Thank you. Good morning and welcome to the Quarter Three Presentation for the firm. Myself, Mons, also will do the presentation. We will, after the presentation, do question and answers, and that we'll do just after the presentation, so you don't have to log off and on again. You just stay on and I'll be open for questions after the presentation. We start with the highlights in quarter three, and we achieved an operational EBITDA of NOK 879 million based on management reporting. We are pretty happy with part of the business, especially on the Subsea side, we are satisfied with the EBITDA achieved. You can see that from the fleet utilization average, 67%. We had 81% on the Subsea fleet, which is the same as we had in the same quarter, 2019. Low utilization on the PSV fleet and then low utilization on anchor handling fleet.
We'll comment the market a bit later on. Of course, the PSV market especially are extremely weak all around the globe and of course, that's why we have this low utilization. We had to have taken other boats into lay up this year. COVID-19 has been a challenge for us as everybody else. It's impacted the operations and with significant cost and also lower utilization due to COVID. We also touch back on that later on. What we are very happy with in the quarter is that we secured new contracts worth a total value of NOK 3.7 billion in quarter three and so far in quarter four. I'm very proud of what we have achieved on the contract side in the quarter. We have 13 vessels in lay up. Around half of it is PSVs, older PSVs.
One subsea asset at the end of the quarter, and then the rest is anchor handlers. Mainly two of them in Brazil and the rest outside the Brazil. We have agreed a standstill with the banks until end January 2021, and with the bondholders in DOF Subsea until mid December 2020. We also sold the shares in DOF Deepwater to Aker. If you look at the contracts in the quarter, it is quite a few. We have had a three-year contract awarded on the Skandi Salvador in Brazil from the Libra Consortium led by Petrobras. It will start in the spring and the margin on the contract is much better than what we have achieved on the existing contracts and this year. It is a big step in the right direction for that boat. We also have a very large award from Petrobras.
We got four contracts, we call it inspection contracts. It's survey and inspection in Brazil worth around $110 million. It will utilize three, four boats, totally 1,500 days. We start on the contract in this quarter, quarter four, and expect it to complete in late quarter one 2022. It will utilize between three and four boats in most of 2021. It will be the Skandi Salvador partly before we commence the contract on Libra, and then we are sending down Geoholm and Skandi Carla from our international fleet. 1,500. Very good contract for us. In Atlantic Region, we have achieved a two-year extension on the Skandi Africa with Technip that is in direct continuation from the existing contract and so it commenced in October. In Skandi Vega, we had a six-month contract with Equinor.
They had an option to extend to a two-year contract, which they then decided to declare and the vessel Normand Explorer went to maintenance in Q2. Got a good contract in Angola with a major oil company in Angola for the Skandi Seven. Around 300 days plus one-year option, commencing then early in 2021. A few smaller contracts in the Atlantic for Teekay and other clients. Giving good utilization on the Assadian and Oistman in quarter three and into quarter four. Also filling part of the days in quarter four, which is important. In APAC, we have had a decent quarter. We got extension of a frame agreement with Chevron, which was important for us. That agreement has given us between, let's say, 80-150 days a year of utilization on one either Skandi Hercules or Skandi Singapore.
It's an important contract for us. We just finalized a big mooring repair replacement project in APAC with Skandi Hercules and Skandi Singapore, which gives good utilization done in quarter three and in October in quarter four. A few orders awards, giving reasonable utilization also in quarter four for the fleet in APAC, and starting also to bid work now for next year. In total, as we said on the last page, the previous page, we have been awarded NOK 3.7 billion in contracts. We have estimated an average margin for the contracts around 25%. Also pretty satisfied with, let's say, the average margins on these contracts. If you look at the backlog for quarter four, we have around NOK 1.8 billion in backlog for quarter four.
Of course, if you compare that to the turnover done in quarter three, we had a turnover around NOK 2 billion in quarter three, we have almost most of it in the bag for quarter four. For next year, we have NOK 5.7 billion in the backlog for 2021. I will call it a decent foundation for 2021 already in the bag. If you look at I guess these slides mostly you've seen before, we are a global player, I think also this quarter that's been extremely important, when you see where we win the jobs, in West Africa, in Brazil and in Asia. It's important to have this global placing forward. NOK 47 billion in the backlog. We have around NOK 7.4 billion now in backlog, around 3,200 employees, and we operate 65 vessels globally, where we own 56 of them.
On the COVID side, of course, I will not say much. It's a challenge. It's tough for the employees. We, of course, do a lot of testing. We do a lot of quarantine. It brings significant costs and also, of course, impact on utilization. I think we have almost managed to do operations as normally. It's a hard job, and I'm very satisfied with all the employees, the way we have handled this so far. If you go to next page shows the two quarter for DOF Subsea, and probably we report that in two segments, the Subsea IRM segment and the long-term chartering segment. With the Subsea IRM segment, we see we had revenues of around NOK 970 million in the quarter. It's NOK 245 million in EBITDA, so giving a margin of around 25%.
I think that is a bit up on the average we have had the last few years. Moved in the right direction in the quarter. We built backlog in the quarter and the backlog in that segment is now around NOK 5 billion. We have close to 1,200 employees in that segment, on the Subsea IRM segment. That is engineering resources, ROV pilots, it's survey people, it's project manager and so on. In the quarter, we operated 17 boats in that segment, and as we said, all apart from one boat in operation by the end of the quarter. One boat in lay-up. On the long-term chartering side, it's nine boats. It's the pipe layers we own in a joint venture with Technip, six boats, and then it's the [Yesad] and Patagonia and the One Nation boat.
You see revenue in the quarter of NOK 580 million with an EBITDA of NOK 462 million, giving a margin of 80%. We have a backlog in that segment of NOK 8.1 billion, giving a total backlog of NOK 13.1 billion. All in all, we had, as we said to start, 81% utilization on the Subsea fleet and I would say we are satisfied with the quarter in DOF Subsea. I leave it to Hilde to do the numbers. Hilde?
Thank you. If you go to the highlights, main highlights for third quarter is, as already mentioned by Mons, good operational performance, and that relates to the Subsea segment, but reduced performance from the PSVs and anchor handlers. Total EBITDA of NOK 879 million compared to NOK 803 million same quarter last year. We have seen a drop in fair market values also this quarter, and we have also recalculated our value in use calculation, which is based on our long-term forecast. That resulted in an impairment of NOK 667 million this quarter compared to NOK 917 million last year. Year to date, we have taken close to NOK 3 billion in impairments compared to NOK 1.1 billion in previous quarter. If you look at the financial costs, they are NOK 343 million, which is more or less interest costs compared to NOK 1.4 billion in third quarter last year.
Nothing much has happened on the FX, only that the Norwegian krone has strengthened during the quarter and then BRL has continued to drop. If we look at the year-to-date financial cost, there is a significant impact on unrealized currency losses of NOK 2.3 billion in total. Net loss of NOK 406 million. The other events on the balance sheet is that the standstill have, of course, impacted the balance sheet, increasing the interest-bearing debt and increased the cash position. We now have a negative equity of NOK 1 billion approximately, that impacts on the going concern assumption. This result has been prepared on a going concern assumption due to standstill agreements until December and January. If we go more into the operational side, the average utilization is 67% in third quarter.
It's 64% for the PSV segment compared to 94% same quarter last year, and 48% for the Anchor Handler segment compared to 75% same quarter last year. On the Subsea segment, it's more or less the same utilization rate as we achieved same period last year. If we look at the mix between DOF Supply and DOF Subsea, DOF Supply includes DOF Rederi and Norskan. They achieved 20% of the group's EBITDA this quarter, NOK 173 million in total, and DOF Subsea achieved an EBITDA of NOK 706 million that represent 80% of the total EBITDA. Included in the EBITDA for DOF Subsea is a termination fee, which is booked as revenue this quarter, received this quarter due to two contract that were terminated as we reported in second quarter. I will come back to that.
If we take the DOF Subsea and the DOF Supply again, you see that the DOF Subsea alone achieved a utilization rate of 82%, and DOF Supply utilization rate of 57%. Currently on the anchor handler fleet or by end of third quarter, we had six vessels in lay-up and one vessel was sold. That's the Skandi Giant that had been in cold lay-up for two years before the sale. We also have experienced reduced utilization in Brazil. That is partly due to docking, mobilization to new contracts, and lay-up. In Subsea, as you can see, the utilization rate is the same as it was same period last year and improved performance from Subsea regions, especially the Atlantic region and the Asia Pacific region. One vessel in lay-up in this quarter.
Within the Subsea segment, we have also recycled a vessel, that is Skandi Hav, which was built in 1983. By end of September, we had 13 vessels in lay-up versus 17 in second quarter. The number of vessels in lay-up has been reduced. Included in the lay-up are also the DOF Deepwater fleet with four vessels. The shares in DOF Deepwater has been agreed sold in August and closed in October. I will also come back to that. If we go to the P&L, you can see that the EBITDA is NOK 879 compared to NOK 803. Total EBITDA or year-to-date EBITDA is NOK 2.4 billion close to and compared to NOK 2 billion same quarter last year. The gain from sale of vessels is actually the price that we achieved for Skandi Giant because that vessel was written down to zero.
It's also important to mention that included in the revenue and the EBITDA is $110 million booked as termination fee due to two contracts terminated within the subsea segment. I've already mentioned the impairment of NOK 667 and included the depreciation that gives a negative EBITDA of NOK 46 million compared to NOK 503 same period last year, and accumulated NOK 1.4 billion compared to NOK -188 same quarter last year. Here you see that the year-to-date impairment has highly impacted the numbers so far this year. Net profit before unrealized currency is NOK -403. Interest cost is more or less at the same level as last year. If you take the accumulated, it's slightly higher and also impacted by a currency loss that happened during first half this year. If we take the unrealized currency loss on debt and on market instruments, it's nothing much to report this quarter compared to previous quarter.
That gives a net loss of NOK 389 compared to NOK 1.9 last year. If you take the accumulated, it is as big as NOK 5.3 minus compared to NOK 2 billion. You see that the unrealized currency loss or currency loss in total has highly impacted the numbers year to date, but not particularly this quarter. That was it on the numbers on the P&L. If we go to the segments, here you see the three different segments and the PSV. The EBITDA from the PSV segment has gone down. Revenue is the same but the EBITDA is lower, meaning it reduced the margins. This quarter is slightly better than second quarter, also fair to say. The second quarter was NOK 16 million in EBITDA compared to NOK 22 in this quarter.
If you look at the Anchor Handler segment, you see also that the revenue is more or less the same, but the margin is better, NOK 151 compared to NOK 140. Compared to second quarter, the number was NOK 140. A slight improvement on the Anchor Handler segment as well compared to previous quarter. If you look at the Subsea, they achieved an EBITDA of NOK 706 compared to NOK 583. That is a significant improvement, and of course, the main contributor here is, of course, DOF Subsea. If we reduce with the termination fees of NOK 110, it's still a good number on this segment. Also on the EBITDA, it's better than second quarter. If we look at the margin on this segment, we have achieved 44% compared to 36%. If we reduce with the termination fee, it's close to 40%.
Still good numbers or good performance from the Subsea segment. If you see on the charts below, you see that the Subsea is a substantial part of our revenue. The PSV is declining and the Anchor Handler segment is declining. On the impairment, you can see it's a split on all the segments. NOK 69 on the PSV, NOK 14 on the Anchor Handlers and NOK 584. It's also fair to mention on the Anchor Handler, we took a big hit in second quarter. That was the segments. If we go to the historical performance. You see the line on the top, the margin is pretty stable around an average of 35%-36%, and of course, an increased margin in the latest quarter, but still a margin close to 40% if we deduct with the termination fee. Good performance on the operational side.
If we look at the current assets, they are going down, of course, impacted by the impairments. No vessels delivered since first quarter 2019. Of course, the equity is negative, very much impacted by weak result this year due to impairment and currency losses. Net interest-bearing debt is NOK 21.5 billion compared to NOK 22 billion the previous quarter. I will come back to that when going through the balance sheet. If we go to next. You see the tangible assets has been reduced from, well, NOK 24.3 billion end of the year, NOK 21 billion by end of previous quarter, to NOK 20.2 billion this quarter. Of course, impacted by depreciation and impairments year to date. Deferred taxes, no big events. We did a big write-down on those in 2019. Total current assets of NOK 20.8 billion compared to NOK 22 billion in previous quarter and NOK 24 billion, or close to NOK 25 billion by year-end.
If we look at the current assets, you can see that the cash has increased gradually, and that is, of course, impacted by standstill for the group. That excludes the DOFCON JV and also the DOF Deepwater JV during the period. A full standstill for the group. Parts of the group has had standstill also in a full second quarter. During second quarter from May, the group has had a standstill from the secured lenders and bondholders the entire quarter and also from May in second quarter. If you look at the equity already mentioned, it, of course, negative of NOK 1 billion due to weak result also this quarter after impairments, so the net result was minus. That, of course, impact the going concern assumptions, but already mentioned, we have standstill agreements with the banks and bondholders until December and January.
If you look at the long-term debt of NOK 4.5 billion, that is our part of the debt to DOFCON JV of 50%. All other secure debt are classified as short-term, that was NOK 19.9 billion this quarter. You can see that the gross debt has been classified as short-term during the entire period so far this year. The long-term debt is, of course, negatively impacted by accumulate interest and affects year to date. If you go to the group key financials. What is, of course, positive, if you take the last three years, or if you take it from 2017, the revenue has been stable and is starting to increase again. If you look at the EBITDA, also deducting with the termination fee, it's going in the right direction, which is positive.
The operational side is good for the group, has been good the last 12 months. If you look at the backlog, we see that there is a decline, and the numbers was NOK 18 million by end of 2019, and today it's NOK 7.4 billion. The group has been able to build a backlog, also during this quarter, already mentioned by Mons. If you go say a few words on the debt restructuring. We have agreed standstill agreements with the secure lenders within the DOF Group representing 91% of the lenders. That excludes the DOF Subsea and the DOF Deepwater JV. DOF Subsea has agreed with 88% until end of January 2021. We have also signed standstill agreements with the bondholders until the 15th of December. We have agreed standstill agreements with BNDES until end of December.
This is part of a governmental package due to COVID-19 in Brazil. In October, they released an extension of these standstill agreements from end of December during first half 2021. It is possible to extend these standstill agreements until end of June, and we have, of course, applied for that scheme. If we look at the DOF Deepwater as part of the debt restructuring in DOF Deepwater, of which the group owned 50% of the share, the shares was agreed sold to a customer in August. That means that the results and balance sheet from DOF Deepwater will from fourth quarter not be included in the group's balance sheet. It is also important to mention that the DOF's guarantee commitment of 50% of the DOF Deepwater, approximately NOK 530 million, will be part of the group's debt restructuring.
As part of the agreement, a customer has waived any recourse claim to DOF, and DOF is still operating the DOF Deepwater fleet. The group has, as we report in the financial report today, submitted a debt restructuring proposal to the secured lender and bondholders. This proposal includes a conversion of debt to equity, meaning that it will, of course, have a comprehensive impact on the group's balance sheet. It's not more to say about that. The board and management are, of course, working hard to secure a long-term solution for the group. How long that will take is not easy to forecast. The discussions is ongoing, and the dialogue is constructive. That was it from me. I give the word to Mons.
Thank you, Hilde. On the market and outlook. Thank you. The markets, of course, we see oil price has been stable around between 40% and 45% lately. The outlook for the industry is, of course, still weak. We have had the fuel and the interruptions from COVID-19 and, of course, the oil price put the pressure on the whole sector. It's still very challenging markets to operate in. Of course, this figure shows the impact on the anchor handling utilization, the PSV utilization, and also, of course, on the rate. We see here that on the PSV side, the drop in North Sea is more than 40% on TCE rates.
I think that also is reflected in the performance in our PSV segment in the quarter, where we see a lot of boats going into layup and it's a really tough market on the PSV side. On the anchor handling side, it's a more mixed bag where we see we have been able this year to secure decent contracts in Brazil. Also renewed the Skandi Vega out of Lavalin. Of course, where you're in the PSV segment, big difficulties to, let's say, differentiate yourself from the competition. On the anchor handling side, it can be done either geographically or due to the vessel specifications. Skandi Vega is a good example of that, where she is much bigger than most of the competitor fleet, meaning that you get the premium for the boat.
Still, of course, we see that in Brazil, that the rate levels are better than what is possible to achieve elsewhere. On the PSV side, it's very difficult to find work that has decent payments. I would call it almost impossible. On the Subsea side, I think it's still possible to find work, and also with decent payment in various segments and in some regions. It is, I would call it completely dark on the PSV side. Still a few opportunities on the anchor handling side and the same on the subsea side where it should be able to continue to win a few contracts like we did in quarter three. If we flip the page, we go to the outlook. We have mentioned it, COVID-19 have impacted the operation, and we expected to do it going forward as well.
It impacts on the way that we have higher costs due to quarantine requirements where we have to have our seafarers and offshore workers in hotels in quarantine before they go on board the boats. Of course, that costs money, and of course, it's also very tough for the employees to be in quarantine or isolation in hotel rooms across the globe. They do a fantastic job for us in these very challenging times. We also have had COVID on board the boats and of course that have resulted in off-hire and change of the entire crew and the cleaning of the boat. Of course it also impact the utilization. What we have seen is that we have been less hurt the last three months than we were, let's say at the earlier part of the year.
As we mentioned on the load by the market, the markets are challenging, but as we said, various utilization and earnings between different regions and segments. To repeat myself, we see very tough on the PSV side. We see on the anchor handling side, especially in Brazil, that there are opportunities and still possible to secure decent contracts. On the subsea side, I think quarter three shows that it is possible to work on decent utilization rates and that we are able to win contracts in some segments and some areas, and that gives a decent margin. Of course, the underlying is that it is challenging all over the segments and the regions. If you look forward, the backlog for quarter four as we said, is NOK 1.8 billion.
It's a decent foundation for quarter four and comparing to the turnover in quarter three, it's a large portion of that already secured. That of course also gives, let's say, a decent starting point for 2021. We expect as we always do that quarter four will be weaker than quarter three. Most part of it is the termination Hilde mentioned of NOK 110 billion, We also expect marketing in some regions to be weaker due to seasonal variations in quarter four compared to quarter three. If you go to the financial, just to summarize that, as Hilde mentioned, we have presented a refinancing proposal to our creditors, We are dependent on continued standstill agreements with the creditors until a long-term financing solution is agreed to maintain us going concern. That is the end on the presentation