A warm welcome to you all to this Q2 presentation from DOF. Today's presentation will include operational and financial highlights and some views on certain market segments in the coming years before we then round off with a Q&A session. You can submit your questions in the webcast Q&A function, and you can do so at any time during the presentation. We will cover them at the end. With those practicalities out of the way, let's get going. I reckon the first order of business is to pause for a moment and marvel at this beautiful picture of one of the newest additions to the DOF fleet. What do you say, Mons?
Yeah, it's a beautiful picture. Yes, it is the Skandi Saltfjord. We took delivery of her and the sister just in, was it end of June, and Saltfjord a bit earlier. This is Saltfjord and of course, she is now on her way to Guyana. The first term contract we do on her. It's been a success so far. Of course, the market for these type of boats, very big high and anchor handlers has been very good so far this year. Our market view is, of course, that it will strengthen going forward. We have a few slides on that. Going to talk more about that. At least so far, the earnings from these boats has been very good in Q2, and we expect that to continue. We move on.
This is the traditional slide at a glance. I guess worth noting here is, of course, that revenue last 12 months creep up, but EBITDA also rose. We go back to that and a few changes to the fleet. Going to talk a bit more about that later on. We have a capital market day in September. Then, of course, we will talk more about why we are doing what we are doing on the fleet side. It's all about adding high-end vessels where we can add services and margins and then selling less capable assets where we are not able to add services on top. That was at a glance. This is what we do. Of course, most of you have seen this before. We own a fleet. Today we own 61 boats bought the end of the quarter.
We have hired in boats from external owners where we use to execute our projects and contracts worldwide. We own a very large fleet of ROVs and other subsea equipment. I think we are among the top five owners of ROV. Of course, good earnings on those and of course also we see values on the ROVs have increased. What used to be a new building price for less than around $4 million is now $5 million plus, and secondhand value as well. We own that equipment. We add people, so we add services, engineering, ROV services, project management and so on. We then sell to our clients what I would call integrated offshore services. Then adding a margin on top of the vessel earnings.
You see here the development in those through the last few years and the last 12 months. Still creeping up and last 12 months 8.22. Next one, I think is showing the highlights for the quarter and we delivered, of course, Martin Lundberg will talk more about that when he comes on. We delivered an EBITDA of $238 million, which is the highest EBITDA we ever had in a single quarter. It is up 11% compared to Q2. Of course, this is excluding the effects of the Skandi Amazonas total loss and also the $10 million in the sale gain we had of selling a small anchor handler. The reported EBITDA, of course, is $358 million, and I will leave it to Martin to explain that. Utilization of the fleet 88%.
Of course, very happy with the backlog now stands at $ 7.2 billion and of course, that gives us very good visibility going forward and perhaps the best visibility we ever had the average of when you look at the backlog for 2027 and 2028 and onwards. Of course, that is also part of the reason why the board decided to do a small increase on the dividends as we see the visibility and also the market outlook.
We are getting more and more convinced that this market will stay strong for long. Of course, that is why we increased the dividend. The graph of course shows the EBITDA and the debt and equity. When I leave Martin will talk more about that later on. A good operational quarter and a very strong outlook based on a very solid order book.
This is a few, some of the awards and of course it spread globally. It is starting in Australia. Two jobs on the Skandi Manto with TotalEnergies almost a year and at what I would call very healthy rates and margins. We had three years on the sister boat, Skandi Involver in Guyana. We commenced at late June, early July.
She has started that contract and of course Norskan Offshore is back having three out of four CSV with full services for ExxonMobil in Guyana. Very proud of that. We won a project with TotalEnergies in Nigeria that will involve four boats which is a big mooring project that we believe will deliver good margins for us.
We extended Skandi Búzios and Skandi Recife for a year or a bit more into early 2028 and of course the interesting on the pipeline is there is an ongoing tender. We have bid Skandi Búzios, Skandi Recife and Skandi Olinda on that and we have for Skandi Olinda and Skandi Recife, we are the only bidder and for the Skandi Búzios we have one competitor with a similar sized boat. Let us see.
It will take a bit of time but we of course are hopeful and it is a four-year contract and starting in early 2028 meaning that if we are awarded that we have backlog for those boats to 2032. As you remember, the three other PSV, they have backlog to 2030. Of course we will see that the backlog starts creeping into the 2030s and beyond. It is also a sign of course how the oil companies are viewing the market.
When they go long and into 2030, of course, it is because they believe the market will be strong also going forward. I mentioned the front page, it was the two Norskan anchor handlers going to Caribbean and that is to Guyana and it is very interesting. It is the first time we do large anchor handlers on drilling support in that area. We see now the demand for very, very high-bollard-pull boats developing outside Brazil and the North Sea into new areas.
Likewise, if you are on the bottom here you see the Skandi Hera, of course it is a four-year contract for a high anchor handler in Suriname. It is the first time into Suriname and very interesting to see that demand and a very big anchor handler with the crane on a four-year contract. Also of course including all of these services on top.
I think, so I leave it like that but of course it has been good from APAC to Canada to the North Sea and to Caribbean and so on. It has been a global good quarter for us and of course we also expect it to continue. There will be more awards, there will be shorter awards and there will be longer awards and we expect the backlog to continue to build going forward.
The next I guess summarizes the So this is the anchor handlers. For those of you who remember how it looked back when we bought DOF Denmark or Maersk Supply Service, of course it has changed a lot. We have sold quite a few low-end boats and then we have bought a couple of high-end boats and of course the backlog has also changed dramatically.
Now I think we have is it 24, 25 boats on this slide and then you see for second half this year we have 33 boat exposed to the spot market and then for next year we have full backlog for all about around six boats and three of them with large cranes and three without.
We have never had such a high backlog on anchor handlers and we also see of course rate levels. I think the last deals you could say the rates are up around 15% compared to the existing rates we have. It is creeping in the right direction. We feel we have a very balanced approach now to the market exposure on those boats.
It might be of course as we write here that we will need to charter in a boat now and then to support us on a few projects. The next page is showing also a reason why we are a bit optimistic on these boats is that this is then what we call the floater market and then you see that was six being done in 2026. Then we see we have 2020 and 2020 for 2027 and 2028.
Especially from second half 2027, we see a very busy market on mooring projects globally. That is, of course, part of the reason why we have these three anchor handlers with the big cranes to capture that market. All in all, to summarize anchor handlers, very healthy pipeline of mooring projects.
Demand now for higher anchor handlers, also, let's say the traditional areas, and a very strong balanced North Sea spot market. We are, as you understand, optimistic on that segment going forward. This is the backlog. Around $7.2 billion if you include what we have won after balance date.
For the month of this year, of course, we are raising our revenue guidance for this year. With the new guidance, we have a backlog around 92%. Next year, we are creeping up towards 70%, and for 2028 we are around 55%. Of course, it's interesting to see that if you look at T1 backlog, we are $300 million higher now than we were a year ago. It's the strongest ever.
As I say, we expect that to continue, and I wouldn't be surprised if we are 80% plus when we start 2027. It's quite good. As I said, we see the pipeline of expected awards and bids, and that is very promising. All in all, very optimistic on continuing to build backlog for the DOF Group. Then, I talked a bit about what we are doing with the fleet.
We are selling four PSVs. Of course, we continue management of them. We have a small ownership, and they will continue working on their jobs, and we will manage them. But we are netting out $50 million in cash from it. Of course, on a PSV, you make the day rate, and that's what you make on an anchor handler that go on a project, an anchor handler ROV or a CSV.
Of course, you make margins on top. Of course, that's why we are exiting this segment gradually. It's not because we don't believe that PSV will be a decent place to be going forward. It's simply because it's not part of our core strategy anymore to do that type of operations. Then we have on the next slide, of course, we have done. We invested in two new builds to be delivered late 2024, early 2027, early 2028.
Of course that is part of the strategy. We are selling, let's say, older assets and non-core assets. Then we are focusing that in on newer core assets. We bought the two anchor handles, and we are buying these two. Of course, on the present earnings we have on similar boats in the fleet, we believe this will be, what you call it, Lundberg, in English?
Accretive.
Accretive, yeah. It's a very difficult word for the numbers in DOF. This one is showing what we talked about earlier, is that we will high-grade the fleet, but we will be cash neutral or cash positive and funded from vessel sales. Yeah.
I guess this one is showing on the graph here, is showing that with the PSV sale and so on, if we have a 65% debt on the two new boats, we will be slightly cash positive on what we have done so far on sales and purchases on boats. That is how we will do it going forward. We will be minimum cash neutral when we renew and high-grade the fleet. That's it, really. Mr. Lundberg, do you take the word?
Yep. Thank you, Mons. I'll go a bit more into details on these numbers. I guess it's needless to read them all. Across all the segments, it's another strong quarter. On this slide, you see that, yeah, it's a good development across the group, where the shipowning section or segment is the two, has the biggest improvement from last year with 17%.
One of the big drivers for that is for sure the anchor handler spot project market. That's been a good contributor. 11% up year or quarter to the same quarter last year, so $24 million. Of course, in this graph, we are showing the underlying, call it operational EBITDA exclusive of any sales gain and Amazonas booking effect that I will come back to. Of course, it's important to say that they are non-recurring, but they are still earnings.
The sales gain of $10 million relate to the sale of Skandi Laser delivered in the quarter, while the Skandi Connector and the four PSVs delivered after Q2 will not be booked until they are in that quarter. There is no sign of those in this quarter presentation. Still and comfortably within our targeted leverage range.
We have communicated 1.5 to two is where we want to stay. That is also one of the important principles of the dividend levels. We see, as Mons said, very stable, strong markets for the longer terms. This is a comfortable place to be. We said that we could sit in the upper end of that range when we see good visibility and good tendering activity, and that's where we are at the moment. On debt development, it is slightly down on normal amortization.
Of course, the Amazonas impact is a part of that. We've also done a few new loans related to particularly the Skandi Saltfjord being delivered to us in the quarter. New debt has no corresponding EBITDA in the 1.8, so that will improve when you have a full year of operations. On this one, it is a few highlights.
Of course, positive change in working capital on a high activity quarter. It's not always we manage to do that. So we're happy about the operational cash flow in this quarter. A relatively high CapEx number when you look at the purchase of Saltfjord and the general CapEx being maintenance, the purchase of ROV systems, and also a new build installment on the Norseman being delivered for the long-term contract next year.
This CapEx, as you see from the financing activity, is also partly financed, so it is not all cash out. The biggest portion on the financing activities is, of course, the one we are happy with, and that is the dividend payment of close to $90 million. Positive that cash remains comfortable, and even a little bit up from last quarter.
This is the, call it the one complicated booking event during the quarter. I will spend a little bit of time going through how you get to the underlying numbers. The booking of insurance is different from booking of a sale. The vessel is written down to zero, and you get the revenue on the entire value of the insurance payout of the settlement. The net settlement after a local tax element is 111 impacting the revenue.
The EBITDA is impacted by 110. There is a $1 million cost that was amortized over the contract period that we had to expense when this event occurred, and it is a debt repayment on the vessel of 95, and we have a $19 million receivable on the balance for the remainder of the insurance claim. The book value of the vessel was $42 million.
If this was booked in a similar manner as a sale, it would result in a gain of $68 million and not the 110 as we show in this overview. This is a Norskan or was a Norskan-owned vessel, being one of the higher levered silos or segments of the group.
When this $95 million debt repayment has been done, there is a $309 million remainder debt on the company, net 282, and a leverage somewhere in the threes on the last 12 months earnings, excluding the Amazonas effect. With the new contracts commencing next year, we see that high leverage on Norskan is passed also. This is more just an overview of the dividend to be paid on the 4th of September, and it is showing how the dividend payments have been developing over the last one and a half years.
The total amount of $505 million, it is a high number, and it is something that we think we have a sustainable and strong dividend level. We are working to continue to have a strong and good level of dividends, and something that we are able to maintain over a long time. I guess I will leave it back to you, Mons.
Thank you. This is updated guidance and as we mentioned earlier, we lift the revenue guidance a bit. Our midpoint is now $2,250 compared to $2,000. We lifted it $50 million. EBITDA excluding gain, we keep the low end of the range at $840 and we lower the high end.
The reason for lowering it is that the four PSVs we talked about were delivered to new owners in July, the Skandi Amazonas grounding in May. Then we are moving forward the class renewal of the Skandi Forza from 2027 to 2026. The effects on that is all those three events is $25 million for the minority owner. In reality, apple to apple, we are guiding up and not down.
We are actually guiding up $15 million when we adjust for that. It is not that we believe the market is worse or that the prospects are worse, it is just that we have these three events that we had to adjust for. Then going down similar on net interest and on tax and then on CapEx, there are a few changes.
The maintenance CapEx is adjusted up a bit, and that is to reflect that the Skandi Forsa is coming from 2027 into 2026. It is just a timing issue and nothing more. Then on the new builds with the two CSVs we are buying, we are paying in a deposit on those this year and will pay 85% on delivery.
All in all, not many major changes and I guess most of them natural consequence or not any shocking news to anybody that when we buy on the changes. The last page is just to summarize the new guidance $840-$860. Very strong backlog, 92% for 2026, already 68% for 2027. I think that is probably the highest we ever had so early in a year.
We expect that to continue to build and as we said, strong pipeline, high tender activity. A lot of negotiations ongoing as we speak and expect new awards going forward as well. Then a strong anchor handling market, which we talked a lot about and also then a strong project market for the anchor handling. Then we have the pictures here.
The number one on the left-hand side here is the Saltfjord, which we talked about. So a new addition, and I expect a lot of good earnings out of her going forward. The second one is a picture of one of our Y classes, where we have secured backlog for two of them in the quarter.
We expect to build backlog for the two remaining going forward as well. So it looks good then. Then very proud of the Skandi Hera, our first long-term contract in Suriname, and I guess one of the first contracts for any industry player in that country. We expect, like we have seen in Guyana, that there will be a lot of more opportunities going forward in Suriname for us and other players.
The last one, of course, is the PLSV pipe layer where we extended two, and where we have this tender with Petrobras live. Our hope, of course, is to win three contracts, which will then give these both backlog into 23 2. I will leave it like that, and then we are open for questions.
We are indeed. We have received a lot of questions already. Thank you for that. I think we have enough to cover the remaining 30 minutes, but please do keep them coming if you have any, using the Q&A function in the webcast player. We start with one on dockings. You include some effects from timing of dockings. The question is: what drives the decision to move a docking in general, and then specifically for Skandi Forsa, if there are any particular considerations there?
Of course, it can be many reasons for a docking. It can be a schedule issue. You always discuss with the client when is the most convenient time to do a docking. That could be one reason. Another reason can be that you see that you have available slots, and sometimes it is difficult depending on where in the world you have a boat.
The third reason can be that you have technical problems, and do not want to stop the boat once and then do the docking later on. It could be many reasons for that. Of course, we are talking here about moving the docking forward three, four months. It is not dramatic. Of course, the window for a docking with the class is normally three months.
Thank you. Do you have an updated valuation of the vessels as of June 2026? If yes, how does this compare to the book value and to the end of 2025, Martin?
Yeah. There is a valuation included in the deck. Is it $4.2 billion? That is the broker estimates on the fleet. The book value of the fleet is included in the report. I will have to cheat slightly to find it here.
I can just fill in on the broker values in the meantime. As of the end of Q4, that was $4.1 billion, so slightly below the current broker value. Of course, that includes a slightly different fleet with the Saltfjord coming in and the Amazonas and Lazer going out for those values.
Yeah. I can also fill in, of course, the broker values are based on charter free boats. You have contracts on most of the boats. You have to adjust for that value with the values.
Yeah. Fixed asset in the quarter is tangible asset is $3.160 billion. So a good billion higher broker estimates than the current book value of those assets. Of course, the tangible assets also include the ROVs. But the broker values does not. The real difference is likely higher.
Thank you. How do you translate the increase in floaters that you describe into demand for the anchor handlers? Is it possible to quantify with a number or range? I guess the latter is difficult, but perhaps, Mons, you can talk about the general scope for such a floater and vessels typically utilized, vessel days, et cetera.
Yeah, of course, we have a pre-lay and you have a hookup phase for when you do a floater. For a pre-lay, you often use one big anchor handler with a crane. That's why we have a few of those. In a hookup phase, you normally use the same boat, and you need three, four boats in addition for adding control.
I think, a typical duration for a project for each of these phases, let's say that's a month done. Then, of course, most of these projects are in West Africa or a more long way from where the anchor handler's work spot. Of course, there is normally done almost one month each way sailing on top. That's why it's to go for a hookup, then you can have four or five boats done out for, let's say for 90 days.
Perfect. Thank you. A few more questions on this project anchor handler topic. The first one is, how many of your anchor handlers currently have cranes, and will you install cranes on any new ones?
Today we have, is it three? We have either 150 or 250 ton cranes. We will install one not on Saltfjord, but on Sunnfjord in March, April next year. Then we will have four. But then, of course, the Skandi Hera is going to Suriname. She will, of course, be out to the market so then we will have the same exposure with three anchor handlers that way.
I guess it's one more a Mons. You're forgetting Surtsey.
I'm forgetting Surtsey. I forgot. Then you're up to 11. I'm getting old. It's good to have you.
No, no. Related to this, do you have enough anchor handling capacity to meet the booming demand that you illustrate for 2027? Do you think sourcing third-party vessels could become an issue?
I think we have the core fleet we need. We have the nine plus that we need. Of course, on quite a few of the projects we have done in the past, we have used third-party boats as well. It's not something we look at the problem to source. Of course, we are doing this project now, Culzean project . We are starting now next week. We, of course, use three boats from our own fleet and one chartered in boat. It's pretty normal that we don't have the whole fleet ourselves.
Thank you. Moving then over to Brazil and first the Skandi Amazonas. Will Petrobras seek to replace this vessel? If so, how will they do that?
Well, I can't answer what Petrobras will do or not do. Will we replace it? The answer to that is no.
Thank you. In Norskan, what is the reason for the high EBITDA margin, and are these sustainable?
Yeah, I think that is probably looking at an unadjusted number for the Amazonas event. The Amazonas recognition of $ 110 million in EBITDA is the reason for that. Then, of course, that is not a recurring event, and it is not something that you will see in the numbers going forward.
The underlying EBITDA margin in Norskan in this quarter, it is similar to what it has been historically, and it is a high asset segment with eight vessels operating on long-term contract, but it also has a management element to it that gives EBITDA contribution. But with higher volumes of that, it slightly dilutes the margins.
But, of course, we do expect, of course, the numbers in Norskan adjusted by Amazonas to improve next year as, of course, remember, of course, is it four or five of Norskan anchor handlers that start a new contract during next year. Going forward, of course, we expect better EBITDA numbers from Norskan when you come into the second quarter Q1 in 2027.
Yeah, that was actually the next question, so you are ahead of me with the trajectory of the Norskan. We will count that as addressed to them. Then on the shipowning segment, are there any specific and isolated events impacting this quarter, or was it mainly reflecting good contracts and a good spot market?
I guess no special events. It is reflecting contracts and a strong spot market in the quarter.
Yeah. We have seen some very strong vessel transactions, especially on the subsea side, reported over the last 12 months. Do you see any opportunities to dispose of older DOF vessels, especially in the subsea segment at these strong levels?
Of course, we have said perhaps that the next you receive from DOF is selling a boat, and of course, we have sold a few. Yeah, it is correct. You see there is fairly short distance between pricing of a secondhand boat and a new boat. So we cannot guarantee anything. But of course, we are looking at selling a couple of boats more. But we will have to go back to that one when it firms up. If it firms up.
Thank you. Then a question on tax. The tax and tax rate is quite a bit higher in this quarter. Can you break down the effects and explain why this is?
Yeah, I can at least try. It is higher, and it is mainly the big difference is Amazonas. So it has a tax effect in the P&L, although it is not a cash tax because there is a corresponding opposite effect on realization of the dollar loan in Norskan that eliminates the effect. But the value of that tax loss from the loan was booked, so it is a temporary difference.
So you utilize deferred tax assets on that particular event. So from the overall tax cost of $68.69 on management accounts for the quarter. More than half is reduction in deferred tax assets, so utilizing former losses. And if you look on the cash flow, only $23 was tax paid in the quarter. So of course, you recognize the P&L effects on tax for every penny that you earn, but you utilize the tax loss carry forwards to eliminate the payments of it.
Thank you. And slightly related, what is the Skandi Amazonas accounting effect on net profit for the quarter?
Yeah. So that is very related. Yeah. So the EBITDA effect of $110 less the book value of $42 will take you to $68. And if you then include the tax effect of roughly, let's say just south of $20, it takes you to $50. Of course, it's simplified, but in that range.
Thank you. There is a small wave of new builds coming on the CSV side in the not too distant future. Does that affect your contracting strategy on the CSV side, and do you see the new builds potentially affecting rates in this segment?
To the first, I think we have said for a long time, we are pushing and been doing that for a few years long term, and we continue to do that. On the new builds, you have to remember that on the CSV side, of course, the contract we are winning is not the boat, it's a full service. So of course, we don't compete with these ship owners that are building these boats.
Actually it's more a client of them. We have chartered in boats for a few of them, and of course, we put services and equipment and use the boats. I don't see our segment towards the end users being influenced by these boats. Neither I think that the rate levels for a pure time charter on these boats will be influenced. I doubt that.
I think there is good activity and opportunities for these owners. But of course, they shouldn't expect to get the rates much higher than what we see for the boats already working in that segment. So it might be that they will not get the $90K a day that they dream of, but they have to be satisfied with $75K - $80K.
Thank you. On the Skandi Hera contract in Suriname, as you say, a first ever in the country and a long duration. Could you say a bit about what she's going to do there? Do you expect to put additional vessels to work in Suriname?
Of course, what she is doing is she will be used for mooring jobs. She will also be used for supply, but then also quite a bit on IRM and on construction work. She will, for instance, install Christmas trees and similar equipment. So it's like a field support contract including anchor and other duties.
Thank you.
A subsea scope on top of the vessel.
Indeed. On the extensions on Skandi Búzios and Skandi Recife, how should we think about the terms of those extension periods compared to the current contracts?
No, I guess you should think it is very similar.
Thank you. A couple of questions on Skandi Achiever and the status of that vessel and what options we are considering for that vessel going forward now that current contract is about to expire.
I guess plan is to, as we used to do before we did a contract, is to run her ourselves and we are building backlog for her. I do not remember, but I think we have at least booked 150 days for her in 2027 already and more to come. She will go in, be part of the DOF operated fleet.
Great. Next one. How do you see the project activity developing from 2026 into 2027? Is it up, flat or down, do you reckon?
As we said on anchor handling side, we expected to be up. On the CSV side, we also see, I think. But this is more me being my stomach talking and not. My gut feeling tells me that it will be higher activity in 2027 compared to 2026. But that is not, I do not have a, like I had on the anchor handlers some showing slides on it. It is just my overall feeling looking at our prospect list, looking at our backlog, and look at the opportunities. I cannot guarantee that, but that is my feeling.
Okay. Question on the PIDF project. Did this contribute to the full quarter? What can you say regarding the level of contributions from this contract going forward?
Well, as we said, it has been in a startup phase in Q1 and into Q2, and a few of the boats have been under mobilization and acceptance test. You could say that only from, you correct me if I am wrong, but I guess only from June we saw the PIDF project on, let us say, in full activity. We of course expect second half on that to be better than what we have seen in first half, yeah.
Thanks. For the two new CSVs, what would be your preference: using them on project or on more long-term field support type contracts?
Yeah. I think I give what we do with exactly those two boats. I guess what we want to keep, let us say the mix on the total fleet on what is on long-term and what is on short-term. Whether these actually go on long-term or do projects. But of course we are chasing more long-term work to keep the backlog under risk in the company at decent low level.
But where we are going with these two boats, I would not comment yet. But of course, there are a few opportunities around the globe. Key clients needing more capacity both in Africa and in the Caribbean and other places, yeah. We are optimistic on finding good work for them. But I do not know whether they go on long-term or somebody else go on long-term. It is too early to say.
Yeah. Canada, a lot of moving parts there in the years ahead. With your strong position, what are your expectations for additional vessel demand in Canada?
It's a good question. Of course, it's not a big market. You saw we are increasing with one boat now. We announced two anchor handler contracts in Canada, and one of them is coming from North Sea. Going forward, we see a few opportunities there. You have a few clients. There are a few tenders we are working on.
Then, of course, you have the Equinor Bay du Nord project. If that gets final decision, of course, that will drive the demand from roughly 2029. I think to summarize Canada is that we don't expect any normal growth, but perhaps there will be opportunities to grow slowly. Then perhaps if Bay du Nord, of course, it might be opportunities for us long-term, but of course there are competition. A steady, stable, slow-growing market is all I see.
Yeah. Fair enough. Then a follow-up on Canada. Which anchor handlers will you have working in Canada in 2027?
Yeah, I guess if you follow the slide we had on the anchor handler, we show the backlog for those. Then you saw who is on contract then. As today we have a Skandi Cutter, Skandi Clipper on three AHTS classes in Canada, and then we are adding one more.
That could be. I guess everybody will know that pretty soon anyway when those boats start transiting. It will be four AHTS and the Skandi Clipper and Skandi Cutter. Do we have more? I don't remember if we have more, but at least three AHTS. It will be four AHTS and Skandi Cutter and Skandi Clipper.
Yeah. No, that is the list of the anchor handlers in Canada. That is correct. Are there any regions where you are experiencing more or tougher competition now compared to a year ago, both on time charter vessel deals and subsea projects?
I do not think there has been any major change on the competition. At least, I think it is the same as we saw a year ago.
All right. In which areas, both on-
Perhaps to add on, perhaps on the anchor handling side, you have seen consolidation. You could perhaps argue that there is a bit less competition on the very high anchor handling market.
Okay. Then another one on the competitive position. Where do you see DOF as the strongest relative to the competition, both on types of jobs and locations?
Oh, that's a difficult one. I think where we are strongest is on high anchor handles. We don't. On the CSV IRM side of the business and into the smaller sub projects. That's I think where we are strongest. Geographically, you mentioned Canada, of course, we have a very strong position in that. I think we are getting into a very strong position in the Caribbeans.
Of course, Brazil needless to mention. APAC is pretty strong as well, especially in the Australian area. Then I think we deserve higher market share in the North Sea than we have, but of course, working on that. West Africa, we are not a dominant player, but I think strong foothold and hopefully be able to capture and win more deals and grow the business there as well. So that I guess was a very moderate answer?
Yeah, I think so far. All right. Very good. That concludes the Q&A session that we had for you today. Thank you everyone for your good questions. Thank you Mons and Martin for your answers and your presentation.
Thank you. Thank you all for listening and have a nice day and bye-bye, I would say. Martin, some final words from you.
No, I think it's thank you all for attending and enjoy the rest of your days.
Thank you very much.
Thank you.