Good day everyone, and welcome to the review and presentation of our results for the third quarter 2022. My name is Bernt Omdal, and I'm the Chief Executive Officer of the company. I'm joined by our Chief Financial Officer, Vidar Jerstad, and together we will take you through this presentation. Siem Offshore's report for the third quarter 2022 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions. Looking at the highlights for the quarter, we had 28 vessels in operation, and all vessels delivered a positive EBITDA margin.
We had $73.7 million in revenue, and we delivered $34.1 million in EBITDA, which is equivalent to 46% EBITDA margin. Our cash position was $89 million at the end of the quarter, and our book equity ratio was 35%. We continue to deliver safe and efficient operations in all regions. This is a result of high focus on safety at all levels in the company. The utilization of the fleet in the third quarter was 93%, excluding vessels in layup. We had three vessels in layup at the end of the quarter. We have been awarded some long-term contracts in third quarter.
The Siem Stingray was awarded a three-year contract with Subsea 7, and the anchor handler Avalon Sea was extended by 18 months in Canada, ensuring utilization well into second quarter of 2024. We also got a new contract in place for the oil spill recovery vessel, Siem Maragogi, with a duration of three years. First of two option was also declared for the PSV Siem Atlas and Siem Giant. Both vessels are now firm until June 2023. The mentioned vessels are operating in Brazil. For the anchor handler, the Siem Opal, Equinor declared three-month options with commencement in September this year.
We also recently received a notification of a final and favorable decision of a Brazilian court in a lawsuit filed against Petrobras. This case is related to late delivery of the vessel Siem Marataizes from the yard back in 2016. The penalty charge has been accrued for in previous years' accounts and will not have any impact on the profit and loss account for 2022. The favorable award decision of the court amounts to a cash payment equivalent to around $8 million. My colleague Vidar Jerstad will now give some details regarding the results for the third quarter.
Thank you, Bernt. In the third quarter, Siem Offshore generated $73.7 million in revenue and achieved an operating margin of $34.1 million. Both figures represent a decent uplift from same quarter last year. Depreciation was $16.6 million. There were no impairments or any reversal of impairments in the quarter. Operating profit ended therefore at $17.5 million. Interest rate expenses were $6.2 million, and net financial items ended negative by $7.7 million. Net profit before taxes were $9.9 million, and after taxes, $10.2 million. After adjusting for minority shareholders in one of our subsidiaries, we end up at $9.9 million. This slide shows operating margin before G&A and distributed on segments. The OCV and well intervention vessels had an operating margin in the third quarter of $19 million. The PSVs generated $3.6 million in margin last quarter.
This figure confirms a second quarter in a row that the drop in margin for the PSVs in the first quarter were transitory. Anchor handling vessels had an operating margin of $8.5 million, a considerable increase in margin compared to same quarter last year and also year to date. Other vessels generated $8.2 million. A quick look at the balance sheet shows that book equity of the company is continuing to grow quarter by quarter. The company now has $356 million in equity, and the book equity ratio is 35%. Gross interest-bearing debt is $ 579 million. Net interest-bearing debt, $ 490 million. Siem Offshore's financial position is good, and it continues to improve. Siem Offshore is an attractive and solid business partner, not only from a commercial and operational perspective, but also from a financial perspective. Now, the year-to-date cash flow shows the following.
We started this year with $92 million in cash. We have generated $69 million in cash from operations. We have paid net interest of $11 million . We have invested in the vessels $20 million . We have repaid debt of $40 million and end the third quarter with $89 million in our accounts. Note that the first half year was very CapEx intensive and not representative for the second half of the year. Out of the $20 million in CapEx in this figure, $19 million relate to first half year and only $1 million to the third quarter. Let's take a look at the contract backlog. At the end of third quarter of 2022, the backlog amount is $462 million . This is a net increase of $51 million from previous quarter end.
The OSVs and well intervention vessels dominate with 64% of the backlog. Our anchor handling vessels are represented by only 1% of the backlog. In this slide, you see firm contracts and options in green and vacant vessel days in blue. Especially the short backlog in the anchor handling vessels represent a large degree of exposure to the markets, implicating market risk and market opportunities going forward. However, under the current trend of improving markets and continued focus on energy security, we believe the available capacity going forward in general represent an attractive earnings potential.
Yeah, on this slide we have listed the vessels in operation for our OSV segment. Currently we have 28 owned vessels in operation, and in addition, we have three vessels on management. There are no major changes to the fleet composition, thus we will not go into any more details here. We continue our operations around the world, moving vessels to locations where we find it safe to operate and where we are able to sign favorable contracts for the company. Going briefly into the employment situation for the various segments. We could start with the anchor handler fleet. Currently we have four of our anchor handlers in Southeast Asia, two on firm contracts and two are trading in the spot market. In Canada, we have one anchor handler working on a term contract.
Siem Opal is still on a term contract with Equinor in the North Sea and the sister vessel Siem Ruby and Siem Pearl are still trading in the North Sea spot market. We have one of our anchor handlers still in lay up in Norway. Moving on to the construction vessels. Siem Stingray she is working in the European waters on a firm contract. Siem Barracuda also in the North Sea on a short-term contract. Siem Spearfish is on a longer term contract taking her until end of 2023. Siem Dorado is also on a firm contract working in the North Sea. The well intervention vessels, Siem Helix One and Siem Helix Two, they are both on long-term contracts, and they are still working offshore Brazil.
We have 6 PSVs in our fleet, most of them on long-term contracts. In Australia, we have the Siem Tema and Siem Pilot working on term contracts there. We have the Siem Pride on a long-term contract in the North Sea, and the sister vessel, Siem Symphony, is trading the spot market in the North Sea. We have two PSVs in Brazil, Siem Atlas and Siem Giant. Both are on term contracts. Also in Brazil, we have our fleet of four crew boats and fast supply vessels. Two of them, Siem Pendotiba and Siem Piata, are both idle in Rio. We have the Siem Maragogi and Siem Marataizes, both on firm contracts. Our core drilling vessel, JOIDES Resolution, continue working around the globe on a long-term contract.
We have the well stimulation vessel, Big Orange. She is still working in the North Sea. As shown on a previous slide, we really have a good contract coverage this year. Under the current improving markets and continued focus on energy security, we believe that available capacity going forward represent an attractive earnings potential, just like Vidar mentioned earlier on. Moving on, we continue our focus on ESG. A lot of good work has been done by our onshore and offshore staff, and there is full focus on reducing our carbon footprint. Many good initiatives are being worked upon. Few comments to the market. There is high activity in nearly all offshore support segments at the beginning of the third quarter.
After experiencing historically high day rates in July, the anchor handler spot market in the North Sea saw a sharp activity drop in August. This has continued into September, and it was caused by a low demand and many vessels returning to the spot market after project campaigns. The PSV segment was stable for most of the period, and performed better than in recent year. The offshore construction vessel market was more or less sold out throughout the period, and a few contracts that were concluded reflected high day rates and favorable contract terms. The expected increase in activity in Brazil, West Africa, and also in the North Sea is showing sign of realization, although progressing a little bit slower than expected.
We believe that the market for our fleet will continue to improve as the world will need fossil energy for years to come, in addition to renewable energy. To summarize, we delivered a strong quarter with high activity. We continue to improve our financial position. There's a positive long-term market outlook in all segments. We deliver first-class operation with an excellent HSEQ performance, and we have a strong backlog with quality counterparties. Again, we believe having available days for parts of the fleet in a rising market represent an attractive earnings potential. We will open up for any questions you might have. I see there is a couple of questions in the chat already. A question about two of our offshore subsea vessels, the Siem Dorado and Siem Barracuda.
They have more or less employment throughout this year. For next year, there's nothing firmed up for those two vessels. Then there is another question about do you see charters approaching the market earlier to secure capacity? Yes we do. We really see a shift in the market where our charters are securing tonnage well in advance, especially for the subsea construction vessels. Then there is a question about the anchor handlers. Do you see anchor handler opportunities in 2023 already now? We see shorter potential work out there, but no long-term tenders.
There is a question about the potential refinancing going forward. We are continuously following the market and doing assessments. What is the fact is that we have favorable financing terms right now, so we are always seeing pros and cons when it comes to refinancing. We are following the situation closely. There is a question: Are there any initiatives taken to have stock market analysts following Siem Offshore? Yes, we want stock analysts to follow the share, and we know that there are several brokering houses that are evaluating this. None of them has taken any decision yet.
There is a question about two of our anchor handlers working in Australia. I mean, they are working on projects. For how long those projects will last, bit early to say. We believe at least January next year. Any other questions, please? Two anchor handlers idle in Singapore. Outlook for work or put in layup for the winter? Well, we are trading, we call the spot market in Southeast Asia. I don't see us putting those in layup. They will stay in that area until we find work for those two you mentioned. Another question here. What type of vessels are experiencing impairments, and how is outlook for reversal?
We have made no impairments this quarter, and no reversal of impairments this quarter. That means that we feel that the current valuations of the vessels are correct. But of course, going forward with a continued focus on energy security and a market that is improving, there is a chance that going forward there will be reversal of impairments. Today there are no reversal of impairments.
Any other questions, please? Okay. If no further questions, we thank you all for attending, and we wish you a good day and a great weekend. Thank you so much.