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"2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f1__s5__3__30": { "value": "74600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f1__s8__6__15": { "value": "Note 1 Corporate information and principal activityProsafe SE (the \u2019Company\u2019) is a public limited company domiciled in Norway. The registered office of the Company is Forusparken 2, 4031 Stavanger, Norway. The Company is a leading owner and operator of offshore accommodation vessels. The Company is listed on the Oslo Stock Exchange with ticker code \u2019PRS\u2019.The consolidated accounts comprise the financial statements of the Company and its subsidiaries (together referred to as the \u2019Group\u2019).The consolidated accounts for the year ended 31 December 2024 were approved and authorised for issue in accordance with a resolution of the Board of Directors on 30 April 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__13": { "value": "Prosafe SE", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__6": { "value": "Prosafe SE", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__5": { "value": "Prosafe SE", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__8": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__11": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__9": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__10": { "value": "Forusparken 2, 4031 Stavanger, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__12": { "value": "The Company is a leading owner and operator of offshore accommodation vessels.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__14": { "value": "The consolidated accounts for the year ended 31 December 2024 were approved and authorised for issue in accordance with a resolution of the Board of Directors on 30 April 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__22": { "value": "Note 2 Statement of compliance and basis of preparationThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards endorsed by the European Union and effective as of 31 December 2024. Prosafe also provides additional disclosures in accordance with requirements in the Norwegian Accounting Act. The consolidated accounts have been prepared on a historical cost basis except as otherwise described in the notes below.The parent Company\u2019s functional currency is US dollars (USD) and this is also the reporting currency for the Group, and all amounts have been rounded to the nearest millions, unless otherwise indicated. Adding up rounded figures and calculating percentage rate of changes may result in slight differences compared with totals arrived at by adding up component figures which have not been rounded.The accounting policies adopted are consistent with those in the previous financial years.Critical judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires Management to make critical judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.The estimates and assumptions are assessed on a continuous and regular basis. Revisions to estimates are recognised prospectively.A. JudgementsInformation about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements are disclosed below.Going concern. The Board and management view that achieving a long-term sustainable financial structure is realistic and have therefore prepared the annual report on a going concern basis.The Group continues to closely monitor compliance with the minimum liquidity covenant of USD 28 million. As at 31 December 2024, the Group had an unrestricted liquidity reserve of USD 63.5 million, and excluding the New Group and restricted cash had minimum liquidity of USD 61.6 million and was compliant with the minimum cash covenant. From March 2025, the minimum liquidity covenant was reduced to USD 10 million.Based on current contracts and outlook for 2025, management forecasts a potential breach of the minimum cash covenant in the fourth quarter of 2025. The tight liquidity situation is due to several factors, including a slower than expected North Sea market in 2024, high investment requirements in 2025 related to vessel reactivations and mobilisations, Special Periodic Surveys (SPS), thruster overhauls, maintenance and a high-interest rate level.In response to a potential covenant shortfall within 12 months and a tight liquidity situation in the next 12 to 18 months, management continues to investigate potential measures to remain in compliance with the minimum liquidity covenant and secure a successful refinancing in advance of the loan maturity in end 2025. On 24 April, Prosafe announce that it has agreed the terms of a recapitalisation (the \u201cTransaction\u201d) with lenders representing the Group's USD 250 million loan facility and its USD 93 million loan facility (the \u201cExisting Facilities\u201d), subject to final approvals being obtained by all lenders. The Transaction is also supported by shareholders representing 54% of the shares in the Company.The Transaction involves the equitisation of USD 193 million of the Existing Facilities in return for 90% of the shares in Prosafe post Transaction. Existing shareholders will initially hold 5% of the shares in the Company and will be offered an additional 5% of shares in the form of penny warrants (at EUR 0.01 per share). The Transaction also includes a reinstatement of the Existing Facilities and new money financing on the following basis (together, the \u201cNew Facility\u201d):a. a super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, backstopped by an ad hoc group of creditors, and (ii) USD 75 million of elevated and reinstated debt under the Existing Facilities, each maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due); andb. a reinstated senior secured facility comprised of USD 75 million of reinstated debt maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due).The post Transaction shareholdings above are calculated based on an assumption of full exercise of shareholder warrants, but before any new management incentive program which may be established post Transaction.The Transaction shall include the following features (among other things): a. the establishment of a new Norwegian domiciled holding company, shares of which will be charged to lenders under the New Facility, to be interposed between the Company and certain of its subsidiaries;b. no fixed amortisation in respect of the New Facility, which shall be repayable in full at maturity; c. a fee (the \u201cFee\u201d) shall be payable to the lenders of the super senior secured facility of USD 5 million at maturity; andd. interest of SOFR + margin (sized to 11% per annum) on the New Facility, payable in cash. The senior secured facility will include the ability for the Company to pay 2% cash interest and 9% PIK interest as an alternative to 11% full cash interest subject to certain conditions.The Transaction will provide the Group with a sustainable capital structure and sufficient liquidity to meet its capital expenditure and working capital needs for the foreseeable future. Total gross debt post the Transaction will be approximately USD 306 million, consisting of a USD 155 million super senior facility (including the Fee), a USD 75m senior facility and the USD 75.5 million remaining Cosco Seller's Credit for Safe Eurus. Total net debt post the Transaction will be approximately USD 220 million, with unrestricted liquidity (after transaction costs) of approximately USD 80 million.Transaction completion is subject to agreeing customary documentation with lenders and shareholders, final lender approvals and formal shareholder approvals (including approval at an extraordinary general meeting of the Company's shareholders).The Group has been granted a waiver from its lenders under the existing USD 250 million loan facility and a forbearance from its lenders under the existing USD 93 million loan facility until 31 July 2025, in both cases with respect to interest payments. The minimum liquidity covenant under the respective facilities has also been reduced to USD 10m. The Group aims to conclude the Transaction by Q3 2025. The Company will make further announcements as and when there are further developments regarding implementation of the Transaction. Notice to convene an extraordinary general meeting of the Company's shareholders to approve the Transaction was issued 25 April 2025. The pending approval imposes a material uncertainty related to going concern for the Company. The Board and management view that achieving a long-term sustainable financial structure is realistic and have therefore prepared the annual report on a going concern basis.Impairment/reversal of impairment of non-financial assets. Management monitors the performance indicators on an ongoing basis. Every vessel is seen as an individual cash generating unit (CGU) as they generate cash inflows that are largely independent of those from other assets or groups of assets. At each reporting date, management reviews and determines whether there is any indication of impairment or impairment reversal of the CGU. If any such indication exists, or when annual impairment testing for an asset is required, the asset\u2019s recoverable amount is estimated. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired, requiring the carrying amount to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Evaluating whether impairment indicators are present, if an asset is impaired or if an impairment should be reversed requires a high degree of judgement.Impairment of shares in subsidiaries. The impairment indicator assessment mentioned above impacts the impairment indicator assessment for the shares in vessel-owning subsidiaries. Hence, impairment of shares in subsidiaries is a significant estimate required for the preparation of the parent Company accounts.B. Assumptions and estimation uncertaintiesInformation about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed below.Depreciation. Estimated useful life of the Group\u2019s accommodation/service vessels is set at 35 years or less dependent on the age at the time of acquisition and subsequent refurbishments. Individual components may, however, be depreciated over shorter periods of time. Refer to note 8 for details.Changes in material accounting policiesChanges to the Standards and interpretations of Standards that are required to be adopted in annual periods beginning on 1 January 2025 did not have any impact on the amounts recognised in prior periods and are not expected to have any significant impact to the current or future periods.Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) \u2013 The Group has adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) from 1 January 2024. The amendments apply retrospectively. They clarify certain requirements for determining whether a liability should be classified as current or non-current and require new disclosures for non-current loan liabilities that are subject to covenants within 12 months after the reporting period.The amendments had no impact on the Group\u2019s consolidated financial statements.Standards issued but not yet effective, which the Group has not yet adoptedA number of amendments and improvements to standards have been issued and are effective for annual periods beginning after 1 January 2025 and earlier application is permitted; however, the Group has not adopted the new or amended standards in preparing these consolidated financial statements earlier. The Group\u2019s assessment is that the following new or amended standards and interpretations are not expected to have a material impact to the Group in the current or future reporting periods or on foreseeable future transactions upon adoption:\u2022 Presentation and Disclosures in Financial Statements (IFRS 18)", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__16": { "value": "The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards endorsed by the European Union and effective as of 31 December 2024.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__18": { "value": "Critical judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated financial statements requires Management to make critical judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.The estimates and assumptions are assessed on a continuous and regular basis. Revisions to estimates are recognised prospectively.A. JudgementsInformation about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the financial statements are disclosed below.Going concern. The Board and management view that achieving a long-term sustainable financial structure is realistic and have therefore prepared the annual report on a going concern basis.The Group continues to closely monitor compliance with the minimum liquidity covenant of USD 28 million. As at 31 December 2024, the Group had an unrestricted liquidity reserve of USD 63.5 million, and excluding the New Group and restricted cash had minimum liquidity of USD 61.6 million and was compliant with the minimum cash covenant. From March 2025, the minimum liquidity covenant was reduced to USD 10 million.Based on current contracts and outlook for 2025, management forecasts a potential breach of the minimum cash covenant in the fourth quarter of 2025. The tight liquidity situation is due to several factors, including a slower than expected North Sea market in 2024, high investment requirements in 2025 related to vessel reactivations and mobilisations, Special Periodic Surveys (SPS), thruster overhauls, maintenance and a high-interest rate level.In response to a potential covenant shortfall within 12 months and a tight liquidity situation in the next 12 to 18 months, management continues to investigate potential measures to remain in compliance with the minimum liquidity covenant and secure a successful refinancing in advance of the loan maturity in end 2025. On 24 April, Prosafe announce that it has agreed the terms of a recapitalisation (the \u201cTransaction\u201d) with lenders representing the Group's USD 250 million loan facility and its USD 93 million loan facility (the \u201cExisting Facilities\u201d), subject to final approvals being obtained by all lenders. The Transaction is also supported by shareholders representing 54% of the shares in the Company.The Transaction involves the equitisation of USD 193 million of the Existing Facilities in return for 90% of the shares in Prosafe post Transaction. Existing shareholders will initially hold 5% of the shares in the Company and will be offered an additional 5% of shares in the form of penny warrants (at EUR 0.01 per share). The Transaction also includes a reinstatement of the Existing Facilities and new money financing on the following basis (together, the \u201cNew Facility\u201d):a. a super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, backstopped by an ad hoc group of creditors, and (ii) USD 75 million of elevated and reinstated debt under the Existing Facilities, each maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due); andb. a reinstated senior secured facility comprised of USD 75 million of reinstated debt maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due).The post Transaction shareholdings above are calculated based on an assumption of full exercise of shareholder warrants, but before any new management incentive program which may be established post Transaction.The Transaction shall include the following features (among other things): a. the establishment of a new Norwegian domiciled holding company, shares of which will be charged to lenders under the New Facility, to be interposed between the Company and certain of its subsidiaries;b. no fixed amortisation in respect of the New Facility, which shall be repayable in full at maturity; c. a fee (the \u201cFee\u201d) shall be payable to the lenders of the super senior secured facility of USD 5 million at maturity; andd. interest of SOFR + margin (sized to 11% per annum) on the New Facility, payable in cash. The senior secured facility will include the ability for the Company to pay 2% cash interest and 9% PIK interest as an alternative to 11% full cash interest subject to certain conditions.The Transaction will provide the Group with a sustainable capital structure and sufficient liquidity to meet its capital expenditure and working capital needs for the foreseeable future. Total gross debt post the Transaction will be approximately USD 306 million, consisting of a USD 155 million super senior facility (including the Fee), a USD 75m senior facility and the USD 75.5 million remaining Cosco Seller's Credit for Safe Eurus. Total net debt post the Transaction will be approximately USD 220 million, with unrestricted liquidity (after transaction costs) of approximately USD 80 million.Transaction completion is subject to agreeing customary documentation with lenders and shareholders, final lender approvals and formal shareholder approvals (including approval at an extraordinary general meeting of the Company's shareholders).The Group has been granted a waiver from its lenders under the existing USD 250 million loan facility and a forbearance from its lenders under the existing USD 93 million loan facility until 31 July 2025, in both cases with respect to interest payments. The minimum liquidity covenant under the respective facilities has also been reduced to USD 10m. The Group aims to conclude the Transaction by Q3 2025. The Company will make further announcements as and when there are further developments regarding implementation of the Transaction. Notice to convene an extraordinary general meeting of the Company's shareholders to approve the Transaction was issued 25 April 2025. The pending approval imposes a material uncertainty related to going concern for the Company. The Board and management view that achieving a long-term sustainable financial structure is realistic and have therefore prepared the annual report on a going concern basis.Impairment/reversal of impairment of non-financial assets. Management monitors the performance indicators on an ongoing basis. Every vessel is seen as an individual cash generating unit (CGU) as they generate cash inflows that are largely independent of those from other assets or groups of assets. At each reporting date, management reviews and determines whether there is any indication of impairment or impairment reversal of the CGU. If any such indication exists, or when annual impairment testing for an asset is required, the asset\u2019s recoverable amount is estimated. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired, requiring the carrying amount to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Evaluating whether impairment indicators are present, if an asset is impaired or if an impairment should be reversed requires a high degree of judgement.Impairment of shares in subsidiaries. The impairment indicator assessment mentioned above impacts the impairment indicator assessment for the shares in vessel-owning subsidiaries. Hence, impairment of shares in subsidiaries is a significant estimate required for the preparation of the parent Company accounts.B. Assumptions and estimation uncertaintiesInformation about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed below.Depreciation. Estimated useful life of the Group\u2019s accommodation/service vessels is set at 35 years or less dependent on the age at the time of acquisition and subsequent refurbishments. Individual components may, however, be depreciated over shorter periods of time. Refer to note 8 for details.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__17": { "value": "Going concern. The Board and management view that achieving a long-term sustainable financial structure is realistic and have therefore prepared the annual report on a going concern basis.The Group continues to closely monitor compliance with the minimum liquidity covenant of USD 28 million. As at 31 December 2024, the Group had an unrestricted liquidity reserve of USD 63.5 million, and excluding the New Group and restricted cash had minimum liquidity of USD 61.6 million and was compliant with the minimum cash covenant. From March 2025, the minimum liquidity covenant was reduced to USD 10 million.Based on current contracts and outlook for 2025, management forecasts a potential breach of the minimum cash covenant in the fourth quarter of 2025. The tight liquidity situation is due to several factors, including a slower than expected North Sea market in 2024, high investment requirements in 2025 related to vessel reactivations and mobilisations, Special Periodic Surveys (SPS), thruster overhauls, maintenance and a high-interest rate level.In response to a potential covenant shortfall within 12 months and a tight liquidity situation in the next 12 to 18 months, management continues to investigate potential measures to remain in compliance with the minimum liquidity covenant and secure a successful refinancing in advance of the loan maturity in end 2025. On 24 April, Prosafe announce that it has agreed the terms of a recapitalisation (the \u201cTransaction\u201d) with lenders representing the Group's USD 250 million loan facility and its USD 93 million loan facility (the \u201cExisting Facilities\u201d), subject to final approvals being obtained by all lenders. The Transaction is also supported by shareholders representing 54% of the shares in the Company.The Transaction involves the equitisation of USD 193 million of the Existing Facilities in return for 90% of the shares in Prosafe post Transaction. Existing shareholders will initially hold 5% of the shares in the Company and will be offered an additional 5% of shares in the form of penny warrants (at EUR 0.01 per share). The Transaction also includes a reinstatement of the Existing Facilities and new money financing on the following basis (together, the \u201cNew Facility\u201d):a. a super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, backstopped by an ad hoc group of creditors, and (ii) USD 75 million of elevated and reinstated debt under the Existing Facilities, each maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due); andb. a reinstated senior secured facility comprised of USD 75 million of reinstated debt maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due).The post Transaction shareholdings above are calculated based on an assumption of full exercise of shareholder warrants, but before any new management incentive program which may be established post Transaction.The Transaction shall include the following features (among other things): a. the establishment of a new Norwegian domiciled holding company, shares of which will be charged to lenders under the New Facility, to be interposed between the Company and certain of its subsidiaries;b. no fixed amortisation in respect of the New Facility, which shall be repayable in full at maturity; c. a fee (the \u201cFee\u201d) shall be payable to the lenders of the super senior secured facility of USD 5 million at maturity; andd. interest of SOFR + margin (sized to 11% per annum) on the New Facility, payable in cash. The senior secured facility will include the ability for the Company to pay 2% cash interest and 9% PIK interest as an alternative to 11% full cash interest subject to certain conditions.The Transaction will provide the Group with a sustainable capital structure and sufficient liquidity to meet its capital expenditure and working capital needs for the foreseeable future. Total gross debt post the Transaction will be approximately USD 306 million, consisting of a USD 155 million super senior facility (including the Fee), a USD 75m senior facility and the USD 75.5 million remaining Cosco Seller's Credit for Safe Eurus. Total net debt post the Transaction will be approximately USD 220 million, with unrestricted liquidity (after transaction costs) of approximately USD 80 million.Transaction completion is subject to agreeing customary documentation with lenders and shareholders, final lender approvals and formal shareholder approvals (including approval at an extraordinary general meeting of the Company's shareholders).The Group has been granted a waiver from its lenders under the existing USD 250 million loan facility and a forbearance from its lenders under the existing USD 93 million loan facility until 31 July 2025, in both cases with respect to interest payments. The minimum liquidity covenant under the respective facilities has also been reduced to USD 10m. The Group aims to conclude the Transaction by Q3 2025. The Company will make further announcements as and when there are further developments regarding implementation of the Transaction. Notice to convene an extraordinary general meeting of the Company's shareholders to approve the Transaction was issued 25 April 2025. The pending approval imposes a material uncertainty related to going concern for the Company. The Board and management view that achieving a long-term sustainable financial structure is realistic and have therefore prepared the annual report on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__20-1": { "value": "Impairment/reversal of impairment of non-financial assets. Management monitors the performance indicators on an ongoing basis. Every vessel is seen as an individual cash generating unit (CGU) as they generate cash inflows that are largely independent of those from other assets or groups of assets. At each reporting date, management reviews and determines whether there is any indication of impairment or impairment reversal of the CGU. If any such indication exists, or when annual impairment testing for an asset is required, the asset\u2019s recoverable amount is estimated. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired, requiring the carrying amount to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Evaluating whether impairment indicators are present, if an asset is impaired or if an impairment should be reversed requires a high degree of judgement.Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.Impairment of non-financial assets. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available.The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2023 and 2024, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period, please see note 8 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__19": { "value": "Impairment/reversal of impairment of non-financial assets. Management monitors the performance indicators on an ongoing basis. Every vessel is seen as an individual cash generating unit (CGU) as they generate cash inflows that are largely independent of those from other assets or groups of assets. At each reporting date, management reviews and determines whether there is any indication of impairment or impairment reversal of the CGU. If any such indication exists, or when annual impairment testing for an asset is required, the asset\u2019s recoverable amount is estimated. Changes in the circumstances or expectations of future performance of an individual asset may be an indicator that the asset is impaired, requiring the carrying amount to be written down to its recoverable amount. Impairments are reversed if conditions for impairment are no longer present. Evaluating whether impairment indicators are present, if an asset is impaired or if an impairment should be reversed requires a high degree of judgement.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__21": { "value": "B. Assumptions and estimation uncertaintiesInformation about assumptions and estimation uncertainties at the reporting date that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are disclosed below.Depreciation. Estimated useful life of the Group\u2019s accommodation/service vessels is set at 35 years or less dependent on the age at the time of acquisition and subsequent refurbishments. Individual components may, however, be depreciated over shorter periods of time. Refer to note 8 for details.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__23": { "value": "Changes in material accounting policiesChanges to the Standards and interpretations of Standards that are required to be adopted in annual periods beginning on 1 January 2025 did not have any impact on the amounts recognised in prior periods and are not expected to have any significant impact to the current or future periods.Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) \u2013 The Group has adopted Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants (Amendments to IAS 1) from 1 January 2024. The amendments apply retrospectively. They clarify certain requirements for determining whether a liability should be classified as current or non-current and require new disclosures for non-current loan liabilities that are subject to covenants within 12 months after the reporting period.The amendments had no impact on the Group\u2019s consolidated financial statements.Standards issued but not yet effective, which the Group has not yet adoptedA number of amendments and improvements to standards have been issued and are effective for annual periods beginning after 1 January 2025 and earlier application is permitted; however, the Group has not adopted the new or amended standards in preparing these consolidated financial statements earlier. The Group\u2019s assessment is that the following new or amended standards and interpretations are not expected to have a material impact to the Group in the current or future reporting periods or on foreseeable future transactions upon adoption:\u2022 Presentation and Disclosures in Financial Statements (IFRS 18)", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__28": { "value": "Note 3 Material accounting policiesBasis of consolidation. The consolidated financial statements comprise the financial statements of the parent Company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies.All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full.Foreign currency translation. The presentation currency is USD. This is also the functional currency for the parent Company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date. Monetary items in other currencies than the functional currency are translated to the functional currency at the exchange rate on the reporting date, and the currency difference is recognised in the profit and loss account. Non-monetary items in currencies other than the functional currency are translated at the exchange rate at the transaction date.When consolidating companies with a functional currency other than USD, profit and loss items are translated at the monthly average exchange rate, while statement of financial position items are translated at the exchange rate on the reporting date. Translation differences are recognised in other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular operation, is recognised in the statement of profit or loss.Segment reporting. For management and monitoring purposes, the Group is organised into one segment; chartering and operation of accommodation/service vessels. For geographical information, reference is made to note 4.Revenue recognitionNature and timing of satisfaction of performance, Type of Product/Serviceincluding significant payment terms Revenue recognitionCharter Income/ Mobilisation The Group charters the accommodation vessels The activities giving rise to mobilisation, Income/ Demobilisation to customers for an agreed period. The Group demobilisation and re-phasing are not a Income/ Lump sum feedoes not convey the right to control the use distinct performance obligation in itself and of the asset to the customers and none of the are highly interdependent on the charter contracts are accounted for as a lease. The activities. These activities are necessary for invoices are issued on a monthly basis or based the Group to perform its service in providing on the contractual terms and are normally the accommodation vessels to the customer.payable within 30 days.These incomes, together with charter income and bareboat income, are considered as a single performance obligation and the revenue are collectively recognised over the contract period according to the terms of the agreement and in the period the work is performed. In addition, any additional fees arising from suspension or deferment of contracts will be deferred and amortised over the contract period when the performance obligations are met.The deferred revenue is included in the contract liabilities.Management, crew services, The Group provides optional services upon These incomes are recognised over time catering and other related request from the customer. The invoices are when performance obligations are met. The incomeissued on a monthly basis or based on the related costs are recognised in profit or loss contractual terms and are payable normally when they are incurred.within 30 days.The Group has reviewed its contracts with customers and concluded that these contracts do not contain a lease. If another conclusion determined that these contracts contain a lease, there will not be any significant difference in the accounting of revenue.The Group has assessed that the costs to perform mobilisation and demobilisation activities are costs that has incurred in fulfilling a contract with the customer. These costs relate directly to a contract, generate resources used in satisfying the contract and are expected to be recovered. The costs are therefore capitalized as costs to fulfil a contract and amortized on a systematic basis over the contract period, see note 4 for further details.Interest income is recognised on a time-proportion basis using the effective interest method. Interest income is included in financial items in the statement of profit or loss.Dividend income is recognised when the right to receive payment is established.Provisions are recognised when, and only when, the Group has a present obligation as a result of events that have taken place, and it can be proven probable that a financial settlement will take place as a result of this liability, and that the size of the amount can be measured reliably. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit or loss net of any reimbursement.For onerous contracts, provisions are made when unavoidable cost of meeting the obligations under the contract exceed the economic benefit to be received under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on the incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract.Vessels, Property, Plant and Equipment are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost comprises of fixed or variable consideration and includes costs directly attributable to the acquisition of the assets. Subsequent adjustment to variable consideration is recognised as a corresponding adjustment to the acquisition cost. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred.Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset.Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Right-of-use assets (leases): 3 to 5 years\u2022 Equipment: 3 to 5 yearsImpairment of non-financial assets. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available.The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2023 and 2024, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period, please see note 8 for further details.Financial assetsInitial recognitionTrade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument.A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.Classification and measurementOn initial recognition, a financial asset is classified as measured at amortised cost as it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the changes in the business model.Subsequent measurement and gains and lossesFinancial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.DerecognitionA financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.Fair value of financial instruments. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.Employee benefitsDefined contribution plansCompanies within the Group make contributions to pension schemes that are defined contribution plans. The companies\u2019 payments are recognised in the statement of profit or loss for the year to which the contribution applies.Share-based compensation arrangementsThe Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.Borrowing costs. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. Capitalised borrowing costs are calculated using the effective interest method.Leases. A lease is defined as a contract that conveys the right to control the use of an identified asset for a period in exchange for consideration. For each contract that meets this definition, the lessees will recognise a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets useful life. The portion of lease payments representing payments of lease liabilities and interest expense shall be classified in line with the policy elected for other interest payments in the statement of cash flows.Lease liabilities are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. At initial recognition, right-of-use assets are measured at an amount equal to the lease liability.Lease liabilities for the Group comprise of leases of offices, warehouses, and other IT infrastructure and office equipment. The Group separately expenses variable expense services and other non-lease components embedded in lease contracts for office buildings and warehouses. For leases of other assets, the Group capitalises non-lease components subject to fixed payments as part of the lease.The Group applies the general short-term exemption for leases of offices, and office equipment. Leases with a lease term of 12 months or less that do not contain a purchase option are expensed as short-term leases.The Group also applies the general low value exemption for leases of office equipment. This applies for all leases where the value of the underlying asset is below USD 5,000. These low value leases of such assets will not be capitalised and that lease payments are expensed in profit or loss.Inventories are bunker stock that are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and include expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business and estimated costs necessary to make the sale.Income taxes in the statement of profit or loss include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary differences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value.Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority.Cash and cash equivalents comprise cash at banks and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.Shareholder's equity. Any difference between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__27": { "value": "Note 3 Material accounting policiesBasis of consolidation. The consolidated financial statements comprise the financial statements of the parent Company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies.All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full.Foreign currency translation. The presentation currency is USD. This is also the functional currency for the parent Company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date. Monetary items in other currencies than the functional currency are translated to the functional currency at the exchange rate on the reporting date, and the currency difference is recognised in the profit and loss account. Non-monetary items in currencies other than the functional currency are translated at the exchange rate at the transaction date.When consolidating companies with a functional currency other than USD, profit and loss items are translated at the monthly average exchange rate, while statement of financial position items are translated at the exchange rate on the reporting date. Translation differences are recognised in other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular operation, is recognised in the statement of profit or loss.Segment reporting. For management and monitoring purposes, the Group is organised into one segment; chartering and operation of accommodation/service vessels. For geographical information, reference is made to note 4.Revenue recognitionNature and timing of satisfaction of performance, Type of Product/Serviceincluding significant payment terms Revenue recognitionCharter Income/ Mobilisation The Group charters the accommodation vessels The activities giving rise to mobilisation, Income/ Demobilisation to customers for an agreed period. The Group demobilisation and re-phasing are not a Income/ Lump sum feedoes not convey the right to control the use distinct performance obligation in itself and of the asset to the customers and none of the are highly interdependent on the charter contracts are accounted for as a lease. The activities. These activities are necessary for invoices are issued on a monthly basis or based the Group to perform its service in providing on the contractual terms and are normally the accommodation vessels to the customer.payable within 30 days.These incomes, together with charter income and bareboat income, are considered as a single performance obligation and the revenue are collectively recognised over the contract period according to the terms of the agreement and in the period the work is performed. In addition, any additional fees arising from suspension or deferment of contracts will be deferred and amortised over the contract period when the performance obligations are met.The deferred revenue is included in the contract liabilities.Management, crew services, The Group provides optional services upon These incomes are recognised over time catering and other related request from the customer. The invoices are when performance obligations are met. The incomeissued on a monthly basis or based on the related costs are recognised in profit or loss contractual terms and are payable normally when they are incurred.within 30 days.The Group has reviewed its contracts with customers and concluded that these contracts do not contain a lease. If another conclusion determined that these contracts contain a lease, there will not be any significant difference in the accounting of revenue.The Group has assessed that the costs to perform mobilisation and demobilisation activities are costs that has incurred in fulfilling a contract with the customer. These costs relate directly to a contract, generate resources used in satisfying the contract and are expected to be recovered. The costs are therefore capitalized as costs to fulfil a contract and amortized on a systematic basis over the contract period, see note 4 for further details.Interest income is recognised on a time-proportion basis using the effective interest method. Interest income is included in financial items in the statement of profit or loss.Dividend income is recognised when the right to receive payment is established.Provisions are recognised when, and only when, the Group has a present obligation as a result of events that have taken place, and it can be proven probable that a financial settlement will take place as a result of this liability, and that the size of the amount can be measured reliably. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit or loss net of any reimbursement.For onerous contracts, provisions are made when unavoidable cost of meeting the obligations under the contract exceed the economic benefit to be received under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on the incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract.Vessels, Property, Plant and Equipment are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost comprises of fixed or variable consideration and includes costs directly attributable to the acquisition of the assets. Subsequent adjustment to variable consideration is recognised as a corresponding adjustment to the acquisition cost. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred.Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset.Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Right-of-use assets (leases): 3 to 5 years\u2022 Equipment: 3 to 5 yearsImpairment of non-financial assets. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available.The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2023 and 2024, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period, please see note 8 for further details.Financial assetsInitial recognitionTrade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument.A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.Classification and measurementOn initial recognition, a financial asset is classified as measured at amortised cost as it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the changes in the business model.Subsequent measurement and gains and lossesFinancial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.DerecognitionA financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.Fair value of financial instruments. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.Employee benefitsDefined contribution plansCompanies within the Group make contributions to pension schemes that are defined contribution plans. The companies\u2019 payments are recognised in the statement of profit or loss for the year to which the contribution applies.Share-based compensation arrangementsThe Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.Borrowing costs. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. Capitalised borrowing costs are calculated using the effective interest method.Leases. A lease is defined as a contract that conveys the right to control the use of an identified asset for a period in exchange for consideration. For each contract that meets this definition, the lessees will recognise a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets useful life. The portion of lease payments representing payments of lease liabilities and interest expense shall be classified in line with the policy elected for other interest payments in the statement of cash flows.Lease liabilities are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. At initial recognition, right-of-use assets are measured at an amount equal to the lease liability.Lease liabilities for the Group comprise of leases of offices, warehouses, and other IT infrastructure and office equipment. The Group separately expenses variable expense services and other non-lease components embedded in lease contracts for office buildings and warehouses. For leases of other assets, the Group capitalises non-lease components subject to fixed payments as part of the lease.The Group applies the general short-term exemption for leases of offices, and office equipment. Leases with a lease term of 12 months or less that do not contain a purchase option are expensed as short-term leases.The Group also applies the general low value exemption for leases of office equipment. This applies for all leases where the value of the underlying asset is below USD 5,000. These low value leases of such assets will not be capitalised and that lease payments are expensed in profit or loss.Inventories are bunker stock that are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and include expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business and estimated costs necessary to make the sale.Income taxes in the statement of profit or loss include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary differences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value.Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority.Cash and cash equivalents comprise cash at banks and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.Shareholder's equity. Any difference between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__25": { "value": "Basis of consolidation. The consolidated financial statements comprise the financial statements of the parent Company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies.All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__24": { "value": "Basis of consolidation. The consolidated financial statements comprise the financial statements of the parent Company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies.All intra-group balances, income and expenses, unrealised gains and losses and dividends resulting from intra-group transactions are eliminated in full.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__44": { "value": "Foreign currency translation. The presentation currency is USD. This is also the functional currency for the parent Company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__43": { "value": "Foreign currency translation. The presentation currency is USD. This is also the functional currency for the parent Company. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the transaction date. Monetary items in other currencies than the functional currency are translated to the functional currency at the exchange rate on the reporting date, and the currency difference is recognised in the profit and loss account. Non-monetary items in currencies other than the functional currency are translated at the exchange rate at the transaction date.When consolidating companies with a functional currency other than USD, profit and loss items are translated at the monthly average exchange rate, while statement of financial position items are translated at the exchange rate on the reporting date. Translation differences are recognised in other comprehensive income. On disposal of a foreign operation, the deferred cumulative amount recognised in other comprehensive income relating to that particular operation, is recognised in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__59": { "value": "Segment reporting. For management and monitoring purposes, the Group is organised into one segment; chartering and operation of accommodation/service vessels. For geographical information, reference is made to note 4.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__56": { "value": "Revenue recognitionNature and timing of satisfaction of performance, Type of Product/Serviceincluding significant payment terms Revenue recognitionCharter Income/ Mobilisation The Group charters the accommodation vessels The activities giving rise to mobilisation, Income/ Demobilisation to customers for an agreed period. The Group demobilisation and re-phasing are not a Income/ Lump sum feedoes not convey the right to control the use distinct performance obligation in itself and of the asset to the customers and none of the are highly interdependent on the charter contracts are accounted for as a lease. The activities. These activities are necessary for invoices are issued on a monthly basis or based the Group to perform its service in providing on the contractual terms and are normally the accommodation vessels to the customer.payable within 30 days.These incomes, together with charter income and bareboat income, are considered as a single performance obligation and the revenue are collectively recognised over the contract period according to the terms of the agreement and in the period the work is performed. In addition, any additional fees arising from suspension or deferment of contracts will be deferred and amortised over the contract period when the performance obligations are met.The deferred revenue is included in the contract liabilities.Management, crew services, The Group provides optional services upon These incomes are recognised over time catering and other related request from the customer. The invoices are when performance obligations are met. The incomeissued on a monthly basis or based on the related costs are recognised in profit or loss contractual terms and are payable normally when they are incurred.within 30 days.The Group has reviewed its contracts with customers and concluded that these contracts do not contain a lease. If another conclusion determined that these contracts contain a lease, there will not be any significant difference in the accounting of revenue.The Group has assessed that the costs to perform mobilisation and demobilisation activities are costs that has incurred in fulfilling a contract with the customer. These costs relate directly to a contract, generate resources used in satisfying the contract and are expected to be recovered. The costs are therefore capitalized as costs to fulfil a contract and amortized on a systematic basis over the contract period, see note 4 for further details.Interest income is recognised on a time-proportion basis using the effective interest method. Interest income is included in financial items in the statement of profit or loss.Dividend income is recognised when the right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__57": { "value": "Interest income is recognised on a time-proportion basis using the effective interest method. Interest income is included in financial items in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__33": { "value": "Dividend income is recognised when the right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__55": { "value": "Provisions are recognised when, and only when, the Group has a present obligation as a result of events that have taken place, and it can be proven probable that a financial settlement will take place as a result of this liability, and that the size of the amount can be measured reliably. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit or loss net of any reimbursement.For onerous contracts, provisions are made when unavoidable cost of meeting the obligations under the contract exceed the economic benefit to be received under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract, which is determined based on the incremental costs of fulfilling the obligation under the contract and an allocation of other costs directly related to fulfilling the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__54": { "value": "Vessels, Property, Plant and Equipment are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost comprises of fixed or variable consideration and includes costs directly attributable to the acquisition of the assets. Subsequent adjustment to variable consideration is recognised as a corresponding adjustment to the acquisition cost. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred.Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset.Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Right-of-use assets (leases): 3 to 5 years\u2022 Equipment: 3 to 5 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__35": { "value": "Vessels, Property, Plant and Equipment are recognised at cost less cumulative depreciation and accumulated impairment losses, if any. Assets are depreciated on a straight-line basis over their estimated useful lives, with account taken of their estimated residual value. Management makes annual assessments of residual value, methods of depreciation and the remaining useful life of the assets. Components of an asset which have an estimated shorter life than the main component of the asset are accordingly depreciated over this shorter period. Acquisition cost comprises of fixed or variable consideration and includes costs directly attributable to the acquisition of the assets. Subsequent adjustment to variable consideration is recognised as a corresponding adjustment to the acquisition cost. Subsequent expenditures are added to the book value of the asset or accounted for on a separate basis, when it is likely that future benefits would derive from the expenditures. The vessels are subject to a periodic survey every five years, and associated costs are amortised over the five-year period to the next survey. Other repair and maintenance costs are expensed in the period they are incurred.Expenditures for new builds are capitalised, including instalments paid to the yard, project management costs, and costs relating to the initial preparation, mobilisation and commissioning until the vessel is placed into service. In accordance with IAS 23, borrowing costs are capitalised on qualifying asset.Tangible fixed assets are depreciated on a straight-line basis over their useful lifetime as follows:\u2022 Semi-submersible vessels:\u2013 Superstructure: 35 years or less\u2013 Living quarters and other equipment: 5 to 35 years\u2013 Periodic maintenance: 5 years\u2022 Right-of-use assets (leases): 3 to 5 years\u2022 Equipment: 3 to 5 years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__58": { "value": "Other repair and maintenance costs are expensed in the period they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__49": { "value": "Impairment of non-financial assets. The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. Every vessel is seen as an individual CGU. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs to sell, recent market transactions are taken into account, if available.The Group bases its impairment calculation on a detailed forecast calculation which is prepared for the Group\u2019s cash generating units. The forecast calculation is generally covering a period of five years and a terminal value. In 2023 and 2024, there was no valuation-in-use calculation as there were no impairment indicators. The value-in-use calculation was last performed and disclosed in 2020.For non-financial assets, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a significant change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Management has not identified any indicators for reversal of impairment as at the end of the reporting period, please see note 8 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__61": { "value": "Financial assetsInitial recognitionTrade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument.A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.Classification and measurementOn initial recognition, a financial asset is classified as measured at amortised cost as it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the changes in the business model.Subsequent measurement and gains and lossesFinancial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.DerecognitionA financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__40": { "value": "Financial assetsInitial recognitionTrade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument.A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.Classification and measurementOn initial recognition, a financial asset is classified as measured at amortised cost as it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the changes in the business model.Subsequent measurement and gains and lossesFinancial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.DerecognitionA financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.Fair value of financial instruments. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__39": { "value": "Financial assetsInitial recognitionTrade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument.A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.Classification and measurementOn initial recognition, a financial asset is classified as measured at amortised cost as it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the changes in the business model.Subsequent measurement and gains and lossesFinancial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.DerecognitionA financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.Fair value of financial instruments. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__37": { "value": "Financial assetsInitial recognitionTrade receivables are initially recognised when they are originated. All other financial assets are initially recognised when the Group becomes a party to the contractual provision of the instrument.A financial asset (unless it is a trade receivable without a significant financing component) is initially measured at fair value plus, for an item not at fair value through profit or loss (\u201cFVTPL\u201d), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.Classification and measurementOn initial recognition, a financial asset is classified as measured at amortised cost as it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the changes in the business model.Subsequent measurement and gains and lossesFinancial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.DerecognitionA financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__31": { "value": "Subsequent measurement and gains and lossesFinancial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.DerecognitionA financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__47": { "value": "Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__45": { "value": "Impairment of financial assetsThe Group recognises loss allowances for expected credit losses on:\u2022 Financial assets measured at amortised costLoss allowances for trade receivables and assets are always measured at an amount equal to lifetime expected credit losses.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without undue cost of effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.The Group considers a financial asset to be in default when:\u2022 The borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or\u2022 The financial asset is more than 90 days past due.Measurement of expected credit losses:\u2022 For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customer. The Group applies forward-looking variables for expected credit losses.\u2022 Expected credit losses are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e., the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive).\u2022 Expected credit losses are discounted at the effective interest rate of the financial asset.At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired, which is when one or more events that have a detrimental impact on the estimated future cash flow of the financial asset have occurred.Evidence that a financial asset is credit-impaired includes the following observable data:\u2022 Significant financial difficulty of the borrower or issuer;\u2022 A breach of contract such as default or being more than 90 days past due;\u2022 The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 It is probable that the borrower will enter bankruptcy or other financial reorganisation; or\u2022 The disappearance of an active market for a security because of financial difficulties.Loss allowances of expected credit losses for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets as in the statement of financial position.Derecognition of financial assetsThe gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amount due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__42": { "value": "Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.Fair value of financial instruments. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__41": { "value": "Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.Fair value of financial instruments. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__38": { "value": "Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__26": { "value": "Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IFRS 9 are classified as financial liabilities measured at amortised cost. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognised initially at fair value and, in case of loans and borrowings, net of directly attributable costs. The Group\u2019s financial liabilities include non-derivative financial instruments (trade and other payables, loans and borrowings, and financial guarantee contracts).Subsequent measurement and gains and lossesFinancial liabilities at amortised costs are subsequently measured at amortised cost using the effective interest method. If there is a change in the timing or amount of estimated cash flows, the amortised cost of the financial liability is adjusted in the period of change to reflect the revised actual and estimated cash flows, with a corresponding income or expense being recognised in profit or loss. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.DerecognitionA financial liability is derecognised when the contractual obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__36": { "value": "Fair value of financial instruments. The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the balance sheet date. For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm\u2019s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis or other valuation models.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__34": { "value": "Employee benefitsDefined contribution plansCompanies within the Group make contributions to pension schemes that are defined contribution plans. The companies\u2019 payments are recognised in the statement of profit or loss for the year to which the contribution applies.Share-based compensation arrangementsThe Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__60": { "value": "Share-based compensation arrangementsThe Group operates an equity-settled, share-based compensation plan. The grant-date fair value of equity-settled share-based payment arrangements granted to employees is recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense is adjusted to reflect the number of awards for which the related service are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service at the vesting date.At each balance sheet date, the Group revises its estimates of the number of shares under options that are expected to become exercisable on the vesting date and recognises the impact of the revision of the estimates in profit or loss, with a corresponding adjustment to the equity over the remaining vesting period. When the options are exercised, the proceeds received (net of transaction costs) and the related balance previously recognised in the equity are credited to the share capital account, when new ordinary shares are issued, or to the \u201ctreasury shares\u201d account, when treasury shares are re-issued to the employees.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__29": { "value": "Borrowing costs. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. Capitalised borrowing costs are calculated using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__52": { "value": "Leases. A lease is defined as a contract that conveys the right to control the use of an identified asset for a period in exchange for consideration. For each contract that meets this definition, the lessees will recognise a right-of-use asset and a lease liability in the balance sheet with certain exemptions for short term and low value leases. Lease payments are to be reflected as interest expense and a reduction of lease liabilities, while the right-of-use assets are to be depreciated over the shorter of the lease term and the assets useful life. The portion of lease payments representing payments of lease liabilities and interest expense shall be classified in line with the policy elected for other interest payments in the statement of cash flows.Lease liabilities are measured at the present value of remaining lease payments, discounted using the incremental borrowing rate. At initial recognition, right-of-use assets are measured at an amount equal to the lease liability.Lease liabilities for the Group comprise of leases of offices, warehouses, and other IT infrastructure and office equipment. The Group separately expenses variable expense services and other non-lease components embedded in lease contracts for office buildings and warehouses. For leases of other assets, the Group capitalises non-lease components subject to fixed payments as part of the lease.The Group applies the general short-term exemption for leases of offices, and office equipment. Leases with a lease term of 12 months or less that do not contain a purchase option are expensed as short-term leases.The Group also applies the general low value exemption for leases of office equipment. This applies for all leases where the value of the underlying asset is below USD 5,000. These low value leases of such assets will not be capitalised and that lease payments are expensed in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__53": { "value": "Inventories are bunker stock that are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and include expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business and estimated costs necessary to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__50": { "value": "Income taxes in the statement of profit or loss include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary differences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value.Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__30": { "value": "Income taxes in the statement of profit or loss include taxes payable and changes in deferred tax. Deferred tax is calculated based on temporary differences between book and tax values that exist at the end of the period. Deferred tax asset is recognised in the statement of financial position when it is probable that the tax benefit can be utilised. Deferred tax and deferred tax asset are measured at nominal value.Income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered or paid to the tax authorities. Deferred tax liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled, based on tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is provided using the liability method. Deferred tax assets and liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__32": { "value": "Cash and cash equivalents comprise cash at banks and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__51": { "value": "Shareholder's equity. Any difference between the issue price of share capital and the nominal value is recognised as share premium. The costs incurred attributable to the issue of share capital are deducted from equity. Share options that will be settled by the Company by delivering a fixed number of its own equity instruments in exchange for a fixed amount of cash are equity instruments and recognised in equity. The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__65": { "value": "Note 4 Segment reporting and contract balancesThe Group has one segment, which is chartering and operation of accommodation vessels for maintenance and safety.Operating revenues by geographical location 2024 2023South America 99.0 79.0 North America 38.8 15.2 Europe 2.0 3.5 Total operating revenues 139.8 97.7 The revenue allocation is based on place of operation of the vessel.2024 2023 1 1 USD Percentage Operating revenues by major customers USD PercentageSouth America 99.0 70.8% 79.0 80.9%North America 38.8 27.8% 15.2 15.6%1 Percentage of total revenuesTotal non-current assets by geographical location 2024 2023South America 272.0 285.6 North America 4.7 17.3 Europe 84.0 82.6 Asia 0.1 0.0 Total non-current assets 360.8 385.5 Contract balances 31.12.2024 31.12.2023 01.01.2023Trade receivables from charters 21.6 14.6 20.6Contract assets 0.7 6.5 2.0Contract liabilities 10.3 0.9 0The contract assets relate to costs directly related to a contract used in satisfying performance obligations in the next 12 months from the balance sheet date. The contract assets are amortised to expenses over the performance obligation of the contract or recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows:Contract assets Contract liabilities2024 2023 2024 2023Revenue from recognition of the opening balance 0.0 0.0 (0.9) 0.0Revenue deduction from recognition of the opening balance 0.0 (2.0) 0.0 0.0Consideration received during the year not recognised as revenue 0.0 0.0 10.3 0.9Asset recognised as costs incurred to fulfil a contract during the year (6.5) 0.0 0.0 0.9Capitalised costs to fulfill contract used in satisfying performance obligations in the next 12 months 0.7 6.5 0.0 0.0The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.Chartering and operation of accommodation vessels Next 12 months Next 1\u20133 years More than 3 years Total31 December 2024 148.0 77.4 0.0 225.431 December 2023 118.8 63.2 56.6 238.6Variable considerations that are constrained and not considered in the transaction price are excluded from the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__64": { "value": "Note 4 Segment reporting and contract balancesThe Group has one segment, which is chartering and operation of accommodation vessels for maintenance and safety.Operating revenues by geographical location 2024 2023South America 99.0 79.0 North America 38.8 15.2 Europe 2.0 3.5 Total operating revenues 139.8 97.7 The revenue allocation is based on place of operation of the vessel.2024 2023 1 1 USD Percentage Operating revenues by major customers USD PercentageSouth America 99.0 70.8% 79.0 80.9%North America 38.8 27.8% 15.2 15.6%1 Percentage of total revenuesTotal non-current assets by geographical location 2024 2023South America 272.0 285.6 North America 4.7 17.3 Europe 84.0 82.6 Asia 0.1 0.0 Total non-current assets 360.8 385.5 Contract balances 31.12.2024 31.12.2023 01.01.2023Trade receivables from charters 21.6 14.6 20.6Contract assets 0.7 6.5 2.0Contract liabilities 10.3 0.9 0The contract assets relate to costs directly related to a contract used in satisfying performance obligations in the next 12 months from the balance sheet date. The contract assets are amortised to expenses over the performance obligation of the contract or recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows:Contract assets Contract liabilities2024 2023 2024 2023Revenue from recognition of the opening balance 0.0 0.0 (0.9) 0.0Revenue deduction from recognition of the opening balance 0.0 (2.0) 0.0 0.0Consideration received during the year not recognised as revenue 0.0 0.0 10.3 0.9Asset recognised as costs incurred to fulfil a contract during the year (6.5) 0.0 0.0 0.9Capitalised costs to fulfill contract used in satisfying performance obligations in the next 12 months 0.7 6.5 0.0 0.0The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.Chartering and operation of accommodation vessels Next 12 months Next 1\u20133 years More than 3 years Total31 December 2024 148.0 77.4 0.0 225.431 December 2023 118.8 63.2 56.6 238.6Variable considerations that are constrained and not considered in the transaction price are excluded from the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__62": { "value": "Note 4 Segment reporting and contract balancesThe Group has one segment, which is chartering and operation of accommodation vessels for maintenance and safety.Operating revenues by geographical location 2024 2023South America 99.0 79.0 North America 38.8 15.2 Europe 2.0 3.5 Total operating revenues 139.8 97.7 The revenue allocation is based on place of operation of the vessel.2024 2023 1 1 USD Percentage Operating revenues by major customers USD PercentageSouth America 99.0 70.8% 79.0 80.9%North America 38.8 27.8% 15.2 15.6%1 Percentage of total revenuesTotal non-current assets by geographical location 2024 2023South America 272.0 285.6 North America 4.7 17.3 Europe 84.0 82.6 Asia 0.1 0.0 Total non-current assets 360.8 385.5 Contract balances 31.12.2024 31.12.2023 01.01.2023Trade receivables from charters 21.6 14.6 20.6Contract assets 0.7 6.5 2.0Contract liabilities 10.3 0.9 0The contract assets relate to costs directly related to a contract used in satisfying performance obligations in the next 12 months from the balance sheet date. The contract assets are amortised to expenses over the performance obligation of the contract or recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows:Contract assets Contract liabilities2024 2023 2024 2023Revenue from recognition of the opening balance 0.0 0.0 (0.9) 0.0Revenue deduction from recognition of the opening balance 0.0 (2.0) 0.0 0.0Consideration received during the year not recognised as revenue 0.0 0.0 10.3 0.9Asset recognised as costs incurred to fulfil a contract during the year (6.5) 0.0 0.0 0.9Capitalised costs to fulfill contract used in satisfying performance obligations in the next 12 months 0.7 6.5 0.0 0.0The below table includes the Group's firm order book, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.Chartering and operation of accommodation vessels Next 12 months Next 1\u20133 years More than 3 years Total31 December 2024 148.0 77.4 0.0 225.431 December 2023 118.8 63.2 56.6 238.6Variable considerations that are constrained and not considered in the transaction price are excluded from the table above.Note 5 Other operating revenues2024 2023Gain on sale of non-current assets 0.0 1.7Management, crew services, catering and other related income 3.7 2.8Total other operating revenues 3.7 4.5", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__63": { "value": "The contract assets relate to costs directly related to a contract used in satisfying performance obligations in the next 12 months from the balance sheet date. The contract assets are amortised to expenses over the performance obligation of the contract or recognised as a deduction of revenue over the performance obligation of the contract. The contract liabilities relate to deferral fees or upfront consideration received from customers. The contract liabilities are recognised as revenue over the performance obligation of the contract.Significant changes in the contract assets and the contract liabilities during the year are as follows:Contract assets Contract liabilities2024 2023 2024 2023Revenue from recognition of the opening balance 0.0 0.0 (0.9) 0.0Revenue deduction from recognition of the opening balance 0.0 (2.0) 0.0 0.0Consideration received during the year not recognised as revenue 0.0 0.0 10.3 0.9Asset recognised as costs incurred to fulfil a contract during the year (6.5) 0.0 0.0 0.9Capitalised costs to fulfill contract used in satisfying performance obligations in the next 12 months 0.7 6.5 0.0 0.0", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__66": { "value": "Note 5 Other operating revenues2024 2023Gain on sale of non-current assets 0.0 1.7Management, crew services, catering and other related income 3.7 2.8Total other operating revenues 3.7 4.5", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__70": { "value": "Note 6 Employee benefits and senior executive management remuneration2024 2023Wages and salaries 19.5 18.3 Contract personnel 14.7 12.7 Other personnel-related expenses 8.8 8.2 Social security taxes 5.6 4.6 Pension expenses 1.0 0.9 Share-based compensation expense 1.0 0.4 Other staff benefits 0.6 0.4 Total employee benefits 51.2 45.5 Number of employeesThe average number of employees in the Group for 2024 was 268 (2023: 227). The increase is mainly driven by Brazilian offshore crew being direct employees of the Group and not agency personnel as in most other jurisdictions. The average number of employees per legal entity was as follows.2024 2023Prosafe Offshore Limited 51 56Prosafe Services Maritimos Ltda 183 141Prosafe AS 10 7Prosafe Offshore Holdings Pte. Ltd. 9 10Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 13 11Total average number of employees 268 227Variable pay schemeThe senior executive management and selected employees hold incentive agreements which may lead to a variable payment. The variable pay depends on achieving defined targets relating to earnings, cost efficiency targets, long-term strategic targets, operational performance and HSE performance.Severance payMembers of the senior executive management may be guaranteed a remuneration corresponding to the gross annual fixed base salary at the time of termination for a period up to 12 months beyond a notice period of up to 6 months.Share options (Equity-settled share-based payment)In 2022, the Group initiated a long-term incentive program where senior executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. In 2024, the shareholders held an extraordinary general meeting on 22 February 2024 to amend the Board of Directors\u2019 remuneration to ensure a compensation structure linked to the share price development of the Group. The Board of Directors\u2019\u2019 remuneration is amended to include options to subscribe for ordinary shares of Prosafe SE from the 2023 Annual General Meeting (\u201cAGM\u201d) until the 2024 AGM.The Board of Directors agreed to a reduced board fee in exchange for the share options.The exercise price of the options for the Board of Directors was determined as the closing prices of the Company\u2019s ordinary shares as quoted on the Oslo Stock Exchange the previous market day prior to day of calling the extraordinary general meeting. The share options have a vesting period until the date that is 24 months after 22 February 2024 (\u201cVesting Date\u201d) and can only be exercised between the Vesting Date and the date that is 36 months after 22 February 2024 (\u201cExpiry Date\u201d). In the event a member of the Board resigns or is not reelected prior to the Vesting Date, the share options will be forfeited except a number of share options representing the period served since the 2023 AGM until the date of resignation pro rata in relation to the period from the 2023 AGM until the Vesting Date. The share options are non-tradeable and not transferable. Any share options not exercised at the Expiry Date will lapse without compensation to the holder.The vesting of the options is conditional on the key management personnel or employee completing a number of years of service to the GroupIn 2023, the Group repriced the strike price of options granted to senior executive management and selected employees that were granted in 2022. Also, new share options were offered to senior executive management and selected employees.The exercise price of the options for the senior executive management and selected employees is determined by the Board of Directors. The share options grant have a different vesting period (\u201cVesting Period\u201d) and can only be exercised between the Vesting Period and the expiry date of the option. In the event a member of the senior executive management and selected employees resigns prior to the Vesting Period, the share options will be forfeited. The share options are non-tradeable and not transferable. Any share options not exercised at the expiry date will lapse without compensation to the holder. The vesting of the options is conditional on the senior executive management and employees completing a number of years of service to the Group. In 2023, the Group repriced the strike price of options granted to senior executive management and selected employees that were granted in 2022. Also, new share options were offered to senior executive management and selected employees. In 2024, no new share options were awarded to senior executive management or employees.Each share option allow the holder to subscribe to one ordinary share in the Company.Though the share options are awarded by the Company, the respective subsidiaries bear all costs and expenses in any way arising out of, or connected with, the grant and vesting of the awards to their employees.The key terms and conditions as of 31 December 2024 are as follows:Number of Exercise price (in share options Grant date Commencement date Expiry of OptionsNOK) Vesting conditionsoutstandingBoard of Directors22 February 2024 22 February 2024 21 February 2027 65.50 24 months from commencement date 217,740Senior executive management11 May 2022 10 February 2022 9 February 2027 83.00 Equally over 24, 36 and 48 months from 100,00019 August 2022(repriced 28 March 2023) 19 August 2022 18 August 2027 146.50 commencement date26 July 2023 1 November 2023 31 October 2027 109.13 Equally over 12, 24 and 36 months from 220,0006 October 2023 1 November 2023 31 October 2027 109.13 commencement dateSelected employees11 May 2022 (repriced 6 October 2023) 11 May 2022 10 May 2027 109.13 Equally over 24, 36 and 48 months from 80,000commencement date6 October 2023 1 November 2023 31 October 2027 109.13 Equally over 12, 24 and 36 months from 40,0006 November 2023 6 November 2023 5 November 2027 109.13 commencement dateTotal share options 797,740Movement of share options 2024 2023Outstanding at 1 January 580,000 450,000Granted during the year 275,000 300,000Cancelled during the year (57,260) (170,000)Outstanding at 31 December 797,740 580,000Exercisable at 31 December 193,333 0The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based compensation. The inputs used in the measurement of the fair values at grant date/ repricing date of the equity-settled share-based compensation plans were as follows.Risk-free interest rate Fair value at grant date/ Share price at grant date/ (based on government Grant/Repricing daterepricing date (in NOK)repricing date (in NOK) Exercise price (in NOK) Expected volatilitybonds at grant date)Board of Directors22 February 2024 2.42 45.00 65.50 20% 4.00%Senior executive management11 May 2022 98.85 178.00 83.00 20% 2.76%19 August 2022(repriced 28 March 2023) 89.31 151.04 146.50 20% 2.90%26 July 2023 34.29 120.82 109.13 20% 4.01%6 October 2023 13.74 90.12 109.13 20% 4.26%Selected employees11 May 2022(repriced 6 October 2023) 58.63 90.12 109.13 20% 4.21%6 October 2023 13.74 90.12 109.13 20% 4.26%6 November 2023 2.79 63.85 109.13 20% 3.92%The inputs used in the measurement of the fair values for the share option granted or repriced in 2023 is similar as above.Expected volatility has been based on implied oil price volatility.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and senior executive management is specified below and in a separate report from the Board of Directors.Senior Executive Management(USD 1 000) Year Salary Bonus Pension Other benefits TotalTerje Askvig \u2013 CEO 2024 463 285 31 29 808 (from November 2023) 2023 86 50 5 5 146 Jesper Kragh Andresen \u2013 CEO 2023 446 0 10 12 468 (until April 2023)Reese McNeel \u2013 CFO 2024 382 149 31 1 563 (Interim CEO/CFO May 2023\u2013October 2023) 2023 348 90 30 4 471 Ryan Stewart \u2013 CCO 2024 384 168 38 6 596 (COO to July 2023 and CCO from July 2023) 2023 360 55 36 3 454 Board of Directors(USD 1 000) 2024 2023Glen Ole R\u00f8dland (Chair) 107 112 Alf C. Thorkildsen (Deputy Chair) (until October 2023) 0 75 Gunnar Eliassen (Deputy Chair) (February 2024\u2013December 2024) 65 0 Birgit Aagaard-Svendsen 81 100 Nina Udnes Tronstad 71 84 1 Halvard Idland74 77 Simen Flaaten (June 2023\u2013February 2024) 11 41 2 Total409 489 1 Director from May 2022, Deputy Director from June 2023\u2013November 2023 and Director from November 20232 If applicable, figures include compensation from the audit committee, compensation committee, travel allowances and share option expense. In 2024, the Board of Directors fees were reduced in lieu of share options awarded.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__69": { "value": "Note 6 Employee benefits and senior executive management remuneration2024 2023Wages and salaries 19.5 18.3 Contract personnel 14.7 12.7 Other personnel-related expenses 8.8 8.2 Social security taxes 5.6 4.6 Pension expenses 1.0 0.9 Share-based compensation expense 1.0 0.4 Other staff benefits 0.6 0.4 Total employee benefits 51.2 45.5 Number of employeesThe average number of employees in the Group for 2024 was 268 (2023: 227). The increase is mainly driven by Brazilian offshore crew being direct employees of the Group and not agency personnel as in most other jurisdictions. The average number of employees per legal entity was as follows.2024 2023Prosafe Offshore Limited 51 56Prosafe Services Maritimos Ltda 183 141Prosafe AS 10 7Prosafe Offshore Holdings Pte. Ltd. 9 10Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 13 11Total average number of employees 268 227Variable pay schemeThe senior executive management and selected employees hold incentive agreements which may lead to a variable payment. The variable pay depends on achieving defined targets relating to earnings, cost efficiency targets, long-term strategic targets, operational performance and HSE performance.Severance payMembers of the senior executive management may be guaranteed a remuneration corresponding to the gross annual fixed base salary at the time of termination for a period up to 12 months beyond a notice period of up to 6 months.Share options (Equity-settled share-based payment)In 2022, the Group initiated a long-term incentive program where senior executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. In 2024, the shareholders held an extraordinary general meeting on 22 February 2024 to amend the Board of Directors\u2019 remuneration to ensure a compensation structure linked to the share price development of the Group. The Board of Directors\u2019\u2019 remuneration is amended to include options to subscribe for ordinary shares of Prosafe SE from the 2023 Annual General Meeting (\u201cAGM\u201d) until the 2024 AGM.The Board of Directors agreed to a reduced board fee in exchange for the share options.The exercise price of the options for the Board of Directors was determined as the closing prices of the Company\u2019s ordinary shares as quoted on the Oslo Stock Exchange the previous market day prior to day of calling the extraordinary general meeting. The share options have a vesting period until the date that is 24 months after 22 February 2024 (\u201cVesting Date\u201d) and can only be exercised between the Vesting Date and the date that is 36 months after 22 February 2024 (\u201cExpiry Date\u201d). In the event a member of the Board resigns or is not reelected prior to the Vesting Date, the share options will be forfeited except a number of share options representing the period served since the 2023 AGM until the date of resignation pro rata in relation to the period from the 2023 AGM until the Vesting Date. The share options are non-tradeable and not transferable. Any share options not exercised at the Expiry Date will lapse without compensation to the holder.The vesting of the options is conditional on the key management personnel or employee completing a number of years of service to the GroupIn 2023, the Group repriced the strike price of options granted to senior executive management and selected employees that were granted in 2022. Also, new share options were offered to senior executive management and selected employees.The exercise price of the options for the senior executive management and selected employees is determined by the Board of Directors. The share options grant have a different vesting period (\u201cVesting Period\u201d) and can only be exercised between the Vesting Period and the expiry date of the option. In the event a member of the senior executive management and selected employees resigns prior to the Vesting Period, the share options will be forfeited. The share options are non-tradeable and not transferable. Any share options not exercised at the expiry date will lapse without compensation to the holder. The vesting of the options is conditional on the senior executive management and employees completing a number of years of service to the Group. In 2023, the Group repriced the strike price of options granted to senior executive management and selected employees that were granted in 2022. Also, new share options were offered to senior executive management and selected employees. In 2024, no new share options were awarded to senior executive management or employees.Each share option allow the holder to subscribe to one ordinary share in the Company.Though the share options are awarded by the Company, the respective subsidiaries bear all costs and expenses in any way arising out of, or connected with, the grant and vesting of the awards to their employees.The key terms and conditions as of 31 December 2024 are as follows:Number of Exercise price (in share options Grant date Commencement date Expiry of OptionsNOK) Vesting conditionsoutstandingBoard of Directors22 February 2024 22 February 2024 21 February 2027 65.50 24 months from commencement date 217,740Senior executive management11 May 2022 10 February 2022 9 February 2027 83.00 Equally over 24, 36 and 48 months from 100,00019 August 2022(repriced 28 March 2023) 19 August 2022 18 August 2027 146.50 commencement date26 July 2023 1 November 2023 31 October 2027 109.13 Equally over 12, 24 and 36 months from 220,0006 October 2023 1 November 2023 31 October 2027 109.13 commencement dateSelected employees11 May 2022 (repriced 6 October 2023) 11 May 2022 10 May 2027 109.13 Equally over 24, 36 and 48 months from 80,000commencement date6 October 2023 1 November 2023 31 October 2027 109.13 Equally over 12, 24 and 36 months from 40,0006 November 2023 6 November 2023 5 November 2027 109.13 commencement dateTotal share options 797,740Movement of share options 2024 2023Outstanding at 1 January 580,000 450,000Granted during the year 275,000 300,000Cancelled during the year (57,260) (170,000)Outstanding at 31 December 797,740 580,000Exercisable at 31 December 193,333 0The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based compensation. The inputs used in the measurement of the fair values at grant date/ repricing date of the equity-settled share-based compensation plans were as follows.Risk-free interest rate Fair value at grant date/ Share price at grant date/ (based on government Grant/Repricing daterepricing date (in NOK)repricing date (in NOK) Exercise price (in NOK) Expected volatilitybonds at grant date)Board of Directors22 February 2024 2.42 45.00 65.50 20% 4.00%Senior executive management11 May 2022 98.85 178.00 83.00 20% 2.76%19 August 2022(repriced 28 March 2023) 89.31 151.04 146.50 20% 2.90%26 July 2023 34.29 120.82 109.13 20% 4.01%6 October 2023 13.74 90.12 109.13 20% 4.26%Selected employees11 May 2022(repriced 6 October 2023) 58.63 90.12 109.13 20% 4.21%6 October 2023 13.74 90.12 109.13 20% 4.26%6 November 2023 2.79 63.85 109.13 20% 3.92%The inputs used in the measurement of the fair values for the share option granted or repriced in 2023 is similar as above.Expected volatility has been based on implied oil price volatility.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and senior executive management is specified below and in a separate report from the Board of Directors.Senior Executive Management(USD 1 000) Year Salary Bonus Pension Other benefits TotalTerje Askvig \u2013 CEO 2024 463 285 31 29 808 (from November 2023) 2023 86 50 5 5 146 Jesper Kragh Andresen \u2013 CEO 2023 446 0 10 12 468 (until April 2023)Reese McNeel \u2013 CFO 2024 382 149 31 1 563 (Interim CEO/CFO May 2023\u2013October 2023) 2023 348 90 30 4 471 Ryan Stewart \u2013 CCO 2024 384 168 38 6 596 (COO to July 2023 and CCO from July 2023) 2023 360 55 36 3 454 Board of Directors(USD 1 000) 2024 2023Glen Ole R\u00f8dland (Chair) 107 112 Alf C. Thorkildsen (Deputy Chair) (until October 2023) 0 75 Gunnar Eliassen (Deputy Chair) (February 2024\u2013December 2024) 65 0 Birgit Aagaard-Svendsen 81 100 Nina Udnes Tronstad 71 84 1 Halvard Idland74 77 Simen Flaaten (June 2023\u2013February 2024) 11 41 2 Total409 489 1 Director from May 2022, Deputy Director from June 2023\u2013November 2023 and Director from November 20232 If applicable, figures include compensation from the audit committee, compensation committee, travel allowances and share option expense. In 2024, the Board of Directors fees were reduced in lieu of share options awarded.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__67": { "value": "Note 6 Employee benefits and senior executive management remuneration2024 2023Wages and salaries 19.5 18.3 Contract personnel 14.7 12.7 Other personnel-related expenses 8.8 8.2 Social security taxes 5.6 4.6 Pension expenses 1.0 0.9 Share-based compensation expense 1.0 0.4 Other staff benefits 0.6 0.4 Total employee benefits 51.2 45.5 Number of employeesThe average number of employees in the Group for 2024 was 268 (2023: 227). The increase is mainly driven by Brazilian offshore crew being direct employees of the Group and not agency personnel as in most other jurisdictions. The average number of employees per legal entity was as follows.2024 2023Prosafe Offshore Limited 51 56Prosafe Services Maritimos Ltda 183 141Prosafe AS 10 7Prosafe Offshore Holdings Pte. Ltd. 9 10Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 13 11Total average number of employees 268 227Variable pay schemeThe senior executive management and selected employees hold incentive agreements which may lead to a variable payment. The variable pay depends on achieving defined targets relating to earnings, cost efficiency targets, long-term strategic targets, operational performance and HSE performance.Severance payMembers of the senior executive management may be guaranteed a remuneration corresponding to the gross annual fixed base salary at the time of termination for a period up to 12 months beyond a notice period of up to 6 months.Share options (Equity-settled share-based payment)In 2022, the Group initiated a long-term incentive program where senior executive management and selected employees were granted options to subscribe for ordinary shares of Prosafe SE. In 2024, the shareholders held an extraordinary general meeting on 22 February 2024 to amend the Board of Directors\u2019 remuneration to ensure a compensation structure linked to the share price development of the Group. The Board of Directors\u2019\u2019 remuneration is amended to include options to subscribe for ordinary shares of Prosafe SE from the 2023 Annual General Meeting (\u201cAGM\u201d) until the 2024 AGM.The Board of Directors agreed to a reduced board fee in exchange for the share options.The exercise price of the options for the Board of Directors was determined as the closing prices of the Company\u2019s ordinary shares as quoted on the Oslo Stock Exchange the previous market day prior to day of calling the extraordinary general meeting. The share options have a vesting period until the date that is 24 months after 22 February 2024 (\u201cVesting Date\u201d) and can only be exercised between the Vesting Date and the date that is 36 months after 22 February 2024 (\u201cExpiry Date\u201d). In the event a member of the Board resigns or is not reelected prior to the Vesting Date, the share options will be forfeited except a number of share options representing the period served since the 2023 AGM until the date of resignation pro rata in relation to the period from the 2023 AGM until the Vesting Date. The share options are non-tradeable and not transferable. Any share options not exercised at the Expiry Date will lapse without compensation to the holder.The vesting of the options is conditional on the key management personnel or employee completing a number of years of service to the GroupIn 2023, the Group repriced the strike price of options granted to senior executive management and selected employees that were granted in 2022. Also, new share options were offered to senior executive management and selected employees.The exercise price of the options for the senior executive management and selected employees is determined by the Board of Directors. The share options grant have a different vesting period (\u201cVesting Period\u201d) and can only be exercised between the Vesting Period and the expiry date of the option. In the event a member of the senior executive management and selected employees resigns prior to the Vesting Period, the share options will be forfeited. The share options are non-tradeable and not transferable. Any share options not exercised at the expiry date will lapse without compensation to the holder. The vesting of the options is conditional on the senior executive management and employees completing a number of years of service to the Group. In 2023, the Group repriced the strike price of options granted to senior executive management and selected employees that were granted in 2022. Also, new share options were offered to senior executive management and selected employees. In 2024, no new share options were awarded to senior executive management or employees.Each share option allow the holder to subscribe to one ordinary share in the Company.Though the share options are awarded by the Company, the respective subsidiaries bear all costs and expenses in any way arising out of, or connected with, the grant and vesting of the awards to their employees.The key terms and conditions as of 31 December 2024 are as follows:Number of Exercise price (in share options Grant date Commencement date Expiry of OptionsNOK) Vesting conditionsoutstandingBoard of Directors22 February 2024 22 February 2024 21 February 2027 65.50 24 months from commencement date 217,740Senior executive management11 May 2022 10 February 2022 9 February 2027 83.00 Equally over 24, 36 and 48 months from 100,00019 August 2022(repriced 28 March 2023) 19 August 2022 18 August 2027 146.50 commencement date26 July 2023 1 November 2023 31 October 2027 109.13 Equally over 12, 24 and 36 months from 220,0006 October 2023 1 November 2023 31 October 2027 109.13 commencement dateSelected employees11 May 2022 (repriced 6 October 2023) 11 May 2022 10 May 2027 109.13 Equally over 24, 36 and 48 months from 80,000commencement date6 October 2023 1 November 2023 31 October 2027 109.13 Equally over 12, 24 and 36 months from 40,0006 November 2023 6 November 2023 5 November 2027 109.13 commencement dateTotal share options 797,740Movement of share options 2024 2023Outstanding at 1 January 580,000 450,000Granted during the year 275,000 300,000Cancelled during the year (57,260) (170,000)Outstanding at 31 December 797,740 580,000Exercisable at 31 December 193,333 0The fair value of an option granted was estimated using the Black Scholes option-pricing model and the transactions are accounted for as equity-settled share-based compensation. The inputs used in the measurement of the fair values at grant date/ repricing date of the equity-settled share-based compensation plans were as follows.Risk-free interest rate Fair value at grant date/ Share price at grant date/ (based on government Grant/Repricing daterepricing date (in NOK)repricing date (in NOK) Exercise price (in NOK) Expected volatilitybonds at grant date)Board of Directors22 February 2024 2.42 45.00 65.50 20% 4.00%Senior executive management11 May 2022 98.85 178.00 83.00 20% 2.76%19 August 2022(repriced 28 March 2023) 89.31 151.04 146.50 20% 2.90%26 July 2023 34.29 120.82 109.13 20% 4.01%6 October 2023 13.74 90.12 109.13 20% 4.26%Selected employees11 May 2022(repriced 6 October 2023) 58.63 90.12 109.13 20% 4.21%6 October 2023 13.74 90.12 109.13 20% 4.26%6 November 2023 2.79 63.85 109.13 20% 3.92%The inputs used in the measurement of the fair values for the share option granted or repriced in 2023 is similar as above.Expected volatility has been based on implied oil price volatility.In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and senior executive management is specified below and in a separate report from the Board of Directors.Senior Executive Management(USD 1 000) Year Salary Bonus Pension Other benefits TotalTerje Askvig \u2013 CEO 2024 463 285 31 29 808 (from November 2023) 2023 86 50 5 5 146 Jesper Kragh Andresen \u2013 CEO 2023 446 0 10 12 468 (until April 2023)Reese McNeel \u2013 CFO 2024 382 149 31 1 563 (Interim CEO/CFO May 2023\u2013October 2023) 2023 348 90 30 4 471 Ryan Stewart \u2013 CCO 2024 384 168 38 6 596 (COO to July 2023 and CCO from July 2023) 2023 360 55 36 3 454 Board of Directors(USD 1 000) 2024 2023Glen Ole R\u00f8dland (Chair) 107 112 Alf C. Thorkildsen (Deputy Chair) (until October 2023) 0 75 Gunnar Eliassen (Deputy Chair) (February 2024\u2013December 2024) 65 0 Birgit Aagaard-Svendsen 81 100 Nina Udnes Tronstad 71 84 1 Halvard Idland74 77 Simen Flaaten (June 2023\u2013February 2024) 11 41 2 Total409 489 1 Director from May 2022, Deputy Director from June 2023\u2013November 2023 and Director from November 20232 If applicable, figures include compensation from the audit committee, compensation committee, travel allowances and share option expense. In 2024, the Board of Directors fees were reduced in lieu of share options awarded.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__68": { "value": "Number of employeesThe average number of employees in the Group for 2024 was 268 (2023: 227). The increase is mainly driven by Brazilian offshore crew being direct employees of the Group and not agency personnel as in most other jurisdictions. The average number of employees per legal entity was as follows.2024 2023Prosafe Offshore Limited 51 56Prosafe Services Maritimos Ltda 183 141Prosafe AS 10 7Prosafe Offshore Holdings Pte. Ltd. 9 10Prosafe SE 2 2Safe Eurus Singapore Pte. Ltd. 13 11Total average number of employees 268 227", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__74": { "value": "Note 7 Other operating expenses2024 2023Repair and maintenance 25.2 21.8 Other vessel operating expenses 30.6 34.8 1 General and administrative expenses5.6 6.1 Total other operating expenses 61.4 62.7", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__73": { "value": "Note 7 Other operating expenses2024 2023Repair and maintenance 25.2 21.8 Other vessel operating expenses 30.6 34.8 1 General and administrative expenses5.6 6.1 Total other operating expenses 61.4 62.7", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__72": { "value": "Note 7 Other operating expenses2024 2023Repair and maintenance 25.2 21.8 Other vessel operating expenses 30.6 34.8 1 General and administrative expenses5.6 6.1 Total other operating expenses 61.4 62.7Auditors\u2019 remuneration(USD 1,000) 2024 2023Audit fees 390 448 Audit of other related services 5 0 Total auditors' remuneration 395 448 1 Auditors\u2019 remuneration is included in the general and administrative expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__71": { "value": "Auditors\u2019 remuneration(USD 1,000) 2024 2023Audit fees 390 448 Audit of other related services 5 0 Total auditors' remuneration 395 448 1 Auditors\u2019 remuneration is included in the general and administrative expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__79": { "value": "Note 8 Property, plant and equipmentRight-of- Vessels New builds Equipment use assets TotalCost as at 31 December 2022 2,597.4 60.7 3.7 1.6 2,663.4Additions 37.2 0.0 0.5 0.8 38.5Disposals 0.0 0.0 0.0 (0.1) (0.1)Currency translation differences 0.0 0.0 0.0 0.1 0.1Cost as at 31 December 2023 2,634.6 60.7 4.2 2.4 2,701.9Additions 13.7 0.0 2.9 0.2 16.8Disposals (70.5) 0.0 0.0 (0.4) (70.9)Currency translation differences 0.0 0.0 (0.1) 0.0 (0.1)Cost as at 31 December 2024 2,577.8 60.7 7.0 2.2 2,647.7Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.8 2,285.4Depreciation for the year 30.3 0.0 0.4 0.4 31.1Disposals 0.0 0.0 0.0 (0.1) (0.1)Accumulated depreciation and impairment 31 December 2023 2,250.9 60.7 3.7 1.1 2,316.4Depreciation for the year 32.5 0.0 0.1 0.4 33.0Impairment for the year 8.4 0.0 0.0 0.0 8.4Disposals (70.5) 0.0 0.0 (0.4) (70.9)Accumulated depreciation and impairment 31 December 2024 2,221.3 60.7 3.8 1.1 2,286.9Net carrying amount 31 December 2024 356.5 0.0 3.2 1.1 360.8Net carrying amount 31 December 2023 383.7 0.0 0.5 1.3 385.5Economically useful life (years) 5\u201335 3\u20135 3\u20135New buildsNew builds include prepayments to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to the new builds.VesselsEstimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million per vessel based on the latest assumptions and factors from past recycling transactions. This estimateis primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. ImpairmentThe key indicator assessment as at year-end 2024 is the development in the market environment for offshore accommodation vessels. There have been signs of improvement during the year, in terms of higher day-rates but they are still not significantly higher than those used in our historical value-in-use calculation. It is anticipated that there will be a higher activity level and improved earnings in 2026, however the visibility remains low beyond 2025 except in the Brazil market. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. Subsequent to year end, the Group has entered an agreement to sell Safe Concordia after her current charter obligations for USD 5 million before commissions and expenses. As a result, an impairment of USD 8.4 Million is charged to profit or loss in the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__77-1": { "value": "Note 8 Property, plant and equipmentRight-of- Vessels New builds Equipment use assets TotalCost as at 31 December 2022 2,597.4 60.7 3.7 1.6 2,663.4Additions 37.2 0.0 0.5 0.8 38.5Disposals 0.0 0.0 0.0 (0.1) (0.1)Currency translation differences 0.0 0.0 0.0 0.1 0.1Cost as at 31 December 2023 2,634.6 60.7 4.2 2.4 2,701.9Additions 13.7 0.0 2.9 0.2 16.8Disposals (70.5) 0.0 0.0 (0.4) (70.9)Currency translation differences 0.0 0.0 (0.1) 0.0 (0.1)Cost as at 31 December 2024 2,577.8 60.7 7.0 2.2 2,647.7Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.8 2,285.4Depreciation for the year 30.3 0.0 0.4 0.4 31.1Disposals 0.0 0.0 0.0 (0.1) (0.1)Accumulated depreciation and impairment 31 December 2023 2,250.9 60.7 3.7 1.1 2,316.4Depreciation for the year 32.5 0.0 0.1 0.4 33.0Impairment for the year 8.4 0.0 0.0 0.0 8.4Disposals (70.5) 0.0 0.0 (0.4) (70.9)Accumulated depreciation and impairment 31 December 2024 2,221.3 60.7 3.8 1.1 2,286.9Net carrying amount 31 December 2024 356.5 0.0 3.2 1.1 360.8Net carrying amount 31 December 2023 383.7 0.0 0.5 1.3 385.5Economically useful life (years) 5\u201335 3\u20135 3\u20135ImpairmentThe key indicator assessment as at year-end 2024 is the development in the market environment for offshore accommodation vessels. There have been signs of improvement during the year, in terms of higher day-rates but they are still not significantly higher than those used in our historical value-in-use calculation. It is anticipated that there will be a higher activity level and improved earnings in 2026, however the visibility remains low beyond 2025 except in the Brazil market. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. Subsequent to year end, the Group has entered an agreement to sell Safe Concordia after her current charter obligations for USD 5 million before commissions and expenses. As a result, an impairment of USD 8.4 Million is charged to profit or loss in the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__76": { "value": "Note 8 Property, plant and equipmentRight-of- Vessels New builds Equipment use assets TotalCost as at 31 December 2022 2,597.4 60.7 3.7 1.6 2,663.4Additions 37.2 0.0 0.5 0.8 38.5Disposals 0.0 0.0 0.0 (0.1) (0.1)Currency translation differences 0.0 0.0 0.0 0.1 0.1Cost as at 31 December 2023 2,634.6 60.7 4.2 2.4 2,701.9Additions 13.7 0.0 2.9 0.2 16.8Disposals (70.5) 0.0 0.0 (0.4) (70.9)Currency translation differences 0.0 0.0 (0.1) 0.0 (0.1)Cost as at 31 December 2024 2,577.8 60.7 7.0 2.2 2,647.7Accumulated depreciation and impairment 31 December 2022 2,220.6 60.7 3.3 0.8 2,285.4Depreciation for the year 30.3 0.0 0.4 0.4 31.1Disposals 0.0 0.0 0.0 (0.1) (0.1)Accumulated depreciation and impairment 31 December 2023 2,250.9 60.7 3.7 1.1 2,316.4Depreciation for the year 32.5 0.0 0.1 0.4 33.0Impairment for the year 8.4 0.0 0.0 0.0 8.4Disposals (70.5) 0.0 0.0 (0.4) (70.9)Accumulated depreciation and impairment 31 December 2024 2,221.3 60.7 3.8 1.1 2,286.9Net carrying amount 31 December 2024 356.5 0.0 3.2 1.1 360.8Net carrying amount 31 December 2023 383.7 0.0 0.5 1.3 385.5Economically useful life (years) 5\u201335 3\u20135 3\u20135New buildsNew builds include prepayments to the yard, owner-furnished equipment and other project costs incurred. See note 22 for details relating to the new builds.VesselsEstimated useful life for the semi-submersible accommodation vessels is set at 35 years or less dependent on the age at the time of the acquisition and subsequent refurbishments as the economic life varies for the various components on a vessel. Individual components may, however, be depreciated over shorter periods of time than the life of the vessel itself. The management has assessed the Group's vessels residual value to remain the same as prior year at USD 4.2 million per vessel based on the latest assumptions and factors from past recycling transactions. This estimateis primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis. ImpairmentThe key indicator assessment as at year-end 2024 is the development in the market environment for offshore accommodation vessels. There have been signs of improvement during the year, in terms of higher day-rates but they are still not significantly higher than those used in our historical value-in-use calculation. It is anticipated that there will be a higher activity level and improved earnings in 2026, however the visibility remains low beyond 2025 except in the Brazil market. Other external sources also include broker valuations of the accommodation vessels which also do not indicate a significant change from prior periods. On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed. Subsequent to year end, the Group has entered an agreement to sell Safe Concordia after her current charter obligations for USD 5 million before commissions and expenses. As a result, an impairment of USD 8.4 Million is charged to profit or loss in the current year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__75": { "value": "d e", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__82": { "value": "Note 9 Other financial items2024 2023Currency gain 1.3 0.0Total other financial income 1.3 0.0Currency loss 0 (1.7)Refinancing costs (2.9) 0Other financial expenses 0 (1.1)Total other financial expenses (2.9) (2.8)Note 10 Financial items2024 2023Financial assets measured Financial liabilities measured Financial assets measured Financial liabilities measured at amortised costat amortised cost Totalat amortised costat amortised cost Total(a)Interest income2.3 0.0 2.3 2.1 0.0 2.1 1 Currency gain0.0 0.0 1.3 0.0 0.0 0.0(b)Total other financial income0.0 0.0 1.3 0.0 0.0 0.0Amortisation of amortised costs (3.7) (3.7) (3.8) (3.8)Debts interest expenses (27.4) (27.4) (27.1) (27.1)(c)Total interest expenses(31.1) (31.1) (30.9) (30.9) 1 Currency loss0.0 0.0 0.0 (1.7)Refinancing costs (2.9) (2.9) 0.0 0.0Other financial expenses 0 0 (1.1) (1.1)(d)Total other financial expenses(2.9) (2.9) (1.1) (2.8)(a)+(b)+(c)+(d)Net financial items2.3 (34.0) (30.4) 2.1 (32.0) (31.6)1 Excluded from the category breakdown but added to the total for net effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__81": { "value": "Note 9 Other financial items2024 2023Currency gain 1.3 0.0Total other financial income 1.3 0.0Currency loss 0 (1.7)Refinancing costs (2.9) 0Other financial expenses 0 (1.1)Total other financial expenses (2.9) (2.8)Note 10 Financial items2024 2023Financial assets measured Financial liabilities measured Financial assets measured Financial liabilities measured at amortised costat amortised cost Totalat amortised costat amortised cost Total(a)Interest income2.3 0.0 2.3 2.1 0.0 2.1 1 Currency gain0.0 0.0 1.3 0.0 0.0 0.0(b)Total other financial income0.0 0.0 1.3 0.0 0.0 0.0Amortisation of amortised costs (3.7) (3.7) (3.8) (3.8)Debts interest expenses (27.4) (27.4) (27.1) (27.1)(c)Total interest expenses(31.1) (31.1) (30.9) (30.9) 1 Currency loss0.0 0.0 0.0 (1.7)Refinancing costs (2.9) (2.9) 0.0 0.0Other financial expenses 0 0 (1.1) (1.1)(d)Total other financial expenses(2.9) (2.9) (1.1) (2.8)(a)+(b)+(c)+(d)Net financial items2.3 (34.0) (30.4) 2.1 (32.0) (31.6)1 Excluded from the category breakdown but added to the total for net effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__80": { "value": "Note 9 Other financial items2024 2023Currency gain 1.3 0.0Total other financial income 1.3 0.0Currency loss 0 (1.7)Refinancing costs (2.9) 0Other financial expenses 0 (1.1)Total other financial expenses (2.9) (2.8)Note 10 Financial items2024 2023Financial assets measured Financial liabilities measured Financial assets measured Financial liabilities measured at amortised costat amortised cost Totalat amortised costat amortised cost Total(a)Interest income2.3 0.0 2.3 2.1 0.0 2.1 1 Currency gain0.0 0.0 1.3 0.0 0.0 0.0(b)Total other financial income0.0 0.0 1.3 0.0 0.0 0.0Amortisation of amortised costs (3.7) (3.7) (3.8) (3.8)Debts interest expenses (27.4) (27.4) (27.1) (27.1)(c)Total interest expenses(31.1) (31.1) (30.9) (30.9) 1 Currency loss0.0 0.0 0.0 (1.7)Refinancing costs (2.9) (2.9) 0.0 0.0Other financial expenses 0 0 (1.1) (1.1)(d)Total other financial expenses(2.9) (2.9) (1.1) (2.8)(a)+(b)+(c)+(d)Net financial items2.3 (34.0) (30.4) 2.1 (32.0) (31.6)1 Excluded from the category breakdown but added to the total for net effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__86": { "value": "Note 10 Financial items2024 2023Financial assets measured Financial liabilities measured Financial assets measured Financial liabilities measured at amortised costat amortised cost Totalat amortised costat amortised cost Total(a)Interest income2.3 0.0 2.3 2.1 0.0 2.1 1 Currency gain0.0 0.0 1.3 0.0 0.0 0.0(b)Total other financial income0.0 0.0 1.3 0.0 0.0 0.0Amortisation of amortised costs (3.7) (3.7) (3.8) (3.8)Debts interest expenses (27.4) (27.4) (27.1) (27.1)(c)Total interest expenses(31.1) (31.1) (30.9) (30.9) 1 Currency loss0.0 0.0 0.0 (1.7)Refinancing costs (2.9) (2.9) 0.0 0.0Other financial expenses 0 0 (1.1) (1.1)(d)Total other financial expenses(2.9) (2.9) (1.1) (2.8)(a)+(b)+(c)+(d)Net financial items2.3 (34.0) (30.4) 2.1 (32.0) (31.6)1 Excluded from the category breakdown but added to the total for net effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__85": { "value": "Note 10 Financial items2024 2023Financial assets measured Financial liabilities measured Financial assets measured Financial liabilities measured at amortised costat amortised cost Totalat amortised costat amortised cost Total(a)Interest income2.3 0.0 2.3 2.1 0.0 2.1 1 Currency gain0.0 0.0 1.3 0.0 0.0 0.0(b)Total other financial income0.0 0.0 1.3 0.0 0.0 0.0Amortisation of amortised costs (3.7) (3.7) (3.8) (3.8)Debts interest expenses (27.4) (27.4) (27.1) (27.1)(c)Total interest expenses(31.1) (31.1) (30.9) (30.9) 1 Currency loss0.0 0.0 0.0 (1.7)Refinancing costs (2.9) (2.9) 0.0 0.0Other financial expenses 0 0 (1.1) (1.1)(d)Total other financial expenses(2.9) (2.9) (1.1) (2.8)(a)+(b)+(c)+(d)Net financial items2.3 (34.0) (30.4) 2.1 (32.0) (31.6)1 Excluded from the category breakdown but added to the total for net effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__84": { "value": "Note 10 Financial items2024 2023Financial assets measured Financial liabilities measured Financial assets measured Financial liabilities measured at amortised costat amortised cost Totalat amortised costat amortised cost Total(a)Interest income2.3 0.0 2.3 2.1 0.0 2.1 1 Currency gain0.0 0.0 1.3 0.0 0.0 0.0(b)Total other financial income0.0 0.0 1.3 0.0 0.0 0.0Amortisation of amortised costs (3.7) (3.7) (3.8) (3.8)Debts interest expenses (27.4) (27.4) (27.1) (27.1)(c)Total interest expenses(31.1) (31.1) (30.9) (30.9) 1 Currency loss0.0 0.0 0.0 (1.7)Refinancing costs (2.9) (2.9) 0.0 0.0Other financial expenses 0 0 (1.1) (1.1)(d)Total other financial expenses(2.9) (2.9) (1.1) (2.8)(a)+(b)+(c)+(d)Net financial items2.3 (34.0) (30.4) 2.1 (32.0) (31.6)1 Excluded from the category breakdown but added to the total for net effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__83": { "value": "Note 10 Financial items2024 2023Financial assets measured Financial liabilities measured Financial assets measured Financial liabilities measured at amortised costat amortised cost Totalat amortised costat amortised cost Total(a)Interest income2.3 0.0 2.3 2.1 0.0 2.1 1 Currency gain0.0 0.0 1.3 0.0 0.0 0.0(b)Total other financial income0.0 0.0 1.3 0.0 0.0 0.0Amortisation of amortised costs (3.7) (3.7) (3.8) (3.8)Debts interest expenses (27.4) (27.4) (27.1) (27.1)(c)Total interest expenses(31.1) (31.1) (30.9) (30.9) 1 Currency loss0.0 0.0 0.0 (1.7)Refinancing costs (2.9) (2.9) 0.0 0.0Other financial expenses 0 0 (1.1) (1.1)(d)Total other financial expenses(2.9) (2.9) (1.1) (2.8)(a)+(b)+(c)+(d)Net financial items2.3 (34.0) (30.4) 2.1 (32.0) (31.6)1 Excluded from the category breakdown but added to the total for net effect.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__89": { "value": "Note 11 TaxesIncome tax expenses 2024 2023Taxes in income statement:Taxes payable 2.1 2.4Reversal of provision 0.0 (7.8)Total taxes in income statement 2.1 (5.4)Reconciliation of effective tax rate (IAS 12.81)Tax rate in Norway (parent Company tax jurisdiction) 22.0% 22.0%Loss before taxes (44.6) (73.2)Tax based on applicable tax rate (9.8) (16.1)Tax on income not taxable in determining taxable profit (0.6) (1.0)Tax effect of non-deductible expenses 0.8 0.1Tax effect due to changes in unrecognised deferred tax assets 9.7 17.0Over provision in prior year tax 0.0 (7.8)Effect of tax in other jurisdictions 2.0 2.4Total taxes in income statement 2.1 (5.4)Deferred tax \u2013 Specification and movements 2024 2023Temporary differences:Exit from Norwegian tonnage tax system 4.6 5.7Vessel tax base exceeds net book value (354.3) (450.5)Tax loss carried forward (1,344.8) (1,173.7)Loss account for deferral (117.4) (131.1)Basis for deferred tax (1,811.9) (1,749.6)Recognised deferred tax asset 0.0 0.0Deferred tax liability 1 January and 31 December 0.0 0.0Tax payable as at 31 December 7.8 10.1The corporate tax rate in Norway for 2024 is 22 per cent (2023: 22 per cent).Deferred income tax assets and liabilities are offset as all the temporary differences are within the Norway tax resident entities that comprise a tax group. Within the tax group there is a legally enforceable right to set off current tax assets against current tax liabilities. There is no expiry date on the temporary differences and tax loss carried forward.The value of the deferred tax assets is not recognised in the accounts as the probability of having sufficient future taxable profit to utilise the deferred tax assets as tax deductions cannot be established.The total tax payable in the income statement and as at 31 December resulted from the Group\u2019s operations in other parts of the world which were subjected to tax in jurisdictions other than Norway.The Group operates in several jurisdictions and from time to time there are questions from local tax authorities. In 2023, a tax provision was released after the UK HMRC agreed with the tax filing from 2016, resulting in a tax income. In relation to the historical Concordia contract in Trinidad and Tobago, a remaining tax provision of USD 6 million is provided for as at 31 December 2024.In 2023, Prosafe and OSM Thome jointly received a tax assessment from the Brazilian Tax Authorities, imposing import taxes and customs penalties related to the challenging of the special customs regime used to import the Safe Concordia for a contract in the period from October 2018 to July 2019. The maximum exposure for Prosafe in this case is estimated to USD 71.9 million. Both Prosafe and OSM Thome have presented an administrative defence, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome received a partially favourable ruling at the first administrative level. Prosafe and OSM Thome have appealed the ruling. Prosafe maintains that the tax inquiry lacks merit; therefore, no provisions have been recognized in the financial statements for 2023 and 2024.In 2023, the Norwegian tax authorities initiated a review of the basis for a portion of the deferred tax losses. This review may lead to a reduction in the unrecognized deferred tax asset base. Prosafe does not believe that this will have a material impact on the Group\u2019s financial position irrespective of the outcome of this review.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__88": { "value": "Note 11 TaxesIncome tax expenses 2024 2023Taxes in income statement:Taxes payable 2.1 2.4Reversal of provision 0.0 (7.8)Total taxes in income statement 2.1 (5.4)Reconciliation of effective tax rate (IAS 12.81)Tax rate in Norway (parent Company tax jurisdiction) 22.0% 22.0%Loss before taxes (44.6) (73.2)Tax based on applicable tax rate (9.8) (16.1)Tax on income not taxable in determining taxable profit (0.6) (1.0)Tax effect of non-deductible expenses 0.8 0.1Tax effect due to changes in unrecognised deferred tax assets 9.7 17.0Over provision in prior year tax 0.0 (7.8)Effect of tax in other jurisdictions 2.0 2.4Total taxes in income statement 2.1 (5.4)Deferred tax \u2013 Specification and movements 2024 2023Temporary differences:Exit from Norwegian tonnage tax system 4.6 5.7Vessel tax base exceeds net book value (354.3) (450.5)Tax loss carried forward (1,344.8) (1,173.7)Loss account for deferral (117.4) (131.1)Basis for deferred tax (1,811.9) (1,749.6)Recognised deferred tax asset 0.0 0.0Deferred tax liability 1 January and 31 December 0.0 0.0Tax payable as at 31 December 7.8 10.1The corporate tax rate in Norway for 2024 is 22 per cent (2023: 22 per cent).Deferred income tax assets and liabilities are offset as all the temporary differences are within the Norway tax resident entities that comprise a tax group. Within the tax group there is a legally enforceable right to set off current tax assets against current tax liabilities. There is no expiry date on the temporary differences and tax loss carried forward.The value of the deferred tax assets is not recognised in the accounts as the probability of having sufficient future taxable profit to utilise the deferred tax assets as tax deductions cannot be established.The total tax payable in the income statement and as at 31 December resulted from the Group\u2019s operations in other parts of the world which were subjected to tax in jurisdictions other than Norway.The Group operates in several jurisdictions and from time to time there are questions from local tax authorities. In 2023, a tax provision was released after the UK HMRC agreed with the tax filing from 2016, resulting in a tax income. In relation to the historical Concordia contract in Trinidad and Tobago, a remaining tax provision of USD 6 million is provided for as at 31 December 2024.In 2023, Prosafe and OSM Thome jointly received a tax assessment from the Brazilian Tax Authorities, imposing import taxes and customs penalties related to the challenging of the special customs regime used to import the Safe Concordia for a contract in the period from October 2018 to July 2019. The maximum exposure for Prosafe in this case is estimated to USD 71.9 million. Both Prosafe and OSM Thome have presented an administrative defence, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome received a partially favourable ruling at the first administrative level. Prosafe and OSM Thome have appealed the ruling. Prosafe maintains that the tax inquiry lacks merit; therefore, no provisions have been recognized in the financial statements for 2023 and 2024.In 2023, the Norwegian tax authorities initiated a review of the basis for a portion of the deferred tax losses. This review may lead to a reduction in the unrecognized deferred tax asset base. Prosafe does not believe that this will have a material impact on the Group\u2019s financial position irrespective of the outcome of this review.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__87": { "value": "Note 11 TaxesIncome tax expenses 2024 2023Taxes in income statement:Taxes payable 2.1 2.4Reversal of provision 0.0 (7.8)Total taxes in income statement 2.1 (5.4)Reconciliation of effective tax rate (IAS 12.81)Tax rate in Norway (parent Company tax jurisdiction) 22.0% 22.0%Loss before taxes (44.6) (73.2)Tax based on applicable tax rate (9.8) (16.1)Tax on income not taxable in determining taxable profit (0.6) (1.0)Tax effect of non-deductible expenses 0.8 0.1Tax effect due to changes in unrecognised deferred tax assets 9.7 17.0Over provision in prior year tax 0.0 (7.8)Effect of tax in other jurisdictions 2.0 2.4Total taxes in income statement 2.1 (5.4)Deferred tax \u2013 Specification and movements 2024 2023Temporary differences:Exit from Norwegian tonnage tax system 4.6 5.7Vessel tax base exceeds net book value (354.3) (450.5)Tax loss carried forward (1,344.8) (1,173.7)Loss account for deferral (117.4) (131.1)Basis for deferred tax (1,811.9) (1,749.6)Recognised deferred tax asset 0.0 0.0Deferred tax liability 1 January and 31 December 0.0 0.0Tax payable as at 31 December 7.8 10.1The corporate tax rate in Norway for 2024 is 22 per cent (2023: 22 per cent).Deferred income tax assets and liabilities are offset as all the temporary differences are within the Norway tax resident entities that comprise a tax group. Within the tax group there is a legally enforceable right to set off current tax assets against current tax liabilities. There is no expiry date on the temporary differences and tax loss carried forward.The value of the deferred tax assets is not recognised in the accounts as the probability of having sufficient future taxable profit to utilise the deferred tax assets as tax deductions cannot be established.The total tax payable in the income statement and as at 31 December resulted from the Group\u2019s operations in other parts of the world which were subjected to tax in jurisdictions other than Norway.The Group operates in several jurisdictions and from time to time there are questions from local tax authorities. In 2023, a tax provision was released after the UK HMRC agreed with the tax filing from 2016, resulting in a tax income. In relation to the historical Concordia contract in Trinidad and Tobago, a remaining tax provision of USD 6 million is provided for as at 31 December 2024.In 2023, Prosafe and OSM Thome jointly received a tax assessment from the Brazilian Tax Authorities, imposing import taxes and customs penalties related to the challenging of the special customs regime used to import the Safe Concordia for a contract in the period from October 2018 to July 2019. The maximum exposure for Prosafe in this case is estimated to USD 71.9 million. Both Prosafe and OSM Thome have presented an administrative defence, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome received a partially favourable ruling at the first administrative level. Prosafe and OSM Thome have appealed the ruling. Prosafe maintains that the tax inquiry lacks merit; therefore, no provisions have been recognized in the financial statements for 2023 and 2024.In 2023, the Norwegian tax authorities initiated a review of the basis for a portion of the deferred tax losses. This review may lead to a reduction in the unrecognized deferred tax asset base. Prosafe does not believe that this will have a material impact on the Group\u2019s financial position irrespective of the outcome of this review.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__90": { "value": "Note 12 Earnings per shareBasic earnings per share are calculated by dividing net loss by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing net loss by the weighted average number of ordinary shares plus the number of potential shares relating to share options.2024 2023Net loss (46.7) (67.8)Weighted average number of outstanding shares 17,868,651 11,298,605Basic earnings per share (2.61) (6.00) 1, 2 Weighted average number of outstanding and potential shares17,868,651 11,298,605Diluted earnings per share (2.61) (6.00)1 In 2024, the weighted average number of outstanding and potential shares includes the average share capital of 17,868,651 (2023: 11,298,605).2 There are no share-based compensation that results in a dilutive effect on earnings per share", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__91": { "value": "Basic earnings per share are calculated by dividing net loss by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing net loss by the weighted average number of ordinary shares plus the number of potential shares relating to share options.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__93": { "value": "Note 13 Share capital, shareholder information, and share-based compensation2024 2023 1 Issued and paid up number of ordinary shares at 31 December17,868,651 17,868,651Total authorised number of shares at 31 December 17,868,651 17,868,651Nominal value at 31 December EUR 1.25 EUR 1.25Number of shareholders at 31 December 4,069 4,7201 On 10 May 2023, the issue of 2,720,000 ordinary shares at a price per share of NOK 117 for a private shares placement was approved at the annual general meeting. On 16 November 2023, the issue of 5,833,333 ordinary shares at a price per share of NOK 60 for a private shares placement and a subsequent shares offering of 516,619 ordinary shares at a price per share of NOK 60 was approved at the extraordinary general meeting.Ordinary shares Number of shares Par value Share Premium TotalIn issue as at 1 January 2023 8,798,699 12.4 624.2 636.6Issue of ordinary shares in 2023 9,069,952 12.4 52.0 64.4Less: Transaction costs arising on share issues in 2023 (1.7) (1.7)Balance as at 31 December 2023 and 2024 17,868,651 24.8 674.5 699.3Largest shareholders as at 31 December 2024 No of shares PercentageMH Capital AS 1,594,908 8.93%Alden AS 1,579,083 8.84%North Sea Strategic Investments AS 1,355,363 7.59%Morgan Stanley & Co. LLC 1,183,507 6.62%HV VI Invest Sierra AS 1,116,565 6.25%Skandinaviska Enskilda Banken AB 727,068 4.07%UBS AG 571,187 3.20%Vicama AS 560,030 3.13%B.O. Steen Shipping AS 500,000 2.80%CAM AS 457,982 2.56%Songa Capital AS 404,809 2.27%Holme Holding AS 270,621 1.51%M\u00f8rck 270,000 1.51%Westcon Yards AS 263,500 1.47%Xintec Capital AS 230,000 1.29%Gross Management AS 228,667 1.28%BR Industrier AS 223,992 1.25%Varde Norge AS 193,750 1.08%Trionfo AS 190,372 1.07%Dima AS 173,333 0.97%Total 20 largest shareholders/ groups of shareholders 12,094,737 67.69%All ordinary shares rank equally. Holders of these shares are entitled to one vote per share at general meetings of the Company.Share-based compensationThe share-based compensation expense is recognised over the vesting period for service received in the same period. Share-based compensation in other equity comprises of the cumulative value of services received from the employees from the date of grant. The amount in other equity is retained when the options are exercised or expired. See note 6 for details on share-based compensation.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__92": { "value": "Note 13 Share capital, shareholder information, and share-based compensation2024 2023 1 Issued and paid up number of ordinary shares at 31 December17,868,651 17,868,651Total authorised number of shares at 31 December 17,868,651 17,868,651Nominal value at 31 December EUR 1.25 EUR 1.25Number of shareholders at 31 December 4,069 4,7201 On 10 May 2023, the issue of 2,720,000 ordinary shares at a price per share of NOK 117 for a private shares placement was approved at the annual general meeting. On 16 November 2023, the issue of 5,833,333 ordinary shares at a price per share of NOK 60 for a private shares placement and a subsequent shares offering of 516,619 ordinary shares at a price per share of NOK 60 was approved at the extraordinary general meeting.Ordinary shares Number of shares Par value Share Premium TotalIn issue as at 1 January 2023 8,798,699 12.4 624.2 636.6Issue of ordinary shares in 2023 9,069,952 12.4 52.0 64.4Less: Transaction costs arising on share issues in 2023 (1.7) (1.7)Balance as at 31 December 2023 and 2024 17,868,651 24.8 674.5 699.3Largest shareholders as at 31 December 2024 No of shares PercentageMH Capital AS 1,594,908 8.93%Alden AS 1,579,083 8.84%North Sea Strategic Investments AS 1,355,363 7.59%Morgan Stanley & Co. LLC 1,183,507 6.62%HV VI Invest Sierra AS 1,116,565 6.25%Skandinaviska Enskilda Banken AB 727,068 4.07%UBS AG 571,187 3.20%Vicama AS 560,030 3.13%B.O. Steen Shipping AS 500,000 2.80%CAM AS 457,982 2.56%Songa Capital AS 404,809 2.27%Holme Holding AS 270,621 1.51%M\u00f8rck 270,000 1.51%Westcon Yards AS 263,500 1.47%Xintec Capital AS 230,000 1.29%Gross Management AS 228,667 1.28%BR Industrier AS 223,992 1.25%Varde Norge AS 193,750 1.08%Trionfo AS 190,372 1.07%Dima AS 173,333 0.97%Total 20 largest shareholders/ groups of shareholders 12,094,737 67.69%All ordinary shares rank equally. Holders of these shares are entitled to one vote per share at general meetings of the Company.Share-based compensationThe share-based compensation expense is recognised over the vesting period for service received in the same period. Share-based compensation in other equity comprises of the cumulative value of services received from the employees from the date of grant. The amount in other equity is retained when the options are exercised or expired. See note 6 for details on share-based compensation.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__96": { "value": "Note 14 Interest-bearing debt2024 2023Credit facilities \u2013 face value 343.1 343.2 Sellers' credits \u2013 face value 78.5 84.5 Difference between face value and carrying amount \u2013 sellers credit (6.6) (9.5)Lease liabilities 0.9 1.3 Total interest-bearing debt 415.9 419.5 Non-current interest-bearing debt 67.7 415.5 Current interest-bearing debt 348.2 4.0 Total interest-bearing debt 415.9 419.5 Reconciliation of movements of interest-bearing debt to cash flows arising from financing activities 2024 2023Interest-bearing debt at 1 January 419.5 422.2 Changes from financing cash flows\u2013 Repayments of interest-bearing debt (6.5) (6.4)\u2013 Issuance of ordinary shares (0.1) 0.0 \u2013 Interests paid (28.1) (28.0)\u2013 Refinancing costs paid (1.8) 0.0 Total changes from financing cash flows (36.5) (34.4)Other liability-changes \u2013 Refinancing costs 1.8 0.0 \u2013 Interests expense 31.1 30.9 \u2013 New leases 0.0 0.8 Total liability-related changes 32.9 31.7 Interest-bearing debt at 31 December 415.9 419.5 Credit facilityInterest on the USD 250 million and USD 93 million credit facilities is based on USD 3-month LIBOR plus a margin of 2.50 per cent. On 31 March 2023, the transition from USD LIBOR to SOFR took place and the interest for both facilities is now based on SOFR plus margin of 2.76161 per cent. Both credit facilities mature on 31 December 2025. The Group is in discussion with the lenders on the refinancing of both credit facilities. In March 2025, The Group agreed a forbearance with its Lenders postponing interest payments on the USD 250 million and USD 93 million credit facilities until the maturity date on 31 December 2025.CovenantsMinimum liquidityThe Minimum Liquidity of the Group excludes restricted cash and cash in the New Group. The New Group comprises of Prosafe Offshore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd. The Minimum Liquidity is calculated on each quarter date and the amount does not fall below USD 28 million from and including 1 January 2024 and thereafter. (2023: USD 23 million from and including 1 January 2023 to and including 31 December 2023). As at 31 December 2024, Minimum Liquidity for covenant testing purposes was USD 42.5 million (2023: USD 68.1 million). See note 19 for the cash breakdown. As of March 2025, the Minimum Liquidity covenant was revised to 10 million, pursuant to an agreement with the lenders on that date. A breach of covenant will result in the loans becoming due immediate.Excess cash sweep There is an excess cash sweep with testing on 31 December each year. The cash sweep was tested on 31 December 2024 and there was no excess cash sweep on that testing date. The excess cash sweep amount means the amount that is equal to the lowest of the excess cash amount on the relevant testing date and any of the coming four quarter dates (based on the Group\u2019s firm liquidity forecast), subject always to a minimum of zero on each of those dates. Excess cash means, the sum of unrestricted cash, less the cash sweep threshold (USD 66 million), less cash interest payable on the next interest payment date and less any new shareholder contributions in the previous 12 months.Dividend distribution Dividend distribution is restricted until 3 years elapsed from December 2021 unless share capital has been subsequently increased by an amount at least equal to the distribution and may only be paid with Majority Lender\u2019s Approval. Majority Lender\u2019s Approval refers to 66 2/3 consent from the lenders of each of the USD 250 million and USD 93 million facilities.Financial indebtedness The Group is restricted from incurring new debts unless the outstanding amount does not exceed USD 20 million in aggregate or after obtaining Majority Lender\u2019s Approval.Investment restrictions The Group is restricted from making any investments unless Majority Lender\u2019s Approval is obtained for the transaction or if the investment transaction in target is funded fully through share issuance or cash proceeds from equity offering, the target has positive cash flows after debt service on 24 months forward looking pro-forma basis and does not have any financial indebtedness. The Majority Lender\u2019s Approval is required for the delivery of Safe Nova or Safe Vega Vessel and any amendment to the existing Safe Nova and Safe Vega construction contracts, see also note 22.Sellers\u2019 credits COSCO (Qidong) Offshore Co. Ltd. (Cosco) granted a sellers\u2019 credit of USD 99.4 million on the final delivery instalment of the Safe Eurus in 2019. The Group is paying Cosco the minimum instalments under the Safe Eurus sellers\u2019 credit. As at 31 December 2024, USD 78.5 million (2023: USD 84.5 million) gross was outstanding.Difference between face value and carrying amount \u2013 Sellers CreditsIn 2019, Prosafe took delivery of Safe Eurus and issued a promissory note with a principal amount of USD 99.4 million to COSCO Shipping (Qidong) Offshore Co. Ltd. As the partial payment for the vessel was deferred beyond normal credit terms, the cost of the vessel was the cash price equivalent at the recognition date. The Safe Eurus promissory note was initially recognised at fair value and subsequently measured at amortised cost. The fair value of the below-market loan was measured as the present value of the expected future cash flows, discounted using an appropriate market related rate. The initial applicable discounting rate was similar to the rate charged by the credit facilities lenders of 3-months USD Libor plus 3.35 per cent per annum in 2019. The difference between the cash price equivalent and the principal amount of the promissory note was determined to be USD 25.4 million. This amount will be recognised as interest over the period of credit. The repayment schedule and interest expense on the promissory note depends on the financial performance of the vessel. In 2022, management revised the repayment schedule and interest expense on the promissory note based on the updated financial performance of the vessel. The revised expected maturity date is August 2028. Subsequent to the revision in estimates of payment, a fair value decrease of USD 1.2 million was recognised in the carrying amount of Safe Eurus.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__95": { "value": "Note 14 Interest-bearing debt2024 2023Credit facilities \u2013 face value 343.1 343.2 Sellers' credits \u2013 face value 78.5 84.5 Difference between face value and carrying amount \u2013 sellers credit (6.6) (9.5)Lease liabilities 0.9 1.3 Total interest-bearing debt 415.9 419.5 Non-current interest-bearing debt 67.7 415.5 Current interest-bearing debt 348.2 4.0 Total interest-bearing debt 415.9 419.5 Reconciliation of movements of interest-bearing debt to cash flows arising from financing activities 2024 2023Interest-bearing debt at 1 January 419.5 422.2 Changes from financing cash flows\u2013 Repayments of interest-bearing debt (6.5) (6.4)\u2013 Issuance of ordinary shares (0.1) 0.0 \u2013 Interests paid (28.1) (28.0)\u2013 Refinancing costs paid (1.8) 0.0 Total changes from financing cash flows (36.5) (34.4)Other liability-changes \u2013 Refinancing costs 1.8 0.0 \u2013 Interests expense 31.1 30.9 \u2013 New leases 0.0 0.8 Total liability-related changes 32.9 31.7 Interest-bearing debt at 31 December 415.9 419.5 Credit facilityInterest on the USD 250 million and USD 93 million credit facilities is based on USD 3-month LIBOR plus a margin of 2.50 per cent. On 31 March 2023, the transition from USD LIBOR to SOFR took place and the interest for both facilities is now based on SOFR plus margin of 2.76161 per cent. Both credit facilities mature on 31 December 2025. The Group is in discussion with the lenders on the refinancing of both credit facilities. In March 2025, The Group agreed a forbearance with its Lenders postponing interest payments on the USD 250 million and USD 93 million credit facilities until the maturity date on 31 December 2025.CovenantsMinimum liquidityThe Minimum Liquidity of the Group excludes restricted cash and cash in the New Group. The New Group comprises of Prosafe Offshore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd. The Minimum Liquidity is calculated on each quarter date and the amount does not fall below USD 28 million from and including 1 January 2024 and thereafter. (2023: USD 23 million from and including 1 January 2023 to and including 31 December 2023). As at 31 December 2024, Minimum Liquidity for covenant testing purposes was USD 42.5 million (2023: USD 68.1 million). See note 19 for the cash breakdown. As of March 2025, the Minimum Liquidity covenant was revised to 10 million, pursuant to an agreement with the lenders on that date. A breach of covenant will result in the loans becoming due immediate.Excess cash sweep There is an excess cash sweep with testing on 31 December each year. The cash sweep was tested on 31 December 2024 and there was no excess cash sweep on that testing date. The excess cash sweep amount means the amount that is equal to the lowest of the excess cash amount on the relevant testing date and any of the coming four quarter dates (based on the Group\u2019s firm liquidity forecast), subject always to a minimum of zero on each of those dates. Excess cash means, the sum of unrestricted cash, less the cash sweep threshold (USD 66 million), less cash interest payable on the next interest payment date and less any new shareholder contributions in the previous 12 months.Dividend distribution Dividend distribution is restricted until 3 years elapsed from December 2021 unless share capital has been subsequently increased by an amount at least equal to the distribution and may only be paid with Majority Lender\u2019s Approval. Majority Lender\u2019s Approval refers to 66 2/3 consent from the lenders of each of the USD 250 million and USD 93 million facilities.Financial indebtedness The Group is restricted from incurring new debts unless the outstanding amount does not exceed USD 20 million in aggregate or after obtaining Majority Lender\u2019s Approval.Investment restrictions The Group is restricted from making any investments unless Majority Lender\u2019s Approval is obtained for the transaction or if the investment transaction in target is funded fully through share issuance or cash proceeds from equity offering, the target has positive cash flows after debt service on 24 months forward looking pro-forma basis and does not have any financial indebtedness. The Majority Lender\u2019s Approval is required for the delivery of Safe Nova or Safe Vega Vessel and any amendment to the existing Safe Nova and Safe Vega construction contracts, see also note 22.Sellers\u2019 credits COSCO (Qidong) Offshore Co. Ltd. (Cosco) granted a sellers\u2019 credit of USD 99.4 million on the final delivery instalment of the Safe Eurus in 2019. The Group is paying Cosco the minimum instalments under the Safe Eurus sellers\u2019 credit. As at 31 December 2024, USD 78.5 million (2023: USD 84.5 million) gross was outstanding.Difference between face value and carrying amount \u2013 Sellers CreditsIn 2019, Prosafe took delivery of Safe Eurus and issued a promissory note with a principal amount of USD 99.4 million to COSCO Shipping (Qidong) Offshore Co. Ltd. As the partial payment for the vessel was deferred beyond normal credit terms, the cost of the vessel was the cash price equivalent at the recognition date. The Safe Eurus promissory note was initially recognised at fair value and subsequently measured at amortised cost. The fair value of the below-market loan was measured as the present value of the expected future cash flows, discounted using an appropriate market related rate. The initial applicable discounting rate was similar to the rate charged by the credit facilities lenders of 3-months USD Libor plus 3.35 per cent per annum in 2019. The difference between the cash price equivalent and the principal amount of the promissory note was determined to be USD 25.4 million. This amount will be recognised as interest over the period of credit. The repayment schedule and interest expense on the promissory note depends on the financial performance of the vessel. In 2022, management revised the repayment schedule and interest expense on the promissory note based on the updated financial performance of the vessel. The revised expected maturity date is August 2028. Subsequent to the revision in estimates of payment, a fair value decrease of USD 1.2 million was recognised in the carrying amount of Safe Eurus.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__94": { "value": "Note 14 Interest-bearing debt2024 2023Credit facilities \u2013 face value 343.1 343.2 Sellers' credits \u2013 face value 78.5 84.5 Difference between face value and carrying amount \u2013 sellers credit (6.6) (9.5)Lease liabilities 0.9 1.3 Total interest-bearing debt 415.9 419.5 Non-current interest-bearing debt 67.7 415.5 Current interest-bearing debt 348.2 4.0 Total interest-bearing debt 415.9 419.5 Reconciliation of movements of interest-bearing debt to cash flows arising from financing activities 2024 2023Interest-bearing debt at 1 January 419.5 422.2 Changes from financing cash flows\u2013 Repayments of interest-bearing debt (6.5) (6.4)\u2013 Issuance of ordinary shares (0.1) 0.0 \u2013 Interests paid (28.1) (28.0)\u2013 Refinancing costs paid (1.8) 0.0 Total changes from financing cash flows (36.5) (34.4)Other liability-changes \u2013 Refinancing costs 1.8 0.0 \u2013 Interests expense 31.1 30.9 \u2013 New leases 0.0 0.8 Total liability-related changes 32.9 31.7 Interest-bearing debt at 31 December 415.9 419.5 Credit facilityInterest on the USD 250 million and USD 93 million credit facilities is based on USD 3-month LIBOR plus a margin of 2.50 per cent. On 31 March 2023, the transition from USD LIBOR to SOFR took place and the interest for both facilities is now based on SOFR plus margin of 2.76161 per cent. Both credit facilities mature on 31 December 2025. The Group is in discussion with the lenders on the refinancing of both credit facilities. In March 2025, The Group agreed a forbearance with its Lenders postponing interest payments on the USD 250 million and USD 93 million credit facilities until the maturity date on 31 December 2025.CovenantsMinimum liquidityThe Minimum Liquidity of the Group excludes restricted cash and cash in the New Group. The New Group comprises of Prosafe Offshore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd. The Minimum Liquidity is calculated on each quarter date and the amount does not fall below USD 28 million from and including 1 January 2024 and thereafter. (2023: USD 23 million from and including 1 January 2023 to and including 31 December 2023). As at 31 December 2024, Minimum Liquidity for covenant testing purposes was USD 42.5 million (2023: USD 68.1 million). See note 19 for the cash breakdown. As of March 2025, the Minimum Liquidity covenant was revised to 10 million, pursuant to an agreement with the lenders on that date. A breach of covenant will result in the loans becoming due immediate.Excess cash sweep There is an excess cash sweep with testing on 31 December each year. The cash sweep was tested on 31 December 2024 and there was no excess cash sweep on that testing date. The excess cash sweep amount means the amount that is equal to the lowest of the excess cash amount on the relevant testing date and any of the coming four quarter dates (based on the Group\u2019s firm liquidity forecast), subject always to a minimum of zero on each of those dates. Excess cash means, the sum of unrestricted cash, less the cash sweep threshold (USD 66 million), less cash interest payable on the next interest payment date and less any new shareholder contributions in the previous 12 months.Dividend distribution Dividend distribution is restricted until 3 years elapsed from December 2021 unless share capital has been subsequently increased by an amount at least equal to the distribution and may only be paid with Majority Lender\u2019s Approval. Majority Lender\u2019s Approval refers to 66 2/3 consent from the lenders of each of the USD 250 million and USD 93 million facilities.Financial indebtedness The Group is restricted from incurring new debts unless the outstanding amount does not exceed USD 20 million in aggregate or after obtaining Majority Lender\u2019s Approval.Investment restrictions The Group is restricted from making any investments unless Majority Lender\u2019s Approval is obtained for the transaction or if the investment transaction in target is funded fully through share issuance or cash proceeds from equity offering, the target has positive cash flows after debt service on 24 months forward looking pro-forma basis and does not have any financial indebtedness. The Majority Lender\u2019s Approval is required for the delivery of Safe Nova or Safe Vega Vessel and any amendment to the existing Safe Nova and Safe Vega construction contracts, see also note 22.Sellers\u2019 credits COSCO (Qidong) Offshore Co. Ltd. (Cosco) granted a sellers\u2019 credit of USD 99.4 million on the final delivery instalment of the Safe Eurus in 2019. The Group is paying Cosco the minimum instalments under the Safe Eurus sellers\u2019 credit. As at 31 December 2024, USD 78.5 million (2023: USD 84.5 million) gross was outstanding.Difference between face value and carrying amount \u2013 Sellers CreditsIn 2019, Prosafe took delivery of Safe Eurus and issued a promissory note with a principal amount of USD 99.4 million to COSCO Shipping (Qidong) Offshore Co. Ltd. As the partial payment for the vessel was deferred beyond normal credit terms, the cost of the vessel was the cash price equivalent at the recognition date. The Safe Eurus promissory note was initially recognised at fair value and subsequently measured at amortised cost. The fair value of the below-market loan was measured as the present value of the expected future cash flows, discounted using an appropriate market related rate. The initial applicable discounting rate was similar to the rate charged by the credit facilities lenders of 3-months USD Libor plus 3.35 per cent per annum in 2019. The difference between the cash price equivalent and the principal amount of the promissory note was determined to be USD 25.4 million. This amount will be recognised as interest over the period of credit. The repayment schedule and interest expense on the promissory note depends on the financial performance of the vessel. In 2022, management revised the repayment schedule and interest expense on the promissory note based on the updated financial performance of the vessel. The revised expected maturity date is August 2028. Subsequent to the revision in estimates of payment, a fair value decrease of USD 1.2 million was recognised in the carrying amount of Safe Eurus.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__99-1": { "value": "Note 15 Other current liabilities2024 2023Accrued costs 18.7 22.5 Contract liabilities 10.3 0.9 Total interest-free current liabilities 29.0 23.4Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__98-1": { "value": "Note 15 Other current liabilities2024 2023Accrued costs 18.7 22.5 Contract liabilities 10.3 0.9 Total interest-free current liabilities 29.0 23.4Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__97": { "value": "Note 15 Other current liabilities2024 2023Accrued costs 18.7 22.5 Contract liabilities 10.3 0.9 Total interest-free current liabilities 29.0 23.4", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__100": { "value": "Note 16 Mortgages and guaranteesAs at 31 December 2024, the Group\u2019s interest-bearing debt secured by mortgages totaled USD 343.1 million (2023: USD 343.2 million). The debt was secured by mortgages on the accommodation/units for maintenance and safety vessels Safe Caledonia, Safe Concordia, Safe Scandinavia, Safe Boreas, Safe Zephyrus and Safe Notos with net carrying value of USD 262.2 million as at 31 December 2024 (2023: USD 285.8 million). Negative pledge clauses apply on shares in the vessel owning subsidiaries. Earnings accounts are pledged as security for the credit facilities, but cash will only be restricted if a continuing event of default occurs and the lenders have notified Prosafe of such.As at 31 December 2024, the Group had issued parent company guarantees to clients on behalf of its subsidiaries in connection with the award and performance of contracts and Cosco (Qidong) Co., Ltd with respect to Safe Eurus sellers credit of approximately USD 57 million and USD 60 million (2023: approximately USD 44 million and USD 60 million) respectively. The amounts specified with regard to parent company guarantees reflect the sum of the estimated capped liability under the relevant agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__108": { "value": "Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__107": { "value": "Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__106-1": { "value": "Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.Note 20 Other current assets2024 2023Other receivables 4.0 3.1 Prepayments 3.6 2.7 Contract assets 0.7 6.5 Other current assets 0.2 0.7 Total other current assets 8.5 13.0", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__105": { "value": "Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__104": { "value": "Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__103": { "value": "Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__101": { "value": "Note 17 Financial assets and liabilitiesAs at 31 December 2024, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2024amortised costamortised cost Carrying value Fair valueCash and cash equivalents 46.8 46.8 46.8 Accounts receivable 21.6 21.6 21.6 Other current assets 4.2 4.2 4.2 Total financial assets 72.6 72.6 72.6 1 Interest-bearing debt415.9 415.9 415.9 Accounts payable 1.6 1.6 1.6 Other current liabilities 18.7 18.7 18.7 Other non-current liabilities 1.6 1.6 1.6 Total financial liabilities 437.8 437.8 437.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.As at 31 December 2023, the Group had financial assets and liabilities in the following categories:Financial assets measured at Financial liabilities measured at Year ended 31 December 2023amortised costamortised cost Carrying value Fair valueCash and cash equivalents 74.6 74.6 74.6 Accounts receivable 14.6 14.6 14.6 Other current assets 3.8 3.8 3.8 Total financial assets 93.0 93.0 93.0 1 Interest-bearing debt419.5 419.5 419.5 Accounts payable 4.1 4.1 4.1 Other current liabilities 23.4 23.4 23.4 Other non-current liabilities 1.8 1.8 1.8 Total financial liabilities 448.8 448.8 448.8 1 Refer to note 14 for details on interest-bearing debt.Management assessed the cash and cash equivalents, accounts receivables, other current assets, accounts payable and other current liabilities to approximate their carrying amounts largely due to the short-term maturities of these instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__112": { "value": "Note 18 Financial risksThe Group operates on a global basis with cash flows and financing in various currencies. This means that the Group is exposed to market risks related to fluctuations in exchange rates and interest rates. The Group\u2019s presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks have remained unhedged since 2021.Currency riskThe Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and cash equivalents. Unless denominated in USD, operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL, AUD, SGD, EUR and NOK. Cash and equivalents are mainly denominated in USD, GBP, BRL, AUD, SGD, EUR and NOK.Currency risk \u2013 sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and reflects the main effects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 5 per cent strengthening/weakening of the USD against GBP, BRL, AUD, SGD, EUR and NOK will have the following effects. Exposures to foreign currency changes for all other currencies are not material.Pre-tax effects on income statement 2024 2023Re-valuation cash and depositsUSD +5% (0.7) (0.4)USD -5% 0.7 0.4Interest rate riskCash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will fluctuate due to changes in market interest rates. The Group\u2019s interest rate risks arise primarily from its variable rate credit facilities. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. After the restructuring in 2021, there are no credit lines available for hedging of financial risks. The Group has not entered into arrangements to hedge the floating interest rate since 2021.Interest rate risk \u2013 sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant interest rate and reflects the main effects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A \u00b150bps change in interest rate will have the following effects.Pre-tax effects on income statement 2024 2023Interest expense on credit facilities50 bps increase 1.7 1.7 50 bps decrease (1.7) (1.7)Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the effect on results in such cases will normally be wholly or partly offset by a financial settlement in the Group\u2019s favour.Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies.As at 31 December 2024, the Group held cash and deposits of USD 46.8 million (2023: USD 74.6 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss.For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses.\ue61fAs at 31 December 2024 and 31 December 2023, no credit reserve has been recorded as the Group\u2019s clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. Based on the Group\u2019s assessment, the expected credit loss is not material.Accounts receivables Total Not due < 30 days31 December 2024 21.6 20.8 0.8 31 December 2023 14.6 14.6 0.0Liquidity risk Prosafe manages liquidity and funding on a group level. Prosafe is exposed to liquidity risk, which is the risk that Prosafe will not be able to meet obligations of financial liabilities when they become due. Liquidity risk sources include but are not limited to contract cancellations, customers not paying charter rate under contracts and low demand for accommodation vessels in the future. The Group monitors the liquidity development and the risk of insufficient capital by rolling cash flow forecasts. Prosafe maintains an active overview of and relation with debt markets and lenders as well as the equity market to secure access to capital markets if and when needed.As at 31 December 2024, liquidity for covenant testing purposes was USD 40.6 million. Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 28 million from 1 January 2024 and thereafter. In March 2025, it was agreed in conjunction with the granting of a waiver and forbearance of interest that the minimum liquidity covenant shall be reduced to USD 10m during the period of waiver and forbearance which is expected to be in place until the successful completion of the Transaction announced on 24 April 2025. Please see note 23 Events after the reporting date, section refinancing for the status on the refinancing.As at 31 December 2024, the Group\u2019s main financial liabilities had the following remaining contractual maturities:Per year 2025 2026 2027 2028 1Interest-bearing debt (repayments) 349.9 7.4 7.1 58.0 2 Interests24.8 1.4 1.3 0.6 Taxes 7.8 0.0 0.0 0.0 Accounts payable and other current liabilities 27.5 0.0 0.0 0.0 Total 410.0 8.8 8.4 58.6 1 Interest-bearing debt includes lease liabilities, credit facilities and sellers credit from Cosco. The credit facilities mature on 31 December 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus sellers credit which matures in 2028.2 Interest on lease liabilities, credit facilities and seller credits. Based on current agreed credit margin plus SOFR forward curve as at 31 December 2024, and the expected cash flows under the sellers credit terms.As at 31 December 2023, the Group\u2019s main financial liabilities had the following remaining contractual maturities:Per year 2024 2025 2026 2027 2028 1 Interest-bearing debt (repayments)6.6 349.9 7.2 7.0 58.0 2 Interests28.9 29.7 1.4 1.2 0.7 Taxes 10.1 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 27.5 0.0 0.0 0.0 0.0 Total 73.1 379.6 8.6 8.2 58.7 1 Interest-bearing debt includes lease liabilities, credit facilities and sellers credit from Cosco. The credit facilities mature on 31 December 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus sellers credit which matures in 2028.2 Interest on lease liabilities, credit facilities and seller credits. Based on current agreed credit margin plus SOFR forward curve as at 31 December 2023, and the expected cash flows under the sellers credit terms.Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders\u2019 equity and long-term debt as their capital. Normally the Group\u2019s main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__114": { "value": "The Group operates on a global basis with cash flows and financing in various currencies. This means that the Group is exposed to market risks related to fluctuations in exchange rates and interest rates. The Group\u2019s presentation currency is USD, and financial risk exposure is managed with financial instruments in accordance with internal policies and standards approved by the Board of Directors. After restructuring in 2021, there are no credit lines available for hedging of financial risks and consequently such risks have remained unhedged since 2021.Currency riskThe Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and cash equivalents. Unless denominated in USD, operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL, AUD, SGD, EUR and NOK. Cash and equivalents are mainly denominated in USD, GBP, BRL, AUD, SGD, EUR and NOK.Currency risk \u2013 sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and reflects the main effects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 5 per cent strengthening/weakening of the USD against GBP, BRL, AUD, SGD, EUR and NOK will have the following effects. Exposures to foreign currency changes for all other currencies are not material.Pre-tax effects on income statement 2024 2023Re-valuation cash and depositsUSD +5% (0.7) (0.4)USD -5% 0.7 0.4Interest rate riskCash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is that the fair value of a financial instrument will fluctuate due to changes in market interest rates. The Group\u2019s interest rate risks arise primarily from its variable rate credit facilities. The Group evaluates the hedge profile in relation to the repayment schedule of its loans. After the restructuring in 2021, there are no credit lines available for hedging of financial risks. The Group has not entered into arrangements to hedge the floating interest rate since 2021.Interest rate risk \u2013 sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant interest rate and reflects the main effects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A \u00b150bps change in interest rate will have the following effects.Pre-tax effects on income statement 2024 2023Interest expense on credit facilities50 bps increase 1.7 1.7 50 bps decrease (1.7) (1.7)Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the effect on results in such cases will normally be wholly or partly offset by a financial settlement in the Group\u2019s favour.Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies.As at 31 December 2024, the Group held cash and deposits of USD 46.8 million (2023: USD 74.6 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss.For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses.\ue61fAs at 31 December 2024 and 31 December 2023, no credit reserve has been recorded as the Group\u2019s clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. Based on the Group\u2019s assessment, the expected credit loss is not material.Accounts receivables Total Not due < 30 days31 December 2024 21.6 20.8 0.8 31 December 2023 14.6 14.6 0.0", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__111": { "value": "Currency riskThe Group is exposed to currencies other than USD associated with operating expenditure, capital expenditure, tax, cash and cash equivalents. Unless denominated in USD, operating expenditure, capital expenditure and tax are mainly denominated in GBP, BRL, AUD, SGD, EUR and NOK. Cash and equivalents are mainly denominated in USD, GBP, BRL, AUD, SGD, EUR and NOK.Currency risk \u2013 sensitivity The sensitivity analysis is based on a reasonably possible change in the relevant exchange rates and reflects the main effects on profit or loss and equity assuming that the change had occurred at the balance sheet date. A 5 per cent strengthening/weakening of the USD against GBP, BRL, AUD, SGD, EUR and NOK will have the following effects. Exposures to foreign currency changes for all other currencies are not material.Pre-tax effects on income statement 2024 2023Re-valuation cash and depositsUSD +5% (0.7) (0.4)USD -5% 0.7 0.4", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__110": { "value": "Credit riskIn line with industry practice, other contracts normally contain clauses which give the customer an opportunity for early cancellation under specified conditions. Providing the Group has not acted negligently, however, the effect on results in such cases will normally be wholly or partly offset by a financial settlement in the Group\u2019s favour.Credit assessment of financial institutions issuing guarantees in favour of the Group, yards, sub-contractors and equipment suppliers is part of the Group\u2019s project evaluations and risk analyses. The counterparty risk is in general limited when it comes to the Group\u2019s clients, since these are typically major oil companies and national oil companies.As at 31 December 2024, the Group held cash and deposits of USD 46.8 million (2023: USD 74.6 million) with banks with high credit-ratings assigned by international credit-rating agencies. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss.For trade receivables, the Group applies the simplified method of credit reserves, i.e. the reserve will correspond to the expected loss over the whole life of the trade receivable. In order to measure the credit losses, trade receivables are grouped based on credit risk characteristics of its customers. The Group applies forward-looking variables for expected credit losses.\ue61fAs at 31 December 2024 and 31 December 2023, no credit reserve has been recorded as the Group\u2019s clients are typically major oil companies and national oil companies and the receivables are usually received within 3 months. Based on the Group\u2019s assessment, the expected credit loss is not material.Accounts receivables Total Not due < 30 days31 December 2024 21.6 20.8 0.8 31 December 2023 14.6 14.6 0.0", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__113": { "value": "Liquidity risk Prosafe manages liquidity and funding on a group level. Prosafe is exposed to liquidity risk, which is the risk that Prosafe will not be able to meet obligations of financial liabilities when they become due. Liquidity risk sources include but are not limited to contract cancellations, customers not paying charter rate under contracts and low demand for accommodation vessels in the future. The Group monitors the liquidity development and the risk of insufficient capital by rolling cash flow forecasts. Prosafe maintains an active overview of and relation with debt markets and lenders as well as the equity market to secure access to capital markets if and when needed.As at 31 December 2024, liquidity for covenant testing purposes was USD 40.6 million. Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 28 million from 1 January 2024 and thereafter. In March 2025, it was agreed in conjunction with the granting of a waiver and forbearance of interest that the minimum liquidity covenant shall be reduced to USD 10m during the period of waiver and forbearance which is expected to be in place until the successful completion of the Transaction announced on 24 April 2025. Please see note 23 Events after the reporting date, section refinancing for the status on the refinancing.As at 31 December 2024, the Group\u2019s main financial liabilities had the following remaining contractual maturities:Per year 2025 2026 2027 2028 1Interest-bearing debt (repayments) 349.9 7.4 7.1 58.0 2 Interests24.8 1.4 1.3 0.6 Taxes 7.8 0.0 0.0 0.0 Accounts payable and other current liabilities 27.5 0.0 0.0 0.0 Total 410.0 8.8 8.4 58.6 1 Interest-bearing debt includes lease liabilities, credit facilities and sellers credit from Cosco. The credit facilities mature on 31 December 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus sellers credit which matures in 2028.2 Interest on lease liabilities, credit facilities and seller credits. Based on current agreed credit margin plus SOFR forward curve as at 31 December 2024, and the expected cash flows under the sellers credit terms.As at 31 December 2023, the Group\u2019s main financial liabilities had the following remaining contractual maturities:Per year 2024 2025 2026 2027 2028 1 Interest-bearing debt (repayments)6.6 349.9 7.2 7.0 58.0 2 Interests28.9 29.7 1.4 1.2 0.7 Taxes 10.1 0.0 0.0 0.0 0.0 Accounts payable and other current liabilities 27.5 0.0 0.0 0.0 0.0 Total 73.1 379.6 8.6 8.2 58.7 1 Interest-bearing debt includes lease liabilities, credit facilities and sellers credit from Cosco. The credit facilities mature on 31 December 2025. Assuming only the firm contracts, there will be no cash sweep under the credit facilities prior to maturity. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus sellers credit which matures in 2028.2 Interest on lease liabilities, credit facilities and seller credits. Based on current agreed credit margin plus SOFR forward curve as at 31 December 2023, and the expected cash flows under the sellers credit terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__115": { "value": "Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders\u2019 equity and long-term debt as their capital. Normally the Group\u2019s main tool to assess its capital structure is the leverage ratio, which is calculated by dividing net interest-bearing debt including bank guarantees, by Group gross profit before depreciation and impairment over the last 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__117": { "value": "Note 19 Cash and cash equivalents2024 2023Restricted cash deposits 2.0 2.2Cash held in New Group 2.3 4.3Free cash and short-term deposits 42.5 68.1Total cash and cash equivalents 46.8 74.6See note 14 for details on financial covenants relating to cash and cash equivalents", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__116": { "value": "Note 19 Cash and cash equivalents2024 2023Restricted cash deposits 2.0 2.2Cash held in New Group 2.3 4.3Free cash and short-term deposits 42.5 68.1Total cash and cash equivalents 46.8 74.6See note 14 for details on financial covenants relating to cash and cash equivalents", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__120": { "value": "Note 20 Other current assets2024 2023Other receivables 4.0 3.1 Prepayments 3.6 2.7 Contract assets 0.7 6.5 Other current assets 0.2 0.7 Total other current assets 8.5 13.0", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__118": { "value": "Note 20 Other current assets2024 2023Other receivables 4.0 3.1 Prepayments 3.6 2.7 Contract assets 0.7 6.5 Other current assets 0.2 0.7 Total other current assets 8.5 13.0", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__122": { "value": "Note 21 Related party disclosuresThe financial statements comprise the parent Company, Prosafe SE, and the subsidiaries listed below.Company name Country of incorporation Ownership Voting shareProsafe Services Maritimos Ltda Brazil 100% 100%Prosafe Offshore BV Netherlands 100% 100%Prosafe AS Norway 100% 100%Axis Nova Singapore Pte. Ltd. Singapore 100% 100%Axis Vega Singapore Pte. Ltd. Singapore 100% 100%Prosafe Offshore Holdings Pte. Ltd. Singapore 100% 100%Prosafe Offshore Pte. Ltd. Singapore 100% 100%Prosafe Rigs Pte. Ltd. Singapore 100% 100%Safe Eurus Singapore Pte. Ltd. Singapore 100% 100%Prosafe Offshore Ltd. United Kingdom 100% 100% 1 Prosafe Rigs Ltd.United Kingdom 100% 100%1 Under liquidationTransactions and outstanding balances within the Group have been eliminated in full.Shares and share options owned by directors and senior executive management as at 31 December 2024:(includes shares owned by close family/relatives and wholly-owned companies)Shares Share optionsDirectorsGlen Ole R\u00f8dland 228,667 100,000Birgit Aagaard-Svendsen 3 25,000Nina Udnes Tronstad 7,667 25,000Halvard Idland 0 25,000Senior executive managementTerje Askvig 25,000 220,000Reese McNeel 2,000 120,000Ryan Stewart 73 100,000", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__121": { "value": "The financial statements comprise the parent Company, Prosafe SE, and the subsidiaries listed below.Company name Country of incorporation Ownership Voting shareProsafe Services Maritimos Ltda Brazil 100% 100%Prosafe Offshore BV Netherlands 100% 100%Prosafe AS Norway 100% 100%Axis Nova Singapore Pte. Ltd. Singapore 100% 100%Axis Vega Singapore Pte. Ltd. Singapore 100% 100%Prosafe Offshore Holdings Pte. Ltd. Singapore 100% 100%Prosafe Offshore Pte. Ltd. Singapore 100% 100%Prosafe Rigs Pte. Ltd. Singapore 100% 100%Safe Eurus Singapore Pte. Ltd. Singapore 100% 100%Prosafe Offshore Ltd. United Kingdom 100% 100% 1 Prosafe Rigs Ltd.United Kingdom 100% 100%1 Under liquidationTransactions and outstanding balances within the Group have been eliminated in full.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__123": { "value": "Note 22 Capital commitmentsNew buildsAs at 31 December 2024, the Group had two (2023: two) undelivered new builds residing at Cosco\u2019s Qidong shipyard in China; Safe Nova and Safe Vega.As part of refinancing negotiations in 2018 with COSCO, the Group negotiated and agreed with COSCO for the deferred delivery and financing of Safe Nova and Safe Vega. Prosafe has not requested delivery. The Group remain in dialogue with COSCO regarding potential delivery of the vessels in the future.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s8__6__124": { "value": "Note 23 Events after the reporting dateContract extensionIn January 2025, Safe Zephyrus had its contract with Petrobras extended by 954 days to September 2027, adding USD 109.7 million to the firm backlog.Sale of Safe ConcordiaIn February 2025, the Group, through its wholly-owned subsidiary, entered into a binding agreement to sell the vessel Safe Concordia to an undisclosed third party for a total consideration of USD 5 million, prior to deduction of commissions and transaction-related expenses. The transaction was completed in March 2025, following the vessel's fulfillment of its remaining charter obligations.The sale of Safe Concordia resulted in an impairment charge, which has been recognized in the consolidated financial statements. Further details regarding the impairment assessment and its financial impact are disclosed in Note 8 to the consolidated financial statements.ESGOn 26 February, the European Commission announced their Omnibus proposal to reduce and simplify the ESG reporting. The proposal also opened for companies that was to report for the year 2025 to postpone their reporting with two years.Sale of Safe ScandinaviaIn March 2025, the Group, through its subsidiary, entered into an agreement to sell Safe Scandinavia for recycling.The transaction was completed in April 2025. The vessel is expected to be delivered to the buyer in May 2025. The sale of Safe Scandinavia is not expected to have a material impact on the profit and loss for the financial year ending 31 December 2025.RecapitalisationOn 24 April, Prosafe announce that it has agreed the terms of a recapitalisation (the \u201cTransaction\u201d) with lenders representing the Company's USD 250 million loan facility and its USD 93 million loan facility (the \u201cExisting Facilities\u201d), subject to final approvals being obtained by all lenders. The Transaction is also supported by shareholders representing 54% of the shares in the Company.The Transaction involves the equitisation of USD 193 million of the Existing Facilities in return for 90% of the shares in Prosafe post Transaction. Existing shareholders will initially hold 5% of the shares in the Company and will be offered an additional 5% of shares in the form of penny warrants (at EUR 0.01 per share). The Transaction also includes a reinstatement of the Existing Facilities and new money financing on the following basis (together, the \u201cNew Facility\u201d):a. a super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, backstopped by an ad hoc group of creditors, and (ii) USD 75 million of elevated and reinstated debt under the Existing Facilities, each maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due); andb. a reinstated senior secured facility comprised of USD 75 million of reinstated debt maturing 31 December 2029 (or, subject to certain conditions, the date on which the Eurus Seller's Credit falls due).The post Transaction shareholdings above are calculated based on an assumption of full exercise of shareholder warrants, but before any new management incentive program which may be established post Transaction.The Transaction shall include the following features (among other things): a. the establishment of a new Norwegian domiciled holding company, shares of which will be charged to lenders under the New Facility, to be interposed between the Company and certain of its subsidiaries;b. no fixed amortisation in respect of the New Facility, which shall be repayable in full at maturity; c. a fee (the \u201cFee\u201d) shall be payable to the lenders of the super senior secured facility of USD 5 million at maturity; andd. interest of SOFR + margin (sized to 11% per annum) on the New Facility, payable in cash. The senior secured facility will include the ability for the Company to pay 2% cash interest and 9% PIK interest as an alternative to 11% full cash interest subject to certain conditions.The Transaction will provide the Company with a sustainable capital structure and sufficient liquidity to meet its capital expenditure and working capital needs for the foreseeable future. Total gross debt post the Transaction will be approximately USD 306 million, consisting of a USD 155 million super senior facility (including the Fee), a USD 75m senior facility and the USD 75.5 million remaining Cosco Seller's Credit for Safe Eurus. Total net debt post the Transaction will be approximately USD 220 million, with unrestricted liquidity (after transaction costs) of approximately USD 80 million. Transaction completion is subject to agreeing customary documentation with lenders and shareholders, final lender approvals and formal shareholder approvals (including approval at an extraordinary general meeting of the Company's shareholders). The Company has been granted a waiver from its lenders under the existing USD 250 million loan facility and a forbearance from its lenders under the existing USD 93 million loan facility until 31 July 2025, in both cases with respect to interest payments. The minimum liquidity covenant under the respective facilities has also been reduced to USD 10m. The Company aims to conclude the Transaction by Q3 2025. The Company will make further announcements as and when there are further developments regarding implementation of the Transaction. Notice to convene an extraordinary general meeting of the Company's shareholders to approve the Transaction was issued 25 April 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }