Thank you. Good morning and welcome to the quarter 3 presentation for the fiscal year. Now myself, Moron Sorson will do the presentation. We will after the presentation do question and answers if and that will do just after the presentation. So you don't have to log off and on.
Again, you just stay on and reopen for questions after the presentation. We start with highlights in quarter 3. And we achieved an operational EBITDA of SEK 879,000,000 based on management reporting. And we are pretty happy with part of the business, especially on the services side. We are satisfied with the beta 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 Q2 2019. Low utilization on the PSV fleet and then lower utilization on the anchor on the fleet. We'll cover the market a bit later on, but of course, the PSV market especially are all around the globe. And of course, that's why we have this low utilization where we had to have taken other boards into layer this year.
COVID-nineteen has been a challenge for us as everybody else. It's impacted the operations and of course significant cost and also lower utilization due to COVID. So we also will touch back on that later on. What we are very happy with in the quarter is that we secured new contracts with total value of SEK 3,700,000,000 in quarter 3 and so far in quarter 4. So that I'm very proud of what we have achieved on the complex side in the quarter.
In the we have 13 vessels in layup. It is around half of it is PSVs, older PSVs. 1 terms here at the end of the quarter and then the rest is Anca and Los, mainly Turam in Brazil and the rest outside Brazil. We have agreed the standstill with the banks until end January 2021 and with the bond dollars in the offshore until mid December 2020. We also sold the shares in DovTE quota.
If you look at the contracts in the quarter, we it's quite a few. We have had a truly contract awarded on the Skane Salvalore in Brazil on the from the Libra consortium led by Pietro Bos. It will start in the spring and the margin on the contract is somewhat better than what we have achieved on the boat on the existing contracts and this year. So it's a big step in the right direction for that boat. We also have a very large award from Peter Boson on we've got 4 contracts.
We call it inspection contracts. It's certainly an inspection in Brazil worth around $110,000,000 It will utilize 3, 4 boats, totally 1500 days. And we start on the contract in this quarter, quarter 4 and expected to complete in the quarter 1 late quarter 1 2022. So it will utilize between 3 and 4 boats in most of 2021. So it will be resolved or partly before we commence the country on Libra, then we are sending down Giol and Skanikala from our international fleet.
So very good contract for us. We in Atlantic region, we have achieved a 2 year extension on the Skane Africa with Technip that is in direct combination from the existing contract and so it commenced in October. And in Vega, we had a 6 month contract mid Equinor and they had an option to extend to a 2 year contract. We stayed on decided to declare and the vessel now is sure going to make on issue. We've got good contract in Angola, the major oil company in Angola for the Scony 7, so around 300 days plus more direction commencing down early in 2021.
And a few smaller contracts in the Atlantic for TK and Onda clients, so giving good utilization on the Yahsatian and Oizmann here in quarter 3 and into quarter 4. And so also filling part of the days in quarter 4, which is important. In APAC, we have a decent quarter. We got extension of a frame agreement with Chevron and which was important for us. And that agreement has given us between, let's say, 80 and 150 days a year organization on Oiraleskania Herculas or Oiraleskania Singapore.
So it's an important contract for us. We just finalized a big mooring replacement project in in APAC with Skane Harkilas and Skane Singapore, so which gives good utilization done in quarter 3 and in October in quarter 4. And if you want to ask, also giving reasonable utilization also in quarter 4 for the fleet in APAC and starting also to build work now for next year. So in total, as we said on the last page, the previous page, we have been awarded NOK 3,700,000,000 contracts. We have estimated an average margin for the contracts around 25%.
So also pretty satisfied with with, let's say, the margin the average margins on these contracts. If you look at the backlog for quarter 4, we have around NOK 1,800,000,000 in backlog for quarter 4. And of course, if you compare that to the turnover, Anen, with quarter 3, we had a turnover around SEK 2,000,000,000 in quarter 3. And so we have almost most of it in the bag for quarter 4. For next year, we have NOK 5,700,000,000 in the backlog for 20 Volts.
I will call it a foundation for 2021 already in the back. If you look at, I guess, these slides, most of you've seen before. So we are a global player and I think also in this quarter that's been extremely important when you see where we win the jobs in West Africa, in Brazil, in Asia. And so it's important to have this global basic board. NOK 4,700,000,000 in the backlog.
We have around NOK 7,400,000,000 in backlog, around 3,200 employees, and we operate 65 buses globally where we own 56 out up. On the COVID side, of course, it's I mean, not so much. It's a challenge. It's tough for the employees. We, of course, do a lot of testing.
We do a lot of guarantee. It brings significant costs and also, of course, impact on utilization. But I think we have all managed to do operations as normally. So 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 back page shows the 2 quarter for Dovsev Sea.
And probably we report that in 2 segments, the Subsea IRM segment and the long term chartering segment. So the Subsea IRM segment, we see we had revenues of around NOK970,000,000 in the quarter. It's NOK 245,000,000 in EBITDA. So giving a margin of around 75 percent and I think that is a bit up on the average we have had the last few years. So moved in the wrong direction in the quarter.
We build backlog in the quarter and the backlog in that segment is now around NOK 5,000,000,000 So we have close to 12 100 employees in that segment on the sub CRM segment. So that is engineering resources, ROV pilots, it's survey people, it's project manager and so on. So and we operate in the quarter, we operated 17 boats in that segment. And as we said, all apart from 1 boats in operation by the end of the quarter, so 1 boat in layer. On the long term chartering side, it's 9 boats.
It's the pipe players we own in the joint venture with Technip exports and then it's the Gasadi and Patagonia and the modernization, both you see revenue in the quarter NOK 80,000,000 with an EBITDA of NOK 40,000,000,000, NOK 62,000,000, so giving a margin of 80%. And we have a backlog in that segment of $8,100,000,000 so giving a total backlog of $13,100,000,000 So, all in all, we fleet and I will say we are satisfied with the quarter end of Subsea. And I'll leave it to Hilde to do the
Thank you. If you go to the highlights, main highlights for Q3 is, as already mentioned by Mans, good operational performance and that relates to the subsea segment, but reduced performance from the PSVs and anchor handlers. Total EBITDA of SEK 879,000,000 compared to SEK 803 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. And that resulted in an impairment of SEK667 1,000,000 this quarter compared to €917,000,000 last year.
Year to date, we have taken close to €3,000,000,000 in impairments compared to SEK 1,100,000,000 in previous quarter. If you look at the financial costs, they are SEK 343,000,000, which is more or less interest costs compared to SEK1.4 billion in Q3 last year. Nothing much has happened on the FX, only that the Norwegian krona has strengthened during the quarter and then BRL has continued to drop. If we look at the year to date financial costs, there is a significant impact on unrealized currency losses of SEK 2,300,000,000 in total. So net loss of SEK 406,000,000.
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. And we now have a negative equity of SEK 1,000,000,000 approximately that impacts on the going concern assumption. This result has been prepared on a going concern assumption due to standstill agreements until December January. So if we go into more into the operational side, the average utilization is 67% in 3rd 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.
And on the services segment, it's more or less the same utilization rate as we achieved same period last year. If we look at the mix between Dov supply and Dov Subsea, Dov Supply includes Dov Redri and Norscan. So they achieved 20% of the group's EBITDA this quarter, SEK173,000,000 in total, and DovSOVsie achieved an EBITDA of SEK706 million that represent 80% of the total EBITDA. Included in the EBITDA for Dov Subsea is a termination fee, which is booked as revenue this quarter, received this quarter due to 2 contracts that were terminated as we reported in Q2. I will come back to that.
If we take the Dov Subsea and the Dov Supply again, you see that the Dov 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 Q3, we had 6 vessels in layup. And one vessel was sold, that's the Skondi Giant that had been in coal layup for 2 years before the sale. We also have experienced reduced utilization in Brazil. That is partly due to docking, mobilization to new contracts and layup.
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 layup in this quarter. Within the subsea segment, we have also recycled a vessel that is Scandi Hov, which was built in 1980 3. By end of September, we had 13 vessels in layup versus 17 in Q2. So the number of vessels in layup has been reduced.
Included in the layup are also the Dov Deepwater fleet with 4 vessels. The shares in Dovdivo Water has been agreed sold in August and closed in October. I will also come back to that. So if we go to the P and L, you can see that the EBITDA is SEK 879 compared to SEK 803 and total EBITDA or year to date EBITDA is SEK 2.4 close to and compared to SEK 2,000,000,000 same quarter last year. The gain from sale of vessels is actually the price that we achieved for Skunny Giant because that vessel was written down to 0.
It's also important to mention that included in the revenue and the EBITDA is SEK 110,000,000 booked as termination fee due to 2 contracts terminated within the subsea segment. I've already mentioned the impairment of SEK667,000,000 and included the depreciation that gives a negative EBITDA of SEK 46,000,000 compared to SEK 503,000,000 same period last year and accumulated SEK 1 point 4,000,000,000 compared to minus SEK 188,000,000 same quarter last year. And here you see that the year to date impairment has highly impacted the numbers so far this year. Net profit before unrealized currency is minus EUR 403,000,000 Interest cost is more or less at the same level as last year. And 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 and on market on debt and on market instruments, it's nothing much to report this quarter compared to previous quarter. And that gives a net loss of SEK 389 compared to SEK1.9 last year. And if you take the accumulated, it's as big as SEK 5.3 minuteus compared to SEK 2,000,000,000. And 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. And that was it on the numbers on the P and L.
So if you go to the segments, here you see the 3 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 margins. It is this quarter is slightly better than 2nd quarter also fair to say. The 2nd quarter was SEK16,000,000 in EBITDA compared to SEK22,000,000 in this quarter. If you look at the anchor handler segment, you see also that revenue is more or less the same, but the margin is better, SEK 151 compared to SEK 140.
Compared to same period last quarter, the number was compared to second quarter, the number was 140. So a slight improvement on the anchor handler segment as well compared to previous quarter. If we look at the Subsea, they achieved an EBITDA of SEK706 compared to SEK583. So 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 SEK110, it's still a good number on this segment. Also on the EBITDA, and it's better than the 2nd quarter. And if we look at the margin on this segment, we have achieved 44% compared to 36%. If we reduce with a termination fee, it's close to 40%. So still good numbers of good performance from the subsea segment.
If you see on the cakes 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, €69,000,000 on the PSV, €14,000,000 on the anchor handlers and €584,000,000 It's also fair to mention on the anchor handler, we took a big hit in second quarter. So that was the segments. So 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 margins margin at the in the latest quarter, but still margin close to 40% if we deduct with a termination fee. So 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 1st quarter 2019. And of course, the equity is negative, very much impacted by weak result this year due to impairment and currency losses.
Net interest in bearing debt is EUR 21,500,000 compared to EUR 22,000,000 the previous quarter. I will come back to that when going through the balance sheet. So if we go to next, you see the tangible assets has been reduced from, well, 24 0.3% end of the year, 21% by end of previous quarter to 20.2% this quarter. And 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. So total current assets of SEK 20 800,000,000 compared to SEK 22,000,000 in previous quarter and SEK 24,000,000 or close to 25 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 Dovkol JV and also the Dovk Deepwater JV during the period. The group a full standstill for the group, parts of the group has had standstill also in a full second quarter, but during the Q2 from May, the group has had a standstill from the secured lenders and bondholders the entire quarter and also from May in Q2.
If you look at the equity, already mentioned, it of course negative of EUR 1,000,000,000 due to weak result also this quarter after impairments. So the net result was minus. And that, of course, impacted going concern assumptions. But already mentioned, we have standstill agreements with the banks and bondholders until December January. If you look at long term debt of SEK 4,500,000,000, that is our part of the debt at DOFCON of 50%.
All other secured debt are classified as short term, and that was SEK19.9 billion this quarter. And you can see that it has been the gross debt has been classified as short term during the entire period so far this year. It is the long term debt is, of course, negatively impacted by the cumulate interest and FX year to date. So if you go to the group key financials, So what is, of course, positive, if you take the last 3 years or if you take from 'twenty seven, the revenue has been stable and is starting to increase again. And if you look at the EBITDA also deducting with the termination fee, It's going in the right direction, which is positive.
So the operational side is good for the group, has been good the last 12 months. If we look at the backlog, we see that there is a decline and the numbers was €18,000,000 by end of 2019 and today it's €7,400,000,000 So the group has been able to build a backlog also during this quarter, already mentioned by Mans. So if you go say a few words on the debt restructuring, We have agreed a standstill agreement with the secure lenders within the Dof Group, representing 91% of the lenders. And that excludes the DofSorbsea and the Dof Tipo, the JV. And Dovsobsy has agreed with 88% until end of January 2021.
We have also signed standstill agreements with the bondholders until the 15th December. We have agreed to standstill agreements with BNDES until end of December. This is part of a governmental package due to COVID-nineteen in Brazil. In October, they released an extension of the standstill agreements from end of December until during first half twenty twenty one. So 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 DNOF Deepwater as part of the debt restructuring in Dov Deepwater, of which the group owned 50% of the share, the shares was agreed sold to a customer in August. So that means that the results and balance sheet from Dovdivoitte will from 4th quarter not be included in the group's balance sheet. It's also important to mention that the DNOF's guarantee commitment percent of the DNOF deposit, approximately EUR 530,000,000 will be part of the DNOF of the group's debt restructuring. As part of the agreement, Kastor has waived any recourse claim to DNOF, and DNOF is still operating the Dov Deepwater fleet.
The group has, as we report in the financial report today, has submitted a debt restructuring proposal to the secured lender and bondholders. This proposal includes 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. We are, of course the Board and management are, of course, working hard to secure a long term solution for the group. And how long that will take is not easy to forecast.
But the discussions is ongoing and the dialogue is constructive. So that was it from me. So then I give the word to Mans.
Thank you, Hilda. If you look on the market and outlook, if you've yes, 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 deferrals and interruptions from COVID-nineteen and of course, the low oil price put a pressure on the whole sector.
So it's still very challenging markets to operate in. So it's and of course, it's of course, this figure shows the impact on the end gun and utilization and 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 TC rates. So and I think that also, of course, reflects is reflected in the performance on our Phase III segment in the quarter where we see a lot of both going into layup and it's a really tough market on the PSV side. On the Ancali side, it's a more mixed bag. We see we have been able this year to secure decent contracts.
In Brazil, also renewed the Scandinavia at the bar with Colombia in La Valle. And so mostly it's you have in the PSV segment, big difficulties to, let's say, different yourself from the competition for the anchor handling side. It's a bit it can be done either geographically or due to the vessel specification. So the Scandinavia is a good example of that, where we see is much bigger than also the competitor fleet, meaning that you get the premium for the boat. And still, of course, we see that in Brazil that the rate levels are better than what is possible to achieve elsewhere.
So but on the PSV side, it is it's very, very difficult to find work that this has decent payments. I recall it almost impossible. On the services side, I think it's still possible to different 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 EMEA side. Still a few opportunities on the organic side and the same on the energy side where it should be able to win continue to win a few contracts like we did in quarter 3.
So if we flip the page, we go to the outlook. We have mentioned it, COVID-nineteen have impacted the operation and we expected to do it going forward as well. So it impacts on the way that we have higher costs due to quarantine requirements where we have our seafarers and offshore workers in hotels in quarantine before they go on board. Of course, of course, that cost money and of course, it's also very tough for the employees to be in quarantine or isolation in hotel rooms across the globe. So they do a fantastic job for us in these very challenging times.
But we also have had COVID onboard the boats and of course that have resulted in fire the change of the entire crew and the cleaning of the boat, so what will also impact the utilization. What we have seen is that we have been less hurt the last 3 months than we were, let's say, at the earlier part of the year. As we mentioned on the load by the market is the markets are challenging, but as we said, various utilization and the earnings between different regions and segments. To repeat myself, we see very, very, very tough on the PSV side. And we see on the ag handling side, especially in Brazil, that there are opportunities and still possible to secure decent contracts.
On the services side, I think quarter 3 shows that it is possible to work on these utilization rates and that we are able to win contracts in some segments and some areas and that gives decent margin. But of course, the underlying is that it is challenging all over the segments and the regions. If you look forward, the back deal for quarter 4, as we said, is SEK 1,800,000,000. It's a decent foundation for quarter 4 and comparing to the turnover in quarter 3, it's last portion that already secured. For next year, we have €5,700,000,000 in the backlog and of course also gives, let's say, a decent starting point for 2021.
We expect, as we always do, that quarter 4 will be weaker than quarter 3. Both part of it is the termination fee we've in the mentioned of NOK 110,000,000,000, but we also expect marketing in some regions to be in due to seasonal variations in quarter 4 compared to quarter 3. If we go to the financial, just to summarize that. As Hilli mentioned, we have presented a refinancing proposal to the dual creditors. And we all depend that on continued standstill agreements where the credit to internal long term financial solution is agreed to maintain as a growing concern.