Company Positioning and Strategy - DOF is positioned as a one-stop shop for offshore project development and execution, combining a highly capable and versatile fleet with experienced project management and engineering teams[6] - The company aims to be a global leader within mooring and IMR, a leading "tier 2" player for smaller SURF, and renewables ready[6] - DOF's strategy is to target a net leverage ratio of 15x - 20x, together with a sustainable quarterly dividend[29] Financial Highlights - The company's backlog now exceeds USD 5 billion, including recently won and sanctioned contracts[6] - DOF placed a new USD 150 million senior unsecured bond with an interest rate of 8125% per annum[189, 193] - The company is targeting a leverage ratio of 15x-20x NIBD/EBITDA[49] Regional Operations - In Brazil, DOF's fleet is expanding to 25 vessels by October 2025 and 27 by February 2026, potentially reaching 29 by Q1-Q2 2026[74] - DOF has secured 11x 4-year contracts with Petrobras in Brazil, with a total contract value exceeding USD 14 billion[96] - In North America, DOF has 14 vessels currently in the region, including 2 third-party vessels, with one incoming newbuild in Canada[143]