Good morning, and welcome to the Quarter Four presentation in DOF ASA. I'm Mons Aase, together with me is Hilde Drønen. We start on the next page with some highlights in the fourth quarter for the group. First, the financial highlights. We had an income of close to NOK 1.7 billion in quarter four, EBITDA of NOK 606. Then we have an EBIT of NOK -335 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 NOK 730 million financial result and a profit before tax down of NOK 238. As you also can see on the net interest-bearing debt, it's been reduced due to the U.S. 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 we look at full year, we have direct COVID cost of more than 100 million NOK in the group and of course, it's a challenge. We saw improved performance on subsea projects in APAC and in Atlantic in the quarter. We have seen increased activity in Brazil, which you also saw from the new work we won in the quarter, quite a bit with this in Brazil. We see probably that there's a trend that will continue. Continued very weak North Sea markets, spot markets during the winter and into January. For the fleet, we had an average utilization of 68%, 56% on the PSV fleet.
That is more or less split in two, where we have the older part of the fleet in layup and then close to 100% utilization of the operating fleet. On the anchor handling side, we have 59%. We do believe that will improve as we are mobilizing now a couple of boats in Brazil for new contracts. Talk more about that later on. On the subsea side, 77%, and that's almost at the same level as we had in quarter four last year. Contract won in quarter four is around NOK 1.6 billion, and the last 12 months done NOK 6.2 billion. Especially second half 2020 was a good second half for winning new business. We had eight vessels in layup by year-end and so that one less than the previous quarter, and that will gradually reduce going forward. We have sold a boat.
We are mobilizing two boats in Brazil. The layup fleet will reduce a bit during the next few months. On the next slide, won in quarter four, main highlights, new contract in quarter four is the Skandi Salvador won a 3-year contract in Brazil on the Libra field, starting in around April this year. That is something we really look forward to. We won a 3-year contract on the Skandi Rio with Petrobras starting in this quarter. Of course, she is coming out of layup, so that's very good. When we got the contract for Rio, we won earlier in the year what we call a PIDF contract, inspection contract in Brazil, where we planned to use the Rio, but now we will use the Skandi Botafogo instead.
Meaning both of these boats out of layup and into working in quarter one. In APAC, we won a few projects, BT and AD, for instance, which will secure utilization and the work for the boats and also, of course, for the land engineering side and project people on, which is good. In Atlantic region, we won a one-year contract on the Skandi Swift. We extended the Skandi Africa with Technip two years, keep them busy until end of late in 2022. The Skandi Vega that has been working for Equinor since she was new in 2010, we had a six-month contract. That contract turned into a two-year contract with Equinor. She is now busy until May 2022. Very happy with that.
We won a quite decent amount of smaller survey IRM construction contracts in the region in Atlantic utilizing Skandi Skansen, Skandi Neptune and Skandi Savannah, especially in Q4 and somewhat in Q1. All in all NOK 1.6 billion. So far in Q1, NOK 1.5 billion in new backlog. The backlog we have secured for 2021 is NOK 5.8 billion, and if you compare that to the turnover for the group in 2020, you are talking 75%-77% of the turnover in 2020. Let's say it gives a good foundation for 2020 on the backlog we have at the start of the year. If you look at the next page, it's an old slide but with some new information on it.
Being a global player, so we put main office here in Norway operating from 6 continents, 20 offices, 62 vessels thereof 9 we don't own but have on management. Early 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. 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 boats. Of course, that varies a bit. We have a vessel in the north and the turnover done in 2020 in that region was 0.7 billion NOK.
That is mainly done from Canada and U.S. but also done from time to time do projects in Guyana, Trinidad and Mexico and so on. As we speak now we have a vessel coming from North Sea mobilizing for a project in Trinidad. We achieve it spend a few months in Trinidad from more or less today and the next few months. 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 on. The Atlantic region, we have close to 1,000 employees. We operate 30 boats and the turnover done in 2020 from that region was NOK 2.3 billion. That region is Norway, U.K., Med and West Africa. The main offices in that region is in Norway, but 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, eight vessels and a turnover in 2020 of NOK 1.1 billion. We have the South America region which is mainly Brazil. We have one boat done in Argentina, long-term contract with Total. Mainly in Brazil and about 1,300 employees, 22 boats and the largest turnover in the group at NOK 3.5 billion. It's a very important region for us. Of course it's done good when on the previous page that said that we see increased activity in Brazil lately and also going forward. A few very interesting tenders we are working on in Brazil as we speak.
If you turn to the next page, we have for many years been striving to be our industry's leader in ESG. We work strategically and hard on that. A few highlights. We received an A score in the Carbon Disclosure Project in 2019, an improvement from previous years and with the next highest available achievable score. I think the average for our industry is C, so it's pretty proud of that. By Amnesty, we have been ranked as top five within the Nordic countries in 2020 from human rights and responsible business conduct. Our sustainability report maintained scoring as a leading product by The Governance Group.
Of course we have had a sustainability report now for many years, started early on, and we will see the results by having a high score. We have mentioned it before perhaps, but we have what we call intelligent energy efficiency project. Together with some of the smartest brain in Norway in SINTEF, NORCE in the Kongsberg Gruppen, that is supposed to plan to end by November this year. 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 very limited CapEx attached to it. We look forward to see the end result of that. Of course, it's very interesting for us if we succeed on that. That's what we wanted to mention on the ESG side.
I leave the word to Hilde, who will take you through the more details on the financials for the quarter.
Thank you. You can go to next slide. Main highlights for fourth quarter is an operational EBITDA of approximately NOK 600 million. The main contributor is DOF Subsea with an EBITDA of NOK 458 million. Then you have DOF Supply and Norskan with an EBITDA of NOK 148 million. 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%. The big drop is in the PSV segment from 56% to 94% and 59% from 77% on the anchor handler. On the Subsea segment, it's more or less in line on what we achieved last year. As you can see, the earnings from DOF Subsea is the main contributor also this quarter.
On the PSV side, we have had five vessels in layup 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 ourself that has been in cold layup, and that vessel is now prepared for recycling in Norway. Also highly impacted by vessels in layup in Brazil, but now reactivated to be mobilized on new contract with startup 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-19 issues in that regions. Out of our own fleet, eight vessels were in layup by end of December.
If you look at the P&L, and if you compare the EBITDA 606 to 805, main reason is the drop in earnings compared to same quarter last year is actually from the anchor handler segment, which was approximately NOK 100 million 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 one PSV and one anchor handler where we own a minority share. All the PSV vessels in operation are working on term contracts. We didn't have any PSVs in the spot market. One vessel is, as already mentioned, sold, and that is Skandi Buchan. The two vessels reactivated from layup, we don't see any positive impact from that, mainly negative in this quarter. That's Skandi Rio and Skandi Botafogo. It is the Skandi Admiral that is prepared for recycling.
The DOF deepwater fleet, as we reported on the third quarter presentation, was sold by 1st of October and is not included in these numbers. What we have seen and also mentioned by Mons 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 NOK 335 versus NOK 98 positive in 2019. You can see that there has been high impairments, close to NOK 700 million also this quarter. That's due to drop in fair market values of the fleet and also updated value in use calculations. Also worth mentioning that the movement in US dollar has an impact on our value in use calculation because the majority of the earnings are in US dollar. We have a profit on the financial cost, and that's due to also movements in the US dollar.
Main reason is that the Norwegian kroner has strengthened towards US dollar. Just a few words on the numbers year to date. We achieved an EBITDA of close to NOK 3 billion, compared to NOK 2.9 billion previous year. 2020 has been impacted by an improved US dollar, especially first half, and some one-offs, but also improved performance from the JVs and mainly the DOF Group JV, improved performance from the regions. If you can see the impairments, it is close to NOK 3.7 billion in 2020, where the main impairments, as reported previously, is from the subsea segment. That's around NOK 2.4 billion-NOK 2.5 billion, NOK 700 million on the anchor handler, NOK 500 million on the PSV fleet.
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 billion. Financial cost, the interest paid is NOK 1.3 versus NOK 1.2. That gives a net result of close to minus NOK 5 billion compared to close to NOK 3 billion previous year. I think that was it on the result. If we go to the segment reporting, you can see that on the PSV segment, it's NOK 27 compared to NOK 39, and reason for that is more vessels in layup this year compared to last year. On the anchor handler side, it's NOK 84 compared to NOK 129.
If we compare with the hedge accounting, which we did until fourth quarter last year, the difference is actually NOK 100 million 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 NOK 500 compared to NOK 581, that's due to better earnings in some regions. Here you can see the impairment this quarter and how that has impacted the result, the main impairment also this quarter is from the subsea segment. We can move to next. DOF Subsea also report their separate segments, they have defined it in long-term chartering and subsea IRM projects. The majority of the vessels are within the IRM projects. As you can see, this is a mix of project earnings and time charter earnings.
The gross revenue is NOK 756 this quarter and an EBITDA of NOK 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 NOK 4 billion. 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 NOK 458 million, an EBITDA of NOK 322, and that gives a margin of 70%. That's more or less in line on the previous quarter. Also, as previous mentioned, a high utilization of close to 100%, and a firm backlog of 7.6%. If you move on to next. The cash flow, if we compared the two quarter, it's from operations. It's NOK 451, compared to NOK 523.
If you look on investments activities, the net negative cash flow is NOK 159 compared to NOK 77. The main investments also in 2019 and 2020 are basically class dockings and vessel upgrades to new contracts. Repayments of borrowings this quarter and also the last quarter, that's mainly amortization from the DOF Group JV. It's lease payments and short-term credit facilities not included in the standstill agreements. That ends up with a cash and cash equivalent of NOK 2.3 billion. As you can see, this quarter, the exchange gain or loss this quarter has impacted the cash with NOK 81 million. Just a few words on the year to date number. It's no doubt that the cash flow has been impacted by a strong US dollar to both BRL and Norwegian kroner. Of course, the reduced interest payments due to standstill agreements.
If you accumulate the capitalized interest payments, that is NOK 309 million year to date 2020. If you go to payment on borrowings for the full year 2020, these payments represent the Group already mentioned, but it also includes amortization for some companies during first half 2020. The gross amortization for the Group was NOK 1 billion compared to NOK 1.8 billion in 2019. We'd also like to emphasize that the FX has had a negative impact on our cash, the full year of NOK 560 million. 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 impact on our cash, but also impact on our gross debt, which has increased with about NOK 1 billion due to FX. We go to next.
If you look at the historical performance of the group, if we see the EBITDA, it has been moved from NOK 805 to approximately NOK 600 in Q4. This is EBITDA without any gain from sale of assets. Already explained the difference from 2019 to 2020, we have managed to have a pretty stable margin through this period, but exceptional high in 2019. If you look at the non-current assets, that has changed, as you can see, it has changed from NOK 25 to NOK 19 this quarter. If you look at the current assets, you can see it has increased, that's mainly due to increased cash. On the non-current debt, Non-current assets, sorry, is 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 a negative P&L through 2020.
Of course, the main portion of the current debt is short-term due to the standstill agreements. We move to next. Here you see the movements from end of last year and also end of previous quarter. 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. In this quarter it was NOK 700 million. For the full year it was NOK 3.7 billion. Deferred tax assets, that mainly comes from the DOFCON 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 the last quarter. Asset held for sale, that is the Skandi Buchan.
The book value of Skandi Buchan that was delivered early January to the new owner. The negative equity of course impacts the going concern, but this report has been prepared on the assumption of a 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. Approximately NOK 18 million of the current portion of debt, that is under restructuring. 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 NOK 17 billion, that was at a much stronger US dollar rate than we had by year-end. The value in NOK on the firm backlog by year-end was NOK 15.3 billion. If you go to next. Just a quick update on the current restructuring we are working with. As already mentioned, approximately NOK 18 billion of the secured and unsecured debt is under restructuring. What we have achieved so far is that we have signed standstill agreement with 91% of the secured lender within the DOF Group. We have signed with 88% of the secured lender in DOF Subsea for a standstill until end of April. We have signed standstill agreement with the bondholders until end of March. 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 Norskan BNDES facility and one facility in DOF Subsea. That started end of June, and a new standstill was achieved until the 10th of 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. That has nothing to do with this standstill agreement because that is, as mentioned, as part of a governmental package. In fourth quarter, 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. That includes a conversion of debt to equity.
I think that was it from me. I give the word to Mons.
Thank you. A few words on the market. This is a slide we have got from Rystad. It shows that the COVID has had a negative impact on the market. We also now expect that from 2022, we will see investments in the sector increase. That's pretty much aligned with our view that 2021 will be slower and then we expect a reborn of activity in 2022 and 2023. The recent oil price development also gives some reason to be a bit more optimistic compared to when the oil price was low. Oil price now at 65, 66 normally helps on the activity level in our industry. Looking at the next slide, as said, we see 2021 more or less stable compared to 2020, and then we are expecting upcycle then in 2022.
Tiebacks is expected to be preferred development solution and also IRM OpEx activity we expect to grow within Subsea. Still, of course, significant off balance between supply and demand in the industry. Long term, of course, that remains to be seen, but Bloomberg and Rystad here in this expect then that the renewable side will surpass oil and gas in CapEx from 2025. Of course, 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 side. Next year will be very interesting for us with then we will go offshore with the Hywind Tampen, of course, the world's largest floating wind park. That we will do the tow out and installation of it.
We look forward to do that project, of course, that also is project that 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. On the next page, on the outlook, which we have seen January this year, very weak with low activity. We see also some signs of increased activity in certain regions. Brazil is mentioned. I think also Norway you can say it's stable or perhaps increasing a bit, we see places like U.K. where were badly hit by the COVID and oil price drop and we see a still very low activity in U.K. West Africa, was almost a complete stop for our activity in West Africa the second half last year due to COVID, slow now rebound but still from very low levels.
All in all we expect challenging markets in 2021, but we expect some higher activity, of course, through the season than what we have seen at the end. Spot markets in North Sea have been very weak end of quarter four and into quarter one. We see some signs of some weeks we have seen some almost balance in these markets both on the PSV side and lately also we saw especially on Norwegian side some good rates for anchor handlers. How that will develop is very difficult to say. All in all we expect more or less the market to be in line with 2020. On the backlogs we mentioned we have NOK 1.5 billion in the backlog for quarter one and then we have NOK 5.8 for the full year.
As mentioned that is around 75%, 77% of the turnover we had in 2020. It is as mentioned a good foundation for 2021. All in all, we expect the EBITDA in first quarter to be weaker than quarter four in 2020. On the financial side, Hilde took you through that. We have continued discussions with our creditors on the long-term refunding solution and of course we are dependent of continuous standstill agreements with the creditors until a long-term financial solution is agreed to maintain a going concern. We will update, of course, the market when there are news on that process. That was what we had in the presentation today. We have not any Q&A session today, but you can give Hilde or me a call if you have any questions on our mobile phones. Please do that if you have any questions.
Thank you very much to all of you and have a nice day. Thank you.