. Just repeating what we have here. In terms of workforce, just remember, Mons has shown a video. You guys saw a lady there. She's a captain, Captain Débora. She's a captain of a PLSCV, Skandi Vitória. And the other captain is another lady, Daniella Borborema, on a PLSCV of a JV. So we have two female captains on top of the class vessel in Brazil, and they are performing, right? I think that was quite unique. And this is important, this program here, Petrobras shipbuilding program, Mar Aberto, you guys know what I'm talking about. This is not only for marine support, this is also for Transpetro, handy class vessels. There are about over 10 awarded to shipyard Rio Grande in the south of Brazil. Right? But these are what we are linking only to the marine support. So the 12 PSCVs awarded, the four OSVs awarded and in construction. Those six, awarded, but hopefully they will go ahead. This is what we are expecting for next year. It has been reported already, another eight RSVs, but now with a higher class. The two AHTS's, you guys probably know how complicated was this bid, because the specs were so high that was practically impossible to build these vessels in Brazil, at least economically. Right? Finished, huh? Oh, but I think I am fine. Or not? Okay. Let me finish. Now we finish. You guys know as much as we know, but that is a big news. That is the first discovery that moved well in the equatorial margin. Petrobras just announced it. Is really important. You guys know the drill. That is Venezuela, that is Guyana, where Maersk is doing all this job, and then that is Suriname, and then there is another French Guiana right there, and then Brazil. That is where in that Amapá deep water, that is the delta of the Amazon, 175 km out. That is where Petrobras is drilling. That is we are hope in the future for the next Santos Basin. Talk into the mic. Okay. All right. Thank you. I think now we are done. Yeah. Thank you, Mario. During the break, Mario told me, "Eirik, don't worry about the time. 20 minutes," right? I didn't see you pushing. Well, what you forgot to tell me is that you meant only the first slide. Sorry. That's- We'll give- It's very interesting. We'll give more time to- Thank you. Dag. I think we'll pool the Q&A for the end, and we'll move on to Dag Raymond. I think you are good with the. Mine is fine, yeah. That is fine, right? But I need a pointer, Eirik, yeah. Oh, yeah. Thank you. Good afternoon. I am Dag Raymond Rasch, EVP Atlantic standing, please bear with me. I will try to keep it short, and I will get straight to the point, and I have a very exciting message to give to all of you. Of course, thanks to Mario, it will be a bit fast track, but we are used to fast track in the Atlantic region regardless. We can help you, yeah. In the Atlantic region, we are a marine contractor working across IMR, construction, decommissioning in all segments. What we do is long-term contracts and also project work. I think it is no secret to you that we like long-term contracts in DOF. That is our primary focus. A good portion of the fleet we have in the region is operating on long-term contracts. Another portion of the fleet is being kept to projects. Also on the anchor handlers, the spot market, it is a fine balance on what makes business sense based on where we can make the most money on the work that is available. Starting with the North Sea up here, we work out from the beautiful island of Austevoll. If you haven't been there, you should really take a holiday there. It is beautiful. Bergen, also an office in Haugesund and also in Oslo. Those offices serve also the long-term contracts we have with the clients on the Norwegian side, which is essentially Equinor, anchor handlers, Vega, Iceman and so forth on long-term contracts. Also the REM Inspector doing the long-term IMR towards Equinor. In addition to that, in the North Sea, we have an office in Aberdeen. About 120 strong people there serving the U.K. market, also helping out on various projects in Africa. The BP contract and various other operators as well, part of that portfolio. We also have an office in Denmark, in Copenhagen, serving the vessels and the manning and also the projects we have across the region. If we go down to the Mediterranean, we work there with one vessel full time. Of course, it is a market we go in and out of. A lot of activity in the Cyprus area. Around that area, it is deep water. It is very suitable to the tonnage we have. If we then move down to Africa, I think it is fair to say we have worked in every country in Africa with significant oil and gas. Today, we have a branch in Mauritania and Senegal completing more than 450 days with Skandi Acergy the last couple of years, hugely successful project on behalf of Saipem and BP. We have just recently been in the Ivory Coast conducting the Baleine project. We talked about that last year, very successful. Two floating units to be fully installed, turnkey basis. We can then go to Nigeria where we have contracts coming. I will talk a little bit more about that in the coming slides. Congo as well, talk more about that. Then down to Angola, where we have a very strong local presence, around 70 people locally employed in Angola. We have been there since 2006, so we also have an anniversary to celebrate later this year, both with the Skandi Seven, Skandi Forza, and we also do a variety of different projects on behalf of the likes of Exxon and Total, and various operators based on their need. The region has around 2,500 employees. What we have been doing the last couple of years is to strengthen the competence side to fully be able to utilize the fleet that we have across the region. So amongst those 2,500 people, we have around 700 people, which is purely into the project management and the engineering side. We are just coming up to around 200 engineers, that is full-time staff on behalf of the region. Of course, that gives us the ability to take on more services, more responsibilities, and to execute scopes as needed directly for the operator. One last important element on the regional fleet, 23 vessels. These vessels, and this is really the beauty about being a global contractor. These vessels cannot only just go down to Africa when there is wintertime in the North Sea, and you have the weather and challenges appear. Suddenly, we can have a vessel going to Marco in U.S. because he has a project, and another one can go to Brazil, and actually, one vessel from the U.S. can come to the North Sea if we have the right projects. It is not just about the vessel, because the same thing happens on the competence side as well. I think it is fair to say that on almost all the subsea projects we have, there is competence from all the regions involved. Good example, Eni Congo, where it was such a fast-track project that we used our engineers in APAC to work because it was nighttime in Europe, it was day in Australia. So you can get the 24-hour cycle to actually be able to do the projects faster. I think that is a very important point, too, because one thing is the market. The other part is how can we utilize the global fleet the best possible way across the project portfolio and the requirements that we have. I will show a little video, and now it is the Eni Congo LNG project. Little snippet on what went on on this project. [Presentation] I think this project is a testimony to how far we have come when it comes to being able to execute the projects in DOF. I think one thing is to be awarded scopes like this, but then you're going to execute. When we signed up this contract, we knew it was already a huge fast-track project. Having less than nine months to do all the necessary engineering, project management, engineering, logistics, go to China, take over the product that we were going to install, it was a huge task. After executing about one month of the engineering, we also realized that, okay, I think the client maybe have gotten this a little bit wrong. We then flew to the client, sat down with them, and we proposed a different scheme on how to execute the project. And of course, the back flip was that would also mean that we would need to pull even more resources onto the engineering and the planning of it, adding another 150 people into an already fast-track approach. Of course, all of this was to essentially make sure that we could deliver the project as quickly as possible, but also do it in the best possible and safe manner for the product as well. And I am hugely proud that we managed to deliver this project, achieving a 10-day gap on the schedule, meaning that Eni could start our production on first gas and first oil 10 days ahead of schedule, and we managed to do it with zero LTIs, meaning no harm to any people, equipment, or vessels. So I think this really shows how far we have come. It is six vessels in total in field. We are talking the full serve package with the installation of flexible products, cables, and so forth, 19 wheel of products. We did trenching, we did the pull-in, we did the risers, and on top of that, the floater that you see there, the Scarabeo unit, was also moored up by DOF vessels as well. Very good project. Going a bit further on some of the milestones that we have had in the region, starting all the way to the left with the BP Skyrm. There you will see our green vessel, the Havila Phoenix, which was in Guyana for a couple of years. Of course, securing this contract after being for more than 20 years with someone else was a very important milestone to us. This is what we call not just a normal IMR contract, it is more the heavy type of IMR that is almost leaning into construction. And on top of servicing all the BP assets in U.K. and some of these assets is also west of Shetland, which is basically a long way from any port or any location at all, also unlocks and opens up additional work under the BP umbrella. Of course, this is the first season. We have started well. We are executing still, soon wrapping up this year campaign. And on top of this contract, we have also gotten additional work, which is into, let us say, one of the few tiebacks that is happening on the U.K. continental shelf as well going forward. A good testimony to the competence we have in our Aberdeen office. We are fully set up over there with the whole engineering team and the project management team that executes this scope with the Havila Phoenix. Just to mention, in Norway on Equinor, we talked about that last year as well. We are now over one year into the first year of the Equinor long-term contract, and I am very pleased to say that it is going extremely well. We have a very happy client. We have a really good working vessel and a team that executes some of the most advanced IMR activities that you can do, meaning changing out subsea control modules, chokes, package after package, and so forth, on all the different Equinor assets on the Norwegian continental shelf. Then Mons touched a little bit on Skandi Seven, and of course, he mentioned that was a one-year deal. I think, Mons, the first contract we did was only three months. And just imagine you go down to Africa for a three-month campaign in 2016, and we are still there. We actually have a huge anniversary on the Skandi Seven coming up later this month in only 10 days' time. Then we would have executed more than 2,000 operational days of zero LTIs on that in Angola, in a hugely complicated country to operate in, where there is not the same standards as the North Sea. We are fully enforcing the DOF way of doing it, and we have delivered millions of man-hours on that contract. Really pleased to see how that works all across the board on the Seven on that contract. Going a bit over to the Culzean Mooring, and of course, we also saw the Hywind Tampen on the video. It's a few years since we executed Hywind Tampen, the world's largest floating wind farm. There's not been much activity on the floating wind side as of years after Hywind Tampen. The only one that has come up is the Culzean, which is a project by Total, now called NEO NEXT after the merger in U.K. And we secured a turnkey project to do the complete installation of the floating unit, as well as to install the cable. We used Sandefjord, the first project on the vessel after we purchased her and got her into the fleet, as the leading anchor handler to install the mooring system, and we chartered in a couple of anchor handlers from the market to do the safe installation of the floating unit. Skandi Installer, one of the I-class vessels, is currently at field and is in the last phases of pulling in the power cable. The cable has been perfectly installed, and now we are entering the last phase before the client can power up this unit. Next project, which is again another example of a fast-track project. We have had a major wind operator in U.K. calling us and asked us, "Can you please help us?" They had lost their complete power export from one of the export lines on a 1.3 GW wind farm in U.K. And of course, when you are losing that kind of power, which is equal to maybe powering up 500,000 homes, you need someone to be able to do it quick and efficiently, and also during wintertime. So within a couple of weeks, we engineered up a solution on how to repair this export cable and executed it, restoring power to the wind farm. The last one to mention is on the decommissioning side. It's the largest decommissioning project we have done to date. It's with the Norske Shell on Knarr and Gaupe. More than 3,500 tons of infrastructure has been recovered. We are doing the last bits and pieces this fall before the project is completed, restoring the seabed to the condition as defined by the Norwegian authorities. A little bit on the market. I will go very fast due to time. Starting with the construction side. I think Mons talked about it in the start, establishing ourselves as a tier two contractor, being able to take on more and more advanced scopes, and this is something we have done little by little. It's not something which is done overnight. Also leading up to unlocking these opportunities like Eni, Congo, and other opportunities as well. Looking at the market going ahead, I think it is fair to say that in both Europe and in Africa, there is far between the large mammoth field developments that belonged in the past. Now it is all about smaller tiebacks. It is all about the floating units that is going to be installed and, let us say, smaller developments that is going to come together in a shorter timeframe. This is basically what we have been preparing for for many years now to be ready to take on these scopes, not just to moor up the floater, but to also be able to install the flexibles and take our turnkey responsibility on these smaller tiebacks. Of course, there is night and day difference between Norway and U.K. There is still some hope on U.K., although the politics of U.K. is a bit challenged these days. Of course, in Norway, it is a completely different momentum, and it is not only Equinor that is investing for the future. In West Africa, it is a lot, of course, about Angola. It is not only Angola. Of course, in Angola you have the likes of Total i nvesting $10 billion in life extension, which also means there will be a lot of construction work. But it is also about the emerging markets, and the first one out is Mozambique. I think we can say, Mons, that it is likely that we will, in the future, announce contracts in Mozambique. Of course, what is coming later, but also have almost the potential of Guyana, we have to see, is Namibia, and that has the hallmarks of being a pure play market for our capabilities. It is deep water, it is challenging conditions, and you need prime tonnage to operate in Namibian waters. So it looks promising. Let us see if the operators will get the contracts together, and the fiscal regime as well turns out to be something that operators can work with. We are one of the leading contractors in that space in the North Sea. This is predominantly a U.K. market. We see some opportunities in Norway, but it is really down to U.K. What we see going forward as well is that the packages are becoming larger, and the packages is becoming multi-year, and the packages is going across different types of services. That means that there will be less competition. It means that you need more tonnage in order to execute the packages. On the flip side, you also get a bit of flexibility, so you can tie in vessels. That is, if you have an idle spot or something between a project, you can tie something in and execute that when it suits you. That is very interesting for us on those type of mechanisms in that market. On the FSV side, of course, back to the long-term contracts. This is a really important segment for us. I think the true differentiator between what we do and many others is that we have a one-stop shop solution where we have a vessel, we operate the ROVs, we have the survey, we have the back deck, and we can bolt on services based on what the client need. We can wrap that into one package, which means that a vessel can maybe one day do some inspection, the next day it can go and install a flexible line. It is just as simple as that. And of course, if you are thinking long term in terms of these type of contracts, you are also able to plan ahead, and you are also able to plan also these scopes to make sure that you can get the most out of it from that perspective. On the mooring, I do not think we have to say much about that. Mons showed the numbers on it. Of course, I think the key point for us is that we are getting access to mooring work, which we did not have just a couple of years back. I think that is the main message, which means that the operators, the big ones, they look to DOF when they have these different scopes that they are going to install in the field. One example of it is the Total Unity project that we press announced a while ago. There is actually a complicated project because it is a live producing FPSO in Nigeria that needs to be replaced with a new one. And this one produces more than 120 barrels of oil per day, and of course, if you spend longer time disconnecting the existing one and tying up the new one, they will lose production. So this is another example of a very good project where Total turns to DOF and give us the complete turnkey responsibility of making sure that job is executed on the back of a fleet. And on this one, there will be a host of different DOF vessels and maybe a couple of chartered-in vessels from the market based on what is available when we are going to execute the project. On renewable, we do not have to spend too much time on that. I think all of you know that there is a few slow years, cycles-wise, when it comes to renewable going forward. We play predominantly, of course, in the cable market, and that is the smaller stuff, cable repairs, installing smaller cables and such. And I think also when and if the floating wind market takes off, I think it is a very good combination for our capability and also our fleet and our track record within that space. So with that, in respect of time, I suggest we go to the next one, Eirik. Yes. Thank you. Thank you very much. So we will pull the Q&A at the end, so keep your Atlantic questions in mind, and then we will move on to the next section with Martin kicking off. Thank you. It is a good thing I am known for speaking a bit fast, so I will not bore you with too much of history, but I think it is important to keep in mind. Today we have been given a pretty thorough explanation on the business model of DOF. All the way through this almost 10 years, we have managed to keep a relatively stable margin and also had quite a substantial activity through the cycles. Not that we see a softness in the cycle for the time being, but important to keep in mind when looking at the business model. Also, continued de-leveraging despite the pretty sizable increase in the size of the company. The debt has largely gone down also after the restructuring. Last year, we were challenged on the question what we were going to do with the near-term maturities or the repayment profile on the debt. I think we hinted that we would approach our dear creditors and banks to reduce the amortization. Early this year, we managed to reduce it by 40%, giving it a relatively modest repayment requirement over the next few years. As you see from the graph, there are no big near-term maturities before 2030. That is the due date on the large fleet loan facility and also the due date on the current $150 million bond outstanding. That said, the amounts look large. I think the leverage on that facility today is in the range of 28%. So it is not a big concern. It is not a concern at all. I think, also on that point, the credit markets today, you all know the bond markets, I expect, but also in the bank market, we see that we have a very good position and improving position. We also put an example here. We did refinance the vessel closed just after Q2 and at 150 basis point refinancing of the Skandi Açu, so releasing roughly $100 million in cash of that vessel. So I think that is a good example of how credit markets have turned from not looking at this industry at all to finding it quite interesting for the right owner and the right vessel. Lastly, I am not going to brag too much, but I think it has been important and it will still be important to deliver what we say we are going to deliver. I think so far we have been pretty consistent in doing that. Left-hand side, you see where we ended up compared to where we have guided both beginning of the year and also the last revision of those year's guidance. In the middle, you see how we have developed with regards to leverage. We have been very open with leverage being the key driver of dividends. So together with visibility, that has been the biggest driver of course, starting, commencing dividend payments a little more than a year ago, but also on the development for the last few quarters. There is a snip here of the statement from the 2024 Capital Markets Day when we commenced dividend payments. Again, I think we are gradually increasing it and we see we paid a little bit more than $500 million over those little more than a year. I think, of course, the question we always get is what will happen with dividend from here. The most important is that the dividend we pay is considered to be sustainable over time. We want the dividend to be something that you could consider into the future. But of course, listening to all the others speaking, what is considered sustainable is, of course, very tightly linked to the operational results and the leverage going forward. With that, I think you can summarize very quickly, Mons. Yeah. No, I think this I already said, but I think the purpose of this Capital Market Day, of course, is that at least I am convinced listening to the people with me here is that we have a fantastic position in the global market, yeah. I do not think you find many companies with such a position in Brazil, such a big position in North America, and such a position in Europe and Atlantic. Of course, that means that we get higher utilization, and we should get better paid on our peers, yeah, because we have a placing power that is unique in the industry. It took us 45 years to build that organization, yeah. It is not something you can do over a few days. Of course, that is why we are not afraid. We see some of the analysts afraid of these few new builds coming. Not afraid at all, yeah. Because we have this, they do not have anything. Then I think we have talked about the anchor handling market, and as I said in my old days, we paid anchor handlers in two years. I am not saying we are going to do that, but I think we are going to have a very strong run on the anchor handling side going forward due to consolidation and also increased demand, yeah. Supply side, I think will be as it is and due to very high new building prices. Then we talked about the fleet and it is all about having a leading fleet that we can add on services on and make much more money than on a PSV. So that we will continue. Perhaps the next will happen here is that we sell some old ladies because the second-hand values, especially on subsea boats, are very high compared to the new vessels. Then as you probably understood, you have listened to all of the guys. We are all rather optimistic on the IRM market, we are optimistic on the anchor handling market, and we are optimistic that we will take a bigger part of the, let us say, the tiebacks and the smaller sub projects globally. So I think that is what we have to say. Then we do some questions, I hope. Yeah. We will squeeze in a few, and I thought we are near, so raise your hand there in the audience if you have a name, and then likewise on the web you can still post. There is one for you, Mario, from the Brazil session, and then you will have to use the mic. Regarding Skandi Amazonas and her contracts, do you have any commitment there to fulfill the contract to Petrobras? The contract with Petrobras, we had one more year to go on the Amazonas, right? The vessel is gone. The first thing Petrobras did was to see if we could replace the vessel. But replace the Amazonas, that size of AHTS Brazilian flag is not straightforward. Simply, there is no other Amazonas in Brazil. We said, "Yep, we can take over the contract if we put another AHTS." We have a fleet on foreign flag. But again, they said, "Well, first" And this is Petrobras, this is contract at Petrobras. You need to attend the spec 100%, comma by comma. So it is a public contract, right? You cannot just trick the contract and use it to utilize. Even if Petrobras wants, they just cannot do it. Right? So we cannot put another vessel that does not have the spec. We could be able probably to bring a foreign flag vessel and put, but that contracted is not going to work. They offer us if we could bring a foreign flag, but should attend the spec and put on red. Go after tonnage in order to put a flag, put a red. That is not one day to the other. That takes at least two months. It takes a lot of money. So at the end of the day, it becomes not viable solution. Right? Simply like that. So the contract is just being terminated. That year of the contract is gone. So what Petrobras needs to do, open another bid. That is regulated in the contract, isn't it, Mario, that if you have a port lost, the contract is terminated, and we have no commitment or liability. There is that clause, which is the clause that we want to use is a very favorable clause to us and to them. The vessel simply is gone. Each one to its side. Obviously, Petrobras will try to do something. This is not going to be from the day tomorrow, but we will be ready to negotiate with them. Probably they will understand that there is not much. We have a lot of experience based on this, other accidents. Obviously, Petrobras is their nature. They try to take some advantage, financial, but we know how to handle. There is a very good favored clause that simply terminates the contract. Thank you very much. Let's go to the next. Another question here. Sell-side currently sees you with a modest growth in earnings for next year, 2027, then a slight decline into 2028. What do you think about that? I will add from me, without guiding, please. Of course, this is not the company. This is my stomach feeling. It is not a guiding, it is my personal view on it. I think 2027 will be. I think the analysts are fairly okay on 2027. They have an average which I think is fair. Which is a small uplift from 2026. My take on 2028 is that, of course, I see people reduce the earnings in 2028. That I do not understand at all. In my head, I think the jump from 2026 to 2027 will be modest. I think that the jump to 2028 will be higher than the jump from 2026 to. If you follow me. I think we will see considerable higher earnings in 2028 than we see in 2026. Of course, that is the backlog. It is adding a few new boats and so on. I do not know why. I do not understand at all why people say believe we will do less earnings in 2028 than in 2027. That is my personal view and no guiding. Thank you. I have a question for Mario as well. You mentioned those five anchor handlers and that there were some discussions on extending those contracts further. I am just curious if you could share some information in terms of what the day rate level would be. Would it be the same level that you have today or would it be an increase closer to what you have on the new contracts? Or how would that play out? I am sorry, I did not catch from the beginning. I will repeat. Yeah. You mentioned on Angra, Fluminense, and Sépia 2, it goes to slight extension of a few months perhaps into Q3. Yeah. He is asking about the rate level. Where do you see that? Okay. All right. We have already achieved a rate increase on existing contracts, not the new ones on that extension. That was not one day after the other. We had to have some precedence because that was unique in Petrobras. But we had managed to do that with three PLSVs, which for them, Petrobras. The difference of rates on the PLSVs was even much larger, but really larger between old contracts and new contracts. Petrobras had to really accept to pay additional money on existing contracts before the new contracts will start. That is where we negotiated an in-between contract and then made sense. Then we used this precedence for the AHTS's because it was long. Now we have the chance maybe to achieve again, but very frankly with you, it is not going to be easy. I am here thinking, what else can I have as a counterpart if I do not manage to increase further those rates still below the new contract rate for this extension? But some counter back I am going to get, if not rate. Kind, additional service. Okay. Can I have just one quick one for Mons on the increase that you envision for 2028 compared to 2027. Is there any increase in project tenders that you think will come in 2028 or is it only driven by new contracts and an increased fleet? Can you repeat? You say if there is any increase in? The increase from 2027 to 2028 that you talked about. Is that driven only by new contracts and an increased fleet or is it also including increased earnings from the project division? No. If I answer that, is that guiding or? Directionally fine. It's the whole mix, yeah. Of course, we do our own maths on both 2027 and 2028. This is based on the whole view we have on the market and on the backlog and on the opportunities and on the new boats. It's a total picture, yeah. I guess when you also mentioned 2028, once you mentioned new vessels coming in, that's vessels that we already have announced and committed to based on- Yeah. It's the Skandi Norseman. It's the two 250 tons. Yeah, so on. So it is what we know today. Yeah. Yeah. Over the next couple of years, what is the likelihood that you add incremental vessels? I think the likelihood of doing vessels. Of course, what we have said is that if we are to buy vessels, we sell vessels, yeah? So we want to be cash neutral on vessels. I think you will see, at least we will try to, is to sell vessels that get close to 20 years. You will see us trying to exit them and then add on newer tonnage. So it is not necessarily you will see that our fleet will be growing, but it will become newer and higher spec. On acquisitions, I guess that is a good question. Of course, we are always looking at how we can grow the company and how we can position the company better. But of course, to say whether it will be an acquisition or not, of course, is impossible. But of course, we have our dreams, so to say. It takes two to tango. Yeah. Okay, so with that, I think we will say thank you to the whole team. You want to come up and receive a round of applause, please? And thank you all for attending, both here in the audience and on the webcast. Thanks, guys.