Good morning, welcome to the Quarter One Presentation for DOF. I'm Mons Aase, and obviously CFO Hilde Drønen will do the presentation with me. If you look at the highlights for the group in quarter One, it's been a weak quarter, very slow start in January and part of February. Low activity in the North Sea and Australia, APAC. It's been a very slow start, and if you compare turnover and EBITDA to the same period last year, of course, we see there is a big drop. It's partly, the main explanation for that, of course, is the markets due to COVID, a big shift in markets. We were on a good run in the same quarter last year, and we are pretty much down this year.
Standstill agreements have been signed with the majority of our sub-contractors until end of May, and we are of course discussing with them and working hard on the restructuring of the group. Operational highlights, as indicated, of course, operations are still very much impacted by the weak markets and COVID-19. We have had vessels in this quarter that had to go to port and change the entire crew. Especially in Brazil, we are heavily impacted of the virus. Markets very slow in the early part of the quarter and a few key assets sitting idle and then gradually coming into work through the quarter.
In the Atlantic region, it was a weak January, but then we saw increased activity and picking up, and it looks like the summer run and almost the rest of the year in the Atlantic will be quite good with a good high backlog. In APAC, also very low activity in quarter One, and likewise in North America. Slow start in most places. In Brazil, we have had high activity, several vessels impacted by mobilization of new contract, three, four vessels doing that. Also there, not very strong numbers in quarter One, but then increasing through the quarter and into second quarter. On the anchor handling and supply side, likewise, low activity in the AHTS market in the start of the year. In March, on the anchor handling side, it was good. After that, up and down.
It's difficult to predict the direction of the anchor handling market in the North Sea. On the PSV side, its activity clearly is up, more vessels in operation and rate levels, especially on the Norwegian side in the spot market is on levels we haven't seen for a while. Total for the fleet, 67% utilization. As we see, 57% for the PSV. Of course, there we had a part of the fleet that was hardest hit by COVID. 70% on the anchor handling and 71% on the subsea fleet. Orders we take in quarter One, NOK 0.6 billion, and if you look at the last 12 months, NOK 6.2 billion. That is a good number that we are satisfied with. On the fleet, we have sold three boats, two PSVs delivered to new owners in the quarter, and one vessel, an older anchor handler, built in 1999, recycled.
In layup, we have four vessels we had by January quarter compared eight end of quarter four. As we speak, two of these vessels are now back trading again. We have one more coming out. It means that, let's say, by the end of quarter two, we expect to have one vessel left in layup. It's a small sign that the activity is picking a bit up, and the vessel here we are talking about is PSV. The PSV market is getting a bit more higher activity. If you look at next slide, on the contract side, we mentioned NOK 0.6 billion. Main contracts: Skandi Feistein, and Skandi Gamma on two contracts in U.K., one and two-year contracts with large operators in U.K. Skandi Constructor, which is a subsidiary, has set up a 260-day contract in the renewables market in Germany, commencing in April.
DOF Subsea have won quite a few jobs in the North Sea in this quarter, securing, I would say almost full utilization of the Skandi Constructor from March onwards. A few good projects on Skandi Iceman and Skandi Skansen. In total more than 340 vessel days, giving a good foundation for that region in the rest of the year. Part of that work is worth to note that it's a big construction job for one of the main offshore wind project in the North Sea, expect approximately 150 days on that project. It's an interesting project for us. In South America, we have landed two contracts in Guyana for pipelay duties in 2021 and also in 2022.
We yesterday announced a contract with Shearwater GeoServices for an OBN seismic project in Brazil, which will utilize the Skandi Atlantic, she will leave in the North Sea this weekend, and we expect to stay in Brazil for the foreseeable. It's a good contract for us, securing utilization on Atlantic. If you look at the total backlog we see we have now a secured backlog for quarter two of NOK 1.9 billion. It's a very good foundation for quarter two. Most assets on the subsea side are more or less booked in quarter two and it's a decent foundation for that quarter. For the remainder of 2021, we have NOK 4.7 billion in backlog secured. It's a pretty high backlog secured for the rest of the year.
Of course, we expect high utilization of the fleet in the rest of the year compared to quarter one. Table below shows what is secured the next few years coming forward. I think totally we have a backlog of between NOK 14 billion and NOK 15 billion secured. If you look at the next slide, worth mentioning is, of course, that we are in the forefront in our industry when it comes to ESG. We have a very structured approach on that. 2020 was the first year we have an integrated annual report where we report both carbon disclosure, ESG, and the financial numbers. It's worth taking a look at.
On the Carbon Disclosure Project, we have been ranked by CDP with an A minus, which is within the top 30% in the, not only in our industry, but in all industries. Our ESG score are between top 20 by the 100 largest Norwegian companies and by Amnesty, we are ranked top five in the Nordic. We are proud of this and we, of course, going to push hard to become even better on these very important items. This is a new layout, not a new slide. It shows where we operate our fleet. It shows that we have 60 boats, 70 ROVs and AUVs, large subsea asset pool. It shows that we have 3,300 employees. It's a small increase from end of quarter four with 200 people. It shows our main hubs where we operate globally.
I will leave it to Hilde to do the financial numbers for quarter one. Please, Hilde.
Thank you.
All the numbers shown in this presentation are based on management reporting, meaning that we include a 50% share in the DOFCON JV, both on the balance and the P&L. If we go on the highlights for Q1, the operational EBITDA of NOK 492 million. Of course, already mentioned by Mons Aase, the utilization is lower, so the comparable number for the group is 67% versus 81%. You can also see further down that the utilization on all the segment, and especially the PSV segment, has dropped significantly from 94% to 57% on the PSV, from 81% to 70% on the anchor handlers, and from 76% to 71% on subsea, where all the project fleet have been utilized 56%.
If you split the EBITDA into the subsea activity, meaning DOF Subsea and DOF Sub Supply, which is DOF Rederi and Norskan, the split in EBITDA is NOK 308 million versus NOK 184 million. Compare with Q1 2020, you still see that the EBITDA contribution from DOF Subsea is above 60% in both quarters. By end of the quarter, we had zero anchor handlers in layup. All were utilized, but the operation heavily impacted by vessels mobilizing for contracts, especially in Brazil. We had four PSVs in layup by end of the quarter, and during this quarter, three are planned for reactivation and already mentioned two ready for operation as we speak. If you go to next. If you see the total P&L, just a few comments on the EBITDA this quarter versus last year quarter.
In addition to the comments already mentioned by Mons Aase related to activity in the variable utilization in the different regions, the EBITDA is also impacted that we actually had less PSVs in operation this quarter. We also had lower rates on the anchor handler fleet, especially in Brazil, mainly due to contract renewals at lower rates than the old contracts. One vessel has been recycled this quarter, so will not have any impact on our EBITDA going forward. Two PSV sold, which I will come back to. If you look at the impairments, it's a bigger reduction compared to previous quarter. It's NOK 131 versus NOK 1.5 billion in first quarter. It's minor impairment, but we still see that the broker estimates the fair market value of the fleet has dropped by approximately 5% this quarter.
If you look at the financial costs, it's minus NOK 826 million compared to minus NOK 3.2 billion last year, whereof the unrealized currency gain loss has the biggest impact, very large in 2020 due to high volatility and a very weak NOK to U.S. dollar. The unrealized loss this quarter is actually a weak Brazilian reais to U.S. dollar. The NOK U.S. dollar has been stable this quarter. That gives a net loss of minus NOK 801 million compared to minus NOK 4.1 billion last quarter. If you move on to next. Looking at the segment, and as you see on the PSV, we have an EBITDA of NOK 41 million versus NOK 39 million, but an important contribution on the PSVs is NOK 29 million.
The operational EBITDA is lower for the PSV this quarter. The operating result is plus NOK 2 million compared to minus NOK 147 million, where the largest variance is impairment done last year. Looking at the anchor handler, you see that the operating revenue has dropped by 50%. That also is reflected in the EBITDA of NOK 112 compared to NOK 231. A net result of NOK 50 compared to minus NOK 325. Again, the impairment is making the largest difference. Looking at the subsea segment, we have achieved revenue of NOK 1.2 billion compared to NOK 1.5 and an EBITDA of NOK 339 compared to NOK 534, and a small minus on the EBIT compared to minus NOK 564 last year. Again, it's the impairment that makes the biggest difference.
That gives an EBITDA before depreciation and impairment of NOK 592 compared to NOK 804. You still see that the vast majority of the EBITDA comes from our subsea activity. DOF Subsea reports in two business segments, meaning subsea IMR projects and long-term chartering. If you looked at the subsea projects first, where they have achieved a revenue of close to NOK 680 million and an EBITDA of NOK 46 million, which gives a margin of 7%. The backlog for this part of the business is NOK 3 billion, and it's close to 1,300 employees and 17 vessels in operation, whereof two vessels are hired in from external parties.
If you look at the long-term chartering, that mainly represent the PLSVs, which are seven in total, of which the majority is owned by the DOFCON JV. Here, they have achieved a revenue of NOK 362 million and EBITDA of NOK 275 million and gives a margin of 76%. It represents the activity from eight vessels, and the firm backlog for this part of the group is NOK 7.6 billion. Out of the total backlog for the group of NOK 14.2 billion, NOK 10.6 billion comes from the DOF Subsea or the DOF Subsea group, whereof the largest backlog is from the PLSVs. If you move on to next, looking at the cash flow. If you see net cash from operating activities is NOK 313 million compared to NOK 440 million, the main difference is already commented lower EBITDA,
Which has impacted the cash from operating activity, obviously. Also less interest paid is NOK 94 million compared to NOK 331 million due to the fact it has been standstill for the majority of the debt for the group during this quarter. If you look at the cash from investing activities, that's minus NOK 130 million compared to minus NOK 86 million, NOK 97 million is a sale of two vessels that is Skandi Buchan, a PSV built in 2002, and Skandi Texel, a PSV built in 2006.
Purchase of tangible assets is mainly class dockings and purchase of ROVs. Other costs, mainly contract costs, that is contract costs and conversions, mobilization to new contracts. If you look at the net cash from finance activities, that's -NOK 224 compared to NOK 127. The main portion of payment of borrowings, that debt service, which is not part of the standstill agreements, namely DOFCON and lease agreements, and repayment of debt after sale of two vessels. That end up with a cash of NOK 2.2 billion by end of this quarter, of which NOK 178 million are restricted cash. If you look at the historical performance and if you look at the last five quarters, you see that the EBITDA in this quarter is a low point compared to the previous quarter.
Bear in mind that the first quarter in 2020 was a very good quarter, already mentioned by Mons Aase, and also impacted by a high U.S. dollar impact. The majority of the revenue for the groups is actually in U.S. dollar. Looking at the margin, it has been compared to all the other quarters, it has been stable above 30%. Total assets of NOK 22.4 billion the current debt is NOK 20 billion due to the fact that the majority of the debt is under standstill agreement. The net interest-bearing debt is NOK 19.7 billion compared to NOK 24.2 billion, of which the currency impacts is the main difference for the reduction compared quarter-over-quarter, 2020 and 2021. If you look at the balance, then we only comment the changes in first quarter, as you will see, there are not big variances from year-end to end of March.
The main difference is actually on the tangible assets, meaning vessels, and no major changes other than two vessels sold and depreciation and impairments. The deferred tax is basically linked to the DOFCON JV. Looking at the current assets of 3.9 compared to 4.0, a minor reduction in cash and a cash equivalent. The cash is positive impact by standstill agreement, but this quarter has been negative impact by several vessels mobilization and conversion to new contract and class dockings. These vessels are on hire during second quarter. The equity is negative by NOK 1.5 billion compared to NOK 900 million by year-end. Of course, this impacts the going concern assumptions. Looking at the interesting by debt and what you see here on non-current liabilities, that is long-term debt in DOF Joint Venture and lease debt.
All other debt, and that includes secure debt and bond loan, are classified as short-term due to the ongoing restructuring of the group. The U.S. dollar impact is already commented on the previous slide. We go to next. Look at the group key financials. The last dark blue line shows the 12 months revenue, which is approximately NOK 7 billion. Looking at the EBITDA, the last 12 months is around NOK 2.6 billion. Looking at the backlog, the current backlog for the group is around NOK 14.2 billion. On the restructuring, approximately NOK 18 billion of the secured and unsecured debt is under restructuring. As published earlier this quarter, we have agreed standstill agreement with the majority of the lenders, both in DOF Group and DOF Subsea until the 31st of May. That also includes the bond holder debt, where the standstill agreements are applicable until end of May.
We have standstill agreements signed with BNDES until the 10th of June for the majority of the facility in Norskan Offshore and one facility in DOF Subsea Brazil. There are, of course, ongoing discussions with the bondholders and the secured lenders. The discussions are challenging but constructive. The discussions that we discuss will result a comprehensive restructuring of the group's balance sheets, including the conversion of debt to equity. That was it for me. Thank you.
Thank you. If you look at the markets, as we say, it was a weak quarter one. Expect that's normal higher activity through the summer. Of course, we don't expect 2021 to be a very good year, let's say it that way. We see that there might be an upcycle when we come into 2022. Oil price is now $65. The analysts tell us that there are more activity coming going forward. Both on the CapEx side and on the OpEx side. There are still a lot of supply, so might be that in some segments that we still will be off balance between supply and demand. Longer term, of course, we as everybody else is looking at the renewable side. Of course, it's predicted that renewable will surpass oil and gas in CapEx in the future.
Of course, it will be interesting to follow that part of the energy market. Next slide shows the CapEx side and as you can see from the graphs, see a slow and steady improvement in offshore investments. Ticking up a bit and especially then 2023, 2024 is growing a bit compared to the last couple of years. Of course, we do expect higher activity, as we said, going forward compared to 2021. If we look at the next one, it shows vessel demand. It's a busy slide. On the PSV side, the market is fairly tight, especially on the Norwegian side. I would say it's reason to be fairly slightly optimistic for the summer season on the PSV side. On the anchor handling side, of course, we see the utilization more or less stabilizing around 60%. Of course, that is too low to make money.
It's too low to get good rates, and it's too low to get. We need to see higher activity, especially on the rig side in the U.K. to see that market being, let's say, coming back to healthy levels. Of course, when we look at on the rig side, we hear of increased tender activity. Norwegian side is somewhat recovering in 2021, of course, it's the U.K. side we need to see more recovery in. What happens in 2022, we don't know. Of course, with the oil price we see, we expect activity to grow a bit, but if it's enough, nobody knows, of course. We are not very optimistic for the anchor handling market in North Sea in 2021.
On the next slide, floating wind, of course, is an interesting segment for us, especially with our fleet of anchor handlers are very well-suited for that market. It's a few years until we really see that takes off. Let's say second half of the 2020s are we see that will be really large growth in that area. Of course, DOF Subsea are part of the world's largest floating wind farm to date. Next year, we are to, with our partners, to install the Hywind Tampen and of course, look forward to do that. The offshore phase will be executed from a few of our boats. It's a very interesting project, and of course, we want to bid on that track going forward in the floating wind segment.
It will not save the day in a few years, but longer term, of course, it is a very interesting market for us. When it comes to outlook on the operations and the markets, as we have said several times, we expect the markets to remain challenging. We see signs of increased activity in certain regions. North Sea, Norwegian sector, and Brazil, we expect increased activity, and that will lead recovery going forward. We see increased vessel demand within offshore wind, and of course that not only the floating wind, but the fixed side of it is expected to grow rapidly the next decade. Interesting market to follow. On the backlog, we said we had NOK 1.9 billion secured for quarter two. It is a high backlog in quarter two for us, and utilization are expected to stay high.
For the full year, we have 4.7 in backlog. Also a decent foundation for the last three quarters of 2021. As a consequence, we expect the operational EBITDA in second quarter to be higher than first quarter. On the financial side, still then, we stated that we are in discussion with the creditors to reach a long-term refund solution. We are dependent of continued standstill agreements with the creditors until a long-term financial solution is agreed to maintain as going concern. Of course, we have no guarantees that we will reach an agreement, but as Hilde said, the discussions are constructive but challenging, and we are working hard to get to an agreement. That was under the presentation. We will not have a Q&A session, but please feel free to give Hilde or me a call if you have any questions.
Thank you very much and have a good day.
Thank you.