Good morning, good afternoon, and welcome to the DOF Denmark presentation. The plan for today is that we talk about the fleet. We talk about the market. We talk what our plans are with the fleet . We also want to show you a bit what we are actually doing with the boats, and then finally we will talk a bit about the backlog and the earnings potential in the fleet. We start with a video here from a project we did in West Africa that finalized a few days ago, where we have four DOF anchor handlers working on a project, and have a look at that, and then I'll explain a bit more after we have looked at it, yeah. So please, we start the video.
Baleine 2 is one of the biggest projects for DOF. We had four vessels in field, and then we had installed FSO, FPSO, and also the flow line between them.
It's a very complete project. We started by putting the anchors down on the seabed, and then we towed the two structures to field, and we hooked them up with the lines that were on the seabed, and then at the moment we are installing this big flow line between the two structures. For us, it was the first time that we installed a flow line of that capacity. There was a lot of pressure from management and a lot of pressure from the client to do well. Potentially, we spent more time on this engineering analysis for the flow line than we did for the hookup or moorings, because moorings and hookup is our core business, while the flow line was something that would be outside of our comfort zone. Very challenging, but our guys managed to deliver the project very successfully.
It's not every day that DOF have a large project like this. The operation itself has been more than half a year. We have been very efficient on the assembly, and we have been well ahead of schedule for the assembly of the flow line itself. It really shows that DOF's capabilities also in remote areas like West Africa.
The last years have been so fast-tracked. We were so worried about missing details or we're missing something. But you see at the end of the project what we delivered. The client has been very satisfied and we delivered it as a DOF way in a safe manner and very efficiently.
I hope you enjoyed the video, and I guess the purpose of that video was to, and probably a lot of you know that, you know, an anchor handler, and what we are talking about here is high-end anchor handlers, 250-ton bollard pull boats. They are used globally for a lot of projects, mooring projects, installing as we saw here, an FPSO and an FSO. We also use them a lot for subsea, other subsea projects, yeah. And so the point is that for high-end anchor handlers, with the competence DOF have, you know, the anchor handlers are used a lot on projects globally.
If you look at the economics on these projects, we had the average rates on the boats into the project, and of course then our project margin on top. We had average rates above $65,000 a day, and covering then third quarter and most of fourth quarter 2024. I'll come a bit back to it, but I guess what you need to understand, of course, is that DOF needs a certain number of anchor handlers to serve the global project market, yeah. We don't own anchor handlers to trade a spot market. We own anchor handlers to work on projects. The prospects going forward for projects in the mooring space, 2025, 2026, looks very promising. We expect to be busy with quite a few of the DOF Denmark boats on projects the next few years.
This is what we bought, you probably have seen it before, we bought 22 boats, average age of 8.5 years, and you know, then CSVs, anchor handlers, and one cable layer. Later on we will go through a bit more in detail boat by boat, but the summary, this is a high-end fleet, it's a young fleet, and a very capable fleet. Of course, next slide shows what we paid, and we paid an enterprise value $881 million for it, yeah, which is at closing was 0.66 of the asset values based on broker values, yeah. And since that, you know, the values have continued to increase, and of course that is due to the very strong underlying market, yeah. Like for the four biggest CSVs we have, CSV boats, they have now broker values of $150 million, yeah.
So, meaning that only those four boats represent more than $681 million we paid. So on values, we think this was a very, very good and attractive transaction. And of course, why did we do it? Of course, the fleet has enabled us to grow immediately, and adding, you know, core boats for us, what our strategy is, high-end anchor handlers and high-end CSVs, yeah. So the plan going forward now, of course, is to get them into our system, you know, to install subsea equipment on some of them then, and then put them into our commercial model, and of course we expect then earnings to at least when we come into second half 2025 and into 2026, that they will be on same levels of our own fleet.
So that is the background why we did it, and as I said, we still believe this was, on asset values, was a very attractive acquisition for DOF. Next, please. So this is the fleet, and I know you, I'll try to not spend too much time on it, but I think it's important that you understand the quality of the fleet and the potential of the fleet. The first one here is a large cable layer, Skandi Constructor , so it's purpose-built cable layer, and our view on the market is that the cable layer market, which, you know, for bottom-fixed wind, for instance, is probably the hottest segment in our space. There is the growth, the demand side will grow a lot, and we also expect the rate levels and the project margins in that space to increase.
We, of course, will see what is the best way for us to maximize value out of that vessel. Then we will see we have four I-class, we call them, Implementer, Installer, Inventor, and Involver. That is the newest and most modern large subsea construction vessels in the world fleet, as we speak. They are built, as you see, in 2017 and 2018, and very capable 400-ton crane vessels, so it's high, really, really high-end CSVs. Of course, the earning potential on them are very good, yeah. If you compare that to what we are able to do with similar boats in our own fleet, there is a huge potential on the earning side on those four boats.
What we are planning to do with them, of course, is to install ROV, subsea equipment on them, and of course then not only get the vessel earnings on them, but get the subsea margins on those boats as well. Then you see the backlog is, so it's short-term backlog on all four boats, and we think that is a very good position, and we will talk a bit about that later on, but we do believe that the market going forward will be strong, and we expect rate levels to increase, and of course, the present rates they are on, of course, are well below today's rate levels, yeah, so even without a further step up in day rates for these type of boats, there is a huge earnings potential increasing from 2025 into 2026.
Next page shows the other CSVs, which is the Skandi Constructor. It's a 250-ton crane boat, and she just commenced, you know, a contract at, of course, a very nice rate reflecting today's market level, yeah. Then you have the Skandi Feistein. She was renewed just a few weeks back, and the rate from mid-2025 is on market, yeah, so it is a very nice rate on her as well, so I leave that like that, and then next, please. And this is then the anchor handlers, yeah. So we have two M classes, Maersk Mariner and Maersk Master in Brazil, just for a short-term project. It's very bad earnings. It was part of the deal that we had to do that project for Maersk before we take them back, yeah. So, but from April onwards, they will be in the market.
And then we have three boats, all going to Canada, and two of them are new contracts, and they have an average EBITDA annual somewhere in the nine, so a bit $ 9+ million per vessel per year. And then we have, I guess, the next one. Then we have two boats in Canada as well, Cutter and Clipper, and worth mentioning here is that the Cutter contract ends in 2025, and then that means that there will be quite a different earnings on her, when she will commence a new contract.
Then we have the Spot Fleet, which is in total six vessels, and worth mentioning, and I'll talk a bit more about that later on the anchor handling market, but some of you might know that there is a big anchor handling tender in Brazil that was delivered in on the 16th, and the first auction for the first lot, the 250-ton bollard pull lot with ROVs, were done yesterday.
Interesting to note is that on that tender, on that lot, the only bidder were DOF with six vessels, yeah, meaning that we bid a few of the DOF Denmark boats on that, and of course it remains to be seen, very tense, but of course the, let's say, the starting point is very promising, and we, of course, we do expect, we can't promise, but we do expect, of course, to place quite a number of boats on that tender. We also expect rate levels to be at least on the same level as the tender that we did last year, and perhaps also to see an increase.
As examples, on the previous tender we did, the Skandi Amazonas, she got a rate in the high $70,000s a day, and we did two a bit smaller boats similar to the Laser Lifter and Logger here, and they had a rate in the high $60,000s, yeah. Meaning that you probably are talking about on those tenders, and I'm not saying that we will repeat it, but if you get the same level, you know, the operation in EBITDA for similar boats, a Laser and Lifter, we're in the $40,000s, low $40,000 a day on that tender. It's worth mentioning, and of course, when people look at the anchor handling market, they look a lot on the spot market North Sea, which is going up and down, yeah.
Worth mentioning, you know, what you need to remember is that the market for high-end anchor handlers are a global market, and the term market globally. So I was mentioning Brazil. There was recently done fixtures in Asia Pacific at the same high level, yeah. So the term market for anchor handlers are strong. And our plan, of course, is to reduce the exposure in that spot market. We will do long-term contracts on two or three of them. We likely will try to sell the two smallest boats in that fleet, the T class, and then we will use three, four boats on the subsea projects globally. So this is not a spot play. This will be a combination of global projects and winning a few long-term contracts. Next, please.
So here you have the backlog summarized on one page, and as you see, it is a kind of 13 boats out of a total fleet of 22 that is green or partial green. So let's say, if you look at boat years, perhaps 12 out of 22 years are covered for 2025. And as I say, especially the first half 2025 will be what you can call a transition year where we will take the opportunities to install our subsea equipment on them, and of course that will enable us to use them on subsea projects and higher-end work and long-term subsea contracts globally. We will also, of course, then install some ROVs on the few of the anchor handlers to enable them to also support the subsea side of the business. And of course, why do we do that? We have showed you examples of that before.
I think we had a slide, you know, in a previous presentation on the Skandi Installer here that we have had on charter from April this year, and you saw that we were making around $1 million a year on top of what we pay on the charter, yeah. And of course, that is the plan for I classes. It's also a plan for vessels like Nexus and Nomad here, where we have their own contract. Today, there is another supplier of the subsea services. So of course, our plan, of course, is to see if we can replace those and add extra earnings on those vessels as well. So on this, you see we are saying from the green, the firm contracts, yeah, which is then roughly 12 boat years, we expect $125 million in EBITDA in 2025.
And then we are left with 10 boats, so 12 out of 22 leaves 10. So of course, then the question is, what is the earnings potential for the other 10 boats? And we will give you guidance later on, and of course, talk a bit more about that later on. What's also very interesting is that, as you see from the bar here, is that, you know, there is only a very few legacy contracts not ending in 2025, yeah. So keeping in mind that the Feistein is on a new contract, the Minder, Mobiliser, Mover are on new contracts. We are talking then Nexus and Clipper that are the two ones that are really on legacy contracts, yeah. And that, of course, means that when we get market rates on this fleet, then we are able to add subsea services.
When we are putting these on the anchor handlers on projects, then we are putting some of the anchor handlers on these term contracts. Of course, the earnings potential for this fleet is much higher. You know, already in second half 2025, we expect the run rate to be on the north side annualized above 200, but of course, we expect that to increase considerably going into 2026 and onwards, yeah. So, and as we have said before when we have presented, of course, this is part of the reason why we did this acquisition. We get a very modern fleet. We have a backlog that is short that can be renewed on market terms, and we can add services on top.
That together, then with a very attractive acquisition price, we think it's a perfect plan in what we deem to, what we believe is a very strong market. Talk a bit more about the market, but our view on the market is that 2025 looks good. We have good tender activity. We have strong leads on most of the boats. Then 2026, 2027, we see clients. We have never seen clients being so early for business as we see for projects now in 2026 and 2027. And of course, that tells us what the clients expect. They expect the market to continue to go in our favor, yeah. So I leave this slide like that.
Mons, just jump in and clarify. You said on the installer that it adds one million per year, but I believe it should be per month.
Yeah, per month, per month, per month.
$1 million per month. Sorry. Thank you very much. That's a big difference, yeah. Per month. And what I also forgot to say is that there is possibility to ask questions, yeah. So you can ask questions, and then we will answer them at the end of the session, yeah. So it's Q&A. So please, I forgot that as well. So please send your questions in, and we will do our best to answer them, yeah. So $1 million per month. I'm sorry, you know. So then this you are also showing before. It's. So I don't spend much time on it. It's a 15-year contract, a new build 15-year contract with Cenovus Investment- Grade Oil Company in Canada. It's seven to seven and a half year payback, and we expect to financing it with a very limited amount of cash.
So our dividend ambitions short term are unaffected, and long term we expect them to actually increase by this vessel. So I leave that like that. I've talked about that before. So then we are on the guidance. It is to follow the DOF Group. It's a bit longer range than we normally have, and of course, we normally guide in February, not now. So this is not what I would call a guidance. It's a preliminary indication for 2025. So what we say is that we expect to deliver somewhere between $720 million and $800 million in the EBITDA for the DOF Group in 2025.
We will, of course, give more, let's say, we will come back on the guidance as we normally do in February next year, and hopefully then, of course, we can narrow it a bit, and we have, and then on the DOF Denmark part of it, we expect somewhere between $150 million and $200 million in the EBITDA, yeah. And as I said, then with a higher, much higher run rate in second half than in first half, and I explained to you why that's the case, yeah. And then you saw, of course, 12 out of 22 vessels are sold. So that means that 10 out of 22 are not sold, and of course, there is risk in that, and that's why we have this wide range.
Then hopefully, we will be able to narrow that as we expect to do a bit of contracts between now and February when we give the accurate guidance so we will come back then in February, but this is, let's say, a preliminary indication, yeah, so at least to show you the direction. The next is really the key takeaways. What we would like you to remember from this session is that the DOF Denmark fleet is a high-end fleet at a quite attractive price, at least we think. The backlog for the combined group is very strong for 2025, and we have continuous high tender activity globally, yeah. Globally, I'm saying globally, all from APAC to North America to Brazil to the Atlantic Basin.
Then what is, I would call it, perhaps not surprisingly, but not normal at least, is that we see clients coming to us very, very early and much earlier than normal for projects and contracts for execution in 2026 and 2027. And that we do believe is a very good sign for the market in those years, yeah. And if you combine that with looking at the backlog for the Tier 1 subsea players, I think that that is a very strong indication, and that's why we believe that 2026, 2027 will be even better than what we have seen in 2024 and expect to see in 2025.
Then there is only three legacy contracts in DOF Denmark beyond 2025, and combining that position with the market expectations is very interesting, and that's why we are saying we expect the earnings from DOF Denmark to really kick off when we get closer to 2026. Then what are DOF doing with our anchor handlers? If you look at the old DOF anchor handlers, they are all on long-term contracts apart from two, which is trading the project market, yeah. We have the Skandi Skansen and the Skandi Hera, trading the project market. And I think the Skandi Hera have done one rig move in the North Sea in 2024, and that was a job when she came back from West Africa that we are doing as we speak. So one rig move. The rest of the time, she's been on projects.
Likewise with Skandi Skansen, she had not had a single day in the North Sea spot market. That's the plan for the anchor handlers. As I said, the term market for high-end anchor handlers is very strong. The recent rates on term in the North Sea have been good. The recent rates in the APAC market have been good. As I said, on the 250-ton ROV lot on the present tender, only one bidder, DOF, with six boats. We have to see how that pans out. There are lots being auctioned tomorrow and the day after, not only tomorrow and the day after and into next week.
So we will see the outcome, but we expect limited competition, and we hope that the levels on that tender will be higher than what we saw on the previous tender. So as we write here, we have a unique position for global mooring projects, and we need some of the DOF Denmark anchor handlers to execute these projects because we have fixed. So we have positioned ourselves for this. We fixed the DOF anchor handlers long term to make space for the DOF Denmark anchor handlers. And then the earnings for 2025, the first half will be a transition year where we transit, where we install ROVs, where we win new contracts. And then from second half will be stronger, and we expect annual run rate in second half north of 200.
And then we are saying the earnings potential for 2026 and onwards is higher due to much higher rates in the market today than what we had in the legacy contract. And also then adding the subsea services will give a higher earnings potential. So that was the presentation. So thank you for listening, and now we are open for Q&A, and I guess that is like you send them in in writing, and we read them and try to answer them, yeah.
Yeah, that's right. So please feel free to continue to send in questions. We have received quite a few already, and we'll attempt to get through as many as we can. And sometimes we might combine some of the questions that are similar in nature that you have sent in. Starting first then with the guidance for DOF Denmark of $150 million-$200 million of EBITDA.
Does that include the negative one-offs that you mentioned, and do you have a breakdown for those negative one-offs?
Well, that was a difficult question. So what do you mean by negative? It means that when we stop them and install equipment.
Yes.
Yeah, that of course includes that, yeah.
Yeah, and I don't believe we have a breakdown to provide on that at the moment. Furthermore, how can you be so confident that 2026 will be much better for DOF Denmark?
Yeah, how I can be so confident, of course, you can never guarantee anything on this planet, but why I'm confident is, of course, that if you look at, take a few examples, if you look at some of the I-class, Maersk I-class, they work in with the day rates today in the 70s, yeah. So mid- to low-70s per day, U.S.
Of course, the present market, of course, is much higher than that. Of course, also we expect the demand to further increase. Even if it don't increase, of course, there is a much higher earnings potential than the mid-70s they are earning today. If you believe in that we are able to add more than on top, as we mentioned, you corrected me $1 million a month. Of course, then that's why I'm confident, yeah. We just have to do what we are doing already on the rates that is in the market, and then I'm confident that the earnings will increase a lot. Of course, the same. If you take the Maersk Forza, the old rate today is $20,000-$25,000 lower than the new rate.
If you look at the Connector, the options for 2026 are probably around $10,000 higher a day. If you look at the boats going to Canada, of course, the spot market, the earnings they have got this year, of course, is much lower than what we expect from the new contract in Canada. So I can take it both by both, but I guess you understand where I'm coming from. This is then you're saying that a lot of the contracts are not at market level, and we expect to do new deals on market level, and we also expect the market to further increase, and then adding services on the CSVs and also services on some of the anchor handlers.
Right.
Then on the anchor handling, a tender that you mentioned in Brazil, just to clarify, is it the case that you were the sole bidder for six unique slots with six vessels?
Yeah, there is, let's say, four different lots. So it's 250 ton with ROV. It's 230 ton with ROV. It's 180 ton with ROV. And then it's 270 ton without ROV. And then you have 230, 250, and 180 without ROV. So the first lot here, which was the highest priority for Petrobras, was the 250-ton lot with ROV. The only bidder on that lot was DOF with six boats. That was four of the Norskan boats already in Brazil, and then two of the DOF Denmark boats that we have shown in this presentation.
Then, of course, then the 230-ton bollard pull will be bid, and we don't, of course, expect to be alone on all these lots, but we expect not a huge number of competitors, yeah. I think that shows, of course, that the ownership of, let's say, 230, 250-ton plus bollard anchor handlers are not very fragmented, yeah. There are not that many owners in that space, and we also saw that in the last tender that it was very disciplined on the bidder side. Then also adding a few of the owners of that high-end anchor handlers, they do not have operations in Brazil.
Okay, thank you. You mentioned adding subsea services a few times in the presentation. What does that entail in terms of investments on your end in additional equipment and potentially people?
Yeah, of course, and of course, we will guide CapEx when we come to February when we give full guidance. And but you say, let's say, if you use one of the big CSVs as an example, I think you're probably talking, roughly speaking, $8 million-$9 million to put on all the equipment you need, yeah. And then for an anchor handler, of course, it will be less because normally on those you have one ROV instead of two.
Right. We saw yesterday Enova announcing a grant of NOK 300 million for two potential PSV new builds. Could you elaborate a bit on your thinking in relation to that?
Yeah. Of course, the starting point is that, of course, we did participate in that Equinor tender, yeah.
The purpose of participating was to learn and to be on top of, let's say, the future fuels and the engines and learn the technical side of it, yeah. Then we bid it on a rate that was very high. The intention, of course, was not to be on any shortlist. It was to learn and see what we could get out of it. Then suddenly we got this Enova support, and of course, that put us in a position where we might be, and I don't know if we are, we might be on a shortlist, but I don't know about that. I have to say, if it's possible to win 15-year contracts with those day rates we have offered, it will be a fantastic investment, yeah.
But I don't know if we are on shortlist, and I don't know if Equinor will accept our rates. But I know that the guys have done a tremendous job on the technical side and meaning giving or putting us position to get these subsidies. But I think it's far too early to, let's say, to talk about whether we are in position to win or not win or whether we want to win or not win and whether. So it's too early. We got these grants, and that's where we are, and we didn't bid to win. We bid to learn. And if we win with those rates, I guess we have what we can call a luxury problem, yeah.
Thank you. We have seen relatively few subsea contracts awarded to the subsea business.
Just one more comment on Equinor.
Of course, let's say if we win, of course, then of course it will have no impact on the cash position in DOF. It will be, as we say, on the Cenovus counter where you have payback in seven to seven and a half years. Of course, then if you win, and hopefully the economics on the Equinor deal will be a bit better than the Cenovus, then of course you will finance this close to 100%, yeah. It will have no impact on the cash position if we win, yeah. As I say, I have no idea whether we win or not, and I have no idea whether we want to win or not.
Thank you. We have seen relatively few subsea contracts awarded to the subsea vessel owners in H2 of 2024 compared to the previous periods in 2024 and 2023.
Could you share your thoughts on why this is?
Of course, it is, and it's always like that, yeah. And I can mainly talk for us, yeah. It is the contracting common periods, yeah. So it's periods, years where you get more contracts, and you saw DOF had until, let's say, August, September, we had a very high order intake, yeah. So we had a book-to-bill that was the highest ever, yeah. And then it's been a bit slower now the last few months. And of course, that is also partly due to that the old DOF fleet were kind of had a very high booking for 2025. What we see now is that the tender activity has increased again. We also see, and that's also to fill the gaps for 2025 and then into 2026 and 2027.
So, my and of course, this account, this is more feelings than anything else, but of course, I expect to see tender activity continue to increase, and then of course also then awards to announce the awards to also increase, yeah. So of course, I do once a week, I have all commercial guys globally from APAC to Brazil to North America and Africa and North Sea, and we have the schedule for all the boats, yeah. So we have good leads and a good plan for most of the fleet, yeah.
Of course, the focus lately has been, of course, to fill the gaps in quarter one, and you saw the DOF Denmark fleet, but if you look at the DOF, the old DOF fleet or the red DOF fleet or what you want to call it, of course, there are. I think we counted out of that fleet where we have, let's say, commercial responsibilities for 50 boats. I think we had in total for five months available in quarter one, yeah. So that's five months out of 150 months. And of course, that tells you it's also part of the reason why the order intake has been a bit slow lately because, of course, it's been more and more sold out, yeah. And of course, normally if you fix first quarter, the year will be good.
And then we, of course, have a few leads to fill some of those five months. So as we said, for the DOF side, the old DOF side, of course, the backlog for 2025 was the highest ever. And of course, you see on the guidance here, the preliminary guidance for the group, of course, shows that the preliminary guidance done for old DOF shows a fairly decent increase in EBITDA compared to 2024.
Right. And then a few questions around the dividend guidance and your thinking around that, especially in light of the CapEx required to upgrade vessels. Do you foresee any changes to the communicated dividend guidance in light of that?
No, and of course, it's and I think that is very important, yeah, that there is a big difference between CapEx and cash.
And when we, as we say, on the new build Cenovus, that will be financed, yeah. So even if the CapEx is high, the cash will be very limited. And on the subsea equipment that we have, of course, most of the equipment we have is paid on, yeah, the existing equipment. And that is owned in a company called DOF Subsea ROV. And so what we do on those boats is, on those new ROVs, is that we finance them 80%, and we pay floating interest plus 2.2 in margin, yeah. So there will also be a limited cash drain on that subsea CapEx, yeah. So that means that the dividend we have guided on will not be. We are not changing any guidance on the dividend. And I guess the next follow-up question is how the refinancing is doing.
That is that we are, let's say, in advanced discussion with the banks and moving nicely along, and we expect to land that in quarter one and be then in position, as we have said previously, to pay dividend in for quarter two, yeah. So there is no change on that. And then, of course, at the same time, we also have the same range on where we want to be on the gearing level, yeah, between one and a half and two. So there is no change on that. And I guess the key word here is we have to talk about when we talk about dividend, we have to talk about cash and not CapEx.
Thank you. There are some people who noticed a call out on the Implementer receiving the payment situation there. Are you able to share anything more about that situation at present?
For instance, when was the last time you received payment, and what are your options if the situation persists?
Of course, there is no payment default on that contract, yeah. We have been paid so far according to the contract, and that means that we are paid. So the October hire will be paid in November, and then the November hire will be paid in December, yeah. And the November hire is not due before in some days. So there is, so we have been paid up until now in accordance to the contract, yeah. And of course, we are not experts on Mexico. Of course, DOF have not had boats in Mexico. This is the only boat we have. And of course, we noticed that there is payment problems from Pemex and, let's say, on the value chain.
I guess if we are not getting paid, we will act according to the contract. Of course, we will not stay in Mexico for a long time if we don't receive any money. As I said, when we did, I mentioned a few rate examples on the high class. As I say, I think I don't remember the exact number, but I think the rate on that Implementer in Mexico is in the low $70,000s. Of course, if we get her back, of course, we will install ROVs and hopefully get her on contract that yields much higher than $70,000 a day, yeah. Of course, it's never been a plan for DOF to stay long in Mexico with that boat. She is not built for the scope being executed in Mexico. She is built for subsea work and not topside work.
The worst case, of course, is that, as I said, we have been paid end of October. The worst case is that you get some idle time in the next couple of months, and then off we go and have the ROVs ready and start working on the DOF commercial side. But as I say, I don't know the outcome in Mexico today, but so that remains to be seen. So far, there are no payment defaults on that contract.
Okay. Thank you. In relation to new builds, do you expect that there will be enough high-end CSVs in the market to cover demand in 2027 and forwards? Or do you anticipate that new builds for the high-end CSV segment will be on the table at some point? In relation to that, could you talk a bit about the general view on new builds?
Yeah.
Of course, of course, we will not build any boats on speculation, yeah. As we said before, if we can do a 12.5-year contract and finance that with a USPP or similar with zero very limited cash, and let's say with a payback done of seven years roughly, we will look at that, but not build on spec. And of course, to build, and I don't know what is meant by high-end CSVs. If you define high-end CSVs as 400-ton crane vessels and then, so let's say, the four I classes and the Skandi Acergy and the pipelayer Skandi Africa, I don't expect people to build those on spec, yeah. When we built the Skandi Africa, it got delivered in 2015. She was costing $300-something million.
I do expect that a boat like that, with that equipment on, is $500 million plus to build, yeah. So I don't expect to see any big numbers or new orders in that class. Where we have seen orders is in the 150-250-ton crane segment. And of course, we see from Norwegian yards, the pricing is reported to be 130-140. And then if you add finance, true construction, supervision, blah, blah, blah, you probably are $150 million plus, yeah. And of course, it is borderline economics on today's rate level to defend that. But it could be, it could be, if our market view is correct, it could end up not being a disaster, yeah. But of course, it's difficult. What we chose was to do this acquisition and get earnings today.
Of course, nobody knows how the market is in 2030 or 2031 or 2032, yeah. I think for me, it's too high risk to order subsea boats on spec. Of course, none of the subsea players, of course, have backlog today to defend taking a vessel like that on long-term charter, yeah. I expect it to be limited numbers. Of course, if the few that has ordered boats have made, if it's proven that they have made a good decision, then I'd rather buy shares in DOF. As we see, we are buying these boats at much lower pricing. We have a much bigger fleet, and we are priced at four times over whatever we are priced on today's share price. If they are right, of course, the DOF will be a cash cow for many, many years, yeah.
I guess the answer to that is do not order boats, buy shares in DOF, because then you get a much better subsea exposure than to order a boat or two, yeah.
All right. Thank you.
Just a final comment, sorry. It's of course that in that 150-250-ton space, that of course is where we have, I think we had around 15% of our fleet value in that space. It's not a large portion. It's also where we have most of the chartered in boats in that space, yeah. It also means that if you take the charterer hat on, there is one answer to this. If you take the shipowner hat on, there is another one, yeah.
But of course, today, these boats can also be opportunities for us to charter in and place on contracts, like we did with the Havila Phoenix and the REM boat and so on, yeah.
Super. And then on the other side of the spectrum, namely vessel sales, is that something that you're actively pursuing? And if so, in which segments are you focusing on that?
So we are actually actively pursuing that. So we are actively pursuing that on two, three, four of our smallest anchor handlers. We are actively pursuing that on some of our oldest and less capable CSVs. And of course, the anchor handlers we sell, of course, because they are not core. The CSVs we sell because, of course, it's never wrong to do a good sale in a very strong market, yeah.
Then we, let's say, opportunistically will look at selling more core vessels if the prices are what you can call, I would call it very high, yeah. So we ar e chasing a few, and then we have the door open if the price is good enough. We have said before that our plan is that the own fleet is no more than 65 boats, that if we get it the way we want it, that fleet is closer to 60 than 65 in a year from now, yeah. But of course, you never time these sales, that you have to take the time needed to get the price you want.
Right. Thank you. We'll have to wrap up soon, but we'll take one or two more questions before doing that. We have one here.
Should we expect the available vessels to be out of work for 8-10 of 25, or will they operate in the spot market until you have completed upgrades, etc.?
Yeah. And of course, that is really the same answer as with similar boats, yeah. You of course cannot time the contracts solely yourself. So I think it will be a mix, yeah. You will see a mix where some of them go direct on contracts and some of them will have to install equipment, yeah.
All right. Great. And then finally, can you explain why the spot market is so weak and the term market is so good?
Yeah. And of course, I focus on the anchor handling market then, yeah. And of course, the anchor handling market in the North Sea is kind of a perfect market, yeah.
Where if you have a few boats less, it's a fantastic market, yeah. You see it can start a week with GBP 10,000 a day and end a week with GBP 100,000 a day, yeah. So it's very perfect supply demand. And then, of course, when owners don't have any place else to go, they go to the North Sea, yeah. And why the term market is strong is because, number one, that tells, of course, how the owners' expectations are, yeah. When they, even in, let's say, fluctuating spot market, choose to bid term deals at high level, yeah. And of course, it tells also that when the charterers are willing to pay these high rates, it tells where all the suppliers are under demand so they expect this market to go, that this will go stronger and stronger.
And then, of course, it is also a bit more complicated than that because it's not what you can call a 100% fair market, yeah. Because some owners, they do not have placing power globally, yeah. Some owners do not have engineering globally. Some owners do not have REM capacity to import in Brazil. And so it is, I think, to maximize the earnings potential on these boats, you need all of that. You need a global placing power. You need to work these boats in both the anchor handling market, but also on the subsea side. And you need to be able to execute projects globally with them, yeah. And I think Brazil anchor handling tender is very good examples, yeah. So what we are building here is the 250-ton bollard pull, which is with ROVs. So of course, you need ROVs on the boats. It is in Brazil.
So you don't want to go to Brazil not knowing what you are doing. So you need a setup. You need a history. And a lot of people have burned themselves. So it's a lot of explanation to that. And of course, if you go to Australia, it's also the same, yeah. So there might be seven, eight, 10 different anchor handling owners in the North Sea right now. But then when you bid in Brazil, there is perhaps two or three. When you bid in Australia, there is perhaps two and three. So I think that is the main explanation. And then I think the final word is, of course, that if you looked at the award we got from Equinor on this Skandi Ice man, yeah. So we had a rate of vessel only, not including the ROV, around 500,000 NOK a day on that boat.
Of course, there were bids as low as 400,000 NOK a day, but it's also on the spec on the boats. So I can give you talk for an hour about the different way of speccing an anchor handler, but I'll not do that. Of course, an anchor handler is not an anchor handler. It's a lot to do with the thrusters, with the deck area, with the winches, and all the equipment, yeah. So it is, and of course, that's also, and of course, it's also then the track record of the owner of the boat, yeah. So it's a lot of answer to that, to why the term market is stronger, yeah. And of course, it's a lot of the anchor handlers in the spot market that don't qualify for bidding on 230-250-ton high-end anchor handlers.
Of course, the spec for the boats going to Brazil requires very good winches, a lot of storage. They require very good bollard pull and so on and so on, yeah. It's not something you can answer in one day, but I hope at least it gives a flavor of why an anchor handler is more worthy in one system than the other, and why an anchor handler is not an anchor handler is a lot of difference on the specs on these anchor handlers.
Yeah. That's great. That about concludes what we were able to get across in the Q&A session for this time. So thank you, everyone, for listening in and for providing your questions.
Thank you very much. Thank you.