Good morning and welcome to the quarter 2 presentation for Dov Hilde Drunner, our CFO and myself, Mors Oser, will give the presentation. If we start looking at some highlights for this quarter, we will start with the financial highlights. So the revenue exactly NOK2 1,000,000,000 and an EBITDA of SEK680,000,000 compared to SEK 700,000,000 last quarter. So we are up from quarter 1, but still a bit behind same quarter last year. Hill will do a closer dive into the numbers later on in the presentation.
We are still discussing with Landers and Bondholders on restructuring and making some progress. And Ille will also talk a bit more about that later on. When we look at the next slide, operational highlights, we have had 80% utilization on the fleet compared to 70% last year, which is a combination of we have sold a few boats since last year. So only 1 vessel left in Lejuez. So it's an improvement on that side.
We have still had very challenging markets. So we like the North Sea spot market for PSV and Canada has been a disappointment this summer season, I would say. And Putan, our subsea project activity has picked up the last few months and we also see that activity remained fairly high during the second half of the year. So a good backlog for that part of the business. COVID-nineteen still a challenge, impacted operations with extra cost, IR and all the implications.
So we are talking triple digit numbers in NOK1 in cost so far this year. So it's a challenge. So let's hope it gets better going forward. Backlog, when we wrote this, here we are, we have NOK 13,000,000,000, then secured in quarter 3, SEK 1,800,000,000. So we are talking then in some around SEK 15,000,000,000 as we speak.
And a good backlog for the remainder of 2021 of SEK3.3 billion were SEK1.8 billion for quarter 3, which if you look at the turnover for quarter 2 around SEK 2,000,000,000 of course SEK 1,800,000,000 is above 90%. So it's high secured backlog for second half. And then you see the curve down here on next year and the following years. And that is not updated with the recent released contracts. So it's a bit higher, of course, than what is shown in that graph.
So when we look at the contracts on the next page, is quite a few. And so in the Atlantic, I think the most important thing to notice is that through our Central region, the Atlantic, we have secured tried a few projects securing good utilization and also I would call it, these new earnings for that region and the fleet in that region during summer season and also into Q3 and into Q4. So fewer boats are busy more or less towards the end of the year. We also won our 2nd job in our joint venture with Avgas Solutions called KDS, joint venture, Eduardo DNO. And what also you remember well, of course, that joint venture will do the installation of the high wind pump and floating wind farm next season starting offshore in April.
And of course, it's a very important project for us and look forward to that done. So we will report more on that when we get closer to it. SCONISAVEN, very happy with that, extended in Africa, in Angola with an old major down there. And she's been on working for Ramform for Voila and I'm still standing over until May next year. So is a job where we deliver product management, engineering, procurement, Logistics and of course also do deepwater construction, so like flex laying and then IRM on existing infrastructure.
So it's what you can call a full blown field support services. In South America, I think as we were starting with the one we just released earlier today, which is 2, 3 year contracts, one for each for the Skane Vittoria and Skane Iteroie. So commencement latest February next year, but it might be we commenced earlier and that both vessels stand firm for the next 3 years, which is a very important contract for us. And of course, that means all 6 vessels in the joint venture with Technip are on long term contracts in with Petrobras for the next few years. Also, I want to mention the ParaT extended 1 year with Piotr Bos some next year and then a few other contracts, say, Neptun starting started in quarter 2 and are done working more or less as we expect to Q2 '22.
So an important quarter for us and good utilization during the winter of course. And we have all vessel down in Brazil in what we call short term or spot market. And it's been good so far this year and in high utilization and we also have now secured 3 d ops that secure diesel utilization and recent earnings for the rest of 2021. In APAC, we press released yesterday and very important for us now securing satisfactory utilization and earnings in APAC for quarter 3 and quarter 4 and also Dov into quarter 1 next year. More details in the release, but we are talking I think we are talking around NOK 400,000,000 dose awards in Apex.
So is a decent and important of all securing good earnings through the to what we here in Europe call the winter period. So all in all, a good run on new contracts, especially in only the last few weeks. So then when we turn to the next one, Of course, we have mentioned before and we will do it again that, of course, Dov are very focused on what we call ESG and that we put a lot of pride and effort into being a leader within those important areas. Worth mentioning is that we this quarter, we were together with some other companies in Europe. I think 300 companies were on the list among thousands of companies at Financial Times and an independent data company, has analyzed and we're very proud to informed that we were on that list on what they call Europe's climate leaders in 2021.
Before we find more information about that on our home page and of course also on international types. So very proud of that. On the carbon disclosure project, nothing new, but we have A- score, which is top 30% of the companies. And then total score on ESG 100, we are ranked top 20 or for the 100 largest companies in Norway. And then as you see also on Amnesi, we are top 5 of the Nordics on that.
So we just have to continue this work and stay in the forefront on these important areas. Then on the next page, this is an old slide. So what is worth commenting on this is that we of course operate from 6 continents, 20 offices globally. We operate now a fleet of 58 boats, there are 50 owned. And we have by the end of the quarter around 3,800 employees or contractors.
And of course, that is an increase of a couple of 100 since we reported end of quarter 1. So I think that is showing that activity in some areas, some segments have picked up the last few months. So then we can move on to the financials. And I leave it to Hilde Drouwer to take you through the numbers.
Thank you. So we move on to the main financial highlights. As already mentioned by Mansourcer, the operational EBITDA is close to the EBITDA last year, SEK680,000,000 versus SEK701,000,000 last year. And also the utilization has been higher compared to the previous year. If you look at the segments, we can see that the utilization on the PSV is slightly below what we achieved last year, even though we have only 1 vessel in layup.
Main reason is that last year we had more vessels in operation and we had fairly good utilization through 2nd quarter until several vessels went into layer by end of the quarter. 4 of these vessels has, after June 2020 been sold. The utilization in Q2 has also been impacted that we have had 3 vessels being reactivated from layup. 2 of these vessels went on hire on contracts in Guyana in July. On the anchor handler segment, it's 86% versus 59%.
And that mainly represent the utilization for our 1,000,000,000 fleet, where the whole fleet has been was in operation by end of the quarter. And during the quarter, we reactivated 1 vessel, which went on higher during Q2. Also on Subsea, we have better utilization, 83% versus 74 And especially the project fleet has achieved good utilization this quarter and the activity has increased significantly compared to same period last year. On the cakes below, you see the share of EBITDA, which by a coincidence is Exactly the same compared to last quarter. So 75% of our EBITDA are from Dov Subsea.
And you can just see the split in numbers. Dov Subsea achieved an EBITDA of 512,000,000 in Q2 and end of supply, which represent DOF Redri and Norscan. Norscan, our Brazilian operation, of SEK168,000,000. And you can also see the utilization for the full DOF Subsea fleet, which was 82% and 78% for the full DNOF supply fleet. Already mentioned that by end of the quarter, we have had 1 vessel, 1 owned vessel in layup.
And we have reactivated 2 PSV from LEAP and 1 anchor handler. On the anchor handler segment, 1 vessel was sold for recycling during the quarter. That vessel was built in 1999. And on the subsea, already mentioned improved utilization and performance from the regions. And for the PLSV fleet, that includes 7 vessels.
We have achieved a high utilization also this quarter. So if we move on to next and see the details on the P and L. The EBITDA in Q2 has been impacted by sale of Mainly one vessel, one recycle, that's just a minor amount. But the main amount here, approximately SEK 30,000,000, That's the sale of the Geograph. Year to date, it's 1 point Close to SEK 1,200,000,000 in EBITDA compared to SEK 1,500,000,000 Also bear in mind that The EBITDA numbers for Q2 2020 was highly impacted by a very strong U.
S. Dollar to both and Norwegian kroner. So that positively impacted the EBITDA last year. When looking at the EBIT, you can see it's SEK 148,000,000 compared to minus SEK354,000,000 And the main difference is related to impairments, where it was SEK 218,000,000 compared to SEK780,000,000 last year. And if you looked at the accumulated numbers, the EBITDA was strongly negatively impacted by high impairments during Q2 last year.
If you look at the net financial costs, The interest cost is actually lower compared to the same period last year of NOK 257 compared to NOK368 1 reason is the currency impact, which is negatively on the financial result last year. But the main the big numbers is actually the unrealized currency gain loss, where we had a gain of NOK804 1,000,000 this quarter versus minus NOK38 1,000,000 last year. And looking at the accumulated numbers, you see the difference is much higher. The main variance in the currencies this quarter has actually been that BRL has strengthened towards U. S.
Dollar. The Norwegian kroner to U. S. Dollar has been stable. Looking at the valuation of the fleet, that So of course, impacts the impairments booked.
We have seen a drop of 1.3% in the fair market value of the fleet. We have also updated the value in use calculation. We have seen that the values the fair market values which we received from external broker companies has been have been actually stabilized on some vessel. But of course, there is still a risk of additional drop in value and then more impairments going forward. If you go on to next, Here you see our segments and you can also see that the PSV represent just a minor outdoor business.
The vessel has declined through sale of vessels during second half twenty twenty and so far this year. On the anchor handler, it's represented 20%. And of course, Hovsey, as in previous quarter, represent the biggest part of our business. The EBITDA from the PSV and anchor handler is more or less in line on what we achieved the same period last year. If you look at the subsea segments, it's slightly below.
But also bear in mind what I mentioned about the currency impacts for last year And that what we have seen through Q2 is that the subsea project activity has increased significantly compared to same period last year. And the gain from sale of assets is already mentioned. And you can also see the split in impairment. It's actually minor numbers on the PSVs and anchor handler already written down quite a lot. And The main impairments this quarter is from the Subsea segment.
And of course, the EBITDA margin reflects increased activity from the subsea project activity, where we have lower margins compared to time charter activity. So if you move on to next, And here you see the Dov Subsea Group and how they split their segments. That's subsea IMR project and long term chartering. And The gross revenue from the projects is SEK 1,100,000,000 and achieved an EBITDA of SEK 209,000,000 and a firm backlog of SEK 3,800,000,000. It's close to 1500 employees related to this business.
And that excludes the seafarers. It is mainly subsea personnel. And it's also on this part, we have seen an increase in total employees of the group. And it's represented by 17 vessels, of which 2 are chartering from external owners. But our margin of 90% is a good margin compared to previous quarters.
If you look at the long term chartering, the revenue is close to SEK 400,000,000 and an EBITDA of SEK 275,000,000. This is represented by 8 vessels, of which 7 are PLSVs working on term contracts and 1 vessels, subsea vessels working on our long term contract in Argentina. And the backlog here is SEK 6,200,000,000. The backlog It does not include the new contracts and the press release we sent this morning. If you go into next, If you look at the cash flow and the net cash from operating activities is SEK 395,000,000 versus close to SEK 600,000,000 last year.
And the main reason why the cash flow is lower compared to previous year is increased activity from the project activity. And that includes higher outstanding receivables by end of the quarter paid now in 3rd quarter. So increased activity this quarter has significantly impacted the expect to build cash during second half of twenty twenty one. Of course, the cash flow We have in this quarter sold 1 vessel and delivered 1 for recycling. That represented the sale of tangible assets.
We have invested SEK 250,000,000, which mainly are related to vessel conversions, cash stockings and purchases, ROVs. And We have also done some mobilization to new contracts. And then we go to payment of borrowings, which is 415,000,000 which mainly represent the debt service for the Dovco JV, which pay the debt and serve the debt as normal. And there are some lease arrangements and parts of the debt in Dov Subsea and Norskhan is actually served by amortization. So then we have our cash by end of the quarter of SEK 2,100,000,000 based on management reporting, of course.
And then restricted cash out of that is around SEK 154,000,000 by end of June. So if you go into next, and this is a graph that we show on every quarter quarterly presentation just to show the trend. And This is excluding gain from sale of assets. And it's a small drop compared to previous quarter last year. The same quarter last year also explained both the margins and the numbers.
But it's much better than we achieved the Q1, which was less than SEK 500,000,000 in EBITDA. Looking at the noncurrent assets, no big events and total assets of NOK 22.9. And of course, if we look at the same quarter last year, the main difference is actually depreciation and impairments. Equity is negative due to weak results the last 2 years. The noncurrent debt of SEK 3.7 billion is slightly is below the previous year and of course a big drop from If you go further back, and that's due to the refinancing situation that the group is in.
And that's why we have a current debt of 20.3%, which I will come back to on the next slide. Net interest bearing debt of NOK 19.7 compared to SEK22.6 billion. And of course, more than SEK2 billion of the variance in these numbers is Actually, currency variation and a very high dollar by end of Q2 2020. So if you go into next and looking at the balance, already mentioned, no big events on the vessel, on the long term assets during the quarter, of course, impacted by depreciation and sale of vessel. Looking at the deferred taxes, that basically or mainly relates To the Dovgaard JV.
Already deferred taxes was written down in 2019. So that gives total assets of SEK 18,700,000,000. On the current assets, it's SEK4.3 compared to SEK3.9. And of course, looking at the cash and cash equivalents, you can see that there is a minor drop this year end. And main reason for that is 2 things.
It's actually mobilization and conversions to new contracts and cash stockings, which is normally very busy during second half. And then there's also increased activity from the subsea projects. Of course, the Equity and negative equity impacts the going concern assumptions. And the 2nd quarter numbers is actually based OMA Global Concern. And that's due to discussions with which the group has with its secured lenders and bondholders and the current standstill agreements.
The non current interest in burn debt is close to SEK 3,700,000,000 and basically relates to Dovgaard JV and some lease debt. All other debt are classified as short term debt. I think the net interest If you look at the group key financials, you can see the revenue the last 12 months and the EBITDA the last 12 months and on the firm backlog. By end of the quarter, that was approximately SEK 13,000,000. But we have added here a light yellow just to show the newly awarded contracts that was released last Friday, yesterday and today.
And as we just wanted to show the impact on the backlog. So hopefully, the trend goes upwards on the backlog going forward. So if you go into the next, approximately SEK 18,000,000,000 of the group debts is under restructuring. We have agreed standstill agreements with The vast majority of the secured land are both in DOF Group and in DOF Subsea Group. And that excludes the DOFCON JV.
The standstill agreements are applicable until the 31st August. And we are now working on an expansion of this standstill agreement. The standstill agreements with BNDES matured in May for Norscan Offshore Emetara and Dov Subsea Brazil. And the boat company has since June served the debt according to a refinance agreement that was signed in February 2020. That means that the amortization for these facilities is 20%, it is a 75% reduction of normal amortization.
However, we have in parallel ongoing discussion with BNDES on a long term refinancing solution. And that's due to that the discussion with the secured lenders and bondholders are continuing. And the progress has lately been good. And That progress is actually conditional, a long term solution with BNDES. So that is actually the status on the debt restructuring.
And of course, obviously, when we have the standstill agreements. And there are discussion around expansionary standstill agreements, we believe that our long term solution is possible to achieve. And then I give the word to Murs.
Thank you, Helene. A few words on the market. I have a few slides on that. So just showing this is from Bristol. And of course, they are predicting then growth in both offshore CapEx and Offshore OpEx the next few years, which of course is positive and gives some expectations for higher activity around the globe and perhaps also especially on the subsea side.
On longer term, of course, we as everybody knows, we will be high growth on renewables. And then of course, at that point in the future, there will be more CapEx on renewables than on solution of oil and gas. So of course, we are spending a lot of time and effort on our strategy within renewables. And as you heard earlier in presentation, of course, we have the hybrid pump and floating installation next year. And of course, we hope to win more much more job on the renewable side in the years to come.
So reasonably a bit optimistic on activity level on both within Renew, but also within oil and gas the next few years. On next slide, we look at Brazil and of course this, let's say, is well coordinated with award for Nittoria and Vittoria being 5 players in Brazil. So of course, we see that Brazil is back with full blast and a lot of large projects. And as you can see here, Rizda are predicting a strong demand increase for Pipe Layers in Brazil. So I suppose which is good for us where we have at least 6 vessels working in that market.
On the next slide maybe it's ReStore's prediction on vessels in various segments. The one on the left hand here is showing the split between oil and gas and wind and total. And of course, we see compare 2022, 2023 and onwards with 2021, we see there is will be a decent demand increase according to Ruzdav Boto within oil and gas and Renewables. When you look at the split on the right hand side, it's of course the same, but down split between PSVs and Kallers Offshore Construction Boards and then on the wind side installation vessels and SOVs. And also we see growth of course both on in all segments going forward.
So if we start correct, of course, we see we are moving into to some years now with higher activity and growth both on the wind side and on the oil and guest sites. So let's hope they are correct. And then we look at of the next page, which is the final page in this presentation. We As we said at the start, it's the market has been challenging. And we but of course, as we have said, we see increased activity in certain regions.
Brazil already mentioned that we expect that the activity in Brazil to increase further. We have seen low earnings and low utilization, especially on the organic side. But also on the PSV side, of course, we see competitors now bidding 1 year contracts close to OpEx level. So it's been the North Sea so far this year has been disappointing, and we expect it to be disappointing or weak also during the winter. Then of course there is a small hope due to expected higher activity that will get a bit firm into Q2 2022, but that remains to be seen.
As we said on the Subsea Project segment, we have secured good backlog for the minor year and then of course we then expect higher activity in second half compared to first half. And we also now see quarter 1 next year quarter 1 this year. Of course, we will see much higher backlog and then of course expect also of course Q1 next year to be better than Q1 this year. As we saw on the last the previous page increased demand also for offshore wind and of course quite a few other the offshore servicing boards or construction boards work in that space. Today we have 2 boards in that space.
We have Skondi Constructor and then we have Skaneja study, which is working on, let's say, in field development or in the offshore wind space towards the end of the year. So as we said that the backlog for mono year is NOK3.3 billion, which is pretty high and then as we said, NOK1.8 billion for 1, the Q3. So all in all, we expect a better operational EBITDA in second half compared to first half. On the financial side, of course, it is the discussions with Kratos are ongoing and making some progress. And of course, the ambition here, of course, and the goal is to reach a long term solution for the group.
And until we have that, of course, we are dependent on standstill agreements with the Landers and to let's say to remain as a going concern. So that was the end of the presentation. We are not having a Q and A after. But If you have questions, please call Hilde or call me and we or send us an e mail and we will answer as fast as we can.