Good morning and welcome to the quarter four financial presentation for DOF. We start with some highlights for the group in the quarter. First, key numbers in the quarter. We had a revenue of close to NOK 2 billion and EBITDA of NOK 753 million. Stronger than last year and a profit or a loss of - NOK 281 million, driven by partly unrealized currency losses. Hilde will talk more about the numbers later on. The discussion with the lenders on the restructuring process has had progress in fourth quarter. Of course we don't have a solution in place. As we said, they made progress on the
We live on standstill agreements still until 28th of February, and we expect the standstill to be extended within a few days. Next slide, please. On the operational highlights, average utilization for the fleet, 82%, much better than last year. We see improved utilization in all segments. But as normal in our industry, we see seasonal variations in some regions. Of course towards end of the year, we see, for instance, a lower activity in the North Sea region. We have continued to perform well on the subsea side, on the subsea projects. Fairly high activity and good outcome from that segment.
COVID-19 has been a challenge also this quarter and when we look at the total cost and indirect cost, we are talking a few hundred million Norwegian kroner for the group in 2021 in total. It's been a challenge especially in Brazil, we have had high cost and to cope with COVID-19. On the tender side, we see high activity especially in the North Sea and Brazil. We have been working with a lot of tenders and are also now working with a lot of tenders. It's clearly a good sign of where the activity is going.
The backlog by end of the year was NOK 14.4 billion, and we have secured NOK 1.9 billion for quarter one this year, which is pretty high if you compare it to the turnover in quarter four of slightly less than NOK 2 billion. Backlog secured for 2022 is NOK 6.1 billion. We move on. Not a very busy quarter on new contracts in quarter four. Some key contracts we see Skandi Acergy which is a large 400-ton subsea crane subsea boat has been awarded an extension in the North Sea.
We also won a very important contract for us in the APAC region, which is one of the first really large subsea T&I jobs for us in APAC. That project is planned to happen in quarter one 2023. Very happy with that. We also won a three-year contract with Esso in Australia, which is important for our subsea activity in the region. In South America, we won a contract in Trinidad and Tobago for the Skandi Constructor. Keeping her busy in quarter one, she is still working in Trinidad and we expect her to stay there to the end of March.
Keeping her 100% utilization in quarter one, which is always important. When we look at the next slide, this one you have seen before, it's where we operate globally. Worth mentioning on this is that we are recruiting people. The number of employees have increased slightly compared to last quarter, and we'll continue to recruit people. Due to that, the activity in the group is increasing. As you know, we have 58 boats, is it 59 boats in operation. We have a large fleet of ROVs and AUVs, totally 73.
As you can see, we operate globally in all the major offshore regions in the world. We move to the next one. I will not go through all these in details, but it's just, you know, showing the trends on the various focus areas in the group. We see, for instance, on the utilization, of course, on the marine and subsea service delivery, we see we managed 98.2% technical uptime on the vessels in 2021 which is within our target and the number that we are happy with. We also see that we had above 99% on the technical uptime on the ROVs.
We also see client satisfaction. We are fairly good with 4.3 and 4.1 on subsea and marine , out of a maximum score of five. Decent feedback from the clients. I will not go through all of these, but move to the next slide, and then I think Hilde will take that one.
Yes. What you see here is a kind of snapshot on what the group plans to report on the sustainability for 2021. The group has published a full sustainability reporting since 2014. How we plan to report in our integrated report for 2021 is the four pillars based on the World Economic Forum. It's their framework which is our basis. It's about people, planet, prosperity, and principles. This framework actually complies with DOF's vision to create a broad stakeholder value. The DOF Group is also committed to the four pillars and believes that this concept is integral to future sustainability initiatives and communication. Now we move on to the financials. Here you see the main financial highlights for fourth quarter.
Already mentioned by Mons, an EBITDA of NOK 753 million versus NOK 606 million same period last year. Utilization has increased, and you see the split is 69% for the PSV fleet, 87% for the anchor handler fleet, and 86% for the subsea segment, of which project fleet has achieved a very high utilization this quarter. The EBITDA split between DOF and DOF Subsea has increased this quarter compared to last quarter. That means that DOF Subsea alone achieved an EBITDA of NOK 608 million, and the rest of the business, meaning DOF Supply and Norskan, NOK 145 million. On the PSV side, we had two vessels in layup by year-end versus eight last year.
We have received a higher utilization versus last year, but we have had more vessels operating in the North Sea spot market. The fleet in Brazil has achieved a high utilization, but variable utilization for the spot vessel in North Sea, which is very few. It's actually one vessel this period for the group. On the subsea, already mentioned that the activity has continued to be high from third quarter. We are also seeing a high tender activity. The performance from the PSV fleet, which include seven vessels, have been good, but the utilization has been slightly lower compared to last year, and that is mainly due to COVID-19 and off-hire due to that. If we move on to next. Here you see the full P&L.
I've already mentioned the EBITDA. Just again, on the PSV side, as said, improved utilization, but the revenue and EBITDA has been lower this quarter versus last year. It's the opposite on the anchor handler, and of which all vessels have been in operation, but one vessel in Brazil has partly been off-hire due to mobilization to a new contract. The North Sea market started very good, especially in October, partly into November, but slowed down in December. In subsea, we have good performance from all regions, and especially the Atlantic region and the Asia Pacific region. If you take the full year, the EBITDA was NOK 2.8 billion for 2021 versus close to NOK 3 billion for 2020.
Well, so far this year, the gain from sale of assets including five vessel sales of which one vessel that was recycled during last year. Also worth mentioning that 2020 was a special year for the group, where especially the FX rate impacted the EBITDA first half. Also that this result includes some termination fees due to contract terminated during first half 2020. Looking at the fourth quarter again, the EBIT was NOK 264 versus NOK -335. As you can see, the impairments has dropped. We have seen stable the fair market values during the quarter have stabilized.
We have changed principle on depreciation, which has resulted in higher depreciation so far, well, for the full year and also this quarter. On the net financial cost, not much to report. The net interest costs are more or less stable. As you can see, the result from last year was highly impacted by volatility in especially U.S. dollar towards Brazilian real and US dollars . That result in a net loss of NOK 281 compared to NOK 238 last year plus. If we go to next. Here you see the segment reporting and as said, the revenue and on the PSV segment has dropped both revenue and EBITDA.
That's due to more vessels in the spot market, but it's also less vessels in the operation due to sale through the year. I said that the fair market values has stabilized, but our impairment calculation is also based on updated value and use. That has impacted the impairments for the PSV fleet. On the anchor handler side, you can see that both the revenue and EBITDA has improved. That mainly comes from Brazil, where we have seen better performance from the fleet. Looking at the Subsea, you can see that both revenue and the operating result has improved, and that is mainly due to higher activity from the subsea regions. The time charter activity, which I will come back to, has been more or less stable.
You can also see that the change in principle on depreciation has had highest impact on the subsea fleet. I would also like to emphasize that if you look at the segment historically the subsea portion has represented approximately 70%. Looking at the quarter both last year and this year you can see it's above 80%. More than 80% of the EBITDA for the group represents the subsea segment. If you go to next. Here you see the DOF Subsea group and how we split the revenue and in two. On the subsea IMR projects we have achieved revenue of NOK 1 billion this quarter.
The revenue for the same period last year was approximately NOK 750 million. Here is where we see a large increase from last quarter. They achieved a result, an EBITDA of NOK 307 million and a 30% margin, which is a significant improve from last period last year, but also what we have seen previously, historically. The activity and also the performance from this part of the business has improved a lot, also this quarter, as it did in third quarter. The backlog from this part of the business is NOK 5 billion. It represents 1,463 employees, and that's an increase through the year of 250 people.
This personnel only op works on Subsea and IMR projects, and the marine personnel is hired in from the marine vessel operation within the group. 17 vessels in the operation by end of the quarter. If you look at long-term chartering, as I said, the earnings here and the utilization have been stable. It's NOK 420 million in revenues and EBITDA of NOK 300 million. That gives a margin of more than 70%, which is pretty normal for this part of the business. The backlog is close to NOK 6 billion for the long-term chartering in DOF Subsea. It represents eight vessels, of which seven vessels are PLSVs. If we go to next.
Looking at the cash flow, if you look at the fourth quarter, the net cash from the operating activity has improved from NOK 676 million to NOK 451 million, which is the main change is improved working capital, which is seasonal variation and normal, especially for the subsea business. If we look at the full year, we can see that the cash flow for operating activities has dropped. The main explanation is that. Well, first of all, 2020 was a very special year for the group due to COVID-19, termination of contracts, FX impacts, et cetera. The main variance from 2020 to 2021 is actually higher activity which within the subsea project activity, meaning that has impacted the working capital.
There is also low interest paid, and that is due to the standstill agreements. This quarter, capitalized interest, meaning interest not paid, is NOK 131 million versus NOK 87 million last year. Capitalized interest for the full year is around NOK 800 million for 2021. If you look at net cash from investing activity, it was NOK 257 million net, of which the main portion represent class dockings and some mobilization cost to new contracts. If you take a full year, you can see that the net cash from investing activities is a significant change. That is mainly due to class dockings postponed from 2020 until 2021. You can also see that the net cash contribution from sale of assets was NOK 172 million.
Payment of borrowings this quarter was NOK 353 million versus NOK 325 million last year, of which the main portion this quarter has been debt service from the DOFCON JV. If you look at the full year, payment is NOK 1.4 billion versus NOK 1 billion in 2020. NOK 400 million of the payments in 2021 is from the DOFCON JV. The remainder is debt service in Norskan Offshore and DOF Subsea Brasil who serves debt service according to a refinancing agreement signed in 2020. There is also some lease debt paid and DOF Subsea has also bought back a loan at a significant discount in third quarter.
That gives a total cash of NOK 2.2 billion by end of the year, versus NOK 2.3 billion by end of 2020, of which NOK 145 million is restricted cash. If we move on to next. If you look at the historical performance, there are some variation in the EBITDA margin, and as you can see. It's good to see that by this quarter, the margin have increased. I said the main improvements this quarter as well as previous quarter is higher activity within the subsea project business. You can also see that the non-current assets has dropped significantly through the period, even though we haven't sold that many vessels, and the main reasons is impairment of the fleet.
During this period, total impairment is between NOK 5 billion and NOK 6 billion. That has, of course, impacted the equity, which now is negative by NOK 1.3 billion, down from NOK 7.3 billion in 2017. The net interest-bearing debt is NOK 19.9 billion. No major changes even though we have paid NOK 1.4 billion, but there are also some capitalized interest included in this net interest-bearing debt. Next. Looking at the balances, no major changes on the long-term assets. There are some depreciation and impairments, but there are also some CapEx this period shown in the cash flow statements of NOK 275 million. One vessel has been classified as a finance lease, and that vessel was delivered to new owners in January 2022. Deferred taxes mainly relates to the DOFCON JV.
As mentioned, the cash has been stable through the year and also the last quarter. The cash is negative, and of course, that impacts the going concern assumptions. On liability, the non-current interest-bearing debt represent our portion of the debt in DOFCON JV. Current portion of debt of NOK 19.1 billion mainly represent the debt that is under restructuring. If you go to next. You can see that the revenue year-over-year is stable. EBITDA is slightly lower, meaning 2, close to 3 billion in 2020, and 2.8 billion in 2021. The firm backlog is slightly lower compared to last year. I expect that the firm backlog will increase during the next few months.
If you go to the final one, just a quick update on the restructuring which is described in financial report, and approximately NOK 19 billion of the group debts is part of the standstill agreements, which has been negotiated for one and a half year. We have signed standstill agreements until which is applicable until the 28th of February. As I said, we have bought one facility, loan facility at a significant discount. That was done in the third quarter. The BNDES facility, or actually all the facilities in Norskan and the DOF Subsea Brasil are served according to a refinance agreement signed in February. In parallel, there are ongoing discussion with BNDES and the other lenders to reach a robust long-term refinance solution for the group. The dialogue with the lenders is constructive.
There has been progress made during the quarter and so far into this year. However, there are certain pending issues still, hence, the outcome of the debt restructuring process is still uncertain. I give the word to Mons.
Thank you, Hilde. A few slides on markets and outlook. I will not spend much time on this because the oil price has strengthened a lot since November last year because this is from Rystad and of course we see that also the CapEx is expected to rise you know within offshore deepwater which is our main market. OpEx also expected to grow going forward. It's then also then in combination where we see the offshore wind installation spending is growing. Of course we see you know the last three, four years we have seen quite a lot of the.
A fair large portion of the Subsea vessels working in the offshore wind market. That has been steadily growing over the few years. It's of course interesting to see how this will develop now when you see a high activity on the Subsea side and also the continued growth on the offshore wind side. If you turn the page, please. Of course, this is also a bit about the oil price and I think we were mentioning here that Rystad believes that the demand will come back where it was before the pandemic. They also expect that the demand will pass the 2019 demand.
Of course that is of course positive for the activity in the operating markets. When we look at it a bit more in detail, how we see the market, you know, on a day-to-day basis around the globe. We have a slide, the next slide. First this one, which is showing the predicted vessel demand going forward. Of course we see that if you look at the graph on the left-hand side that in oil and gas there will be growth. We saw there was a growth from 2020 to 2021 and continued growth then into 2022.
What is also interesting to see of course is that the green part of the bars are which is offshore renewables. Offshore wind is growing going forward. If you move to look at the graph on the right-hand side, of course it shows that the demand for each vessel category are all expected to grow from 2021 to 2022. Of course, also then going forward and of course if you look at the demand towards mid and end of the decade, of course, it is a reason to be fairly optimistic on the utilization of the assets, yeah.
If we look at then how we see the market today and this year, you know, if we start with the PSV market, we have seen a slow spot market in so far in the year where utilization rate has been fairly low and also then the rates been low. But what we also see is that the tender activity in the North Sea has been fairly high and that, you know, through the months, the term rates have gradually picked up.
There is a higher rate level now for the term fixtures in the PSV segment compared to a year ago, which of course is positive. On the anchor handling side, of course the spot market has been slow in January and part of February. Of course it's a mix of lower seasonal activity, but also then a very extreme bad weather that has impacted the market. Of course it's been low utilization and low rates for most of that period. Today, of course, you know, the market is, of course, it's very fluctuating a lot and of course very difficult to predict.
Today, of course, we are in a good mood. We operate two boats in that market today and as we speak, you know, one of them are fixed at GBP 57,000 and the other one was fixed yesterday at GBP 42,000 . Of course it's fluctuating a lot. How it will develop through the year, of course nobody knows, but we do expect the market to turn stronger and through the summer season and of course there is quite a few projects that will happen this year and that's part of the reason why we are a bit optimistic on the market.
ourselves will participate in. There is a tow-out of the new oil platform expected to happen mid-March where we will have a vessel on, and there will go six other vessels on project that could impact the market in March. We ourselves are looking very much forward to the Hywind Tampen projects that will start April, May, which also will take a few boats out of the market and quite a few other projects. We are hopeful that the market will turn stronger during the next few months. In Brazil, of course on the anchor handling side, we see, you know, let's say a spot market.
We have had one boat in the spot market in Brazil the last year and we see, you know, a strong spot market that are hardly any boats available and on that boat we have had high utilization and good earnings. It's limited number of vessels available in the market and we also see high tender activity. There is, you know, just before Christmas, we bid on a tender for large anchor handlers in Brazil and we see more tenders coming.
I think the next few months we'll see how these tenders will end and let's see how that goes and we will update you on that. In summary, the year has started weak in the North Sea and then we, let's say as normal are hopeful that the summer season will show higher utilization and higher rates. On the subsea side, of course we saw from our own operations in quarter four that we had fairly high utilization on the subsea fleet globally.
If you look at the markets, we see high activity in Brazil, both on the tendering side and on our own fleet where we have, you know, full coverage on the fleet in the Atlantic. The picture is, I would say almost like Brazil, of course, as normal, a bit lower activity during the winter months, but higher tender activity and then we see, let's say a very balanced market, utilization-wise, during the season. We expect high utilization from the Atlantic region in 2022.
In North America, we also see higher activity and that there we also see better utilization so far this year than we saw same period last year. In APAC, it's a bit slower where we see, you know, especially first half not that active, but then we see the tender activity from second half. You know, it's higher and so what we expect the utilization activity level to increase in APAC going forward. On the backlog side, of course, we have NOK 1.9 billion in firm backlog for quarter one this year.
Of course, if you compare that to the turnover in quarter four at slightly below NOK 2 billion, it's, let's say, a good coverage for quarter one. For the year, we have NOK 6.1 billion in firm backlog, which also is pretty decent starting point for the year. As a sum of all this, we expect EBITDA in quarter one this year to be better than quarter one in 2021. On the financial side, Hilde has already said most of it. We are, as we are now, in a dialogue with the lenders concerning a robust long-term financial solution. We see progress, but the solution is not yet in place.
We need to emphasize that the debt restructuring we are discussing with the lenders include conversion of debt to equity. That was the quarter one presentation. We are not having a Q&A session after, but we, both Hilde and me are available on emails and on our phones. Feel free to call us if you have any questions. Thank you very much and have a nice day and good weekend when that comes. Thank you very much.