Good morning and welcome to the quarter 4 presentation in Dofarsa. On Morsos and together with me is Hilde Drorin. We start on the next page with some highlights in the Q4 for the group. First, the financial highlights. We had an income of close to SEK1.7 billion in quarter 4, EBITDA of SEK606 and then we have an EBIT of minus SEK335 and then of course, due to high impairments on the fleet that Hilde will talk more about later on.
Then we saw a strengthening on the NOK towards U. S. Dollars and ending up in a positive NOK730 million financial result and the profit before tax down of €238,000,000 As you also you can see on the net interest bearing debt, it's been reduced due to the dollar drop in the quarter. If you look at the next page, we have some operational highlights. Of course, very challenging operations and markets due to COVID.
I think if you look at full year, we have Kuwait direct Kuwait cost of more than NOK100 1,000,000 in the group and of course it's a challenge. We see this will improve performance on subsidy projects in APAC and in Atlantic in the quarter. We have seen increased activity in Brazil. So which you also saw from the the new work we won in the quarter quite a bit of it is in Brazil and maybe we see probably that is a trend that will continue. Continued very weak North Sea market, spot markets during the winter and into January, for the fleet we had an average utilization of 68%, 56% on the PSV fleet.
And of course, that is smaller split into where we have the older part of the fleet in layup and then close to 100% utilization of the operating fleet. On the anchor earnings side, we have 59%. We do believe that will improve as we are mobilizing over a couple of boats in Brazil for new contracts. I'll talk more about that later on. And on the services side, 77%, and that's almost at the same level as we had in quarter 4 last year.
Contract 1 in quarter 4 is around NOK 1,600,000,000 and the last 12 months done NOK 6,200,000,000. So it's been especially second half twenty twenty was a good second half for new winning new business. We had 8 buses in layer by year end and so that one less than the previous quarter. That will gradually reduce going forward. We have sold the boat.
We are mobilizing 2 boats in Brazil. And so it's the Laju fleet will reduce a bit during the next few months. Down on the next slide, we so 1 in quarter 4 main highlights, new contract quarter 4 is this going to Salvador or won a 3 year contract in Brazil on the Libra field starting down in around April time this year. And so that is something we really look forward to. And then we've won a 3 year contract on the Skane Reou with Peter Bos starting in this quarter.
And of course, she is coming out to lay up, so that's very good. And then when we go to contribute to Rio, we have we won earlier in the year what we call a PIF contract, inspection contract in Brazil. We plan to use the Riou, but now we will use the Vota Formo instead. So meaning both of these boats auto layup and into working in quarter 1. In APAC, we won a few projects BGS and AD, for instance, and which will secure utilization and the work for for the boats and also of course for the land ancillary side and project people on which is good.
In Atlantic really, we won a 1 year contract on the Twitze. We extended the Africa big subsidy boat with Agnip 2 years, keeping our busy until land of late in 2022. This kind of vehicle that has been working for Equinor since he was new in 2010 was we had a 6 month contract was that convoy turned into a 2 year contract that can hold. So she is now busy until May 2022. So very happy with that.
And then we won quite decent amount of smaller survey IRM construction contracts in the region, in Atlantic, utilizing Saudi, Wisconsin, Neptun and 7, Fofo, especially in quarter 4 and some of them in quarter 1. So all in all, SEK 1,600,000,000 and then so far in quarter 1, SEK 1,500,000,000 in new backlog. And then in 2021, no, back to you is accrued not I guess that is not in 2020. Yes, the back to you we have secured for 2020. Von is NOK 5,800,000,000 and if you compare that to the turnover for the group in 2020, we you are talking 75%, 77% of the turnover in 2020.
So let's say it gives a good foundation for 2020 on the backlog we have at the start of the year. So if you look at the next page, we have it's a new old slide, but with some new information on it. So being a global player, so we both main office here in Norway operating from 6 continents, 20 offices, 62 vessels were off 9. We don't own, but our management probably under the year 3,126 employees that of course varies a bit higher in the seasons. And then we also have a fleet of 70 ROVs and 2 AUVs.
So a pretty large ROV fleet in the group. If you look at each region, how we are split in, we are split in 4 regions. We have the North America region where we have around 250 employees. Today we operate 2 baux. Of course that varies a bit.
So we have Vaseline and all done. The turnover run-in 2020 in that region was NOK 700,000,000. So that is mainly done from channel and U. S, but also then we from time to time do projects in Guyana, Trinidad and Mexico and so on. So as we speak, now we have a vessel coming from North Sea mobilizing for a project in Trinidad.
So we spent a few months in Trinidad down from more or less today and the next few months. So we of course, it's an important region for us also to win business for the North Sea Fleet and in Trinidad and Guyana and so the Atlantic region, we have close to Tausen employees. We operate 30 boats and the turnover done in 2020 from that region was SEK 2,300,000,000. So that region is Norway, UK, Madam, West Africa. So the main offices in that region is in Norway and in Bahin and then in in Angola in West Africa.
In the APAC region, we have offices in Australia, Main Office in Australia and in the Philippines and Singapore, close to 600 employees, 8 vessels on the turnover in 2020 of NOK 1,100,000,000. Then we have the South America region, which is mainly in Brazil, we have 1 boat done in Argentina, long term contract toll, so but mainly in Brazil. And so about 1300 employees, 22 boards and the largest turnover in the group at SEK 3,500,000,000. So it's a very important region for us. And of course, it's done good when we on the previous page, I said that we see increased activity in Brazil lately and also going forward.
So a few very interesting tenders we are working on in Brazil as we speak. If we turn to the next page, we are we have for many years been striving to be our industry is leader in the ESG and maybe we work strategically and hard on that. And you know, we a few highlights. We received A score in the Carbon Disclosure Project in 2019, an improvement from previous years and with the next highest available achievement score. I think the average for our industry is C.
So it's pretty proud of that. By Ameluz TV, we have been ranked as Top 5 within the Nordic countries in 2020 from human rights and responsible business conduct, our sustainability report maintain scoring as a leading product by the governance group. So of course, we have look, we had a sustainability report over many years started earlier and we will see the results by having a high score. Then we have I mentioned it before perhaps, but we have what we call intelligence efficiency project together with some of the smartest brain in Norway in Sintef in North and in the Kongsberg Group where we and then that is supposed to plan to end by November this year. And the short version is that with some smart digitalization, we expect to be able to reduce the fuel consumption on boats with around 10% with a very, very limited CapEx attached to it.
So we look forward to see the end result of that. And of course, it's very interesting for us if we succeed on that. So that's the what we wanted to mention on the ESG side. And then I leave the word to Hille will take you through the more details on the financials for the quarter.
Thank you. So you can go to next slide. So main highlights for 4th quarter is An operational EBITDA of approximately NOK 600,000,000 and the main contributor is Dof Subsea with an EBITDA of SEK 458,000,000 and then you have Dof Supply and Norskan with an EBITDA of SEK 148,000,000. As you saw on the first slide that the EBITDA is lower and Main reason for that is the utilization rate, which is from 83% same quarter last year to 68%. And the big drop is in the PSV segment from 56% to 94% and 59% it's from 77 on the anchor handler.
But on the subsea segment, it's more or less In line on what we achieved last year. And as you can see, And earnings from Dofsrsepsi is the main contributor also this quarter. On the PSV side, we have had 5 vessels in lay up the entire quarter. And one vessel is agreed sold, but will be delivered in January was delivered in January this year. On the anchor handler side, we had one vessel that we own ourselves that has been in cold layup and that Vessel is now prepared for recycling in Norway.
The utilization for the anchor handlers is also highly impacted by vessels In layup in Brazil, but now reactivated to be mobilized on new contract with start up first quarter. Also worth mentioning that the utilization rate for the PLSV fleet has been 98%, which is quite impressive due to very challenging COVID-nineteen issues in that regions. Out of our own fleet, 8 vessels were in layer by end of December. So if you look at the P and L And if you compare the EBITDA SEK 606,000,000 to SEK 805,000,000, main reason is the drop In earnings compared to same quarter last year is actually from the anchor handler segment, which was approximately SEK 100,000,000 higher and from the subsea segment the same. That also is seen on the gross revenue for the group.
The net profit from the associated company, that's 1 PSV and 1 anchor handler where we own a minority share. All the PSV fleet has been all the PSV vessels in operation We are working on term contracts. We didn't have any PSVs in the spot market. And one vessel is, as already mentioned, sold and that is Skandi Bocken. The 2 vessels reactivated from layup didn't have we don't see any Positive impact from that, mainly negative in this quarter, that's Scandi Rio and Bota Fogo.
And it is The Skaljan Rall that is prepared for recycling. The Dof deepwater fleet, as we reported on the Q3 presentation, has not was sold by 1st October and is not included in these numbers. What we have seen and also mentioned by Montes is that we have seen improved Performance, especially from the Atlantic and the Asia Pacific region this quarter. If you go down to EBIT, That's negative with SEK 335,000,000 versus SEK 98,000,000 positive in 2019. And you can see that There has been high impairments close to SEK 700,000,000 also this quarter.
And that's due to drop in fair market values of the fleet and also updated value in use calculations. Also worth mentioning that The U. S. Dollar, the movement in U. S.
Dollar has an impact on our value in use calculation because the majority of the earnings are in U. S. Dollar. And then we have profit on the financial cost, and that's Due to also movements in the dollar, main reason is that the Norwegian kroner has strengthened towards U. S.
Dollar. Just a few words on the numbers year to date. And we achieved an EBITDA of close to SEK 3,000,000,000 compared to SEK 2 point 9, previous year, the 2020 has been impacted By an improved U. S. Dollar, especially first half and some one offs, But also improved performance from the JVs and the mainly the Dofcon JV and improved performance from the regions.
And if you can see the impairments, it's Close to SEK 3,700,000,000 in 2020, where the main impairments, as reported previously is from the Subsea segment. That's around SEK 2,400,000,000, SEK 2,500,000,000 and SEK 700,000,000 on the anchor handler and SEK 500,000,000 on the PSV fleet. And you can also see that even though we had a positive impact on the FX this quarter, it's still a loss for the full year of more than NOK 1,000,000,000. Financial cost, the interest paid is SEK 1.3 versus SEK 1.2. So that gives a net result of close to minus SEK 5,000,000,000 compared to close to SEK 3,000,000,000 previous year.
I think that was it on the result. So if you go to the segment reporting, you can see that on the PSV segment, it's 27% compared to 39%. And the reason for that is More vessels in Leyte this year compared to last year. On the anchor handler side, it's 84 compared to 129. However, if we compare with the hedge accounting, which we did until Q4 last year, Dan, the difference is actually €100,000,000 for the anchor handler fleet.
And that's basically more vessels in operation And better rates, especially in Brazil. If we look at the subsea, it's 500 compared to 581 And that's due to better earnings in some regions. Here you can see the impairment this quarter and how that has impacted the result. And the main impairment also this quarter is from the Subsea segment. And then we can move to next.
Dofsrubsee also report their separate segments, and that's They have defined it in long term chartering and subsea IMR projects. The majority of the vessels are within the IMR projects. And as you can see, this is a mix of project earnings and time charter earnings. And the gross revenue is SEK 7.56 this quarter and an EBITDA of SEK 136 It gives a margin of 18%, and that's a better performance than the previous quarter in 2020. They have a backlog close to SEK 4,000,000,000.
And as you can see, the majority of the employees in Dof Subsea are employed in this segment and also the majority of the vessels. If you go to the long term chartering where the PLSVs are the main contributors, they achieved a revenue of SEK 4.50 EUR 1,000,000 and EBITDA of EUR 222,000,000 and that gives a margin of 70%. That's more or less in line on the previous quarter. And also, as previously mentioned, a high utilization of close to 100% and a firm backlog of 7.6%. So if you move on to next, The cash flow, if we compared the 2 quarter, it's from operations, it's SEK 451,000,000 compared to SEK 523,000,000.
If you look on investments activities, it's the net negative cash flow is SEK 159,000,000 compared to SEK 77,000,000. The main investments also in 2019 2020 are basically class stockings and vessel upgrades to new contracts. Repayments of borrowings this quarter and also the last quarter, that's mainly amortization from the Dofcon JV. It's lease payments and short term credit facilities not included in the standstill agreements. And that ends up with a cash and cash equivalents of SEK 2,300,000,000.
And as you can see, this quarter, the exchange gain or loss this quarter has impacted the cash €1,000,000 Just a few words on the year to date number. It's no doubt That the cash flow has been impacted by a strong U. S. Dollar to both BRL and Norwegian kroner and of course the reduced interest payments due to standstill Agreements. And if you accumulate the capitalized interest payments, that is SEK 309,000,000 year to date 2020.
But if you go and if you go to payment on borrowings for the full year 2020, These payments represent the group already mentioned, but it also includes For some companies during first half twenty twenty. So the gross amortization for the group was SEK 1,000,000,000 compared to SEK 1,800,000,000 in 2019. We'd also like to emphasize that the FX has had a negative impact on our cash, the full year of SEK 560,000,000. So all in all, even though the FX has had a positive impact on our operational cash flow and EBITDA, it has had a very negative cash impact on our cash, but also impact on Our gross debt, which has increased with about SEK 1,000,000,000 due to FX. So then we go to next.
If you look at the historical performance of the group and if we see the EBITDA, It has been moved from NOK 805,000,000 to approximately NOK 600,000,000 in Q4. This is EBITDA without any gain from sale of assets. Already explained the difference from 2019 to 2020, But we have managed to have a pretty stable margin through this period, but exceptional high in 2019. If you look at the noncurrent assets, That has changed. And as you can see,
it
has changed from 25% to 19% this quarter, if you look at the current assets, you can see it has increased and that's due mainly due to increased cash. On the noncurrent debt, it's noncurrent assets, Sorry, it's of course highly impacted by impairments due to what we did in 2019 and also in 2020. You can see that the equity is negative. That's due to negative P and L through 2020. And of course, the main portion of the current debt is Short term due to the standstill agreements.
Then we move to next. If we here you see the movements from end of last and also end of previous quarter. And if I focus on the changes on the last quarter, you can see that there is a drop In vessel value, already mentioned the impact on the impairments. So in this quarter, it was SEK 700,000,000. For the full year, it was 3,700,000,000.
The 3rd tax assets that mainly comes from the Dovcon JV, meaning that All previous tax assets, they were impaired in 2019. If you go to the current assets, You can see that the cash has developed positively compared to year end last year, but a slight drop this the last Quarter. Asset held for sale, that is the Skandiboken. The book value of Skandiboken that was delivered early January to the new owner. And the negative Equity, of course, impacts the going concern.
But this report has been prepared on the assumption of our going concern due to the existing standstill agreement that we have with the banks. The non current long term debt, that's Basically the Dofcon JV and the lease debt and the short term debt that is all secured debt and bond loans that are classified as short term due to debt restructuring of the group. So approximately EUR 18,000,000 of the current portion of debt, that is under restructuring. So So if you go to next, here you see the key financial, the revenue since 2014. The EBITDA on the same and the firm backlog.
Just worth mentioning that the FX, of course, has a big impact here as well. Last quarter, we reported a backlog of SEK 17,000,000,000, but that was at a much stronger U. S. Dollar rate than we had by year end. So the value in Norwegian kroner on the firm backlog by year end was SEK 15,300,000,000.
So if you go to next. Just a quick update on the current restructuring we are working with. As already mentioned, approximately SEK 18,000,000,000 of the secured and unsecured debt is under restructuring. And what we have achieved so far is that we have signed standstill agreement with 91% of the secured lender Within the Dof Group, and we have signed 88 with 88 Santo, the secured lender in Doforsa for a standstill until end of April. And then we have signed a standstill agreement with the bondholders until end of March.
But here, there is an option for the bondholders to extend until end of June. As part of our governmental package in Brazil, we have achieved standstill agreement with the Neushka BNDES facility and one facility in Dov Subsea. And that started end of June and a new standstill was achieved until 10th June this year. As mentioned in the financial report, we have an agreement with BNDES For soft term amortization on the amortization until end of 2023. But that has nothing to do with this standstill agreement because that is, as mentioned, as part of a governmental package.
In Q4, the company or the group presented restructuring proposals to the banks, And we have received a response on our proposal. That means that there are currently discussions With the secured lenders and the bondholders. The proposals that we are currently discussing will have a comprehensive impact on the group's balance sheet. And that means that includes conversion of debt to equity. I think that was it from me.
So then I give the word to MUNS.
Thank you, Hille. A few words on the market. This is a slide we have got from Ristam and of course it shows that the COVID has had a negative impact of course on the market and but that we would then we also now expect that from 2022, we will see investments in the sector increase. So and that's pretty much aligned with our view that 2021 will be slower and we expect a rebound of activity in 2022 and 2023. So of course the oil price, recent oil price development was also give some reason to be a bit more optimistic compared to when the oil price was low, so oil price now at 65, 66 helps normally helps on the activity level in our industry.
So looking at the next slide, we said, we see 2021 more or less stable compared to 2020. And then we expect an upcycle run-in 2022. You know, toy bags is expected to be a preferred development solution. And also on IRM movebacks activity, we expect to grow within subsea. But still, of course, significant off balance between supply and demand in the industry.
And our long term, of course, that remains to be seen. But Bloomberg and Ryesta here in this expect then that the renewable side will surplus oil and gas in CapEx from 2025. So of course it's we as a lot of our companies, of course, spend quite a bit of time now on how to position ourselves and build a strategy for our renewable soda and so it's next year will be very interesting for us with then we will go offshore with the Hoiwind Tump and was the world's largest floating home in Park and so that we will do the Towout and installation of it. And so we look forward to do that project. Of course, of course, that also is project that will it's a good reference when we expect the floating part of the wind business to gradually develop and grow through the years to come.
So but on the next page we on the outlook, we saw we have seen January this year very weak. Heavy low activity. You know and but we see also some signs of increased activity in certain regions. Brazil is mentioned. I think also Norway as you can say it's stable or perhaps increasing a bit.
But then we see places like the U. K. Where we're badly hit by the COVID and oil price dropdown and we see still very low activity in U. K. And like West Africa, you know, was almost a complete stop forward activity in West Africa, the second half last year due to COVID, but also slow no repo, but still from very low levels.
So all in all, we may expect challenging markets in 2021. But we expect some OER activity of course through the seas than what we have seen in the end. So spot mortgage in the North Sea been very weak end of quarter 4 and into quarter 1. And but we're seeing some signs of more some weeks we have seen some almost balance in these markets both on. On the PSV side and lately also we saw especially on especially on Norwegian side, some good rates, Frank, analyst.
But how that will develop is very difficult to say. So all in all, we expect more or less the market to be in line with 2020. On the back to you guys, we mentioned we have SEK 1,500,000,000 in the back door for quarter 1 and then we have 5.8 for the full year run. As mentioned that is around 75%, 77% of the turnover in we had in 2020. So it's as mentioned a good foundation for 2021.
All in all, we expect EBITDA in Q1 will be weaker in Q4 in 2020. On the financial side, Hilli took you through that. We have continued discussions with our creditors on the long term refining solution and of course we are dependent of continuous standstill agreements with the creditors until the long term financial solution is agreed to maintain the ongoing concerns. So we will update of course the market vendor on use on that process. So that was what we had in the presentation today.
We have not any Q and A session today, but you can give Hilde or me a call if you have any questions. So one of our mobile phones or So please do that if you have any questions. So thank you very much to all of you and have nice day and thank you.