Transcript

Company Representative

A warm welcome to you all to this Q2 presentation from DOF. Today's presentation will include operational and financial highlights and some views on certain market segments in the coming years before we then round off with a Q&A session. You can submit your questions in the webcast Q&A function, and you can do so at any time during the presentation. We will cover them at the end. With those practicalities out of the way, let's get going. I reckon the first order of business is to pause for a moment and marvel at this beautiful picture of one of the newest additions to the DOF fleet. What do you say, Mons?

Mons Aase — CEO

Yeah, it's a beautiful picture. Yes, it is the Skandi Saltfjord. We took delivery of her and the sister just in, was it end of June, and Saltfjord a bit earlier. This is Saltfjord and of course, she is now on her way to Guyana. The first term contract we do on her. It's been a success so far. Of course, the market for these type of boats, very big high and anchor handlers has been very good so far this year. Our market view is, of course, that it will strengthen going forward. We have a few slides on that. Going to talk more about that. At least so far, the earnings from these boats has been very good in Q2, and we expect that to continue. We move on. This is the traditional slide at a glance. I guess worth noting here is, of course, that revenue last 12 months creep up, but EBITDA also rose. We go back to that and a few changes to the fleet. Going to talk a bit more about that later on. We have a capital market day in September. Then, of course, we will talk more about why we are doing what we are doing on the fleet side. It's all about adding high-end vessels where we can add services and margins and then selling less capable assets where we are not able to add services on top. That was at a glance. This is what we do. Of course, most of you have seen this before. We own a fleet. Today we own 61 boats bought the end of the quarter. We have hired in boats from external owners where we use to execute our projects and contracts worldwide. We own a very large fleet of ROVs and other subsea equipment. I think we are among the top five owners of ROV. Of course, good earnings on those and of course also we see values on the ROVs have increased. What used to be a new building price for less than around $4 million is now $5 million plus, and