Good morning and welcome to the Second Quarter presentation of Solstad Offshore ASA. This presentation will be held by myself, Lars Peder Solstad, and CFO Kjetil Ramstad. The quarter has had a very high activity, and the outlook for the offshore energy industry continues to improve in all vessel segments and in all main geographical regions we operate in. A quick look at the disclaimer before we go directly to the financial highlights for the quarter. As I said, we have had a very strong quarter with record high revenue, EBITDA, and EBIT numbers. The improvements from the same quarter last year are significant, with revenue coming in at NOK 1.75 billion, EBITDA at NOK 613 million, and EBIT of NOK 551 million.
We continue to build backlog, and we have signed new contracts worth more than NOK 2 billion in the quarter, bringing the firm backlog up to NOK 7.2 billion. On the more negative side, the currency effects, even if unrealized, had a significant negative influence on our net result and also reduces our book equity. Our cash position has been relatively stable over the last 12-month period. Kjetil will come back to more details on the numbers later in the presentation. Looking at the market, the offshore activity has been on a high level in the quarter, and as we see it, it is likely to continue. The increased focus on energy security and also combined with the ongoing energy transition gives a high activity both within oil and gas and within renewable energy.
The tax incentive projects coming up in Norway, ultra-deepwater projects in Brazil, field development in Guyana, and offshore wind projects in Europe and Taiwan are some of the drivers for the CSV demand, while high energy prices in general give increased oil and gas production and rig activity, which again increases the demand for anchor handlers and PSVs. At the same time, the number of vessels operating is at a stable level, giving a tighter supply-demand balance and has a positive impact on the commercial terms. Geographically, there are improvements in most regions, but still Brazil and the North Sea see the highest activity. In periods, the spot market in the North Sea has been exceptionally strong during the quarter, especially for the anchor handlers.
Looking at the business update, this was the fifth consecutive quarter with the book-to-bill ratio above one, and we signed new contracts worth more than NOK 2 billion versus a revenue of NOK 1.75 billion. More important, all new contracts are at improved terms, reflecting the present market and also our expectations to the market going forward. Several charter options have also been declared, and most of them are at better terms than the previous firm period. New contracts have been signed in all main geographical regions and within all vessel segments. We had 80 vessels operational in the quarter, and they achieved a utilization rate of 91%, which is up from 88% in the previous quarter in the last year.
With rates up and utilization up, it gave a record high EBITDA of NOK 613 million, which is driven by higher vessel day rates, but also additional services, or sales of additional services to our clients. These services are several things, but mainly it's ROVs, it's survey, it's tooling, it's additional people, it's catering services, etc. We have an increased focus on these additional sales, and we experience that this is appreciated by our clients that we are able to offer more than vessel and marine management. The CSV Normand Maximus is our largest and most sophisticated vessel. As many of you know, there was also some noise regarding the ownership of the vessel after her original charter party was terminated back in 2020.
During this quarter, American Shipping Company entered into an agreement to purchase the vessel, and Solstad entered into a bare boat agreement to hire the vessel back, which secures long-term control of the vessel. Chartering-wise, Normand Maximus will complete her present charter party during the fourth quarter this year and is presently uncommitted thereafter, but we are working on several shorter and longer-term opportunities, and the long-term outlook for this vessel is very encouraging. On the fleet update, we had 80 out of 86 vessels operating in the quarter, and they are working for clients all over the world within oil and gas and within renewable energy. In the quarter, we concluded the sale of 36 vessels defined as non-strategic, and in addition, we have sold three more vessels, two of them after quarter end.
These vessels have been for layup in five to six years, and as the ship values improve, we decided to sell instead of doing the reactivation ourselves. Of the remaining six vessels that are not operative, we will probably sell a few more of those. We are continuing to upgrade our fleet along two main paths, and one is to reduce emissions. Here, we continue investments in battery hybrid systems and shore power connections, as well as participating in several pilot projects linked to the use of different types of fuel. The other main direction we are heading in in terms of upgrades is that we have as ASA within remote operations and digitalization. Here, we have established a new company called Remota, jointly with our partners DeepOcean and Østensjø.
DeepOcean already operates ROVs from their onshore control center in Haugesund, and we have ambitions to also operate vessels or part of vessel operations remotely from the same center. By this, we are taking an active part in technology development, digitalization, and initiatives to reduce operational costs. As mentioned, we have signed several new contracts in the quarter, and I will mention a few of them. We signed a contract for the CSV Normand Cutter with Ocean in Brazil, and this is for a decommissioning project. The contract will commence by the end of this year, and in addition to the vessel, we are also delivering ROVs and also some other services. This is a healthy contract for us, and it will last for a minimum of 15 months with options to extend thereafter.
Two of our clients have also declared options to extend the contract for two of our subsea vessels, one within renewable energy, which is the Normand Pacific with Prysmian, and one within oil and gas, which is the Normand Sentinel with Subtech in Mexico. Both contracts are at higher rates than the present contracts they are working on. Also, we have signed several medium-term contracts for our PSVs in the North Sea, both on the UK sector and in Norway, and also we have done a few contracts or project work for our anchor handlers in the North Sea, in West Africa, and in the U.S. Gulf, where we are also, in addition to the vessel, also delivering other services. All these contracts are done at healthy rates.
We signed a new backlog for about NOK 2 billion in the quarter, bringing the total backlog to NOK 7.2 billion, and as seen on this graph, about NOK 2.5 billion are for execution in the third and fourth quarter this year, while about NOK 3.2 billion are booked for next and for execution in 2023. If options are included, which they normally are in a market that is improving, the total backlog is about NOK 14 billion. In addition, there are also quite some available capacity that I will come back to in a minute. With five quarters with book-to-bill above one in five consecutive quarters, and as we see it and with the tendering activity we have at the moment, there are plenty of opportunities to also sign new contracts going forward.
As I said, one thing is to have a solid backlog, but it's also important to have available capacity to take on more contracts in a market that improves. This slide shows or gives a picture of the capacity we have on top of our firm backlog, and it shows good earning potential for the remainder of this year and also next year in all vessel segments. We think the combination we have of firm backlog in hand and the potentials is a good place to be. I'll hand the word over to you, Kjetil, to take us through more details on the numbers.
Thank you, Lars. I will do that. If we start with the income statement, we had in the quarter revenues of NOK 1.7 billion, and that is mainly driven by more vessels in operations, higher utilization, and additional services. That is also reflected on the vessel operating expenses and giving operating result before depreciations of almost NOK 600 million. In the quarter, we have had a reversal of previous impairments of NOK 224 million, and we have sold some vessels, giving a gain of NOK 50 million. That gives an EBIT of NOK 551 million, which is also a record high for the company. When it comes to the finance cost, I will come back to that on a later slide to explain the unrealized currency movements that we have been affected of in this quarter.
As you can see, the net result for the quarter is impacted significantly by this unrealized currency loss, NOK 1.1 billion, taking the net result on to NOK 850 million negative for the quarter. EBITDA is at NOK 613 million, and as you can see on the graph to the right, it's nicely spread over all segments, and particularly strong in the CSV segment, which is combined subsea and renewable, which is almost 60% of the group's EBITDA. If we go to the balance sheet, we see that on the fixed asset side, it's quite stable, ordinary depreciation and some FX movements. Same on current asset, cash is down a little bit, and it's seasonal variances on dry dockings and startup of projects and mobilizations. Equity, we will come back to equity a little bit.
As mentioned, the net result for the quarter and the year is impacting equity negatively, giving an equity ratio of 6.2%. The long-term debt is increasing somewhat. I will also come back to that a little bit on the next slide. If we start with the equity development from last year, we started at NOK 3.6 billion, and at the end of this quarter, we are at NOK 1.6 billion, more than NOK 2 billion movement. As you can see, almost NOK 1.6 billion of that is caused by unrealized currency effects, and that has to do with the graph on the right side, which because of the debt that we have is nominated 70% in U.S. dollars. When we report in NOK, that gives us quite some movements on unrealized FX.
On the debt side as well, as you can see on the right side, it also influences the total number or the total number for outstanding debt with approximately NOK 2.2 billion since last year. With that, I will give the word back to Lars again to wrap up the presentation.
Thank you, Kjetil. To summarize the presentation, as said several times, it has been a very strong quarter for us. We have had good utilization. Rates are going up. Some regions are busy. Others have more potential, but shows improvement. We continue to book more new contracts than we are invoicing. CSVs are the strongest segment, but the other segments are also getting better, and especially the North Sea anchor handlers have had a strong summer season in the spot market and on projects. Also, the second quarter numbers are also a proof that the margins on the new contracts we have signed the last 6- 12 months now start to give results, as we can see on the numbers. We expect that the supply-demand balance in the market will continue to improve.
The number of new vessels that can enter the market is very limited, and that combined with the high energy prices and a continued focus on energy security and energy transition, there are good reasons to believe that the offshore activity will continue at a high level also going forward. This concludes our presentation, and we'll see if we have had some questions. Kjetil, have we got some?
Yes, we have one question, and the question is, when will you start with the repayment of the debt?
In the agreement we have with our lenders, we will start that in the first quarter next year.
We have a second question. The PSV market across the globe seems to be tight. Will we see Solstad PSV move from the North Sea to other regions this winter for medium-sized PSVs?
That can happen. We have four, let's say, main geographical regions we operate in, or three if we combine the UK and Norway in the North Sea. In addition, we have Brazil and we have Australia. At the moment, we have several vessels working in West Africa of PSVs, and we are looking for projects wherever we get the rate we expect. It may happen that we take vessels out of the North Sea to other regions. That's it?
That's it.
Okay, thanks a lot for listening in and have a nice day. Thank you.