Morning, ladies and gentlemen, and welcome to OceanPact's third quarter of 2024 earnings call. All participants will be on a listen-only mode during the presentation. Later, we will hold a question and answer session when further instructions will be provided. This conference is being recorded and the replay will be available at the company's investor relations website at ri.oceanpact.com. The slide deck is also available at the company's investor relations website, as well as on the CVM website at www.gov.br/cvm. Before proceeding, we would like to mention that the forward-looking statements that may be made during this conference call relating to the company's business prospects and forecasts are predictions based on the management's current expectations. Those expectations are highly dependent on macroeconomic conditions, market risks, and other factors.
With us today are Mr. Flavio Andrade, CEO. Mr. Haroldo Solberg, Vice President, and the Vessel Segment President, Adriano Ranieri, the Director of the Services Segment, Eduardo de Toledo, CFO, and IRO. Mr. Flavio, Haroldo, Adriano, and Eduardo will first comment on OceanPact's 3Q 2024 performance, and later they will be available to take questions you might have. I will now turn the conference over to Mr. Andrade. Mr. Andrade, you may now begin.
Thank you very much. Good morning, everybody. Thank you very much for your interest in our earnings call. It is a great pleasure to have you all here with us once again. We are very happy about the journey that we have been taking and also about the fact that our strategy has been confirmed.
We have strengthened our position, and we have been seizing the opportunities to capture the benefit from the investments in the acquisition of the UP Offshore and also a lot of vessels. We delivered BRL 104 million in EBITDA this quarter. We have four vessels being mobilized to Petrobras, as you are going to see later further down the presentation. They spent almost the entire quarter in mobilization. They went through significant modernization processes impacting our results this quarter. But good news is they are already operating under contracts. And if we consider those four vessels, we have BRL 35 million more than they did in their previous contract, so it is an investment worth taking.
In the Services segment, Ocean Stalwart went through docking, and that coincided with a poor portfolio, a not-so-good portfolio, let me put it that way, in Geociências and also Subsea services , which led to results that are lower than in the previous quarter. But in 4Q 2024, things have been going back to normal, and I believe that we are going to see results similar to the first quarter of 2024 and the fourth quarter. Also, about services, as you are going to see in our backlog, we landed a very significant contract in the area of decommissioning, which is also called EPRD, which stands for engineering and replacement and decommissioning of old assets that need to be removed from the ocean environment. And we have several skills here at the company that can meet those expectations and needs. We are very happy about that contract.
We also have a service contract in Colombia for Petrobras, and we also have opportunities taken by our own customers in their operations in other countries. Now let's move to the highlights of the quarter. As I said, we reached BRL 104 million in EBITDA. Our average net daily rate went up, reaching BRL 159,000. In 3Q 2024, we added BRL 664 million in our backlog, reaching about BRL 3 billion. Now, I would like to turn it over to Haroldo to talk about the vessel segment. Over to you, Haroldo.
Thank you very much, Flavio. Good morning, everybody. I'm going to talk about the main operating highlights in 3Q 2024 in the vessel segment.
If we look at our map for 2024, we finished 3Q 2024 with a 75% utilization rate, and the main highlights were two vessels that were docked in the quarter, Parcel dos Reis and Ilha do Mosqueiro , that you can see in blue on the map. Also, three vessels had maintenance, Loreto, Ilha das Flechas, and Rochedo de São Pedro. They are in pink on the map. In orange, you can see that we had a significant concentration of vessels in mobilization with PSVs, and all of them were prepared for use by Petrobras. We had four vessels, Fernando de Noronha, Macaé, Ilha de Santana, and Rubi. Those four vessels are now in operation, including Rubi. It started operations last night under a contract with Petrobras. Our projection for 2024 for the full year in terms of utilization rate is 79%, which is slightly below our guidance.
That variation can be largely explained by mobilizations of RSVs and PSVs, which are now under contract with Petrobras, fortunately. Let's go to the next slide. Now, let me break the utilization rate down to you in the third quarter of 2024. On the left-hand side, you can see that the days without any contract impacted our utilization rate in 1 percentage point, and mobilization had an impact of 14 percentage points, and dockings 5 percentage points. When it comes to downtime, we had a good operating performance this quarter since we had a 6 percentage point drop in our operating downtime, which is the best number we've had over the past two years.
On the right-hand side, you can see that the days utilized were in line in comparison with 2Q 2024, and the daily rate is evolving, going from BRL 134 in 3Q 2023 to BRL 159 in 3Q 2024, which accounts for an increase of 19%. Next one. Now, let me show you the results of the vessel segment in 3Q 2024. On the left-hand side, you can see that our net revenue came to BRL 252 million, a 7% increase quarter-on-quarter. On the right-hand side, if we exclude the reversal of the UP Offshore provision so that we have comparable references, our EBITDA came from BRL 52 million to BRL 68 million, an increase of 30%. Now I'd like to turn it over to Adriano Ranieri, our service director, to give you more details on that segment.
Thank you. Good morning, everybody. Let me show you some more details about our service segment broken down in our three business units. Starting with Subsea and Geociências, we had a net revenue of BRL 85 million, mainly impacted, as Flavio said, by docking of Ocean Stalwart. Ocean Stalwart is now going to a portfolio that provides us with a lower revenue than the previous one. Oil Spill Response is in line with the previous quarter, reaching about BRL 30 million in net revenue. We are still growing in the consulting and logistics service and innovation segment, especially driven by the growth in the consulting area, reaching BRL 21 million in net revenues, a growth of 19%. Let's take a look at the consolidated results for the services segment. We reached BRL 136 million in net revenue with an EBITDA of BRL 37 million.
Our EBITDA was impacted not only by the lower revenue level, but also as Flavio said, we were working with portfolios that gave out lower revenues in Subsea and Geociências. We also had one-off costs in our ROV contracts. It is important to highlight that these costs are restricted to 3Q. We are still growing in the services segment, and 2024 will close at a very high note. We believe that the fourth quarter will have results that are more similar to the results that we had in other quarters this year. Now let me turn it over to Eduardo.
Thank you, Adriano. Good morning, everybody. It's a pleasure to have you in our earnings call. Let me tell you some more details about our consolidated net revenue. It reached BRL 388 million, in line with 2Q 2024 results.
When it comes to our EBITDA, it reached BRL 104 million in the quarter, a slight decrease in comparison with the third quarter of 2023 and the second quarter of 2024 using comparable basis. Our costs, BRL 230 million, same level as 2Q 2024. Our G&A expenses reached BRL 54 million in the quarter. We had an increase here, as you can see, and that is mainly explained by the increase and the adjustments that we had in our long-term compensation plan. We had an accounting report that was issued a long time ago, and that, in fact, is mainly explained by the appreciation in our stock value this year. Our CapEx came to BRL 140 million, and that is explained by the high number of mobilization operations this quarter, as Haroldo told you and showed you on the utilization rate map.
Now, our financial performance. We finished the quarter with BRL 454 million in cash. I would like to highlight the fifth bond issue that we had in the amount of BRL 300 million. Our bond issuance was very well-received in the market, which allowed us to decrease significantly our issuance spread. Our net debt came to BRL 379 million, and our indicator is 1.9x in net debt/EBITDA. Now over to Flavio for his closing remarks in the first part of the presentation.
As I said, we signed new contracts this quarter totaling BRL 664 million, and the highlight here is the vessel Rubi, which started a new contract very recently, and Martin Vaz, which had its contract renewed.
We also landed the decommissioning contract that I mentioned before, which is very important because it is going to open doors for us in the new decommissioning contracts that Petrobras has already announced. Next one. Here we have some highlights about sustainability and innovation. The main one for me is the OceanPact Digital platform. It is a platform that we have been developing for many years, and today it is the benchmark. It is the standard for all the exercises conducted by the environmental agency in Brazil. Now, those exercises can be monitored remotely using ROVs and drones in real time, and you can see the position of all of those drones and ROVs and vessels in real time using this system.
It is a very robust platform, and we have also real-time currents measurement happening on this platform, and all of that data is integrated on a digital platform. That makes our platform unique around the world. We collect data for emergency cases concentrated in one single place, and no one else has that. We have been presenting this platform in international conferences, and we have been praised for it. This work started many years ago, especially when we had the Macondo incident in the Gulf of Mexico in 2010, and there were so many gaps that were identified at the time. After that, we started creating a platform that would address those gaps.
The second highlight is the remote control for an ROV. We created an unmanned vessel, we installed the ROV on it, and we conducted this operation remotely from our building in the Fundão Island in the technology park of the Federal University of Rio de Janeiro, and we operated that vessel remotely. It was a very nice test, and we take a lot of pride in it. Of course, we didn't do this alone. We should highlight that our clients are interested in this. Petrobras has two projects for technical collaboration, and in those two projects, we can work with them with the remotely operated ROVs. It is a vision that we had way back, and it is now materializing.
Next one, please. Now to give you some more color about the market, there are several bids underway right now, and Petrobras usually has to hire a high number of vessels, and usually there are many winners in their bids. Petrobras has to have those vessels to meet their growth plan, and now they need support for inspections from the supporting vessels. Now we have bids for PSVs in November on 22nd, one for AHTSs on December 9th, and RSVs, which is our main focus, and it should happen on December 13th. We also have some decommissioning bids underway for flexible lines, which is going to be a significant one, and it was scheduled for December 2nd. It's really nice to see that Petrobras is indeed executing on their plans, and therefore, they will need these vessels.
Now on our fleet, all of the contracts that were due to expire in 2024 have been addressed, and we have very good expectations for the improvement of the daily rates for the vessels that are under contracts expiring in 2025. That is something that we've seen consistently in all types of vessels. Some are increasing faster than others, but all of them have had their daily rates increased. That's our strategy. We want to be selective in our contracts and capital allocation. As I showed you earlier, and Eduardo did too, we made some adjustments and modernization operations, which takes CapEx often, but that is more than offset by the increase in daily rates. That's it on our side. We are here to take any questions you might have.
Thank you. We will now begin the Q&A session. To ask a question, please click the Q&A icon at the bottom of your screen. If you wish to have your microphone enabled to ask your question, please request so in the Q&A field and your microphone will be activated later when your name is called. You may also submit your question in writing. To do so, just type in your question in the Q&A field. The first question comes from Vicente with Bradesco BBI.
Hello, good morning, Flavio, Eduardo. Thank you for taking my question. I actually have two questions. We're moving towards the end of the year, and your team is probably already working on the budget for next year. So I would like you to give us more color about capital allocation for 2025 in terms of growth and CapEx, auctions, dividends and liability management.
The second question is about your debênture that is to expire towards the end of the year. What's your liability management like? Do you expect to issue new debêntures, and at what cost?
Thank you for your questions. I'm going to start, but Eduardo will address most of your questions. Well, about our expectations for 2025, as I said earlier, it's all going to depend on the results for the RSV contracts with Petrobras. We have a few options, as I mentioned also, for those RSVs. They can be used by international companies, as has been the case. We have also acquired additional ROVs so that we can operate our own ROVs on RSVs as much as possible. But we know that Petrobras contracts require more CapEx for mobilization than contracts with international or independent companies.
Also with the engineering companies, the companies that win contracts for construction and installation, they also use those types of vessels. That, of course, is another opportunity for us requiring less CapEx with equivalent daily rates. So I believe that we will have to strike a balance across all of those options, positioning our fleet in the best way possible. That, of course, is going to have an impact on the size of our CapEx for next year. I would like to turn it over to Eduardo to address the other questions.
Thank you, Vicente, for your questions. Thank you very much for attending our earnings call. Well, first about the debênture and potential issuances. Well, we issued the fifth bond issue, as I mentioned in the presentation.
A lot of people were interested in that, and that allowed us to issue the bond at a lower rate than in previous cases. In the secondary market, we can see that our bonds have been negotiated with a yield that is below the issuance spread. All of that creates space for our liability management. We are paying close attention to this, and I think that there is a good opportunity for us to conduct such operations since our liability management seems to be very attractive right now. Now about dividends. The result for this year should be used to absorb the accumulated losses we've had. But starting next year, if we have good results, I believe that we can start thinking about distributing dividends starting in 2026.
Okay. Thank you very much, Flavio and Eduardo. Have a good day.
Now the next question comes from Monique Greco with Itaú BBA.
Hello, guys. Good morning, Flavio, Eduardo, the entire IR team. I also have two questions. The first one is about your perspectives for the RSV bids that are going to take place in December. What do you think is going to be different about this auction in comparison with previous ones, and what are you doing to prepare yourselves for this auction?
Flavio talked about Petrobras' plans, and towards the end of November, Petrobras is going to disclose its new plan until 2029. I would like to know your expectations about demands for vessels that will be announced in this plan. Do you think they are going to make any material changes, maybe to the number of vessels? Considering that context, how do you think the new bids can impact the balance across the market? What is going to be your position for bids for the construction of new vessels if necessary?
Well, thank you, Monique. Okay, let me break down your questions into smaller parts. About the RSV bids in December, you asked if it's going to be any different from others. Well, there are not significant changes in the technical specifications. Petrobras usually asks for modernizations with top-notch, world-class equipment in terms of security, dynamic positioning, precision, accuracy. Usually, that's what they do. Now, when it comes to the bidding process itself, there is a slight change. Petrobras is going back to an old model that it used to use. This bid is going to be in the format of an auction, so usually it works like this. They open the bid, and the bidders will include their price. But that price is not really the real one.
After one or two days, Petrobras opens a reverse auction, and each bidder has to reduce their price to be in a good position in the ranking. Since Petrobras has already announced that in the case of the RSVs, they intend to continue using the ones that they are already currently using, and it also is going to open room for new ones. Our expectation is to have an increase in daily rates, because they are low and Petrobras knows about this, and the market knows about this. So that's what the dynamic will be like. So it is all about our decision of what vessels will be better positioned in Petrobras contracts and other opportunities. For example, for services, including decommissioning or mooring line inspections or IOCs or independent clients, and also engineering and construction clients.
Now, to address the second part of your question about Petrobras' business plan from 2025 to 2029, I do not have any knowledge about this. I do not have any specific expectations about it. We should wait and see what happens. But I think that due to the recent public announcements that Petrobras has made concerning their interest to revitalize some post-salt fields, we believe that Petrobras has already demanded an increase in the vessels to serve the vessels that are going to come to the pre-salt and some post-salt fields. Now we have the information that Petrobras want to revitalize some post-salt fields in the Campos Basin. We believe that that plan is going to be stronger in terms of the number of vessels that they are going to use across all types, across the board.
About the bids for the construction of new vessels. I believe that we have seen a round recently for PSVs, and there are two other rounds happening for the OSRVs, the oil spill recovery vessels and PSVs as well. It is the same PSVs from the previous round, but with oil spill equipment on top of them. It is a very large vessel. It is a PSV for 5000 because they want to have the oil spill equipment.
And also there is a bid for RSVs. We are still in the questions phase in that bid, but it has been very aggressive in terms of capacity. But not all of those vessels have been tested around the world. For example, with alternative fuel, those are things that are at the cutting edge of innovation right now, and we should be cautious when considering those opportunities as they emerge, as we did with the PSVs.
We do not think that that is going to impact the balance of the number of vessels out there. The capacity of the shipyards that we have here in Brazil to build new vessels, that capacity is not very large. In the first PSV auction, two of the main players that have vessels and shipyards also, those are seemingly the ones that are going to win the previous round. They have their own shipyards, they have their own fleets, and they really like that model of having their own shipyards to build ships. And of course, their debt level is the same as this type of activity, and this is not the way we work. We have 28 vessels, and we had only two of them built for our own use. We usually buy ships, buy vessels as we see opportunities coming.
With the volume, the capacity that we have in Brazilian shipyards, and we should remember that the market used to have 500 vessels operating. In the 2016 crisis, we reached 250 vessels. Now that number is back to 440 vessels. We have 440 vessels working right now. If another 36 vessels are ordered. It is not even 10% of the current fleet, and it will already be a challenging volume, a challenging number of vessels to be built. I do not think it is going to impact the balance in the market. And I am sorry that the answer was long, but it was a complex question.
No. That is great. Thank you. Thank you so much.
Again, if you wish to ask a question, please click the Q&A icon at the bottom of your Zoom screen. You can type in your question directly in the Q&A field, or you can request your microphone to be activated.
We have a question submitted in writing in English. [ Edward Finley- Richardson]. Thank you for taking my question. Oops. [Non-English content] As you just mentioned, OceanPact traditionally buys secondhand vessels rather than ordering new builds. Although offshore demand has improved quite a bit, there are other regions where demand has fallen off. Do you foresee vessel purchase opportunities for OceanPact? What kind of vessels would be a priority?
Okay.
Okay.
Thank you. I think I should answer in Portuguese so the translation works in the right channel. Okay.
I am going to address your question in Portuguese, and you can get the answer through simultaneous translation. The answer is yes, we do buy existing vessels, secondhand vessels, as you said, and that is how we grew over the years. That is how we went through the growth stages over the years. Right now, we do not see opportunities for us to acquire vessels at low prices. The prices went up around the world. I do not fully agree with what you said about other regions where demand has fallen off. I believe that demand might not be growing so much in some places, but the price of secondhand vessels is high. It is not according to our opinion, our assessment, it is not a good moment for us to invest in expanding our vessels at the current values, at the current prices.
We are always paying attention to M&A opportunities so that we can consolidate and grow without necessarily having to disburse high amounts. Right about this moment, I do not think we are at the trough of the prices of vessels. That happened when we invested for the last time in acquiring vessels.
We have another question submitted in writing from Henrique Cunha with JP Morgan. I have a simpler question. There was a decrease in the utilization rate for 4Q 2024 in comparison with the expected numbers for 2Q 2024. Can you explain the drivers behind that?
I think that Haroldo can address your question.
Well, that reduction in the fourth quarter of 2024 can be explained basically by two factors. The first one was the mobilization, especially of Ilha de Santana and Rubi vessels, and that drove the utilization rates down. The other reason was Loreto. Initially, we had forecast a higher utilization rate, but we are using Loreto in the spot market, and it is a smaller vessel, which is very good for use by IOCs. In the spot market, due to its size, we have a lower utilization rate, and that also led us to review the utilization rate for the fourth quarter downwards. But we still have good perspectives for the medium term for Loreto.
We have another question by Vicente Falanga f rom Bradesco BBI.
Hi, can you hear me?
Yes. Please go ahead.
Thank you very much for taking another question. Flavio, if we look at your average age, which is about 13- 14 years, maybe a little bit less than that, but when do you think you are going to start considering acquiring new vessels, new secondhand vessels? I understand that you have liability management and leverage and dividends as priorities right now, but thinking about the long term for the company, when do you think you are going to be leaning more towards acquiring new vessels, regardless of the cycle?
I understand, of course, that in M&A opportunities, you have to do that in downward cycles. Since 2013 and 2014, when you bought the first vessel, you have been very successful in those movements. But at what point will the age of the fleet start to weigh more and lead you to consider the acquisition of new vessels?
Thank you very much for your question. We should remember that the vessels are modernized. They are updated, as we can see from our CapEx, recurrently. A large part of our fleet is diesel-based and electric-based. We also have mechanical diesel vessels, but we have electric diesel vessels, almost or all RSVs, with the exception of two. So those vessels have not changed over the past 15 years. We just updated the electronics, the electric part, and we also made some updates to the electronic systems. So our fleet is very modernized.
The iron part of this vessel can be used forever, if you will, because you can dock the vessels every two and a half years, and you have to fully dock the vessels every five years. That is monitored by an independent rating company, and they are very strict in their assessment. Those companies measure the thickness of the steel plates, and if it is not within a certain range, you have to replace it. So it's like undergoing plastic surgery. Those vessels are submitted to plastic surgery and Botox applications, if you will. They are always in a very good shape. The same thing goes for engines. We fully overhaul the engines. We basically rebuild the engines. We replace every part of the engines. So the vessels are updated very frequently.
What happens sometimes is that we see a pressure when there's too many vessels available. Sometimes clients want newer vessels, more modern ones, because they think that they are going to break less. Indeed, a brand new vessel is not ideal, but a vessel that has been used for 6- 10 years, usually they break less frequently and the maintenance cost is lower than 30-year-old vessels. A vessel can be in operation for many years.
Going back to your question, for the moment, we are not considering making investments to improve the average age of our fleet. We can make opportunistic investments when we see opportunities of buying a vessel for a very good price. On the other hand, we need to have a very good contract for that vessel. Then we can go back to our previous modus operandi. Right now, we are not looking specifically at reducing the average age of our fleet.
Thank you. That was very clear, Flavio.
Now we have a question submitted in writing by an anonymous attendee. Can you give us an update about the claim situation and what would be the CapEx level for 2024 and 2025?
Eduardo, if you could please address that question.
Thank you. Well, about the claims, let me think about the two updates that we can give you. We have two claims that are at a more advanced stage for UP Turquoise and UP Coral. About UP Turquoise, a decision has been made by the Appellate Court, by the Superior Court of Justice, actually, and it denied Petrobras' claim. That put an end to the phase of the proceeding at the level of the Superior Court of Justice. We have until the end of the month to wait for new appeals by Petrobras.
If they do not appeal, then the decision will become final and unappealable, and we can start the execution phase. The other claim is about UP Coral. It is also being assessed by the Superior Court of Justice, and the court has not analyzed the situation yet. The same panel of the first one of the UP Turquoise claim will also judge this claim, the UP Coral claim, and we are waiting to see what their decision will be. The decision by the Superior Court of Justice.
Now, about CapEx, w e are now three quarters in 2024, and in the fourth quarter, the CapEx level should be significant. Mobilization carried over a little bit into 4Q 2024. You can see the numbers. For next year, I think a lot of things depend on what Flavio said, especially about RSVs. Almost all of our RSVs can be used in the new bid by Petrobras, and we are still to define the strategy about which ones we are going to pursue more than others. After we make that decision, we are going to have more clarity about 2025 CapEx. In any case, next year will require a high level of CapEx due to the number of contracts expiring this year and next year. To give you accurate numbers, we will need to wait and see what the result for the RSV bids will be.
We have another question from [Edward Richardson]. I am going to read the question in Portuguese, and you can hear the translation into English. Following up on my earlier question, there is an excess of high-quality vessels in the North Sea. In fact, I have heard recently that several owners will be laying up PSVs for this coming winter in the northern hemisphere because they cannot find work, which is above their OpEx. Could it possibly make sense for OceanPact to charter in vessels? North Sea owners would be happy for long-term coverage, and OceanPact could benefit from its ability to get work for those vessels at higher daily rates, capturing the spread.
Thank you, [Edward], for your question. It is a very good question. Indeed, we have been doing that already. We are always trying to find those opportunities with good shipbuilders that have good assets, good vessels, and that want their vessels to operate here. We can do that for shorter periods, as we did in our partnership with Reach Subsea. We talked about that in many of our presentations, but we would also be open to longer operations, possibly chartering those vessels. That is usually not that easy to do. You need a very good alignment between ourselves and the shipbuilders. But yes, those opportunities are interesting. We did that in the past, and we are interested in continuing to do that. Thank you very much for your question, again.
Another question submitted in writing by an anonymous attendee. Just to let you know, [Edward] said, "Thank you" in writing. An anonymous attendee asked, "What is your perspective for the occupancy or the utilization rate in 2025? You have a high number of vessels with contracts expiring throughout the year. Should we believe or consider that the utilization rate for 2025 will be in line with 2024?"
Well, we already have a plan for the utilization rate in 2025, but we have a bid for RSVs undergoing right now, and we are still waiting for the results of that bid.
Besides that bid, we have six vessels that could be used in bids, and we have four vessels that can have their contracts renewed with Petrobras, and therefore they wouldn't stop for mobilization, and that can cause a variation in our daily utilization rates, rather, in 2025. But as you said, yes, we could consider the same level as 2024. It wouldn't be too far from that range.
We have another question submitted in writing by an anonymous attendee. "Good morning. What do you think about the movement of some new builds in international shipyards, and how can those vessels affect the Brazilian market?"
Well, I believe that the new builds in international shipyards, well, it's real, it is happening, but those vessels are the ultra-high spec vessels that are often used as supporting vessels to the offshore wind farms. They can also be used in oil operations, but usually they are used in offshore wind farms, and they have large capacities, for example, more than 100 people on board. I think that the Brazilian market can need one or two vessels of that kind, but at this moment, it wouldn't compete with our vessels. We don't have such large vessels, and no one else in Brazil does.
Those movements, the concrete movements that we are seeing right now, won't affect us. There are some unconfirmed announcements of new builds by new entrants that are not in the offshore supporting vessels market. But they say that they're going to build new vessels, but they might be reconsidering it right now after analyzing how cyclical this market has been and how difficult it is for new entrants to get it right in a segment like this.
We don't have any more questions. I would like to turn it over to Eduardo for his closing remarks.
Thank you, [Doris]. Well, thank you, everybody. Before finishing our call, I would like to give you more color, as usual, about 4Q 2024. It's December 12th, so we are over one month in the fourth quarter of 2024.
We still have 50 days ahead of us in the quarter, so of course, these numbers are preliminary. But I think it is important to give you some color about what's to come. As Adriano said, in the services segment, we should see a better quarter, certainly better than the third quarter, with levels going back to the level that we had in the 1 Q of 2024. In the vessel segment, it should be a strong quarter with all vessels operating. The PSVs, the OSRVs that were under mobilizations, now they are operating under new contracts with higher daily rates. If you put all of that together, the vessels and the services segment, we have a very good perspective, and I believe we might present a record-breaking EBITDA in 4Q 2024. With that, I'd like to turn it over to Flavio for his closing remarks.
Thank you, Eduardo. Thank you, everybody. I don't have anything else to say apart from thanking you very much. We had many questions. It was very good, a very productive call. I think we are making progress in the exchange between us as you learn more and more about our market. That's great. Thank you very much, and see you next time. Thank you.
That concludes OceanPact's 3Q 2024 earnings call for today. Thank you very much for your participation. Have a good one. Bye-bye.