Good morning and Qelcome to the Q3 Presentation for DOF Group. The people listening on the webcast can send questions through the chat, and we will answer them at the end of the presentation. The people here in the audience can ask questions verbally and with a microphone. So I guess the picture on the front page is chosen because we closed the Maersk acquisition 1st of November. So we have owned now the Maersk Supply Service, renamed now DOF Denmark A/S. Four days we have owned them now. So that means that we have a bit of job to do. So we will invite for a separate couple of our sessions on the 11th of December to do a deeper dive on the Maersk part of the DOF Group. So this presentation is ended of course Q3 . So this is the old DOF.
We will come back on that later on then in December. This is DOF before, as we see here before closing. It's the old slide you have seen before. Still growing a bit in number of employees. We are recruiting, you know, how we call it, pretty heavily on the service side, especially in the Atlantic region due to new awards. We also see revenue and EBITDA coming up. Other than that, I guess it's more or less the same. Backlog now at $2.75 billion. That's it really on that page. This is then this quarter and start on the numbers. Revenue of 361 and an EBITDA of 141. It's according to our plan, a little bit better than our own plan. Then also then as a consequence, we lift the full year guidance.
So we lift that to 510. And so that's the numbers. And of course, we come back to that, but we have a backlog in Q4 that is slightly higher than the revenue in Q3 . So we are pretty confident on Q4 . We closed Maersk 1st of November. And we have a slide on that. Also, we're showing what we actually paid at close. So it ended, I would say, slightly a bit better than we guided when we announced the purchase. And so the cash position, I think we are talking $166 million in cash at close. So it was pretty good. We come back to that as well. So this is what we are buying. So we are welcoming DOF Denmark to the group. And so this is what we are buying, is 22 boats.
It has a long history, of course, a longer history than DOF has and a younger fleet than we have. And then you see the assets. And we have talked about that before. But of course, it's one cable layer, modern large cable layer. And of course, cable laying market is probably one of the hottest segments in our space these days. Its backlog for many of the companies playing that market too long into the 2030s. And then it's eight DSVs. And of course, four of them are the most modern and largest in the market these days. So they built four of them. Two of them was built in 2017-18. And then a large anchor handling fleet where we have five of them of course are the same very young modern large boats. So talk a bit about values later on in the presentation.
You could say it's our fleet renewal. You will not see DOF building most on speculation for delivery in 2027 and 2028. We think this is a much better way of growing the fleet and renewing the fleet. Of course, money-wise, of course, the pricing is much more attractive than the alternative. We are of course arguing that we have a new build. Part of the deal was a new build. Of course, we will also talk a bit about that later on. That is a very different story. It's a 15-year contract, firm contract with options, 10 optional years. Of course, if they take all the options, you are in long into the 2050s before that contract ends. This is interesting for those who think that the oil and gas is dying soon. It's a different story.
Of course, we expect to finance that where we have a minor element of equity into it. So meaning that short term deal with that capacity will be the same. And longer term, of course, the cash flow from that will be very good. So I'll talk a bit about that later on. So this is how the mathematics ended at close. So as you see, enterprise value at closing $881. And that is then based of course on the share price at closing at NOK 87 NOK and the cash position, very strong cash position of EUR 166 million. And of course, that you can compare against a broker value set $1,350. So on asset value, of course, it's a big discount. We see 0.66 of net asset value.
Of course, you could, of course, if you want to be negative, of course, you could argue that there are a few contracts that is below market. So there is a negative value on a few of the contracts. But if you remember from the close, of course, the backlog was only a couple of boats that had backlog value into the future. So we think it's a good deal. And of course, if you, and we're going to talk more about that on the 11th of December when we do a deeper dive on what is now called DOF Denmark. It's the new name. But I think, you know, if you look at the asset values and you know, it's pretty attractive. And of course, that level, we took a new loan, $500 million on the fleet.
And you know, that means a net loan to value of that fleet, 25%. So it's pretty low gearing as well. So it's a bit better than we talked about earlier. And this is then, you know, this is the image of the vessel that are now under construction. And it's with Cenovus in Canada. So of course, a very well-known client of us and of DOF Denmark. And it is a 15-year contract. And as you see, options extending it into 2052. So of course, we expect, of course, the boat to be there until the life of the field. And then you see the economics. Of course, we are not, it's confidential between us and Cenovus what the rate is and what the CapEx is.
But if you see here, the payback, so the multiple on it is between seven and seven and a half years. And of course, then if you do the math on that on a 15-year contract, you see this is a very good deal. And that's a bit interesting. We see that there are opportunities out there where you can do similar deals, long-term contract with investment-grade companies in the oil and gas market. So and it's the White Rose field in Canada. And of course, it's being installed in summer next year. And it had to be a new build because it's going to be used during the ice season to evacuate the platform. So you needed a boat with 150-160 beds and the walk-to-work and a lot of other features. So there didn't exist similar boats in the market.
Yeah, and as we said, financing options. Of course, we plan, of course, to finance this, let's say, 90% plus of the investment in one way or the other. And of course, we have interest from various institutions to help us with that. Meaning that cash-wise, for us, it's minor outlay on this boat. So that was that new build. And of course, this is what we do. And you know, I'm very pleased actually to see that, you know, the asset earnings are growing. But also then we see the biggest percentage growth is on the services side. So if I remember correctly, we were at $90 million in 2023. And last 12 months, now $110 million. And perhaps when you come to 2024, it will be a bit more than $110 million. So we see that growth.
We see it. We see in all regions, they either meet our expectation or exceed our expectation. We see four regions now really delivering. Of course, part of the value story on the Maersk on DOF Denmark, DOF Denmark, not Maersk anymore. DOF Denmark acquisition is, of course, that we are going to create values on top of the assets on that fleet as well. We will install subsea on them, and we will gradually take them in and put services on them. Meaning that we plan to. Not only then we will see when you include the assets, you will see of course growth in the asset EBITDA, but of course gradually we hope and we will see that also the services element will grow based on this. That's the plan.
Of course, we are working right now, and we have a detailed plan for when we implement and when we start working on those. Yeah, and then I think we have done this slide here. This is, yeah, this is the awards in Q3 and so far in Q4 . I don't take you through all of them. Some of them we have talked about before. Of course, I guess perhaps what we start with the latest one, which is this kind of five-year PSV contract in Australia. Of course, it's very satisfying to see that we can do. This is more or less on the same level as we did with sister. I think we will see annualized EBITDA on that boat, about $9 million.
So it is, even if we have seen some weakness in North Sea on the PSV side, we see we are able to do deals like that, you know, internationally. And with that contract in place, of course, that also means that we are sold out, our PSV capacity is sold out to Q4 next year. So we have no exposure to that market. And then I mentioned, of course, the, you know, the new build, so I don't repeat here. But then we also see that DOF Denmark have done some contracts on Anchor Handlers. They have done one five-year deal and one two-year deal in Canada on two Anchor Handlers. And then we have extended Cutter and Clipper one year. And then Nomad has been extended in for Exxon in Guyana. And then Forza has been extended for Exxon in Angola.
So it's a bit, not a bit, but quite a few new contracts on those. And of course, some of these boats like the Nomad, the Forza, of course, that's where we now have to see how we can position ourselves to also deliver the subsea scope on that. So it's interesting, you know, in Angola now, so you have the Forza, we also have the Skandi Seven here. So we see our position in Angola grows. And likewise, of course, in Guyana, where we DOF operate two and then the Nomad. So then we have three out of four, let's say, CSVs working for Exxon in Guyana. So it's a very interesting position. We will talk a bit more about numbers and so on, and the backlog and expectations when we come to 11th of December.
You have to be a bit patient with us since we have only owned it for four days, so this is then the backlog. And so now it's $2,751 million and then some $100 million after that. So and of course, it's been a bit slow after we came back from summer holidays, so but of course, that's normal. And then we expect it to pick up during Q4 now and into Q1 . Yeah, that's the normal. And a few interesting tenders out there. You know, a couple to mention, of course, there is a new Anchor Handling tender and new RSV tender in Brazil. And for those of you who follow the flows, you know that we have five Anchor Handlers in Brazil for renewal in late 2025. And we have three RSVs for renewal in 2025 or 2026.
And of course, these tenders are for them. Of course, if we then win, we hope we have a bit higher rates. Of course, then you will do, if you are lucky, 8 to 10 boats with backlog on to the 20, 30 and onwards. That is, I think, the most important tenders we are looking at at the moment. If you look at the backlog here, as we said, 383 for Q4 , 361 in revenue in Q3 . It's almost sold out. We have on the red fleet; we have, I think we have, we could have 15-20 days on Skandi Hera, which is an anchor handler, you know, and 15 days on the charter in Maersk Installer. That in December, that's the worst case we have. It's almost sold out.
That, and of course, that is why we are confident enough to lift the lower end of the guidance. I leave it like that here. Then we come back in December and talk a bit more about the combined backlog. And a bit of a plan, of course, to how we now going to gradually implement subsea and project scope on the new part of the fleet.
Hilde, you have to give her applause. It's her last presentation as, yeah.
Well, thank you. I hope you applaud when I'm finished as well. A pretty decent quarter and no big events accounting-wise. Revenue of $376 million versus $322 million and $141 million versus $123 million last year. So a good quarter. Depreciation has increased, and that's as previous quarters due to reversal of impairments that we did in 2023 mainly. Net interest costs slightly lower than previous quarter. The debt is going down, and you perhaps remember that last quarter we had a huge unrealized currency loss, and now it's the opposite. And that's mostly related to the Norskan debt, where we still have functional currency in BRL. So now it goes the opposite way. We will try our best to have the functional currency in U.S. dollar to avoid these movements, and it's no cash impact this quarter as well. And as long as the debt in Norskan is as high as $500 million, it will have an impact on how the BRL moves towards U.S. dollar. Based on that, we have a U.S. dollar reporting. It has no impact on the balance sheet, and after finance, we have a net profit of 79 versus 32, and after tax of 69 versus 27. And year to date, it's 117 versus 181.
Of course, here you have the movements on the unrealized currency impacts as well, and also reversal of impairments done year to date in both years. What I'm happy about is that if you see the last column here, of course, DOF Subsea is outperforming again. And also that Norskan is back on track. We had a very weak quarter, Q2 , and now we are more or less on track. And that DOF Rederi is delivering better EBITDA. We will come back to the segments later. Looking at the balance sheet, actually the same. Total current asset $2.1 billion versus $2 billion in same quarter last year. Contract costs, no movements there. Contract cost, that is our mobilization cost for new contracts. Deferred tax, no movements there.
But that might change because due to the strong results for the group, we consider to do reversal of previous impairment on deferred tax going forward. And no movements on other current receivables. And as you can see, the current assets has increased significantly, both from year-end until now. And that is increased activity in the group. And you see that not only the receivable has increased, but also the cash. Part of that is that we did private placement in July of $75 million, and that has also impacted the equity this quarter. Long-term debt, that's a mix of secure debt, bond loan, and lease liabilities. And you see it down here, 1.3 is secure debt, 73 is the bond loan, and 43 is lease liabilities. And the same mix on the short portion of the long-term debt.
What is also positive is that our key figures are improving, so since year-end, the net interest-bearing debt to EBITDA, last 12-month EBITDA is now 2.3 from 3 to 2.3, and of course, the equity ratio is increasing, and of course, the $75 million has an impact, and that was partly used when we did the closing last Friday. If you look at the cash flow, and if we start on top here, the cash flow from operating activities is, I think it's decent, but it is lower than a similar quarter last year, and that is due to increased activity and also changes in the working capital. And that can change from quarter to quarter, and it's mostly, or more or less all of it is related to the project activity and when we get paid and how the milestones are, how we perform on the milestones.
Net interest-bearing debt is slightly lower, and tax paid is $6 million. That's mainly withholding tax, but it's also some minor corporate tax that we pay in Brazil. Capex is more or less the same. That's mainly maintenance Capex and some installments on new ROVs because we have ordered newer ROVs that we have in the pipeline, and repayment of secured debt and lease liability. Here you see the share issue. That's the movement on the cash. In sum, close to $100 million in operating activity, investment is $24 million. Financing is only $19 million. That's due to the $75 million from the private placement. On the operational performance, as I said, DOF Subsea is outperforming. In this quarter, and actually also Q2 , the performance in Asia-Pacific was very good and much higher than we expected.
That trend we believe will continue into Q4 as well. In North America, they also performed very well this quarter. That's partly on the activity they have in, well, they have, that's the activity we have in Guyana, in Canada, but also very good performance on a few joint sector vessels. High activity there as well. In the Atlantic, they also had good performance and very high activity. This quarter, they have operated seven project vessels. Mainly activity in West Africa and in Europe and the North Sea. Stable operations in Brazil. What we also see in Brazil, that the tendering activity is very high at the moment. Main new contracts this quarter is in Asia-Pacific. You see, DOF Subsea continued to grow both on revenue and EBITDA. In DOF CON, the most important event is, of course, that Skandi Buzios now on hire.
She went on hire 1st of August. That is a very important milestone. The new contract that we have been awarded on Skandi Vitoria and Norskan also contributes. The visibility on DOF CON is very strong the next three to four years. That also means that we will be back on track on semi-annual dividend payments. It has been decided to pay $50 million in dividend, which will happen very soon. It might be more this year. The dividend payments will now be resumed in DOF CON. In Norskan, good utilization and all the vessels on contract. No big events. The delayed start on the new contract for Skandi Rio has impacted partly the result in Q3. Now when the contract started, it is better earnings and also for the Skandi Botafogo, which will start Q2 2025.
Norskan will also have more vessels on management in 2025 due to the contract awards on Skandi Jupiter, but here you see stable EBITDA and revenue in Norskan. DOF Rederi, high utilization. We actually had no vessels in the spot market this quarter. All vessels on firm contract. Of course, the award of Skandi Feistein at a very good rate. She is in Australia and she continued on the existing contract. Stable operations on DOF Rederi as well. I will repeat some of what we presented on our capital market day because we have started the process on refinancing of the group. The plan was to do that immediately after the Maersk transaction. That's now done. Here you see updated figures. I will not go through all these facilities. You have seen that before.
But the updated net interest-bearing debt to 12-month EBITDA is now 1.8 for DOF Subsea. So it's going down. You see the same in DOF CON. Norskan is still high and we have known that. But bear in mind that the loan maturity in Norskan with BNDES is due in 2030. If you see DOF Rederi, we are now at one. And if you see when we did the closing at DOF Denmark, the loan to value both on net interest-bearing debt and gross debt is actually 37 and 25. And that is actually lower than when we initiated the transaction. This is the debt also updated by Q3 numbers. And this is the debt that matures in 2026. And that is the dark blue here. This is the 79 in Norskan. It's the 544 in DOF Subsea and it's 65 in DOF Rederi.
So after the gross debt after the transaction is $2 billion, of which approximately $700 million is due in January 2026. This is also something we show on the capital market day because the capital structure that we have now is not efficient at all. We have a very strong limitation on what we can do on hedging, interest, FX, etc. We want to have a more flexible amortization profile. More or less, how the structure is today is that all surplus cash is in fact a cash trap. There are no dividends, so we want to remove the dividend restrictions. And of course, one important thing is that from Q2 and onwards, if we haven't refinanced, then a big portion of our debt will be short term. So that is something we are trying to avoid.
But the most important is to have free float of cash among these segments here. And this is Maersk or DOF Denmark. It's DOF Rederi and DOF Subsea. We want to keep DOF CON as a silo and Norskan as a silo, mainly due to favorable terms on the existing finance that we have on this company. But here we want to have free cash. And we have started preparing for that already. We see that there is a strong indication of interest from banks to participate in the refinancing of the DOF Group. And we believe it's possible to have everything closed and done by Q1 next year.
Thank you, Hilde. So then it's the last couple of slides. It's guiding an outlook. So the guiding, as we said, so revenue the same between 1.4 and 1.5. Then EBITDA will lift from 500 to 520 to 510 to 520. And of course, that is due to a strong backlog in Q4 Depreciation's up a bit. And I explained that before. And then interest cost and tax payable and CapEx unchanged. Yeah. So that's really it. So then we will see where we are between 510 and 520. Yeah. And let's see. Then, as we said, we expect stable earnings in Q4 And due to the high backlog. And so now the focus is on 2025 because we don't have much more to sell in 2024. And the pictures here, Feistein, of course, a new contract in Australia. Very high rate on between $9-$9.5 million annualized EBITDA. So which is good. It's a new build for Cenovus, 15-year contract payback somewhere in the low sevens.
Meaning that that will be a good contributor for us to be financed with little equity. Then to Maersk M-class anchor handlers, two- and five-year contracts in Canada for Cenovus. Then I don't remember why we have the picture of this 400-ton I-class boat, but it's at least a very beautiful boat. Of course, if you see on the reported enterprise value, we are paying slightly less than $900 million. If you say you have four of the 400-ton crane boats and five of the five-year-old, five- to six-year-old big anchor handlers, you could say in an optimistic moment that those boats probably are, yeah, you understand. I think the value of those in a good market should be almost higher than what we are paying for the entire fleet. That's in a good market. Yeah.
So it's, and if you look at it on the discount, do the easy math on that 0.66, the broker value. I think on the I-class was around 140. So meaning that you are paying around 100 for them. And then of course, you see people are willing to pay $100 million for boats that I wouldn't say half the size, but at least much smaller boats for delivery in 2027. So then of course, you understand that the value of these boats is much higher than what we are paying for them. And the last one is to repeat that. We took our DOF Denmark call now, ex-Maersk Supply Service AS, on Friday last week and Monday was day one. And today is then day four. And we will invite all of you to then a presentation on Teams 11 December at 2:00 P.M.
And then we will do a more deep dive into what we have built, how the backlog looks, what our plans are, how to integrate subsea services and so on, and a few expectations on what we are able to achieve. And so we hope you have time on the 11th. And then we will prepare us as best as we can to make that a meaningful session. So then thank you very much. And then we are open for questions. And I hope we have a few.
Yeah, we have a few on the chat. And then we'll do here in the audience as well. I'll use this microphone for the benefit of the webcast. We can start with one from the chat while you guys in the room gather your thoughts. And that is, we've seen quite a few of the DOF Denmark's boats in the North Sea spot. How do you see that market developing in 2025?
No, it's a valid and nice good question. And of course, we have seen in 2024 that the spot market for anchor handlers and also for PSVs in the North Sea has been a bit disappointing. Of course, DOF have had no exposure to any of those markets. And so our plan for that fleet, of course, is to, when we are done with it, and of course, we will take a bit of time is to have, in addition to Skandi Skansen and Skandi Hera with crane, to have three, four boats that will work combined spot, but also use a lot of time on the projects.
Of course, we have four boats now: Skandi Vega, Skandi Skansen, and Skandi Hera that do management, Skandi Jupiter and Skandi Mermaid on the project now installing first an FPSO and then an FSO. Of course, those rates, internal rates on those boats are on average a bit more higher than $60,000 a day, plus then a nice margin on top. Meaning we need a few of those boats to execute those projects, but we want to have a reduced number to the spot. Then we want to have, let's say, the destiny of the earnings a bit in our own hands. We were not like the Skandi Heron has probably had single days in the spot market this year. That's the plan for it. To reduce the exposure and either to find either long-term home.
And of course, also then discussing to divest the oldest vessels in either the DOF fleet or in the new DOF Denmark fleet. So we are looking at that. So that exposure, the long-term plan is to get with a lower exposure. And of course, how I see the 25 anchor handling market, of course, it's a very good question. So of course, that depends on, will depend on the project activity and how many boats you can get out of the North Sea. There are a few boats departing. So it is on a balance. Of course, this year also if I was five boats, five seven boats less in that market, of course, it would be a fantastic market. So it's very difficult to predict. So I couldn't give you a better answer.
But of course, what we see is of course that when it's a bit interesting, what you have seen on the PSV side is that of course the spot has been depressed. I don't know what the average earning has been, but I believe they have been well below GBP 15,000 on average for a large boat in the spot market. And then you see the still current picture in North Sea, now over 20. And then you see internationally what we are able to do in Australia and other places. And likewise on the anchor handling side, you saw there was Sea1 fixed a few boats in Australia. Very good rates. The rates on the Petrobras standard are very high. So of course, it's a mixed feeling where you see the term deals are done on much higher levels than what you should expect from the spot market.
And likewise on the project activities, you see the rates are not reflecting the spot at all. And of course, that shows the expectation from the owners. So the question is of course how the owners react on the small bleeding we see in the spot market we have seen. But so far they have been standing strong on the long-term bids. So it was not a good answer on the spot market because I guess I've been in this industry for 30 years and it's almost difficult to predict what the anchor handling market will look like next week. So of course, five days ago they fixed anchor handlers around 200,000 NOK and then two days ago they fixed them at NOK 650,000 . So that's how it is. It's all about the balance and a few boats out makes a big difference. And of course, it's interesting.
I don't know if you've got a long-term spot market boat yet, but of course it's interesting. Also, see the dynamics in that market with now Maersk and DOF going together. You see Viking and Sea1 same commercial management. So of course, the dynamics is shifting a bit as well.
Anyone?
Good morning, Eirik Aspén Fosså, Carnegie. I had a question about the, or I wonder if you could talk about the anchor handler tender in Brazil. From what I can read, there were some contracts signed last night. I didn't see you announcing any contracts. So I'm just wondering if you could talk about the status and also, of course, you've bidden the Norskan vessels that are available. But now, as you've taken over the Maersk fleet, how many of those vessels have been bidden in that?
We haven't bid yet. So the tender I'm talking about is due later in November, but most likely going to be postponed a bit. So of course, what we will bid, of course, we will bid across the five boats we have on contract with Petrobras and of course discussing if we go to add a few boats from the international fleet. So we are looking at that. And then at the same time, of course, there is RSV tender where we have Skandi Olympia, Skandi Commander, Skandi Chieftain that also up for renewal in 2025-2026. That's also a very interesting tender. And of course, we also have to evaluate if we limit it to those three boats or if we bid a few more boats. And both those tenders commence either in 2025 or 2026 and four-year contracts. And so then you are talking 20, 30, and perhaps a bit beyond.
It's very interesting, of course, and if we can do eight, 10 plus boats. On that, of course, then you could have a fairly decent portion of the fleet on a very long-term contract. Of course, we expect to be bidding levels that is still moving in the right direction.
Also one question on the engineering, because that's grown quite a bit. I'm wondering if you could give some indication or color on how that could develop into next year. Could it continue growing or do you expect it to kind of stabilize?
It's a very good question. Of course, we are working on the budget as we speak. Of course, in some elements, of course, it will grow. You have new awards like the IRM contract with Equinor. Of course, on the charter in boating, of course, we guided on what we expected in the EBITDA outlook. And of course, then on that, it will grow. But of course, it also depends on what we are able to build on backlog of what is unsold. But I think the long-term trend is that you will see that growing. And then you have how fast we can be able to move part of the DOF Denmark fleet into that space. So of course, long-term, it will grow. How it will look in 25 and the specific guidance on that and how quickly we are able to turn part of the Maersk fleet in, we have to revert on.
Christopher from SpareBank 1. I might ask this question one month too early, but I'll try anyway. You had a slide showing the contract extension on the DOF Denmark fleet.
Is it possible to indicate if those extensions were done at what you would describe as market terms or if they were extended on pre-agreed pricing level by DOF Denmark? Thank you. Yeah, and we can come back on that, but of course, if you look at this one. So the first was, I don't remember if it was options or unpriced option, but of course, it's a completely new rate. So it's reflecting the present market for that type of boats. The Nomad was an option, but it was, the options was going in steps. So considerably higher rates on the new than on the old. And the Clipper and Cutter was pure extensions where the options were taken. And the Maersk Involver, of course, is new contracts. And the Involver here is also a new contract.
So yeah, it's a mix. It's a mix. And hopefully, I don't know what we can say and not say, but we will try to talk a bit more meaningful on that in December. And as I said, we have owned it for four days. So if you ask us a lot of details, we probably couldn't answer them. Because we were not allowed to look at commercial side until we got it closed. So we were as curious as you were when we took over. So it's a mix. And the force and the NOMAD up and the force are very nice rate. But I leave it like that for the moment.
Good morning. Lukas Daul from Arctic Securities. Can you just comment on the DOF CON dividend going forward? You said it's $50 million coming soon. And then you have decided to distribute dividends going forward. But did you decide on a level?
We say that, as you say, we decided in September. I think we had a meeting and then we decided to pay $50 out as soon as possible. And then we will have a new meeting now later in November to see if we can pay an additional amount out now before year end. And then I think the philosophy is, of course, with the backlog we have and relatively low debt level on that is that we pay out all excess cash, both certain minimum cash. So I have, I haven't discussed with our friends in TechnipFMC what we can disclose and not disclose on exact numbers. So I have to ask them before I give you. But let's say we are hoping for we can do 50 plus something close to that this year.
So 50 now and then perhaps not too unlike a number to 50 before we say Merry Christmas. But I can't guarantee that. But that is how we on the DOF side look at it.
Okay. And then just on the DOF CON performance in the Q3, I think you had it on the silo slide. It was down year- on- year on the EBITDA level. Is that anything?
Let's find it then. We find it. Both held, we are so old now we don't remember what we said 10 minutes ago. On the Buzios, was covered by a lot higher last year. Yeah. So that was more or less on one boat, the Buzios. And then there was also, we have to admit, of course, some cost. And then we also have a penalty cost.
Yeah, but if you take year- on- year, this is Q3 . Skandi Buzios was covered by lots of higher for in the comparable quarter. Then it was two months operations this year.
Yeah, and we also had, I think we also had $6 million in extraordinary cost on that boat getting a back end.
This quarter?
Yeah, this quarter.
Yes.
Okay. So that's the explanation. Then of course you will see Q4 being better.
Yes, that should be because then it's a full utilization of the fleet. The new contractor was just that said, they are applicable from 2025, especially on Vitoria and Niterói, just as you know. They will not start before next year.
Can you just say when they start? Do you have the dates?
Yeah, it's a moving target. Lundberg, do we have the dates?
Yeah.
It's late. It's Q4 .
Okay, thank you.
So no more.
On the blue boats, how confident are you that you'll be able to cover the short-term gaps on the contracts there?
Yeah, that's a good question. And of course, it's, as I said, we're going to talk more about that in December. But of course, it's to do what we plan to do. Of course, it's not that you don't do long-term contracts on some of the anchor handlers. You need time on that. So it will take a bit of time before we can say we have the exposure and the backlog we want to have. So it's not done overnight.
So it will, I think, as we have said before, I think 25 will be a transition year where we need to work on the commercial side, optimize the backlog and position the boats, and also then install some equipment on some of the boats, and then also to finalize the integration and, of course, to optimize the cost level. So it is, of course. It's a question that you could have a whole day both by both explaining what our plans are. All right.
Unless anyone in the audience has any additional questions, it looks like we've covered the ones on the web as well. So we're good. Thank you very much for listening and have a nice day. Thank you.