Good morning, and welcome to the quarter 1 presentation with Dov. I'm Morten Sors and our CFO, Hille Drouen, will do the presentation with me. If you look at the highlights for the group in quarter 1, it's been a weak quarter, very slow start in January and part of February, low activity in the North Sea and Australia, APAC. So it's been a slow start. And if we compare the turnover on the EBITDA to last same period last year, of course, we see there is big drop.
So it's partly main explanation to us, of course, is the markets due to COVID, the 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 majority of the Securlandals and the bondholders until end of May, and we are was discussing Melendes 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-nineteen, so we have had vessels in Espota that had to go to Porta and change the entire group. So we especially in Brazil, we are heavily impacted of the virus. Markets, very slow win in the early part of the quarter and a lot of a few key assets sitting idle and then gradually coming into work through the quarter.
So 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 our secured high backlog. In APAC, also very low activity in quarter 1 and likewise in North America, so start in most places. In Brazil, we have had high activity, several vessels impacted by mobilization on new contract, 3, 4 vessels doing that. So also there are not very strong numbers in quarter 1, but then increasing through the quarter and into 2nd quarter. On the ag handling and supply side, likewise, low activity in North Sea market in the start of the year.
In March on the handkerl side it was good. And then but then after that, the pandon has it's difficult to predict the direction of the accounting market. In the North Sea, we on the PSV side, its activity clearly is up more vessels in operation and rate levels, especially on Norwegian side, is 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 PSVs, of course, they were the part of the fleet that was hardest hit by COVID, 70% on the anchor handlers and 71% on the subsea fleet.
Order intake in quarter 1, NOK 600,000,000 and if you look at the last 12 months NOK 6,200,000,000 that which is a good number that we are satisfied with. On the fleet, we have sold 3 boats, 2 PSVs delivered to new owners in the quarter and 1 vessel then old Enke Henle built in 99 recycled. In layup, we have 4 vessels we had by the other quarter compared to 8 quarter 4. And as we speak, Tubewely, these vessels are now back trading again. And so we and we have 1 more coming also.
It means that, let's say, by the end of quarter 2, we expect to have 1 vessel left in Lejell. So it's a small sign that the activity is picking a bit up and the vessels here we are talking about it's PSV. So the PSV market are getting a bit more higher activity. If you look at next slide, on the contract side, we mentioned SEK 600,000,000 and main contracts, Skane Pfizer Skane Gama on term contracts in U. K, 1- and 2 year contracts with large operators in U.
K. Constructor, which is a subsidiary set of 260 day contract in the renewables market in Germany commencing in April. And on Dov Supsi, I won quite a few jobs in the North Sea in this quarter, securing, I will say, almost full utilization on the Skane Asadi from March onwards. Good few good projects on Skansen and Ousmane and here, and so in total more than 3 40 vessel days, giving a good foundation for that region in the rest of the year. Part of that work it's good to note that it's a big construction job for on a major offshore wind project in the North Sea and expect approximately 150 days of that project.
So it's an interesting project for us. In South America, we have landed 2 contracts in Guyana for pipe oil duties in 2021 and also in 2022. And then we yesterday announced a contract Sors and Vitsjeevota for a node OBEAN seismic project in Brazil, which will utilize the Skannenapto and she will leave the North Sea this week and we expect to stay in Brazil for a positive year. So it's a good contract for us securing a year's utilization on the NAPTLE. If you look at the total backlog, we see we have no secured backlog for quarter 2, SEK 1,900,000,000, so it's a good very good foundation for quarter 2, so most assets are more or less on the services side are more or less booked in quarter 2 and Sweden, Italy, it's a decent foundation for that quarter.
We have for reminder of 2021, we have SEK 4,700,000,000 in backlog secured, so it's a pretty high backlog secured for the rest of the year. And so forth, we expect our utilization of the fleet in the rest of the year compared to quarter 1. So table, of course, shows what is secured the next few years going forward, so I think totally we have backlog of between NOK 14,000,000,000 and NOK 15,000,000,000 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.
And this year is the 1st year we have an integrated for 2020, it was the 1st year we have an integrated annual report we report both carbon disclosure, ESD and the financial numbers. So it's we are taking a look at on the carbon enclosure project, we have been ranked by CDP with an A-, which is within the top 30% in the not only lower industry, but in all industries. Our AST score are top between top 20 by the 100 largest Norwegian companies and by Amnesty, we are ranked top 5 in the Nordic. So we 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 shows where we operate our fleet, shows that we have 60 boats, 70 ROVs and AUVs, the large subsea asset pool, it shows that we have 3 2,300 employees, it's a small increase from Mando Quarter four with 200 people. And Sveen and Anders also our main hubs where we operate globally. Done. I will leave it to Hilde to do the financial numbers Thank you.
All the numbers shown in this presentation are based on management reporting, meaning that we include a 50% share in the Dovcon JV, both on the balance and the P and L. So if we go on the highlights for Q1, the operational EBITDA of SEK 492,000,000. And of course, already mentioned by MondSource, utilization is lower. So the comparable number for the group is 67% versus 81%. And you can also see further down that the utilization on all the segment and especially the PSV segment has dropped significantly from NOK 94,000,000 to NOK 57,000,000 on the PSV, from NOK 81,000,000 to NOK 70,000,000 on the anchor handlers and from NOK 76,000,000 to NOK 71,000,000 on Subsea, where of the project fleet have been utilized 56%.
If you split the EBITDA into the subsea activity, meaning Dof Subsea and Dof supply, which is Dofre3 and Norskam, the split in EBITDA is NOK 308,000,000 versus NOK 184,000,000. And compare with Q1 2020, you still see that the EBITDA contribution from Dovshrubsee is above 60% both quarters. By end of the quarter, we had 0 anchor handlers in layup, all were utilized, but the operation heavily impacted By vessels mobilizing for contracts, especially in Brazil, we had 4 PSVs in layup by end of the quarter. And during this quarter, 3 are planned for reactivation and already mentioned 2 ready for operation as we speak. So if you go to next, if you see the total P and L, just a few comments on the EBITDA this quarter versus last year quarter.
In addition to the Comments already mentioned by Muns related to activity in the various variable utilization in the different regions. The EBITDA is also impacted that we actually had less PSVs in operation this quarter. And 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. And one vessel has been recycled this quarter, so will not have any impact on our EBITDA going forward. And 2 PSV sold, which I will come back to.
If you look at the impairments, it's a huge reduction, big reduction compared to previous quarter. It's SEK 131,000,000 versus SEK 1,500,000,000 in first quarter. It's minor impairment, but still see that the broker estimates the fair market value of the fleet has dropped by approximately 5% this quarter. If we look at the financial costs, it's SEK 826 minuteus compared to minus SEK 3,200,000,000 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. And the unrealized loss this quarter is actually a weak Brazilian reals to U. S. Dollar. The NOK in U.
S. Dollar has been stable this quarter. So that gives a net loss of SEK 801 compared to minus SEK 4.1 last quarter. So if you move on to next. Looking at the segment.
And as you see on the PSV, we have an EBITDA of SEK 41 versus SEK 39, but an important contribution from on the PSVs It's NOK 29,000,000. So the operational EBITDA is lower for the PSV this quarter. And the operating result is plus 2% compared to minus SEK 147,000,000 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 SEK 112,000,000 compared to SEK 231,000,000, a net result of NOK 50 compared to minus NOK 325.
And again, the impairment is making the largest difference. Looking at the services segment, we have achieved revenue of SEK 1 point 2,000,000,000 compared to NOK 1,500,000,000 and EBITDA of NOK 3.39 compared to NOK 5.34 and a small minus on the EBIT compared to minus EUR 564 last year. And again, it's the impairment that makes the biggest difference. So that gives an EBITDA before depreciation and impairment of NOK 5.92 compared to NOK 8.04 And you still see that the vast majority of the EBITDA comes from our Subsea activity.
DovSurbse
reports in 2 business segments, Meaning, Subsea IMR projects and long term chartering. So if you look at the Subsea projects first, where they have achieved revenue of close to SEK 680,000,000 and an EBITDA of SEK 46,000,000, which gives a margin of 7 percent. The backlog for this part of the business is SEK 3,000,000,000. And it's close to 1300 employees and 17 vessels in operation, whereof 2 vessels are higher end from external parties. If you look at the long term chartering, that mainly represent the PLSVs, which are 7 in total, of which the majority is owned by the Dovcon JV.
Here they have achieved a revenue of EUR362,000,000 and EBITDA of EUR 275,000,000 and gives a margin of 76%. It represented the activity from 8 vessels And the firm backlog for this part of the group is SEK 7,600,000,000. So out of the total backlog for the group of SEK 14,200,000,000, SEK 10,600,000,000 comes from Dovsubsea or the Dofsebsi Group, whereof the largest backlog is from the PLSVs. So if you move on to next, looking at the cash flow. If you see net cash from operating activities, it's SEK 313,000,000 compared to SEK440,000,000.
And the main difference is already commented lower EBITDA, which has impacted the cash from operating activity, obviously. And also less interest paid is NOK 94,000,000 compared to NOK 341,000,000 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 activities that's minus SEK130,000,000 compared to minus SEK86,000,000 and SEK 97,000,000 is sale of 2 vessels purchase of tangled assets is mainly class stockings and purchase of ROVs. And other costs, mainly contract costs, that is contract costs and conversions, mobilization to new contracts. If we look at net cash from finance activities, that's minus SEK 222,000,000 compared to SEK 127,000,000.
And 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 2 vessels. So that end up with a cash of NOK 2,200,000,000 this by end of this quarter, of which NOK 178,000,000 are restricted cash. So if we look at the historical performance. And if you look at the last five quarters, you see that the EBITDA In this quarter, it's a low point compared to the previous quarter. Bear in mind that the Q1 in 2020 was a Good quarter already mentioned by Mond and also impacted by a high U.
S. Dollar impact. The majority of the revenue for the groups is actually in U. S. Dollar.
But looking at the margin, it has been compared to the all the other quarters, it has been stable above 30%. Total assets of SEK 22,400,000,000 and the current debt is SEK 20,000,000,000 due to the fact that the majority of the debt this under standstill agreement. The net interest in Verdaapd is NOK 19.7 compared to NOK 24.2, of which the currency impacts is the main difference due to the forward reduction compared Q on Q 20202021. If you look at the balance and then we only comment the changes in Q1. And 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 2 vessels sold and depreciation and impairments. The 3rd tax is basically linked to the Dovkorn JV. Looking at the current assets of SEK 3.9 compared to SEK 4. 0, a minor reduction in cash and cash equivalent.
The cash is positive impact by standstill agreement, But this quarter, it has been negative impact by several vessels mobilization and conversion to new contract and class stockings. And these vessels are on hire during Q2. The equity is negative by SEK 1,500,000,000 compared to SEK 900,000,000 by year end. And of course, this impacts the going concerns assumptions. Looking at the interesting buying debt and what you see here on noncurrent liabilities, that is long term debt in Dovkorn JV and Leased Debt, all other debt and that includes secured 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 previous slide. So then we go to next. Looking at the group key financials And the last dark blue line shows the 12 months revenue, Which is approximately SEK 7,000,000,000.
Looking at the EBITDA, the last 12 months it's around SEK 2.6 billion. And looking at the backlog, the current backlog for the group is around SEK 14.2 €1,000,000,000 And on the restructuring, Approximately SEK 18,000,000,000 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 Dov Group and Dov Subsea until the 31st May. We have that also includes the bondholder debt, which is where the standstill agreements are applicable until end of May. We have standstill agreements signed with BNDES until the 10th June for the majority of the facility in Nuxkhan Offshore And bond facility in Dov Subsea, Brazil.
There are, of course, ongoing discussions with the bondholders and the secured lenders. And the discussions are challenging, but constructive. And the discussions that we discuss will result a comprehensive restructuring of the group's balance sheets, including conversion of debt to equity. So that was it for me. Thank you.
Thank you, Hilde. If you look at the markets, we as we say, it was a weak. OTAVON expect as normal higher activity through the summer. But what we don't expect 2021 to be very good year, let's say, that way. But we see that there might be an upcycle when we come into 'twenty two, both oil prices is now 65.
And so we analysts tell us that there are more activity coming going forward. So both on the CapEx side and on the OpEx side. So but of course, still a lot of supply. So might be that in some segments that we don't it still will be off balance between supply and demand. Longer term, of course, we, as everybody else, is looking at the renewable side.
And of course, it's predicted that renewable will surpass oil and gas in CapEx in the future, of course, it's maybe interesting to follow that part of the energy market. Next slide show the CapEx side. And as you can see from the graphs, see a slow and steady improvement in offshore investments, so ticking up a bit and especially then 2023, 2024 is growing a bit compared to the last a couple of years, so of course, it's we do expect higher activity, as we said, going forward compared to 2021. When we look at the next one, it shows Wassilymann. It's a bit it's a busy slide, but on the PSV side, the market is fairly tight, especially on the Norwegian side, so it's I would say, it's reason to be fairly slightly optimistic for the service season on the PSV side.
On the hand galling side, of course, we see the utilization more or less stabilizing around 60% and of course that is too low to make money, so it's too long to get good rates and it's too long to get so we need to see higher activity, especially on the rig side in UK to see that market being, let's say, coming back to healthy levels. So, Husband, when we look at on the rig side, we see we hear increased tender activity, Norwegian side is somewhat recovering in 2021, but of course, it's the UK side we need to see more recovery in. And what happens in 2022, we don't know. But of course, it's we really all parts we see, we expect it to activity to grow a bit, but if it's enough, nobody knows so I'm not we are not very optimistic for the young garlic market in North Sea in 2021. On the next slide, floating wind, of course, is an interesting segment for us, especially our fleet of anchor handlers I'm very well suited for that market.
Of course, it's a few years until we really see that takes off, but let's say second half of the 2020s are you see there will be pretty large growth in that area. Of course Dof Subsea are part of the world's largest floating wind farm to date, so next year, we are to in bit our partners to install the high wind Tomp and I'll of course look forward to do that. And the offshore phase will be executed from a few of our boats. So it's a very interesting project. And of course, we want to bid on that track going forward in the floating wind segment.
So it will not save the day in a few years, but longer term of course, it's very interesting market for us. When it comes to outlook on the operations and the markets, as we have said several times, we expect markets to remain challenging, but we see signs of increased activity in certain regions, North Sea, Norwegian Sector and Brazil, we expect increased activity and that they will lead recovery going forward. We see increased vessel inventory in offshore wind. And of course that not only the floating, but also the fixed side of it is expected to grow rapidly the next BK, so interesting market to follow. On the backlog, we said we had SEK1.9 billion secured for quarter 2 fits.
It's a high backlog in quarter 2 for us and and utilization are expected to stay high. For the full year, we have for a reminder of the year, we have SEK 4.7 in backlogs, we also had decent foundation for the last 3 quarters, so 2021. And as a consequence, we expect the operational EBITDA in 2nd quarter should be higher than 1st quarter. On the financial side, we've stated that we are in discussion with the creditors to reach a long term refunding solution, we are dependent of continued standstill agreements with the creditors until the long term financial solution is agreed to maintain as COVID concern. Of course, we have no guarantees that we will reach an agreement.
But as Hilde said, the discussions are constructive and challenging. And we are working hard to get to an agreement. So that was under the presentation. We will not have a Q and A session, but please feel free to give either a hint or me a call if you have any questions. Thank you very much and have a good day.
Thank you.