Welcome to the Quarter One presentation. This front page is a picture from Congo, where us executed one of our largest set of projects so far in our history and involving actually more than 600 people from the DOF organization. I think we had six vessels on the project and a very happy client and delivered ahead of time. It's an example of what we are doing in the sharp end of our business. It was a good project with a very good outcome from both of us and for the client. We move on to the presentation and the DOF at a glance. Most of you have seen this before, but it's just a quick one on that. At the end of the quarter, we operated 77 boats. Of course, I'll talk a bit about that later on.
Some changes to fleet now after another quarter and also through the quarter. We see that we have chartered in boats and we have also sold one boat vessel. We talk a bit more about that boat, Martin and me. Martin, when we come to the financial and the development, of course, due to the IFRS 16, and I will talk a bit about how we are doing this high grading on the fleet and how we do it. On the earning side, I guess worth mentioning is the last 12 months we have had an EBITDA of NOK 813, continuing to increase and the backlog at the end of the quarter was NOK 4.9, today it is closer to NOK 7 billion.
Also talk a bit more about the backlog later on, but I think the short version is, of course, that it is looking very promising going forward on building backlog and for the remainder of 2026, for 2027 and 2028 and onwards. We see no weakness in the market. On the contrary, I have to say that today's view on 2027 is very positive. We see that on the global opportunity list and the negotiations we have and on the tenders we do that 2027 and also into 2028 can be very busy years. Today it looks like it's going to be stronger than 2026. It looks like this will continue for a while yet. On the next page, this is what we do. I guess the Congo project on the first page, of course, is a good example of what we are doing.
We own a fleet of vessels. Today we own 62 boats at the end of the quarter, I mean, 62 vessels. We also operate eight vessels we have hired in and we also have management on a few boats. As we saw on the first page, we are around 77 boats in the total DOF fleet. We add equipment and services and people on the vessels. We sell integrated full-blown projects to our clients globally. That is what we do. As you see here, we have more than 2,000 of our employees. They are specialists in the subsea space where they can be our ROV pilots. I think we have many hundred engineers and so on and so on. This is what we do.
On the next page, we have the highlights, I think, for the Quarter One. As you see, we delivered $175 million in Quarter One. That is up 11% compared to Quarter One last year. We continue to grow. We have a separate slide on it. Come back to that. The quarter was impacted by what we have called here non-recurring events related to vessel upgrades and the mobilizations for new contracts. That is not the ordinary dry dockings. We also had quite a few dry dockings on that. Of course, we did a quick math on it and those non-recurring items, they at least put them together is more than $30 million in EBITDA if they didn't happen.
I think that also shows the run rate and of course we got over April and Basno and internally and of course the April, of course, shows a much higher run rate and then whereas we report now for quarter one. Martin will talk about the high working capital. As you see, of course, fleet utilization at 82%, a bit lower than last year, and of course, partly explained by what I mentioned before. Backlog, as mentioned, NOK 6.9 billion, of course, very high. Of course, that was driven by the four RSV newbuilds we announced earlier. We have a separate slide on those as well. We lift our guidance. We used to be NOK 830 million-NOK 880 million. Now we lift that to NOK 840 million-NOK 880 million.
Of course, that is partly because we delivered a bit stronger Quarter One than we actually thought ourself, of course, also partly due to the high backlog and the positiveness we see in the market. Then we uplift the dividend. Last quarter, we paid NOK 0.35, now we pay NOK 0.37. I think that is the highlights for the Quarter, then we move on. A bit slower, the order intake. This is normal. It is a bit up and down on order intake, of course, we expect that to increase a bit now. We had a book-to-bill 0.8 in Quarter One, then, of course, a very big contract after the end of the Quarter. I don't go through all of this, perhaps a few reflections.
What we see for in one example here is what we have called the Rosebank installation, where I think they will have five anchor handlers on number, seven anchor handlers on that project, and five of those boats will be DOF vessels. It shows DOF position on the really high end of the anchor handling side. We press released the Skandi Skansen when we announced that. It is very nice rates, you could say, on that project. Also then in the spot market for the anchor handlers now, it has been very healthy in April and in May, and it looks promising, yeah. Also what we see is that we expect an increased demand globally for this type of boats. We see new areas with RFQs for this type of vessels that we haven't seen before.
Together with especially for 2027, let's say, what looks like to be a very busy year on mooring projects globally. We are quite optimistic on the anchor handling side. We also extended a couple of PSVs, and we haven't press released the Skandi Feistein, but we also extended her for six months. The 2 PSVs we have in Australia now both extended for six months. As I said, we come back to the 12-year contract later on. We are on the next page, please. This is the backlog, we see a total of NOK 6.9 billion backlog, that is the highest ever. As we said, we had NOK 0.4 billion order intake in Q1, this is bumpy. Some quarters is slower than other quarters.
Of course, if you look at the rest of the year, we have 85% covered on for 2026 compared to the midpoint of the guidance. Of course, it is fairly good visibility on the remainder of 2026. In 2027, if you do the same math, we are soon getting close to 60% for 2026 if you use the same midpoint as we had for 2026. Of course, it's starting to build. Remember last year I said I will not go on summer holiday before we had a certain percentage in the backlog for 2026. I'm not saying the same now. I had to go on a late summer holiday, I have to admit that. Of course, I expect that we will see that backlog for 2027 and for 2028 to grow quite a bit going forward.
Of course, I base that on deals we are in final discussions on, and we expect to announce it in the next few months. It is looking promising that we will be able to build that backlog quite a bit in the next few months. As I said, we are more positive. Of course, we were positive before, but we are more positive than we were today on 2027 than we were a few months ago. It's looking very promising and I guess the balancing act now is to do the right deals and optimize our portfolio to maximize earnings and utilization. We have to hold back on some opportunities to be sure that we take the right ones. That is how we see 2027 today. On next page, we have the non-recurring events.
As I said, we have had the Skandi Lifter and Skandi Logga, of course, they left Europe early in the quarter and sailed for Brazil. They mobilized for Petrobras and went on in mid-March. They have a day rate of NOK 75,000 per day and of course, that means that it's a non-recurring event and they will make money from mid-March onwards. The same with the Skandi Chieftain. Skandi Chieftain was also mobilizing for Petrobras and commenced their contract and as we say, the Skandi Carla as well. We have what we call a PIDF project, which is this large inspection project we do for Petrobras with total value of NOK 390 million and have been a good earner for us for many years.
That project was in the middle between the old project and new project in Quarter 1 and are ramping up now in April, May. We also had two, three boats being mobilized and of course, we'll start now to make money in Quarter two and Quarter three. The Skandi Minder, we had an incident on her and she has been out of the market for the whole quarter. We mobilized our ROV, but we also had some technical issues we had to fix. The Skandi Açu where we had to advance the dry dock on her she also was out, as you see close to two and a half months. Of course, it's a big earner for us. If you summarize those listed here, you have more than $30 million.
Of course, in addition to that, we had the Hercules, the Patagonia, Connector, Iguaçu, and Ipanema in dry docking. As we say, of course, the run rate will increase going forward. I think I'll leave that slide like that. The next one is two boats we announced buying two vessels, Aurora Saltfjord, which is now Skandi Saltfjord. She has been trading in the DOF name for roughly a month and is off to a good start. Then we will take delivery of the Sandefjord in second quarter. We expect that let's say late June, early July is what we expect. Of course, it's really high and it's close to 400 ton bollard pull anchor handlers. Of course, this is the strongest anchor handlers on the globe.
It's high and of course, they get premium rates compared to an average anchor handler in the market. As I said earlier, we see the market conditions for these type of boats strong, not only in the North Sea, but of course, globally we see demand picking up in Africa, in Americas and so on. It looks good. We will install our own ROVs. Then we will also on one of them install a large subsea crane also to strengthen our own project delivery and increase that fleet of anchor handlers with big cranes with vessels. I guess that we move to next one then which is what we call it cash positive high grading on the fleet. We will not spend money on high grading the fleet.
We will sell and make sure that we sell for free cash that covers purchases. Going forward, we will continue to high-grade the fleet, but we will also continue to do that cash positive. As you see from here, we have sold now four lower spec anchor handling vessel, purchased two high-spec anchor handling vessel. We also sold our cable lay vessel, Skandi Connector. What we are selling here is that she is the only cable lay vessel we have on our fleet, and of course, we have no market power, no position owning only one boat. That's why we are selling her. Of course, also our view on it is that it looks like, at least for her, it looks like the market are going to be slow for that type of boat in the rest of 2026 and also in 2027.
It looks like it will be 2028 before that market perhaps pick up a bit again. That's why we are selling her. As you see from the curve here, we have sold for more than we have bought for. If you look at the cash position, of course, we have freed up quite a bit of cash by selling, disposing, buying two boats. We expect that we will now continue to, let's say, to high-grade and refine our fleet. Where we will sell, let's say, older vessels and/or non-core vessels and high-grade them with newer, more high-spec core vessels. As we say, it will be cash positive. Next one, please. This is then showing how the fleet of anchor handling is looking. As you see, we have sold lower-end boats.
The three down there, handlers, the two T-classes with less than 200 tonnes bollard pull and also fairly old ladies. We also sold Skandi Laser, which is a bit newer and a bit bigger, but not the same spec as the two on top there, Aurora Sandefjord and Aurora Saltfjord that we bought, which is very high-end. Of course, what you also see, of course, is that in the 300 tonnes bollard pull class, there is a global fleet of 18 vessels, and we own eight. If you study that 300 tonnes vessel fleet, of course, in reality, there is varying specs on those. Of course, we control more than, let's say, 8 out of 18 if you look at the really high-end anchor handling fleet.
Of course, it gives us a good position in that market and makes us, as we said, of course, on the Rosebank installation that starts now towards end of May, there will be five out of seven boats on that project will be DOF vessels. I think that shows our strong position in this market now. Next one, please. I guess that is you, Martin, perhaps. No, that is the RSV newbuilds. Of course, this is four newbuilds for 12 years for Petrobras. It is with vessels, it is subsea equipment, and it’s full service scope. For us, ROV, surveyor, and so on and so on, all included in the agreements. Yeah. They will commence, the first one commence in 2030, and the two next one in 2031.
We are building at a Navship yard in Brazil that is, as we see it, the best yard for building this type of boats in Brazil. Of course, they have been building a lot of similar vessels through the years. Interesting, of course, it's high spec. It's hybrid power, meaning that they also will be able to run on ethanol and a large battery pack. It's also then, that's decarbonizing our fleet when these vessels come into service. NOK 2 billion backlog and stretching into 2042. Of course, it's interesting because now we have 5 boats done with contracts into the 2040s. I guess oil and gas will be there in 2040s a lot. Then, of course, we will, as always, on long-term ones, see how we can maximize the financing on them.
It will at least be a large portion of, or local financing via BNDES, and of course, they offer very attractive terms. We will also see how we can further, let's say, reduce our own equity going into those boats. We are working on that. On the money side, we don't say too much, but it is fully repayment of the debt over the value period and also then generating a positive cash flow. It's a fairly decent balanced deal for us, and we are, of course, very happy with that award. Of course, strategically, it secures our position as a leading IRM provider in Brazil for the next 15 years. Yeah, and, of course, it also gives you foreign vessels, of course, also gives you then what we call ramp capacity.
Meaning that you can also utilize these vessels' tonnage to import more foreign flagged vessels and with the advantages that have for us going forward. Next, please. It's you, Martin.
Then it's me. Thank you, Mons. Yeah. You saw the headlines already at the start. First quarter up, yeah, roughly 11% from last year. Of course, still a bit of seasonal variation. Q1 a bit softer than the rest of the year. That is pretty normal, and of course, that is also impacted by the one-off effects that Mons went through. I think if you look across the segments is, of course, the same one was explained partly. One of them is DOFCON with the Açu being out for a large part of the quarter, and also the Subsea region. Regional EBITDA is generally more lumpy than the rest, and of course, we see that this quarter as well. On leverage, we're still within our target range. It's impacted from, I would say two main things.
We have the IFRS 16 debt proceeds, lease debt on the screen of NOK 77 being debt that at this point does not have corresponding earnings. Of course, when you add the full debt but no earnings, it impacts the leverage ratio negatively, but of course, over time, they will improve again. Of course, that is also the case with vessels when they are delivered, that they come in with no historical EBITDA, but with full debt at balance date. It is also, of course, you get the opposite effect from delivery of vessels when you sell them, but of course, we have not delivered the sold vessels yet. That effect will be present when delivery is okay. Second effect impacting the net debt is relatively high working capital buildup through the quarter. That is also something that varies and part of the nature in our business.
It varies through the year. Last year, first quarter was also the worst quarter in terms of working capital buildup. We'll get back to that. When we look at the cash flow in the quarter, I would say it's, you don't keep much of your EBITDA on the current quarter due to the change in working capital, the relatively high level of CapEx with the mentioned one-offs and equity portion on the purchased vessels coming in and also the relatively high number of class dockings in the quarter. Repayment of debt is in the, as per agreed profiles. Of course, we also pay a substantial dividend in the first quarter of this year. A bit more in-depth on working capital, $85 million - delta on the operational working capital, a bit higher than last year.
This year, there was one off there as well, a known receivable of a bit more than $30 million that we were notified that we could get early April instead of late March. It explains a big portion of the difference, and we also received it early April. That's okay and explainable. We also see that it's not very different from last year that December is a bit lower activity month. You release quite a bit of working capital, and then you ramp up again towards the end of Q1, building up the same type of working capital. Of course, that said, this is certainly a focus area and something that we're working on improving as much as we can. Dividend declared for Q2, $0.37 per share, up from $0.35. The total amount paid since we commenced dividend June of last year of $411 million.
I'll leave it back to you then, Mons.
Thank you, Martin. I guess most of it is said already. We can repeat it, the guiding and outlook. On the guiding, we only do the changes over the revenue is the guiding is the same. We lift the EBITDA guidance, excluding sales to $840 million-$880 million. We lift the lower end with $10 million. Of course, that's driven by the acquisition of the Skandi Saltfjord and the Skandi Sandefjord and also the better than forecast of Quarter 1. Of course, then offset by the sale of the Skandi Laser and the Skandi Connector. Then we also lift the guidance on the net interest with $5 million from $90 million-$95 million. I guess the rest is left unchanged. I leave that like that. Let's say minor changes to the guidance really.
On the outlook, I don't repeat that 840-880 once more. Sorry for repeating ourselves a lot here today. Strong backlog, 85% of midpoint cover for 2026. Of course, that gives a good foundation. Yeah. As we have cover of 57% of the midpoint revenue for 2027. We expect increased order intake for second half 2026, full year 2027 and beyond during the next three to six months. As we said, we have quite a few discussions, some in the final stage, some in the middle, and some in early stages. We see if this develops as is normally do here, we will bag quite a few nice let's say longer term contracts and shorter term contracts that will build the backlog for 2026, for 2027, and also beyond. As normal, we have a few pictures here.
This time I start from the right-hand side, which show a picture of one of our big pipelines in Brazil. As most of you know, Petrobras are out with a tender for pipelines, and three out of our six vessels are in position to bid on that. We are also in discussion with Petrobras on extending the contract for the same three vessels. Yeah. We hope, of course, that we will have good news on those three boats going forward. Yeah. The 1 beside it, that one is the Sievo and Atlas that we have chartered in for the PIDF project, and that will start ramping up now. Soon we will have four boats working with that. Of course, then that will start to produce the margins we are expecting. In the middle, we have a picture of 1 I-class.
They were in gray so far, now we have painted the DOF red color on one of them. The picture of her is because we see also that we are expected to win some long and nice contract on her covering on one or two years covering not only 2026. Yeah. Also we see the market in general in 2027. It's a lot of demand for that type of boats globally. We hope to have good news around those as well. Yeah. The three others here are the Skandi Saltfjord and the Skandi Sandefjord on the left-hand side coming into the fleet. Of course, we expect them to contribute to the earnings going forward.
We have the Skandi Skansen , and we have t`he Skandi Minder, and of course, we also expect their earnings to be higher going forward, and especially of course the Minder that were out in the full quarter. In short summary is that we are optimistic on building backlog and that the earnings going forward will be stronger than what we saw in quarter one. I think we leave it like that, and then we are ready for any questions.
Good. We have a few, and I think I'll start with one that it's probably a need for clarification on this particular page. You state that you expect increased order intake for second half 2026. Does that mean that we go above the $2.5 billion we have in H1 for H2? Whether that is a fair understanding.
No, I guess we haven't commented on that. I guess what we expect to do, of course, is to fill some of the open spots we have on the books. Whether we go above the revenue guidance or not, I can't comment on that. What we expect, of course, is that today, let's say the 50% that is not sold, that will grow, yeah.
Yeah, I will elaborate on that because the $2.5 billion is including the full RSV value. If we say that H2 is exceeding H1, we're saying that H2 exceeds the order intake for first half including the full RSV contract.
No, no. Not within our
Yeah. Good. Next one. Can you tell us about the Skandi Amazonas incident in Brazil?
No. I can of course confirm that we had an incident on that boat and it is too early to say how long she will be out and so on. I can confirm that, of course, we have normal loss of hire insurance, of course, the normal full machine insurance. It's too early for us to go into any detail on that. Other than say that for 2026, we are expected to have what we call limited financial impact on our earnings for 2026. We focus now on the people on the boat and keep her safe and get her repaired. We will share with you information if it's relevant to one and if it's relevant. I think that is how we leave that discussion today, yeah.
Thank you. Can you tell us the size of the crane being fitted on one of the new AHTS and when it is planned?
It is 150 ton crane. It will be fitted in, I think in March or April next year, yeah. Before the reel-lay season kicks off, yeah.
Good. The price of the Skandi Connector, the cable layer, was rumored to be below market expectations. Can you please comment on that?
Yeah. Of course, below market expectation because it's not often you see sale and purchases of that type of boats. Of course you always dream of getting more, but we in the end, were satisfied with that price. Also reflecting that, let's say the right market for her as we saw it was not looking good for second half 2026 and for 2027. What is the right price for a boat? I guess the market value for the boat is the price you sell it for, yeah. Of course, as always, we market these boats globally when we are out doing second-hand transactions, yeah. We got the price we got and whether that was above or below the market expectation, I guess that is not something we can use time on, yeah.
Good. Can you elaborate about DOF's ambitions in the market for large SURF projects? Will DOF compete with Saipem 7 and TechnipFMC in the SURF market in the future? If yes, do you need more capacity, people, ships?
Of course, I think the short answer is no to that question. I think for us, if that was the route we were going, it would take a long time. They have thousands of engineers. They have spud barges. They have rigid reel-lay vessels. They have a very different balance sheet, bigger companies and so on. For us to compete with them on $1.5 billion projects, I think that wouldn't be doable even if we wanted for money issue. What we perhaps see is that them growing bigger, them focusing on the big projects, them being very busy, that leaves an opening for companies like DOF to do more, let's say, smaller sub-projects. Where they do NOK 1 billion, NOK half a billion, or $1.5 billion, we perhaps can do more of the NOK 100 million, NOK 50 million sub-projects.
I think that is something we are doing today and something, of course, we are discussing what is our best moves to position ourselves for that part of the market going forward.
Thank you. We got another question around the one-offs. Can you please quantify the total cost of the one-offs or non-recurring elements in Q1?
The cost. That's a difficult question because I guess if you look at the Lifter and Logga, it's demobilizing the boats to Brazil, that was part of the plan and then going on hire. We went on hire more or less on the day we planned to go on hire. The cost of that, of course, I guess that is impossible to say. Likewise, of course, for the PIDF projects, we are mobilizing two new boats for that project, and I don't have a specific cost for that in my head. Of course, that is part of also what was budgeted and planned for when we did the bid and when we did our project budget, and when we guided on earnings and on CapEx. That is all cost on project life. That, of course, is costed through the project life.
The answer, I guess, is no.
That's fine. I think the EBITDA figure of, call it an EBITDA loss of NOK 30 should be a good estimate on what that has costed in terms of lost EBITDA for the quarter.
Yeah
It's probably a better explanation. Where do you see the Subsea regions EBITDA margin in the coming quarters?
The general answer to that, of course, is that a normal development through the year, of course, is that the EBITDA you get out of the regions will increase going forward through the year. I guess you saw the same development in 2025, and in 2025, of course, you saw a really good quarter four where you come to the end of the year and you release a bit. Yeah, the answer to that is, I think, on the EBITDA from the subsea regions, you will see that increase going forward. I guess you agree with that, Mr. Martin?
I do. Do you have an explicit ambition of keeping dividends at an unchanged level through the year, or are you open to variation between quarters?
Yeah, that's a good one. In the end, of course, it's the board that decides that. Of course, as we have said, when we decide, the input we give the board for their decisions are number one, of course, the backlog I think is a key input to that. The stronger backlog boasts a higher certainty going forward. Of course, also the earnings and the earnings development. Lundberg, I leave it for you to answer that question.
I think that that's not written in anywhere that it needs to be the same every quarter, although we did $0.35 every quarter last year, and this is the 1st quarter of a new year of $0.37. I don't think I should put too much into that. I think it's fair to say we don't guide on dividend payments. Of course, the increase that we see from $0.35 to $0.37 It's an indication of, call it our beliefs and how confident we are in the times ahead, but we don't guide on events. The last, let's see. Are there any other repairs or maintenance we should expect this quarter? If so, can you share the expected impact on EBITDA? I guess that is referring to the one-offs in Q1, and whether there are similar events in Q2 that we should be aware of.
That is very difficult to answer from the top of my head. I don't know. Of course, at least not to the magnitude we have seen in Quarter one. I think the answer to that, of course, is that you have to look at the guiding. We will deliver $175 million in Quarter one, and we are guiding NOK 840 million-NOK 880 million for the remaining quarters. I think that is the answer to that question.
Yep. Thank you.
When we upgrade our guiding, what was done, we have taken into consideration all the events that we today have planned.
Then the follow-up on the cable layer. You mentioned a soft near-term outlook. Is that something that could have a direct or indirect impact on the dynamic in the subsea market?
Number one, it might be that DOF is not the right expert to talk about the market for cable layers. We have only one boat. Of course, we have been also marketing that boat for charter as an alternative to sale, and it is surprisingly how few opportunities we saw for 2026 and 2027 for the boat. Whether a cable layer can come and do meaningful subsea work, then I think the answer to that is no. If this boat could have done meaningful subsea work with the market view we have on the subsea market, we would have kept the boat. The Skandi Connector is not, let's say, a threat to the subsea market.
Good. Thank you. We have time for a few more still. Any comments to the order book for 150 ton-200 ton cranes CSVs coming into the market too?
There are a few boats coming in. I think I'll start to answer that question. Our end product is not a ship owner. As we said on the front page and on the third page where we Perhaps you can go back to the third page, Lundberg, just to explain that once again. Here you have it. What DOF are selling in the market is what we call integrated offshore services. We deliver a SURF project. We deliver fully integrated IRM services. We deliver inspection reports, and we deliver fully engineered mooring projects, and so on. As we said on the fleet here, you see we have eight higher end boats. Whether we deliver our project from our own boats or higher end boats, we can do it from both.
We don't compete with these vessel owners that are building these boats. They are more a supplier to us. When we are bidding a job in 2027 or in 2028, with none of these vessels owners are bidding on that job. I think as long as the demand side for our services is the same, this will not change the number of bidders for our services. Meaning that I don't think that if there are a couple of boats too many on the vessel side, I don't think that will influence us at all. On the contrary, it might even be that we can make money on those boats if we get them for a cheaper rate in and charter them out again, including full services at the same rate that we have today.
That's my view, and I don't see that as a threat at all. Then I guess the question, if you look at this, whether I think the market will be oversupplied for vessels. It's difficult to answer. I think quite a few of these boats will be delayed delivery. I think as we see the market, I think demand will grow. It might be that this balance out very nicely, but I haven't spent much time on it either because I don't see this as the threat at all, since we are a user of these boats and We don't compete with the boat. We compete with the service companies delivering fully integrated services. That's how I see it.
Of course, I think if you go and ask the bigger boys that also uses these boats like Subsea 7 or the guys if they are worried about if there are a couple of 250 ton crane boats too many, I think they will just be happy if there are a couple of boats too many.
Okay. Thank you. Anchor handling spot rates have been very high so far in 2026. At the same time, utilization has been low for the overall spot fleet. How is this possible? Can this continue, or will rates come down?
It's a good question. I think it's a more disciplined supplier side on the anchor handlers. It's more disciplined holding the rates up, and of course, also is a very different earnings on the various vessel types as well. I think we had a look at, of course, we did a thorough review before we bought Sandefjord and Sandefjord. I think, if you looked at Sandefjord class of boats, which is only a handful. In the spot they had in quarter four last year. Don't take this as accurate, really, but you have to help me, Lundberg, but I think they had around per calendar day. They had around NOK 800,000 a day per calendar day. 100% utilization in quarter four.
If you jump down to I wouldn't give names, but I think if you jump down to I don't know how detailed you are, but if you look at the AHTS anchor handlers owned by a few that also has 280, 290, 300 ton bollard pull, they had an average that was roughly 300,000 NOK low wide. I think it is, of course, that's why we are buying these higher boats, because they're higher on board, because then you get higher utilization, yeah. You get better rates on quite a few jobs. Of course, what also is interesting was this, that, I don't know if this is just me or if this is my own theory. What we know is, of course, is that, what used to be a summer season for these boats, very strong.
We see also a very strong winter season for these boats. I think that has to do with quite a few of the rigs in the summer are working on DP. Due to weather, they are moored in the winter, meaning that they need more anchor handlers for the normal rig move market in the winter time. Of course, in the summer, there are more projects and so on. I even forgot what the question was, Martin.
No, I think you more than answered it, so that is all good. We still have quite a bit of questions, but unfortunately, we have spent the hour, so we will have to.
If you have one more question that is very good, we can do that, and then we say bye-bye after.
Yeah. I will stay on the same subject because it is a very concrete answer why we sell the Skandi Laser when the AHTS and the 250+ looks so promising.
I think that the answer to that is, of course, that we focus on the really high end. It's nothing wrong with the Skandi Laser, but of course, it compared to the Iola, the Skandi Iceman or the Skandi Sandefjord, or those boats, it's quite a different ball game. Of course, why we are selling it is because we are high-grading the fleet, and we expect higher earnings from the boats we are buying. Of course, it's also because we have a disciplined approach. We shall be cash positive when we are high-grading a fleet. We have to sell something to buy something. It's not more complex than that.
Good. Thank you, Mons. Thank you all for listening.
Thank you very much and have a nice weekend, all of you. Thank you.