Note 1\tCorporate information and principal activity
Prosafe SE (the 'Company') is a public limited company domiciled in Norway. The registered office of the Company is Rusel\u00f8kkveien 30, 0251 Oslo, Norway. The Company is a leading owner and operator of offshore accommodation vessels. The Company is listed on the Euronext Oslo B\u00f8rs with ticker code 'PRS'.
The consolidated accounts comprise the financial statements of the Company and its subsidiaries (together referred to as the 'Group').
The consolidated accounts for the year ended 31 December 2025 were approved and authorised for issue in accordance with a resolution of the Board of Directors on 30 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__5": { "value": "Prosafe SE ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__6": { "value": "Prosafe SE ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__13": { "value": "Prosafe SE ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__8": { "value": "public limited company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__9": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__11": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__10": { "value": "Rusel\u00f8kkveien 30, 0251 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__14": { "value": "The consolidated accounts for the year ended 31 December 2025 were approved and authorised for issue in accordance with a resolution of the Board of Directors on 30 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__22": { "value": "Note 2\tStatement of compliance and basis of preparation
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 2025. 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 assumptions
The 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.
The estimates and assumptions are assessed on a continuous and regular basis. Revisions to estimates are recognised prospectively.
Geopolitical risk
The Group is exposed to geopolitical developments through their potential impact on global oil prices. Increased tensions, including in the Middle East, may contribute to volatility in energy markets. Although the Group has no operations or suppliers in this region, higher oil prices may lead to increased bunker fuel costs. Changes in oil prices may also impact oil exploration activities, which may impact the group's operations. The group may be impacted by fuel scarcity as a result of geopolitical unrest or supply disruptions.
Climate-related risks
Climate risks assessment is generally described in the sustainability statement and the BoD report and may potentially have an impact on the financial statements. Climate risks may affect medium- and long-term market conditions and cost levels. Management acknowledges that climate-related risk represents an element in the application of methodologies and models used in accounting estimates such as impairment considerations and determination of useful life for fixed assets. As of year end 2025, the group has assessed that climate risk does not have a material impact on the group's assets. The group is continuously monitoring how climate risk may affect the group's assets, liabilities and related estimates going forward. Reference is made to Note 8for further description of management's assessments of climate risk's potential impact on the group's impairment considerations and estimated useful life of fixed assets.
A. Judgements
Information 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 annual financial statements have been prepared under a going concern assumption.
The Group continues to closely monitor compliance with the minimum liquidity covenant of USD 20 million. As at 31 December 2025, the Group had an unrestricted liquidity reserve of USD 62.8 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.
Based on current contracts and outlook for 2026, management forecasts that the Group will be in compliance with the covenant.
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 judgment on complex and highly uncertain factors. See note 8for further information on impairment assessments.
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 uncertainties
Information 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's accommodation 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 8for details.
Changes in material accounting policies
Changes 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.
Standards issued but not yet effective, which the Group has not yet adopted
A number of amendments and improvements to standards have been issued and are effective for annual periods beginning after 1 January 2026 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:
\u2022Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
\u2022Annual Improvements to IFRS Accounting Standards (Volume 11)
\u2022Presentation and Disclosure in Financial Statements (IFRS 18)
Critical judgements, estimates and assumptions
The 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.
The estimates and assumptions are assessed on a continuous and regular basis. Revisions to estimates are recognised prospectively.
Geopolitical risk
The Group is exposed to geopolitical developments through their potential impact on global oil prices. Increased tensions, including in the Middle East, may contribute to volatility in energy markets. Although the Group has no operations or suppliers in this region, higher oil prices may lead to increased bunker fuel costs. Changes in oil prices may also impact oil exploration activities, which may impact the group's operations. The group may be impacted by fuel scarcity as a result of geopolitical unrest or supply disruptions.
Climate-related risks
Climate risks assessment is generally described in the sustainability statement and the BoD report and may potentially have an impact on the financial statements. Climate risks may affect medium- and long-term market conditions and cost levels. Management acknowledges that climate-related risk represents an element in the application of methodologies and models used in accounting estimates such as impairment considerations and determination of useful life for fixed assets. As of year end 2025, the group has assessed that climate risk does not have a material impact on the group's assets. The group is continuously monitoring how climate risk may affect the group's assets, liabilities and related estimates going forward. Reference is made to Note 8for further description of management's assessments of climate risk's potential impact on the group's impairment considerations and estimated useful life of fixed assets.
A. Judgements
Information 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 annual financial statements have been prepared under a going concern assumption.
The Group continues to closely monitor compliance with the minimum liquidity covenant of USD 20 million. As at 31 December 2025, the Group had an unrestricted liquidity reserve of USD 62.8 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.
Based on current contracts and outlook for 2026, management forecasts that the Group will be in compliance with the covenant.
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 judgment on complex and highly uncertain factors. See note 8for further information on impairment assessments.
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 uncertainties
Information 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's accommodation 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 8for details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__17": { "value": "Going concern. The annual financial statements have been prepared under a going concern assumption.
The Group continues to closely monitor compliance with the minimum liquidity covenant of USD 20 million. As at 31 December 2025, the Group had an unrestricted liquidity reserve of USD 62.8 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.
Based on current contracts and outlook for 2026, management forecasts that the Group will be in compliance with the covenant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__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 judgment on complex and highly uncertain factors. See note 8for further information on impairment assessments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__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 judgment on complex and highly uncertain factors. See note 8for further information on impairment assessments.
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.
Impairment of financial assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's 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's 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 2024 and 2025, 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's 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 8for further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__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's accommodation 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 8for details. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__23": { "value": "Changes in material accounting policies
Changes 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.
Standards issued but not yet effective, which the Group has not yet adopted
A number of amendments and improvements to standards have been issued and are effective for annual periods beginning after 1 January 2026 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:
\u2022Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)
\u2022Annual Improvements to IFRS Accounting Standards (Volume 11)
\u2022Presentation and Disclosure in Financial Statements (IFRS 18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__26": { "value": "Note 3\tMaterial accounting policies
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.
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 vessels. For geographical information, reference is made to note 4.
Revenue recognition
Type of Product/Service | Nature and timing of satisfaction of performance, including significant payment terms | Revenue recognition |
Charter Income/ Mobilisation Income/ Demobilisation Income/ Lump sum fee | The Group charters the accommodation vessels to customers for an agreed period. The Group does not convey the right to control the use of the asset to the customers and none of the contracts are accounted for as a lease. The invoices are issued on a monthly basis or based on the contractual terms and are normally payable within 30 days. | The activities giving rise to mobilisation, demobilisation and re-phasing are not a distinct performance obligation in itself and are highly interdependent on the charter activities. These activities are necessary for the Group to perform its service in providing the accommodation vessels to the customer. 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, catering and other related income | The Group provides optional services upon request from the customer. The invoices are issued on a monthly basis or based on the contractual terms and are payable normally within 30 days. | These incomes are recognised over time when performance obligations are met. The related costs are recognised in profit or loss when they are incurred. |
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 are 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 amortised on a systematic basis over the contract period, please see note 4for 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 incomeis recognised when the right to receive payment is established.
Provisionsare 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 Equipmentare 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:
\u2022Semi-submersible vessels:
\u2013Superstructure: 35 years or less
\u2013Living quarters and other equipment: 5 to 35 years
\u2013Periodic maintenance: 5 years
\u2022Right-of-use assets (leases): 3 to 5 years
\u2022Equipment: 3 to 5 years
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's 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 2024 and 2025, 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's 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 8for further details.
Financial assets
Initial recognition
Trade 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 (\"FVTPL\"), 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 measurement
On initial recognition, a financial asset is classified as measured at amortised cost when it meets both of the following conditions and is not designated as at FVTPL:
\u2022It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022Its 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 losses
Financial 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.
Derecognition
A 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 assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's procedures for recovery of amount due.
Financial liabilities
Initial recognition
Financial 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 losses
Financial 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.
Derecognition
A 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 benefits
Defined contribution plans
Companies 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 arrangements
The 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 and RSUs 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 and RSUs 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
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
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
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.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__41": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__42": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__57-1": { "value": "Segment reporting. For management and monitoring purposes, the Group is organised into one segment; chartering and operation of accommodation vessels. For geographical information, reference is made to note 4Note 4\tSegment reporting and contract balances
The Group has one segment, which is chartering and operation of accommodation vessels for maintenance and safety.
Operating revenues by geographical location | 2025 | 2024 |
South America | 100.1 | 99.0 |
Europe | 33.9 | 2.0 |
North America | 9.1 | 38.8 |
APAC | 45.0 | 0 |
Total operating revenues | 188.0\u200c1 | 139.8 |
1Amount is excluding gain on disposal of non-current assets of USD 0,4 million.
The revenue allocation is based on place of operation of the vessel.
2025 | 2024 | |||
Operating revenues by major customers | USD | Percentage\u200c1 | USD | Percentage\u200c1 |
South America | 100.1 | 53.2% | 99.0 | 70.8% |
North America | 9.1 | 4.9% | 38.8 | 27.8% |
Europe | 33.9 | 18.0% | 2.0 | 1.4% |
APAC | 45.0 | 23.9% | 0.0 | 0.0% |
1Percentage of total revenues
Total non-current assets by geographical location | 2025 | 2024 | |
North America | 0.0 | 4.6 | |
Europe | 21.2 | 84.0 | |
South America | 273.6 | 272.0 | |
APAC | 82.3 | 0.1 | |
Total non-current assets | 377.1 | 360.7 | |
Contract balances | 31.12.2025 | 31.12.2024 | 01.01.2024 |
Trade receivables from charters | 25.9 | 21.6 | 14.6 |
Contract assets | 3.4 | 0.7 | 6.5 |
Contract liabilities | 17.0 | 10.3 | 0.9 |
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__54": { "value": "Revenue recognition
Type of Product/Service | Nature and timing of satisfaction of performance, including significant payment terms | Revenue recognition |
Charter Income/ Mobilisation Income/ Demobilisation Income/ Lump sum fee | The Group charters the accommodation vessels to customers for an agreed period. The Group does not convey the right to control the use of the asset to the customers and none of the contracts are accounted for as a lease. The invoices are issued on a monthly basis or based on the contractual terms and are normally payable within 30 days. | The activities giving rise to mobilisation, demobilisation and re-phasing are not a distinct performance obligation in itself and are highly interdependent on the charter activities. These activities are necessary for the Group to perform its service in providing the accommodation vessels to the customer. 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, catering and other related income | The Group provides optional services upon request from the customer. The invoices are issued on a monthly basis or based on the contractual terms and are payable normally within 30 days. | These incomes are recognised over time when performance obligations are met. The related costs are recognised in profit or loss when they are incurred. |
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 are 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 amortised on a systematic basis over the contract period, please see note 4for 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 incomeis recognised when the right to receive payment is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__55": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__31": { "value": "Dividend incomeis recognised when the right to receive payment is established.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__53": { "value": "Provisionsare 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__33": { "value": "Vessels, Property, Plant and Equipmentare 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:
\u2022Semi-submersible vessels:
\u2013Superstructure: 35 years or less
\u2013Living quarters and other equipment: 5 to 35 years
\u2013Periodic maintenance: 5 years
\u2022Right-of-use assets (leases): 3 to 5 years
\u2022Equipment: 3 to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__52": { "value": "Vessels, Property, Plant and Equipmentare 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:
\u2022Semi-submersible vessels:
\u2013Superstructure: 35 years or less
\u2013Living quarters and other equipment: 5 to 35 years
\u2013Periodic maintenance: 5 years
\u2022Right-of-use assets (leases): 3 to 5 years
\u2022Equipment: 3 to 5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__56": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__47": { "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's 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 2024 and 2025, 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's 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 8for further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__35": { "value": "Financial assets
Initial recognition
Trade 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 (\"FVTPL\"), 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 measurement
On initial recognition, a financial asset is classified as measured at amortised cost when it meets both of the following conditions and is not designated as at FVTPL:
\u2022It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022Its 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 losses
Financial 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.
Derecognition
A 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 assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's procedures for recovery of amount due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__37": { "value": "Financial assets
Initial recognition
Trade 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 (\"FVTPL\"), 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 measurement
On initial recognition, a financial asset is classified as measured at amortised cost when it meets both of the following conditions and is not designated as at FVTPL:
\u2022It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022Its 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 losses
Financial 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.
Derecognition
A 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 assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's procedures for recovery of amount due.
Financial liabilities
Initial recognition
Financial 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 losses
Financial 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.
Derecognition
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__38": { "value": "Financial assets
Initial recognition
Trade 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 (\"FVTPL\"), 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 measurement
On initial recognition, a financial asset is classified as measured at amortised cost when it meets both of the following conditions and is not designated as at FVTPL:
\u2022It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022Its 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 losses
Financial 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.
Derecognition
A 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 assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's procedures for recovery of amount due.
Financial liabilities
Initial recognition
Financial 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 losses
Financial 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.
Derecognition
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__60": { "value": "Financial assets
Initial recognition
Trade 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 (\"FVTPL\"), 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 measurement
On initial recognition, a financial asset is classified as measured at amortised cost when it meets both of the following conditions and is not designated as at FVTPL:
\u2022It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
\u2022Its 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 losses
Financial 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.
Derecognition
A 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 assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's procedures for recovery of amount due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__29": { "value": "Subsequent measurement and gains and losses
Financial 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.
Derecognition
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__43": { "value": "Impairment of financial assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's procedures for recovery of amount due.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__45": { "value": "Impairment of financial assets
The Group recognises loss allowances for expected credit losses on:
\u2022Financial assets measured at amortised cost
Loss 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's historical experience and informed credit assessment and including forward-looking information.
The Group considers a financial asset to be in default when:
\u2022The 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
\u2022The financial asset is more than 90 days past due.
Measurement of expected credit losses:
\u2022For 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.
\u2022Expected 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).
\u2022Expected 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:
\u2022Significant financial difficulty of the borrower or issuer;
\u2022A breach of contract such as default or being more than 90 days past due;
\u2022The restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;
\u2022It is probable that the borrower will enter bankruptcy or other financial reorganisation; or
\u2022The 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 assets
The 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's procedures for recovery of amount due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__36": { "value": "Financial liabilities
Initial recognition
Financial 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 losses
Financial 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.
Derecognition
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__39": { "value": "Financial liabilities
Initial recognition
Financial 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 losses
Financial 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.
Derecognition
A 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:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__40": { "value": "Financial liabilities
Initial recognition
Financial 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 losses
Financial 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.
Derecognition
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__34": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__32": { "value": "Employee benefits
Defined contribution plans
Companies 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 arrangements
The 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 and RSUs 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 and RSUs 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__59": { "value": "Share-based compensation arrangements
The 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 and RSUs 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 and RSUs 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__27": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__50": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__51": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__28": { "value": "Income taxes
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__48": { "value": "Income taxes
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__30": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__49": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__61": { "value": "Note 4\tSegment reporting and contract balances
The Group has one segment, which is chartering and operation of accommodation vessels for maintenance and safety.
Operating revenues by geographical location | 2025 | 2024 |
South America | 100.1 | 99.0 |
Europe | 33.9 | 2.0 |
North America | 9.1 | 38.8 |
APAC | 45.0 | 0 |
Total operating revenues | 188.0\u200c1 | 139.8 |
1Amount is excluding gain on disposal of non-current assets of USD 0,4 million.
The revenue allocation is based on place of operation of the vessel.
2025 | 2024 | |||
Operating revenues by major customers | USD | Percentage\u200c1 | USD | Percentage\u200c1 |
South America | 100.1 | 53.2% | 99.0 | 70.8% |
North America | 9.1 | 4.9% | 38.8 | 27.8% |
Europe | 33.9 | 18.0% | 2.0 | 1.4% |
APAC | 45.0 | 23.9% | 0.0 | 0.0% |
1Percentage of total revenues
Total non-current assets by geographical location | 2025 | 2024 | |
North America | 0.0 | 4.6 | |
Europe | 21.2 | 84.0 | |
South America | 273.6 | 272.0 | |
APAC | 82.3 | 0.1 | |
Total non-current assets | 377.1 | 360.7 | |
Contract balances | 31.12.2025 | 31.12.2024 | 01.01.2024 |
Trade receivables from charters | 25.9 | 21.6 | 14.6 |
Contract assets | 3.4 | 0.7 | 6.5 |
Contract liabilities | 17.0 | 10.3 | 0.9 |
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 liabilities | |||
2025 | 2024 | 2025 | 2024 | |
Revenue from recognition of the opening balance | 0.0 | 0.0 | (10.3) | (0.9) |
Revenue deduction from recognition of the opening balance | 0.0 | 0.0 | 0.0 | 0.0 |
Consideration received during the year not recognised as revenue | 0.0 | 0.0 | 17.0 | 10.3 |
Asset recognised as costs incurred to fulfil a contract during the year | (0.7) | (6.5) | 0.0 | 0.0 |
Capitalised costs to fulfill contract used in satisfying performance obligations\u00a0in the next 12 months | 3.4 | 0.7 | 0.0 | 0.0 |
The below table includes the Group's firm order backlog\u200c1\u200c, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.
Chartering and operation of accommodation vessels | < 12 months | 1\u20133 years | More than 3 years | Total |
31 December 2025 | 162.1 | 154.8 | 84.5 | 401.4 |
31 December 2024 | 148.0 | 77.4 | 0.0 | 225.4 |
Variable considerations that are constrained and not considered in the transaction price are excluded from the table above.
1Firm order backlog excludes options. To reconcile back to order backlog incl. options USD 26.6 million in options has to be added to tie back to USD 428 million for 2025. For 2024 USD 36 million in options and USD 108 million for a contract extension disclosed 9 January 2025 for Safe Zephyrus to tie back to USD 370 million.
Note 5\tOther operating revenues
2025 | 2024 | |
Gain on sale of non-current assets | 0.4 | 0.0 |
Management, crew services, catering and other related income | 33.6 | 3.7 |
Total other operating revenues | 34.0 | 3.7 |
Note 4\tSegment reporting and contract balances
The Group has one segment, which is chartering and operation of accommodation vessels for maintenance and safety.
Operating revenues by geographical location | 2025 | 2024 |
South America | 100.1 | 99.0 |
Europe | 33.9 | 2.0 |
North America | 9.1 | 38.8 |
APAC | 45.0 | 0 |
Total operating revenues | 188.0\u200c1 | 139.8 |
1Amount is excluding gain on disposal of non-current assets of USD 0,4 million.
The revenue allocation is based on place of operation of the vessel.
2025 | 2024 | |||
Operating revenues by major customers | USD | Percentage\u200c1 | USD | Percentage\u200c1 |
South America | 100.1 | 53.2% | 99.0 | 70.8% |
North America | 9.1 | 4.9% | 38.8 | 27.8% |
Europe | 33.9 | 18.0% | 2.0 | 1.4% |
APAC | 45.0 | 23.9% | 0.0 | 0.0% |
1Percentage of total revenues
Total non-current assets by geographical location | 2025 | 2024 | |
North America | 0.0 | 4.6 | |
Europe | 21.2 | 84.0 | |
South America | 273.6 | 272.0 | |
APAC | 82.3 | 0.1 | |
Total non-current assets | 377.1 | 360.7 | |
Contract balances | 31.12.2025 | 31.12.2024 | 01.01.2024 |
Trade receivables from charters | 25.9 | 21.6 | 14.6 |
Contract assets | 3.4 | 0.7 | 6.5 |
Contract liabilities | 17.0 | 10.3 | 0.9 |
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 liabilities | |||
2025 | 2024 | 2025 | 2024 | |
Revenue from recognition of the opening balance | 0.0 | 0.0 | (10.3) | (0.9) |
Revenue deduction from recognition of the opening balance | 0.0 | 0.0 | 0.0 | 0.0 |
Consideration received during the year not recognised as revenue | 0.0 | 0.0 | 17.0 | 10.3 |
Asset recognised as costs incurred to fulfil a contract during the year | (0.7) | (6.5) | 0.0 | 0.0 |
Capitalised costs to fulfill contract used in satisfying performance obligations\u00a0in the next 12 months | 3.4 | 0.7 | 0.0 | 0.0 |
The below table includes the Group's firm order backlog\u200c1\u200c, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.
Chartering and operation of accommodation vessels | < 12 months | 1\u20133 years | More than 3 years | Total |
31 December 2025 | 162.1 | 154.8 | 84.5 | 401.4 |
31 December 2024 | 148.0 | 77.4 | 0.0 | 225.4 |
Variable considerations that are constrained and not considered in the transaction price are excluded from the table above.
1Firm order backlog excludes options. To reconcile back to order backlog incl. options USD 26.6 million in options has to be added to tie back to USD 428 million for 2025. For 2024 USD 36 million in options and USD 108 million for a contract extension disclosed 9 January 2025 for Safe Zephyrus to tie back to USD 370 million.
Note 4\tSegment reporting and contract balances
The Group has one segment, which is chartering and operation of accommodation vessels for maintenance and safety.
Operating revenues by geographical location | 2025 | 2024 |
South America | 100.1 | 99.0 |
Europe | 33.9 | 2.0 |
North America | 9.1 | 38.8 |
APAC | 45.0 | 0 |
Total operating revenues | 188.0\u200c1 | 139.8 |
1Amount is excluding gain on disposal of non-current assets of USD 0,4 million.
The revenue allocation is based on place of operation of the vessel.
2025 | 2024 | |||
Operating revenues by major customers | USD | Percentage\u200c1 | USD | Percentage\u200c1 |
South America | 100.1 | 53.2% | 99.0 | 70.8% |
North America | 9.1 | 4.9% | 38.8 | 27.8% |
Europe | 33.9 | 18.0% | 2.0 | 1.4% |
APAC | 45.0 | 23.9% | 0.0 | 0.0% |
1Percentage of total revenues
Total non-current assets by geographical location | 2025 | 2024 | |
North America | 0.0 | 4.6 | |
Europe | 21.2 | 84.0 | |
South America | 273.6 | 272.0 | |
APAC | 82.3 | 0.1 | |
Total non-current assets | 377.1 | 360.7 | |
Contract balances | 31.12.2025 | 31.12.2024 | 01.01.2024 |
Trade receivables from charters | 25.9 | 21.6 | 14.6 |
Contract assets | 3.4 | 0.7 | 6.5 |
Contract liabilities | 17.0 | 10.3 | 0.9 |
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 liabilities | |||
2025 | 2024 | 2025 | 2024 | |
Revenue from recognition of the opening balance | 0.0 | 0.0 | (10.3) | (0.9) |
Revenue deduction from recognition of the opening balance | 0.0 | 0.0 | 0.0 | 0.0 |
Consideration received during the year not recognised as revenue | 0.0 | 0.0 | 17.0 | 10.3 |
Asset recognised as costs incurred to fulfil a contract during the year | (0.7) | (6.5) | 0.0 | 0.0 |
Capitalised costs to fulfill contract used in satisfying performance obligations\u00a0in the next 12 months | 3.4 | 0.7 | 0.0 | 0.0 |
The below table includes the Group's firm order backlog\u200c1\u200c, consisting of performance obligations that are unsatisfied or partially satisfied as at the end of the reporting period.
Chartering and operation of accommodation vessels | < 12 months | 1\u20133 years | More than 3 years | Total |
31 December 2025 | 162.1 | 154.8 | 84.5 | 401.4 |
31 December 2024 | 148.0 | 77.4 | 0.0 | 225.4 |
Variable considerations that are constrained and not considered in the transaction price are excluded from the table above.
1Firm order backlog excludes options. To reconcile back to order backlog incl. options USD 26.6 million in options has to be added to tie back to USD 428 million for 2025. For 2024 USD 36 million in options and USD 108 million for a contract extension disclosed 9 January 2025 for Safe Zephyrus to tie back to USD 370 million.
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 liabilities | |||
2025 | 2024 | 2025 | 2024 | |
Revenue from recognition of the opening balance | 0.0 | 0.0 | (10.3) | (0.9) |
Revenue deduction from recognition of the opening balance | 0.0 | 0.0 | 0.0 | 0.0 |
Consideration received during the year not recognised as revenue | 0.0 | 0.0 | 17.0 | 10.3 |
Asset recognised as costs incurred to fulfil a contract during the year | (0.7) | (6.5) | 0.0 | 0.0 |
Capitalised costs to fulfill contract used in satisfying performance obligations\u00a0in the next 12 months | 3.4 | 0.7 | 0.0 | 0.0 |
Note 5\tOther operating revenues
2025 | 2024 | |
Gain on sale of non-current assets | 0.4 | 0.0 |
Management, crew services, catering and other related income | 33.6 | 3.7 |
Total other operating revenues | 34.0 | 3.7 |
Note 6\tEmployee benefits and executive management remuneration
2025 | 2024 | |
Wages and salaries | 27.9 | 19.5 |
Contract personnel | 11.2 | 14.7 |
Other personnel-related expenses | 9.1 | 8.8 |
Social security taxes | 4.8 | 5.6 |
Pension expenses | 1.1 | 1.0 |
Share-based compensation expense | 0.4 | 1.0 |
Other staff benefits | 1.3 | 0.6 |
Total employee benefits | 55.8 | 51.2 |
Number of employees
The average number of employees in the Group for 2025 was 296 (2024: 268). The average number of employees by legal entity was as follows.
2025 | 2024 | |
Prosafe Offshore Limited | 49 | 51 |
Prosafe Services Maritimos Ltda | 212 | 183 |
Prosafe AS | 8 | 10 |
Prosafe Offshore Holdings Pte. Ltd. | 7 | 9 |
Prosafe SE | 3 | 2 |
Safe Eurus Singapore Pte. Ltd. | 14 | 13 |
Total average number of employees | 296 | 268 |
Variable pay scheme
The 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 pay
Members of the 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 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' remuneration to ensure a compensation structure linked to the share price development of the Group. The Board of Directors' remuneration is amended to include options to subscribe for ordinary shares of Prosafe SE from the 2023 Annual General Meeting (\"AGM\") until the 2024 AGM.
The exercise price of the options for the Board of Directors is determined at 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 will 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 Group
The exercise price of the options for the executive management and selected employees is determined by the Board of Directors. The share options grant will have a different vesting period (\"Vesting Period\")and can only be exercised between the Vesting Period and the expiry date of the option. In the event a member of the executive management and selected employees resign 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 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 executive management and selected employees that were granted in 2022. Also, new share options were offered to executive management and selected employees. In 2025 and 2024, no new share options were awarded to executive management or employees.
Each share option allowing 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 2025 are as follows:
Grant date | Commencement date | Expiry of Options | Exercise price (in\u00a0NOK) | Vesting conditions | Number of share options outstanding |
Board of Directors | |||||
22 February 2024 | 22 February 2024 | 21 February 2027 | 65.50 | 24 months from commencement date | 170,294 |
Executive management | |||||
11 May 2022 | 10 February 2022 | 9 February 2027 | 83.00 | ||
Equally over 24, 36 and 48 months from commencement date | |||||
100,000 | |||||
19 August 2022 (repriced 28 March 2023) | 19 August 2022 | 18 August 2027 | 146.50 | 100,000 | |
6 October 2023 | 1 November 2023 | 31 October 2027 | 109.13 | Equally over 12, 24 and 36 months from commencement date | 20,000 |
Selected employees | |||||
11 May 2022 (repriced 6 October 2023) | 11 May 2022 | 10 May 2027 | 109.13 | Equally over 24, 36 and 48 months from commencement date | 80,000 |
6 October 2023 | 1 November 2023 | 31 October 2027 | 109.13 | Equally over 12, 24 and 36 months from commencement date | 20,000 |
Total share options | 490,294 | ||||
Movement of share options | 2025 | 2024 | |||
Outstanding at 1 January | 797,740 | 580,000 | |||
Granted during the year | 0 | 275,000 | |||
Cancelled during the year | (307,446) | (57,260) | |||
Outstanding at 31 December | 490,294 | 797,740 | |||
Exercisable at 31 December | 106,667 | 193,333 |
The 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.
Grant/Repricing date | Fair value at grant date/ repricing date (in NOK) | Share price at grant date/ repricing date\u00a0(in NOK) | Exercise price (in\u00a0NOK) | Expected volatility | Risk-free interest rate (based on government bonds at grant date) |
Board of Directors | |||||
22 February 2024 | 2.42 | 45.00 | 65.50 | 20% | 4.00% |
Executive management | |||||
11 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% |
6 October 2023 | 13.74 | 90.12 | 109.13 | 20% | 4.26% |
Selected employees | |||||
11 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% |
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.
Restricted stock units (Equity-settled share-based payment)
In 2025, the Group granted the Board of Directors, executive management and selected employees a number of restricted stock units (RSUs) under the Group's long term incentive program. The total number of RSUs granted is 2,454,583. The fair value is determined, based on the share price at grant date, NOK 3.79.
All RSUs vest with 1/3 on 30 September 2026, 1/3 on 30 September 2027 and 1/3 on 29 September 2028, except for members of the Board where vesting occurs for all their RSUs on 30 September 2027. Each RSU represents one share and they are non-tradeable and non-transferable.
Grant date | Number of RSU outstanding |
30 September 2025 | |
Board of Directors | 629,046 |
Executive management | 1,266,691 |
Selected employees | 564,264 |
2,453,583 | |
Movement of RSUs | 2025 |
Outstanding at 1 January | - |
Granted during the year | 2,453,583 |
Cancelled during the year | (95,835) |
Outstanding at 31 December | 2,357,748 |
In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and executive management is specified below and in a separate report from the Board of Directors.
Executive Management
(USD 1 000) | Year | Salary | Bonus | Pension | Other benefits | Total |
Reese McNeel \u2013 CEO (CEO from Nov 2025, CFO\u00a0and\u00a0interim\u00a0CEO\u00a0Sept 2025\u2013Nov 2025) | 2025 | 425 | 225 | 33 | 6 | 689 |
2024 | 382 | 149 | 31 | 1 | 563 | |
Terje Askvig \u2013 CEO\u200c2(until Aug 2025) | 2025 | 1,404 | 93 | 37 | 34 | 1,568 |
2024 | 463 | 285 | 31 | 29 | 808 | |
Halvdan Kielland \u2013 CFO (Interim CFO from Nov 2025) | 2025 | 31 | 35 | 4 | 0 | 70 |
Ryan Stewart \u2013 CCO | 2025 | 406 | 183 | 37 | 9 | 635 |
2024 | 384 | 168 | 38 | 6 | 596 | |
Claudio Pereira \u2013 COO\u200c1(From Jul 2025) | 2025 | 126 | 103 | 20 | 7 | 256 |
1Appointed to Executive Management during the year
2Includess salary and severance pay
Board of Directors
(USD 1 000) | 2025 | 2024 |
Carey Lowe\u200c1 | 121 | 0 |
Jean-Baptiste De Boissieu\u200c4 | 89 | 0 |
Grethe Kristin Moen\u200c1 | 76 | 0 |
Monique Fares\u200c1 | 79 | 0 |
Knut Brovoll-B\u00f8\u200c1 | 71 | 0 |
Glen Ole R\u00f8dland (Chair)\u200c2 | 76 | 107 |
Gunnar Eliassen (Deputy Chair) (February 2024\u2013December 2024) | 10 | 65 |
Birgit Aagaard-Svendsen\u200c2 | 49 | 81 |
Nina Udnes Tronstad\u200c2 | 36 | 71 |
Halvard Idland\u200c2 | 29 | 74 |
Simen Flaaten (June 2023\u2013February 2024) | 0 | 11 |
Total\u200c3 | 635 | 409 |
1Director from 21 July 2025
2Director until 21 July 2025
3If applicable, figures include compensation from the audit committee, compensation committee, other committees, travel allowances and share option expense/restricted stock unit. In 2024, the Board of Directors fees were reduced in lieu of share option and RSU awarded.
4On 15 April 2026, Jean-Baptiste de Boissieu resigned from the board. His resignation has been accepted and will be effective from 30 April 2026.
Note 6\tEmployee benefits and executive management remuneration
2025 | 2024 | |
Wages and salaries | 27.9 | 19.5 |
Contract personnel | 11.2 | 14.7 |
Other personnel-related expenses | 9.1 | 8.8 |
Social security taxes | 4.8 | 5.6 |
Pension expenses | 1.1 | 1.0 |
Share-based compensation expense | 0.4 | 1.0 |
Other staff benefits | 1.3 | 0.6 |
Total employee benefits | 55.8 | 51.2 |
Number of employees
The average number of employees in the Group for 2025 was 296 (2024: 268). The average number of employees by legal entity was as follows.
2025 | 2024 | |
Prosafe Offshore Limited | 49 | 51 |
Prosafe Services Maritimos Ltda | 212 | 183 |
Prosafe AS | 8 | 10 |
Prosafe Offshore Holdings Pte. Ltd. | 7 | 9 |
Prosafe SE | 3 | 2 |
Safe Eurus Singapore Pte. Ltd. | 14 | 13 |
Total average number of employees | 296 | 268 |
Variable pay scheme
The 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 pay
Members of the 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 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' remuneration to ensure a compensation structure linked to the share price development of the Group. The Board of Directors' remuneration is amended to include options to subscribe for ordinary shares of Prosafe SE from the 2023 Annual General Meeting (\"AGM\") until the 2024 AGM.
The exercise price of the options for the Board of Directors is determined at 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 will 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 Group
The exercise price of the options for the executive management and selected employees is determined by the Board of Directors. The share options grant will have a different vesting period (\"Vesting Period\")and can only be exercised between the Vesting Period and the expiry date of the option. In the event a member of the executive management and selected employees resign 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 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 executive management and selected employees that were granted in 2022. Also, new share options were offered to executive management and selected employees. In 2025 and 2024, no new share options were awarded to executive management or employees.
Each share option allowing 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 2025 are as follows:
Grant date | Commencement date | Expiry of Options | Exercise price (in\u00a0NOK) | Vesting conditions | Number of share options outstanding |
Board of Directors | |||||
22 February 2024 | 22 February 2024 | 21 February 2027 | 65.50 | 24 months from commencement date | 170,294 |
Executive management | |||||
11 May 2022 | 10 February 2022 | 9 February 2027 | 83.00 | ||
Equally over 24, 36 and 48 months from commencement date | |||||
100,000 | |||||
19 August 2022 (repriced 28 March 2023) | 19 August 2022 | 18 August 2027 | 146.50 | 100,000 | |
6 October 2023 | 1 November 2023 | 31 October 2027 | 109.13 | Equally over 12, 24 and 36 months from commencement date | 20,000 |
Selected employees | |||||
11 May 2022 (repriced 6 October 2023) | 11 May 2022 | 10 May 2027 | 109.13 | Equally over 24, 36 and 48 months from commencement date | 80,000 |
6 October 2023 | 1 November 2023 | 31 October 2027 | 109.13 | Equally over 12, 24 and 36 months from commencement date | 20,000 |
Total share options | 490,294 | ||||
Movement of share options | 2025 | 2024 | |||
Outstanding at 1 January | 797,740 | 580,000 | |||
Granted during the year | 0 | 275,000 | |||
Cancelled during the year | (307,446) | (57,260) | |||
Outstanding at 31 December | 490,294 | 797,740 | |||
Exercisable at 31 December | 106,667 | 193,333 |
The 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.
Grant/Repricing date | Fair value at grant date/ repricing date (in NOK) | Share price at grant date/ repricing date\u00a0(in NOK) | Exercise price (in\u00a0NOK) | Expected volatility | Risk-free interest rate (based on government bonds at grant date) |
Board of Directors | |||||
22 February 2024 | 2.42 | 45.00 | 65.50 | 20% | 4.00% |
Executive management | |||||
11 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% |
6 October 2023 | 13.74 | 90.12 | 109.13 | 20% | 4.26% |
Selected employees | |||||
11 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% |
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.
Restricted stock units (Equity-settled share-based payment)
In 2025, the Group granted the Board of Directors, executive management and selected employees a number of restricted stock units (RSUs) under the Group's long term incentive program. The total number of RSUs granted is 2,454,583. The fair value is determined, based on the share price at grant date, NOK 3.79.
All RSUs vest with 1/3 on 30 September 2026, 1/3 on 30 September 2027 and 1/3 on 29 September 2028, except for members of the Board where vesting occurs for all their RSUs on 30 September 2027. Each RSU represents one share and they are non-tradeable and non-transferable.
Grant date | Number of RSU outstanding |
30 September 2025 | |
Board of Directors | 629,046 |
Executive management | 1,266,691 |
Selected employees | 564,264 |
2,453,583 | |
Movement of RSUs | 2025 |
Outstanding at 1 January | - |
Granted during the year | 2,453,583 |
Cancelled during the year | (95,835) |
Outstanding at 31 December | 2,357,748 |
In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and executive management is specified below and in a separate report from the Board of Directors.
Executive Management
(USD 1 000) | Year | Salary | Bonus | Pension | Other benefits | Total |
Reese McNeel \u2013 CEO (CEO from Nov 2025, CFO\u00a0and\u00a0interim\u00a0CEO\u00a0Sept 2025\u2013Nov 2025) | 2025 | 425 | 225 | 33 | 6 | 689 |
2024 | 382 | 149 | 31 | 1 | 563 | |
Terje Askvig \u2013 CEO\u200c2(until Aug 2025) | 2025 | 1,404 | 93 | 37 | 34 | 1,568 |
2024 | 463 | 285 | 31 | 29 | 808 | |
Halvdan Kielland \u2013 CFO (Interim CFO from Nov 2025) | 2025 | 31 | 35 | 4 | 0 | 70 |
Ryan Stewart \u2013 CCO | 2025 | 406 | 183 | 37 | 9 | 635 |
2024 | 384 | 168 | 38 | 6 | 596 | |
Claudio Pereira \u2013 COO\u200c1(From Jul 2025) | 2025 | 126 | 103 | 20 | 7 | 256 |
1Appointed to Executive Management during the year
2Includess salary and severance pay
Board of Directors
(USD 1 000) | 2025 | 2024 |
Carey Lowe\u200c1 | 121 | 0 |
Jean-Baptiste De Boissieu\u200c4 | 89 | 0 |
Grethe Kristin Moen\u200c1 | 76 | 0 |
Monique Fares\u200c1 | 79 | 0 |
Knut Brovoll-B\u00f8\u200c1 | 71 | 0 |
Glen Ole R\u00f8dland (Chair)\u200c2 | 76 | 107 |
Gunnar Eliassen (Deputy Chair) (February 2024\u2013December 2024) | 10 | 65 |
Birgit Aagaard-Svendsen\u200c2 | 49 | 81 |
Nina Udnes Tronstad\u200c2 | 36 | 71 |
Halvard Idland\u200c2 | 29 | 74 |
Simen Flaaten (June 2023\u2013February 2024) | 0 | 11 |
Total\u200c3 | 635 | 409 |
1Director from 21 July 2025
2Director until 21 July 2025
3If applicable, figures include compensation from the audit committee, compensation committee, other committees, travel allowances and share option expense/restricted stock unit. In 2024, the Board of Directors fees were reduced in lieu of share option and RSU awarded.
4On 15 April 2026, Jean-Baptiste de Boissieu resigned from the board. His resignation has been accepted and will be effective from 30 April 2026.
Note 6\tEmployee benefits and executive management remuneration
2025 | 2024 | |
Wages and salaries | 27.9 | 19.5 |
Contract personnel | 11.2 | 14.7 |
Other personnel-related expenses | 9.1 | 8.8 |
Social security taxes | 4.8 | 5.6 |
Pension expenses | 1.1 | 1.0 |
Share-based compensation expense | 0.4 | 1.0 |
Other staff benefits | 1.3 | 0.6 |
Total employee benefits | 55.8 | 51.2 |
Number of employees
The average number of employees in the Group for 2025 was 296 (2024: 268). The average number of employees by legal entity was as follows.
2025 | 2024 | |
Prosafe Offshore Limited | 49 | 51 |
Prosafe Services Maritimos Ltda | 212 | 183 |
Prosafe AS | 8 | 10 |
Prosafe Offshore Holdings Pte. Ltd. | 7 | 9 |
Prosafe SE | 3 | 2 |
Safe Eurus Singapore Pte. Ltd. | 14 | 13 |
Total average number of employees | 296 | 268 |
Variable pay scheme
The 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 pay
Members of the 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 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' remuneration to ensure a compensation structure linked to the share price development of the Group. The Board of Directors' remuneration is amended to include options to subscribe for ordinary shares of Prosafe SE from the 2023 Annual General Meeting (\"AGM\") until the 2024 AGM.
The exercise price of the options for the Board of Directors is determined at 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 will 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 Group
The exercise price of the options for the executive management and selected employees is determined by the Board of Directors. The share options grant will have a different vesting period (\"Vesting Period\")and can only be exercised between the Vesting Period and the expiry date of the option. In the event a member of the executive management and selected employees resign 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 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 executive management and selected employees that were granted in 2022. Also, new share options were offered to executive management and selected employees. In 2025 and 2024, no new share options were awarded to executive management or employees.
Each share option allowing 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 2025 are as follows:
Grant date | Commencement date | Expiry of Options | Exercise price (in\u00a0NOK) | Vesting conditions | Number of share options outstanding |
Board of Directors | |||||
22 February 2024 | 22 February 2024 | 21 February 2027 | 65.50 | 24 months from commencement date | 170,294 |
Executive management | |||||
11 May 2022 | 10 February 2022 | 9 February 2027 | 83.00 | ||
Equally over 24, 36 and 48 months from commencement date | |||||
100,000 | |||||
19 August 2022 (repriced 28 March 2023) | 19 August 2022 | 18 August 2027 | 146.50 | 100,000 | |
6 October 2023 | 1 November 2023 | 31 October 2027 | 109.13 | Equally over 12, 24 and 36 months from commencement date | 20,000 |
Selected employees | |||||
11 May 2022 (repriced 6 October 2023) | 11 May 2022 | 10 May 2027 | 109.13 | Equally over 24, 36 and 48 months from commencement date | 80,000 |
6 October 2023 | 1 November 2023 | 31 October 2027 | 109.13 | Equally over 12, 24 and 36 months from commencement date | 20,000 |
Total share options | 490,294 | ||||
Movement of share options | 2025 | 2024 | |||
Outstanding at 1 January | 797,740 | 580,000 | |||
Granted during the year | 0 | 275,000 | |||
Cancelled during the year | (307,446) | (57,260) | |||
Outstanding at 31 December | 490,294 | 797,740 | |||
Exercisable at 31 December | 106,667 | 193,333 |
The 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.
Grant/Repricing date | Fair value at grant date/ repricing date (in NOK) | Share price at grant date/ repricing date\u00a0(in NOK) | Exercise price (in\u00a0NOK) | Expected volatility | Risk-free interest rate (based on government bonds at grant date) |
Board of Directors | |||||
22 February 2024 | 2.42 | 45.00 | 65.50 | 20% | 4.00% |
Executive management | |||||
11 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% |
6 October 2023 | 13.74 | 90.12 | 109.13 | 20% | 4.26% |
Selected employees | |||||
11 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% |
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.
Restricted stock units (Equity-settled share-based payment)
In 2025, the Group granted the Board of Directors, executive management and selected employees a number of restricted stock units (RSUs) under the Group's long term incentive program. The total number of RSUs granted is 2,454,583. The fair value is determined, based on the share price at grant date, NOK 3.79.
All RSUs vest with 1/3 on 30 September 2026, 1/3 on 30 September 2027 and 1/3 on 29 September 2028, except for members of the Board where vesting occurs for all their RSUs on 30 September 2027. Each RSU represents one share and they are non-tradeable and non-transferable.
Grant date | Number of RSU outstanding |
30 September 2025 | |
Board of Directors | 629,046 |
Executive management | 1,266,691 |
Selected employees | 564,264 |
2,453,583 | |
Movement of RSUs | 2025 |
Outstanding at 1 January | - |
Granted during the year | 2,453,583 |
Cancelled during the year | (95,835) |
Outstanding at 31 December | 2,357,748 |
In accordance with the code of practice for corporate governance recommended by the Oslo Stock Exchange, remuneration for the Board of Directors and executive management is specified below and in a separate report from the Board of Directors.
Executive Management
(USD 1 000) | Year | Salary | Bonus | Pension | Other benefits | Total |
Reese McNeel \u2013 CEO (CEO from Nov 2025, CFO\u00a0and\u00a0interim\u00a0CEO\u00a0Sept 2025\u2013Nov 2025) | 2025 | 425 | 225 | 33 | 6 | 689 |
2024 | 382 | 149 | 31 | 1 | 563 | |
Terje Askvig \u2013 CEO\u200c2(until Aug 2025) | 2025 | 1,404 | 93 | 37 | 34 | 1,568 |
2024 | 463 | 285 | 31 | 29 | 808 | |
Halvdan Kielland \u2013 CFO (Interim CFO from Nov 2025) | 2025 | 31 | 35 | 4 | 0 | 70 |
Ryan Stewart \u2013 CCO | 2025 | 406 | 183 | 37 | 9 | 635 |
2024 | 384 | 168 | 38 | 6 | 596 | |
Claudio Pereira \u2013 COO\u200c1(From Jul 2025) | 2025 | 126 | 103 | 20 | 7 | 256 |
1Appointed to Executive Management during the year
2Includess salary and severance pay
Board of Directors
(USD 1 000) | 2025 | 2024 |
Carey Lowe\u200c1 | 121 | 0 |
Jean-Baptiste De Boissieu\u200c4 | 89 | 0 |
Grethe Kristin Moen\u200c1 | 76 | 0 |
Monique Fares\u200c1 | 79 | 0 |
Knut Brovoll-B\u00f8\u200c1 | 71 | 0 |
Glen Ole R\u00f8dland (Chair)\u200c2 | 76 | 107 |
Gunnar Eliassen (Deputy Chair) (February 2024\u2013December 2024) | 10 | 65 |
Birgit Aagaard-Svendsen\u200c2 | 49 | 81 |
Nina Udnes Tronstad\u200c2 | 36 | 71 |
Halvard Idland\u200c2 | 29 | 74 |
Simen Flaaten (June 2023\u2013February 2024) | 0 | 11 |
Total\u200c3 | 635 | 409 |
1Director from 21 July 2025
2Director until 21 July 2025
3If applicable, figures include compensation from the audit committee, compensation committee, other committees, travel allowances and share option expense/restricted stock unit. In 2024, the Board of Directors fees were reduced in lieu of share option and RSU awarded.
4On 15 April 2026, Jean-Baptiste de Boissieu resigned from the board. His resignation has been accepted and will be effective from 30 April 2026.
Number of employees
The average number of employees in the Group for 2025 was 296 (2024: 268). The average number of employees by legal entity was as follows.
2025 | 2024 | |
Prosafe Offshore Limited | 49 | 51 |
Prosafe Services Maritimos Ltda | 212 | 183 |
Prosafe AS | 8 | 10 |
Prosafe Offshore Holdings Pte. Ltd. | 7 | 9 |
Prosafe SE | 3 | 2 |
Safe Eurus Singapore Pte. Ltd. | 14 | 13 |
Total average number of employees | 296 | 268 |
Note 7\tOther operating expenses
2025 | 2024 | |
Repair and maintenance | 27.9 | 25.2 |
Other vessel operating expenses | 57.3 | 30.6 |
General and administrative expenses\u200c1 | 7.4 | 5.6 |
Total other operating expenses | 92.6 | 61.4 |
Auditors\u2019 remuneration
(USD 1,000) | 2025 | 2024 |
Audit fees | 429 | 390 |
Audit of other related services | 84 | 5 |
Total auditors' remuneration | 513 | 395 |
1Auditors' remuneration is included in the general and administrative expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__72": { "value": "Note 7\tOther operating expenses
2025 | 2024 | |
Repair and maintenance | 27.9 | 25.2 |
Other vessel operating expenses | 57.3 | 30.6 |
General and administrative expenses\u200c1 | 7.4 | 5.6 |
Total other operating expenses | 92.6 | 61.4 |
Note 7\tOther operating expenses
2025 | 2024 | |
Repair and maintenance | 27.9 | 25.2 |
Other vessel operating expenses | 57.3 | 30.6 |
General and administrative expenses\u200c1 | 7.4 | 5.6 |
Total other operating expenses | 92.6 | 61.4 |
Auditors\u2019 remuneration
(USD 1,000) | 2025 | 2024 |
Audit fees | 429 | 390 |
Audit of other related services | 84 | 5 |
Total auditors' remuneration | 513 | 395 |
1Auditors' remuneration is included in the general and administrative expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__74": { "value": "Note 8\tProperty, plant and equipment
Vessels | New builds | Equipment | Right-of-use\u00a0assets | Total | |
Cost as at 31 December 2023 | 2,634.6 | 60.7 | 4.2 | 2.4 | 2,701.9 |
Additions | 13.7 | 0.0 | 2.9 | 0.2 | 16.8 |
Disposals | (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 | 2,647.7 |
Additions | 55.1 | 0.0 | 0.4 | 0.0 | 55.5 |
Disposals | (694.6) | 0.0 | 0.0 | 0.0 | (694.6) |
Currency translation differences | 0.0 | 0.0 | 0.3 | (0.2) | 0.1 |
Cost as at 31 December 2025 | 1,938.3 | 60.7 | 7.7 | 2.0 | 2,008.7 |
Accumulated depreciation and impairment 31 December 2023 | 2,250.9 | 60.7 | 3.7 | 1.1 | 2,316.4 |
Depreciation for the year | 32.5 | 0.0 | 0.1 | 0.4 | 33.0 |
Impairment for the year | 8.4 | 0.0 | 0.0 | 0.0 | 8.4 |
Disposals | (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 | 2,286.9 |
Depreciation for the year | 31.4 | 0.0 | 0.8 | 0.4 | 32.6 |
Impairment for the year | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Disposals | (687.9) | 0.0 | 0.0 | 0.0 | (687.9) |
Accumulated depreciation and impairment 31 December 2025 | 1,564.8 | 60.7 | 4.6 | 1.5 | 1,631.6 |
Net carrying amount 31 December 2025 | 373.5 | 0.0 | 3.1 | 0.5 | 377.1 |
Net carrying amount 31 December 2024 | 356.5 | 0.0 | 3.2 | 1.1 | 360.8 |
Economically useful life (years) | 5\u201335 | 3\u20135 | 3\u20135 |
New builds
New builds include prepayments to the yard, owner-furnished equipment and other project costs incurred. See note 22for details relating to the new builds.
Vessels
Estimated 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 based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis.
Impairment
The key indicators considered by management are developments in broker and internal valuations, utilisation and day rates. Broker valuations as of Q4 2025 indicate that the estimated market value of the fleet is higher than the carrying amount. In addition, day rates have improved in 2025 but they are still not significantly higher than those used in our historical value-in-use calculation. Futhermore, utilisation in 2025 increased compared with the previous year due to new contracts commencing, however the visibility remains low beyond 2025 except in the Brazil market. These factors provide strong support that the carrying amounts remain recoverable.
Management also considers geopolitical factors, including the effects on oil prices and energy markets stemming from developments in the Middle East. Although geopolitical developments may indirectly affect operating costs through higher bunker prices, particularly in Brazil, management has not considered this to represent an impairment indicator as of the reporting date. Higher oil prices may on the other hand also lead to increased oil exploration activities outside Middle East, which may impact the group's operations positively.
Climate-related risks may shorten the anticipated useful life of oil and gas assets, which could lead to faster depreciation. Although management recognises the evolving risks and opportunities stemming from climate change, management has not identified any immediate or short-term impacts on its assets as of year end 2025.
Other external indicators assessed include changes in market, technological, economic and regulatory conditions, market interest rates, and the relationship between market capitalisation and carrying amount of equity. The fleet is considered technologically competitive, no adverse market or regulatory changes have been identified, changes in market interest rates does not alter the WACC rate the Group has been consistently using.
Internal indicators such as technological obsolescence, physical damage, changes in use, asset performance, and negative developments in operating performance or liquidity were also assessed. No such indicators were identified, and operating performance in 2025 is broadly in line with budgets and forecasts.
On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed.
Subsquent to year end of 2024, the Group had entered an agreement to sell Safe Concordia after her 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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__75": { "value": "Note 8\tProperty, plant and equipment
Vessels | New builds | Equipment | Right-of-use\u00a0assets | Total | |
Cost as at 31 December 2023 | 2,634.6 | 60.7 | 4.2 | 2.4 | 2,701.9 |
Additions | 13.7 | 0.0 | 2.9 | 0.2 | 16.8 |
Disposals | (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 | 2,647.7 |
Additions | 55.1 | 0.0 | 0.4 | 0.0 | 55.5 |
Disposals | (694.6) | 0.0 | 0.0 | 0.0 | (694.6) |
Currency translation differences | 0.0 | 0.0 | 0.3 | (0.2) | 0.1 |
Cost as at 31 December 2025 | 1,938.3 | 60.7 | 7.7 | 2.0 | 2,008.7 |
Accumulated depreciation and impairment 31 December 2023 | 2,250.9 | 60.7 | 3.7 | 1.1 | 2,316.4 |
Depreciation for the year | 32.5 | 0.0 | 0.1 | 0.4 | 33.0 |
Impairment for the year | 8.4 | 0.0 | 0.0 | 0.0 | 8.4 |
Disposals | (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 | 2,286.9 |
Depreciation for the year | 31.4 | 0.0 | 0.8 | 0.4 | 32.6 |
Impairment for the year | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Disposals | (687.9) | 0.0 | 0.0 | 0.0 | (687.9) |
Accumulated depreciation and impairment 31 December 2025 | 1,564.8 | 60.7 | 4.6 | 1.5 | 1,631.6 |
Net carrying amount 31 December 2025 | 373.5 | 0.0 | 3.1 | 0.5 | 377.1 |
Net carrying amount 31 December 2024 | 356.5 | 0.0 | 3.2 | 1.1 | 360.8 |
Economically useful life (years) | 5\u201335 | 3\u20135 | 3\u20135 |
New builds
New builds include prepayments to the yard, owner-furnished equipment and other project costs incurred. See note 22for details relating to the new builds.
Vessels
Estimated 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 based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis.
Impairment
The key indicators considered by management are developments in broker and internal valuations, utilisation and day rates. Broker valuations as of Q4 2025 indicate that the estimated market value of the fleet is higher than the carrying amount. In addition, day rates have improved in 2025 but they are still not significantly higher than those used in our historical value-in-use calculation. Futhermore, utilisation in 2025 increased compared with the previous year due to new contracts commencing, however the visibility remains low beyond 2025 except in the Brazil market. These factors provide strong support that the carrying amounts remain recoverable.
Management also considers geopolitical factors, including the effects on oil prices and energy markets stemming from developments in the Middle East. Although geopolitical developments may indirectly affect operating costs through higher bunker prices, particularly in Brazil, management has not considered this to represent an impairment indicator as of the reporting date. Higher oil prices may on the other hand also lead to increased oil exploration activities outside Middle East, which may impact the group's operations positively.
Climate-related risks may shorten the anticipated useful life of oil and gas assets, which could lead to faster depreciation. Although management recognises the evolving risks and opportunities stemming from climate change, management has not identified any immediate or short-term impacts on its assets as of year end 2025.
Other external indicators assessed include changes in market, technological, economic and regulatory conditions, market interest rates, and the relationship between market capitalisation and carrying amount of equity. The fleet is considered technologically competitive, no adverse market or regulatory changes have been identified, changes in market interest rates does not alter the WACC rate the Group has been consistently using.
Internal indicators such as technological obsolescence, physical damage, changes in use, asset performance, and negative developments in operating performance or liquidity were also assessed. No such indicators were identified, and operating performance in 2025 is broadly in line with budgets and forecasts.
On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed.
Subsquent to year end of 2024, the Group had entered an agreement to sell Safe Concordia after her 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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__76-1": { "value": "Note 8\tProperty, plant and equipment
Vessels
New builds
Equipment
Right-of-use\u00a0assets
Total
Cost as at 31 December 2023
2,634.6
60.7
4.2
2.4
2,701.9
Additions
13.7
0.0
2.9
0.2
16.8
Disposals
(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
2,647.7
Additions
55.1
0.0
0.4
0.0
55.5
Disposals
(694.6)
0.0
0.0
0.0
(694.6)
Currency translation differences
0.0
0.0
0.3
(0.2)
0.1
Cost as at 31 December 2025
1,938.3
60.7
7.7
2.0
2,008.7
Accumulated depreciation and impairment 31 December 2023
2,250.9
60.7
3.7
1.1
2,316.4
Depreciation for the year
32.5
0.0
0.1
0.4
33.0
Impairment for the year
8.4
0.0
0.0
0.0
8.4
Disposals
(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
2,286.9
Depreciation for the year
31.4
0.0
0.8
0.4
32.6
Impairment for the year
0.0
0.0
0.0
0.0
0.0
Disposals
(687.9)
0.0
0.0
0.0
(687.9)
Accumulated depreciation and impairment 31 December 2025
1,564.8
60.7
4.6
1.5
1,631.6
Net carrying amount 31 December 2025
373.5
0.0
3.1
0.5
377.1
Net carrying amount 31 December 2024
356.5
0.0
3.2
1.1
360.8
The key indicators considered by management are developments in broker and internal valuations, utilisation and day rates. Broker valuations as of Q4 2025 indicate that the estimated market value of the fleet is higher than the carrying amount. In addition, day rates have improved in 2025 but they are still not significantly higher than those used in our historical value-in-use calculation. Futhermore, utilisation in 2025 increased compared with the previous year due to new contracts commencing, however the visibility remains low beyond 2025 except in the Brazil market. These factors provide strong support that the carrying amounts remain recoverable.
Management also considers geopolitical factors, including the effects on oil prices and energy markets stemming from developments in the Middle East. Although geopolitical developments may indirectly affect operating costs through higher bunker prices, particularly in Brazil, management has not considered this to represent an impairment indicator as of the reporting date. Higher oil prices may on the other hand also lead to increased oil exploration activities outside Middle East, which may impact the group's operations positively.
Climate-related risks may shorten the anticipated useful life of oil and gas assets, which could lead to faster depreciation. Although management recognises the evolving risks and opportunities stemming from climate change, management has not identified any immediate or short-term impacts on its assets as of year end 2025.
Other external indicators assessed include changes in market, technological, economic and regulatory conditions, market interest rates, and the relationship between market capitalisation and carrying amount of equity. The fleet is considered technologically competitive, no adverse market or regulatory changes have been identified, changes in market interest rates does not alter the WACC rate the Group has been consistently using.
Internal indicators such as technological obsolescence, physical damage, changes in use, asset performance, and negative developments in operating performance or liquidity were also assessed. No such indicators were identified, and operating performance in 2025 is broadly in line with budgets and forecasts.
On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed.
Subsquent to year end of 2024, the Group had entered an agreement to sell Safe Concordia after her 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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__78": { "value": "Note 8\tProperty, plant and equipment
Vessels | New builds | Equipment | Right-of-use\u00a0assets | Total | |
Cost as at 31 December 2023 | 2,634.6 | 60.7 | 4.2 | 2.4 | 2,701.9 |
Additions | 13.7 | 0.0 | 2.9 | 0.2 | 16.8 |
Disposals | (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 | 2,647.7 |
Additions | 55.1 | 0.0 | 0.4 | 0.0 | 55.5 |
Disposals | (694.6) | 0.0 | 0.0 | 0.0 | (694.6) |
Currency translation differences | 0.0 | 0.0 | 0.3 | (0.2) | 0.1 |
Cost as at 31 December 2025 | 1,938.3 | 60.7 | 7.7 | 2.0 | 2,008.7 |
Accumulated depreciation and impairment 31 December 2023 | 2,250.9 | 60.7 | 3.7 | 1.1 | 2,316.4 |
Depreciation for the year | 32.5 | 0.0 | 0.1 | 0.4 | 33.0 |
Impairment for the year | 8.4 | 0.0 | 0.0 | 0.0 | 8.4 |
Disposals | (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 | 2,286.9 |
Depreciation for the year | 31.4 | 0.0 | 0.8 | 0.4 | 32.6 |
Impairment for the year | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Disposals | (687.9) | 0.0 | 0.0 | 0.0 | (687.9) |
Accumulated depreciation and impairment 31 December 2025 | 1,564.8 | 60.7 | 4.6 | 1.5 | 1,631.6 |
Net carrying amount 31 December 2025 | 373.5 | 0.0 | 3.1 | 0.5 | 377.1 |
Net carrying amount 31 December 2024 | 356.5 | 0.0 | 3.2 | 1.1 | 360.8 |
Economically useful life (years) | 5\u201335 | 3\u20135 | 3\u20135 |
New builds
New builds include prepayments to the yard, owner-furnished equipment and other project costs incurred. See note 22for details relating to the new builds.
Vessels
Estimated 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 based on the latest assumptions and factors from past recycling transactions. This estimate is primarily based on average steel prices and costs associated with scrapping and is reviewed on an annual basis.
Impairment
The key indicators considered by management are developments in broker and internal valuations, utilisation and day rates. Broker valuations as of Q4 2025 indicate that the estimated market value of the fleet is higher than the carrying amount. In addition, day rates have improved in 2025 but they are still not significantly higher than those used in our historical value-in-use calculation. Futhermore, utilisation in 2025 increased compared with the previous year due to new contracts commencing, however the visibility remains low beyond 2025 except in the Brazil market. These factors provide strong support that the carrying amounts remain recoverable.
Management also considers geopolitical factors, including the effects on oil prices and energy markets stemming from developments in the Middle East. Although geopolitical developments may indirectly affect operating costs through higher bunker prices, particularly in Brazil, management has not considered this to represent an impairment indicator as of the reporting date. Higher oil prices may on the other hand also lead to increased oil exploration activities outside Middle East, which may impact the group's operations positively.
Climate-related risks may shorten the anticipated useful life of oil and gas assets, which could lead to faster depreciation. Although management recognises the evolving risks and opportunities stemming from climate change, management has not identified any immediate or short-term impacts on its assets as of year end 2025.
Other external indicators assessed include changes in market, technological, economic and regulatory conditions, market interest rates, and the relationship between market capitalisation and carrying amount of equity. The fleet is considered technologically competitive, no adverse market or regulatory changes have been identified, changes in market interest rates does not alter the WACC rate the Group has been consistently using.
Internal indicators such as technological obsolescence, physical damage, changes in use, asset performance, and negative developments in operating performance or liquidity were also assessed. No such indicators were identified, and operating performance in 2025 is broadly in line with budgets and forecasts.
On this basis, the Group has not identified indicators of impairment nor impairment reversal and hence no value-in-use calculation was performed.
Subsquent to year end of 2024, the Group had entered an agreement to sell Safe Concordia after her 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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__79": { "value": "Note 9\tOther financial items
2025 | 2024 | |
Currency gain | 2.8 | 1.3 |
Gain from extinguishment of debt | 181.9 | 0.0 |
Total other financial income | 184.7 | 1.3 |
Currency loss | (4.0) | 0.0 |
Refinancing costs | (18.3) | (2.9) |
Other financial expenses | (0.3) | 0.0 |
Total other financial expenses | (22.6) | (2.9) |
Note 10\tFinancial items
2025 | 2024 | |||||
Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | |
Interest income (a) | 2.2 | 0.0 | 2.2 | 2.3 | 0.0 | 2.3 |
Gain from extinguishment of debt | 181.9 | 0.0 | 181.9 | |||
Currency gain | 2.8 | 0.0 | 2.8 | 0.0 | 0.0 | 1.3 |
Total other financial income (b) | 184.7 | 0.0 | 184.7 | 0.0 | 0.0 | 1.3 |
Amortisation of amortised costs | (3.5) | (3.5) | (3.7) | (3.7) | ||
Debts interest expenses | (24.9) | (24.9) | (27.4) | (27.4) | ||
Total interest expenses (c) | (28.4) | (28.4) | (31.1) | (31.1) | ||
Currency loss | (4.0) | (4.0) | 0.0 | 0.0 | ||
Refinancing costs | (18.3) | (18.3) | (2.9) | (2.9) | ||
Other financial expenses | (0.3) | (0.3) | 0.0 | 0.0 | ||
Total other financial expenses (d) | (22.6) | (22.6) | (2.9) | (2.9) | ||
Net financial items (a)+(b)+(c)+(d) | 184.1 | (47.0) | 135.9 | 2.3 | (34.0) | (30.4) |
Note 9\tOther financial items
2025 | 2024 | |
Currency gain | 2.8 | 1.3 |
Gain from extinguishment of debt | 181.9 | 0.0 |
Total other financial income | 184.7 | 1.3 |
Currency loss | (4.0) | 0.0 |
Refinancing costs | (18.3) | (2.9) |
Other financial expenses | (0.3) | 0.0 |
Total other financial expenses | (22.6) | (2.9) |
Note 10\tFinancial items
2025 | 2024 | |||||
Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | |
Interest income (a) | 2.2 | 0.0 | 2.2 | 2.3 | 0.0 | 2.3 |
Gain from extinguishment of debt | 181.9 | 0.0 | 181.9 | |||
Currency gain | 2.8 | 0.0 | 2.8 | 0.0 | 0.0 | 1.3 |
Total other financial income (b) | 184.7 | 0.0 | 184.7 | 0.0 | 0.0 | 1.3 |
Amortisation of amortised costs | (3.5) | (3.5) | (3.7) | (3.7) | ||
Debts interest expenses | (24.9) | (24.9) | (27.4) | (27.4) | ||
Total interest expenses (c) | (28.4) | (28.4) | (31.1) | (31.1) | ||
Currency loss | (4.0) | (4.0) | 0.0 | 0.0 | ||
Refinancing costs | (18.3) | (18.3) | (2.9) | (2.9) | ||
Other financial expenses | (0.3) | (0.3) | 0.0 | 0.0 | ||
Total other financial expenses (d) | (22.6) | (22.6) | (2.9) | (2.9) | ||
Net financial items (a)+(b)+(c)+(d) | 184.1 | (47.0) | 135.9 | 2.3 | (34.0) | (30.4) |
Note 9\tOther financial items
2025 | 2024 | |
Currency gain | 2.8 | 1.3 |
Gain from extinguishment of debt | 181.9 | 0.0 |
Total other financial income | 184.7 | 1.3 |
Currency loss | (4.0) | 0.0 |
Refinancing costs | (18.3) | (2.9) |
Other financial expenses | (0.3) | 0.0 |
Total other financial expenses | (22.6) | (2.9) |
Note 10\tFinancial items
2025 | 2024 | |||||
Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | |
Interest income (a) | 2.2 | 0.0 | 2.2 | 2.3 | 0.0 | 2.3 |
Gain from extinguishment of debt | 181.9 | 0.0 | 181.9 | |||
Currency gain | 2.8 | 0.0 | 2.8 | 0.0 | 0.0 | 1.3 |
Total other financial income (b) | 184.7 | 0.0 | 184.7 | 0.0 | 0.0 | 1.3 |
Amortisation of amortised costs | (3.5) | (3.5) | (3.7) | (3.7) | ||
Debts interest expenses | (24.9) | (24.9) | (27.4) | (27.4) | ||
Total interest expenses (c) | (28.4) | (28.4) | (31.1) | (31.1) | ||
Currency loss | (4.0) | (4.0) | 0.0 | 0.0 | ||
Refinancing costs | (18.3) | (18.3) | (2.9) | (2.9) | ||
Other financial expenses | (0.3) | (0.3) | 0.0 | 0.0 | ||
Total other financial expenses (d) | (22.6) | (22.6) | (2.9) | (2.9) | ||
Net financial items (a)+(b)+(c)+(d) | 184.1 | (47.0) | 135.9 | 2.3 | (34.0) | (30.4) |
Note 10\tFinancial items
2025 | 2024 | |||||
Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | |
Interest income (a) | 2.2 | 0.0 | 2.2 | 2.3 | 0.0 | 2.3 |
Gain from extinguishment of debt | 181.9 | 0.0 | 181.9 | |||
Currency gain | 2.8 | 0.0 | 2.8 | 0.0 | 0.0 | 1.3 |
Total other financial income (b) | 184.7 | 0.0 | 184.7 | 0.0 | 0.0 | 1.3 |
Amortisation of amortised costs | (3.5) | (3.5) | (3.7) | (3.7) | ||
Debts interest expenses | (24.9) | (24.9) | (27.4) | (27.4) | ||
Total interest expenses (c) | (28.4) | (28.4) | (31.1) | (31.1) | ||
Currency loss | (4.0) | (4.0) | 0.0 | 0.0 | ||
Refinancing costs | (18.3) | (18.3) | (2.9) | (2.9) | ||
Other financial expenses | (0.3) | (0.3) | 0.0 | 0.0 | ||
Total other financial expenses (d) | (22.6) | (22.6) | (2.9) | (2.9) | ||
Net financial items (a)+(b)+(c)+(d) | 184.1 | (47.0) | 135.9 | 2.3 | (34.0) | (30.4) |
Note 10\tFinancial items
2025 | 2024 | |||||
Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | |
Interest income (a) | 2.2 | 0.0 | 2.2 | 2.3 | 0.0 | 2.3 |
Gain from extinguishment of debt | 181.9 | 0.0 | 181.9 | |||
Currency gain | 2.8 | 0.0 | 2.8 | 0.0 | 0.0 | 1.3 |
Total other financial income (b) | 184.7 | 0.0 | 184.7 | 0.0 | 0.0 | 1.3 |
Amortisation of amortised costs | (3.5) | (3.5) | (3.7) | (3.7) | ||
Debts interest expenses | (24.9) | (24.9) | (27.4) | (27.4) | ||
Total interest expenses (c) | (28.4) | (28.4) | (31.1) | (31.1) | ||
Currency loss | (4.0) | (4.0) | 0.0 | 0.0 | ||
Refinancing costs | (18.3) | (18.3) | (2.9) | (2.9) | ||
Other financial expenses | (0.3) | (0.3) | 0.0 | 0.0 | ||
Total other financial expenses (d) | (22.6) | (22.6) | (2.9) | (2.9) | ||
Net financial items (a)+(b)+(c)+(d) | 184.1 | (47.0) | 135.9 | 2.3 | (34.0) | (30.4) |
Note 10\tFinancial items
2025 | 2024 | |||||
Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at amortised cost | Total | |
Interest income (a) | 2.2 | 0.0 | 2.2 | 2.3 | 0.0 | 2.3 |
Gain from extinguishment of debt | 181.9 | 0.0 | 181.9 | |||
Currency gain | 2.8 | 0.0 | 2.8 | 0.0 | 0.0 | 1.3 |
Total other financial income (b) | 184.7 | 0.0 | 184.7 | 0.0 | 0.0 | 1.3 |
Amortisation of amortised costs | (3.5) | (3.5) | (3.7) | (3.7) | ||
Debts interest expenses | (24.9) | (24.9) | (27.4) | (27.4) | ||
Total interest expenses (c) | (28.4) | (28.4) | (31.1) | (31.1) | ||
Currency loss | (4.0) | (4.0) | 0.0 | 0.0 | ||
Refinancing costs | (18.3) | (18.3) | (2.9) | (2.9) | ||
Other financial expenses | (0.3) | (0.3) | 0.0 | 0.0 | ||
Total other financial expenses (d) | (22.6) | (22.6) | (2.9) | (2.9) | ||
Net financial items (a)+(b)+(c)+(d) | 184.1 | (47.0) | 135.9 | 2.3 | (34.0) | (30.4) |
Note 11\tTaxes
Income tax expenses | 2025 | 2024 |
Taxes in income statement: | ||
Taxes payable | 0.8 | 2.1 |
Reversal of provision | 0.0 | 0.0 |
Total taxes in income statement | 0.8 | 2.1 |
Reconciliation of effective tax rate (IAS 12.81) | ||
Tax rate in Norway (parent Company tax jurisdiction) | 22.0% | 22.0% |
Profit/ (Loss) before taxes | 143.3 | (44.6) |
Tax based on applicable tax rate | 31.5 | (9.8) |
Tax on income not taxable in determining taxable profit | (0.6) | (0.6) |
Tax effect of non-deductible expenses | 8.1 | 0.8 |
Tax effect due to changes in unrecognised deferred tax assets | (39.0) | 9.7 |
Over provision in prior year tax | 0.0 | 0.0 |
Effect of tax in other jurisdictions | 0.8 | 2.0 |
Total taxes in income statement | 0.8 | 2.1 |
Deferred tax \u2013 Specification and movements | 2025 | 2024 |
Temporary differences: | ||
Exit from Norwegian tonnage tax system | 3.6 | 4.6 |
Vessel tax base exceeds net book value | (250.7) | (354.3) |
Tax loss carried forward | (1,187.8) | (1,344.8) |
Loss account for deferral | (84.9) | (117.4) |
Basis for deferred tax | (1,519.8) | (1,811.9) |
Recognised deferred tax asset | 0.0 | 0.0 |
Deferred tax liability 1 January and 31 December | 0.0 | 0.0 |
Tax payable as at 31 December | 5.9 | 7.8 |
The corporate tax rate in Norway for 2025 is 22 per cent (2024: 22 per cent). The Group does not operate in low tax jurisdictions ( corporate tax rates below 15%).
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's operations in other parts of the world which were subjected to tax in jurisdictions other than Norway.
The Group operates in several jurisdictions. In\u00a0relation to the historical Concordia contract in Trinidad and Tobago, a\u00a0remaining tax provision of USD 5.7 million remains as at 31 December 2025.
In 2023, Prosafe and OSM Thome have jointly received a Tax Assessment from the Brazilian Tax Authorities imposing import taxes and customs penalties related to the special customs regimes used to import the Safe Concordia for the Modec contract in the period from October 2018 to July 2019. Both Prosafe and OSM Thome have presented an administrative defense, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome have recently received a favorable ruling at the second administrative level. Prosafe and OSM Thome remain of the view that the claim continues to have no merit.
In 2023,\u00a0the Norwegian tax authorities initiated a review of the basis for a portion of the deferred tax losses. This review remains ongoing as at 31 December 2025 and may lead to a reduction in the unrecognised deferred tax asset base. Prosafe does not believe that this will have a material impact on the Group's financial position irrespective of the\u00a0outcome of this review.
Note 11\tTaxes
Income tax expenses | 2025 | 2024 |
Taxes in income statement: | ||
Taxes payable | 0.8 | 2.1 |
Reversal of provision | 0.0 | 0.0 |
Total taxes in income statement | 0.8 | 2.1 |
Reconciliation of effective tax rate (IAS 12.81) | ||
Tax rate in Norway (parent Company tax jurisdiction) | 22.0% | 22.0% |
Profit/ (Loss) before taxes | 143.3 | (44.6) |
Tax based on applicable tax rate | 31.5 | (9.8) |
Tax on income not taxable in determining taxable profit | (0.6) | (0.6) |
Tax effect of non-deductible expenses | 8.1 | 0.8 |
Tax effect due to changes in unrecognised deferred tax assets | (39.0) | 9.7 |
Over provision in prior year tax | 0.0 | 0.0 |
Effect of tax in other jurisdictions | 0.8 | 2.0 |
Total taxes in income statement | 0.8 | 2.1 |
Deferred tax \u2013 Specification and movements | 2025 | 2024 |
Temporary differences: | ||
Exit from Norwegian tonnage tax system | 3.6 | 4.6 |
Vessel tax base exceeds net book value | (250.7) | (354.3) |
Tax loss carried forward | (1,187.8) | (1,344.8) |
Loss account for deferral | (84.9) | (117.4) |
Basis for deferred tax | (1,519.8) | (1,811.9) |
Recognised deferred tax asset | 0.0 | 0.0 |
Deferred tax liability 1 January and 31 December | 0.0 | 0.0 |
Tax payable as at 31 December | 5.9 | 7.8 |
The corporate tax rate in Norway for 2025 is 22 per cent (2024: 22 per cent). The Group does not operate in low tax jurisdictions ( corporate tax rates below 15%).
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's operations in other parts of the world which were subjected to tax in jurisdictions other than Norway.
The Group operates in several jurisdictions. In\u00a0relation to the historical Concordia contract in Trinidad and Tobago, a\u00a0remaining tax provision of USD 5.7 million remains as at 31 December 2025.
In 2023, Prosafe and OSM Thome have jointly received a Tax Assessment from the Brazilian Tax Authorities imposing import taxes and customs penalties related to the special customs regimes used to import the Safe Concordia for the Modec contract in the period from October 2018 to July 2019. Both Prosafe and OSM Thome have presented an administrative defense, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome have recently received a favorable ruling at the second administrative level. Prosafe and OSM Thome remain of the view that the claim continues to have no merit.
In 2023,\u00a0the Norwegian tax authorities initiated a review of the basis for a portion of the deferred tax losses. This review remains ongoing as at 31 December 2025 and may lead to a reduction in the unrecognised deferred tax asset base. Prosafe does not believe that this will have a material impact on the Group's financial position irrespective of the\u00a0outcome of this review.
Note 11\tTaxes
Income tax expenses | 2025 | 2024 |
Taxes in income statement: | ||
Taxes payable | 0.8 | 2.1 |
Reversal of provision | 0.0 | 0.0 |
Total taxes in income statement | 0.8 | 2.1 |
Reconciliation of effective tax rate (IAS 12.81) | ||
Tax rate in Norway (parent Company tax jurisdiction) | 22.0% | 22.0% |
Profit/ (Loss) before taxes | 143.3 | (44.6) |
Tax based on applicable tax rate | 31.5 | (9.8) |
Tax on income not taxable in determining taxable profit | (0.6) | (0.6) |
Tax effect of non-deductible expenses | 8.1 | 0.8 |
Tax effect due to changes in unrecognised deferred tax assets | (39.0) | 9.7 |
Over provision in prior year tax | 0.0 | 0.0 |
Effect of tax in other jurisdictions | 0.8 | 2.0 |
Total taxes in income statement | 0.8 | 2.1 |
Deferred tax \u2013 Specification and movements | 2025 | 2024 |
Temporary differences: | ||
Exit from Norwegian tonnage tax system | 3.6 | 4.6 |
Vessel tax base exceeds net book value | (250.7) | (354.3) |
Tax loss carried forward | (1,187.8) | (1,344.8) |
Loss account for deferral | (84.9) | (117.4) |
Basis for deferred tax | (1,519.8) | (1,811.9) |
Recognised deferred tax asset | 0.0 | 0.0 |
Deferred tax liability 1 January and 31 December | 0.0 | 0.0 |
Tax payable as at 31 December | 5.9 | 7.8 |
The corporate tax rate in Norway for 2025 is 22 per cent (2024: 22 per cent). The Group does not operate in low tax jurisdictions ( corporate tax rates below 15%).
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's operations in other parts of the world which were subjected to tax in jurisdictions other than Norway.
The Group operates in several jurisdictions. In\u00a0relation to the historical Concordia contract in Trinidad and Tobago, a\u00a0remaining tax provision of USD 5.7 million remains as at 31 December 2025.
In 2023, Prosafe and OSM Thome have jointly received a Tax Assessment from the Brazilian Tax Authorities imposing import taxes and customs penalties related to the special customs regimes used to import the Safe Concordia for the Modec contract in the period from October 2018 to July 2019. Both Prosafe and OSM Thome have presented an administrative defense, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome have recently received a favorable ruling at the second administrative level. Prosafe and OSM Thome remain of the view that the claim continues to have no merit.
In 2023,\u00a0the Norwegian tax authorities initiated a review of the basis for a portion of the deferred tax losses. This review remains ongoing as at 31 December 2025 and may lead to a reduction in the unrecognised deferred tax asset base. Prosafe does not believe that this will have a material impact on the Group's financial position irrespective of the\u00a0outcome of this review.
Note 12\tEarnings per share
Basic earnings per share are calculated by dividing net gain /(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 and RSUs.
2025 | 2024 | |
Net gain (loss) | 142.5 | (46.7) |
Weighted average number of outstanding shares | 165,943,977 | 17,868,651 |
Basic earnings per share | 0.86 | (2.61) |
Weighted average number of outstanding and potential shares\u200c1 | 168,267,543 | 17,868,651 |
Diluted earnings per share | 0.85 | (2.61) |
1In 2025, the weighted average number of outstanding and potential shares includes the average share capital of 168,267,543 (2024: 17,868,651).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__89": { "value": "Basic earnings per share are calculated by dividing net gain /(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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__90": { "value": "Note 13\tShare capital, shareholder information, and share-based compensation
2025 | 2024 | |
Issued and paid up number of ordinary shares at 31 December\u200c1 | 352,537,966 | 17,868,651 |
Total authorised number of shares at 31 December | 352,537,966 | 17,868,651 |
Issued and paid up number of ordinary shares at 31 December\u200c2 | EUR 0,01 | EUR 1,25 |
Number of shareholders at 31 December | 4,909 | 4,069 |
1In 2025, the financial restructuring process was fully implemented and completed. As a result of equitisation of debts and exercise of warrants, the\u00a0outstanding number of shares increased by 321,635,718 and 13,033,597 respectively.
2On 8 July 2025, the Company reduced the nominal value of its shares from EUR 1.25 to EUR 0.01. As a result, there was a reduction in share capital by\u00a0USD 24,561,320 and a corresponding increase in other equity
Ordinary shares | Number of shares | Share capital | Share Premium | Total |
In issue as at 1 January 2024 | 17,868,651 | 24.8 | 674.5 | 699.3 |
Share capital reduction | 0.0 | (24.6) | 0.0 | (24.6) |
Debt conversion | 321,635,718 | 3.7 | 7.3 | 11.0 |
Warrants exercised | 13,033,597 | 0.2 | 0.2 | 0.4 |
Balance as at 31 December 2025 | 352,537,966 | 4.1 | 682.0 | 686.1 |
Largest shareholders as at 31 December 2025 | No of shares | Percentage |
Burlington Loan Management DAC | 51,554,713 | 14.6% |
Caius Capital LLP | 49,368,769 | 14.0% |
The Export-Import Bank Of China | 42,850,422 | 12.2% |
BlueBay Asset Management LLP | 33,538,391 | 9.5% |
DNB Bank ASA | 30,411,241 | 8.6% |
SpareBank 1 S\u00f8r-Norge | 17,786,952 | 5.1% |
Nordnet Livsforsikring AS | 9,008,555 | 2.6% |
Vanderbilt University | 5,613,142 | 1.6% |
Kristian Neil Kemp | 4,000,000 | 1.1% |
MH Capital AS | 3,189,816 | 0.9% |
Alden AS | 3,158,166 | 0.9% |
Nordnet Bank AB | 2,893,822 | 0.8% |
Sandberg Jh AS | 1,800,000 | 0.5% |
Heitzen Invest AS | 1,500,000 | 0.4% |
Jan Reidar J\u00f8rgensen | 1,470,000 | 0.4% |
Holme Holding AS | 1,319,679 | 0.4% |
Erlend Smedsdal | 1,285,782 | 0.4% |
Comeo AS | 1,200,000 | 0.3% |
Trionfo AS | 1,200,000 | 0.3% |
Vicama AS | 1,120,060 | 0.3% |
Total 20 largest shareholders/ groups of shareholders | 264,269,510 | 75.0% |
All ordinary shares rank equally. Holders of these shares are entitled to one vote per share at general meetings of the Company.
Share-based compensation
The 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 6for details on share-based compensation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__91": { "value": "Note 13\tShare capital, shareholder information, and share-based compensation
2025 | 2024 | |
Issued and paid up number of ordinary shares at 31 December\u200c1 | 352,537,966 | 17,868,651 |
Total authorised number of shares at 31 December | 352,537,966 | 17,868,651 |
Issued and paid up number of ordinary shares at 31 December\u200c2 | EUR 0,01 | EUR 1,25 |
Number of shareholders at 31 December | 4,909 | 4,069 |
1In 2025, the financial restructuring process was fully implemented and completed. As a result of equitisation of debts and exercise of warrants, the\u00a0outstanding number of shares increased by 321,635,718 and 13,033,597 respectively.
2On 8 July 2025, the Company reduced the nominal value of its shares from EUR 1.25 to EUR 0.01. As a result, there was a reduction in share capital by\u00a0USD 24,561,320 and a corresponding increase in other equity
Ordinary shares | Number of shares | Share capital | Share Premium | Total |
In issue as at 1 January 2024 | 17,868,651 | 24.8 | 674.5 | 699.3 |
Share capital reduction | 0.0 | (24.6) | 0.0 | (24.6) |
Debt conversion | 321,635,718 | 3.7 | 7.3 | 11.0 |
Warrants exercised | 13,033,597 | 0.2 | 0.2 | 0.4 |
Balance as at 31 December 2025 | 352,537,966 | 4.1 | 682.0 | 686.1 |
Largest shareholders as at 31 December 2025 | No of shares | Percentage |
Burlington Loan Management DAC | 51,554,713 | 14.6% |
Caius Capital LLP | 49,368,769 | 14.0% |
The Export-Import Bank Of China | 42,850,422 | 12.2% |
BlueBay Asset Management LLP | 33,538,391 | 9.5% |
DNB Bank ASA | 30,411,241 | 8.6% |
SpareBank 1 S\u00f8r-Norge | 17,786,952 | 5.1% |
Nordnet Livsforsikring AS | 9,008,555 | 2.6% |
Vanderbilt University | 5,613,142 | 1.6% |
Kristian Neil Kemp | 4,000,000 | 1.1% |
MH Capital AS | 3,189,816 | 0.9% |
Alden AS | 3,158,166 | 0.9% |
Nordnet Bank AB | 2,893,822 | 0.8% |
Sandberg Jh AS | 1,800,000 | 0.5% |
Heitzen Invest AS | 1,500,000 | 0.4% |
Jan Reidar J\u00f8rgensen | 1,470,000 | 0.4% |
Holme Holding AS | 1,319,679 | 0.4% |
Erlend Smedsdal | 1,285,782 | 0.4% |
Comeo AS | 1,200,000 | 0.3% |
Trionfo AS | 1,200,000 | 0.3% |
Vicama AS | 1,120,060 | 0.3% |
Total 20 largest shareholders/ groups of shareholders | 264,269,510 | 75.0% |
All ordinary shares rank equally. Holders of these shares are entitled to one vote per share at general meetings of the Company.
Share-based compensation
The 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 6for details on share-based compensation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__92": { "value": "Note 14\tInterest-bearing debt
2025 | 2024 | |
Credit facilities \u2013 face value | 225.0 | 343.1 |
Credit facilities \u2013 PIK and accrued fees | 3.2 | 0.0 |
Sellers' credits \u2013 face value | 72.0 | 78.5 |
Difference between face value and carrying amount \u2013 sellers credit | (4.6) | (6.6) |
Lease liabilities | 0.5 | 0.9 |
Total interest-bearing debt | 296.1 | 415.9 |
Non-current interest-bearing debt | 290.4 | 67.7 |
Current interest-bearing debt | 5.7 | 348.2 |
Total interest-bearing debt | 296.1 | 415.9 |
Reconciliation of movements of interest-bearing debt to cash flows arising from financing activities | 2025 | 2024 |
Interest-bearing debt at 1 January | ||
Changes from financing cash flows | ||
Repayments of interest-bearing debt | (6.5) | (6.5) |
Loan drawdown | 75.0 | 0.0 |
Issuance of ordinary shares | 0.2 | (0.1) |
Interests paid | (23.3) | (28.1) |
Refinancing costs paid | (17.5) | (1.8) |
Total changes from financing cash flows | 27.9 | (36.5) |
Other liability-changes | ||
Refinancing costs | 17.5 | 1.8 |
Interests expense | 28.4 | 31.1 |
Gain from recapitalisation/debt convertion | (193.0) | 0.0 |
Other adjustment | (0.6) | 0.0 |
Leases adjustment | 0.0 | 0.0 |
Total liability-related changes | (147.7) | 32.9 |
Interest-bearing debt at 31 December | 296.1 | 415.9 |
Modification of debt
When a debt instrument is restructured and the terms have been modified, it is necessary to assess whether the new terms are considered to have been substantially modified, and thereby conclude on the accounting treatment relating to the extinguishment of the existing liabilities and recognition of the modified liabilities (IFRS 9).
On 21 July 2025, the financial restructuring process was fully implemented and completed. Management has assessed that the financial restructuring resulted in a substantial modification of debt due to substantially different terms. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants are also considered.
Substantial modifications are treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Management has determined that the difference in day 1 fair value and carrying value of the new loan is not material.
The consideration transferred to extinguish the original financial liability comprised (i) the fair value of the new restructured debt (ii) the fair value of shares and warrants issued to lenders. The fair value of new restructured debt is based on the transaction price, which reflects the amount agreed upon by both parties. The fair value of shares and warrants issued to lenders are derived from Prosafe's shares price which are quoted prices on Oslo B\u00f8rs. The fair value of shares and warrants issued is classified as Level 1 fair value measurement under the fair value hierarchy. Upon derecognition of debt, any difference is recognised as a gain or loss within profit or loss. Costs or fees incurred are also recognised within profit or loss as part of the gain or loss on extinguishment. A financial net gain of USD 181.8 million has been reflected in the Consolidated Statement of Profit or Loss as shown below.
Balance before financial restructuring | Equitised to shares | Balance after financial restructuring | |
USD 250 million credit facility | 250.0 | (175.0) | 75.0 |
USD 93 million credit facility | 93.0 | (18.0) | 75.0 |
343.0 | (193.0) | 150.0 |
The net gain arising from the substantial modification of debt is as follows
Equitisation of shares | (193.0) |
Fair value of shares | 10.8 |
Warrants issued | 0.4 |
(181.8) |
Key terms of credit facilities after financial restructuring
Credit facilities
Super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, and (ii) USD 75 million of elevated and reinstated debt under existing facilities; and a reinstated senior secured facility comprised of USD 75 million reinstated debt. A fee of USD 5 million shall be payable to the lenders of the super senior secured facility at maturity or earlier if the loan is fully repaid.
Interest on the USD 150 million and USD 75 million credit facilities is based on SOFR + margin on the New Facility. The margin is 6.67% per annum, payable in cash. The senior secured facility includes the option for the Group to pay 2% cash interest and remaining as PIK interest as an alternative to pay full cash interest subject to certain conditions. Both credit facilities mature on 3 August 2028 or subject to when Eurus Sellers' Credit falls due but no later than 31 December 2029. Management has determined the maturity of the credit facilities to be when Eurus Sellers' Credit falls due on 3 August 2028.
Key terms of credit facilities before financial restructuring
Credit facilities
Interest on the USD 250 million and USD 93 million credit facilities is based on USD 3-month SOFR plus a margin of 2.76161 per cent.
Covenants
Minimum liquidity
The Borrower shall procure that the Minimum Liquidity of the Group (for the avoidance of doubt, excluding restricted cash and the New Group (Prosafe Offshore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd.) calculated on each quarter date does not fall below USD 20 million. At 31 December 2025, liquidity for covenant testing purposes was USD 65.3 million. See note 19for the cash breakdown.
Dividend distribution
Dividend distribution may only be paid with Majority Lender's Approval. Majority Lender's Approval refers to 66 2/3 consent from the lenders.
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's Approval.
Investment restrictions
The Group is restricted from making any investments unless Majority Lender's 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 Majority Lender's 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 note22.
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' credit. As at 31 December 2025, USD 72 million (2024: USD 78.5 million) gross was outstanding.
Difference between face value and carrying amount \u2013 Sellers Credits
In 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 in 2022.
Note 14\tInterest-bearing debt
2025 | 2024 | |
Credit facilities \u2013 face value | 225.0 | 343.1 |
Credit facilities \u2013 PIK and accrued fees | 3.2 | 0.0 |
Sellers' credits \u2013 face value | 72.0 | 78.5 |
Difference between face value and carrying amount \u2013 sellers credit | (4.6) | (6.6) |
Lease liabilities | 0.5 | 0.9 |
Total interest-bearing debt | 296.1 | 415.9 |
Non-current interest-bearing debt | 290.4 | 67.7 |
Current interest-bearing debt | 5.7 | 348.2 |
Total interest-bearing debt | 296.1 | 415.9 |
Reconciliation of movements of interest-bearing debt to cash flows arising from financing activities | 2025 | 2024 |
Interest-bearing debt at 1 January | ||
Changes from financing cash flows | ||
Repayments of interest-bearing debt | (6.5) | (6.5) |
Loan drawdown | 75.0 | 0.0 |
Issuance of ordinary shares | 0.2 | (0.1) |
Interests paid | (23.3) | (28.1) |
Refinancing costs paid | (17.5) | (1.8) |
Total changes from financing cash flows | 27.9 | (36.5) |
Other liability-changes | ||
Refinancing costs | 17.5 | 1.8 |
Interests expense | 28.4 | 31.1 |
Gain from recapitalisation/debt convertion | (193.0) | 0.0 |
Other adjustment | (0.6) | 0.0 |
Leases adjustment | 0.0 | 0.0 |
Total liability-related changes | (147.7) | 32.9 |
Interest-bearing debt at 31 December | 296.1 | 415.9 |
Modification of debt
When a debt instrument is restructured and the terms have been modified, it is necessary to assess whether the new terms are considered to have been substantially modified, and thereby conclude on the accounting treatment relating to the extinguishment of the existing liabilities and recognition of the modified liabilities (IFRS 9).
On 21 July 2025, the financial restructuring process was fully implemented and completed. Management has assessed that the financial restructuring resulted in a substantial modification of debt due to substantially different terms. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants are also considered.
Substantial modifications are treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Management has determined that the difference in day 1 fair value and carrying value of the new loan is not material.
The consideration transferred to extinguish the original financial liability comprised (i) the fair value of the new restructured debt (ii) the fair value of shares and warrants issued to lenders. The fair value of new restructured debt is based on the transaction price, which reflects the amount agreed upon by both parties. The fair value of shares and warrants issued to lenders are derived from Prosafe's shares price which are quoted prices on Oslo B\u00f8rs. The fair value of shares and warrants issued is classified as Level 1 fair value measurement under the fair value hierarchy. Upon derecognition of debt, any difference is recognised as a gain or loss within profit or loss. Costs or fees incurred are also recognised within profit or loss as part of the gain or loss on extinguishment. A financial net gain of USD 181.8 million has been reflected in the Consolidated Statement of Profit or Loss as shown below.
Balance before financial restructuring | Equitised to shares | Balance after financial restructuring | |
USD 250 million credit facility | 250.0 | (175.0) | 75.0 |
USD 93 million credit facility | 93.0 | (18.0) | 75.0 |
343.0 | (193.0) | 150.0 |
The net gain arising from the substantial modification of debt is as follows
Equitisation of shares | (193.0) |
Fair value of shares | 10.8 |
Warrants issued | 0.4 |
(181.8) |
Key terms of credit facilities after financial restructuring
Credit facilities
Super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, and (ii) USD 75 million of elevated and reinstated debt under existing facilities; and a reinstated senior secured facility comprised of USD 75 million reinstated debt. A fee of USD 5 million shall be payable to the lenders of the super senior secured facility at maturity or earlier if the loan is fully repaid.
Interest on the USD 150 million and USD 75 million credit facilities is based on SOFR + margin on the New Facility. The margin is 6.67% per annum, payable in cash. The senior secured facility includes the option for the Group to pay 2% cash interest and remaining as PIK interest as an alternative to pay full cash interest subject to certain conditions. Both credit facilities mature on 3 August 2028 or subject to when Eurus Sellers' Credit falls due but no later than 31 December 2029. Management has determined the maturity of the credit facilities to be when Eurus Sellers' Credit falls due on 3 August 2028.
Key terms of credit facilities before financial restructuring
Credit facilities
Interest on the USD 250 million and USD 93 million credit facilities is based on USD 3-month SOFR plus a margin of 2.76161 per cent.
Covenants
Minimum liquidity
The Borrower shall procure that the Minimum Liquidity of the Group (for the avoidance of doubt, excluding restricted cash and the New Group (Prosafe Offshore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd.) calculated on each quarter date does not fall below USD 20 million. At 31 December 2025, liquidity for covenant testing purposes was USD 65.3 million. See note 19for the cash breakdown.
Dividend distribution
Dividend distribution may only be paid with Majority Lender's Approval. Majority Lender's Approval refers to 66 2/3 consent from the lenders.
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's Approval.
Investment restrictions
The Group is restricted from making any investments unless Majority Lender's 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 Majority Lender's 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 note22.
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' credit. As at 31 December 2025, USD 72 million (2024: USD 78.5 million) gross was outstanding.
Difference between face value and carrying amount \u2013 Sellers Credits
In 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 in 2022.
Note 14\tInterest-bearing debt
2025 | 2024 | |
Credit facilities \u2013 face value | 225.0 | 343.1 |
Credit facilities \u2013 PIK and accrued fees | 3.2 | 0.0 |
Sellers' credits \u2013 face value | 72.0 | 78.5 |
Difference between face value and carrying amount \u2013 sellers credit | (4.6) | (6.6) |
Lease liabilities | 0.5 | 0.9 |
Total interest-bearing debt | 296.1 | 415.9 |
Non-current interest-bearing debt | 290.4 | 67.7 |
Current interest-bearing debt | 5.7 | 348.2 |
Total interest-bearing debt | 296.1 | 415.9 |
Reconciliation of movements of interest-bearing debt to cash flows arising from financing activities | 2025 | 2024 |
Interest-bearing debt at 1 January | ||
Changes from financing cash flows | ||
Repayments of interest-bearing debt | (6.5) | (6.5) |
Loan drawdown | 75.0 | 0.0 |
Issuance of ordinary shares | 0.2 | (0.1) |
Interests paid | (23.3) | (28.1) |
Refinancing costs paid | (17.5) | (1.8) |
Total changes from financing cash flows | 27.9 | (36.5) |
Other liability-changes | ||
Refinancing costs | 17.5 | 1.8 |
Interests expense | 28.4 | 31.1 |
Gain from recapitalisation/debt convertion | (193.0) | 0.0 |
Other adjustment | (0.6) | 0.0 |
Leases adjustment | 0.0 | 0.0 |
Total liability-related changes | (147.7) | 32.9 |
Interest-bearing debt at 31 December | 296.1 | 415.9 |
Modification of debt
When a debt instrument is restructured and the terms have been modified, it is necessary to assess whether the new terms are considered to have been substantially modified, and thereby conclude on the accounting treatment relating to the extinguishment of the existing liabilities and recognition of the modified liabilities (IFRS 9).
On 21 July 2025, the financial restructuring process was fully implemented and completed. Management has assessed that the financial restructuring resulted in a substantial modification of debt due to substantially different terms. The terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. In addition, other qualitative factors such as changes in the type of interest rate and change in covenants are also considered.
Substantial modifications are treated as an extinguishment, and derecognition of the existing liability and recognition of a new liability at fair value based on the new contractual terms. Management has determined that the difference in day 1 fair value and carrying value of the new loan is not material.
The consideration transferred to extinguish the original financial liability comprised (i) the fair value of the new restructured debt (ii) the fair value of shares and warrants issued to lenders. The fair value of new restructured debt is based on the transaction price, which reflects the amount agreed upon by both parties. The fair value of shares and warrants issued to lenders are derived from Prosafe's shares price which are quoted prices on Oslo B\u00f8rs. The fair value of shares and warrants issued is classified as Level 1 fair value measurement under the fair value hierarchy. Upon derecognition of debt, any difference is recognised as a gain or loss within profit or loss. Costs or fees incurred are also recognised within profit or loss as part of the gain or loss on extinguishment. A financial net gain of USD 181.8 million has been reflected in the Consolidated Statement of Profit or Loss as shown below.
Balance before financial restructuring | Equitised to shares | Balance after financial restructuring | |
USD 250 million credit facility | 250.0 | (175.0) | 75.0 |
USD 93 million credit facility | 93.0 | (18.0) | 75.0 |
343.0 | (193.0) | 150.0 |
The net gain arising from the substantial modification of debt is as follows
Equitisation of shares | (193.0) |
Fair value of shares | 10.8 |
Warrants issued | 0.4 |
(181.8) |
Key terms of credit facilities after financial restructuring
Credit facilities
Super senior secured facility of USD 150 million, comprising (i) USD 75 million by way of new money injections, and (ii) USD 75 million of elevated and reinstated debt under existing facilities; and a reinstated senior secured facility comprised of USD 75 million reinstated debt. A fee of USD 5 million shall be payable to the lenders of the super senior secured facility at maturity or earlier if the loan is fully repaid.
Interest on the USD 150 million and USD 75 million credit facilities is based on SOFR + margin on the New Facility. The margin is 6.67% per annum, payable in cash. The senior secured facility includes the option for the Group to pay 2% cash interest and remaining as PIK interest as an alternative to pay full cash interest subject to certain conditions. Both credit facilities mature on 3 August 2028 or subject to when Eurus Sellers' Credit falls due but no later than 31 December 2029. Management has determined the maturity of the credit facilities to be when Eurus Sellers' Credit falls due on 3 August 2028.
Key terms of credit facilities before financial restructuring
Credit facilities
Interest on the USD 250 million and USD 93 million credit facilities is based on USD 3-month SOFR plus a margin of 2.76161 per cent.
Covenants
Minimum liquidity
The Borrower shall procure that the Minimum Liquidity of the Group (for the avoidance of doubt, excluding restricted cash and the New Group (Prosafe Offshore Holdings Pte. Ltd., Safe Eurus Singapore Pte. Ltd., Axis Nova Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd.) calculated on each quarter date does not fall below USD 20 million. At 31 December 2025, liquidity for covenant testing purposes was USD 65.3 million. See note 19for the cash breakdown.
Dividend distribution
Dividend distribution may only be paid with Majority Lender's Approval. Majority Lender's Approval refers to 66 2/3 consent from the lenders.
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's Approval.
Investment restrictions
The Group is restricted from making any investments unless Majority Lender's 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 Majority Lender's 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 note22.
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' credit. As at 31 December 2025, USD 72 million (2024: USD 78.5 million) gross was outstanding.
Difference between face value and carrying amount \u2013 Sellers Credits
In 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 in 2022.
Note 15\tOther current liabilities
2025 | 2024 | |
Accrued costs | 27.8 | 18.7 |
Contract liabilities\u200c1 | 17.0 | 10.3 |
Total interest-free current liabilities | 44.8 | 29.0 |
1Contract liabilities represents unrecognised mobilisation fees and advances from customers
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__96-1": { "value": "Note 15\tOther current liabilities
2025 | 2024 | |
Accrued costs | 27.8 | 18.7 |
Contract liabilities\u200c1 | 17.0 | 10.3 |
Total interest-free current liabilities | 44.8 | 29.0 |
1Contract liabilities represents unrecognised mobilisation fees and advances from customers
Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__97-1": { "value": "Note 15\tOther current liabilities
2025 | 2024 | |
Accrued costs | 27.8 | 18.7 |
Contract liabilities\u200c1 | 17.0 | 10.3 |
Total interest-free current liabilities | 44.8 | 29.0 |
1Contract liabilities represents unrecognised mobilisation fees and advances from customers
Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__98": { "value": "Note 16\tMortgages and guarantees
As at 31 December 2025, the Group\u2019s interest-bearing debt secured by mortgages totaled USD 228.0 million (2024: USD 343.1 million). The debt was secured by mortgages on the accommodation/units for maintenance and safety vessels Safe Caledonia, Safe Boreas, Safe Zephyrus and Safe Notos with net carrying value USD 283.8 million as at 31 December 2025 (2024: USD 262.2 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 2025, 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 of approximately USD 77.5 million and USD 60 million (2024: approximately USD 57 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__101": { "value": "Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__102": { "value": "Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__103": { "value": "Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__104-1": { "value": "Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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\tOther current assets
2025 | 2024 | |
Other receivables | 13.2 | 4.0 |
Prepayments | 4.3 | 3.6 |
Other current assets | 0.9 | 0.2 |
Contract assets | 3.4 | 0.7 |
Total other current assets | 21.8 | 8.5 |
Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__106-1": { "value": "Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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\tOther current assets
2025 | 2024 | |
Other receivables | 13.2 | 4.0 |
Prepayments | 4.3 | 3.6 |
Other current assets | 0.9 | 0.2 |
Contract assets | 3.4 | 0.7 |
Total other current assets | 21.8 | 8.5 |
Note 17\tFinancial assets and liabilities
As at 31 December 2025, the Group had financial assets and liabilities in the following categories:
Year ended 31 December 2025 | Financial assets measured at\u00a0amortised cost | Financial liabilities measured at\u00a0amortised cost | Carrying value | Fair value |
Cash and cash equivalents | 65,3 | 65,3 | 65,3 | |
Accounts receivable | 25,9 | 25,9 | 25,9 | |
Other current assets | 14,1 | 14,1 | 14,1 | |
Total financial assets | 105,3 | 105,3 | 105,3 | |
Interest-bearing debt\u200c1 | 296,1 | 296,1 | 296,1 | |
Accounts payable | 3,1 | 3,1 | 3,1 | |
Other current liabilities | 27,8 | 27,8 | 27,8 | |
Other non-current liabilities | 1,8 | 1,8 | 1,8 | |
Total financial liabilities | 328,8 | 328,8 | 328,8 |
1Refer to note 14for details on interest-bearing debt.
Year ended 31 December 2024 | Financial assets measured at amortised cost | Financial liabilities measured at amortised cost | Carrying value | Fair value |
Cash 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 | |
Interest-bearing debt\u200c1 | 415.9 | 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 |
1Refer to note 14for 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:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__112": { "value": "Note 18\tFinancial risks
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's 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. There are no credit lines available for hedging of financial risks and consequently such risks remained unhedged.
Currency risk
The 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 | 2025 | 2024 |
Re-valuation cash and deposits | ||
USD +5% | (1.0) | (0.7) |
USD -5% | 1.0 | 0.7 |
Interest rate risk
Cash 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's 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. There are no credit lines available for hedging of financial risks. The Group has not entered into arrangements to hedge the floating interest rate.
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 | 2025 | 2024 |
Interest expense on credit facilities | ||
50 bps increase | 1.1 | 1.7 |
50 bps decrease | (1.1) | (1.7) |
Credit risk
In 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 2025, the Group held cash and deposits of USD 63.3 million (2024: USD 46.8 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.\u00a0As at 31 December 2025 and 31 December 2024, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3\u00a0months. Based on the Group's assessment, the expected credit loss is not material.
Accounts receivables | Total | Not due | < 30 days |
31 December 2025 | 25.9 | 23.6 | 2.3 |
31 December 2024 | 21.6 | 20.8 | 0.8 |
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 vessel 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 a best possible access to capital markets if and when needed.
As at 31 December 2025, liquidity for covenant testing purposes was USD 61.4 million. Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 20 millions.
As at 31 December 2025, the Group's main financial liabilities had the following remaining contractual maturities:
Per year | 2025 | 2026 | 2027 | 2028 |
Interest-bearing debt (repayments)\u200c1 | 6,9 | 7,4 | 7,1 | 311,1 |
Interests\u200c2 | 23,3 | 18,1 | 17,7 | 11,0 |
Taxes | 5,9 | 0,0 | 0,0 | 0,0 |
Accounts payable and other current liabilities | 30,3 | 0,0 | 0,0 | 0,0 |
Total | 66,4 | 25,5 | 24,8 | 322,1 |
1Interest-bearing debt includes lease liabilities, credit facilities and sellers credit from Cosco. The credit facilities mature in August 2028. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus sellers credit which matures in 2028.
2Interest on lease liabilities, credit facilities and seller credits. Based on current agreed credit margin plus SOFR forward curve as at 31 December 2025, and the expected cash flows under the sellers credit terms.
As at 31 December 2024, the Group's main financial liabilities had the following remaining contractual maturities:
Per year | 2025 | 2026 | 2027 | 2028 |
Interest-bearing debt (repayments)\u200c1 | 349,9 | 7,4 | 7,1 | 58,0 |
Interests\u200c2 | 24,8 | 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 |
1Interest-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.
2Interest 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.
Capital management
The primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's 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.
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's 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. There are no credit lines available for hedging of financial risks and consequently such risks remained unhedged.
Currency risk
The 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 | 2025 | 2024 |
Re-valuation cash and deposits | ||
USD +5% | (1.0) | (0.7) |
USD -5% | 1.0 | 0.7 |
Interest rate risk
Cash 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's 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. There are no credit lines available for hedging of financial risks. The Group has not entered into arrangements to hedge the floating interest rate.
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 | 2025 | 2024 |
Interest expense on credit facilities | ||
50 bps increase | 1.1 | 1.7 |
50 bps decrease | (1.1) | (1.7) |
Credit risk
In 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 2025, the Group held cash and deposits of USD 63.3 million (2024: USD 46.8 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.\u00a0As at 31 December 2025 and 31 December 2024, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3\u00a0months. Based on the Group's assessment, the expected credit loss is not material.
Accounts receivables | Total | Not due | < 30 days |
31 December 2025 | 25.9 | 23.6 | 2.3 |
31 December 2024 | 21.6 | 20.8 | 0.8 |
Currency risk
The 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 | 2025 | 2024 |
Re-valuation cash and deposits | ||
USD +5% | (1.0) | (0.7) |
USD -5% | 1.0 | 0.7 |
Credit risk
In 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 2025, the Group held cash and deposits of USD 63.3 million (2024: USD 46.8 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.\u00a0As at 31 December 2025 and 31 December 2024, no credit reserve has been recorded as the Group's clients are typically major oil companies and national oil companies and the receivables are usually received within 3\u00a0months. Based on the Group's assessment, the expected credit loss is not material.
Accounts receivables | Total | Not due | < 30 days |
31 December 2025 | 25.9 | 23.6 | 2.3 |
31 December 2024 | 21.6 | 20.8 | 0.8 |
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 vessel 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 a best possible access to capital markets if and when needed.
As at 31 December 2025, liquidity for covenant testing purposes was USD 61.4 million. Under the existing credit facility agreements, the Group is required to maintain a minimum liquidity of USD 20 millions.
As at 31 December 2025, the Group's main financial liabilities had the following remaining contractual maturities:
Per year | 2025 | 2026 | 2027 | 2028 |
Interest-bearing debt (repayments)\u200c1 | 6,9 | 7,4 | 7,1 | 311,1 |
Interests\u200c2 | 23,3 | 18,1 | 17,7 | 11,0 |
Taxes | 5,9 | 0,0 | 0,0 | 0,0 |
Accounts payable and other current liabilities | 30,3 | 0,0 | 0,0 | 0,0 |
Total | 66,4 | 25,5 | 24,8 | 322,1 |
1Interest-bearing debt includes lease liabilities, credit facilities and sellers credit from Cosco. The credit facilities mature in August 2028. The Group is paying the minimum instalments agreed with Cosco under the Safe Eurus sellers credit which matures in 2028.
2Interest on lease liabilities, credit facilities and seller credits. Based on current agreed credit margin plus SOFR forward curve as at 31 December 2025, and the expected cash flows under the sellers credit terms.
As at 31 December 2024, the Group's main financial liabilities had the following remaining contractual maturities:
Per year | 2025 | 2026 | 2027 | 2028 |
Interest-bearing debt (repayments)\u200c1 | 349,9 | 7,4 | 7,1 | 58,0 |
Interests\u200c2 | 24,8 | 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 |
1Interest-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.
2Interest 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__115": { "value": "Capital management
The primary objective of the Group's capital management is to ensure that it maintains a healthy capital structure in line with economic conditions. The Group manages the total of shareholders' equity and long-term debt as their capital. Normally the Group's 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__99": { "value": "Note 19\tCash and cash equivalents
2025 | 2024 | |
Restricted cash deposits | 2.5 | 2.0 |
Cash held in New Group | 2.3 | 2.3 |
Free cash and short-term deposits | 60.5 | 42.5 |
Total cash and cash equivalents | 65.3 | 46.8 |
See note 14for details on financial covenants relating to cash and cash equivalents
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__116": { "value": "Note 19\tCash and cash equivalents
2025 | 2024 | |
Restricted cash deposits | 2.5 | 2.0 |
Cash held in New Group | 2.3 | 2.3 |
Free cash and short-term deposits | 60.5 | 42.5 |
Total cash and cash equivalents | 65.3 | 46.8 |
See note 14for details on financial covenants relating to cash and cash equivalents
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__117": { "value": "Note 19\tCash and cash equivalents
2025 | 2024 | |
Restricted cash deposits | 2.5 | 2.0 |
Cash held in New Group | 2.3 | 2.3 |
Free cash and short-term deposits | 60.5 | 42.5 |
Total cash and cash equivalents | 65.3 | 46.8 |
See note 14for details on financial covenants relating to cash and cash equivalents
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__118": { "value": "Note 20\tOther current assets
2025 | 2024 | |
Other receivables | 13.2 | 4.0 |
Prepayments | 4.3 | 3.6 |
Other current assets | 0.9 | 0.2 |
Contract assets | 3.4 | 0.7 |
Total other current assets | 21.8 | 8.5 |
Note 20\tOther current assets
2025 | 2024 | |
Other receivables | 13.2 | 4.0 |
Prepayments | 4.3 | 3.6 |
Other current assets | 0.9 | 0.2 |
Contract assets | 3.4 | 0.7 |
Total other current assets | 21.8 | 8.5 |
Note 21\tRelated party disclosures
The financial statements comprise the parent Company, Prosafe SE, and the subsidiaries listed below.
Company name | Country of incorporation | Ownership | Voting share |
Prosafe Services Maritimos Ltda | Brazil | 100% | 100% |
Prosafe Offshore BV | Netherlands | 100% | 100% |
Prosafe AS | Norway | 100% | 100% |
Prosafe Holding 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% |
Transactions and outstanding balances within the Group have been eliminated in full.
Shares and share options owned by directors and executive management as at 31 December 2025
(includes shares owned by close family/relatives and wholly-owned companies)
Shares | Share options | Restricted stock\u00a0units | |
Directors | |||
Carey Lowe (from 21 July 2025) | 0 | 0 | 198,646 |
JB de Boissieu (from 21 July 2025) | 0 | 0 | 132,431 |
Monique Fares (from 21 July 2025) | 0 | 0 | 99,323 |
Knut B\u00f8 (from 21 July 2025) | 0 | 0 | 99,323 |
Grethe Kristin Moen (from 21 July 2025) | 0 | 0 | 99,323 |
Glen Ole R\u00f8dland (until 21 July 2025) | 457,334 | 72,888 | 0 |
Birgit Aagaard-Svendsen (until 21 July 2025) | 3 | 18,222 | 0 |
Nina Udnes Tronstad (until 21 July 2025) | 7,667 | 18,222 | 0 |
Halvard Idland (until 21 July 2025) | 0 | 18,222 | 0 |
Executive management | |||
Terje Askvig (until 1 September 2025) | 0 | 0 | 0 |
Reese McNeel | 2,000 | 120,000 | 681,472 |
Halvdan Kielland | 0 | 0 | 84,878 |
Ryan Duncan Stewart | 73 | 100,000 | 438,088 |
Claudio Pereira | 0 | 20,000 | 102,253 |
The financial statements comprise the parent Company, Prosafe SE, and the subsidiaries listed below.
Company name | Country of incorporation | Ownership | Voting share |
Prosafe Services Maritimos Ltda | Brazil | 100% | 100% |
Prosafe Offshore BV | Netherlands | 100% | 100% |
Prosafe AS | Norway | 100% | 100% |
Prosafe Holding 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% |
Transactions and outstanding balances within the Group have been eliminated in full.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__123": { "value": "Note 22\tCapital commitments
New builds
As at 31 December 2025, the Group had two (2024: two) undelivered new builds residing at Cosco's 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 delivery of the vessels in the future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s8__6__124": { "value": "Note 23\tEvents after the reporting date
No events after the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001LK2Z2HSER4U15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }