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"value": "NOTE 1 Basis of preparationREPORTING ENTITYBW Offshore Limited (\u2018BW Offshore\u2019 or \u2018the Company\u2019) was incorporated in Bermuda in 2005 and is domiciled in Bermuda with its registered address at Washington thMall Phase 2, 4 Floor, Suite 400, 22 Church Street, Hamilton HM1189, Bermuda.BW Offshore Limited and its subsidiaries are referred to as the \u2018Group\u2018. The Group builds, owns and operates FPSOs (Floating, Production, Storage and Offloading vessels). The Group also does strategic investments to capture energy transition opportunities. The Company is listed on Oslo Stock Exchange (OSE).BASIS OF ACCOUNTINGThe consolidated financial statements of the Group have been prepared pursuant to International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union (\u2018EU\u2019). The consolidated financial statements have been prepared in accordance with the historical cost convention with some exceptions, as detailed in the accounting policies set out below.The consolidated financial statements were approved by the Board of Directors on 27 February 2023.Details of the Group\u2019s accounting policies, including changes thereto, are included in Note 2.FUNCTIONAL AND PRESENTATION CURRENCYThese consolidated financial statements are presented in United States Dollars (USD). This is also the functional currency of the parent company and most of its subsidiaries. The functional currency is determined in each entity in the Group based on the currency within the entity\u2019s primary economic environment. All figures are in USD million if not otherwise stated. Because of rounding differences, numbers and or percentages may not add up to the total. Figures in brackets refer to corresponding figures for 2021.USE OF JUDGEMENTS AND ESTIMATESThe preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise its judgement in the process of complying with the Group\u2019s accounting policies. Actual results may differ from these estimates. Estimates and judgements are reviewed on an ongoing basis based on historical experience and expectations of future events. The following is a summary of the judgements and estimates made that could have a material effect on the consolidated financial statements.DepreciationThe level of depreciation depends on the estimated useful life of the different components of the assets andresidual value at the end of its useful life. The estimated useful life is based on experience and knowledge of the vessels owned by the Group. Management will have to make assessments as to the expected useful life of the hull and marine scope as well as the process equipment for an FPSO. Assumptions will also have to be made about the expected contract period for non-recoverable components for the assets, which can deviate signifi-cantly from the useful life of hull and process equipment.Assumptions on residual value are based on knowledge of current scrap values, which in turn depend on steel prices in the world market and demobilisation costs, together with an expected inflation.ImpairmentThe Group periodically reviews whether vessels, other property, plant and equipment, right-of-use assets, equity accounted investees and intangible assets for potential impairment indicators when circumstances indicate and at least on an annual basis. Goodwill is tested for impairment at a minimum annually. Reference is made to the accounting policies stated in Note 2.Property, plant and equipmentThe recoverable amounts of each vessel, being defined as a cash-generating unit, is the higher of its fair value less cost of disposal and its value in use. Value in use calculations are based on contracted cash flows and estimates of uncontracted cash flows for the useful lives of each vessel, including residual values discounted by an estimated discount rate. Assumptions on uncontracted cash flows are based on several variables, such as comparing the specifications on a particular FPSO with planned new FPSO projects around the world, assessment of investment levels to redeploy the FPSO on a new field and assumptions on rates to be achieved from redeployment. The key assumptions used for the impairment testing of FPSOs are described in Note 14.All impairment assessment calculations demand a high degree of estimation. Management must make complex assessment of the expected cash flows arising from such assets and the selection of discount rates. Changes to these estimates could have significant impact on the impairments recognised and future changes may lead to reversals of recognised impairments.Goodwill and technologyValuations performed in light of the impairment test of goodwill and technology assets demand a high degree of estimation. Management must make complex assessments of the expected cash flows arising and discount rates used in the valuation models. Changes to these estimates could have significant impact on the impairments recognised and future changes may lead to additional impairments.The financial forecasts used in the goodwill and technology asset impairment test reflect management\u2019s judgement on the probability of realising projects, and for those projects expected to be developed, the development and capital expenditures, operating expenses and the tariff applied to the electricity sold, which is being determined using a target internal rate of return as well as the discount rate. This judgement is based on present circumstances at the valuation date, as to the most likely set of conditions and the course of action it is most likely to take. It is usually the case that some events and circumstances do not occur as expected or are not anticipated. Therefore, actual results during the forecast period will almost always differ from the forecasts and as such differences may be material. In addition, floating offshore wind is a new industry with no commercial projects established yet globally, resulting in a high degree of estimation uncertainty related to the identification of prospective projects and chances of acquiring such projects.Lease classificationWhen the Group enters into a new or amended lease arrangement with customers, the terms and conditions of the contract are analysed in order to assess whether or not the Group retains the significant risks and rewards of ownership of the asset subject of the lease contract. To identify whether risks and rewards are retained, the Group considers the indicators listed by IFRS 16 on a contract-by-contract basis. By performing such assessment, the Group makes significant judgement todetermine whether the arrangement results in a finance lease or an operating lease. This judgement can have a significant effect on the amounts recognised in the consolidated financial statements and its recognition of profits in the future.TaxationThe Group is subject to income taxes payable to various jurisdictions across the globe. Significant judgement is required in some jurisdictions to determine the provision for income taxes. There are many transactions and calculations for which the final tax determination is uncertain during the ordinary course of business. The Group monitors each issue around uncertain tax treatments across the Group in order to ensure that the Group applies sufficient judgement to the resolution of tax disputes that might arise.The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. The income tax liabilities include any penalties and interest that could be associated with a tax audit issue. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will influence the income tax and deferred tax amounts in the period in which such determination is made.CHANGES IN SIGNIFICANT ACCOUNTING POLICIESVarious new standards are effective from 1 January 2022, none of these changes have a material impact on the Group\u2019s financial statements.NOTE 2 Significant accounting policiesBASIS OF CONSOLIDATIONBusiness combinationsThe Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity instruments.SubsidiariesThe subsidiaries are legal entities (including special purpose entities) controlled by the Group. Control is achieved when the Group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. Subsidiaries are fully consolidated from the date on which control commences until the date on which control ceases.Non-controlling interestsNon-controlling interests (NCI) represent the portion of the statement of income and net assets in the subsidi-aries not held by the Group, and the amount attributable to the non-controlling interest is shown beneath the statement of income and is included in equity in the statement of financial position. Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interest having a deficit balance.Loss of controlWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and 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.Interests in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and a joint venture.Associates are those entities in which the Group has a significant influence, but not control, or has joint control, over the financial and operating policies, generally accompanying a shareholding of between 20 per cent and 50 per cent of the voting rights. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement.Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures and joint operations. Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.Interests in associates and joint ventures are accounted for using the equity method.The interests include goodwill and excess values identified as per the date of acquisition, net of any accumulated impairment loss. Any excess values that are to be amortised are deducted from the profit pursuant to the same principles as for consolidated companies. Goodwill is not amortised. The balance sheet value of associates and joint ventures represents the original cost price (equalling the fair value at the time of purchase) plus profit accumulated up to the present, less any amortisation of excess values and accumulated dividends received.Transactions eliminated on consolidationIntercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associates and joint ventures.FOREIGN CURRENCYForeign currency transactionsTransactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Foreign currency differences are generally recognised in profit or loss and presented within finance costs.However, foreign currency differences arising from quali-fying cash flow hedges to the extent that the hedges are effective, are recognised in OCI.Foreign operationsThe assets and liabilities of entities whose functional currencies are other than USD, are translated into USD at the exchange rates at the balance sheet date. The revenues and expenses of such entities are translated into USD using the monthly average exchange rates.Exchange differences are recognised in OCI and accumulated in the currency translation reserve in other equity, except to the extent that the translation difference is allocated to NCI.Upon disposal of a foreign subsidiary, or when control, significant influence or joint control is lost, the accu-mulated exchange differences related to investments accumulated in shareholders\u2019 equity are reclassified to the consolidated statement of income.If the Group disposes of parts of its interests in a subsidiary but retains control, the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the proportionate share of the accumulated exchange differences is reclassified to profit or loss.REVENUESThe Group\u2019s revenues derive from chartering of FPSOs, rendering of operational services related to FPSOs and engineering services.Revenue from contracts with customersRevenue from contracts with customers is recognised upon satisfaction of the performance obligations for the transfer of services in each such contract. A performance obligation is satisfied when or as the customer obtains control of the goods or services delivered. It is recognised at an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. Revenues are presented net of indirect sales taxes. The Group\u2019s performance obligations are to operate and lease out FPSOs.Operational servicesIncome from the rendering of operational services related to FPSOs and other services are recognised as revenue over time in the period when the services are rendered.Variable considerationCertain lease contracts contain variable elements, which include production incentive-, KPI- and maintenance bonuses. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled. The variable consideration is only recognised when it is highly probable that it would not be subject to significant reversal in the future.FEED (Front-End Engineering Design)A FEED study is a preliminary step taken before basic engineering level work and is undertaken to confirm the technical and economic feasibility of a prospective oil field development. Income from FEED contracts is recognised as revenue from contracts with customers when a certain milestone is reached and control transfers to the customer.Lease revenueChartering of vesselsRevenue from chartering of FPSOs is based on whether the contract is considered an operating lease or a finance lease.Operating leaseLeases, in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Payments received under operating leases are recognised as revenue on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. The lease term period for each lease contract is the non-cancellable period for which the lessee has contracted the asset together with an assessment of any further terms that the lessee has the option to continue the lease, when Management considers it reasonably certain that the lessee will exercise the option. This judgement is based on a combination of information about the field, the market and the client. As lease rates can vary over the lease term, this implies that there might be significant timing differences between cash flow and recognised revenue from a particular lease.If an arrangement contains lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. Contingent rental income is recognised as revenue in the period in which it is earned.Finance leaseLeases in which substantially all of the risks and rewards of ownership are transferred to the lessee are classified as finance leases. Assets held pursuant to a finance lease are presented in the balance sheet as a receivable at an amount equal to the net investment in the lease. The recognition of finance income on the receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease. During the construction phase of the asset, the contract is treated like a construction contract.Interest income arising from a finance lease is recognised on a time proportion basis applying the effective interest method. Interest income arising from a finance lease is classified as part of operational income while other interest income is classified as finance income.EMPLOYEE BENEFITSDefined contribution plansIn addition to the defined benefit, the Group has contributed to other pension plans. The pension premiums are charged to expenses as they are incurred. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Share-based paymentThe grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an employee benefits 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 and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.TAXESThe Company is not subject to any income taxes in Bermuda, but the Company and its subsidiaries may be subject to income tax in the countries in which they operate. The Group provides for tax on profit based on the profit for financial reporting purposes, adjusted for non-taxable revenue and expenses.Income tax expense represents the sum of tax currently payable, changes in deferred tax liabilities and deferred tax assets, and withholding tax on charter hire and financial items. Charter hire and financial items are presented gross including withholding taxes payable where applicable.Deferred tax liabilities / tax assets are calculated on all differences between the book value and tax value of assets and liabilities, except for:\u2022 Differences linked to goodwill which are not tax deductible.\u2022 Differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax assets and liabilities are recognised when assets with temporary differences are acquired through business combinations.Deferred tax liabilities and deferred tax assets are measured on the basis of the expected future tax rates applicable to the companies in the Group where tempo-rary differences exist.Deferred tax assets and deferred tax liabilities are recognised at their nominal value and classified as non-current asset investments (long-term liabilities) in the balance sheet.Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.INVENTORIESInventories are valued at the lower of cost or net realisable value. Cost of materials and other consumables is based on the weighted average cost method and cost of fuel oil is based on the \u2018first-in, first-out\u2019 allocation method. The cost of inventories comprises the purchase price, import duties and other taxes, transport, handling and other costs directly attributable to the acquisition of finished goods, materials and services.PROPERTY, PLANT AND EQUIPMENT (PP&E)MeasurementPP&E are recognised at cost and subsequently measured at cost less accumulated depreciation and impairment charges. This includes costs of material, direct labour and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Management, including attributable overheads and estimate of costs of demobilising the asset.Borrowing costs directly attributable to an acquisition or construction of vessels, which take a substantial period to get ready for their intended use, are added to the cost of the asset until the assets are ready for their intended use. Borrowing cost consists of interest and other cost, which the entity incurs in connection with the borrowing of funds.Subsequent costs are included in the asset\u2019s carrying amount, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.DepreciationDepreciation will start when an item of PP&E is ready for intended use.For FPSOs this will be when the unit is successfully installed on the oil field.When significant parts of an item of PP&E have different useful lives, those components are accounted for as separate items of PP&E. The different components are depreciated by using a straight-line method over their expected useful life, taking into account the residual value.The estimated useful lives of the categories of PP&E are as follows:FPSOs:\u2022 Hull and Marine scope, including associated investments like refurbishment: 15\u201325 years.\u2022 Field-specific equipment and associated investment costs which are incurred for a specific project, e.g. installation costs and transport costs: 3\u201325 years.\u2022 Process equipment and associated investment. (In case of long-term contracts these items can be fully depreciated over the contract duration.): 10\u201325 years.Other PP&Es, like IT equipment, office equipment, technical installation and cars: 3\u201310 years.The assets\u2019 useful life and residual values are reviewed, and if necessary adjusted, at each reporting date.Disposal of PP&EGains and losses that result from the disposal of vessels, vehicles and equipment are recorded in a separate line in the consolidated statement of income.ImpairmentAssets including vessels, vessels under construction, conversion candidates and other PP&Es, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s net selling price and its value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separate identifiable cash flows (cash-generating units). Each FPSO is identified as a cash-generating unit.At the end of each reporting period the Group will assess whether there is any indication that an impairment recognised in previous periods may no longer exist or may have decreased. If any such indication exists, the Group will estimate the recoverable amount of the asset. If the recoverable amount is higher than the carrying amount of the asset, the carrying amount of the asset will be increased to its recoverable amount. The increase shall not exceed the carrying amount that would have been determined if no impairment loss had been recognised in previous periods. Previously recognised impairments should be reversed if there are significant changes with a favourable effect in the indicators.INTANGIBLE ASSETS AND GOODWILLGoodwillGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units (CGUs) for the purpose of the annual impairment testing.TechnologyTechnology acquired in a business combination is recognised at fair value at the acquisition date when intangible assets criteria are met and amortised on a straight-line basis over the useful life of fifteen years.Research and developmentExpenditure on research activities is recognised in profit or loss as incurred.Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditures are measured at cost less accumulated amortisation and any accumulated impairment losses.Capitalised development costs are amortised over the period of expected future benefit, usually five years.ImpairmentIntangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s fair value less cost of disposal and its value in use.For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is greater than its value in use and its fair value less cost of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or CGU. The use of a post-tax discount rate does not result in a different determination of the need for, or the amount of, impairment (reversal) that would be required if a pre-tax discount rate had been used.An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.ASSETS HELD FOR SALENon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.Assets and liabilities classified as held-for-sale are presented separately as current items in the statement of financial position.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetsThe Group\u2019s financial assets are derivatives, trade and financial lease receivables and cash and cash equivalents.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortised cost.\u2022 Financial assets at fair value through profit or loss (FVTPL).Financial assets at amortised costThe Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows.\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the consolidated statement of income when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables, finance lease and other non-current assets. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 \u2013 Revenue from contracts with customers.Financial assets at fair value through profit or lossDerivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through the profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either.a. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFor trade and other receivables, finance lease and other non-current assets, the Group applies a simplified approach in calculating Estimated Credit Losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows.The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Financial liabilitiesFinancial liabilities are classified as measured at amortised cost except for financial liabilities at fair value through profit or loss (FVTPL). Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the consolidated statement of income, as well as any gain or loss on derecognition.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilitiesThe Group has applied the derecognition requirement in IFRS 9 \u2013 Financial Instruments prospectively to transactions occurring on or after the transition date, but not retrospectively to financial liabilities already derecognised prior to the transition date.Under IFRS, the amortised cost of a modified financial liability, in which the terms of the financial liability are not determined to be substantially modified, is recalculated as the present value of the estimated future contractual cash flows, discounted at the original effective interest rate. The resulting gains or losses are recognised in profit or loss.Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are initially measured at fair value.At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.CASH AND CASH EQUIVALENTSCash and cash equivalents include cash in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents also include short-term highly liquid investments, readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value. Restricted cash related to withholding tax from employees is included as cash and cash equivalents.SHARE CAPITALOrdinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in the equity as a deduction, net of tax, from the proceeds.Treasury sharesWhen shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a reduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.Preference sharesPreference shares in subsidiaries are presented as shareholders\u2019 equity. As these preference shares in subsidiaries are not held by the Group directly, these are presented as non-controlling interest and the result to those preference shares, equivalent to the preference dividend, is presented as the non-controlling interests share of the result regardless of whether dividends have been paid or accumulated. Refer to Note 23.COMPOUND FINANCIAL INSTRUMENTSCompound financial instruments issued by the Group comprise convertible bonds denominated in USD, that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value.The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised as the difference between the fair value of the compound financial instrument and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured, unless repurchases of convertible bonds occur before maturity. Upon repurchase, the difference between the repurchase price and carrying amount is allocated between the liability component, equity component and a potential gain or loss is recognised in the consolidated statement of income.Interest related to the financial liability is recognised in the consolidated statement of income. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised.CLASSIFICATION OF ASSETS AND LIABILITIESAssets for long-term ownership or use are classified as non-current assets. Other assets are classified as current assets. Liabilities which fall due more than one year after being incurred are classified as non-current liabilities, except for next year\u2019s instalment on long-term debt. This is presented as current interest-bearing debt. Liabilities which fall due less than one year after they are incurred are classified as current liabilities.PROVISIONS AND CONTINGENT ASSETS AND LIABILITIESProvisions are recognised when the Group has a legal or constructive obligation resulting from past events, when it is likely that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.Contingent liabilities are not recognised in the annual accounts. Significant contingent liabilities are disclosed, except for contingent liabilities that are unlikely to be incurred.Contingent assets are not recognised in the annual accounts but are disclosed if the probability that the benefit will be added to the Group is more likely than not.LEASESThe Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration.The Group as a lesseeThe Group applies a single recognition and measurement approach for all leases except for short-term leases and leases of low value. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The Group has elected to not separate non-lease components and account for the lease and the non-lease components as a single lease component.Right-of-use assetsThe Group recognises a right-of-use asset and a lease liability at the commencement date of the lease. This is the date the underlying asset is available for use.Right-of-use assets are measured at cost and depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.Lease liabilitiesThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. In calculating the present value, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments, including in-substance fixed payments.\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date.The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in the consolidated statement of income if the carrying amount of the right-of-use asset has been reduced to zero.The Group determines its incremental borrowing rate by obtaining interest rates from the external bank financing.Short-term leases and leases of low valueThe Group applies the short-term lease recognition exemption to its short-term leases. A short-term lease is a lease that has a lease term of 12 months or less from the commencement date. It also applies the low-value exemption to leases of office equipment that are considered to be low value. Lease payments for these leases are recognised as an expense on a straight-line basis over the lease term.The Group as a lessorWhen the Group acts as a lessor, it assesses whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset, including the existence and terms of any extension or purchase options.NOTE 3 Standards issued but not yet effectiveA number of new standards are effective for annual periods beginning after 1 January 2022 and earlier application is permitted; however, the Group has not early adopted the new and amended standards in preparing these consolidated financial statements. The following new and amended standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements.\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) Classification of Liabilities as Current or Non-current (Amendments to IAS 1)\u2022 Classification of Liabilities as Current or Non-current (Amendments to IAS 1)\u2022 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)\u2022 Definition of Accounting Estimates (Amendments to IAS 8)NOTE 4 Operating segmentsFollowing the establishment of BW Ideol AS in March 2021, the Group\u2019s activities are construction, lease and operation of FPSOs as well as offshore floating wind.The Group identifies segments on the basis of those components of the Group that are regularly reviewed by the chief operating decision-maker (\u2018CODM\u2019). The Group identified its Senior Management team as the CODM, reference to Note 8 for definition of Senior Management team. The reported measure of segment profit is operating profit/(loss). Deferred tax assets, pension assets and non-current financial assets are not allocated to the segments. Operating segment disclosures are consistent with the information reviewed by the CODM.Segment performance for 2022 and 2021 is presented below:2022Floating USD MILLION FPSOwind Eliminations TotalRevenues 732.6 6.6 - 739.2Other revenue 32.6 2.3 - 34.9Revenues inter-segment 0.1 0.3 (0.4) -Total revenues 765.3 9.2 (0.4) 774.1Operating expenses (395.5) (13.5) - (409.0)Administrative expenses (19.4) - - (19.4)Operating profit before depreciation, amortisation, 350.4 (4.3) (0.4) 345.7impairment and sale of assetsDepreciation, amortisation and impairment (210.0) (14.6) - (224.6)Profit/(loss) sale of fixed assets 2.5 - - 2.5Operating profit/(loss) 142.9 (18.9) (0.4) 123.6Capital expenditure 779.1 4.1 - 783.2Balance sheet informationEquity-accounted investees 320.7 17.2 - 337.9Non-current segment assets 2 441.0 99.6 - 2 540.6Non-current assets, not allocated to segments 86.0Total non-current assets 2 964.52021Floating USD MILLION FPSOwind Eliminations TotalRevenues 775.2 2.7 - 777.9Other revenue 49.8 1.6 - 51.4Revenues inter-segment 0.2 - (0.2) -Total revenues 825.2 4.3 (0.2) 829.3Operating expenses (405.2) (14.4) 0.2 (419.4)Administrative expenses (8.6) - - (8.6)Operating profit before depreciation, amortisation, 411.4 (10.1) - 401.3impairment and sale of assetsDepreciation, amortisation and impairment (350.2) (10.3) - (360.5)Profit/(loss) sale of fixed assets 1.2 - - 1.2Operating profit/(loss) 62.4 (20.4) - 42.0Capital expenditure 417.2 10.4 - 427.6Balance sheet informationEquity-accounted investees 210.3 - - 210.3Non-current segment assets 1 840.5 114.8 - 1 955.3Non-current assets, not allocated to segments 88.0Total non-current assets 2 253.6GEOGRAPHIC INFORMATIONRevenueFor the FPSO segment, the classification of revenue per region is determined by the final destination of the FPSO, while the classification in the floating wind segment is based on the geographic location of the customers.USD MILLION 2022 2021Americas 171.7 177.2Europe/Africa 557.3 531.8Asia and the Pacific 45.1 120.3Total revenues from continuing operations 774.1 829.3USD 8.9 million (USD 4.3 million) of revenues in the Europe/Africa region is related to the floating wind segment. Revenues in the other regions are related to the FPSO segment.Non-current assetsUSD MILLION 2022 2021Americas 213.3 340.5Europe/Africa 1 109.8 1 240.2Asia and the Pacific 1 188.7 391.52 511.8 1 972.2Non-current assets exclude deferred tax assets, derivatives, equity accounted investees and other non-current assets.MAJOR CUSTOMERThe Group has a limited number of customers (see also section regarding credit risk in Note 20). In accordance with IFRS 8.34, the Group has evaluated whether any single customers amount to 10 per cent or more of the total revenue.In 2022, the Group has identified two such customers. For these, the revenue was USD 388.7 million related to the FPSO segment. In 2021, the Group identified two such customers. For these, the revenue was USD 383.4 million related to the FPSO segment.NOTE 5 RevenueREVENUE STREAMSThe Group generates revenue primarily from rendering of services on operating FPSOs and chartering of FPSOs to its customers. The Group recognises most of its revenue over time.USD MILLION 2022 2021Revenue from contracts with customers 308.3 305.9Leasing revenue 430.9 472.0Other revenue 34.9 51.4Total revenue 774.1 829.3In May 2022, the Group was awarded a limited notice to proceed (LNTP) by Shell Brasil Petr\u00f3leo Ltda (Shell) and its partners for early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil. In November 2022, Shell paused the project due to concerns about the supply chain market and inflationary pressure. The Group was reimbursed for costs incurred in line with the agreed terms of the LNTP. The Group presents this income as \u2018other revenue\u2019 in the statement of profit or loss in 2022.During the normal course of business, the Group is involved in legal and other proceedings which are unresolved and outstanding. We have accounted for such claims and litigations based on the Group\u2019s best judgement. In 2021, the Group recognised USD 2.4 million in \u2018other revenue\u2019 related to a settlement reached with Petrobras pertaining to the P-63 EPC contract for which no receivable was previously recognised.In November 2020, the Group reached an agreement with New Zealand Government for a fully funded disconnection of FPSO Umuroa which was located on the Tui oil field offshore New Zealand. The Group did recognise USD 38.7 million in \u2018other revenue\u2019 in the statement of profit or loss in 2021.In 2021, the Norwegian Shipowners\u00b4 Mutual War Risks Insurance Association, Den Norske Krigsforsikring for Skib (DNK) returned USD 7.5 million, net of 25 per cent withholding tax, of previous paid insurance. This is presented as \u2018other revenue\u2019 in the statement of profit or loss.CONTRACT BALANCESThe following table provides information about receivables and contract assets and liabilities.USD MILLION 31 Dec 2022 31 Dec 2021Receivables included in trade and other current assets 151.9 188.8Contract assets included in trade and other current assets 58.3 48.9Contract liabilities \u2013 included in trade and other payables 4.3 3.7The majority of the Group\u2019s contracts consist of a lease for the FPSO as well as an operating agreement. The Group assessed the underlying risk profile to be equal.The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date.The contract liabilities primarily relate to advance consideration received from customers. USD 3.7 million (USD 3.6 million) recognised in contract liabilities in the beginning of the period has been recognised as revenue during 2022.The remaining unsatisfied performance obligations to be recognised as revenues from contracts with customers over the remaining firm contract period is USD 1 652.9 million (USD 1 837.9 million).NOTE 6 Operating, administrative and other expensesThe table below sets out expenses by nature for items included in operating expenses, other expenses and administrative expenses.USD MILLION 2022 2021Employee benefit expenses (Note 8) 169.5 184.6Vessel operating expenses 235.5 220.6Other expenses 23.0 22.0Total operating expenses 428.0 427.2NOTE 7 Earnings per shareBASIC EARNINGS PER SHAREThe calculation of basic EPS has been based on the following profit attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding.Profit/(loss) attributable to ordinary shareholders (basic)USD MILLION 2022 2021Profit/(loss) attributable to ordinary shareholders 129.7 62.6Weighted-average number of ordinary shares (basic)IN THOUSAND 2022 2021Issued ordinary shares at 1 January 184 956 184 956Effect of treasury shares held (4 141) (4 141)Weighted-average number of ordinary shares at 31 December 180 815 180 815DILUTED EARNINGS PER SHAREThe calculation of diluted EPS has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.Profit/(loss) attributable to ordinary shareholders (diluted)USD MILLION 2022 2021Profit/(loss) attributable to ordinary shareholders 129.7 62.6Interest expense on convertible notes 9.4 9.3Profit/(loss) attributable to ordinary shareholders (diluted) 139.1 71.9Weighted-average number of ordinary shares (diluted)IN THOUSAND 2022 2021Weighted-average number of ordinary shares (basic) 180 815 180 815Effect of share option on issue 872 -Effect of conversion of convertible bonds 29 316 34 275Weighted-average number of ordinary shares (diluted) at 31 December 211 002 215 090EARNINGS PER SHAREUSD MILLION 2022 2021Basic earnings / (loss) per share net 0.72 0.35Diluted earnings / (loss) per share net 0.66 0.33NOTE 8 Employee benefit expenses, remuneration to directors and auditorsEMPLOYEE BENEFIT EXPENSESUSD MILLION 2022 2021Wages, crew 88.7 108.4Wages, administrative personnel 62.9 58.4Social security contributions 7.4 7.8Expenses related to defined contribution scheme 7.7 5.4Expenses related to defined benefit scheme 0.2 0.2Share-based payment 2.6 4.4Total employee benefit expenses 169.5 184.6Average number of employees 1 806 1 9081SENIOR MANAGEMENT TEAM REMUNERATIONNumber of (IN USD) Salary Bonus Pension benefits Share options Other benefitsshares2022 2 570 225 742 992 169 188 847 799 85 629 430 5182021 2 734 465 44 441 63 834 954 295 21 350 430 5181 Senior Management team comprises Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Commercial Officer and General Counsel.LoansPart of Senior Management team received a loan in 2016 in NOK on arm\u2019s-length basis.The Group has not provided any loans to affiliates.(IN USD) 2022 2021Loans to Senior Management team - 22 744SeveranceSenior Management team has agreements that give them the right to compensation after termination of employment before retirement that equals 100 per cent of the salary for a maximum of 18 months. Compensation received from other employers during this period reduces this compensation, but not below 25 per cent of the compensation. There are no similar agreements with the members of the Board of Directors.BOARD OF DIRECTORS\u2019 REMUNERATION AND SHARES HELD(IN USD) Number of ShareYear Directors\u2019 fee shares options2022 385 000 90 419 229 -2021 336 792 91 729 229 -The compensation for members of the Board of Directors for the period May 2022 to May 2023 will be decided at the annual general meeting in May 2023.EMPLOYEE REMUNERATIONVariable Compensation SchemeThe Variable Compensation Scheme (VCS) is a system for rewarding employees if and when the Group reaches set goals for the Group\u2019s performance. The VCS plan is established on a year to year basis guided from the Board of Directors. The VCS for the performance year 2022 is based on the following parameters:1. Overall company results defined by targeted return on equity2. Health, Safety, Environment and Quality (HSEQ) performance of Zero HarmThe Board of Directors are assessing the achievements, including applying discretionary evaluations, to determine the Group pay-out pool for the VCS accordingly.Full pay-out is capped at three months\u2019 base salary for eligible employees, and six months for the Senior Management Team. Individual assessment of VCS pay-out is applied on a discretionary basis evaluating individual contributions, performance and key accomplishments.Long-term share option programmeIn 2019, the Board approved to establish a long-term share option programme (LTIP) where key personnel were granted options to purchase shares in the Company. The programme is approved for five years, with annual grants, each grant corresponding to 1 per cent of the total outstanding shares in the Company. The first grant was in 2019, with the last grant planned for 2023. The programme is discretionary, and participants are invited on an annual basis. The purpose of the programme is to further align the interests of the Group and its shareholders by providing incentives to employees to motivate them to contribute materially to the success and long-term profitability of the Group.The key terms and conditions related to the grants under these programmes are as follows; all options are to be settled by physical delivery of shares.Number of Grant dateinstruments Vesting conditions Contractual life of optionsVesting period of three years, followed by a On 8 April 2019 1 732 000three-year exercise period 6 yearsOn 6 March 2020 1 832 250 Same as above 6 yearsOn 26 February 2021 1 849 600 Same as above 6 yearsOn 7 March 2022 1 849 575 Same as above 6 yearsTotal share options 7 263 425Each option will give the holder the right to acquire one BW Offshore share. In 2022, a total of 60 (2021: 60) BW Offshore key employees were invited to participate in the programme.The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76 per cent which is corresponding to a 5 per cent increase annually over three years.The Company\u2019s exposure relating to the 2019 award is hedged by a Total Return Swap (TRS) agreement with financial exposure to 1 732 000 shares in BW Offshore. The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.Measurement of fair valuesThe fair value of the employee share options has been measured using the Black-Scholes formula. The inputs used in the measurement of the fair value at grant date were as follows.2022 2021Fair value at grant date (NOK) 12.20 14.47Share price at grant date (NOK) 28.84 35.24Exercise price (NOK) 33.78 42.08Expected volatility (weighted average) 59% 60%Expected life 4 years 4 yearsExpected dividends n/a n/aRisk-free interest rate (based on government bonds) 1.86% 0.81%Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share price particularly over the historical period equal to the expected term, adjusted for extreme movements. The expected term of the instruments has been based on historical experience and general option holder behaviour.Reconciliation of outstanding share optionsThe number and weighted-average exercise prices of share options under the share option programmes were as follows:2022 2021Weighted-Weighted-Number of average exercise Number of average exercise optionsprice (NOK)optionsprice (NOK)Outstanding at 1 January 5 128 025 40.81 3 564 250 44.77Terminated during the year (107 117) 39.48 (285 825) 42.23Adjusted 12 582 38.13 - n/aExpired (12 582) 38.13 - n/aGranted during the year 1 849 575 31.68 1 849 600 41.49Outstanding at 31 December 6 870 483 38.38 5 128 025 42.89Exercisable at 31 December 1 657 000 45.48 - n/aExpense recognised in profit or lossFor details of the related employee benefit expenses, see the employee benefit expenses table.Loans to other employees(IN USD) 2022 2021Loans to other employees 303 901 692 155AUDITORS\u2019 REMUNERATIONUSD '000 2022 2021Statutory audit 1 155.8 1 157.6Other attest services 5.1 45.3Tax-related services - 27.2Other services - 47.3Total fees 1 160.9 1 277.4KPMG is the appointed auditor of the Group.NOTE 9 Income taxesThe income tax expenses for the period comprise corporate income tax, withholding tax and deferred tax.BW Offshore Limited is a company registered in Bermuda. Currently, the Company is not required to pay taxes in Bermuda on ordinary income or capital gains.Depending on the jurisdiction, corporate income tax is due on the subsidiary\u2019s actual profits, and withholding tax is levied on a deemed profit basis or revenue basis (simplified calculation in lieu of profits tax). Deferred tax is calculated on temporary differences in jurisdictions where actual profits are the basis for taxation. Where the Group\u2019s activities are subject to withholding taxes, these are normally deducted by the customer who pays the taxes directly to the local tax authorities in the name of the Group.The Group\u2019s operational activities are subject to taxation rates which range from 0 per cent to 35 per cent.As the Group\u2019s operations are subject to different methods of taxation, income tax expenses will not necessarily change proportionally with changes in the overall net profit before tax. As a consequence of this, a reduction in net profit will often lead to a higher effective tax rate, while an increase in net profit can lead to a reduction in the effective tax rate.TAX EXPENSE FOR THE YEARUSD MILLION 2022 2021Deferred tax effect of changes in temporary differences (1.6) (59.8)Taxes payable current year 18.6 42.2Taxes payable prior years (0.1) (2.7)Withholding taxes 3.3 5.0Total tax expense continuing operations recognised in statement of income 20.2 (15.3)EFFECTIVE TAX RATEUSD MILLION 2022 2021Profit/ (loss) before tax 149.7 46.9Effect on permanent differences (1.0) 7.6Deferred tax effect of unrecognised deferred tax asset 5.5Income tax at Bermuda statutory income tax rate of 0% - -Withholding taxes 3.3 5.0Taxes payable current year, non-Bermuda jurisdictions 18.6 42.2Taxes payable prior years, non-Bermuda jurisdictions (0.1) (2.7)Deferred tax effect of changes in temporary differences (1.6) (59.8)Total income tax expense continuing operations at the effective income tax rate 20.2 (15.3)Effective tax rate 13.5% n/aTAX ASSETS AND LIABILITIESUSD MILLION 2022 2021Tax assets at 31 December (included in trade and other current assets) 0.3 0.7USD MILLION 2022 2021Tax payable at 31 December 11.7 21.8Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income becomes taxable.Deferred tax liabilities and deferred tax assets are specified as follows:USD MILLION 2022 2021Deferred tax assetsLosses and unabsorbed capital allowances 61.0 61.9Other 0.8 1.0Deferred tax assets \u2013 gross 61.8 62.9Deferred tax liabilitiesUnpaid/unremitted foreign interest income - (0.6)Vessels (8.5) (9.4)Other (12.4) (14.2)Deferred tax liabilities \u2013 gross (20.9) (24.2)Net recognised deferred tax assets / (deferred tax liabilities) 40.9 38.7In 2021, the Group, following the signing of the Barossa contract, considered it probable that tax losses carried forward in Australia can be utilised and consequently a deferred tax asset of USD 60.7 million was recognised in 2021.Net recognised deferred tax assets are expected to be recovered or settled after more than 12 months.The Group also has tax losses carried forward in several jurisdictions which are not recognised. The losses carried forward are USD 399.5 million (USD 492.1 million). These losses are not recognised as it is not possible to predict with reasonable certainty whether adequate taxable profit will be available in the future against which losses can be utilised. None of these will expire in 2023. Some of the tax losses have no expiry date. Note 26, Contingent assets and liabilities, provides information about tax audits and uncertainty of tax treatments.NOTE 10 InventoriesUSD MILLION 2022 2021Fuel oil 1.2 1.2Materials and consumables 5.5 24.5Inventories at 31 December 6.7 25.7In 2022, inventories were reduced by USD 18.5 million due to impairment on inventory balances for Abo FPSO, Espoir Ivoirien, Petr\u00f3leo Nautipa, Sendje Berge and Y\u00f9um K\u2019ak\u2019 N\u00e1ab. Inventories have been impaired considering respective assets are nearing completion of their respective contracts and it is not expected that inventory items will be utilised. The impairment is included in other expenses.NOTE 11 Trade and other current assetsUSD MILLION 2022 2021Trade receivables 151.9 188.8Contract assets 58.3 48.9Other receivables 16.0 28.3Tax assets \u2013 current 0.3 0.7Prepayments 6.1 30.7Trade and other current assets 232.6 297.4Trade receivables are shown net of a provision for expected losses of USD 20.0 million (USD 19.6 million) of which USD 13 million is relating to the Umuroa contract (reference to Note 26).The fair value of trade and other current assets is the same as the carrying amount.The ageing analysis of trade receivables is as follows:USD MILLION 2022 2021Not past due 133.5 143.6Up to 3 months 5.9 23.43\u20136 months 1.6 18.76\u201312 months - 3.112 > months 10.9 Trade receivables \u2013 net 151.9 188.8As of 31 December 2022 and 2021, the expected credit loss for the Group related to customers was immaterial.The carrying amount of the Group\u2019s trade and other receivables are mainly denominated in USD.The Group has a provision for impairment loss of USD 20.0 million at 31 December 2022 (USD 19.6 million). Movement in allowance for impairment in respect of trade receivables is as follows:USD MILLION 2022 2021Balance at 1 January 19.6 18.9Net remeasurement of loss allowance 0.4 0.7Balance at 31 December 20.0 19.6Expected credit loss for other classes within trade and other receivables are immaterial.Credit risk and foreign exchange risk regarding trade receivables are described in Note 20.NOTE 12 Cash and cash equivalentsCash and cash equivalents are denominated primarily in USD, SGD, BRL, EUR, GBP, NGN and NOK. Restricted bank deposits at 31 December 2022 amounted to USD 0.9 million (USD 7.5 million). This relates to taxes withheld from employees. In 2021, Total Return Swap related to the long-term share option programme was also included as restricted bank deposit, reference to Note 8.NOTE 13 Assets and liabilities held for saleAssets and liabilities held for sale at 31 December comprised the following:USD MILLION 2022 2021Vessels - 117.2Inventories - 5.0Trade and other current assets - 14.6Cash and cash equivalents - 6.3Assets held for sale - 143.1USD MILLION 2022 2021Pension obligations - 0.8Trade and other payables - 28.1Current tax liabilities - 5.4Liabilities held for sale - 34.3NOTE 14 Property, plant and equipmentVESSELS AND OTHER PROPERTY, PLANT AND EQUIPMENTThe owned fleet at 31 December 2022 included the following vessels: Abo FPSO, BW Adolo, BW Athena, BW Catcher, BW Pioneer, BW Opportunity, Espoir Ivoirien, Petr\u00f3leo Nautipa and Sendje Berge.Vessels available for projects include vessels that are currently not in operation. BW Athena is in lay-up and the Group is currently evaluating options.BW Opportunity is in lay-up and undergoing certain repairs. This vessel is included in \u2018Vessels available for projects\u2019 on 31 December 2022 in the table below. There is no identified impairment trigger as Management is pursuing redeployment options.The contract for Petr\u00f3leo Nautipa reached the end of its term in October. The Group is considering selling the FPSO for recycling after the completion of demobilisation and decommissioning.In April 2022, the Group signed an agreement for the sale of the FPSO Polvo to BW Energy. The contract is classified as a financial lease receivable as of 31 December 2022. Refer to Note 24.In March 2022, the Group completed the sale of BW Umuroa for environmentally safe demolition and recycling in compliance with the Hong Kong International Convention at Baijnath Melaram (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 14.5 million. Impact from the sale is included in Net gain/ (loss) on sale of tangible fixed assets in the consolidated statement of income.In February 2022, the Group completed the sale of BW Cidade de S\u00e3o Vicente for environmentally safe dem-olition and recycling in compliance with the Hong Kong International Convention at Priya Blue Industries Pvt Ltd (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 12.8 million. Impact from the sale is included in Net gain/(loss) on sale of tangible fixed assets in the consolidated statement of income.In January 2022, BW Offshore signed an agreement for the sale of PT BW Offshore TSB Invest, the owner of FPSO BW Joko Tole, to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in consortium with PT Buana Lintas Lautan Tbk, a company publicly listed in Indonesia. The consortium will continue to operate the FPSO under the lease contract with Kangean Energy Indonesia. The BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia. The transaction was closed on 3 June 2022. Cash consideration was USD 52.2 million and no gain or loss was recorded in the consolidated statement of income related to this transaction.The vessels BW Joko Tole, BW Cidade de S\u00e3o Vicente and FPSO Polvo were classified as held for sale as of 31 December 2021.In April 2021, the Group completed the sale of Berge Helene for environmentally safe demolition and recycling in compliance with the Hong Kong Convention at Priya Blue shipyard in India. The vessel was sold for a cash consideration of USD 16 million.In November 2022, BW Offshore signed a six-month contract extension for the lease and operation of Sendje Berge.In January 2023, the Group signed a short-term contract extension for ABO to the end of March 2023.The FPSO\u2019s capital expenditure in 2022 was mainly related to investments in the Barossa FPSO, as well as upgrade of the BW Adolo for Ruche field outside Gabon and repair on the BW Opportunity. The Barossa lease contract is assessed to be an operating lease. The contract has a firm period of 15 years plus 10 years of options. BW Offshore will be responsible for engineering, procurement, construction, installation and operation of the FPSO.FPSO\u2019s capital expenditure in 2022 and 2021 was mainly related to investments in the Barossa FPSO.2022Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2022 3 290.6 374.7 683.9 55.3 4 404.5Additions 17.7 738.1 14.1 1.7 771.6Disposal - - (118.8) (9.5) (128.3)Exchange differences - - - (0.7) (0.7)Derecognition (15.8) - (15.8)Cost at 31 December 2022 3 308.3 1 097.0 579.2 46.8 5 031.3Accumulated depreciation and impairment charge at 1 January 2022 (1 917.7) - (595.5) (38.0) (2 551.2)Current year depreciation (181.9) - (2.6) (9.2) (193.7)Disposal - - 107.5 9.0 116.5Impairment - (15.8) - - (15.8)Exchange differences - - - (0.1) (0.1)Derecognition 15.8 - 15.8Accumulated depreciation and impairment charge at 31 December 2022 (2 099.6) - (490.6) (38.3) (2 628.5)Book value at 31 December 2022 1 208.7 1 097.0 88.6 8.5 2 402.8Useful lifeUp to 25 yearsCapitalised interest cost for vessels under construction 28.52021Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2021 3 844.5 9.0 1 225.1 35.5 5 114.1Additions 39.3 365.7 11.1 4.0 420.1Additions from business combinations - - - 16.9 16.9Disposal - - (260.4) (0.2) (260.6)Exchange differences - - - (0.9) (0.9)Reclassification to held-for-sale (593.2) - (291.9) - (885.1)Cost at 31 December 2021 3 290.6 374.7 683.9 55.3 4 405.5Accumulated depreciation and impairment charge at 1 January 2021 (2 081.2) - (1 104.3) (31.4) (3 216.9)Current year depreciation (245.5) - (5.6) (6.9) (258.0)Disposal - - 245.0 0.2 245.2Impairment (79.8) - (9.7) - (89.5)Exchange differences - - - 0.1 0.1Reclassification to held-for-sale 488.8 - 279.1 - 767.9Accumulated depreciation and impairment charge at 31 December 2021 (1 917.7) - (595.5) (38.0) (2 551.2)Book value at 31 December 2021 1 372.9 374.7 88.4 17.3 1 853.3Useful life Up to 25 yearsCapitalised interest cost for vessels under construction 1.5Refer to Note 25 for information of committed cost relating to construction of FPSO.The Group has capitalised FEED expenses, early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil for Shell Brasil Petr\u00f3leo Ltda (Shell). In November 2022, the Group was informed by Shell that the final investment decision was not to be made within the next 12 to 24 months. Consequently, the Group has impaired capitalised expenses of USD 15.8 million. Refer to note 5 for further information regarding compensation received from Shell.The Group has performed an impairment trigger assessment for the remaining fleet thereby considering, amongst others, the outlook for each vessel including the effects of climate change and associated energy transition (refer to Note 28). The Group further considered the remaining fixed contract period, option clauses in the contracts and commerciality of the various fields on which the vessels operate.The Group considers probability of redeployment of more mature FPSOs after end of current contracts to be low. Due to economics of keeping mature assets in a safe operating condition the Group also considers it challenging to extend contracts on certain FPSOs beyond their current contracts. The Group has performed an impairment trigger assessment at 31 December 2022 and no triggers were identified.In 2021, impairment charges were recognised on BW Athena (USD 2.0 million), Espoir Ivoirien (USD 21.4 million), Berge Helene (USD 4.2 million), Sendje Berge (USD 15.7 million), Joko Tole (USD 23.8 million), Petr\u00f3leo Nautipa (USD 19.9 million) and Umuroa (USD 7.6 million). BW Cidade de S\u00e3o Vicente was sold for recycling in 2022, for a higher consideration than NBV. This led to a reversal of previous impairment of USD 4.2 million in 2021. The Group consequently recorded a net impairment loss of USD 90.5 million on the FPSO fleet in 2021.NOTE 15 Intangible assets and goodwillTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2022 20.9 4.6 68.0 28.7 122.2Additions - 0.3 - - 0.3Additions from business combinations - - - 0.4 0.4Exchange differences - (0.3) (4.0) (1.7) (6.0)Disposal (10.2) - - - (10.2)Carrying amount at 31 December 2022 10.7 4.6 64.0 27.4 106.7Amortisation and impairmentat 1 January 2022 (18.8) (0.1) (3.6) - (22.5)Current year amortisation (1.9) (0.4) (4.2) - (6.5)Exchange differences - - 0.1 - 0.1Disposal 10.2 - - - 10.2At 31 December 2022 (10.5) (0.5) (7.7) - (18.7)Net book value at 31 December 2022 0.2 4.1 56.3 27.4 88.0Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2021 20.6 - - - 20.6Additions 0.2 0.3 - - 0.5Additions from business combinations 0.1 4.6 71.2 30.0 105.9Exchange differences - (0.3) (3.2) (1.3) (4.8)Carrying amount at 31 December 2021 20.9 4.6 68.0 28.7 122.2Amortisation and impairmentat 1 January 2021 (17.3) - - - (17.3)Current year amortisation (1.5) (0.1) (3.7) - (5.3)Exchange differences - - 0.1 - 0.1At 31 December 2021 (18.8) (0.1) (3.6) - (22.5)Net book value at 31 December 2021 2.1 4.5 64.4 28.7 99.7Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearGoodwill, Technology and R&D were initially recognised in March 2021 as part of the acquisition of Ideol SA (reference to Note 22). R&D assets represent the accumulated capitalised development projects. BW Ideol is pursuing a number of initiatives around its Damping Pool\u00ae patented foundation technology including research and development of innovative building materials, mooring systems and construction methods.Goodwill has an indefinite useful life and is tested for impairment at least annually.Goodwill was tested for impairment as of 31 December 2022 and the impairment test also included technology assets. A discounted cash flow model was used to determine the fair value less cost of disposal for the CGU. The projected cash flows were based on the most up-to-date forecast by management which includes: 1) A probability weighted pipeline of projects in co-development, with cash flows using end-of-life cash flows for projects identified and 2) a probability weighted pipeline of EPCI contracts. The impairment calculation demonstrated that the value in use exceeded the carrying amount of the CGU, thus no impairment loss was recognised.KEY ASSUMPTIONS USED IN THE IMPAIRMENT CALCULATION INCLUDE:Cash flows, project IRR, price of electricityFor the co-development activity, cash flows related to the estimated projects in portfolio include: (i) development expenses, including expenses related to engineering services provided by BW Ideol to each project during this phase, (ii) capital expenditures during construction phase, including royalties derived from BW Ideol\u2019s technology licensing, (iii) wind farm operating expenses and (iv) reimbursement of project finance debt. The tariff applied to the electricity sold is being determined by using a target IRR estimated at the start of the construction phase and takes into account the target financial structure and expenses profiles. For the co-EPCI activity, cash flows related to potential EPCI contracts include engineering services during the development phase, gross profit from procurement and construction, and royalties derived from licensing the technology to each project.Discount rate and Sectorial WACCIn order to assess the relevance of our implied discount rate-based approach to valuation, we have determined a sectorial post-tax Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology and incremental borrowing rate, assuming cash flows in Euro. A selected sample of comparable companies active in the renewable power sector was established. Due to the nature of the projects, a separate WACC is established for co-development projects and EPCI projects. The WACC for co-development projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.53. The equity to total capital ratio was 71 per cent. This resulted in a post-tax WACC of 5.6 per cent (2021: 5.4 per cent). The targeted Discount Rates being used as part of the impairment test ranges from 5.6 per cent to 6.8 per cent (2021: 6.7 per cent), reflecting a risk premium ranging from 0.0 per cent to 1.2 per cent compared to the sectorial WACC reflective of the underlying risk for individual co-development prospects. The WACC for EPCI projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.90. The equity to total capital ratio was 67 per cent. This resulted in a post-tax WACC of 5.6 per cent. The targeted Discount Rates being used as part of the impairment test is 13.0 per cent for EPCI projects, reflecting the riskier nature of the pipeline of prospective contracts.Testing procedures of BW Ideol\u2019s single CGU-related goodwill as of 31 December 2022 are conducted to meet IFRS requirements, and especially IAS 36. In compliance with IAS 36, BW Ideol\u2019s recoverable value was based on the estimation of its fair value from a discounted cash flow approach and is equivalent to BW Ideol\u2019s enterprise value as of 31 December 2022. Key assumptions have been updated to reflect management\u2019s best estimate per 31 December 2022 for all projects and contracts.SENSIVITIESProspective capacityIn the impairment test it is assumed the BW Ideol Group to secure 9.5 GW (2021: 10.7 GW) within the next 10 years, comprising 1.0 GW of co-development projects under development or construction, 5.18 GW of co-development across targeted prospects or anticipated licensing rounds and the equivalent of 3.32 GW across five potential EPCI contracts. A sensitivity whereby the overall capacity would be reduced by 1.0 GW (approximately 10 per cent), by taking out a targeted prospect entering into operation in 2031, would result in an impairment to be recognised of USD 4.5 million.Discount rateThe impairment assessment is sensitive to changes in the discount rate on co-development projects. A 0.3 per cent increase in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 51.1 million. An increase in the discount rate on EPCI projects of 1.0 per cent would not result in an impairment.Internal rate of returnThe impairment assessment is sensitive to changes in the target IRR of co-development projects. A 0.5 per cent decrease in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 50.0 million.NOTE 16 Equity-accounted investeesUSD MILLION 2022 2021Interest in joint ventures 140.3 10.1Interest in associates 197.6 200.2Balance at 31 December 337.9 210.3Equity-accounted investees relates mainly to the investment in BW Energy Limited (BWE) and BW Offshore AUS-JV Pte Ltd.On 21 January 2021, BWE completed a USD 75 million private placement and allocated and issued 23 690 000 new shares at a subscription price of NOK 27 per share, raising gross proceeds of NOK 639 640 000. The Group was not allocated shares in the private placement, consequently the ownership interest in BWE diluted by 3.56 per cent to 35.21 per cent.On 29 October 2021, the Group sold 20 000 000 shares in BWE, representing approximately 7.8 per cent of the outstanding shares, at NOK 28 per share. The share sale generated USD 65.7 million in gross proceeds, and a gain of USD 14.9 million. Following the sale, the Group holds 70 840 553 shares in BWE, representing 27.5 per cent of the shares outstanding in BWE.In 2022, the Board of Directors of BW Offshore decided to increase the annual dividend to include USD 20 million in-kind distribution of BW Energy shares, distributed on a quarterly basis. Dividend shares for the first three quarters of 2022, equal to USD 13.6 million, were distributed in 2022. Following the dividend shares, the Group holds 65 572 433 shares in BWE, representing 25.4 per cent.The following table illustrates the summarised financial information of the Group\u2019s investment in BWE.USD MILLION 2022 2021Percentage ownership interest 25.4% 27.5%Non-current assets 964.8 727.5Current assets 240.5 230.1Non-current liabilities 409.8 285.1Current liabilities 180.2 103.2Net assets (100%) 615.3 569.3Group's share of net assets 156.3 156.3Excess value 30.0 34.0Carrying amount of interest in associate 186.3 190.3Revenue 277.7 271.5Profit for the year (100%) 45.0 52.11Total comprehensive income for the year 12.2 15.3Gain sale of shares - 14.9Gain dilution - 5.5Gain/(loss) dividend shares (1.3) -Depreciation of excess value (1.3) (1.6)Group's share of total comprehensive income for the year 9.6 34.11 Adjusted for change in owned shareUp until September 2021, BW Offshore AUS-JV Pte. Ltd. was a wholly owned subsidiary. In October 2021, a joint venture was established with external investors. The shareholders agreements between the Group and the external investors resulted in the Group and the external investors having joint control over this company. The Group\u2019s interest in BW Offshore AUS-JV Pte. Ltd. is consequently accounted for using the equity method in the consolidated financial statements.Considering the loss of control, BW Offshore AUS-JV Pte. Ltd. was no longer consolidated as part of the Group from October 2021.Refer to Note 9 for information about deferred tax asset, Note 20 for information about lending agreements and Note 25 for information about guarantees.Summarised financial information of the joint venture and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below.USD MILLION 2022 2021Percentage ownership interest 51.0% 51.0%Non-current assets 662.6 198.1Current assets 60.8 90.3Non-current financial liabilities 410.3 199.3Current liabilities 68.5 70.3Net assets (100%) 244.6 18.8Group's share of net assets 124.7 9.6Elimination of internal net interest (2.1) -Carrying amount of interest in joint venture 122.6 9.6Net interest income/(expense) 4.1 (4.5)Profit for the year (100%) 2.0 (5.9)Other comprehensive income (100%) (151.8) 15.3Total comprehensive income for the year (100%) (149.8) 9.4Total comprehensive income for the year (51%) (76.4) 4.8Effect from loss of control - 1.6Elimination of internal net interest (2.1) -Group's share of total comprehensive income for the year (78.5) (6.4)The Group also has interests in three individually immaterial joint venture/associates, Floating Energy Allyance 1 Limited, OCS Services Limited and Euro Techniques Industries.For OCS Services Limited, the Group owns 50 per cent, but does not have joint control over this investment. The partner is in charge of the daily operation of the company while the Group act as an investment partner. The Group does not have power over more than half of the voting rights in OCS. Further, the Group does not have the power to cast the majority of votes at meetings of the Board of Directors or equivalent governing body. As the Group is only acting as an investment partner, OCS is considered an associate. The Group\u2019s interest in OCS is accounted for using the equity method in the consolidated financial statements.33.5 per cent ownership interest in Floating Energy Allyance 1 Limited was acquired in April 2022. A shareholder loan facility was granted in 2022. The loan was subsequently converted to equity in December 2022. The carrying amount of interests in Floating Energy Allyance 1 Limited was USD 17.2 million at 31 December 2022.The following table analyses the carrying amount and share of profit and OCI of these associates.USD MILLION 2022 2021Carrying amount of interests in associates 28.9 9.9Share of:Profit 1.4 0.6OCI - -NOTE 17 Capital and reservesSHARE CAPITALAuthorised share capital:At 1 January 2022: 214 000 000 ordinary shares at par value USD 0.50 eachAt 31 December 2022: 214 000 000 ordinary shares at par value USD 0.50 eachIssued and fully paid USD THOUSANDAt 1 January 2022 92 478.2At 31 December 2022 92 478.2HEDGING RESERVEThe hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss.CONVERTIBLE BONDSThe reserve for the convertible bonds comprises the amount allocated to the equity component for the convertible bonds issued by the Group in November 2019. Refer to Note 18.TREASURY SHARE RESERVEThe reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. At 31 December 2022, the Group held 4 141 437 of the Company\u2019s shares (4 141 437). Book value of the treasury shares was USD 10.1 million at 31 December 2022 (USD 10.1 million).DIVIDENDSThe following dividends were declared and paid by the Company for the year.USD MILLION 2022Fourth quarter 2021: USD 0.035 per qualifying ordinary share 6.3First, second and third quarter: USD 0.035 per qualifying ordinary share 19.0First quarter: Dividend shares \u2013 1 607 407 BWE shares 4.2Second quarter: Dividend shares \u2013 1 835 978 BWE shares 4.4Third quarter: Dividend shares \u2013 1 824 735 BWE shares 5.038.9USD MILLION 2021Fourth quarter 2020: USD 0.035 per qualifying ordinary share 6.3First, second and third quarter: USD 0.035 per qualifying ordinary share 19.025.3Refer to \u2018Shareholder information\u2019 section for information on the 20 largest shareholders at 31 December 2022.Refer to Note 23, Non-controlling interests, for information on preferred dividends.NOTE 18 Loans and borrowingsCarrying amountUSD MILLION Effective interest rate Maturity date 2022 2021USD 672.5 million Corporate Facility 3 month LIBOR + 2.25% 16-May-24 156.5 178.1Convertible bonds 2.50% 12-Nov-24 218.7 264.5Catcher facility 3 month LIBOR + 2.25% 15-Jul-24 142.7 256.4Other facilities 2.20% 30-Jun-26 4.5 6.4BWO05 \u2013 NOK 900 million Bond 3 month NIBOR + 4.50% 04-Dec-23 - 102.0Total long-term debt 522.4 807.4Carrying amountUSD MILLION Effective interest rate Maturity date 2022 2021USD 672.5 million Corporate Facility 3 month LIBOR + 2.25% 16-May-24 (1.3) (1.8)Convertible bonds 2.50% 12-Nov-24 (0.6) (0.6)Catcher facility 3 month LIBOR + 2.25% 15-Jul-24 113.7 113.4Other facilities 2.40% 30-Jun-26 1.8 1.6Petr\u00f3leo Nautipa facility 3 month LIBOR + 1.70% 14-Sep-22 - 8.0BWO05 \u2013 NOK 900 million Bond 3 month NIBOR + 4.50% 04-Dec-23 91.7 (0.4)Total short-term debt 205.3 120.2Total interest-bearing debt 727.7 927.6Refer to Note 20, Financial instruments \u2013 Fair values and risk management, for information on Barossa finance liability.The financial liability related to Barossa lease has a carrying amount of USD 526.1 million (USD 198.1 million) and implicit interest of 7.80 per cent (7.87 per cent) at 31 December 2022. Reference to Note 20 Financial instruments \u2013 Fair values and risk management for information on Barossa finance liability.The Group is in compliance with all covenants on 31 December 2022. Covenants are calculated and reported on consolidated financials.USD 672.5 MILLION CORPORATE FACILITYDuring the second quarter of 2019, the Group refinanced the previous USD 2 400 million facility into a five-year senior secured USD 672.5 million revolving credit facility. The facility is priced at a margin of 225 basis points above USD LIBOR and if utilisation exceeds 50 per cent, the margin increases by another 25 basis points. The facility is reduced semi-annually. The Group had USD 139 million undrawn under the revolving credit facility at 31 December 2022.The USD 672.5 million Corporate Facility is subject to certain covenants, including minimum book equity of at least 25 per cent of total assets, debt to EBITDA of maximum 5.5, minimum USD 75 million available liquidity including undrawn amounts and interest coverage ratio of minimum 3.0.CATCHER USD 800 MILLION FACILITYDuring the third quarter of 2014, the Group entered into a USD 800 million senior secured pre- and post-delivery term loan facility, which is a project-specific bank financing in relation to construction of an FPSO to operate on the Catcher oil field in the UK North Sea. The facility has a margin of 225 basis points above USD LIBOR and is subject to financial covenants similar to the covenants under the USD 672.5 million Corporate Facility.PETR\u00d3LEO NAUTIPA USD 80 MILLION FACILITYDuring the first quarter of 2015, the Group entered into a USD 80 million senior secured loan facility in respect of the FPSO Petr\u00f3leo Nautipa. The loan has a tenor of 7.5 years and will be used for general corporate purposes. The facility is subject to financial covenants similar to the covenants under the USD 672.5 million Corporate Facility. The final instalment of the PNA facility was paid in September 2022.BWO05 \u2013 NOK 900 MILLION BONDDuring the fourth quarter 2019, BW Offshore Limited successfully completed the placement of a NOK 900 million senior unsecured bond with maturity date on 4 December 2023. The proceeds from the bond loan were used to partly repay existing bond loans. The bond loan is subject to certain covenants, including minimum book equity of at least 25 per cent of total assets and minimum USD 75 million available liquidity including undrawn amounts available for utilisation by the Group.OTHER FACILITIESOther facilities comprise interest-bearing debt in BW Ideol Group. All debt is in EUR.CONVERTIBLE BONDSDuring the fourth quarter 2019, BW Offshore Limited issued a USD 297.4 million convertible bond with a five-year tenor and coupon of 2.50 per cent per annum, payable semi-annually in arrears. The convertible bond has no regular repayments and matures in full on 12 November 2024. There are no financial covenants in the convertible bond agreement. The proceeds from the convertible bond loan were used to refinance the existing bond loans and for general corporate purposes. The initial conversion price of USD 10.24 corresponds to a conversion premium of 37.5 per cent over the volume weighted average price of the shares on the Oslo Stock Exchange at 5 November 2019 (converted at the prevailing USD:NOK spot rate equal to NOK 9.1921 / USD 1.00). BW Offshore Limited has during 2022 repurchased bonds with an aggregate principal amount of USD 60.6 million in its USD 297.4 million Senior Unsecured Convertible Bonds due for cancellation in 2024. Following the cancellation, the principal amount outstanding under the bond loan will be USD 236.8 million.USD MILLIONProceeds from issue of convertible bonds 297.4Transaction costs (3.8)Net proceeds 293.6Amount classified as equity (net of transaction costs of USD 0.7 million) (50.1)Accreted interest 28.5Repayment of convertible bonds (55.8)Expensed capitalised borrowing costs 1.9Carrying amount of liability at 31 December 2022 218.1The conversion price is subject to adjustment for dividends paid and other changes affecting the value of the share.During 2022, the quarterly dividends resulted in adjustments to the initial conversion rate.Distribution declared 1per share Dividend in kind Conversion priceFirst quarter, 2022 0.035 8.58Second quarter, 2022 0.035 0.0089 8.44Third quarter, 2022 0.035 0.0102 8.27Fourth quarter, 2022 0.035 0.0101 8.081 Dividend in kind relates to shares in BW Energy LimitedDistribution declared per share Conversion priceFirst quarter, 2021 0.035 8.951Second quarter, 2021 0.035 8.95Third quarter, 2021 0.035 8.78Fourth quarter, 2021 0.035 8.681 No adjustmentRECONCILIATION OF MOVEMENTS OF LIABILITIES AND EQUITY TO CASH FLOWS ARISING FROM FINANCING ACTIVITIESInterest payable Other liabilities Liabilities Equity TotalInterest-bearing Interest-bearing 1USD MILLIONshort-term debtlong-term debt Balance at 1 January 2022 14.2 120.2 1 005.5 1 021.4Proceeds from loans and borrowings - - - 344.2 - 344.2Paid dividend and redemption - - - - (30.8) (30.8)Interest paid (38.5) - - - - (38.5)Repayment of loans and borrowings - - (8.0) (174.1) - (182.1)Repurchase of convertible notes - - - (52.7) - (52.7)Payment of lease liabilities - (7.2) - - - (7.2)Dividends paid - - - (25.3) (25.3)Total changes from financing cash flows (38.5) (7.2) (8.0) 117.4 (56.1) 7.6Effects of changes in foreign exchange rate and interest rate swaps (0.1) - (10.4) - (10.5)Liability-related:Expensed capitalised borrowing costs - 0.9 3.1 - 4.0New leases/adjustments 10.6 - - - 10.6Interest expense 0.4 - - - 0.4Accreted interest - - 9.4 - 9.4Non-cash movements - 92.2 (76.5) - 15.7Total liability-related other changes 11.0 93.1 (64.0) - 40.1Total equity-related other changes - - - 185.8 185.8Balance at 31 December 2022 17.9 205.3 1 048.5 1 151.11 Inclusive finance liability relating to Barossa leaseInterest payable Other liabilities Liabilities Equity TotalInterest-bearing Interest-bearing 1USD MILLIONshort-term debtlong-term debt Balance at 1 January 2021 19.8 117.7 958.0 945.0Proceeds from loans and borrowings - - - 312.9 - 312.9Proceeds from share issue in subsidiary - - - - 61.6 61.6Paid dividend and redemption - - - - (28.4) (28.4)Interest paid (52.3) - - - - (52.3)Transaction costs relating to share issue - - - - (2.7) (2.7)Repayment of loans and borrowings - - - (305.0) - (305.0)Repurchase of convertible notes - - - - - -Payment of lease liabilities - (13.4) - - - (13.4)Dividends paid - - - - (25.3) (25.3)Total changes from financing cash flows (52.3) (13.4) - 7.9 5.2 (52.6)Effects of changes in foreign exchange rate and interest rate swaps (0.2) - (0.5) - (0.7)Liability-related:Expensed capitalised borrowing costs - 0.8 3.4 - 4.2New leases/adjustments 7.6 - - - 7.6Interest expense 0.4 - - - 0.4Accreted interest - - 9.3 - 9.3From business combinations - 2.6 6.2 - 8.8Non-cash movements - (0.9) 21.2 - 20.3Total liability-related other changes 8.0 2.5 40.1 - 50.6Total equity-related other changes - - - 71.2 71.2Balance at 31 December 2021 14.2 120.2 1 005.5 1 021.41 Inclusive finance liability relating to Barossa leaseNOTE 19 Trade, other payables and other non-current liabilitiesUSD MILLION 2022 2021Trade payables 81.2 108.9Accrued vessel expenses 60.1 47.6Accrued other expenses 29.6 41.4Accrued construction expenses 114.6 81.4Public duties payables 11.2 14.6Contract liabilities 4.3 3.7Deferred revenues 58.8 61.6Total trade and other payables 359.8 359.2USD MILLION 2022 2021Deferred revenues 654.0 371.7Other long-term liabilities 7.3 9.0Total other non-current liabilities 661.3 380.7Deferred revenues primarily relate to the advance consideration received from customers for which revenue is recognised over time, mainly over the remaining contract period. The increase in deferred revenues mainly relates to the Barossa contract.NOTE 20 Financial instruments \u2013 fair values and risk managementThe Group\u2019s finance department has the responsibility for financing, treasury management and financial risk management.FINANCIAL RISK FACTORSActivities expose the Group to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, liquidity risk and climate risk.The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. A finance management team led by the Chief Financial Officer identifies and evaluates financial risks in close co-operation with the Group\u2019s operating units. The finance management team\u2019s activities are governed by policies approved by the Board of Directors for overall risk management, as well as policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and investing excess liquidity. The finance management team will report to the Group\u2019s Senior Management team, the Audit Committee and the Board of Directors on the status of activities on a regular basis.The Group has seen that capital is being reallocated from hydrocarbons towards electrification and low-carbon emission energy projects. The effect is an increasing cost of capital for the oil and gas sector. However, the Group has been successful in financing projects by keeping an open dialogue on ESG performance with key lenders and partners. The Group is committed to contributing to the energy transition by developing clean energy production solutions as part of the strategy, applying its offshore engineering and operations capabilities to drive future value creation.The Group does not use financial instruments, including financial derivatives, for trading purposes.MARKET RISKMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holding of financial instruments. The Group has international operations and therefore a combination of natural and financial hedging. The Group uses derivatives like FX forwards, interest rate swaps and options to manage market risk.Foreign currency riskThe functional currency of the Company and most of its subsidiaries is USD. In general, most operating revenues and a significant portion of operating expenses as well as most interest-bearing debt are denominated in USD. The Group is exposed to expenses and investments incurred in currencies other than USD (\u2018foreign currencies\u2019); the major currencies being Norwegian Kroner (\u2018NOK\u2019), Singapore Dollars (\u2018SGD\u2019), Euro (\u2018EUR\u2019), Korean Won (\u2018KRW\u2019) and British Pounds (\u2018GBP\u2019). Operating expenses denominated in NOK, SGD, GBP and EUR constitute a part of the Group\u2019s total operating expenses. Capital expenditures related to construction projects, repair and upgrade activities on FPSOs would also to some extent be denominated in other currencies than USD. Consequently, fluctuations in the exchange rate on NOK, SGD, GBP, EUR, CHF and KRW may have significant impact on the financial statements of the Group.The Group enters into forward/futures contracts to reduce the exchange rate risk on cash flows nominated in foreign currencies, both related to construction projects and to operating and administrative expenses. The Group does not apply hedge accounting for hedging of its operational and administrative expenses in foreign currencies and the changes in valuation are taken over the profit and loss statement. The exchange rate risk is calculated for each foreign currency and takes into account assets and liabilities, liabilities not recognised in the balance sheet and expected purchases and sales in the currency in question. Currency hedges and other currency effects include changes in fair value of currency hedges, effects or settlement of these hedges, and other currency effects related to operating cash flows.Total nominal value of the Group\u2019s foreign currency contracts was USD 403.3 million on 31 December 2022 (USD 96.5 million). Fair value of the foreign currency contracts amounted to negative USD 0.5 million in 2022 (positive USD 0.4 million) and are presented gross in the statement of financial position. Net effect of forward exchange contracts recognised in the statement of income in 2022 is positive by USD 3.6 million (negative by USD 3.1 million).The Group is exposed to foreign currency risk on Bond Loan BWO05, which is issued in NOK, and per 31 December 2022 the issued bond had a value of NOK 900 million. The foreign currency exposure on BWO05 is hedged through cross-currency interest rate swaps with a nominal value of USD 98.8 million. The market value of the cross-currency interest swaps was negative by USD 4.7 million on 31 December 2022 (positive USD 1.9 million).The Group seeks to apply hedge accounting for larger construction projects to manage volatility in the income statement and statement of comprehensive income. BW Offshore apply hedge accounting for the foreign exchange hedging related to the construction contract of the Barossa FPSO. The purpose is to manage currency risk during the project phase. The Group uses forward currency contracts to eliminate the currency exposure once the Group has entered into a firm commitment of a project contract. For foreign currency risk, the principal terms of the forward currency contract (notional and settlement date) and the future expense (or revenue) (notional and expected cash flow date) are identical. The foreign exchange derivatives are entered to match the respective supplier payments.The following are identified as sources of ineffectiveness:\u2022 Over-hedging \u2013 if the total amount of exposure is less than the notional amount hedged.\u2022 Timing mismatch \u2013 if the total amount of exposure exists, but occurs in a different period (month) than anticipated.The net effect of the hedge accounting recognised in other comprehensive income amounts to negative USD 3.9 million (negative USD 0.4 million). Hedge ineffectiveness recognised in profit or loss during 2022 and 2021 were immaterial.Cash flow hedgesOn 31 December, the Group held the following instruments to hedge exposures to changes in foreign currency.More than one 2022 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 388.5 11.7 3.1Average USD:SGD forward contract rate 1.4 1.4 -Average USD:NOK forward contract rate 9.0 9.4 9.5Average USD:KRW forward contract rate 1 283.9 - -Average USD:EUR forward contract rate 1.0 - -Average USD:CHF forward contract rate 1.0 - -More than one 2021 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 0.3 0.4 (0.4)Average USD:SGD Forward Contract rate 1.36 1.37 1.37Average USD:KRW Forward Contract rate 1 168.2 1 168.9 1 187.3Average USD:CHF Forward Contract rate 0.92 0.91 -Sensitivity analysisA reasonably possible strengthening (weakening) of the NOK, SGD, KRW and CHF against USD on 31 December 2022 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. NOK is being forward hedged in relation to operational and administrative expenses, additional exposures in SGD, KRW, CHF and EUR are hedged in relation to ongoing construction of the Barossa FPSO, all other currencies that the Group is exposed to are covered spot. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasts.Profit or loss Equity, net of taxUSD MILLION Strengthening Weakening Strengthening Weakening31 December 2022NOK (5% movement) 0.1 (0.1) 0.1 (0.1)SGD (5% movement) 0.4 (0.4) 0.3 (0.3)KRW (5% movement) 0.1 (0.1) 0.1 (0.1)31 December 2021NOK (5% movement) 0.4 (0.4) 0.3 (0.3)SGD (5% movement) 1.3 (1.3) 1.1 (1.1)KRW (5% movement) 1.0 (1.0) 0.8 (0.8)Interest rate riskThe Group is exposed to interest rate risk through its funding activities. Most of the Group\u2019s interest-bearing debt has floating interest rate conditions, making the Group influenced by changes in the market rates. The Group aims to hedge at least 50 per cent of its interest rate exposure.A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. The Group\u2019s main IBOR exposure on 31 December 2022 was indexed to USD LIBOR. The alternative reference rate for USD LIBOR is the Secured Overnight Financing Rate (SOFR). As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023.The Group\u2019s finance department is managing BW Offshore\u2019s IBOR transition plan. The greatest change will be amendments to the contractual terms of the USD LIBOR referenced floating-rate debt and the associated interest rate swaps and the corresponding update of the hedge designation. As at 31 December 2022, the Group has not finished the process of implementing appropriate fallback provisions for all USD LIBOR indexed exposures. The counterparties to the Group\u2019s interest rate swaps are also counterparties to the floating loan they are hedging. It is then assumed that the result of the negotiations with external banks and the implementation of SOFR will not have material impacts on the Group\u2019s future financial results.As of 31 December 2022, the Group\u2019s floating rate debt amounted to 742.8 USD million (USD 959.1 million).The Group holds interest rate swaps with a nominal value of USD 650 million and interest rate caps with a nominal value of USD 100 million with maturity during 2023\u20132030. The weighted average interest swap rate was 2.0 per cent on 31 December 2022, and the average cap rate was 3.5 per cent. The swaps and caps are held to hedge the quarterly cash flows from floating rate interest payments on the Corporate Facility and the Catcher facility. The market value of the interest swaps and caps was positive by USD 49.2 million on 31 December 2022 (negative USD 18.2 million) and the changes in fair value have been recognised as a fair value gain on financial instruments.The cross-currency interest rate swap held to hedge the BWO05 bond also hedges the interest rate risk on the bond with a nominal value of USD 98.8 million and is maturing in 2023. The weighted average interest swap rate was 6.3 per cent at 31 December 2022. The market value of the cross-currency interest rate swaps was negative by USD 4.7 million at 31 December 2022 (positive USD 1.9 million) and the changes in fair value have been recognised as a fair value loss on financial instruments.A reasonable possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown in the table below. The analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.Profit or loss Equity, net of taxUSD MILLION 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease31 December 2022Variable rate instruments (4.1) 4.1 (3.4) 3.4Interest rate swaps 6.5 (6.5) 5.4 (5.4)Cash flow sensitivity 2.4 (2.4) 2.0 (2.0)31 December 2021Variable rate instruments (5.6) 5.6 (4.6) 4.6Interest rate swaps 7.0 (7.0) 5.8 (5.8)Cash flow sensitivity 1.4 (1.4) 1.2 (1.2)CREDIT RISKCredit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial instruments fails to meet contractual obligations.Loans, credit facilities, financial guarantees and derivatives are only conducted with approved counterparties and predominantly with investment grade financial institutions, and are governed by standard agreements (ISDA, Nordic Trustee and LMA documentation). The Group has policies that limit the amount of credit exposure against any financial institution. The maximum risk exposure is represented by the carrying amount of the financial assets in the balance sheet except for financial guarantees.The Group assesses the credit quality of the customers on a regular basis, considering its financial position, credit ratings from international credit rating agencies if available, experience and other factors. New projects and clients will similarly be assessed by reviewing financial statements and external credit ratings, but also country-risk will be evaluated in relation to potential financing and legal impact of agreements. Parent company guarantees are negotiated with customers and the Group will normally have contractual clauses to prevent a customer from novating the lease contract to counterparts with credit rating lower than investment grade (or comparable proxy), without consent. Given the limited number of major customers of the Group and the significant portion these represent to the Group\u2019s revenue, the inability of one or more of them to make full payment on any of the Group\u2019s contracted units may have a significant adverse impact on the financial position.The Covid-19 pandemic, the war in Ukraine and general market uncertainties has increased the credit risk in most industries. With the additional factors of volatile commodity prices and an increasing transition towards greener energy, credit risk has increased more in the oil and gas industry compared with other industries. As most of the Group\u2019s portfolio is with financially solid counterparties, the Group believes that the credit risk related to counterparties is at an acceptable level.Overdue trade receivables were USD 38.2 million at the end of 2022, compared to USD 64.8 million at the end of 2021. The overdue situation was mainly related to units operating in West Africa and Brazil.The Group is also exposed to certain credit risk related to agreements entered into with suppliers such as yards used for construction projects. The Group manages its exposure to such risks through a thorough evaluation of the counterparty\u2019s financial position, external credit rating if available, and its backlog and ability to deliver on time, and subsequently by continuous monitoring of larger counterparties.The Group regards its maximum credit risk exposure to the carrying amount of trade receivables (refer to Note 11), other current assets and financial lease receivables (refer to Note 24).LIQUIDITY RISKPrudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions in order to meet obligations of finance liabilities when they become due. Due to the dynamic nature of the underlying businesses, the Group maintains sufficient cash for its daily operations and its investment programme via short-term cash deposits at banks and a commitment to make available funds from the unutilised portion of revolving facilities offered by financial institutions to the Group.In 2021, the Group completed the debt financing and the equity joint venture partnership for the Barossa project. The Barossa FPSO is financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion with a syndicate of nine international banks and by USD 240.0 million from the equity joint venture, consisting of BW Offshore (51 per cent) and ICMK Offshore Investment Pte Ltd (a 50:50 JV of ITOCHU Corporation and a subsidiary of Meiji Shipping Co Ltd) (25 per cent) and Macquarie Bank Limited (24 per cent). In addition, approximately USD 1 billion in pre-payments will be paid by the Barossa Upstream Joint Venture Partners during the construction period. These pre-payments are linked to progress and milestones on the project. By end of 2022, a total of USD 554 million has been received as per plan, USD 112 million was injected in total by equity partners and USD 435 million was drawn under the loan facility.The Group monitors the liquidity through cash flow forecasting of operational and investment activities in the short-, medium- and long-term.The refinancing of the USD 672.5 million Corporate Facility, the placement of BWO05 bond and the Convertible bond in 2019, extended tenors of the Groups financing and mitigated short-term refinancing and liquidity risk and cashflows from continuing operations are sufficient to fulfil short-term financial obligations. Production from BW Catcher throughout 2022 has been a significant contributor to the cash flow of the Group together with BW Pioneer and BW Adolo.The following table sets out the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. When counterparties have a choice of when to settle an amount, the liability is included based on the earliest date of which the counterparty can require settlement.Maturity profile \u2013 financial liabilities, Year ended 2022USD MILLION Carrying Amount Q1 23 Q2 23 Q3 23 Q4 23 2023 2024\u20132027 2028 and beyond TotalUSD 672.5 million Corporate Facility 155.2 - - - - - 156.9 - 156.91Convertible bonds 218.1 - - - - - 236.8 - 236.8Catcher facility 256.4 28.6 28.6 28.6 28.6 114.3 142.8 - 257.12BWO05 \u2013 NOK 900 million bond 91.7 - - - 98.8 98.8 - - 98.8Other facilities 6.3 0.4 0.5 0.4 0.5 1.8 4.5 - 6.3Finance liability related to Barossa lease 526.1 - - - - - 155.8 370.3 526.13Interest rate swaps (2.1) (5.0) (4.6) (4.6) (4.4) (18.6) (41.4) (13.5) (73.5)Interest payments 4.0 7.9 10.5 6.8 9.0 34.2 12.6 46.8Other 0.4 0.4 0.5 0.5 0.3 1.8 0.9 - 2.6Lease liabilities 17.9 1.6 1.6 1.6 1.6 6.4 9.4 3.8 19.6Trade and other payable current 359.8 154.1 68.6 68.6 68.6 359.8 - - 359.8Total 1 633.8 187.9 105.6 101.9 203.0 598.4 678.2 360.6 1 637.31 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 The cash flow presented reflects swapped USD/NOK rate.3 Interest rate swaps are positiveMaturity profile \u2013 financial liabilities, Year ended 2021USD MILLION Carrying Amount Q1 22 Q2 22 Q3 22 Q4 22 2022 2023\u20132026 2027 and beyond TotalUSD 672.5 million Corporate Facility 176.3 - - - - - 180.0 - 180.01Convertible bonds 263.9 - - - - - 297.4 - 297.4Catcher facility 369.8 28.6 28.6 28.6 28.6 114.3 257.1 - 371.4Petr\u00f3leo Nautipa facility 8.0 4.0 - 4.0 - 8.0 - - 8.02BWO05 \u2013 NOK 900 million bond 101.6 - - - - - 98.8 - 98.8Other facilities 8.0 0.3 0.5 0.4 0.4 1.6 6.4 - 8.0Finance liability related to Barossa lease 198.1 - - - - - 49.5 148.6 198.1Interest rate swaps 1.5 2.6 2.6 2.6 2.5 10.3 18.3 2.4 31.0Interest payments 3.0 3.3 3.1 3.0 2.8 12.2 11.7 - 23.9Other 0.9 0.9 1.0 0.6 0.5 3.0 2.5 - 5.5Lease liabilities 14.2 1.6 1.6 1.6 1.6 6.4 7.3 1.0 14.7Trade and other payable current 359.2 174.3 61.6 61.6 61.6 359.2 - - 359.2Total 1 504.5 215.6 99.0 102.4 98.0 515.0 929.0 152.0 1 596.01 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 Bond loan illustrated at swapped USD/NOK rate.The Group has the following undrawn borrowing facilities:USD MILLION 2022 2021Expire within one year - -Expire beyond one year 139.0 154.8FAIR VALUESIFRS 13 requires disclosures of fair value measurements by the following hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (level 2)\u2022 Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3)The fair value of the Group\u2019s currency forward hedges (plain vanilla hedges) is determined using forward exchange rates at the balance sheet date, with the resulting value discounted to present value (level 2). This is presented on separate lines in the statement of financial position.The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves (level 2). The fair value of the cross-currency interest swaps is presented as non-current liabilities in the statement of financial position.The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.31 December 2022 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 5.1 - - 5.1 - 5.1 - 5.1Forward exchange contracts used in hedge accounting20 6.5 - - 6.5 6.5 6.5Interest rate swaps used for hedging20 50.2 - - 50.2 - 50.2 - 50.261.8 - - 61.8 - 61.8 - 61.8Financial assets not measured at fair valueTrade and other receivables11 - 232.6 - 232.6 - - - -Financial lease receivable24 - 48.4 - 48.4 - - - -Cash and cash equivalents12 - 230.3 - 230.3 - - - -Other non-current assets - 7.2 - 7.2 - - - -- 518.5 - 518.5 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (1.0) - - (1.0) - (1.0) - (1.0)Forward exchange contracts used for hedging20 (1.8) - - (1.8) - (1.8) - (1.8)Forward exchange contracts used in hedge accounting20 (10.3) - - (10.3) - (10.3) - (10.3)Cross-currency swaps used for hedging20 (4.7) - - (4.7) - (4.7) - (4.7)(17.8) - - (17.8) - (17.8) - (17.8)Financial liabilities not measured at fair valueSecured bank loans18 - - (417.9) (417.9) - - (420.3) (420.3)Unsecured bond issues18 - - (309.8) (309.8) - (328.8) - (328.8)Finance liability related to Barossa lease - - (526.1) (526.1) - - - -Other non-current liabilities19 - - (661.3) (661.3) - - - -Trade and other payables19 - - (359.8) (359.8) - - - -Lease liabilities24 - - (17.9) (17.9) - - - -- - (2 292.8) (2 292.8) - (328.8) (420.3) (749.1)31 December 2021 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 1.6 - - 1.6 - 1.6 - 1.6Forward exchange contracts used in hedge accounting20 2.3 - - 2.3 2.3 2.3Interest rate swaps used for hedging20 0.8 - - 0.8 - 0.8 - 0.8Cross-currency swaps used for hedging20 1.9 - - 1.9 - 1.9 - 1.96.6 - - 6.6 - 6.6 - 6.6Financial assets not measured at fair valueTrade and other receivables11 - 297.4 - 297.4 - - - -Financial lease receivable24 - 12.3 - 12.3 - - - -Cash and cash equivalents12 - 274.2 - 274.2 - - - -Other non-current assets - 5.0 - 5.0 - - - -- 588.9 - 588.9 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (19.0) - - (19.0) - (19.0) - (19.0)Forward exchange contracts used in hedge accounting20 (2.0) - - (2.0) - (2.0) - (2.0)Forward exchange contracts used for hedging20 (1.5) - - (1.5) - (1.5) - (1.5)(22.5) - - (22.5) - (22.5) - (22.5)Financial liabilities not measured at fair valueSecured bank loans18 - - (562.2) (562.2) - - (559.4) (559.4)Unsecured bond issues18 - - (365.4) (365.4) - (399.7) - (399.7)Finance liability related to Barossa lease - - (198.1) (198.1) - - - -Other non-current liabilities19 - - (380.7) (380.7) - - - -Trade and other payables19 - - (359.2) (359.2) - - - -Lease liabilities24 - - (14.2) (14.2) - - - -- - (1 879.8) (1 879.8) - (399.7) (559.4) (959.1)The difference between carrying amount and fair value of the unsecured bond relates to amortised loan costs and the equity portion of the convertible bond.CAPITAL STRUCTURE AND EQUITYThe primary focus of the Group\u2019s financial strategy is to ensure a healthy capital structure to support its business, fulfil all financial obligations and maximise shareholder values.The Group also monitors and manages its capital structure in light of changes in the economic conditions. To maintain or adjust the capital structure, the Group may adjust dividend payments to its shareholders, return capital to shareholders or issue new shares.Construction and conversion projects will normally be funded through current loan facilities and/or specific project loan facilities equalling 70\u201380 per cent of the cost of the project. Project loan facilities can be established either before a contract for the conversion project is signed, during the conversion phase of a project or when the FPSO commences operation.The Group has also issued bonds in NOK and will consider continuing to do so when the market is attractive and if it provides competitive funding as an alternative to traditional bank financing.The Company has no specific targeted equity ratio. However, the loan facilities of the Group have certain covenants related to equity and equity ratio, both closely monitored by the Company (reference to Note 18).NOTE 21 List of subsidiaries, associates and joint venturesSubsidiaries Country of incorporation Ownership 2022 Ownership 2021Berge Carmen Singapore Pte Ltd Singapore 100% 100%Bergesen Worldwide Mexico, S.A. de C.V. Mexico 100% 100%Bergesen Worldwide Offshore Mexico S. de RL de CV Mexico 100% 100%BW Abo Pte Ltd Singapore 100% 100%BW Adolo Pte Ltd Singapore 100% 100%BW Athena Pte Ltd Singapore 100% 100%BW Berge Helene Pte Ltd Singapore 100% 100%BW Bergesen Worldwide Pte Ltd Singapore 100% 100%1BW Catcher Limited Bermuda 100% 100%BW Cidade de S\u00e3o Vicente Pte Ltd Singapore 100% 100%BW Espoir Ivoirien Pte Ltd Singapore 100% 100%3BW Ideol AS Norway 53% 53%4BW Ideol S.A. France 100% 100%BW Offshore Catcher (UK) Limited United Kingdom 100% 100%BW Offshore Australia Management Pty Ltd Australia 100% 100%BW Offshore China Ltd China 100% 100%BW Offshore Cyprus Limited Cyprus 100% 100%BW Offshore do Brazil Ltda Brazil 100% 100%BW Offshore do Brazil Servicos Maritimos Ltda Brazil 100% 100%5BW Offshore EPC FZCO United Arab Emirates 90% 100%BW Offshore France SAS France 100% 100%BW Offshore GDM B.V. Netherlands 100% 100%BW Offshore GDM Holdings Pte Ltd Singapore 100% -BW Offshore Pte Ltd Singapore 100% 100%BW Offshore (Ghana) Pte Ltd Singapore 100% 100%BW Offshore Global Manning Pte Ltd Singapore 100% 100%BW Offshore Holdings Pte Ltd Singapore 100% 100%BW Offshore Italy S.r.l Italy 100% -BW Offshore Management (UK) Limited United Kingdom 100% -BW Offshore Management B.V. Netherlands 100% 100%BW Offshore Nautipa AS Norway 100% 100%BW Offshore Netherlands B.V. Netherlands 100% 100%BW Offshore Norway AS Norway 100% 100%BW Offshore Norwegian Manning AS Norway 100% 100%BW Offshore Opportunity I Limited Bermuda 100% 100%BW Offshore Poland sp z o.o. Poland 100% 100%BW Offshore Project Management FZE United Arab Emirates 100% -BW Offshore Scotwind (UK) Limited United Kingdom - 100%BW Offshore Shipholding Cyprus Limited Cyprus 100% 100%BW Offshore Shipholding Pte Ltd Singapore 100% 100%BW Offshore Singapore Pte Ltd Singapore 100% 100%BW Offshore SPV Bermuda I Limited Bermuda 100% -BW Offshore SPV Bermuda II Limited Bermuda 100% -BW Offshore TSB Invest Pte Ltd Singapore 100% 100%BW Offshore (UK) Limited United Kingdom 100% 100%BW Offshore USA Management, Inc. USA 100% 100%BW Offshore USA, LLC USA 100% 100%BW Opportunity Limited Bermuda 100% 100%BW Pioneer (UK) Limited United Kingdom 100% 100%BW Polvo Pte Ltd Singapore 100% 100%BW Sendje Berge Pte Ltd Singapore 100% 100%BW Umuroa Pte Ltd Singapore 100% 100%BWO-Premier Ghana Limited Ghana 70% 70%4Ideol Japan, LLC Japan 100% 100%4Ideol USA, Inc. USA 100% 100%Prosafe GFPSO I B.V. Netherlands 100% 100%Prosafe Production B.V. Netherlands 100% 100%Prosafe Services Cote d\u2019Ivoire Pte Ltd Singapore 100% 100%2PT BW Offshore TSB Invest Indonesia - 49%Tinworth Pte Ltd Singapore 100% 100%Tinworth France SAS France 100% 100%Tinworth Gabon SA Gabon 100% 100%Associates and joint venturesSubsidiaries Country of incorporation Ownership 2022 Ownership 2021OCS Services Limited British Virgin Islands 50% 50%Euro Techniques Industries France 40% 40% 6BW Energy Limited Bermuda 25% 27% 7BW Offshore AUS-JV Pte Ltd Singapore 51% 51%BW Offshore Nigeria Limited Nigeria 49% 49%1 Preference shares are issued with a preferential dividend right to ICBCL. The preferential dividend is a fixed percentage of outstanding preference shares, and accordingly the result allocated to non-controlling interest is independent of underlying result in the subsidiary.2 The company was 51 per cent owned by Indonesian shareholders in 2021. The company was recognised in the balance sheet without non-controlling interests, as the Group has put in place and has finalised agreements that ensure that 100 per cent of profits are retained by the Group. The company was sold June 2022.3 Refer to Note 22 and Note 23.4 Owned by BW Ideol AS, ownership effectively reduced to 53 per cent.5 Macquarie Bank Limited holds 10 per cent from 20226 Ownership effectively reduced to 25 per cent in 2022 due to distribution of dividend shares, refer to Note 16.7 Joint control due to shareholders agreements between the Group and external investors.NOTE 22 Business combinationsOn 16 February 2021, BW Ideol AS, a subsidiary of BW Offshore Limited, entered into a sale and purchase agreement (the \u2018SPA\u2019) regarding the acquisition of 100 per cent of the shares in Ideol SA for a total consideration of USD 94.5 million settled as a combination of cash and newly issued shares in BW Ideol AS. On 10 March 2021 and in connection with the closing of the SPA, BW Ideol AS held an extraordinary general meeting where it was resolved to (i) redeem the existing share capital, (ii) issue 14 639 660 new shares to BW Offshore Holdings Pte. Ltd. (a subsidiary of BW Offshore Limited) against a cash injection of USD 62.2 million, and (iii) issue 5 815 240 new shares to the sellers against contribution in-kind in the form of shares in Ideol SA. On 15 March 2021, the transaction was closed, and BW Ideol AS acquired 71.6 per cent of the shares of Ideol SA. The remaining 28.4 per cent of Ideol SA were acquired and paid in BW Ideol AS shares.In parallel, BW Ideol AS completed a private placement (including partial Greenshoe exercise) of 11 655 625 shares at a price of NOK 47.00 per share and got listed on Euronext Growth Oslo. BW Offshore Holdings Pte. Ltd. subscribed for USD 11.8 million (NOK 100 million) in the private placement.After the listing of BW Ideol AS on Euronext Growth in Oslo on 18 March and the following Greenshoe exercise, BW Offshore\u2019s ownership in BW Ideol AS is 53.2 per cent for a total cash consideration of USD 74.0 million.Taking control of Ideol SA enables the BW Ideol Group to establish itself as a leading global player in floating offshore wind. The combination of Ideol technology, operational track record and engineering capabilities, and a pipeline of projects with the execution capabilities focused on large-scale offshore projects within BW Offshore, offers a unique combination.Included in the identifiable assets and liabilities acquired at the date of acquisition of Ideol S.A. are inputs (primarily technology), processes and an organised workforce. The Group has determined that together the acquired inputs and processes significantly contribute to the ability to create revenue. The Group has concluded that this is acquisition of a business.CONSIDERATION TRANSFERREDUSD MILLIONCash 62.2Contribution in kind (5 815 240 shares \u00e0 NOK 47) 32.3Total consideration transferred 94.5The value of the share retained for the valuation of the portion of Ideol SA acquisition paid in shares has been considered equal to the listing price of NOK 47.00ACQUISITION-RELATED COSTSThe Group incurred acquisition-related costs of USD 1.6 million on external legal fees and due diligence costs. These costs have been included in operating expenses in the consolidated statement of profit or loss.IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMEDThe following table summarises the recognised amounts of assets and liabilities assumed at the date of acquisition.USD MILLIONIntangible assets \u2013 R&D and software 4.4Intangible assets \u2013 Technology 71.2Property, plant & equipment 17.0Other non-current assets 0.5Trade receivables and other current assets 3.7Cash and cash equivalents 2.5Interest-bearing debt (8.8)Other non-current liabilities (8.0)Deferred tax liabilities (15.7)Trade and other payables (4.0)Other timing adjustments 1.3Total identifiable net assets acquired 64.1Acquired receivables were estimated at the contractual amounts. The estimate at the acquisition date of the contractual cash flows not expected to be collected was zero and all amounts were collected during 2021.Measurement of fair valuesThe Purchase Price Allocation analysis led to the recognition of a technology intangible asset. Ideol has developed a floating barge for offshore wind turbines based on its patented technology that optimises the stability and performance of the floating wind turbine, even in extreme conditions.As of the acquisition date, it was valued at USD 71.2 million. It will be amortised on a straight-line basis over the remaining useful life of the asset estimated at 15 years, taking into consideration current industry experience and patents associated with the technology. The fair value of the technology has been measured provisionally, based on the present value of net cash flows it is expected to generate, pending completion of an independent valuation. If new information is obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition, then the accounting for the acquisition will be revised.GOODWILLGoodwill arising from the acquisition has been recognised as follows:USD MILLIONTotal consideration transferred 94.5Fair value of identifiable net assets (64.1)Goodwill 30.4Final adjustments were made to the purchase price allocation in 2022 within the one-year timeframe, resulting in a USD 0.4 million increase in the goodwill balance.The goodwill is attributable mainly to the skills of the established assembled workforce, to the synergies expected to be achieved from integrating the new business segment and the value from future offshore windmill projects.NOTE 23 Non-controlling interestsThe following table summarises the information related to the Group\u2019s subsidiaries that has material NCI. Refer to Note 22 for information about incorporation of BW Ideol AS.BW Ideol ASUSD MILLION 31 Dec 2022 31 Dec 2021NCI percentage 46.8% 46.8%Non-current assets 123.2 121.2Current assets 12.0 40.9Non-current liabilities 25.1 27.4Current liabilities 5.3 5.6Net assets (100%) 104.8 129.1Net assets attributable to NCI 49.0 60.4Revenue 9.2 4.3Profit for the year (17.6) (19.5)OCI - -Total comprehensive income (100%) (17.6) (19.5)Profit allocated to NCI (8.2) (9.1)OCI allocated to NCI - -Cash flows from operating activities (3.7) (6.7)Cash flows from investing activities (20.0) (64.7)Cash flows from financing activities (dividends to NCI: nil) (1.6) 105.7Net increase (decrease) in cash and cash equivalents (100%) (25.3) 34.3ICBCL AGREEMENTIn November 2017, the Group closed an agreement with a nominee of the financial leasing firm, ICBC Financial Leasing Co., Ltd. (ICBCL), whereby such nominee becomes an equity partner in BW Catcher Limited. BW Catcher Limited has issued preference shares with a preferential dividend right to ICBCL, for an aggregate subscription price of USD 275 000 000. The aggregate redemption and dividends payments on the preference shares are estimated to reflect approximately 25\u201330 per cent of the estimated free cash flow after debt servicing in the Catcher contract over a similar term. The net proceeds from the issue of the preference shares will be used for general corporate purposes. The investment by ICBCL is presented as a non-controlling interest in the statement of financial position of the Group.USD 7.9 million (USD 7.9 million) has been paid in dividends during 2022 and the redemption for 2022 amounts to USD 22.9 million (USD 20.5 million).NOTE 24 LeasesTHE GROUP AS A LESSEEThe Group leases office premises, apartments, warehouses and vessels. Leases of office premises generally have lease terms between one and seven years, while apartments and warehouses and vessels generally have lease terms between one and three years.The Group has leases of certain office equipment (i.e., personal computers, printing- and photocopying machines, coffee machines) that are considered of low value.Total cash outflow for leases included in the statement of cash flows is USD 7.2 million (USD 13.4 million).Right-of-use assets and lease liabilitiesLand and Right-of-use buildingsassets Lease liabilitiesBalance at 1 January 2022 19.2 19.2 14.2Additions 10.9 10.9 10.5Adjustments 0.1 0.1 0.1Depreciation expense (8.6) (8.6) n/aInterest expense n/a n/a 0.4Lease payments n/a n/a (7.2)Foreign currency translation gain/(loss) (0.5) (0.5) (0.1)Balance at 31 December 2022 21.1 21.1 17.9Land and Right-of-use buildingsassets Lease liabilitiesBalance at 1 January 2021 18.5 18.5 19.8Additions 7.0 7.0 7.0Adjustments 0.6 0.6 0.6Depreciation expense (6.6) (6.6) n/aInterest expense n/a n/a 0.4Lease payments n/a n/a (13.4)Foreign currency translation gain/(loss) (0.3) (0.3) (0.2)Balance at 31 December 2021 19.2 19.2 14.2USD MILLION 2022 2021Maturity analysis \u2013 contractual undiscounted cash flowsNot later than one year 6.4 6.5Later than one year and not later than five years 9.4 7.3Later than five years 3.8 1.0Total undiscounted lease liabilities at 31 December 19.6 14.8Lease liabilities included in the statement of financial position at 31 December 17.9 14.2Current 5.9 6.2Non-current 12.0 8.0Amounts recognised in profit or lossUSD MILLION 2022 2021Interest on lease liabilities 0.4 0.4Depreciation expense 8.6 6.6Extension optionsSome leases, such as office leases, contain contractual rights and options, such as extension and cancellation options, exercisable only by the Group and not by the lessors. These options may impact the estimated lease term. The Group assesses at lease commencement, and subsequently when facts and circumstances under the control of the Group require it, whether it is reasonably certain to exercise these options and reflects this in the lease term.THE GROUP AS A LESSORFinance leaseIn April 2022, the Group signed an agreement for the sale of the FPSO Polvo to BW Energy for a total consideration of USD 50 million, split by USD 5 million in one year charter hire and USD 45 million for purchase of the vessel. The sale will be completed no later than July 24, 2023. BW Energy has the option to complete the transaction before that date. If the transaction is completed early, BW Energy will pay USD 30 million upon the vessel transfer date, with the remaining USD 20 million provided as a seller\u2019s credit by BW Offshore until settlement on July 24, 2023, at the latest. An independent third-party valuation of the FPSO concluded that the sales price is within a fair market value range. The contract is classified as a financial lease as of 31 December of 2022.The FPSO Y\u00f9um K\u2019ak\u2019 N\u00e1ab commenced operations in Mexico in July 2007 on a firm 15-year lease contract. In July 2022, Pemex assumed the ownership and operation of Y\u00f9um K\u2019ak\u2019 N\u00e1ab in accordance with the terms of the 15-year FPSO financial lease contract. This lease contract has been classified as a finance lease as the net present value of the minimum lease payments amounted to substantially all the fair value of the FPSO at the inception of the lease.The future minimum lease payments receivable from finance lease is presented in the table below:USD MILLION 2022 2021Not later than one year 50.0 12.5Later than one year and not later than five years - -Later than five years - -Gross receivables from finance leases 50.0 12.5Unearned future finance income on finance leases (1.6) (0.2)Net investment in finance leases 48.4 12.3Included in non-current assets(Financial lease receivables) - -Included in current assets(Financial lease receivables) 48.4 12.3Operating leasesBW Athena and BW Opportunity are not on contract as of 31 December 2022. The contract for Petr\u00f3leo Nautipa reached the end of its term in October and will be sold for recycling after the completion of demobilisation and decommissioning.All other FPSOs owned by year-end are on firm operating lease contracts.Future minimum payments receivable under non-cancellable operating lease contracts as at 31 December are as follows:USD MILLION 2022 2021Not later than one year 267.1 313.7Later than one year and not later than five years 831.9 896.4Later than five years 2 170.9 2 301.4Total amount 3 269.9 3 511.5NOTE 25 Commitments and guaranteesCommitments related to construction projects and life extension activities and operations, contracted for at the balance sheet date, but not recognised in the financial statements are as follows:USD MILLION 2022 2021Nominal amount 788.7 749.3At 31 December 2022 and 2021, the commitment included committed contract values related to the construction of the FPSO for the Barossa gas field, life extension activities on the fleet, as well as for ongoing operations.The Group has issued bank guarantees in favour of various customers totalling USD 0.8 million (USD 65.6 million).The bank debt related to the USD 672.5 million Corporate Facility, as referred to in Note 18, is secured by:\u2022 a parent company guarantee from BW Offshore Limited\u2022 first priority mortgages over six FPSOs\u2022 first priority secured interest in all earnings and proceeds of insurance related to the same six FPSOs.The bank debt related to the Catcher loan facility, as referred to in Note 18, is secured by:\u2022 a parent company guarantee from BW Offshore Limited\u2022 a first priority mortgage over the FPSO BW Catcher, owned by BW Catcher Limited, Bermuda\u2022 first priority secured interest in all earnings and proceeds of insurance related to the FPSO.The bank debt related to the USD 1 150 million Barossa Loan Facility, as referred to in Note 20, is secured by:\u2022 a parent company guarantee from BW Offshore Limited\u2022 assignment of key construction contracts\u2022 a first priority mortgage over the FPSO, once completed, to be owned by BW Offshore AUS-JV Pte Ltd, Singapore\u2022 first priority secured interest in all earnings and proceeds of insurances related to the FPSO once contract has commenced.The carrying value of vessels pledged as collateral per 31 December 2022 was USD 514.6 million (USD 1 409.5 million). In addition, the shares in certain vessel-owning companies in the Group are pledged.NOTE 26 Contingent assets and liabilitiesIn September 2021, Petro Rio Explora\u00e7\u00e3o e Produ\u00e7\u00e3o de Petr\u00f3leo Ltda. (\u2018PetroRio\u2019) filed a Request for arbitration in relation to the FPSO Polvo against the Group under the Charter and Services Agreements. PetroRio puts forward different heads of claim in the total amount of approximately USD 31 million for overpayment of hire and arbitration costs and fees. In October 2021, BW Offshore filed their Response and put forward substantial counterclaims primarily for unpaid invoices and demobilisation costs for approximately USD 30 million. It is expected that an award will be obtained before the end of 2023. The net exposure is considered approximately USD 11 million.The contract for Umuroa was terminated effective 31 December 2019. Following the termination of the FPSO contract, the client had contractual hire which was due but not paid. The client, Tamarind Taranaki Limited, is in liquidation. The Group has various claims against the Tamarind group companies for deferred capex payments, VOR settlements, unpaid charter hire and operating day rates in addition to claims for early termination fees. No receivable is recognised and any recovery of the outstanding amounts is considered uncertain.In addition to the cases mentioned above, the Group also from time to time have tax audits and other minor disputes with clients or vendors. Provisions or claims are recognised in accordance with the accounting policies as stated in Note 2.NOTE 27 Related parties transactionsThe largest individual shareholder, BW Group Limited owning 49.9 per cent, is incorporated in Bermuda and is controlled by Sohmen family interests.Investments in subsidiaries are disclosed in Note 21, investments in associates and joint ventures are disclosed in Note 16 and remuneration to the Board of Directors, Senior Management team and auditors is detailed in Note 8.Other related party transactions:Transaction values for Balance outstanding the year ended 31 Decemberas at 31 DecemberUSD MILLION 2022 2021 2022 2021Sale of goods and servicesJoint ventures 690.7 207.1 67.8 71.2Associates 102.1 93.1 12.3 12.3Purchase of goodsJoint ventures 333.7 65.2 48.5 41.7Associates 9.3 6.0 1.9 2.1OthersAssociates-Short-term receivable - - 0.2 0.1Sale and purchase from joint ventures primarily relate to the Barossa project. These transactions are considered a sale leaseback and are eliminated at group level.NOTE 28 Climate risksClimate-related risks to BW Offshore include market effects from changing demand for oil and gas, evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects.Demand for hydrocarbon products in the long-term is uncertain due to the global clean energy transition. Decreased demand for new upstream hydrocarbon developments will result in less demand for FPSOs. The Group\u2019s primary revenue stream is owning, leasing and operating such assets to oil and gas operators. Reduced market demand for upstream production in the long-term could prompt assets within the BW Offshore fleet to become stranded.Another strategic priority is to divest older assets with marginal contracts approaching end of contract. In 2022, four conventional FPSOs have left the fleet. This makes the operations and asset base more resilient towards stringent environmental regulations and reduces residual value risk.Based on climate scenarios provided by the International Energy Agency (IEA) and DNV, the Group expects reasonably steady operational conditions in the medium-term. More transformative changes to the global energy supply are expected to materialise towards 2040, where fossil fuel supply in the global energy mix is expected to decline in relative and nominal terms, with natural gas as a potential exception (offshore natural gas production is projected by DNV to increase by nine per cent from 2021 to 2040, and peaking around 2030).To respond to this market risk, the Group has identified the need to diversify its asset portfolio to include energy transition fuels (such as floating natural gas plants) and renewable technologies. The Group has invested in offshore floating wind technology and owns 53.2 per cent of BW Ideol. In early 2022, BW Ideol won its first large-scale project to develop a 1 GW facility offshore Scotland together with partners.In the near term, other types of risks may become significant, such as stigmatisation of the oil and gas sector, which could impact access to and cost of capital.STRANDED ASSETSAn assessment has been made as to whether the Group has assets that are exposed to significant environ mental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2022.NOTE 29 Covid-19 and war in UkraineThe Group has proactively taken steps to minimise risk of business interruptions due to the Covid-19 pandemic, by implementing comprehensive procedures to safe-guard people and operations and adhering to local public health advisory across all locations.Throughout 2021 and 2022, the impact on operations was managed through good risk management, planning and procedures. The Group has a financial impact due to extra costs related to additional crew management and logistics, in addition to other negative financial impacts which are not directly measurable, such as challenges related to managing regular offshore maintenance.The war in Ukraine and the Covid-19 pandemic continue to affect global markets through supply chain disruptions and inflation across a wide range of commodities. The direct impact on operations from the pandemic continues to ease and is now considered very limited. Energy prices remain high following normalisation of activity levels in the wake of Covid-19 and continued supply concerns due to the war in Ukraine. These effects are, however, tempered by inflation and rising interest rates, which are having a cooling effect on the global economy.NOTE 30 Subsequent eventsIn January 2023, the Group signed a short-term extension for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 31 March 2023.",
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"value": "NOTE 1 Basis of preparationREPORTING ENTITYBW Offshore Limited (\u2018BW Offshore\u2019 or \u2018the Company\u2019) was incorporated in Bermuda in 2005 and is domiciled in Bermuda with its registered address at Washington thMall Phase 2, 4 Floor, Suite 400, 22 Church Street, Hamilton HM1189, Bermuda.BW Offshore Limited and its subsidiaries are referred to as the \u2018Group\u2018. The Group builds, owns and operates FPSOs (Floating, Production, Storage and Offloading vessels). The Group also does strategic investments to capture energy transition opportunities. The Company is listed on Oslo Stock Exchange (OSE).BASIS OF ACCOUNTINGThe consolidated financial statements of the Group have been prepared pursuant to International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union (\u2018EU\u2019). The consolidated financial statements have been prepared in accordance with the historical cost convention with some exceptions, as detailed in the accounting policies set out below.The consolidated financial statements were approved by the Board of Directors on 27 February 2023.Details of the Group\u2019s accounting policies, including changes thereto, are included in Note 2.FUNCTIONAL AND PRESENTATION CURRENCYThese consolidated financial statements are presented in United States Dollars (USD). This is also the functional currency of the parent company and most of its subsidiaries. The functional currency is determined in each entity in the Group based on the currency within the entity\u2019s primary economic environment. All figures are in USD million if not otherwise stated. Because of rounding differences, numbers and or percentages may not add up to the total. Figures in brackets refer to corresponding figures for 2021.USE OF JUDGEMENTS AND ESTIMATESThe preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires Management to exercise its judgement in the process of complying with the Group\u2019s accounting policies. Actual results may differ from these estimates. Estimates and judgements are reviewed on an ongoing basis based on historical experience and expectations of future events. The following is a summary of the judgements and estimates made that could have a material effect on the consolidated financial statements.DepreciationThe level of depreciation depends on the estimated useful life of the different components of the assets andresidual value at the end of its useful life. The estimated useful life is based on experience and knowledge of the vessels owned by the Group. Management will have to make assessments as to the expected useful life of the hull and marine scope as well as the process equipment for an FPSO. Assumptions will also have to be made about the expected contract period for non-recoverable components for the assets, which can deviate signifi-cantly from the useful life of hull and process equipment.Assumptions on residual value are based on knowledge of current scrap values, which in turn depend on steel prices in the world market and demobilisation costs, together with an expected inflation.ImpairmentThe Group periodically reviews whether vessels, other property, plant and equipment, right-of-use assets, equity accounted investees and intangible assets for potential impairment indicators when circumstances indicate and at least on an annual basis. Goodwill is tested for impairment at a minimum annually. Reference is made to the accounting policies stated in Note 2.Property, plant and equipmentThe recoverable amounts of each vessel, being defined as a cash-generating unit, is the higher of its fair value less cost of disposal and its value in use. Value in use calculations are based on contracted cash flows and estimates of uncontracted cash flows for the useful lives of each vessel, including residual values discounted by an estimated discount rate. Assumptions on uncontracted cash flows are based on several variables, such as comparing the specifications on a particular FPSO with planned new FPSO projects around the world, assessment of investment levels to redeploy the FPSO on a new field and assumptions on rates to be achieved from redeployment. The key assumptions used for the impairment testing of FPSOs are described in Note 14.All impairment assessment calculations demand a high degree of estimation. Management must make complex assessment of the expected cash flows arising from such assets and the selection of discount rates. Changes to these estimates could have significant impact on the impairments recognised and future changes may lead to reversals of recognised impairments.Goodwill and technologyValuations performed in light of the impairment test of goodwill and technology assets demand a high degree of estimation. Management must make complex assessments of the expected cash flows arising and discount rates used in the valuation models. Changes to these estimates could have significant impact on the impairments recognised and future changes may lead to additional impairments.The financial forecasts used in the goodwill and technology asset impairment test reflect management\u2019s judgement on the probability of realising projects, and for those projects expected to be developed, the development and capital expenditures, operating expenses and the tariff applied to the electricity sold, which is being determined using a target internal rate of return as well as the discount rate. This judgement is based on present circumstances at the valuation date, as to the most likely set of conditions and the course of action it is most likely to take. It is usually the case that some events and circumstances do not occur as expected or are not anticipated. Therefore, actual results during the forecast period will almost always differ from the forecasts and as such differences may be material. In addition, floating offshore wind is a new industry with no commercial projects established yet globally, resulting in a high degree of estimation uncertainty related to the identification of prospective projects and chances of acquiring such projects.Lease classificationWhen the Group enters into a new or amended lease arrangement with customers, the terms and conditions of the contract are analysed in order to assess whether or not the Group retains the significant risks and rewards of ownership of the asset subject of the lease contract. To identify whether risks and rewards are retained, the Group considers the indicators listed by IFRS 16 on a contract-by-contract basis. By performing such assessment, the Group makes significant judgement todetermine whether the arrangement results in a finance lease or an operating lease. This judgement can have a significant effect on the amounts recognised in the consolidated financial statements and its recognition of profits in the future.TaxationThe Group is subject to income taxes payable to various jurisdictions across the globe. Significant judgement is required in some jurisdictions to determine the provision for income taxes. There are many transactions and calculations for which the final tax determination is uncertain during the ordinary course of business. The Group monitors each issue around uncertain tax treatments across the Group in order to ensure that the Group applies sufficient judgement to the resolution of tax disputes that might arise.The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. The income tax liabilities include any penalties and interest that could be associated with a tax audit issue. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will influence the income tax and deferred tax amounts in the period in which such determination is made.CHANGES IN SIGNIFICANT ACCOUNTING POLICIESVarious new standards are effective from 1 January 2022, none of these changes have a material impact on the Group\u2019s financial statements.",
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"value": "REPORTING ENTITYBW Offshore Limited (\u2018BW Offshore\u2019 or \u2018the Company\u2019) was incorporated in Bermuda in 2005 and is domiciled in Bermuda with its registered address at Washington thMall Phase 2, 4 Floor, Suite 400, 22 Church Street, Hamilton HM1189, Bermuda.BW Offshore Limited and its subsidiaries are referred to as the \u2018Group\u2018. The Group builds, owns and operates FPSOs (Floating, Production, Storage and Offloading vessels). The Group also does strategic investments to capture energy transition opportunities. The Company is listed on Oslo Stock Exchange (OSE).BASIS OF ACCOUNTINGThe consolidated financial statements of the Group have been prepared pursuant to International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union (\u2018EU\u2019). The consolidated financial statements have been prepared in accordance with the historical cost convention with some exceptions, as detailed in the accounting policies set out below.The consolidated financial statements were approved by the Board of Directors on 27 February 2023.Details of the Group\u2019s accounting policies, including changes thereto, are included in Note 2.FUNCTIONAL AND PRESENTATION CURRENCYThese consolidated financial statements are presented in United States Dollars (USD). This is also the functional currency of the parent company and most of its subsidiaries. The functional currency is determined in each entity in the Group based on the currency within the entity\u2019s primary economic environment. All figures are in USD million if not otherwise stated. Because of rounding differences, numbers and or percentages may not add up to the total. Figures in brackets refer to corresponding figures for 2021.",
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"value": "BASIS OF ACCOUNTINGThe consolidated financial statements of the Group have been prepared pursuant to International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union (\u2018EU\u2019). The consolidated financial statements have been prepared in accordance with the historical cost convention with some exceptions, as detailed in the accounting policies set out below.The consolidated financial statements were approved by the Board of Directors on 27 February 2023.Details of the Group\u2019s accounting policies, including changes thereto, are included in Note 2.",
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"value": "The consolidated financial statements were approved by the Board of Directors on 27 February 2023.",
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"value": "FUNCTIONAL AND PRESENTATION CURRENCYThese consolidated financial statements are presented in United States Dollars (USD). This is also the functional currency of the parent company and most of its subsidiaries. The functional currency is determined in each entity in the Group based on the currency within the entity\u2019s primary economic environment. All figures are in USD million if not otherwise stated. Because of rounding differences, numbers and or percentages may not add up to the total. Figures in brackets refer to corresponding figures for 2021.",
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"value": "DepreciationThe level of depreciation depends on the estimated useful life of the different components of the assets andresidual value at the end of its useful life. The estimated useful life is based on experience and knowledge of the vessels owned by the Group. Management will have to make assessments as to the expected useful life of the hull and marine scope as well as the process equipment for an FPSO. Assumptions will also have to be made about the expected contract period for non-recoverable components for the assets, which can deviate signifi-cantly from the useful life of hull and process equipment.Assumptions on residual value are based on knowledge of current scrap values, which in turn depend on steel prices in the world market and demobilisation costs, together with an expected inflation.DepreciationDepreciation will start when an item of PP&E is ready for intended use.For FPSOs this will be when the unit is successfully installed on the oil field.When significant parts of an item of PP&E have different useful lives, those components are accounted for as separate items of PP&E. The different components are depreciated by using a straight-line method over their expected useful life, taking into account the residual value.The estimated useful lives of the categories of PP&E are as follows:FPSOs:\u2022 Hull and Marine scope, including associated investments like refurbishment: 15\u201325 years.\u2022 Field-specific equipment and associated investment costs which are incurred for a specific project, e.g. installation costs and transport costs: 3\u201325 years.\u2022 Process equipment and associated investment. (In case of long-term contracts these items can be fully depreciated over the contract duration.): 10\u201325 years.Other PP&Es, like IT equipment, office equipment, technical installation and cars: 3\u201310 years.The assets\u2019 useful life and residual values are reviewed, and if necessary adjusted, at each reporting date.Disposal of PP&EGains and losses that result from the disposal of vessels, vehicles and equipment are recorded in a separate line in the consolidated statement of income.",
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"pp-value-10-3": {
"value": "ImpairmentThe Group periodically reviews whether vessels, other property, plant and equipment, right-of-use assets, equity accounted investees and intangible assets for potential impairment indicators when circumstances indicate and at least on an annual basis. Goodwill is tested for impairment at a minimum annually. Reference is made to the accounting policies stated in Note 2.Property, plant and equipmentThe recoverable amounts of each vessel, being defined as a cash-generating unit, is the higher of its fair value less cost of disposal and its value in use. Value in use calculations are based on contracted cash flows and estimates of uncontracted cash flows for the useful lives of each vessel, including residual values discounted by an estimated discount rate. Assumptions on uncontracted cash flows are based on several variables, such as comparing the specifications on a particular FPSO with planned new FPSO projects around the world, assessment of investment levels to redeploy the FPSO on a new field and assumptions on rates to be achieved from redeployment. The key assumptions used for the impairment testing of FPSOs are described in Note 14.All impairment assessment calculations demand a high degree of estimation. Management must make complex assessment of the expected cash flows arising from such assets and the selection of discount rates. Changes to these estimates could have significant impact on the impairments recognised and future changes may lead to reversals of recognised impairments.Goodwill and technologyValuations performed in light of the impairment test of goodwill and technology assets demand a high degree of estimation. Management must make complex assessments of the expected cash flows arising and discount rates used in the valuation models. Changes to these estimates could have significant impact on the impairments recognised and future changes may lead to additional impairments.The financial forecasts used in the goodwill and technology asset impairment test reflect management\u2019s judgement on the probability of realising projects, and for those projects expected to be developed, the development and capital expenditures, operating expenses and the tariff applied to the electricity sold, which is being determined using a target internal rate of return as well as the discount rate. This judgement is based on present circumstances at the valuation date, as to the most likely set of conditions and the course of action it is most likely to take. It is usually the case that some events and circumstances do not occur as expected or are not anticipated. Therefore, actual results during the forecast period will almost always differ from the forecasts and as such differences may be material. In addition, floating offshore wind is a new industry with no commercial projects established yet globally, resulting in a high degree of estimation uncertainty related to the identification of prospective projects and chances of acquiring such projects.ImpairmentAssets including vessels, vessels under construction, conversion candidates and other PP&Es, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s net selling price and its value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separate identifiable cash flows (cash-generating units). Each FPSO is identified as a cash-generating unit.At the end of each reporting period the Group will assess whether there is any indication that an impairment recognised in previous periods may no longer exist or may have decreased. If any such indication exists, the Group will estimate the recoverable amount of the asset. If the recoverable amount is higher than the carrying amount of the asset, the carrying amount of the asset will be increased to its recoverable amount. The increase shall not exceed the carrying amount that would have been determined if no impairment loss had been recognised in previous periods. Previously recognised impairments should be reversed if there are significant changes with a favourable effect in the indicators.ImpairmentIntangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s fair value less cost of disposal and its value in use.For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is greater than its value in use and its fair value less cost of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or CGU. The use of a post-tax discount rate does not result in a different determination of the need for, or the amount of, impairment (reversal) that would be required if a pre-tax discount rate had been used.An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-3": {
"value": "Lease classificationWhen the Group enters into a new or amended lease arrangement with customers, the terms and conditions of the contract are analysed in order to assess whether or not the Group retains the significant risks and rewards of ownership of the asset subject of the lease contract. To identify whether risks and rewards are retained, the Group considers the indicators listed by IFRS 16 on a contract-by-contract basis. By performing such assessment, the Group makes significant judgement todetermine whether the arrangement results in a finance lease or an operating lease. This judgement can have a significant effect on the amounts recognised in the consolidated financial statements and its recognition of profits in the future.Lease revenueChartering of vesselsRevenue from chartering of FPSOs is based on whether the contract is considered an operating lease or a finance lease.Operating leaseLeases, in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Payments received under operating leases are recognised as revenue on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. The lease term period for each lease contract is the non-cancellable period for which the lessee has contracted the asset together with an assessment of any further terms that the lessee has the option to continue the lease, when Management considers it reasonably certain that the lessee will exercise the option. This judgement is based on a combination of information about the field, the market and the client. As lease rates can vary over the lease term, this implies that there might be significant timing differences between cash flow and recognised revenue from a particular lease.If an arrangement contains lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. Contingent rental income is recognised as revenue in the period in which it is earned.Finance leaseLeases in which substantially all of the risks and rewards of ownership are transferred to the lessee are classified as finance leases. Assets held pursuant to a finance lease are presented in the balance sheet as a receivable at an amount equal to the net investment in the lease. The recognition of finance income on the receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease. During the construction phase of the asset, the contract is treated like a construction contract.Interest income arising from a finance lease is recognised on a time proportion basis applying the effective interest method. Interest income arising from a finance lease is classified as part of operational income while other interest income is classified as finance income.LEASESThe Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration.The Group as a lesseeThe Group applies a single recognition and measurement approach for all leases except for short-term leases and leases of low value. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The Group has elected to not separate non-lease components and account for the lease and the non-lease components as a single lease component.Right-of-use assetsThe Group recognises a right-of-use asset and a lease liability at the commencement date of the lease. This is the date the underlying asset is available for use.Right-of-use assets are measured at cost and depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.Lease liabilitiesThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. In calculating the present value, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments, including in-substance fixed payments.\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date.The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in the consolidated statement of income if the carrying amount of the right-of-use asset has been reduced to zero.The Group determines its incremental borrowing rate by obtaining interest rates from the external bank financing.Short-term leases and leases of low valueThe Group applies the short-term lease recognition exemption to its short-term leases. A short-term lease is a lease that has a lease term of 12 months or less from the commencement date. It also applies the low-value exemption to leases of office equipment that are considered to be low value. Lease payments for these leases are recognised as an expense on a straight-line basis over the lease term.The Group as a lessorWhen the Group acts as a lessor, it assesses whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset, including the existence and terms of any extension or purchase options.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-16-3": {
"value": "CHANGES IN SIGNIFICANT ACCOUNTING POLICIESVarious new standards are effective from 1 January 2022, none of these changes have a material impact on the Group\u2019s financial statements.NOTE 3 Standards issued but not yet effectiveA number of new standards are effective for annual periods beginning after 1 January 2022 and earlier application is permitted; however, the Group has not early adopted the new and amended standards in preparing these consolidated financial statements. The following new and amended standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements.\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) Classification of Liabilities as Current or Non-current (Amendments to IAS 1)\u2022 Classification of Liabilities as Current or Non-current (Amendments to IAS 1)\u2022 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts\u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)\u2022 Definition of Accounting Estimates (Amendments to IAS 8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-17-2": {
"value": "NOTE 2 Significant accounting policiesBASIS OF CONSOLIDATIONBusiness combinationsThe Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity instruments.SubsidiariesThe subsidiaries are legal entities (including special purpose entities) controlled by the Group. Control is achieved when the Group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. Subsidiaries are fully consolidated from the date on which control commences until the date on which control ceases.Non-controlling interestsNon-controlling interests (NCI) represent the portion of the statement of income and net assets in the subsidi-aries not held by the Group, and the amount attributable to the non-controlling interest is shown beneath the statement of income and is included in equity in the statement of financial position. Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interest having a deficit balance.Loss of controlWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and 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.Interests in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and a joint venture.Associates are those entities in which the Group has a significant influence, but not control, or has joint control, over the financial and operating policies, generally accompanying a shareholding of between 20 per cent and 50 per cent of the voting rights. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement.Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures and joint operations. Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.Interests in associates and joint ventures are accounted for using the equity method.The interests include goodwill and excess values identified as per the date of acquisition, net of any accumulated impairment loss. Any excess values that are to be amortised are deducted from the profit pursuant to the same principles as for consolidated companies. Goodwill is not amortised. The balance sheet value of associates and joint ventures represents the original cost price (equalling the fair value at the time of purchase) plus profit accumulated up to the present, less any amortisation of excess values and accumulated dividends received.Transactions eliminated on consolidationIntercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associates and joint ventures.FOREIGN CURRENCYForeign currency transactionsTransactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Foreign currency differences are generally recognised in profit or loss and presented within finance costs.However, foreign currency differences arising from quali-fying cash flow hedges to the extent that the hedges are effective, are recognised in OCI.Foreign operationsThe assets and liabilities of entities whose functional currencies are other than USD, are translated into USD at the exchange rates at the balance sheet date. The revenues and expenses of such entities are translated into USD using the monthly average exchange rates.Exchange differences are recognised in OCI and accumulated in the currency translation reserve in other equity, except to the extent that the translation difference is allocated to NCI.Upon disposal of a foreign subsidiary, or when control, significant influence or joint control is lost, the accu-mulated exchange differences related to investments accumulated in shareholders\u2019 equity are reclassified to the consolidated statement of income.If the Group disposes of parts of its interests in a subsidiary but retains control, the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the proportionate share of the accumulated exchange differences is reclassified to profit or loss.REVENUESThe Group\u2019s revenues derive from chartering of FPSOs, rendering of operational services related to FPSOs and engineering services.Revenue from contracts with customersRevenue from contracts with customers is recognised upon satisfaction of the performance obligations for the transfer of services in each such contract. A performance obligation is satisfied when or as the customer obtains control of the goods or services delivered. It is recognised at an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. Revenues are presented net of indirect sales taxes. The Group\u2019s performance obligations are to operate and lease out FPSOs.Operational servicesIncome from the rendering of operational services related to FPSOs and other services are recognised as revenue over time in the period when the services are rendered.Variable considerationCertain lease contracts contain variable elements, which include production incentive-, KPI- and maintenance bonuses. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled. The variable consideration is only recognised when it is highly probable that it would not be subject to significant reversal in the future.FEED (Front-End Engineering Design)A FEED study is a preliminary step taken before basic engineering level work and is undertaken to confirm the technical and economic feasibility of a prospective oil field development. Income from FEED contracts is recognised as revenue from contracts with customers when a certain milestone is reached and control transfers to the customer.Lease revenueChartering of vesselsRevenue from chartering of FPSOs is based on whether the contract is considered an operating lease or a finance lease.Operating leaseLeases, in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Payments received under operating leases are recognised as revenue on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. The lease term period for each lease contract is the non-cancellable period for which the lessee has contracted the asset together with an assessment of any further terms that the lessee has the option to continue the lease, when Management considers it reasonably certain that the lessee will exercise the option. This judgement is based on a combination of information about the field, the market and the client. As lease rates can vary over the lease term, this implies that there might be significant timing differences between cash flow and recognised revenue from a particular lease.If an arrangement contains lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. Contingent rental income is recognised as revenue in the period in which it is earned.Finance leaseLeases in which substantially all of the risks and rewards of ownership are transferred to the lessee are classified as finance leases. Assets held pursuant to a finance lease are presented in the balance sheet as a receivable at an amount equal to the net investment in the lease. The recognition of finance income on the receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease. During the construction phase of the asset, the contract is treated like a construction contract.Interest income arising from a finance lease is recognised on a time proportion basis applying the effective interest method. Interest income arising from a finance lease is classified as part of operational income while other interest income is classified as finance income.EMPLOYEE BENEFITSDefined contribution plansIn addition to the defined benefit, the Group has contributed to other pension plans. The pension premiums are charged to expenses as they are incurred. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Share-based paymentThe grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an employee benefits 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 and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.TAXESThe Company is not subject to any income taxes in Bermuda, but the Company and its subsidiaries may be subject to income tax in the countries in which they operate. The Group provides for tax on profit based on the profit for financial reporting purposes, adjusted for non-taxable revenue and expenses.Income tax expense represents the sum of tax currently payable, changes in deferred tax liabilities and deferred tax assets, and withholding tax on charter hire and financial items. Charter hire and financial items are presented gross including withholding taxes payable where applicable.Deferred tax liabilities / tax assets are calculated on all differences between the book value and tax value of assets and liabilities, except for:\u2022 Differences linked to goodwill which are not tax deductible.\u2022 Differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax assets and liabilities are recognised when assets with temporary differences are acquired through business combinations.Deferred tax liabilities and deferred tax assets are measured on the basis of the expected future tax rates applicable to the companies in the Group where tempo-rary differences exist.Deferred tax assets and deferred tax liabilities are recognised at their nominal value and classified as non-current asset investments (long-term liabilities) in the balance sheet.Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.INVENTORIESInventories are valued at the lower of cost or net realisable value. Cost of materials and other consumables is based on the weighted average cost method and cost of fuel oil is based on the \u2018first-in, first-out\u2019 allocation method. The cost of inventories comprises the purchase price, import duties and other taxes, transport, handling and other costs directly attributable to the acquisition of finished goods, materials and services.PROPERTY, PLANT AND EQUIPMENT (PP&E)MeasurementPP&E are recognised at cost and subsequently measured at cost less accumulated depreciation and impairment charges. This includes costs of material, direct labour and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Management, including attributable overheads and estimate of costs of demobilising the asset.Borrowing costs directly attributable to an acquisition or construction of vessels, which take a substantial period to get ready for their intended use, are added to the cost of the asset until the assets are ready for their intended use. Borrowing cost consists of interest and other cost, which the entity incurs in connection with the borrowing of funds.Subsequent costs are included in the asset\u2019s carrying amount, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.DepreciationDepreciation will start when an item of PP&E is ready for intended use.For FPSOs this will be when the unit is successfully installed on the oil field.When significant parts of an item of PP&E have different useful lives, those components are accounted for as separate items of PP&E. The different components are depreciated by using a straight-line method over their expected useful life, taking into account the residual value.The estimated useful lives of the categories of PP&E are as follows:FPSOs:\u2022 Hull and Marine scope, including associated investments like refurbishment: 15\u201325 years.\u2022 Field-specific equipment and associated investment costs which are incurred for a specific project, e.g. installation costs and transport costs: 3\u201325 years.\u2022 Process equipment and associated investment. (In case of long-term contracts these items can be fully depreciated over the contract duration.): 10\u201325 years.Other PP&Es, like IT equipment, office equipment, technical installation and cars: 3\u201310 years.The assets\u2019 useful life and residual values are reviewed, and if necessary adjusted, at each reporting date.Disposal of PP&EGains and losses that result from the disposal of vessels, vehicles and equipment are recorded in a separate line in the consolidated statement of income.ImpairmentAssets including vessels, vessels under construction, conversion candidates and other PP&Es, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s net selling price and its value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separate identifiable cash flows (cash-generating units). Each FPSO is identified as a cash-generating unit.At the end of each reporting period the Group will assess whether there is any indication that an impairment recognised in previous periods may no longer exist or may have decreased. If any such indication exists, the Group will estimate the recoverable amount of the asset. If the recoverable amount is higher than the carrying amount of the asset, the carrying amount of the asset will be increased to its recoverable amount. The increase shall not exceed the carrying amount that would have been determined if no impairment loss had been recognised in previous periods. Previously recognised impairments should be reversed if there are significant changes with a favourable effect in the indicators.INTANGIBLE ASSETS AND GOODWILLGoodwillGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units (CGUs) for the purpose of the annual impairment testing.TechnologyTechnology acquired in a business combination is recognised at fair value at the acquisition date when intangible assets criteria are met and amortised on a straight-line basis over the useful life of fifteen years.Research and developmentExpenditure on research activities is recognised in profit or loss as incurred.Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditures are measured at cost less accumulated amortisation and any accumulated impairment losses.Capitalised development costs are amortised over the period of expected future benefit, usually five years.ImpairmentIntangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s fair value less cost of disposal and its value in use.For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is greater than its value in use and its fair value less cost of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or CGU. The use of a post-tax discount rate does not result in a different determination of the need for, or the amount of, impairment (reversal) that would be required if a pre-tax discount rate had been used.An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.ASSETS HELD FOR SALENon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.Assets and liabilities classified as held-for-sale are presented separately as current items in the statement of financial position.FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetsThe Group\u2019s financial assets are derivatives, trade and financial lease receivables and cash and cash equivalents.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortised cost.\u2022 Financial assets at fair value through profit or loss (FVTPL).Financial assets at amortised costThe Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows.\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the consolidated statement of income when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables, finance lease and other non-current assets. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 \u2013 Revenue from contracts with customers.Financial assets at fair value through profit or lossDerivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through the profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either.a. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFor trade and other receivables, finance lease and other non-current assets, the Group applies a simplified approach in calculating Estimated Credit Losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows.The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Financial liabilitiesFinancial liabilities are classified as measured at amortised cost except for financial liabilities at fair value through profit or loss (FVTPL). Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the consolidated statement of income, as well as any gain or loss on derecognition.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilitiesThe Group has applied the derecognition requirement in IFRS 9 \u2013 Financial Instruments prospectively to transactions occurring on or after the transition date, but not retrospectively to financial liabilities already derecognised prior to the transition date.Under IFRS, the amortised cost of a modified financial liability, in which the terms of the financial liability are not determined to be substantially modified, is recalculated as the present value of the estimated future contractual cash flows, discounted at the original effective interest rate. The resulting gains or losses are recognised in profit or loss.Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are initially measured at fair value.At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.CASH AND CASH EQUIVALENTSCash and cash equivalents include cash in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents also include short-term highly liquid investments, readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value. Restricted cash related to withholding tax from employees is included as cash and cash equivalents.SHARE CAPITALOrdinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in the equity as a deduction, net of tax, from the proceeds.Treasury sharesWhen shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a reduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.Preference sharesPreference shares in subsidiaries are presented as shareholders\u2019 equity. As these preference shares in subsidiaries are not held by the Group directly, these are presented as non-controlling interest and the result to those preference shares, equivalent to the preference dividend, is presented as the non-controlling interests share of the result regardless of whether dividends have been paid or accumulated. Refer to Note 23.COMPOUND FINANCIAL INSTRUMENTSCompound financial instruments issued by the Group comprise convertible bonds denominated in USD, that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value.The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised as the difference between the fair value of the compound financial instrument and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured, unless repurchases of convertible bonds occur before maturity. Upon repurchase, the difference between the repurchase price and carrying amount is allocated between the liability component, equity component and a potential gain or loss is recognised in the consolidated statement of income.Interest related to the financial liability is recognised in the consolidated statement of income. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised.CLASSIFICATION OF ASSETS AND LIABILITIESAssets for long-term ownership or use are classified as non-current assets. Other assets are classified as current assets. Liabilities which fall due more than one year after being incurred are classified as non-current liabilities, except for next year\u2019s instalment on long-term debt. This is presented as current interest-bearing debt. Liabilities which fall due less than one year after they are incurred are classified as current liabilities.PROVISIONS AND CONTINGENT ASSETS AND LIABILITIESProvisions are recognised when the Group has a legal or constructive obligation resulting from past events, when it is likely that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.Contingent liabilities are not recognised in the annual accounts. Significant contingent liabilities are disclosed, except for contingent liabilities that are unlikely to be incurred.Contingent assets are not recognised in the annual accounts but are disclosed if the probability that the benefit will be added to the Group is more likely than not.LEASESThe Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration.The Group as a lesseeThe Group applies a single recognition and measurement approach for all leases except for short-term leases and leases of low value. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. The Group has elected to not separate non-lease components and account for the lease and the non-lease components as a single lease component.Right-of-use assetsThe Group recognises a right-of-use asset and a lease liability at the commencement date of the lease. This is the date the underlying asset is available for use.Right-of-use assets are measured at cost and depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.Lease liabilitiesThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date. In calculating the present value, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments, including in-substance fixed payments.\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate as at the commencement date.The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes its assessment of whether it will exercise an extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in the consolidated statement of income if the carrying amount of the right-of-use asset has been reduced to zero.The Group determines its incremental borrowing rate by obtaining interest rates from the external bank financing.Short-term leases and leases of low valueThe Group applies the short-term lease recognition exemption to its short-term leases. A short-term lease is a lease that has a lease term of 12 months or less from the commencement date. It also applies the low-value exemption to leases of office equipment that are considered to be low value. Lease payments for these leases are recognised as an expense on a straight-line basis over the lease term.The Group as a lessorWhen the Group acts as a lessor, it assesses whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset, including the existence and terms of any extension or purchase options.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-18-2": {
"value": "BASIS OF CONSOLIDATIONBusiness combinationsThe Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity instruments.SubsidiariesThe subsidiaries are legal entities (including special purpose entities) controlled by the Group. Control is achieved when the Group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. Subsidiaries are fully consolidated from the date on which control commences until the date on which control ceases.Non-controlling interestsNon-controlling interests (NCI) represent the portion of the statement of income and net assets in the subsidi-aries not held by the Group, and the amount attributable to the non-controlling interest is shown beneath the statement of income and is included in equity in the statement of financial position. Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interest having a deficit balance.Loss of controlWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and 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.Interests in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and a joint venture.Associates are those entities in which the Group has a significant influence, but not control, or has joint control, over the financial and operating policies, generally accompanying a shareholding of between 20 per cent and 50 per cent of the voting rights. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement.Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures and joint operations. Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.Interests in associates and joint ventures are accounted for using the equity method.The interests include goodwill and excess values identified as per the date of acquisition, net of any accumulated impairment loss. Any excess values that are to be amortised are deducted from the profit pursuant to the same principles as for consolidated companies. Goodwill is not amortised. The balance sheet value of associates and joint ventures represents the original cost price (equalling the fair value at the time of purchase) plus profit accumulated up to the present, less any amortisation of excess values and accumulated dividends received.Transactions eliminated on consolidationIntercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associates and joint ventures.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-19-4": {
"value": "Business combinationsThe Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs.The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-20-4": {
"value": "SubsidiariesThe subsidiaries are legal entities (including special purpose entities) controlled by the Group. Control is achieved when the Group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. Subsidiaries are fully consolidated from the date on which control commences until the date on which control ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-21-4": {
"value": "Non-controlling interestsNon-controlling interests (NCI) represent the portion of the statement of income and net assets in the subsidi-aries not held by the Group, and the amount attributable to the non-controlling interest is shown beneath the statement of income and is included in equity in the statement of financial position. Profit or loss and each component of Other Comprehensive Income (OCI) are attributed to the shareholders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interest having a deficit balance.Loss of controlWhen the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related NCI and 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-4": {
"value": "Interests in equity-accounted investeesThe Group\u2019s interests in equity-accounted investees comprise interests in associates and a joint venture.Associates are those entities in which the Group has a significant influence, but not control, or has joint control, over the financial and operating policies, generally accompanying a shareholding of between 20 per cent and 50 per cent of the voting rights. Joint ventures are joint arrangements in which the parties that share control have rights to the net assets of the arrangement.Joint arrangements, which are arrangements of which the Group has joint control together with one or more parties, are classified into joint ventures and joint operations. Joint operations are joint arrangements in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement.Interests in associates and joint ventures are accounted for using the equity method.The interests include goodwill and excess values identified as per the date of acquisition, net of any accumulated impairment loss. Any excess values that are to be amortised are deducted from the profit pursuant to the same principles as for consolidated companies. Goodwill is not amortised. The balance sheet value of associates and joint ventures represents the original cost price (equalling the fair value at the time of purchase) plus profit accumulated up to the present, less any amortisation of excess values and accumulated dividends received.Transactions eliminated on consolidationIntercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associates and joint ventures.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "FOREIGN CURRENCYForeign currency transactionsTransactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Foreign currency differences are generally recognised in profit or loss and presented within finance costs.However, foreign currency differences arising from quali-fying cash flow hedges to the extent that the hedges are effective, are recognised in OCI.Foreign operationsThe assets and liabilities of entities whose functional currencies are other than USD, are translated into USD at the exchange rates at the balance sheet date. The revenues and expenses of such entities are translated into USD using the monthly average exchange rates.Exchange differences are recognised in OCI and accumulated in the currency translation reserve in other equity, except to the extent that the translation difference is allocated to NCI.Upon disposal of a foreign subsidiary, or when control, significant influence or joint control is lost, the accu-mulated exchange differences related to investments accumulated in shareholders\u2019 equity are reclassified to the consolidated statement of income.If the Group disposes of parts of its interests in a subsidiary but retains control, the proportionate share of the accumulated exchange differences is allocated to non-controlling interests. When the Group disposes of only part of an associate or joint venture while retaining significant influence or joint control, the proportionate share of the accumulated exchange differences is reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "REVENUESThe Group\u2019s revenues derive from chartering of FPSOs, rendering of operational services related to FPSOs and engineering services.Revenue from contracts with customersRevenue from contracts with customers is recognised upon satisfaction of the performance obligations for the transfer of services in each such contract. A performance obligation is satisfied when or as the customer obtains control of the goods or services delivered. It is recognised at an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. Revenues are presented net of indirect sales taxes. The Group\u2019s performance obligations are to operate and lease out FPSOs.Operational servicesIncome from the rendering of operational services related to FPSOs and other services are recognised as revenue over time in the period when the services are rendered.Variable considerationCertain lease contracts contain variable elements, which include production incentive-, KPI- and maintenance bonuses. If the consideration in a contract includes a variable amount, the Group estimates the amount of consideration to which it will be entitled. The variable consideration is only recognised when it is highly probable that it would not be subject to significant reversal in the future.FEED (Front-End Engineering Design)A FEED study is a preliminary step taken before basic engineering level work and is undertaken to confirm the technical and economic feasibility of a prospective oil field development. Income from FEED contracts is recognised as revenue from contracts with customers when a certain milestone is reached and control transfers to the customer.Lease revenueChartering of vesselsRevenue from chartering of FPSOs is based on whether the contract is considered an operating lease or a finance lease.Operating leaseLeases, in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Payments received under operating leases are recognised as revenue on a straight-line basis over the lease term, unless another systematic basis is more representative of the time pattern in which use benefit derived from the leased asset is diminished. The lease term period for each lease contract is the non-cancellable period for which the lessee has contracted the asset together with an assessment of any further terms that the lessee has the option to continue the lease, when Management considers it reasonably certain that the lessee will exercise the option. This judgement is based on a combination of information about the field, the market and the client. As lease rates can vary over the lease term, this implies that there might be significant timing differences between cash flow and recognised revenue from a particular lease.If an arrangement contains lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. Contingent rental income is recognised as revenue in the period in which it is earned.Finance leaseLeases in which substantially all of the risks and rewards of ownership are transferred to the lessee are classified as finance leases. Assets held pursuant to a finance lease are presented in the balance sheet as a receivable at an amount equal to the net investment in the lease. The recognition of finance income on the receivable is based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the finance lease. During the construction phase of the asset, the contract is treated like a construction contract.Interest income arising from a finance lease is recognised on a time proportion basis applying the effective interest method. Interest income arising from a finance lease is classified as part of operational income while other interest income is classified as finance income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "EMPLOYEE BENEFITSDefined contribution plansIn addition to the defined benefit, the Group has contributed to other pension plans. The pension premiums are charged to expenses as they are incurred. The Group has no legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.Share-based paymentThe grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an employee benefits 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 and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-4": {
"value": "Share-based paymentThe grant date fair value of equity settled share-based payment arrangements granted to employees is recognised as an employee benefits 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 and non-market performance conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "TAXESThe Company is not subject to any income taxes in Bermuda, but the Company and its subsidiaries may be subject to income tax in the countries in which they operate. The Group provides for tax on profit based on the profit for financial reporting purposes, adjusted for non-taxable revenue and expenses.Income tax expense represents the sum of tax currently payable, changes in deferred tax liabilities and deferred tax assets, and withholding tax on charter hire and financial items. Charter hire and financial items are presented gross including withholding taxes payable where applicable.Deferred tax liabilities / tax assets are calculated on all differences between the book value and tax value of assets and liabilities, except for:\u2022 Differences linked to goodwill which are not tax deductible.\u2022 Differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax assets and liabilities are recognised when assets with temporary differences are acquired through business combinations.Deferred tax liabilities and deferred tax assets are measured on the basis of the expected future tax rates applicable to the companies in the Group where tempo-rary differences exist.Deferred tax assets and deferred tax liabilities are recognised at their nominal value and classified as non-current asset investments (long-term liabilities) in the balance sheet.Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-4": {
"value": "TAXESThe Company is not subject to any income taxes in Bermuda, but the Company and its subsidiaries may be subject to income tax in the countries in which they operate. The Group provides for tax on profit based on the profit for financial reporting purposes, adjusted for non-taxable revenue and expenses.Income tax expense represents the sum of tax currently payable, changes in deferred tax liabilities and deferred tax assets, and withholding tax on charter hire and financial items. Charter hire and financial items are presented gross including withholding taxes payable where applicable.Deferred tax liabilities / tax assets are calculated on all differences between the book value and tax value of assets and liabilities, except for:\u2022 Differences linked to goodwill which are not tax deductible.\u2022 Differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset.Deferred tax assets and liabilities are recognised when assets with temporary differences are acquired through business combinations.Deferred tax liabilities and deferred tax assets are measured on the basis of the expected future tax rates applicable to the companies in the Group where tempo-rary differences exist.Deferred tax assets and deferred tax liabilities are recognised at their nominal value and classified as non-current asset investments (long-term liabilities) in the balance sheet.Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "INVENTORIESInventories are valued at the lower of cost or net realisable value. Cost of materials and other consumables is based on the weighted average cost method and cost of fuel oil is based on the \u2018first-in, first-out\u2019 allocation method. The cost of inventories comprises the purchase price, import duties and other taxes, transport, handling and other costs directly attributable to the acquisition of finished goods, materials and services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "PROPERTY, PLANT AND EQUIPMENT (PP&E)MeasurementPP&E are recognised at cost and subsequently measured at cost less accumulated depreciation and impairment charges. This includes costs of material, direct labour and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by Management, including attributable overheads and estimate of costs of demobilising the asset.Borrowing costs directly attributable to an acquisition or construction of vessels, which take a substantial period to get ready for their intended use, are added to the cost of the asset until the assets are ready for their intended use. Borrowing cost consists of interest and other cost, which the entity incurs in connection with the borrowing of funds.Subsequent costs are included in the asset\u2019s carrying amount, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.DepreciationDepreciation will start when an item of PP&E is ready for intended use.For FPSOs this will be when the unit is successfully installed on the oil field.When significant parts of an item of PP&E have different useful lives, those components are accounted for as separate items of PP&E. The different components are depreciated by using a straight-line method over their expected useful life, taking into account the residual value.The estimated useful lives of the categories of PP&E are as follows:FPSOs:\u2022 Hull and Marine scope, including associated investments like refurbishment: 15\u201325 years.\u2022 Field-specific equipment and associated investment costs which are incurred for a specific project, e.g. installation costs and transport costs: 3\u201325 years.\u2022 Process equipment and associated investment. (In case of long-term contracts these items can be fully depreciated over the contract duration.): 10\u201325 years.Other PP&Es, like IT equipment, office equipment, technical installation and cars: 3\u201310 years.The assets\u2019 useful life and residual values are reviewed, and if necessary adjusted, at each reporting date.Disposal of PP&EGains and losses that result from the disposal of vessels, vehicles and equipment are recorded in a separate line in the consolidated statement of income.ImpairmentAssets including vessels, vessels under construction, conversion candidates and other PP&Es, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s net selling price and its value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separate identifiable cash flows (cash-generating units). Each FPSO is identified as a cash-generating unit.At the end of each reporting period the Group will assess whether there is any indication that an impairment recognised in previous periods may no longer exist or may have decreased. If any such indication exists, the Group will estimate the recoverable amount of the asset. If the recoverable amount is higher than the carrying amount of the asset, the carrying amount of the asset will be increased to its recoverable amount. The increase shall not exceed the carrying amount that would have been determined if no impairment loss had been recognised in previous periods. Previously recognised impairments should be reversed if there are significant changes with a favourable effect in the indicators.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "INTANGIBLE ASSETS AND GOODWILLGoodwillGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units (CGUs) for the purpose of the annual impairment testing.TechnologyTechnology acquired in a business combination is recognised at fair value at the acquisition date when intangible assets criteria are met and amortised on a straight-line basis over the useful life of fifteen years.Research and developmentExpenditure on research activities is recognised in profit or loss as incurred.Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditures are measured at cost less accumulated amortisation and any accumulated impairment losses.Capitalised development costs are amortised over the period of expected future benefit, usually five years.ImpairmentIntangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount that the asset\u2019s carrying amount exceeds its recoverable amount, being the higher of an asset\u2019s fair value less cost of disposal and its value in use.For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is greater than its value in use and its fair value less cost of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the assets or CGU. The use of a post-tax discount rate does not result in a different determination of the need for, or the amount of, impairment (reversal) that would be required if a pre-tax discount rate had been used.An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro-rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-4": {
"value": "GoodwillGoodwill arising on the acquisition of subsidiaries is measured at cost less accumulated impairment losses. Goodwill is allocated to cash-generating units (CGUs) for the purpose of the annual impairment testing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-4": {
"value": "Research and developmentExpenditure on research activities is recognised in profit or loss as incurred.Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditures are measured at cost less accumulated amortisation and any accumulated impairment losses.Capitalised development costs are amortised over the period of expected future benefit, usually five years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-3": {
"value": "ASSETS HELD FOR SALENon-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted.Assets and liabilities classified as held-for-sale are presented separately as current items in the statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-3": {
"value": "FINANCIAL INSTRUMENTSA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial assetsThe Group\u2019s financial assets are derivatives, trade and financial lease receivables and cash and cash equivalents.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortised cost.\u2022 Financial assets at fair value through profit or loss (FVTPL).Financial assets at amortised costThe Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows.\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the consolidated statement of income when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables, finance lease and other non-current assets. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 \u2013 Revenue from contracts with customers.Financial assets at fair value through profit or lossDerivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through the profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either.a. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFor trade and other receivables, finance lease and other non-current assets, the Group applies a simplified approach in calculating Estimated Credit Losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows.The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Financial liabilitiesFinancial liabilities are classified as measured at amortised cost except for financial liabilities at fair value through profit or loss (FVTPL). Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the consolidated statement of income, as well as any gain or loss on derecognition.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilitiesThe Group has applied the derecognition requirement in IFRS 9 \u2013 Financial Instruments prospectively to transactions occurring on or after the transition date, but not retrospectively to financial liabilities already derecognised prior to the transition date.Under IFRS, the amortised cost of a modified financial liability, in which the terms of the financial liability are not determined to be substantially modified, is recalculated as the present value of the estimated future contractual cash flows, discounted at the original effective interest rate. The resulting gains or losses are recognised in profit or loss.Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are initially measured at fair value.At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.COMPOUND FINANCIAL INSTRUMENTSCompound financial instruments issued by the Group comprise convertible bonds denominated in USD, that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value.The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised as the difference between the fair value of the compound financial instrument and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured, unless repurchases of convertible bonds occur before maturity. Upon repurchase, the difference between the repurchase price and carrying amount is allocated between the liability component, equity component and a potential gain or loss is recognised in the consolidated statement of income.Interest related to the financial liability is recognised in the consolidated statement of income. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-51-4": {
"value": "Financial assetsThe Group\u2019s financial assets are derivatives, trade and financial lease receivables and cash and cash equivalents.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortised cost.\u2022 Financial assets at fair value through profit or loss (FVTPL).Financial assets at amortised costThe Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows.\u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in the consolidated statement of income when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost include trade and other receivables, finance lease and other non-current assets. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 \u2013 Revenue from contracts with customers.Financial assets at fair value through profit or lossDerivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through the profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either.a. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFor trade and other receivables, finance lease and other non-current assets, the Group applies a simplified approach in calculating Estimated Credit Losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows.The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-5": {
"value": "Financial assets at fair value through profit or lossDerivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through the profit or loss. The category includes foreign exchange contracts and interest rate swaps.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-5": {
"value": "Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either.a. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Derecognition of financial liabilitiesThe Group has applied the derecognition requirement in IFRS 9 \u2013 Financial Instruments prospectively to transactions occurring on or after the transition date, but not retrospectively to financial liabilities already derecognised prior to the transition date.Under IFRS, the amortised cost of a modified financial liability, in which the terms of the financial liability are not determined to be substantially modified, is recalculated as the present value of the estimated future contractual cash flows, discounted at the original effective interest rate. The resulting gains or losses are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-5": {
"value": "Impairment of financial assetsFor trade and other receivables, finance lease and other non-current assets, the Group applies a simplified approach in calculating Estimated Credit Losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows.The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-4": {
"value": "Financial liabilitiesFinancial liabilities are classified as measured at amortised cost except for financial liabilities at fair value through profit or loss (FVTPL). Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in the consolidated statement of income, as well as any gain or loss on derecognition.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilitiesThe Group has applied the derecognition requirement in IFRS 9 \u2013 Financial Instruments prospectively to transactions occurring on or after the transition date, but not retrospectively to financial liabilities already derecognised prior to the transition date.Under IFRS, the amortised cost of a modified financial liability, in which the terms of the financial liability are not determined to be substantially modified, is recalculated as the present value of the estimated future contractual cash flows, discounted at the original effective interest rate. The resulting gains or losses are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-4": {
"value": "Derivative financial instruments and hedge accountingThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are initially measured at fair value.At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-5": {
"value": "Cash flow hedgesWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognised. For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-3": {
"value": "CASH AND CASH EQUIVALENTSCash and cash equivalents include cash in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents also include short-term highly liquid investments, readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value. Restricted cash related to withholding tax from employees is included as cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-64-4": {
"value": "CASH AND CASH EQUIVALENTSCash and cash equivalents include cash in hand and short-term deposits with an original maturity of three months or less. Cash and cash equivalents also include short-term highly liquid investments, readily convertible to known amounts of cash, and which are subject to an insignificant risk of change in value. Restricted cash related to withholding tax from employees is included as cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-3": {
"value": "SHARE CAPITALOrdinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in the equity as a deduction, net of tax, from the proceeds.Treasury sharesWhen shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a reduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.Preference sharesPreference shares in subsidiaries are presented as shareholders\u2019 equity. As these preference shares in subsidiaries are not held by the Group directly, these are presented as non-controlling interest and the result to those preference shares, equivalent to the preference dividend, is presented as the non-controlling interests share of the result regardless of whether dividends have been paid or accumulated. Refer to Note 23.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-4": {
"value": "Treasury sharesWhen shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a reduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-4": {
"value": "COMPOUND FINANCIAL INSTRUMENTSCompound financial instruments issued by the Group comprise convertible bonds denominated in USD, that can be converted to ordinary shares at the option of the holder, when the number of shares to be issued is fixed and does not vary with changes in fair value.The liability component of compound financial instruments is initially recognised at the fair value of a similar liability that does not have an equity conversion option. The equity component is initially recognised as the difference between the fair value of the compound financial instrument and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument is not remeasured, unless repurchases of convertible bonds occur before maturity. Upon repurchase, the difference between the repurchase price and carrying amount is allocated between the liability component, equity component and a potential gain or loss is recognised in the consolidated statement of income.Interest related to the financial liability is recognised in the consolidated statement of income. On conversion at maturity, the financial liability is reclassified to equity and no gain or loss is recognised.CLASSIFICATION OF ASSETS AND LIABILITIESAssets for long-term ownership or use are classified as non-current assets. Other assets are classified as current assets. Liabilities which fall due more than one year after being incurred are classified as non-current liabilities, except for next year\u2019s instalment on long-term debt. This is presented as current interest-bearing debt. Liabilities which fall due less than one year after they are incurred are classified as current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-3": {
"value": "PROVISIONS AND CONTINGENT ASSETS AND LIABILITIESProvisions are recognised when the Group has a legal or constructive obligation resulting from past events, when it is likely that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.Contingent liabilities are not recognised in the annual accounts. Significant contingent liabilities are disclosed, except for contingent liabilities that are unlikely to be incurred.Contingent assets are not recognised in the annual accounts but are disclosed if the probability that the benefit will be added to the Group is more likely than not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-4": {
"value": "PROVISIONS AND CONTINGENT ASSETS AND LIABILITIESProvisions are recognised when the Group has a legal or constructive obligation resulting from past events, when it is likely that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount can be made.Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.Contingent liabilities are not recognised in the annual accounts. Significant contingent liabilities are disclosed, except for contingent liabilities that are unlikely to be incurred.Contingent assets are not recognised in the annual accounts but are disclosed if the probability that the benefit will be added to the Group is more likely than not.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
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"value": "NOTE 4 Operating segmentsFollowing the establishment of BW Ideol AS in March 2021, the Group\u2019s activities are construction, lease and operation of FPSOs as well as offshore floating wind.The Group identifies segments on the basis of those components of the Group that are regularly reviewed by the chief operating decision-maker (\u2018CODM\u2019). The Group identified its Senior Management team as the CODM, reference to Note 8 for definition of Senior Management team. The reported measure of segment profit is operating profit/(loss). Deferred tax assets, pension assets and non-current financial assets are not allocated to the segments. Operating segment disclosures are consistent with the information reviewed by the CODM.Segment performance for 2022 and 2021 is presented below:2022Floating USD MILLION FPSOwind Eliminations TotalRevenues 732.6 6.6 - 739.2Other revenue 32.6 2.3 - 34.9Revenues inter-segment 0.1 0.3 (0.4) -Total revenues 765.3 9.2 (0.4) 774.1Operating expenses (395.5) (13.5) - (409.0)Administrative expenses (19.4) - - (19.4)Operating profit before depreciation, amortisation, 350.4 (4.3) (0.4) 345.7impairment and sale of assetsDepreciation, amortisation and impairment (210.0) (14.6) - (224.6)Profit/(loss) sale of fixed assets 2.5 - - 2.5Operating profit/(loss) 142.9 (18.9) (0.4) 123.6Capital expenditure 779.1 4.1 - 783.2Balance sheet informationEquity-accounted investees 320.7 17.2 - 337.9Non-current segment assets 2 441.0 99.6 - 2 540.6Non-current assets, not allocated to segments 86.0Total non-current assets 2 964.52021Floating USD MILLION FPSOwind Eliminations TotalRevenues 775.2 2.7 - 777.9Other revenue 49.8 1.6 - 51.4Revenues inter-segment 0.2 - (0.2) -Total revenues 825.2 4.3 (0.2) 829.3Operating expenses (405.2) (14.4) 0.2 (419.4)Administrative expenses (8.6) - - (8.6)Operating profit before depreciation, amortisation, 411.4 (10.1) - 401.3impairment and sale of assetsDepreciation, amortisation and impairment (350.2) (10.3) - (360.5)Profit/(loss) sale of fixed assets 1.2 - - 1.2Operating profit/(loss) 62.4 (20.4) - 42.0Capital expenditure 417.2 10.4 - 427.6Balance sheet informationEquity-accounted investees 210.3 - - 210.3Non-current segment assets 1 840.5 114.8 - 1 955.3Non-current assets, not allocated to segments 88.0Total non-current assets 2 253.6GEOGRAPHIC INFORMATIONRevenueFor the FPSO segment, the classification of revenue per region is determined by the final destination of the FPSO, while the classification in the floating wind segment is based on the geographic location of the customers.USD MILLION 2022 2021Americas 171.7 177.2Europe/Africa 557.3 531.8Asia and the Pacific 45.1 120.3Total revenues from continuing operations 774.1 829.3USD 8.9 million (USD 4.3 million) of revenues in the Europe/Africa region is related to the floating wind segment. Revenues in the other regions are related to the FPSO segment.Non-current assetsUSD MILLION 2022 2021Americas 213.3 340.5Europe/Africa 1 109.8 1 240.2Asia and the Pacific 1 188.7 391.52 511.8 1 972.2Non-current assets exclude deferred tax assets, derivatives, equity accounted investees and other non-current assets.MAJOR CUSTOMERThe Group has a limited number of customers (see also section regarding credit risk in Note 20). In accordance with IFRS 8.34, the Group has evaluated whether any single customers amount to 10 per cent or more of the total revenue.In 2022, the Group has identified two such customers. For these, the revenue was USD 388.7 million related to the FPSO segment. In 2021, the Group identified two such customers. For these, the revenue was USD 383.4 million related to the FPSO segment.",
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"value": "NOTE 5 RevenueREVENUE STREAMSThe Group generates revenue primarily from rendering of services on operating FPSOs and chartering of FPSOs to its customers. The Group recognises most of its revenue over time.USD MILLION 2022 2021Revenue from contracts with customers 308.3 305.9Leasing revenue 430.9 472.0Other revenue 34.9 51.4Total revenue 774.1 829.3In May 2022, the Group was awarded a limited notice to proceed (LNTP) by Shell Brasil Petr\u00f3leo Ltda (Shell) and its partners for early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil. In November 2022, Shell paused the project due to concerns about the supply chain market and inflationary pressure. The Group was reimbursed for costs incurred in line with the agreed terms of the LNTP. The Group presents this income as \u2018other revenue\u2019 in the statement of profit or loss in 2022.During the normal course of business, the Group is involved in legal and other proceedings which are unresolved and outstanding. We have accounted for such claims and litigations based on the Group\u2019s best judgement. In 2021, the Group recognised USD 2.4 million in \u2018other revenue\u2019 related to a settlement reached with Petrobras pertaining to the P-63 EPC contract for which no receivable was previously recognised.In November 2020, the Group reached an agreement with New Zealand Government for a fully funded disconnection of FPSO Umuroa which was located on the Tui oil field offshore New Zealand. The Group did recognise USD 38.7 million in \u2018other revenue\u2019 in the statement of profit or loss in 2021.In 2021, the Norwegian Shipowners\u00b4 Mutual War Risks Insurance Association, Den Norske Krigsforsikring for Skib (DNK) returned USD 7.5 million, net of 25 per cent withholding tax, of previous paid insurance. This is presented as \u2018other revenue\u2019 in the statement of profit or loss.CONTRACT BALANCESThe following table provides information about receivables and contract assets and liabilities.USD MILLION 31 Dec 2022 31 Dec 2021Receivables included in trade and other current assets 151.9 188.8Contract assets included in trade and other current assets 58.3 48.9Contract liabilities \u2013 included in trade and other payables 4.3 3.7The majority of the Group\u2019s contracts consist of a lease for the FPSO as well as an operating agreement. The Group assessed the underlying risk profile to be equal.The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date.The contract liabilities primarily relate to advance consideration received from customers. USD 3.7 million (USD 3.6 million) recognised in contract liabilities in the beginning of the period has been recognised as revenue during 2022.The remaining unsatisfied performance obligations to be recognised as revenues from contracts with customers over the remaining firm contract period is USD 1 652.9 million (USD 1 837.9 million).",
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"value": "NOTE 5 RevenueREVENUE STREAMSThe Group generates revenue primarily from rendering of services on operating FPSOs and chartering of FPSOs to its customers. The Group recognises most of its revenue over time.USD MILLION 2022 2021Revenue from contracts with customers 308.3 305.9Leasing revenue 430.9 472.0Other revenue 34.9 51.4Total revenue 774.1 829.3In May 2022, the Group was awarded a limited notice to proceed (LNTP) by Shell Brasil Petr\u00f3leo Ltda (Shell) and its partners for early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil. In November 2022, Shell paused the project due to concerns about the supply chain market and inflationary pressure. The Group was reimbursed for costs incurred in line with the agreed terms of the LNTP. The Group presents this income as \u2018other revenue\u2019 in the statement of profit or loss in 2022.During the normal course of business, the Group is involved in legal and other proceedings which are unresolved and outstanding. We have accounted for such claims and litigations based on the Group\u2019s best judgement. In 2021, the Group recognised USD 2.4 million in \u2018other revenue\u2019 related to a settlement reached with Petrobras pertaining to the P-63 EPC contract for which no receivable was previously recognised.In November 2020, the Group reached an agreement with New Zealand Government for a fully funded disconnection of FPSO Umuroa which was located on the Tui oil field offshore New Zealand. The Group did recognise USD 38.7 million in \u2018other revenue\u2019 in the statement of profit or loss in 2021.In 2021, the Norwegian Shipowners\u00b4 Mutual War Risks Insurance Association, Den Norske Krigsforsikring for Skib (DNK) returned USD 7.5 million, net of 25 per cent withholding tax, of previous paid insurance. This is presented as \u2018other revenue\u2019 in the statement of profit or loss.CONTRACT BALANCESThe following table provides information about receivables and contract assets and liabilities.USD MILLION 31 Dec 2022 31 Dec 2021Receivables included in trade and other current assets 151.9 188.8Contract assets included in trade and other current assets 58.3 48.9Contract liabilities \u2013 included in trade and other payables 4.3 3.7The majority of the Group\u2019s contracts consist of a lease for the FPSO as well as an operating agreement. The Group assessed the underlying risk profile to be equal.The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date.The contract liabilities primarily relate to advance consideration received from customers. USD 3.7 million (USD 3.6 million) recognised in contract liabilities in the beginning of the period has been recognised as revenue during 2022.The remaining unsatisfied performance obligations to be recognised as revenues from contracts with customers over the remaining firm contract period is USD 1 652.9 million (USD 1 837.9 million).",
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"value": "NOTE 5 RevenueREVENUE STREAMSThe Group generates revenue primarily from rendering of services on operating FPSOs and chartering of FPSOs to its customers. The Group recognises most of its revenue over time.USD MILLION 2022 2021Revenue from contracts with customers 308.3 305.9Leasing revenue 430.9 472.0Other revenue 34.9 51.4Total revenue 774.1 829.3In May 2022, the Group was awarded a limited notice to proceed (LNTP) by Shell Brasil Petr\u00f3leo Ltda (Shell) and its partners for early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil. In November 2022, Shell paused the project due to concerns about the supply chain market and inflationary pressure. The Group was reimbursed for costs incurred in line with the agreed terms of the LNTP. The Group presents this income as \u2018other revenue\u2019 in the statement of profit or loss in 2022.During the normal course of business, the Group is involved in legal and other proceedings which are unresolved and outstanding. We have accounted for such claims and litigations based on the Group\u2019s best judgement. In 2021, the Group recognised USD 2.4 million in \u2018other revenue\u2019 related to a settlement reached with Petrobras pertaining to the P-63 EPC contract for which no receivable was previously recognised.In November 2020, the Group reached an agreement with New Zealand Government for a fully funded disconnection of FPSO Umuroa which was located on the Tui oil field offshore New Zealand. The Group did recognise USD 38.7 million in \u2018other revenue\u2019 in the statement of profit or loss in 2021.In 2021, the Norwegian Shipowners\u00b4 Mutual War Risks Insurance Association, Den Norske Krigsforsikring for Skib (DNK) returned USD 7.5 million, net of 25 per cent withholding tax, of previous paid insurance. This is presented as \u2018other revenue\u2019 in the statement of profit or loss.CONTRACT BALANCESThe following table provides information about receivables and contract assets and liabilities.USD MILLION 31 Dec 2022 31 Dec 2021Receivables included in trade and other current assets 151.9 188.8Contract assets included in trade and other current assets 58.3 48.9Contract liabilities \u2013 included in trade and other payables 4.3 3.7The majority of the Group\u2019s contracts consist of a lease for the FPSO as well as an operating agreement. The Group assessed the underlying risk profile to be equal.The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date.The contract liabilities primarily relate to advance consideration received from customers. USD 3.7 million (USD 3.6 million) recognised in contract liabilities in the beginning of the period has been recognised as revenue during 2022.The remaining unsatisfied performance obligations to be recognised as revenues from contracts with customers over the remaining firm contract period is USD 1 652.9 million (USD 1 837.9 million).",
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"value": "NOTE 6 Operating, administrative and other expensesThe table below sets out expenses by nature for items included in operating expenses, other expenses and administrative expenses.USD MILLION 2022 2021Employee benefit expenses (Note 8) 169.5 184.6Vessel operating expenses 235.5 220.6Other expenses 23.0 22.0Total operating expenses 428.0 427.2",
"dimensions": {
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"value": "NOTE 6 Operating, administrative and other expensesThe table below sets out expenses by nature for items included in operating expenses, other expenses and administrative expenses.USD MILLION 2022 2021Employee benefit expenses (Note 8) 169.5 184.6Vessel operating expenses 235.5 220.6Other expenses 23.0 22.0Total operating expenses 428.0 427.2",
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"value": "NOTE 6 Operating, administrative and other expensesThe table below sets out expenses by nature for items included in operating expenses, other expenses and administrative expenses.USD MILLION 2022 2021Employee benefit expenses (Note 8) 169.5 184.6Vessel operating expenses 235.5 220.6Other expenses 23.0 22.0Total operating expenses 428.0 427.2",
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"value": "NOTE 7 Earnings per shareBASIC EARNINGS PER SHAREThe calculation of basic EPS has been based on the following profit attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding.Profit/(loss) attributable to ordinary shareholders (basic)USD MILLION 2022 2021Profit/(loss) attributable to ordinary shareholders 129.7 62.6Weighted-average number of ordinary shares (basic)IN THOUSAND 2022 2021Issued ordinary shares at 1 January 184 956 184 956Effect of treasury shares held (4 141) (4 141)Weighted-average number of ordinary shares at 31 December 180 815 180 815DILUTED EARNINGS PER SHAREThe calculation of diluted EPS has been based on the following profit attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.Profit/(loss) attributable to ordinary shareholders (diluted)USD MILLION 2022 2021Profit/(loss) attributable to ordinary shareholders 129.7 62.6Interest expense on convertible notes 9.4 9.3Profit/(loss) attributable to ordinary shareholders (diluted) 139.1 71.9Weighted-average number of ordinary shares (diluted)IN THOUSAND 2022 2021Weighted-average number of ordinary shares (basic) 180 815 180 815Effect of share option on issue 872 -Effect of conversion of convertible bonds 29 316 34 275Weighted-average number of ordinary shares (diluted) at 31 December 211 002 215 090EARNINGS PER SHAREUSD MILLION 2022 2021Basic earnings / (loss) per share net 0.72 0.35Diluted earnings / (loss) per share net 0.66 0.33",
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"value": "NOTE 8 Employee benefit expenses, remuneration to directors and auditorsEMPLOYEE BENEFIT EXPENSESUSD MILLION 2022 2021Wages, crew 88.7 108.4Wages, administrative personnel 62.9 58.4Social security contributions 7.4 7.8Expenses related to defined contribution scheme 7.7 5.4Expenses related to defined benefit scheme 0.2 0.2Share-based payment 2.6 4.4Total employee benefit expenses 169.5 184.6Average number of employees 1 806 1 9081SENIOR MANAGEMENT TEAM REMUNERATIONNumber of (IN USD) Salary Bonus Pension benefits Share options Other benefitsshares2022 2 570 225 742 992 169 188 847 799 85 629 430 5182021 2 734 465 44 441 63 834 954 295 21 350 430 5181 Senior Management team comprises Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Commercial Officer and General Counsel.LoansPart of Senior Management team received a loan in 2016 in NOK on arm\u2019s-length basis.The Group has not provided any loans to affiliates.(IN USD) 2022 2021Loans to Senior Management team - 22 744SeveranceSenior Management team has agreements that give them the right to compensation after termination of employment before retirement that equals 100 per cent of the salary for a maximum of 18 months. Compensation received from other employers during this period reduces this compensation, but not below 25 per cent of the compensation. There are no similar agreements with the members of the Board of Directors.BOARD OF DIRECTORS\u2019 REMUNERATION AND SHARES HELD(IN USD) Number of ShareYear Directors\u2019 fee shares options2022 385 000 90 419 229 -2021 336 792 91 729 229 -The compensation for members of the Board of Directors for the period May 2022 to May 2023 will be decided at the annual general meeting in May 2023.EMPLOYEE REMUNERATIONVariable Compensation SchemeThe Variable Compensation Scheme (VCS) is a system for rewarding employees if and when the Group reaches set goals for the Group\u2019s performance. The VCS plan is established on a year to year basis guided from the Board of Directors. The VCS for the performance year 2022 is based on the following parameters:1. Overall company results defined by targeted return on equity2. Health, Safety, Environment and Quality (HSEQ) performance of Zero HarmThe Board of Directors are assessing the achievements, including applying discretionary evaluations, to determine the Group pay-out pool for the VCS accordingly.Full pay-out is capped at three months\u2019 base salary for eligible employees, and six months for the Senior Management Team. Individual assessment of VCS pay-out is applied on a discretionary basis evaluating individual contributions, performance and key accomplishments.Long-term share option programmeIn 2019, the Board approved to establish a long-term share option programme (LTIP) where key personnel were granted options to purchase shares in the Company. The programme is approved for five years, with annual grants, each grant corresponding to 1 per cent of the total outstanding shares in the Company. The first grant was in 2019, with the last grant planned for 2023. The programme is discretionary, and participants are invited on an annual basis. The purpose of the programme is to further align the interests of the Group and its shareholders by providing incentives to employees to motivate them to contribute materially to the success and long-term profitability of the Group.The key terms and conditions related to the grants under these programmes are as follows; all options are to be settled by physical delivery of shares.Number of Grant dateinstruments Vesting conditions Contractual life of optionsVesting period of three years, followed by a On 8 April 2019 1 732 000three-year exercise period 6 yearsOn 6 March 2020 1 832 250 Same as above 6 yearsOn 26 February 2021 1 849 600 Same as above 6 yearsOn 7 March 2022 1 849 575 Same as above 6 yearsTotal share options 7 263 425Each option will give the holder the right to acquire one BW Offshore share. In 2022, a total of 60 (2021: 60) BW Offshore key employees were invited to participate in the programme.The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76 per cent which is corresponding to a 5 per cent increase annually over three years.The Company\u2019s exposure relating to the 2019 award is hedged by a Total Return Swap (TRS) agreement with financial exposure to 1 732 000 shares in BW Offshore. The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.Measurement of fair valuesThe fair value of the employee share options has been measured using the Black-Scholes formula. The inputs used in the measurement of the fair value at grant date were as follows.2022 2021Fair value at grant date (NOK) 12.20 14.47Share price at grant date (NOK) 28.84 35.24Exercise price (NOK) 33.78 42.08Expected volatility (weighted average) 59% 60%Expected life 4 years 4 yearsExpected dividends n/a n/aRisk-free interest rate (based on government bonds) 1.86% 0.81%Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share price particularly over the historical period equal to the expected term, adjusted for extreme movements. The expected term of the instruments has been based on historical experience and general option holder behaviour.Reconciliation of outstanding share optionsThe number and weighted-average exercise prices of share options under the share option programmes were as follows:2022 2021Weighted-Weighted-Number of average exercise Number of average exercise optionsprice (NOK)optionsprice (NOK)Outstanding at 1 January 5 128 025 40.81 3 564 250 44.77Terminated during the year (107 117) 39.48 (285 825) 42.23Adjusted 12 582 38.13 - n/aExpired (12 582) 38.13 - n/aGranted during the year 1 849 575 31.68 1 849 600 41.49Outstanding at 31 December 6 870 483 38.38 5 128 025 42.89Exercisable at 31 December 1 657 000 45.48 - n/aExpense recognised in profit or lossFor details of the related employee benefit expenses, see the employee benefit expenses table.Loans to other employees(IN USD) 2022 2021Loans to other employees 303 901 692 155AUDITORS\u2019 REMUNERATIONUSD '000 2022 2021Statutory audit 1 155.8 1 157.6Other attest services 5.1 45.3Tax-related services - 27.2Other services - 47.3Total fees 1 160.9 1 277.4KPMG is the appointed auditor of the Group.",
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"f28384": {
"value": "Average number of employees 1 806 1 908",
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"value": "1SENIOR MANAGEMENT TEAM REMUNERATIONNumber of (IN USD) Salary Bonus Pension benefits Share options Other benefitsshares2022 2 570 225 742 992 169 188 847 799 85 629 430 5182021 2 734 465 44 441 63 834 954 295 21 350 430 5181 Senior Management team comprises Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Commercial Officer and General Counsel.LoansPart of Senior Management team received a loan in 2016 in NOK on arm\u2019s-length basis.The Group has not provided any loans to affiliates.(IN USD) 2022 2021Loans to Senior Management team - 22 744SeveranceSenior Management team has agreements that give them the right to compensation after termination of employment before retirement that equals 100 per cent of the salary for a maximum of 18 months. Compensation received from other employers during this period reduces this compensation, but not below 25 per cent of the compensation. There are no similar agreements with the members of the Board of Directors.",
"dimensions": {
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"pp-value-94-3": {
"value": "Long-term share option programmeIn 2019, the Board approved to establish a long-term share option programme (LTIP) where key personnel were granted options to purchase shares in the Company. The programme is approved for five years, with annual grants, each grant corresponding to 1 per cent of the total outstanding shares in the Company. The first grant was in 2019, with the last grant planned for 2023. The programme is discretionary, and participants are invited on an annual basis. The purpose of the programme is to further align the interests of the Group and its shareholders by providing incentives to employees to motivate them to contribute materially to the success and long-term profitability of the Group.The key terms and conditions related to the grants under these programmes are as follows; all options are to be settled by physical delivery of shares.Number of Grant dateinstruments Vesting conditions Contractual life of optionsVesting period of three years, followed by a On 8 April 2019 1 732 000three-year exercise period 6 yearsOn 6 March 2020 1 832 250 Same as above 6 yearsOn 26 February 2021 1 849 600 Same as above 6 yearsOn 7 March 2022 1 849 575 Same as above 6 yearsTotal share options 7 263 425Each option will give the holder the right to acquire one BW Offshore share. In 2022, a total of 60 (2021: 60) BW Offshore key employees were invited to participate in the programme.The strike price of the options is calculated based on the volume weighted average share price five trading days prior to grant date, plus a premium of 15.76 per cent which is corresponding to a 5 per cent increase annually over three years.The Company\u2019s exposure relating to the 2019 award is hedged by a Total Return Swap (TRS) agreement with financial exposure to 1 732 000 shares in BW Offshore. The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date.Measurement of fair valuesThe fair value of the employee share options has been measured using the Black-Scholes formula. The inputs used in the measurement of the fair value at grant date were as follows.2022 2021Fair value at grant date (NOK) 12.20 14.47Share price at grant date (NOK) 28.84 35.24Exercise price (NOK) 33.78 42.08Expected volatility (weighted average) 59% 60%Expected life 4 years 4 yearsExpected dividends n/a n/aRisk-free interest rate (based on government bonds) 1.86% 0.81%Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share price particularly over the historical period equal to the expected term, adjusted for extreme movements. The expected term of the instruments has been based on historical experience and general option holder behaviour.Reconciliation of outstanding share optionsThe number and weighted-average exercise prices of share options under the share option programmes were as follows:2022 2021Weighted-Weighted-Number of average exercise Number of average exercise optionsprice (NOK)optionsprice (NOK)Outstanding at 1 January 5 128 025 40.81 3 564 250 44.77Terminated during the year (107 117) 39.48 (285 825) 42.23Adjusted 12 582 38.13 - n/aExpired (12 582) 38.13 - n/aGranted during the year 1 849 575 31.68 1 849 600 41.49Outstanding at 31 December 6 870 483 38.38 5 128 025 42.89Exercisable at 31 December 1 657 000 45.48 - n/aExpense recognised in profit or lossFor details of the related employee benefit expenses, see the employee benefit expenses table.Loans to other employees(IN USD) 2022 2021Loans to other employees 303 901 692 155",
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"value": "AUDITORS\u2019 REMUNERATIONUSD '000 2022 2021Statutory audit 1 155.8 1 157.6Other attest services 5.1 45.3Tax-related services - 27.2Other services - 47.3Total fees 1 160.9 1 277.4KPMG is the appointed auditor of the Group.",
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},
"pp-value-98-2": {
"value": "NOTE 9 Income taxesThe income tax expenses for the period comprise corporate income tax, withholding tax and deferred tax.BW Offshore Limited is a company registered in Bermuda. Currently, the Company is not required to pay taxes in Bermuda on ordinary income or capital gains.Depending on the jurisdiction, corporate income tax is due on the subsidiary\u2019s actual profits, and withholding tax is levied on a deemed profit basis or revenue basis (simplified calculation in lieu of profits tax). Deferred tax is calculated on temporary differences in jurisdictions where actual profits are the basis for taxation. Where the Group\u2019s activities are subject to withholding taxes, these are normally deducted by the customer who pays the taxes directly to the local tax authorities in the name of the Group.The Group\u2019s operational activities are subject to taxation rates which range from 0 per cent to 35 per cent.As the Group\u2019s operations are subject to different methods of taxation, income tax expenses will not necessarily change proportionally with changes in the overall net profit before tax. As a consequence of this, a reduction in net profit will often lead to a higher effective tax rate, while an increase in net profit can lead to a reduction in the effective tax rate.TAX EXPENSE FOR THE YEARUSD MILLION 2022 2021Deferred tax effect of changes in temporary differences (1.6) (59.8)Taxes payable current year 18.6 42.2Taxes payable prior years (0.1) (2.7)Withholding taxes 3.3 5.0Total tax expense continuing operations recognised in statement of income 20.2 (15.3)EFFECTIVE TAX RATEUSD MILLION 2022 2021Profit/ (loss) before tax 149.7 46.9Effect on permanent differences (1.0) 7.6Deferred tax effect of unrecognised deferred tax asset 5.5Income tax at Bermuda statutory income tax rate of 0% - -Withholding taxes 3.3 5.0Taxes payable current year, non-Bermuda jurisdictions 18.6 42.2Taxes payable prior years, non-Bermuda jurisdictions (0.1) (2.7)Deferred tax effect of changes in temporary differences (1.6) (59.8)Total income tax expense continuing operations at the effective income tax rate 20.2 (15.3)Effective tax rate 13.5% n/aTAX ASSETS AND LIABILITIESUSD MILLION 2022 2021Tax assets at 31 December (included in trade and other current assets) 0.3 0.7USD MILLION 2022 2021Tax payable at 31 December 11.7 21.8Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income becomes taxable.Deferred tax liabilities and deferred tax assets are specified as follows:USD MILLION 2022 2021Deferred tax assetsLosses and unabsorbed capital allowances 61.0 61.9Other 0.8 1.0Deferred tax assets \u2013 gross 61.8 62.9Deferred tax liabilitiesUnpaid/unremitted foreign interest income - (0.6)Vessels (8.5) (9.4)Other (12.4) (14.2)Deferred tax liabilities \u2013 gross (20.9) (24.2)Net recognised deferred tax assets / (deferred tax liabilities) 40.9 38.7In 2021, the Group, following the signing of the Barossa contract, considered it probable that tax losses carried forward in Australia can be utilised and consequently a deferred tax asset of USD 60.7 million was recognised in 2021.Net recognised deferred tax assets are expected to be recovered or settled after more than 12 months.The Group also has tax losses carried forward in several jurisdictions which are not recognised. The losses carried forward are USD 399.5 million (USD 492.1 million). These losses are not recognised as it is not possible to predict with reasonable certainty whether adequate taxable profit will be available in the future against which losses can be utilised. None of these will expire in 2023. Some of the tax losses have no expiry date. Note 26, Contingent assets and liabilities, provides information about tax audits and uncertainty of tax treatments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-3": {
"value": "TAX ASSETS AND LIABILITIESUSD MILLION 2022 2021Tax assets at 31 December (included in trade and other current assets) 0.3 0.7USD MILLION 2022 2021Tax payable at 31 December 11.7 21.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-3": {
"value": "Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income becomes taxable.Deferred tax liabilities and deferred tax assets are specified as follows:USD MILLION 2022 2021Deferred tax assetsLosses and unabsorbed capital allowances 61.0 61.9Other 0.8 1.0Deferred tax assets \u2013 gross 61.8 62.9Deferred tax liabilitiesUnpaid/unremitted foreign interest income - (0.6)Vessels (8.5) (9.4)Other (12.4) (14.2)Deferred tax liabilities \u2013 gross (20.9) (24.2)Net recognised deferred tax assets / (deferred tax liabilities) 40.9 38.7In 2021, the Group, following the signing of the Barossa contract, considered it probable that tax losses carried forward in Australia can be utilised and consequently a deferred tax asset of USD 60.7 million was recognised in 2021.Net recognised deferred tax assets are expected to be recovered or settled after more than 12 months.The Group also has tax losses carried forward in several jurisdictions which are not recognised. The losses carried forward are USD 399.5 million (USD 492.1 million). These losses are not recognised as it is not possible to predict with reasonable certainty whether adequate taxable profit will be available in the future against which losses can be utilised. None of these will expire in 2023. Some of the tax losses have no expiry date. Note 26, Contingent assets and liabilities, provides information about tax audits and uncertainty of tax treatments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-2": {
"value": "NOTE 10 InventoriesUSD MILLION 2022 2021Fuel oil 1.2 1.2Materials and consumables 5.5 24.5Inventories at 31 December 6.7 25.7In 2022, inventories were reduced by USD 18.5 million due to impairment on inventory balances for Abo FPSO, Espoir Ivoirien, Petr\u00f3leo Nautipa, Sendje Berge and Y\u00f9um K\u2019ak\u2019 N\u00e1ab. Inventories have been impaired considering respective assets are nearing completion of their respective contracts and it is not expected that inventory items will be utilised. The impairment is included in other expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-2": {
"value": "NOTE 11 Trade and other current assetsUSD MILLION 2022 2021Trade receivables 151.9 188.8Contract assets 58.3 48.9Other receivables 16.0 28.3Tax assets \u2013 current 0.3 0.7Prepayments 6.1 30.7Trade and other current assets 232.6 297.4Trade receivables are shown net of a provision for expected losses of USD 20.0 million (USD 19.6 million) of which USD 13 million is relating to the Umuroa contract (reference to Note 26).The fair value of trade and other current assets is the same as the carrying amount.The ageing analysis of trade receivables is as follows:USD MILLION 2022 2021Not past due 133.5 143.6Up to 3 months 5.9 23.43\u20136 months 1.6 18.76\u201312 months - 3.112 > months 10.9 Trade receivables \u2013 net 151.9 188.8As of 31 December 2022 and 2021, the expected credit loss for the Group related to customers was immaterial.The carrying amount of the Group\u2019s trade and other receivables are mainly denominated in USD.The Group has a provision for impairment loss of USD 20.0 million at 31 December 2022 (USD 19.6 million). Movement in allowance for impairment in respect of trade receivables is as follows:USD MILLION 2022 2021Balance at 1 January 19.6 18.9Net remeasurement of loss allowance 0.4 0.7Balance at 31 December 20.0 19.6Expected credit loss for other classes within trade and other receivables are immaterial.Credit risk and foreign exchange risk regarding trade receivables are described in Note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-3": {
"value": "NOTE 11 Trade and other current assetsUSD MILLION 2022 2021Trade receivables 151.9 188.8Contract assets 58.3 48.9Other receivables 16.0 28.3Tax assets \u2013 current 0.3 0.7Prepayments 6.1 30.7Trade and other current assets 232.6 297.4Trade receivables are shown net of a provision for expected losses of USD 20.0 million (USD 19.6 million) of which USD 13 million is relating to the Umuroa contract (reference to Note 26).The fair value of trade and other current assets is the same as the carrying amount.The ageing analysis of trade receivables is as follows:USD MILLION 2022 2021Not past due 133.5 143.6Up to 3 months 5.9 23.43\u20136 months 1.6 18.76\u201312 months - 3.112 > months 10.9 Trade receivables \u2013 net 151.9 188.8As of 31 December 2022 and 2021, the expected credit loss for the Group related to customers was immaterial.The carrying amount of the Group\u2019s trade and other receivables are mainly denominated in USD.The Group has a provision for impairment loss of USD 20.0 million at 31 December 2022 (USD 19.6 million). Movement in allowance for impairment in respect of trade receivables is as follows:USD MILLION 2022 2021Balance at 1 January 19.6 18.9Net remeasurement of loss allowance 0.4 0.7Balance at 31 December 20.0 19.6Expected credit loss for other classes within trade and other receivables are immaterial.Credit risk and foreign exchange risk regarding trade receivables are described in Note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-4": {
"value": "NOTE 11 Trade and other current assetsUSD MILLION 2022 2021Trade receivables 151.9 188.8Contract assets 58.3 48.9Other receivables 16.0 28.3Tax assets \u2013 current 0.3 0.7Prepayments 6.1 30.7Trade and other current assets 232.6 297.4Trade receivables are shown net of a provision for expected losses of USD 20.0 million (USD 19.6 million) of which USD 13 million is relating to the Umuroa contract (reference to Note 26).The fair value of trade and other current assets is the same as the carrying amount.The ageing analysis of trade receivables is as follows:USD MILLION 2022 2021Not past due 133.5 143.6Up to 3 months 5.9 23.43\u20136 months 1.6 18.76\u201312 months - 3.112 > months 10.9 Trade receivables \u2013 net 151.9 188.8As of 31 December 2022 and 2021, the expected credit loss for the Group related to customers was immaterial.The carrying amount of the Group\u2019s trade and other receivables are mainly denominated in USD.The Group has a provision for impairment loss of USD 20.0 million at 31 December 2022 (USD 19.6 million). Movement in allowance for impairment in respect of trade receivables is as follows:USD MILLION 2022 2021Balance at 1 January 19.6 18.9Net remeasurement of loss allowance 0.4 0.7Balance at 31 December 20.0 19.6Expected credit loss for other classes within trade and other receivables are immaterial.Credit risk and foreign exchange risk regarding trade receivables are described in Note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-5": {
"value": "NOTE 11 Trade and other current assetsUSD MILLION 2022 2021Trade receivables 151.9 188.8Contract assets 58.3 48.9Other receivables 16.0 28.3Tax assets \u2013 current 0.3 0.7Prepayments 6.1 30.7Trade and other current assets 232.6 297.4Trade receivables are shown net of a provision for expected losses of USD 20.0 million (USD 19.6 million) of which USD 13 million is relating to the Umuroa contract (reference to Note 26).The fair value of trade and other current assets is the same as the carrying amount.The ageing analysis of trade receivables is as follows:USD MILLION 2022 2021Not past due 133.5 143.6Up to 3 months 5.9 23.43\u20136 months 1.6 18.76\u201312 months - 3.112 > months 10.9 Trade receivables \u2013 net 151.9 188.8As of 31 December 2022 and 2021, the expected credit loss for the Group related to customers was immaterial.The carrying amount of the Group\u2019s trade and other receivables are mainly denominated in USD.The Group has a provision for impairment loss of USD 20.0 million at 31 December 2022 (USD 19.6 million). Movement in allowance for impairment in respect of trade receivables is as follows:USD MILLION 2022 2021Balance at 1 January 19.6 18.9Net remeasurement of loss allowance 0.4 0.7Balance at 31 December 20.0 19.6Expected credit loss for other classes within trade and other receivables are immaterial.Credit risk and foreign exchange risk regarding trade receivables are described in Note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-2": {
"value": "NOTE 12 Cash and cash equivalentsCash and cash equivalents are denominated primarily in USD, SGD, BRL, EUR, GBP, NGN and NOK. Restricted bank deposits at 31 December 2022 amounted to USD 0.9 million (USD 7.5 million). This relates to taxes withheld from employees. In 2021, Total Return Swap related to the long-term share option programme was also included as restricted bank deposit, reference to Note 8.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-3": {
"value": "NOTE 12 Cash and cash equivalentsCash and cash equivalents are denominated primarily in USD, SGD, BRL, EUR, GBP, NGN and NOK. Restricted bank deposits at 31 December 2022 amounted to USD 0.9 million (USD 7.5 million). This relates to taxes withheld from employees. In 2021, Total Return Swap related to the long-term share option programme was also included as restricted bank deposit, reference to Note 8.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-2": {
"value": "NOTE 13 Assets and liabilities held for saleAssets and liabilities held for sale at 31 December comprised the following:USD MILLION 2022 2021Vessels - 117.2Inventories - 5.0Trade and other current assets - 14.6Cash and cash equivalents - 6.3Assets held for sale - 143.1USD MILLION 2022 2021Pension obligations - 0.8Trade and other payables - 28.1Current tax liabilities - 5.4Liabilities held for sale - 34.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-2": {
"value": "NOTE 14 Property, plant and equipmentVESSELS AND OTHER PROPERTY, PLANT AND EQUIPMENTThe owned fleet at 31 December 2022 included the following vessels: Abo FPSO, BW Adolo, BW Athena, BW Catcher, BW Pioneer, BW Opportunity, Espoir Ivoirien, Petr\u00f3leo Nautipa and Sendje Berge.Vessels available for projects include vessels that are currently not in operation. BW Athena is in lay-up and the Group is currently evaluating options.BW Opportunity is in lay-up and undergoing certain repairs. This vessel is included in \u2018Vessels available for projects\u2019 on 31 December 2022 in the table below. There is no identified impairment trigger as Management is pursuing redeployment options.The contract for Petr\u00f3leo Nautipa reached the end of its term in October. The Group is considering selling the FPSO for recycling after the completion of demobilisation and decommissioning.In April 2022, the Group signed an agreement for the sale of the FPSO Polvo to BW Energy. The contract is classified as a financial lease receivable as of 31 December 2022. Refer to Note 24.In March 2022, the Group completed the sale of BW Umuroa for environmentally safe demolition and recycling in compliance with the Hong Kong International Convention at Baijnath Melaram (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 14.5 million. Impact from the sale is included in Net gain/ (loss) on sale of tangible fixed assets in the consolidated statement of income.In February 2022, the Group completed the sale of BW Cidade de S\u00e3o Vicente for environmentally safe dem-olition and recycling in compliance with the Hong Kong International Convention at Priya Blue Industries Pvt Ltd (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 12.8 million. Impact from the sale is included in Net gain/(loss) on sale of tangible fixed assets in the consolidated statement of income.In January 2022, BW Offshore signed an agreement for the sale of PT BW Offshore TSB Invest, the owner of FPSO BW Joko Tole, to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in consortium with PT Buana Lintas Lautan Tbk, a company publicly listed in Indonesia. The consortium will continue to operate the FPSO under the lease contract with Kangean Energy Indonesia. The BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia. The transaction was closed on 3 June 2022. Cash consideration was USD 52.2 million and no gain or loss was recorded in the consolidated statement of income related to this transaction.The vessels BW Joko Tole, BW Cidade de S\u00e3o Vicente and FPSO Polvo were classified as held for sale as of 31 December 2021.In April 2021, the Group completed the sale of Berge Helene for environmentally safe demolition and recycling in compliance with the Hong Kong Convention at Priya Blue shipyard in India. The vessel was sold for a cash consideration of USD 16 million.In November 2022, BW Offshore signed a six-month contract extension for the lease and operation of Sendje Berge.In January 2023, the Group signed a short-term contract extension for ABO to the end of March 2023.The FPSO\u2019s capital expenditure in 2022 was mainly related to investments in the Barossa FPSO, as well as upgrade of the BW Adolo for Ruche field outside Gabon and repair on the BW Opportunity. The Barossa lease contract is assessed to be an operating lease. The contract has a firm period of 15 years plus 10 years of options. BW Offshore will be responsible for engineering, procurement, construction, installation and operation of the FPSO.FPSO\u2019s capital expenditure in 2022 and 2021 was mainly related to investments in the Barossa FPSO.2022Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2022 3 290.6 374.7 683.9 55.3 4 404.5Additions 17.7 738.1 14.1 1.7 771.6Disposal - - (118.8) (9.5) (128.3)Exchange differences - - - (0.7) (0.7)Derecognition (15.8) - (15.8)Cost at 31 December 2022 3 308.3 1 097.0 579.2 46.8 5 031.3Accumulated depreciation and impairment charge at 1 January 2022 (1 917.7) - (595.5) (38.0) (2 551.2)Current year depreciation (181.9) - (2.6) (9.2) (193.7)Disposal - - 107.5 9.0 116.5Impairment - (15.8) - - (15.8)Exchange differences - - - (0.1) (0.1)Derecognition 15.8 - 15.8Accumulated depreciation and impairment charge at 31 December 2022 (2 099.6) - (490.6) (38.3) (2 628.5)Book value at 31 December 2022 1 208.7 1 097.0 88.6 8.5 2 402.8Useful lifeUp to 25 yearsCapitalised interest cost for vessels under construction 28.52021Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2021 3 844.5 9.0 1 225.1 35.5 5 114.1Additions 39.3 365.7 11.1 4.0 420.1Additions from business combinations - - - 16.9 16.9Disposal - - (260.4) (0.2) (260.6)Exchange differences - - - (0.9) (0.9)Reclassification to held-for-sale (593.2) - (291.9) - (885.1)Cost at 31 December 2021 3 290.6 374.7 683.9 55.3 4 405.5Accumulated depreciation and impairment charge at 1 January 2021 (2 081.2) - (1 104.3) (31.4) (3 216.9)Current year depreciation (245.5) - (5.6) (6.9) (258.0)Disposal - - 245.0 0.2 245.2Impairment (79.8) - (9.7) - (89.5)Exchange differences - - - 0.1 0.1Reclassification to held-for-sale 488.8 - 279.1 - 767.9Accumulated depreciation and impairment charge at 31 December 2021 (1 917.7) - (595.5) (38.0) (2 551.2)Book value at 31 December 2021 1 372.9 374.7 88.4 17.3 1 853.3Useful life Up to 25 yearsCapitalised interest cost for vessels under construction 1.5Refer to Note 25 for information of committed cost relating to construction of FPSO.The Group has capitalised FEED expenses, early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil for Shell Brasil Petr\u00f3leo Ltda (Shell). In November 2022, the Group was informed by Shell that the final investment decision was not to be made within the next 12 to 24 months. Consequently, the Group has impaired capitalised expenses of USD 15.8 million. Refer to note 5 for further information regarding compensation received from Shell.The Group has performed an impairment trigger assessment for the remaining fleet thereby considering, amongst others, the outlook for each vessel including the effects of climate change and associated energy transition (refer to Note 28). The Group further considered the remaining fixed contract period, option clauses in the contracts and commerciality of the various fields on which the vessels operate.The Group considers probability of redeployment of more mature FPSOs after end of current contracts to be low. Due to economics of keeping mature assets in a safe operating condition the Group also considers it challenging to extend contracts on certain FPSOs beyond their current contracts. The Group has performed an impairment trigger assessment at 31 December 2022 and no triggers were identified.In 2021, impairment charges were recognised on BW Athena (USD 2.0 million), Espoir Ivoirien (USD 21.4 million), Berge Helene (USD 4.2 million), Sendje Berge (USD 15.7 million), Joko Tole (USD 23.8 million), Petr\u00f3leo Nautipa (USD 19.9 million) and Umuroa (USD 7.6 million). BW Cidade de S\u00e3o Vicente was sold for recycling in 2022, for a higher consideration than NBV. This led to a reversal of previous impairment of USD 4.2 million in 2021. The Group consequently recorded a net impairment loss of USD 90.5 million on the FPSO fleet in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-3": {
"value": "NOTE 14 Property, plant and equipmentVESSELS AND OTHER PROPERTY, PLANT AND EQUIPMENTThe owned fleet at 31 December 2022 included the following vessels: Abo FPSO, BW Adolo, BW Athena, BW Catcher, BW Pioneer, BW Opportunity, Espoir Ivoirien, Petr\u00f3leo Nautipa and Sendje Berge.Vessels available for projects include vessels that are currently not in operation. BW Athena is in lay-up and the Group is currently evaluating options.BW Opportunity is in lay-up and undergoing certain repairs. This vessel is included in \u2018Vessels available for projects\u2019 on 31 December 2022 in the table below. There is no identified impairment trigger as Management is pursuing redeployment options.The contract for Petr\u00f3leo Nautipa reached the end of its term in October. The Group is considering selling the FPSO for recycling after the completion of demobilisation and decommissioning.In April 2022, the Group signed an agreement for the sale of the FPSO Polvo to BW Energy. The contract is classified as a financial lease receivable as of 31 December 2022. Refer to Note 24.In March 2022, the Group completed the sale of BW Umuroa for environmentally safe demolition and recycling in compliance with the Hong Kong International Convention at Baijnath Melaram (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 14.5 million. Impact from the sale is included in Net gain/ (loss) on sale of tangible fixed assets in the consolidated statement of income.In February 2022, the Group completed the sale of BW Cidade de S\u00e3o Vicente for environmentally safe dem-olition and recycling in compliance with the Hong Kong International Convention at Priya Blue Industries Pvt Ltd (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 12.8 million. Impact from the sale is included in Net gain/(loss) on sale of tangible fixed assets in the consolidated statement of income.In January 2022, BW Offshore signed an agreement for the sale of PT BW Offshore TSB Invest, the owner of FPSO BW Joko Tole, to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in consortium with PT Buana Lintas Lautan Tbk, a company publicly listed in Indonesia. The consortium will continue to operate the FPSO under the lease contract with Kangean Energy Indonesia. The BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia. The transaction was closed on 3 June 2022. Cash consideration was USD 52.2 million and no gain or loss was recorded in the consolidated statement of income related to this transaction.The vessels BW Joko Tole, BW Cidade de S\u00e3o Vicente and FPSO Polvo were classified as held for sale as of 31 December 2021.In April 2021, the Group completed the sale of Berge Helene for environmentally safe demolition and recycling in compliance with the Hong Kong Convention at Priya Blue shipyard in India. The vessel was sold for a cash consideration of USD 16 million.In November 2022, BW Offshore signed a six-month contract extension for the lease and operation of Sendje Berge.In January 2023, the Group signed a short-term contract extension for ABO to the end of March 2023.The FPSO\u2019s capital expenditure in 2022 was mainly related to investments in the Barossa FPSO, as well as upgrade of the BW Adolo for Ruche field outside Gabon and repair on the BW Opportunity. The Barossa lease contract is assessed to be an operating lease. The contract has a firm period of 15 years plus 10 years of options. BW Offshore will be responsible for engineering, procurement, construction, installation and operation of the FPSO.FPSO\u2019s capital expenditure in 2022 and 2021 was mainly related to investments in the Barossa FPSO.2022Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2022 3 290.6 374.7 683.9 55.3 4 404.5Additions 17.7 738.1 14.1 1.7 771.6Disposal - - (118.8) (9.5) (128.3)Exchange differences - - - (0.7) (0.7)Derecognition (15.8) - (15.8)Cost at 31 December 2022 3 308.3 1 097.0 579.2 46.8 5 031.3Accumulated depreciation and impairment charge at 1 January 2022 (1 917.7) - (595.5) (38.0) (2 551.2)Current year depreciation (181.9) - (2.6) (9.2) (193.7)Disposal - - 107.5 9.0 116.5Impairment - (15.8) - - (15.8)Exchange differences - - - (0.1) (0.1)Derecognition 15.8 - 15.8Accumulated depreciation and impairment charge at 31 December 2022 (2 099.6) - (490.6) (38.3) (2 628.5)Book value at 31 December 2022 1 208.7 1 097.0 88.6 8.5 2 402.8Useful lifeUp to 25 yearsCapitalised interest cost for vessels under construction 28.52021Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2021 3 844.5 9.0 1 225.1 35.5 5 114.1Additions 39.3 365.7 11.1 4.0 420.1Additions from business combinations - - - 16.9 16.9Disposal - - (260.4) (0.2) (260.6)Exchange differences - - - (0.9) (0.9)Reclassification to held-for-sale (593.2) - (291.9) - (885.1)Cost at 31 December 2021 3 290.6 374.7 683.9 55.3 4 405.5Accumulated depreciation and impairment charge at 1 January 2021 (2 081.2) - (1 104.3) (31.4) (3 216.9)Current year depreciation (245.5) - (5.6) (6.9) (258.0)Disposal - - 245.0 0.2 245.2Impairment (79.8) - (9.7) - (89.5)Exchange differences - - - 0.1 0.1Reclassification to held-for-sale 488.8 - 279.1 - 767.9Accumulated depreciation and impairment charge at 31 December 2021 (1 917.7) - (595.5) (38.0) (2 551.2)Book value at 31 December 2021 1 372.9 374.7 88.4 17.3 1 853.3Useful life Up to 25 yearsCapitalised interest cost for vessels under construction 1.5Refer to Note 25 for information of committed cost relating to construction of FPSO.The Group has capitalised FEED expenses, early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil for Shell Brasil Petr\u00f3leo Ltda (Shell). In November 2022, the Group was informed by Shell that the final investment decision was not to be made within the next 12 to 24 months. Consequently, the Group has impaired capitalised expenses of USD 15.8 million. Refer to note 5 for further information regarding compensation received from Shell.The Group has performed an impairment trigger assessment for the remaining fleet thereby considering, amongst others, the outlook for each vessel including the effects of climate change and associated energy transition (refer to Note 28). The Group further considered the remaining fixed contract period, option clauses in the contracts and commerciality of the various fields on which the vessels operate.The Group considers probability of redeployment of more mature FPSOs after end of current contracts to be low. Due to economics of keeping mature assets in a safe operating condition the Group also considers it challenging to extend contracts on certain FPSOs beyond their current contracts. The Group has performed an impairment trigger assessment at 31 December 2022 and no triggers were identified.In 2021, impairment charges were recognised on BW Athena (USD 2.0 million), Espoir Ivoirien (USD 21.4 million), Berge Helene (USD 4.2 million), Sendje Berge (USD 15.7 million), Joko Tole (USD 23.8 million), Petr\u00f3leo Nautipa (USD 19.9 million) and Umuroa (USD 7.6 million). BW Cidade de S\u00e3o Vicente was sold for recycling in 2022, for a higher consideration than NBV. This led to a reversal of previous impairment of USD 4.2 million in 2021. The Group consequently recorded a net impairment loss of USD 90.5 million on the FPSO fleet in 2021.NOTE 15 Intangible assets and goodwillTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2022 20.9 4.6 68.0 28.7 122.2Additions - 0.3 - - 0.3Additions from business combinations - - - 0.4 0.4Exchange differences - (0.3) (4.0) (1.7) (6.0)Disposal (10.2) - - - (10.2)Carrying amount at 31 December 2022 10.7 4.6 64.0 27.4 106.7Amortisation and impairmentat 1 January 2022 (18.8) (0.1) (3.6) - (22.5)Current year amortisation (1.9) (0.4) (4.2) - (6.5)Exchange differences - - 0.1 - 0.1Disposal 10.2 - - - 10.2At 31 December 2022 (10.5) (0.5) (7.7) - (18.7)Net book value at 31 December 2022 0.2 4.1 56.3 27.4 88.0Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2021 20.6 - - - 20.6Additions 0.2 0.3 - - 0.5Additions from business combinations 0.1 4.6 71.2 30.0 105.9Exchange differences - (0.3) (3.2) (1.3) (4.8)Carrying amount at 31 December 2021 20.9 4.6 68.0 28.7 122.2Amortisation and impairmentat 1 January 2021 (17.3) - - - (17.3)Current year amortisation (1.5) (0.1) (3.7) - (5.3)Exchange differences - - 0.1 - 0.1At 31 December 2021 (18.8) (0.1) (3.6) - (22.5)Net book value at 31 December 2021 2.1 4.5 64.4 28.7 99.7Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearGoodwill, Technology and R&D were initially recognised in March 2021 as part of the acquisition of Ideol SA (reference to Note 22). R&D assets represent the accumulated capitalised development projects. BW Ideol is pursuing a number of initiatives around its Damping Pool\u00ae patented foundation technology including research and development of innovative building materials, mooring systems and construction methods.Goodwill has an indefinite useful life and is tested for impairment at least annually.Goodwill was tested for impairment as of 31 December 2022 and the impairment test also included technology assets. A discounted cash flow model was used to determine the fair value less cost of disposal for the CGU. The projected cash flows were based on the most up-to-date forecast by management which includes: 1) A probability weighted pipeline of projects in co-development, with cash flows using end-of-life cash flows for projects identified and 2) a probability weighted pipeline of EPCI contracts. The impairment calculation demonstrated that the value in use exceeded the carrying amount of the CGU, thus no impairment loss was recognised.KEY ASSUMPTIONS USED IN THE IMPAIRMENT CALCULATION INCLUDE:Cash flows, project IRR, price of electricityFor the co-development activity, cash flows related to the estimated projects in portfolio include: (i) development expenses, including expenses related to engineering services provided by BW Ideol to each project during this phase, (ii) capital expenditures during construction phase, including royalties derived from BW Ideol\u2019s technology licensing, (iii) wind farm operating expenses and (iv) reimbursement of project finance debt. The tariff applied to the electricity sold is being determined by using a target IRR estimated at the start of the construction phase and takes into account the target financial structure and expenses profiles. For the co-EPCI activity, cash flows related to potential EPCI contracts include engineering services during the development phase, gross profit from procurement and construction, and royalties derived from licensing the technology to each project.Discount rate and Sectorial WACCIn order to assess the relevance of our implied discount rate-based approach to valuation, we have determined a sectorial post-tax Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology and incremental borrowing rate, assuming cash flows in Euro. A selected sample of comparable companies active in the renewable power sector was established. Due to the nature of the projects, a separate WACC is established for co-development projects and EPCI projects. The WACC for co-development projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.53. The equity to total capital ratio was 71 per cent. This resulted in a post-tax WACC of 5.6 per cent (2021: 5.4 per cent). The targeted Discount Rates being used as part of the impairment test ranges from 5.6 per cent to 6.8 per cent (2021: 6.7 per cent), reflecting a risk premium ranging from 0.0 per cent to 1.2 per cent compared to the sectorial WACC reflective of the underlying risk for individual co-development prospects. The WACC for EPCI projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.90. The equity to total capital ratio was 67 per cent. This resulted in a post-tax WACC of 5.6 per cent. The targeted Discount Rates being used as part of the impairment test is 13.0 per cent for EPCI projects, reflecting the riskier nature of the pipeline of prospective contracts.Testing procedures of BW Ideol\u2019s single CGU-related goodwill as of 31 December 2022 are conducted to meet IFRS requirements, and especially IAS 36. In compliance with IAS 36, BW Ideol\u2019s recoverable value was based on the estimation of its fair value from a discounted cash flow approach and is equivalent to BW Ideol\u2019s enterprise value as of 31 December 2022. Key assumptions have been updated to reflect management\u2019s best estimate per 31 December 2022 for all projects and contracts.SENSIVITIESProspective capacityIn the impairment test it is assumed the BW Ideol Group to secure 9.5 GW (2021: 10.7 GW) within the next 10 years, comprising 1.0 GW of co-development projects under development or construction, 5.18 GW of co-development across targeted prospects or anticipated licensing rounds and the equivalent of 3.32 GW across five potential EPCI contracts. A sensitivity whereby the overall capacity would be reduced by 1.0 GW (approximately 10 per cent), by taking out a targeted prospect entering into operation in 2031, would result in an impairment to be recognised of USD 4.5 million.Discount rateThe impairment assessment is sensitive to changes in the discount rate on co-development projects. A 0.3 per cent increase in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 51.1 million. An increase in the discount rate on EPCI projects of 1.0 per cent would not result in an impairment.Internal rate of returnThe impairment assessment is sensitive to changes in the target IRR of co-development projects. A 0.5 per cent decrease in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 50.0 million.",
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"pp-value-109-4": {
"value": "NOTE 14 Property, plant and equipmentVESSELS AND OTHER PROPERTY, PLANT AND EQUIPMENTThe owned fleet at 31 December 2022 included the following vessels: Abo FPSO, BW Adolo, BW Athena, BW Catcher, BW Pioneer, BW Opportunity, Espoir Ivoirien, Petr\u00f3leo Nautipa and Sendje Berge.Vessels available for projects include vessels that are currently not in operation. BW Athena is in lay-up and the Group is currently evaluating options.BW Opportunity is in lay-up and undergoing certain repairs. This vessel is included in \u2018Vessels available for projects\u2019 on 31 December 2022 in the table below. There is no identified impairment trigger as Management is pursuing redeployment options.The contract for Petr\u00f3leo Nautipa reached the end of its term in October. The Group is considering selling the FPSO for recycling after the completion of demobilisation and decommissioning.In April 2022, the Group signed an agreement for the sale of the FPSO Polvo to BW Energy. The contract is classified as a financial lease receivable as of 31 December 2022. Refer to Note 24.In March 2022, the Group completed the sale of BW Umuroa for environmentally safe demolition and recycling in compliance with the Hong Kong International Convention at Baijnath Melaram (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 14.5 million. Impact from the sale is included in Net gain/ (loss) on sale of tangible fixed assets in the consolidated statement of income.In February 2022, the Group completed the sale of BW Cidade de S\u00e3o Vicente for environmentally safe dem-olition and recycling in compliance with the Hong Kong International Convention at Priya Blue Industries Pvt Ltd (\u2018the Yard\u2019) in India. The vessel was sold for a cash consideration of USD 12.8 million. Impact from the sale is included in Net gain/(loss) on sale of tangible fixed assets in the consolidated statement of income.In January 2022, BW Offshore signed an agreement for the sale of PT BW Offshore TSB Invest, the owner of FPSO BW Joko Tole, to PT Bahari Inti Tanker and PT Cahaya Haluan Pasifik, both of which are Indonesian companies, in consortium with PT Buana Lintas Lautan Tbk, a company publicly listed in Indonesia. The consortium will continue to operate the FPSO under the lease contract with Kangean Energy Indonesia. The BW Joko Tole is a gas producing FPSO operating on the TSB field offshore Indonesia. The transaction was closed on 3 June 2022. Cash consideration was USD 52.2 million and no gain or loss was recorded in the consolidated statement of income related to this transaction.The vessels BW Joko Tole, BW Cidade de S\u00e3o Vicente and FPSO Polvo were classified as held for sale as of 31 December 2021.In April 2021, the Group completed the sale of Berge Helene for environmentally safe demolition and recycling in compliance with the Hong Kong Convention at Priya Blue shipyard in India. The vessel was sold for a cash consideration of USD 16 million.In November 2022, BW Offshore signed a six-month contract extension for the lease and operation of Sendje Berge.In January 2023, the Group signed a short-term contract extension for ABO to the end of March 2023.The FPSO\u2019s capital expenditure in 2022 was mainly related to investments in the Barossa FPSO, as well as upgrade of the BW Adolo for Ruche field outside Gabon and repair on the BW Opportunity. The Barossa lease contract is assessed to be an operating lease. The contract has a firm period of 15 years plus 10 years of options. BW Offshore will be responsible for engineering, procurement, construction, installation and operation of the FPSO.FPSO\u2019s capital expenditure in 2022 and 2021 was mainly related to investments in the Barossa FPSO.2022Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2022 3 290.6 374.7 683.9 55.3 4 404.5Additions 17.7 738.1 14.1 1.7 771.6Disposal - - (118.8) (9.5) (128.3)Exchange differences - - - (0.7) (0.7)Derecognition (15.8) - (15.8)Cost at 31 December 2022 3 308.3 1 097.0 579.2 46.8 5 031.3Accumulated depreciation and impairment charge at 1 January 2022 (1 917.7) - (595.5) (38.0) (2 551.2)Current year depreciation (181.9) - (2.6) (9.2) (193.7)Disposal - - 107.5 9.0 116.5Impairment - (15.8) - - (15.8)Exchange differences - - - (0.1) (0.1)Derecognition 15.8 - 15.8Accumulated depreciation and impairment charge at 31 December 2022 (2 099.6) - (490.6) (38.3) (2 628.5)Book value at 31 December 2022 1 208.7 1 097.0 88.6 8.5 2 402.8Useful lifeUp to 25 yearsCapitalised interest cost for vessels under construction 28.52021Vessels Other Vessels in Vessels under available for property, plant USD MILLIONoperationconstructionprojects& equipment TotalCost at 1 January 2021 3 844.5 9.0 1 225.1 35.5 5 114.1Additions 39.3 365.7 11.1 4.0 420.1Additions from business combinations - - - 16.9 16.9Disposal - - (260.4) (0.2) (260.6)Exchange differences - - - (0.9) (0.9)Reclassification to held-for-sale (593.2) - (291.9) - (885.1)Cost at 31 December 2021 3 290.6 374.7 683.9 55.3 4 405.5Accumulated depreciation and impairment charge at 1 January 2021 (2 081.2) - (1 104.3) (31.4) (3 216.9)Current year depreciation (245.5) - (5.6) (6.9) (258.0)Disposal - - 245.0 0.2 245.2Impairment (79.8) - (9.7) - (89.5)Exchange differences - - - 0.1 0.1Reclassification to held-for-sale 488.8 - 279.1 - 767.9Accumulated depreciation and impairment charge at 31 December 2021 (1 917.7) - (595.5) (38.0) (2 551.2)Book value at 31 December 2021 1 372.9 374.7 88.4 17.3 1 853.3Useful life Up to 25 yearsCapitalised interest cost for vessels under construction 1.5Refer to Note 25 for information of committed cost relating to construction of FPSO.The Group has capitalised FEED expenses, early-stage engineering and supplier reservations for the supply of an FPSO for the Gato do Mato oil and gas field offshore Brazil for Shell Brasil Petr\u00f3leo Ltda (Shell). In November 2022, the Group was informed by Shell that the final investment decision was not to be made within the next 12 to 24 months. Consequently, the Group has impaired capitalised expenses of USD 15.8 million. Refer to note 5 for further information regarding compensation received from Shell.The Group has performed an impairment trigger assessment for the remaining fleet thereby considering, amongst others, the outlook for each vessel including the effects of climate change and associated energy transition (refer to Note 28). The Group further considered the remaining fixed contract period, option clauses in the contracts and commerciality of the various fields on which the vessels operate.The Group considers probability of redeployment of more mature FPSOs after end of current contracts to be low. Due to economics of keeping mature assets in a safe operating condition the Group also considers it challenging to extend contracts on certain FPSOs beyond their current contracts. The Group has performed an impairment trigger assessment at 31 December 2022 and no triggers were identified.In 2021, impairment charges were recognised on BW Athena (USD 2.0 million), Espoir Ivoirien (USD 21.4 million), Berge Helene (USD 4.2 million), Sendje Berge (USD 15.7 million), Joko Tole (USD 23.8 million), Petr\u00f3leo Nautipa (USD 19.9 million) and Umuroa (USD 7.6 million). BW Cidade de S\u00e3o Vicente was sold for recycling in 2022, for a higher consideration than NBV. This led to a reversal of previous impairment of USD 4.2 million in 2021. The Group consequently recorded a net impairment loss of USD 90.5 million on the FPSO fleet in 2021.NOTE 15 Intangible assets and goodwillTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2022 20.9 4.6 68.0 28.7 122.2Additions - 0.3 - - 0.3Additions from business combinations - - - 0.4 0.4Exchange differences - (0.3) (4.0) (1.7) (6.0)Disposal (10.2) - - - (10.2)Carrying amount at 31 December 2022 10.7 4.6 64.0 27.4 106.7Amortisation and impairmentat 1 January 2022 (18.8) (0.1) (3.6) - (22.5)Current year amortisation (1.9) (0.4) (4.2) - (6.5)Exchange differences - - 0.1 - 0.1Disposal 10.2 - - - 10.2At 31 December 2022 (10.5) (0.5) (7.7) - (18.7)Net book value at 31 December 2022 0.2 4.1 56.3 27.4 88.0Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2021 20.6 - - - 20.6Additions 0.2 0.3 - - 0.5Additions from business combinations 0.1 4.6 71.2 30.0 105.9Exchange differences - (0.3) (3.2) (1.3) (4.8)Carrying amount at 31 December 2021 20.9 4.6 68.0 28.7 122.2Amortisation and impairmentat 1 January 2021 (17.3) - - - (17.3)Current year amortisation (1.5) (0.1) (3.7) - (5.3)Exchange differences - - 0.1 - 0.1At 31 December 2021 (18.8) (0.1) (3.6) - (22.5)Net book value at 31 December 2021 2.1 4.5 64.4 28.7 99.7Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearGoodwill, Technology and R&D were initially recognised in March 2021 as part of the acquisition of Ideol SA (reference to Note 22). R&D assets represent the accumulated capitalised development projects. BW Ideol is pursuing a number of initiatives around its Damping Pool\u00ae patented foundation technology including research and development of innovative building materials, mooring systems and construction methods.Goodwill has an indefinite useful life and is tested for impairment at least annually.Goodwill was tested for impairment as of 31 December 2022 and the impairment test also included technology assets. A discounted cash flow model was used to determine the fair value less cost of disposal for the CGU. The projected cash flows were based on the most up-to-date forecast by management which includes: 1) A probability weighted pipeline of projects in co-development, with cash flows using end-of-life cash flows for projects identified and 2) a probability weighted pipeline of EPCI contracts. The impairment calculation demonstrated that the value in use exceeded the carrying amount of the CGU, thus no impairment loss was recognised.KEY ASSUMPTIONS USED IN THE IMPAIRMENT CALCULATION INCLUDE:Cash flows, project IRR, price of electricityFor the co-development activity, cash flows related to the estimated projects in portfolio include: (i) development expenses, including expenses related to engineering services provided by BW Ideol to each project during this phase, (ii) capital expenditures during construction phase, including royalties derived from BW Ideol\u2019s technology licensing, (iii) wind farm operating expenses and (iv) reimbursement of project finance debt. The tariff applied to the electricity sold is being determined by using a target IRR estimated at the start of the construction phase and takes into account the target financial structure and expenses profiles. For the co-EPCI activity, cash flows related to potential EPCI contracts include engineering services during the development phase, gross profit from procurement and construction, and royalties derived from licensing the technology to each project.Discount rate and Sectorial WACCIn order to assess the relevance of our implied discount rate-based approach to valuation, we have determined a sectorial post-tax Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology and incremental borrowing rate, assuming cash flows in Euro. A selected sample of comparable companies active in the renewable power sector was established. Due to the nature of the projects, a separate WACC is established for co-development projects and EPCI projects. The WACC for co-development projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.53. The equity to total capital ratio was 71 per cent. This resulted in a post-tax WACC of 5.6 per cent (2021: 5.4 per cent). The targeted Discount Rates being used as part of the impairment test ranges from 5.6 per cent to 6.8 per cent (2021: 6.7 per cent), reflecting a risk premium ranging from 0.0 per cent to 1.2 per cent compared to the sectorial WACC reflective of the underlying risk for individual co-development prospects. The WACC for EPCI projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.90. The equity to total capital ratio was 67 per cent. This resulted in a post-tax WACC of 5.6 per cent. The targeted Discount Rates being used as part of the impairment test is 13.0 per cent for EPCI projects, reflecting the riskier nature of the pipeline of prospective contracts.Testing procedures of BW Ideol\u2019s single CGU-related goodwill as of 31 December 2022 are conducted to meet IFRS requirements, and especially IAS 36. In compliance with IAS 36, BW Ideol\u2019s recoverable value was based on the estimation of its fair value from a discounted cash flow approach and is equivalent to BW Ideol\u2019s enterprise value as of 31 December 2022. Key assumptions have been updated to reflect management\u2019s best estimate per 31 December 2022 for all projects and contracts.SENSIVITIESProspective capacityIn the impairment test it is assumed the BW Ideol Group to secure 9.5 GW (2021: 10.7 GW) within the next 10 years, comprising 1.0 GW of co-development projects under development or construction, 5.18 GW of co-development across targeted prospects or anticipated licensing rounds and the equivalent of 3.32 GW across five potential EPCI contracts. A sensitivity whereby the overall capacity would be reduced by 1.0 GW (approximately 10 per cent), by taking out a targeted prospect entering into operation in 2031, would result in an impairment to be recognised of USD 4.5 million.Discount rateThe impairment assessment is sensitive to changes in the discount rate on co-development projects. A 0.3 per cent increase in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 51.1 million. An increase in the discount rate on EPCI projects of 1.0 per cent would not result in an impairment.Internal rate of returnThe impairment assessment is sensitive to changes in the target IRR of co-development projects. A 0.5 per cent decrease in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 50.0 million.",
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"pp-value-120-4": {
"value": "NOTE 15 Intangible assets and goodwillTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2022 20.9 4.6 68.0 28.7 122.2Additions - 0.3 - - 0.3Additions from business combinations - - - 0.4 0.4Exchange differences - (0.3) (4.0) (1.7) (6.0)Disposal (10.2) - - - (10.2)Carrying amount at 31 December 2022 10.7 4.6 64.0 27.4 106.7Amortisation and impairmentat 1 January 2022 (18.8) (0.1) (3.6) - (22.5)Current year amortisation (1.9) (0.4) (4.2) - (6.5)Exchange differences - - 0.1 - 0.1Disposal 10.2 - - - 10.2At 31 December 2022 (10.5) (0.5) (7.7) - (18.7)Net book value at 31 December 2022 0.2 4.1 56.3 27.4 88.0Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearTotal intangible USD MILLION Software R&D Technology GoodwillassetsCost at 1 January 2021 20.6 - - - 20.6Additions 0.2 0.3 - - 0.5Additions from business combinations 0.1 4.6 71.2 30.0 105.9Exchange differences - (0.3) (3.2) (1.3) (4.8)Carrying amount at 31 December 2021 20.9 4.6 68.0 28.7 122.2Amortisation and impairmentat 1 January 2021 (17.3) - - - (17.3)Current year amortisation (1.5) (0.1) (3.7) - (5.3)Exchange differences - - 0.1 - 0.1At 31 December 2021 (18.8) (0.1) (3.6) - (22.5)Net book value at 31 December 2021 2.1 4.5 64.4 28.7 99.7Useful life 1\u20133 years 5 years 15 yearsAmortisation method linear linear linearGoodwill, Technology and R&D were initially recognised in March 2021 as part of the acquisition of Ideol SA (reference to Note 22). R&D assets represent the accumulated capitalised development projects. BW Ideol is pursuing a number of initiatives around its Damping Pool\u00ae patented foundation technology including research and development of innovative building materials, mooring systems and construction methods.Goodwill has an indefinite useful life and is tested for impairment at least annually.Goodwill was tested for impairment as of 31 December 2022 and the impairment test also included technology assets. A discounted cash flow model was used to determine the fair value less cost of disposal for the CGU. The projected cash flows were based on the most up-to-date forecast by management which includes: 1) A probability weighted pipeline of projects in co-development, with cash flows using end-of-life cash flows for projects identified and 2) a probability weighted pipeline of EPCI contracts. The impairment calculation demonstrated that the value in use exceeded the carrying amount of the CGU, thus no impairment loss was recognised.KEY ASSUMPTIONS USED IN THE IMPAIRMENT CALCULATION INCLUDE:Cash flows, project IRR, price of electricityFor the co-development activity, cash flows related to the estimated projects in portfolio include: (i) development expenses, including expenses related to engineering services provided by BW Ideol to each project during this phase, (ii) capital expenditures during construction phase, including royalties derived from BW Ideol\u2019s technology licensing, (iii) wind farm operating expenses and (iv) reimbursement of project finance debt. The tariff applied to the electricity sold is being determined by using a target IRR estimated at the start of the construction phase and takes into account the target financial structure and expenses profiles. For the co-EPCI activity, cash flows related to potential EPCI contracts include engineering services during the development phase, gross profit from procurement and construction, and royalties derived from licensing the technology to each project.Discount rate and Sectorial WACCIn order to assess the relevance of our implied discount rate-based approach to valuation, we have determined a sectorial post-tax Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology and incremental borrowing rate, assuming cash flows in Euro. A selected sample of comparable companies active in the renewable power sector was established. Due to the nature of the projects, a separate WACC is established for co-development projects and EPCI projects. The WACC for co-development projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.53. The equity to total capital ratio was 71 per cent. This resulted in a post-tax WACC of 5.6 per cent (2021: 5.4 per cent). The targeted Discount Rates being used as part of the impairment test ranges from 5.6 per cent to 6.8 per cent (2021: 6.7 per cent), reflecting a risk premium ranging from 0.0 per cent to 1.2 per cent compared to the sectorial WACC reflective of the underlying risk for individual co-development prospects. The WACC for EPCI projects is based on a risk-free rate in 2022 of 2.4 per cent based on S&P capital IQ data, and a market risk premium of 6.3 per cent. The estimated unlevered beta for equity was 0.90. The equity to total capital ratio was 67 per cent. This resulted in a post-tax WACC of 5.6 per cent. The targeted Discount Rates being used as part of the impairment test is 13.0 per cent for EPCI projects, reflecting the riskier nature of the pipeline of prospective contracts.Testing procedures of BW Ideol\u2019s single CGU-related goodwill as of 31 December 2022 are conducted to meet IFRS requirements, and especially IAS 36. In compliance with IAS 36, BW Ideol\u2019s recoverable value was based on the estimation of its fair value from a discounted cash flow approach and is equivalent to BW Ideol\u2019s enterprise value as of 31 December 2022. Key assumptions have been updated to reflect management\u2019s best estimate per 31 December 2022 for all projects and contracts.SENSIVITIESProspective capacityIn the impairment test it is assumed the BW Ideol Group to secure 9.5 GW (2021: 10.7 GW) within the next 10 years, comprising 1.0 GW of co-development projects under development or construction, 5.18 GW of co-development across targeted prospects or anticipated licensing rounds and the equivalent of 3.32 GW across five potential EPCI contracts. A sensitivity whereby the overall capacity would be reduced by 1.0 GW (approximately 10 per cent), by taking out a targeted prospect entering into operation in 2031, would result in an impairment to be recognised of USD 4.5 million.Discount rateThe impairment assessment is sensitive to changes in the discount rate on co-development projects. A 0.3 per cent increase in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 51.1 million. An increase in the discount rate on EPCI projects of 1.0 per cent would not result in an impairment.Internal rate of returnThe impairment assessment is sensitive to changes in the target IRR of co-development projects. A 0.5 per cent decrease in the discount rate of co-development projects would result in an impairment of goodwill and technology assets of USD 50.0 million.",
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"value": "NOTE 16 Equity-accounted investeesUSD MILLION 2022 2021Interest in joint ventures 140.3 10.1Interest in associates 197.6 200.2Balance at 31 December 337.9 210.3Equity-accounted investees relates mainly to the investment in BW Energy Limited (BWE) and BW Offshore AUS-JV Pte Ltd.On 21 January 2021, BWE completed a USD 75 million private placement and allocated and issued 23 690 000 new shares at a subscription price of NOK 27 per share, raising gross proceeds of NOK 639 640 000. The Group was not allocated shares in the private placement, consequently the ownership interest in BWE diluted by 3.56 per cent to 35.21 per cent.On 29 October 2021, the Group sold 20 000 000 shares in BWE, representing approximately 7.8 per cent of the outstanding shares, at NOK 28 per share. The share sale generated USD 65.7 million in gross proceeds, and a gain of USD 14.9 million. Following the sale, the Group holds 70 840 553 shares in BWE, representing 27.5 per cent of the shares outstanding in BWE.In 2022, the Board of Directors of BW Offshore decided to increase the annual dividend to include USD 20 million in-kind distribution of BW Energy shares, distributed on a quarterly basis. Dividend shares for the first three quarters of 2022, equal to USD 13.6 million, were distributed in 2022. Following the dividend shares, the Group holds 65 572 433 shares in BWE, representing 25.4 per cent.The following table illustrates the summarised financial information of the Group\u2019s investment in BWE.USD MILLION 2022 2021Percentage ownership interest 25.4% 27.5%Non-current assets 964.8 727.5Current assets 240.5 230.1Non-current liabilities 409.8 285.1Current liabilities 180.2 103.2Net assets (100%) 615.3 569.3Group's share of net assets 156.3 156.3Excess value 30.0 34.0Carrying amount of interest in associate 186.3 190.3Revenue 277.7 271.5Profit for the year (100%) 45.0 52.11Total comprehensive income for the year 12.2 15.3Gain sale of shares - 14.9Gain dilution - 5.5Gain/(loss) dividend shares (1.3) -Depreciation of excess value (1.3) (1.6)Group's share of total comprehensive income for the year 9.6 34.11 Adjusted for change in owned shareUp until September 2021, BW Offshore AUS-JV Pte. Ltd. was a wholly owned subsidiary. In October 2021, a joint venture was established with external investors. The shareholders agreements between the Group and the external investors resulted in the Group and the external investors having joint control over this company. The Group\u2019s interest in BW Offshore AUS-JV Pte. Ltd. is consequently accounted for using the equity method in the consolidated financial statements.Considering the loss of control, BW Offshore AUS-JV Pte. Ltd. was no longer consolidated as part of the Group from October 2021.Refer to Note 9 for information about deferred tax asset, Note 20 for information about lending agreements and Note 25 for information about guarantees.Summarised financial information of the joint venture and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below.USD MILLION 2022 2021Percentage ownership interest 51.0% 51.0%Non-current assets 662.6 198.1Current assets 60.8 90.3Non-current financial liabilities 410.3 199.3Current liabilities 68.5 70.3Net assets (100%) 244.6 18.8Group's share of net assets 124.7 9.6Elimination of internal net interest (2.1) -Carrying amount of interest in joint venture 122.6 9.6Net interest income/(expense) 4.1 (4.5)Profit for the year (100%) 2.0 (5.9)Other comprehensive income (100%) (151.8) 15.3Total comprehensive income for the year (100%) (149.8) 9.4Total comprehensive income for the year (51%) (76.4) 4.8Effect from loss of control - 1.6Elimination of internal net interest (2.1) -Group's share of total comprehensive income for the year (78.5) (6.4)The Group also has interests in three individually immaterial joint venture/associates, Floating Energy Allyance 1 Limited, OCS Services Limited and Euro Techniques Industries.For OCS Services Limited, the Group owns 50 per cent, but does not have joint control over this investment. The partner is in charge of the daily operation of the company while the Group act as an investment partner. The Group does not have power over more than half of the voting rights in OCS. Further, the Group does not have the power to cast the majority of votes at meetings of the Board of Directors or equivalent governing body. As the Group is only acting as an investment partner, OCS is considered an associate. The Group\u2019s interest in OCS is accounted for using the equity method in the consolidated financial statements.33.5 per cent ownership interest in Floating Energy Allyance 1 Limited was acquired in April 2022. A shareholder loan facility was granted in 2022. The loan was subsequently converted to equity in December 2022. The carrying amount of interests in Floating Energy Allyance 1 Limited was USD 17.2 million at 31 December 2022.The following table analyses the carrying amount and share of profit and OCI of these associates.USD MILLION 2022 2021Carrying amount of interests in associates 28.9 9.9Share of:Profit 1.4 0.6OCI - -",
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"pp-value-128-3": {
"value": "NOTE 16 Equity-accounted investeesUSD MILLION 2022 2021Interest in joint ventures 140.3 10.1Interest in associates 197.6 200.2Balance at 31 December 337.9 210.3Equity-accounted investees relates mainly to the investment in BW Energy Limited (BWE) and BW Offshore AUS-JV Pte Ltd.On 21 January 2021, BWE completed a USD 75 million private placement and allocated and issued 23 690 000 new shares at a subscription price of NOK 27 per share, raising gross proceeds of NOK 639 640 000. The Group was not allocated shares in the private placement, consequently the ownership interest in BWE diluted by 3.56 per cent to 35.21 per cent.On 29 October 2021, the Group sold 20 000 000 shares in BWE, representing approximately 7.8 per cent of the outstanding shares, at NOK 28 per share. The share sale generated USD 65.7 million in gross proceeds, and a gain of USD 14.9 million. Following the sale, the Group holds 70 840 553 shares in BWE, representing 27.5 per cent of the shares outstanding in BWE.In 2022, the Board of Directors of BW Offshore decided to increase the annual dividend to include USD 20 million in-kind distribution of BW Energy shares, distributed on a quarterly basis. Dividend shares for the first three quarters of 2022, equal to USD 13.6 million, were distributed in 2022. Following the dividend shares, the Group holds 65 572 433 shares in BWE, representing 25.4 per cent.The following table illustrates the summarised financial information of the Group\u2019s investment in BWE.USD MILLION 2022 2021Percentage ownership interest 25.4% 27.5%Non-current assets 964.8 727.5Current assets 240.5 230.1Non-current liabilities 409.8 285.1Current liabilities 180.2 103.2Net assets (100%) 615.3 569.3Group's share of net assets 156.3 156.3Excess value 30.0 34.0Carrying amount of interest in associate 186.3 190.3Revenue 277.7 271.5Profit for the year (100%) 45.0 52.11Total comprehensive income for the year 12.2 15.3Gain sale of shares - 14.9Gain dilution - 5.5Gain/(loss) dividend shares (1.3) -Depreciation of excess value (1.3) (1.6)Group's share of total comprehensive income for the year 9.6 34.11 Adjusted for change in owned shareUp until September 2021, BW Offshore AUS-JV Pte. Ltd. was a wholly owned subsidiary. In October 2021, a joint venture was established with external investors. The shareholders agreements between the Group and the external investors resulted in the Group and the external investors having joint control over this company. The Group\u2019s interest in BW Offshore AUS-JV Pte. Ltd. is consequently accounted for using the equity method in the consolidated financial statements.Considering the loss of control, BW Offshore AUS-JV Pte. Ltd. was no longer consolidated as part of the Group from October 2021.Refer to Note 9 for information about deferred tax asset, Note 20 for information about lending agreements and Note 25 for information about guarantees.Summarised financial information of the joint venture and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below.USD MILLION 2022 2021Percentage ownership interest 51.0% 51.0%Non-current assets 662.6 198.1Current assets 60.8 90.3Non-current financial liabilities 410.3 199.3Current liabilities 68.5 70.3Net assets (100%) 244.6 18.8Group's share of net assets 124.7 9.6Elimination of internal net interest (2.1) -Carrying amount of interest in joint venture 122.6 9.6Net interest income/(expense) 4.1 (4.5)Profit for the year (100%) 2.0 (5.9)Other comprehensive income (100%) (151.8) 15.3Total comprehensive income for the year (100%) (149.8) 9.4Total comprehensive income for the year (51%) (76.4) 4.8Effect from loss of control - 1.6Elimination of internal net interest (2.1) -Group's share of total comprehensive income for the year (78.5) (6.4)The Group also has interests in three individually immaterial joint venture/associates, Floating Energy Allyance 1 Limited, OCS Services Limited and Euro Techniques Industries.For OCS Services Limited, the Group owns 50 per cent, but does not have joint control over this investment. The partner is in charge of the daily operation of the company while the Group act as an investment partner. The Group does not have power over more than half of the voting rights in OCS. Further, the Group does not have the power to cast the majority of votes at meetings of the Board of Directors or equivalent governing body. As the Group is only acting as an investment partner, OCS is considered an associate. The Group\u2019s interest in OCS is accounted for using the equity method in the consolidated financial statements.33.5 per cent ownership interest in Floating Energy Allyance 1 Limited was acquired in April 2022. A shareholder loan facility was granted in 2022. The loan was subsequently converted to equity in December 2022. The carrying amount of interests in Floating Energy Allyance 1 Limited was USD 17.2 million at 31 December 2022.The following table analyses the carrying amount and share of profit and OCI of these associates.USD MILLION 2022 2021Carrying amount of interests in associates 28.9 9.9Share of:Profit 1.4 0.6OCI - -",
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"pp-value-128-4": {
"value": "NOTE 16 Equity-accounted investeesUSD MILLION 2022 2021Interest in joint ventures 140.3 10.1Interest in associates 197.6 200.2Balance at 31 December 337.9 210.3Equity-accounted investees relates mainly to the investment in BW Energy Limited (BWE) and BW Offshore AUS-JV Pte Ltd.On 21 January 2021, BWE completed a USD 75 million private placement and allocated and issued 23 690 000 new shares at a subscription price of NOK 27 per share, raising gross proceeds of NOK 639 640 000. The Group was not allocated shares in the private placement, consequently the ownership interest in BWE diluted by 3.56 per cent to 35.21 per cent.On 29 October 2021, the Group sold 20 000 000 shares in BWE, representing approximately 7.8 per cent of the outstanding shares, at NOK 28 per share. The share sale generated USD 65.7 million in gross proceeds, and a gain of USD 14.9 million. Following the sale, the Group holds 70 840 553 shares in BWE, representing 27.5 per cent of the shares outstanding in BWE.In 2022, the Board of Directors of BW Offshore decided to increase the annual dividend to include USD 20 million in-kind distribution of BW Energy shares, distributed on a quarterly basis. Dividend shares for the first three quarters of 2022, equal to USD 13.6 million, were distributed in 2022. Following the dividend shares, the Group holds 65 572 433 shares in BWE, representing 25.4 per cent.The following table illustrates the summarised financial information of the Group\u2019s investment in BWE.USD MILLION 2022 2021Percentage ownership interest 25.4% 27.5%Non-current assets 964.8 727.5Current assets 240.5 230.1Non-current liabilities 409.8 285.1Current liabilities 180.2 103.2Net assets (100%) 615.3 569.3Group's share of net assets 156.3 156.3Excess value 30.0 34.0Carrying amount of interest in associate 186.3 190.3Revenue 277.7 271.5Profit for the year (100%) 45.0 52.11Total comprehensive income for the year 12.2 15.3Gain sale of shares - 14.9Gain dilution - 5.5Gain/(loss) dividend shares (1.3) -Depreciation of excess value (1.3) (1.6)Group's share of total comprehensive income for the year 9.6 34.11 Adjusted for change in owned shareUp until September 2021, BW Offshore AUS-JV Pte. Ltd. was a wholly owned subsidiary. In October 2021, a joint venture was established with external investors. The shareholders agreements between the Group and the external investors resulted in the Group and the external investors having joint control over this company. The Group\u2019s interest in BW Offshore AUS-JV Pte. Ltd. is consequently accounted for using the equity method in the consolidated financial statements.Considering the loss of control, BW Offshore AUS-JV Pte. Ltd. was no longer consolidated as part of the Group from October 2021.Refer to Note 9 for information about deferred tax asset, Note 20 for information about lending agreements and Note 25 for information about guarantees.Summarised financial information of the joint venture and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below.USD MILLION 2022 2021Percentage ownership interest 51.0% 51.0%Non-current assets 662.6 198.1Current assets 60.8 90.3Non-current financial liabilities 410.3 199.3Current liabilities 68.5 70.3Net assets (100%) 244.6 18.8Group's share of net assets 124.7 9.6Elimination of internal net interest (2.1) -Carrying amount of interest in joint venture 122.6 9.6Net interest income/(expense) 4.1 (4.5)Profit for the year (100%) 2.0 (5.9)Other comprehensive income (100%) (151.8) 15.3Total comprehensive income for the year (100%) (149.8) 9.4Total comprehensive income for the year (51%) (76.4) 4.8Effect from loss of control - 1.6Elimination of internal net interest (2.1) -Group's share of total comprehensive income for the year (78.5) (6.4)The Group also has interests in three individually immaterial joint venture/associates, Floating Energy Allyance 1 Limited, OCS Services Limited and Euro Techniques Industries.For OCS Services Limited, the Group owns 50 per cent, but does not have joint control over this investment. The partner is in charge of the daily operation of the company while the Group act as an investment partner. The Group does not have power over more than half of the voting rights in OCS. Further, the Group does not have the power to cast the majority of votes at meetings of the Board of Directors or equivalent governing body. As the Group is only acting as an investment partner, OCS is considered an associate. The Group\u2019s interest in OCS is accounted for using the equity method in the consolidated financial statements.33.5 per cent ownership interest in Floating Energy Allyance 1 Limited was acquired in April 2022. A shareholder loan facility was granted in 2022. The loan was subsequently converted to equity in December 2022. The carrying amount of interests in Floating Energy Allyance 1 Limited was USD 17.2 million at 31 December 2022.The following table analyses the carrying amount and share of profit and OCI of these associates.USD MILLION 2022 2021Carrying amount of interests in associates 28.9 9.9Share of:Profit 1.4 0.6OCI - -Associates and joint venturesSubsidiaries Country of incorporation Ownership 2022 Ownership 2021OCS Services Limited British Virgin Islands 50% 50%Euro Techniques Industries France 40% 40% 6BW Energy Limited Bermuda 25% 27% 7BW Offshore AUS-JV Pte Ltd Singapore 51% 51%BW Offshore Nigeria Limited Nigeria 49% 49%1 Preference shares are issued with a preferential dividend right to ICBCL. The preferential dividend is a fixed percentage of outstanding preference shares, and accordingly the result allocated to non-controlling interest is independent of underlying result in the subsidiary.2 The company was 51 per cent owned by Indonesian shareholders in 2021. The company was recognised in the balance sheet without non-controlling interests, as the Group has put in place and has finalised agreements that ensure that 100 per cent of profits are retained by the Group. The company was sold June 2022.3 Refer to Note 22 and Note 23.4 Owned by BW Ideol AS, ownership effectively reduced to 53 per cent.5 Macquarie Bank Limited holds 10 per cent from 20226 Ownership effectively reduced to 25 per cent in 2022 due to distribution of dividend shares, refer to Note 16.7 Joint control due to shareholders agreements between the Group and external investors.",
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"pp-value-128-5": {
"value": "NOTE 16 Equity-accounted investeesUSD MILLION 2022 2021Interest in joint ventures 140.3 10.1Interest in associates 197.6 200.2Balance at 31 December 337.9 210.3Equity-accounted investees relates mainly to the investment in BW Energy Limited (BWE) and BW Offshore AUS-JV Pte Ltd.On 21 January 2021, BWE completed a USD 75 million private placement and allocated and issued 23 690 000 new shares at a subscription price of NOK 27 per share, raising gross proceeds of NOK 639 640 000. The Group was not allocated shares in the private placement, consequently the ownership interest in BWE diluted by 3.56 per cent to 35.21 per cent.On 29 October 2021, the Group sold 20 000 000 shares in BWE, representing approximately 7.8 per cent of the outstanding shares, at NOK 28 per share. The share sale generated USD 65.7 million in gross proceeds, and a gain of USD 14.9 million. Following the sale, the Group holds 70 840 553 shares in BWE, representing 27.5 per cent of the shares outstanding in BWE.In 2022, the Board of Directors of BW Offshore decided to increase the annual dividend to include USD 20 million in-kind distribution of BW Energy shares, distributed on a quarterly basis. Dividend shares for the first three quarters of 2022, equal to USD 13.6 million, were distributed in 2022. Following the dividend shares, the Group holds 65 572 433 shares in BWE, representing 25.4 per cent.The following table illustrates the summarised financial information of the Group\u2019s investment in BWE.USD MILLION 2022 2021Percentage ownership interest 25.4% 27.5%Non-current assets 964.8 727.5Current assets 240.5 230.1Non-current liabilities 409.8 285.1Current liabilities 180.2 103.2Net assets (100%) 615.3 569.3Group's share of net assets 156.3 156.3Excess value 30.0 34.0Carrying amount of interest in associate 186.3 190.3Revenue 277.7 271.5Profit for the year (100%) 45.0 52.11Total comprehensive income for the year 12.2 15.3Gain sale of shares - 14.9Gain dilution - 5.5Gain/(loss) dividend shares (1.3) -Depreciation of excess value (1.3) (1.6)Group's share of total comprehensive income for the year 9.6 34.11 Adjusted for change in owned shareUp until September 2021, BW Offshore AUS-JV Pte. Ltd. was a wholly owned subsidiary. In October 2021, a joint venture was established with external investors. The shareholders agreements between the Group and the external investors resulted in the Group and the external investors having joint control over this company. The Group\u2019s interest in BW Offshore AUS-JV Pte. Ltd. is consequently accounted for using the equity method in the consolidated financial statements.Considering the loss of control, BW Offshore AUS-JV Pte. Ltd. was no longer consolidated as part of the Group from October 2021.Refer to Note 9 for information about deferred tax asset, Note 20 for information about lending agreements and Note 25 for information about guarantees.Summarised financial information of the joint venture and reconciliation with the carrying amount of the investment in the consolidated financial statements are set out below.USD MILLION 2022 2021Percentage ownership interest 51.0% 51.0%Non-current assets 662.6 198.1Current assets 60.8 90.3Non-current financial liabilities 410.3 199.3Current liabilities 68.5 70.3Net assets (100%) 244.6 18.8Group's share of net assets 124.7 9.6Elimination of internal net interest (2.1) -Carrying amount of interest in joint venture 122.6 9.6Net interest income/(expense) 4.1 (4.5)Profit for the year (100%) 2.0 (5.9)Other comprehensive income (100%) (151.8) 15.3Total comprehensive income for the year (100%) (149.8) 9.4Total comprehensive income for the year (51%) (76.4) 4.8Effect from loss of control - 1.6Elimination of internal net interest (2.1) -Group's share of total comprehensive income for the year (78.5) (6.4)The Group also has interests in three individually immaterial joint venture/associates, Floating Energy Allyance 1 Limited, OCS Services Limited and Euro Techniques Industries.For OCS Services Limited, the Group owns 50 per cent, but does not have joint control over this investment. The partner is in charge of the daily operation of the company while the Group act as an investment partner. The Group does not have power over more than half of the voting rights in OCS. Further, the Group does not have the power to cast the majority of votes at meetings of the Board of Directors or equivalent governing body. As the Group is only acting as an investment partner, OCS is considered an associate. The Group\u2019s interest in OCS is accounted for using the equity method in the consolidated financial statements.33.5 per cent ownership interest in Floating Energy Allyance 1 Limited was acquired in April 2022. A shareholder loan facility was granted in 2022. The loan was subsequently converted to equity in December 2022. The carrying amount of interests in Floating Energy Allyance 1 Limited was USD 17.2 million at 31 December 2022.The following table analyses the carrying amount and share of profit and OCI of these associates.USD MILLION 2022 2021Carrying amount of interests in associates 28.9 9.9Share of:Profit 1.4 0.6OCI - -Associates and joint venturesSubsidiaries Country of incorporation Ownership 2022 Ownership 2021OCS Services Limited British Virgin Islands 50% 50%Euro Techniques Industries France 40% 40% 6BW Energy Limited Bermuda 25% 27% 7BW Offshore AUS-JV Pte Ltd Singapore 51% 51%BW Offshore Nigeria Limited Nigeria 49% 49%1 Preference shares are issued with a preferential dividend right to ICBCL. The preferential dividend is a fixed percentage of outstanding preference shares, and accordingly the result allocated to non-controlling interest is independent of underlying result in the subsidiary.2 The company was 51 per cent owned by Indonesian shareholders in 2021. The company was recognised in the balance sheet without non-controlling interests, as the Group has put in place and has finalised agreements that ensure that 100 per cent of profits are retained by the Group. The company was sold June 2022.3 Refer to Note 22 and Note 23.4 Owned by BW Ideol AS, ownership effectively reduced to 53 per cent.5 Macquarie Bank Limited holds 10 per cent from 20226 Ownership effectively reduced to 25 per cent in 2022 due to distribution of dividend shares, refer to Note 16.7 Joint control due to shareholders agreements between the Group and external investors.",
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"pp-value-132-2": {
"value": "NOTE 17 Capital and reservesSHARE CAPITALAuthorised share capital:At 1 January 2022: 214 000 000 ordinary shares at par value USD 0.50 eachAt 31 December 2022: 214 000 000 ordinary shares at par value USD 0.50 eachIssued and fully paid USD THOUSANDAt 1 January 2022 92 478.2At 31 December 2022 92 478.2HEDGING RESERVEThe hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss.CONVERTIBLE BONDSThe reserve for the convertible bonds comprises the amount allocated to the equity component for the convertible bonds issued by the Group in November 2019. Refer to Note 18.TREASURY SHARE RESERVEThe reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. At 31 December 2022, the Group held 4 141 437 of the Company\u2019s shares (4 141 437). Book value of the treasury shares was USD 10.1 million at 31 December 2022 (USD 10.1 million).DIVIDENDSThe following dividends were declared and paid by the Company for the year.USD MILLION 2022Fourth quarter 2021: USD 0.035 per qualifying ordinary share 6.3First, second and third quarter: USD 0.035 per qualifying ordinary share 19.0First quarter: Dividend shares \u2013 1 607 407 BWE shares 4.2Second quarter: Dividend shares \u2013 1 835 978 BWE shares 4.4Third quarter: Dividend shares \u2013 1 824 735 BWE shares 5.038.9USD MILLION 2021Fourth quarter 2020: USD 0.035 per qualifying ordinary share 6.3First, second and third quarter: USD 0.035 per qualifying ordinary share 19.025.3Refer to \u2018Shareholder information\u2019 section for information on the 20 largest shareholders at 31 December 2022.Refer to Note 23, Non-controlling interests, for information on preferred dividends.",
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"value": "SHARE CAPITALAuthorised share capital:At 1 January 2022: 214 000 000 ordinary shares at par value USD 0.50 eachAt 31 December 2022: 214 000 000 ordinary shares at par value USD 0.50 eachIssued and fully paid USD THOUSANDAt 1 January 2022 92 478.2At 31 December 2022 92 478.2",
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"pp-value-134-3": {
"value": "HEDGING RESERVEThe hedging reserve comprises the effective portion of the cumulative net change in the fair value of hedging instruments used in cash flow hedges pending subsequent recognition in profit or loss.CONVERTIBLE BONDSThe reserve for the convertible bonds comprises the amount allocated to the equity component for the convertible bonds issued by the Group in November 2019. Refer to Note 18.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-135-3": {
"value": "TREASURY SHARE RESERVEThe reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. At 31 December 2022, the Group held 4 141 437 of the Company\u2019s shares (4 141 437). Book value of the treasury shares was USD 10.1 million at 31 December 2022 (USD 10.1 million).",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-136-3": {
"value": "DIVIDENDSThe following dividends were declared and paid by the Company for the year.USD MILLION 2022Fourth quarter 2021: USD 0.035 per qualifying ordinary share 6.3First, second and third quarter: USD 0.035 per qualifying ordinary share 19.0First quarter: Dividend shares \u2013 1 607 407 BWE shares 4.2Second quarter: Dividend shares \u2013 1 835 978 BWE shares 4.4Third quarter: Dividend shares \u2013 1 824 735 BWE shares 5.038.9USD MILLION 2021Fourth quarter 2020: USD 0.035 per qualifying ordinary share 6.3First, second and third quarter: USD 0.035 per qualifying ordinary share 19.025.3Refer to \u2018Shareholder information\u2019 section for information on the 20 largest shareholders at 31 December 2022.Refer to Note 23, Non-controlling interests, for information on preferred dividends.",
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"pp-value-137-2": {
"value": "NOTE 18 Loans and borrowingsCarrying amountUSD MILLION Effective interest rate Maturity date 2022 2021USD 672.5 million Corporate Facility 3 month LIBOR + 2.25% 16-May-24 156.5 178.1Convertible bonds 2.50% 12-Nov-24 218.7 264.5Catcher facility 3 month LIBOR + 2.25% 15-Jul-24 142.7 256.4Other facilities 2.20% 30-Jun-26 4.5 6.4BWO05 \u2013 NOK 900 million Bond 3 month NIBOR + 4.50% 04-Dec-23 - 102.0Total long-term debt 522.4 807.4Carrying amountUSD MILLION Effective interest rate Maturity date 2022 2021USD 672.5 million Corporate Facility 3 month LIBOR + 2.25% 16-May-24 (1.3) (1.8)Convertible bonds 2.50% 12-Nov-24 (0.6) (0.6)Catcher facility 3 month LIBOR + 2.25% 15-Jul-24 113.7 113.4Other facilities 2.40% 30-Jun-26 1.8 1.6Petr\u00f3leo Nautipa facility 3 month LIBOR + 1.70% 14-Sep-22 - 8.0BWO05 \u2013 NOK 900 million Bond 3 month NIBOR + 4.50% 04-Dec-23 91.7 (0.4)Total short-term debt 205.3 120.2Total interest-bearing debt 727.7 927.6Refer to Note 20, Financial instruments \u2013 Fair values and risk management, for information on Barossa finance liability.The financial liability related to Barossa lease has a carrying amount of USD 526.1 million (USD 198.1 million) and implicit interest of 7.80 per cent (7.87 per cent) at 31 December 2022. Reference to Note 20 Financial instruments \u2013 Fair values and risk management for information on Barossa finance liability.The Group is in compliance with all covenants on 31 December 2022. Covenants are calculated and reported on consolidated financials.USD 672.5 MILLION CORPORATE FACILITYDuring the second quarter of 2019, the Group refinanced the previous USD 2 400 million facility into a five-year senior secured USD 672.5 million revolving credit facility. The facility is priced at a margin of 225 basis points above USD LIBOR and if utilisation exceeds 50 per cent, the margin increases by another 25 basis points. The facility is reduced semi-annually. The Group had USD 139 million undrawn under the revolving credit facility at 31 December 2022.The USD 672.5 million Corporate Facility is subject to certain covenants, including minimum book equity of at least 25 per cent of total assets, debt to EBITDA of maximum 5.5, minimum USD 75 million available liquidity including undrawn amounts and interest coverage ratio of minimum 3.0.CATCHER USD 800 MILLION FACILITYDuring the third quarter of 2014, the Group entered into a USD 800 million senior secured pre- and post-delivery term loan facility, which is a project-specific bank financing in relation to construction of an FPSO to operate on the Catcher oil field in the UK North Sea. The facility has a margin of 225 basis points above USD LIBOR and is subject to financial covenants similar to the covenants under the USD 672.5 million Corporate Facility.PETR\u00d3LEO NAUTIPA USD 80 MILLION FACILITYDuring the first quarter of 2015, the Group entered into a USD 80 million senior secured loan facility in respect of the FPSO Petr\u00f3leo Nautipa. The loan has a tenor of 7.5 years and will be used for general corporate purposes. The facility is subject to financial covenants similar to the covenants under the USD 672.5 million Corporate Facility. The final instalment of the PNA facility was paid in September 2022.BWO05 \u2013 NOK 900 MILLION BONDDuring the fourth quarter 2019, BW Offshore Limited successfully completed the placement of a NOK 900 million senior unsecured bond with maturity date on 4 December 2023. The proceeds from the bond loan were used to partly repay existing bond loans. The bond loan is subject to certain covenants, including minimum book equity of at least 25 per cent of total assets and minimum USD 75 million available liquidity including undrawn amounts available for utilisation by the Group.OTHER FACILITIESOther facilities comprise interest-bearing debt in BW Ideol Group. All debt is in EUR.CONVERTIBLE BONDSDuring the fourth quarter 2019, BW Offshore Limited issued a USD 297.4 million convertible bond with a five-year tenor and coupon of 2.50 per cent per annum, payable semi-annually in arrears. The convertible bond has no regular repayments and matures in full on 12 November 2024. There are no financial covenants in the convertible bond agreement. The proceeds from the convertible bond loan were used to refinance the existing bond loans and for general corporate purposes. The initial conversion price of USD 10.24 corresponds to a conversion premium of 37.5 per cent over the volume weighted average price of the shares on the Oslo Stock Exchange at 5 November 2019 (converted at the prevailing USD:NOK spot rate equal to NOK 9.1921 / USD 1.00). BW Offshore Limited has during 2022 repurchased bonds with an aggregate principal amount of USD 60.6 million in its USD 297.4 million Senior Unsecured Convertible Bonds due for cancellation in 2024. Following the cancellation, the principal amount outstanding under the bond loan will be USD 236.8 million.USD MILLIONProceeds from issue of convertible bonds 297.4Transaction costs (3.8)Net proceeds 293.6Amount classified as equity (net of transaction costs of USD 0.7 million) (50.1)Accreted interest 28.5Repayment of convertible bonds (55.8)Expensed capitalised borrowing costs 1.9Carrying amount of liability at 31 December 2022 218.1The conversion price is subject to adjustment for dividends paid and other changes affecting the value of the share.During 2022, the quarterly dividends resulted in adjustments to the initial conversion rate.Distribution declared 1per share Dividend in kind Conversion priceFirst quarter, 2022 0.035 8.58Second quarter, 2022 0.035 0.0089 8.44Third quarter, 2022 0.035 0.0102 8.27Fourth quarter, 2022 0.035 0.0101 8.081 Dividend in kind relates to shares in BW Energy LimitedDistribution declared per share Conversion priceFirst quarter, 2021 0.035 8.951Second quarter, 2021 0.035 8.95Third quarter, 2021 0.035 8.78Fourth quarter, 2021 0.035 8.681 No adjustmentRECONCILIATION OF MOVEMENTS OF LIABILITIES AND EQUITY TO CASH FLOWS ARISING FROM FINANCING ACTIVITIESInterest payable Other liabilities Liabilities Equity TotalInterest-bearing Interest-bearing 1USD MILLIONshort-term debtlong-term debt Balance at 1 January 2022 14.2 120.2 1 005.5 1 021.4Proceeds from loans and borrowings - - - 344.2 - 344.2Paid dividend and redemption - - - - (30.8) (30.8)Interest paid (38.5) - - - - (38.5)Repayment of loans and borrowings - - (8.0) (174.1) - (182.1)Repurchase of convertible notes - - - (52.7) - (52.7)Payment of lease liabilities - (7.2) - - - (7.2)Dividends paid - - - (25.3) (25.3)Total changes from financing cash flows (38.5) (7.2) (8.0) 117.4 (56.1) 7.6Effects of changes in foreign exchange rate and interest rate swaps (0.1) - (10.4) - (10.5)Liability-related:Expensed capitalised borrowing costs - 0.9 3.1 - 4.0New leases/adjustments 10.6 - - - 10.6Interest expense 0.4 - - - 0.4Accreted interest - - 9.4 - 9.4Non-cash movements - 92.2 (76.5) - 15.7Total liability-related other changes 11.0 93.1 (64.0) - 40.1Total equity-related other changes - - - 185.8 185.8Balance at 31 December 2022 17.9 205.3 1 048.5 1 151.11 Inclusive finance liability relating to Barossa leaseInterest payable Other liabilities Liabilities Equity TotalInterest-bearing Interest-bearing 1USD MILLIONshort-term debtlong-term debt Balance at 1 January 2021 19.8 117.7 958.0 945.0Proceeds from loans and borrowings - - - 312.9 - 312.9Proceeds from share issue in subsidiary - - - - 61.6 61.6Paid dividend and redemption - - - - (28.4) (28.4)Interest paid (52.3) - - - - (52.3)Transaction costs relating to share issue - - - - (2.7) (2.7)Repayment of loans and borrowings - - - (305.0) - (305.0)Repurchase of convertible notes - - - - - -Payment of lease liabilities - (13.4) - - - (13.4)Dividends paid - - - - (25.3) (25.3)Total changes from financing cash flows (52.3) (13.4) - 7.9 5.2 (52.6)Effects of changes in foreign exchange rate and interest rate swaps (0.2) - (0.5) - (0.7)Liability-related:Expensed capitalised borrowing costs - 0.8 3.4 - 4.2New leases/adjustments 7.6 - - - 7.6Interest expense 0.4 - - - 0.4Accreted interest - - 9.3 - 9.3From business combinations - 2.6 6.2 - 8.8Non-cash movements - (0.9) 21.2 - 20.3Total liability-related other changes 8.0 2.5 40.1 - 50.6Total equity-related other changes - - - 71.2 71.2Balance at 31 December 2021 14.2 120.2 1 005.5 1 021.41 Inclusive finance liability relating to Barossa lease",
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"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-143-2": {
"value": "NOTE 19 Trade, other payables and other non-current liabilitiesUSD MILLION 2022 2021Trade payables 81.2 108.9Accrued vessel expenses 60.1 47.6Accrued other expenses 29.6 41.4Accrued construction expenses 114.6 81.4Public duties payables 11.2 14.6Contract liabilities 4.3 3.7Deferred revenues 58.8 61.6Total trade and other payables 359.8 359.2USD MILLION 2022 2021Deferred revenues 654.0 371.7Other long-term liabilities 7.3 9.0Total other non-current liabilities 661.3 380.7Deferred revenues primarily relate to the advance consideration received from customers for which revenue is recognised over time, mainly over the remaining contract period. The increase in deferred revenues mainly relates to the Barossa contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-143-3": {
"value": "NOTE 19 Trade, other payables and other non-current liabilitiesUSD MILLION 2022 2021Trade payables 81.2 108.9Accrued vessel expenses 60.1 47.6Accrued other expenses 29.6 41.4Accrued construction expenses 114.6 81.4Public duties payables 11.2 14.6Contract liabilities 4.3 3.7Deferred revenues 58.8 61.6Total trade and other payables 359.8 359.2USD MILLION 2022 2021Deferred revenues 654.0 371.7Other long-term liabilities 7.3 9.0Total other non-current liabilities 661.3 380.7Deferred revenues primarily relate to the advance consideration received from customers for which revenue is recognised over time, mainly over the remaining contract period. The increase in deferred revenues mainly relates to the Barossa contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-143-4": {
"value": "NOTE 19 Trade, other payables and other non-current liabilitiesUSD MILLION 2022 2021Trade payables 81.2 108.9Accrued vessel expenses 60.1 47.6Accrued other expenses 29.6 41.4Accrued construction expenses 114.6 81.4Public duties payables 11.2 14.6Contract liabilities 4.3 3.7Deferred revenues 58.8 61.6Total trade and other payables 359.8 359.2USD MILLION 2022 2021Deferred revenues 654.0 371.7Other long-term liabilities 7.3 9.0Total other non-current liabilities 661.3 380.7Deferred revenues primarily relate to the advance consideration received from customers for which revenue is recognised over time, mainly over the remaining contract period. The increase in deferred revenues mainly relates to the Barossa contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-143-5": {
"value": "NOTE 19 Trade, other payables and other non-current liabilitiesUSD MILLION 2022 2021Trade payables 81.2 108.9Accrued vessel expenses 60.1 47.6Accrued other expenses 29.6 41.4Accrued construction expenses 114.6 81.4Public duties payables 11.2 14.6Contract liabilities 4.3 3.7Deferred revenues 58.8 61.6Total trade and other payables 359.8 359.2USD MILLION 2022 2021Deferred revenues 654.0 371.7Other long-term liabilities 7.3 9.0Total other non-current liabilities 661.3 380.7Deferred revenues primarily relate to the advance consideration received from customers for which revenue is recognised over time, mainly over the remaining contract period. The increase in deferred revenues mainly relates to the Barossa contract.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-144-2": {
"value": "NOTE 20 Financial instruments \u2013 fair values and risk managementThe Group\u2019s finance department has the responsibility for financing, treasury management and financial risk management.FINANCIAL RISK FACTORSActivities expose the Group to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, liquidity risk and climate risk.The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. A finance management team led by the Chief Financial Officer identifies and evaluates financial risks in close co-operation with the Group\u2019s operating units. The finance management team\u2019s activities are governed by policies approved by the Board of Directors for overall risk management, as well as policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and investing excess liquidity. The finance management team will report to the Group\u2019s Senior Management team, the Audit Committee and the Board of Directors on the status of activities on a regular basis.The Group has seen that capital is being reallocated from hydrocarbons towards electrification and low-carbon emission energy projects. The effect is an increasing cost of capital for the oil and gas sector. However, the Group has been successful in financing projects by keeping an open dialogue on ESG performance with key lenders and partners. The Group is committed to contributing to the energy transition by developing clean energy production solutions as part of the strategy, applying its offshore engineering and operations capabilities to drive future value creation.The Group does not use financial instruments, including financial derivatives, for trading purposes.MARKET RISKMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holding of financial instruments. The Group has international operations and therefore a combination of natural and financial hedging. The Group uses derivatives like FX forwards, interest rate swaps and options to manage market risk.Foreign currency riskThe functional currency of the Company and most of its subsidiaries is USD. In general, most operating revenues and a significant portion of operating expenses as well as most interest-bearing debt are denominated in USD. The Group is exposed to expenses and investments incurred in currencies other than USD (\u2018foreign currencies\u2019); the major currencies being Norwegian Kroner (\u2018NOK\u2019), Singapore Dollars (\u2018SGD\u2019), Euro (\u2018EUR\u2019), Korean Won (\u2018KRW\u2019) and British Pounds (\u2018GBP\u2019). Operating expenses denominated in NOK, SGD, GBP and EUR constitute a part of the Group\u2019s total operating expenses. Capital expenditures related to construction projects, repair and upgrade activities on FPSOs would also to some extent be denominated in other currencies than USD. Consequently, fluctuations in the exchange rate on NOK, SGD, GBP, EUR, CHF and KRW may have significant impact on the financial statements of the Group.The Group enters into forward/futures contracts to reduce the exchange rate risk on cash flows nominated in foreign currencies, both related to construction projects and to operating and administrative expenses. The Group does not apply hedge accounting for hedging of its operational and administrative expenses in foreign currencies and the changes in valuation are taken over the profit and loss statement. The exchange rate risk is calculated for each foreign currency and takes into account assets and liabilities, liabilities not recognised in the balance sheet and expected purchases and sales in the currency in question. Currency hedges and other currency effects include changes in fair value of currency hedges, effects or settlement of these hedges, and other currency effects related to operating cash flows.Total nominal value of the Group\u2019s foreign currency contracts was USD 403.3 million on 31 December 2022 (USD 96.5 million). Fair value of the foreign currency contracts amounted to negative USD 0.5 million in 2022 (positive USD 0.4 million) and are presented gross in the statement of financial position. Net effect of forward exchange contracts recognised in the statement of income in 2022 is positive by USD 3.6 million (negative by USD 3.1 million).The Group is exposed to foreign currency risk on Bond Loan BWO05, which is issued in NOK, and per 31 December 2022 the issued bond had a value of NOK 900 million. The foreign currency exposure on BWO05 is hedged through cross-currency interest rate swaps with a nominal value of USD 98.8 million. The market value of the cross-currency interest swaps was negative by USD 4.7 million on 31 December 2022 (positive USD 1.9 million).The Group seeks to apply hedge accounting for larger construction projects to manage volatility in the income statement and statement of comprehensive income. BW Offshore apply hedge accounting for the foreign exchange hedging related to the construction contract of the Barossa FPSO. The purpose is to manage currency risk during the project phase. The Group uses forward currency contracts to eliminate the currency exposure once the Group has entered into a firm commitment of a project contract. For foreign currency risk, the principal terms of the forward currency contract (notional and settlement date) and the future expense (or revenue) (notional and expected cash flow date) are identical. The foreign exchange derivatives are entered to match the respective supplier payments.The following are identified as sources of ineffectiveness:\u2022 Over-hedging \u2013 if the total amount of exposure is less than the notional amount hedged.\u2022 Timing mismatch \u2013 if the total amount of exposure exists, but occurs in a different period (month) than anticipated.The net effect of the hedge accounting recognised in other comprehensive income amounts to negative USD 3.9 million (negative USD 0.4 million). Hedge ineffectiveness recognised in profit or loss during 2022 and 2021 were immaterial.Cash flow hedgesOn 31 December, the Group held the following instruments to hedge exposures to changes in foreign currency.More than one 2022 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 388.5 11.7 3.1Average USD:SGD forward contract rate 1.4 1.4 -Average USD:NOK forward contract rate 9.0 9.4 9.5Average USD:KRW forward contract rate 1 283.9 - -Average USD:EUR forward contract rate 1.0 - -Average USD:CHF forward contract rate 1.0 - -More than one 2021 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 0.3 0.4 (0.4)Average USD:SGD Forward Contract rate 1.36 1.37 1.37Average USD:KRW Forward Contract rate 1 168.2 1 168.9 1 187.3Average USD:CHF Forward Contract rate 0.92 0.91 -Sensitivity analysisA reasonably possible strengthening (weakening) of the NOK, SGD, KRW and CHF against USD on 31 December 2022 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. NOK is being forward hedged in relation to operational and administrative expenses, additional exposures in SGD, KRW, CHF and EUR are hedged in relation to ongoing construction of the Barossa FPSO, all other currencies that the Group is exposed to are covered spot. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasts.Profit or loss Equity, net of taxUSD MILLION Strengthening Weakening Strengthening Weakening31 December 2022NOK (5% movement) 0.1 (0.1) 0.1 (0.1)SGD (5% movement) 0.4 (0.4) 0.3 (0.3)KRW (5% movement) 0.1 (0.1) 0.1 (0.1)31 December 2021NOK (5% movement) 0.4 (0.4) 0.3 (0.3)SGD (5% movement) 1.3 (1.3) 1.1 (1.1)KRW (5% movement) 1.0 (1.0) 0.8 (0.8)Interest rate riskThe Group is exposed to interest rate risk through its funding activities. Most of the Group\u2019s interest-bearing debt has floating interest rate conditions, making the Group influenced by changes in the market rates. The Group aims to hedge at least 50 per cent of its interest rate exposure.A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. The Group\u2019s main IBOR exposure on 31 December 2022 was indexed to USD LIBOR. The alternative reference rate for USD LIBOR is the Secured Overnight Financing Rate (SOFR). As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023.The Group\u2019s finance department is managing BW Offshore\u2019s IBOR transition plan. The greatest change will be amendments to the contractual terms of the USD LIBOR referenced floating-rate debt and the associated interest rate swaps and the corresponding update of the hedge designation. As at 31 December 2022, the Group has not finished the process of implementing appropriate fallback provisions for all USD LIBOR indexed exposures. The counterparties to the Group\u2019s interest rate swaps are also counterparties to the floating loan they are hedging. It is then assumed that the result of the negotiations with external banks and the implementation of SOFR will not have material impacts on the Group\u2019s future financial results.As of 31 December 2022, the Group\u2019s floating rate debt amounted to 742.8 USD million (USD 959.1 million).The Group holds interest rate swaps with a nominal value of USD 650 million and interest rate caps with a nominal value of USD 100 million with maturity during 2023\u20132030. The weighted average interest swap rate was 2.0 per cent on 31 December 2022, and the average cap rate was 3.5 per cent. The swaps and caps are held to hedge the quarterly cash flows from floating rate interest payments on the Corporate Facility and the Catcher facility. The market value of the interest swaps and caps was positive by USD 49.2 million on 31 December 2022 (negative USD 18.2 million) and the changes in fair value have been recognised as a fair value gain on financial instruments.The cross-currency interest rate swap held to hedge the BWO05 bond also hedges the interest rate risk on the bond with a nominal value of USD 98.8 million and is maturing in 2023. The weighted average interest swap rate was 6.3 per cent at 31 December 2022. The market value of the cross-currency interest rate swaps was negative by USD 4.7 million at 31 December 2022 (positive USD 1.9 million) and the changes in fair value have been recognised as a fair value loss on financial instruments.A reasonable possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown in the table below. The analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.Profit or loss Equity, net of taxUSD MILLION 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease31 December 2022Variable rate instruments (4.1) 4.1 (3.4) 3.4Interest rate swaps 6.5 (6.5) 5.4 (5.4)Cash flow sensitivity 2.4 (2.4) 2.0 (2.0)31 December 2021Variable rate instruments (5.6) 5.6 (4.6) 4.6Interest rate swaps 7.0 (7.0) 5.8 (5.8)Cash flow sensitivity 1.4 (1.4) 1.2 (1.2)CREDIT RISKCredit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial instruments fails to meet contractual obligations.Loans, credit facilities, financial guarantees and derivatives are only conducted with approved counterparties and predominantly with investment grade financial institutions, and are governed by standard agreements (ISDA, Nordic Trustee and LMA documentation). The Group has policies that limit the amount of credit exposure against any financial institution. The maximum risk exposure is represented by the carrying amount of the financial assets in the balance sheet except for financial guarantees.The Group assesses the credit quality of the customers on a regular basis, considering its financial position, credit ratings from international credit rating agencies if available, experience and other factors. New projects and clients will similarly be assessed by reviewing financial statements and external credit ratings, but also country-risk will be evaluated in relation to potential financing and legal impact of agreements. Parent company guarantees are negotiated with customers and the Group will normally have contractual clauses to prevent a customer from novating the lease contract to counterparts with credit rating lower than investment grade (or comparable proxy), without consent. Given the limited number of major customers of the Group and the significant portion these represent to the Group\u2019s revenue, the inability of one or more of them to make full payment on any of the Group\u2019s contracted units may have a significant adverse impact on the financial position.The Covid-19 pandemic, the war in Ukraine and general market uncertainties has increased the credit risk in most industries. With the additional factors of volatile commodity prices and an increasing transition towards greener energy, credit risk has increased more in the oil and gas industry compared with other industries. As most of the Group\u2019s portfolio is with financially solid counterparties, the Group believes that the credit risk related to counterparties is at an acceptable level.Overdue trade receivables were USD 38.2 million at the end of 2022, compared to USD 64.8 million at the end of 2021. The overdue situation was mainly related to units operating in West Africa and Brazil.The Group is also exposed to certain credit risk related to agreements entered into with suppliers such as yards used for construction projects. The Group manages its exposure to such risks through a thorough evaluation of the counterparty\u2019s financial position, external credit rating if available, and its backlog and ability to deliver on time, and subsequently by continuous monitoring of larger counterparties.The Group regards its maximum credit risk exposure to the carrying amount of trade receivables (refer to Note 11), other current assets and financial lease receivables (refer to Note 24).LIQUIDITY RISKPrudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions in order to meet obligations of finance liabilities when they become due. Due to the dynamic nature of the underlying businesses, the Group maintains sufficient cash for its daily operations and its investment programme via short-term cash deposits at banks and a commitment to make available funds from the unutilised portion of revolving facilities offered by financial institutions to the Group.In 2021, the Group completed the debt financing and the equity joint venture partnership for the Barossa project. The Barossa FPSO is financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion with a syndicate of nine international banks and by USD 240.0 million from the equity joint venture, consisting of BW Offshore (51 per cent) and ICMK Offshore Investment Pte Ltd (a 50:50 JV of ITOCHU Corporation and a subsidiary of Meiji Shipping Co Ltd) (25 per cent) and Macquarie Bank Limited (24 per cent). In addition, approximately USD 1 billion in pre-payments will be paid by the Barossa Upstream Joint Venture Partners during the construction period. These pre-payments are linked to progress and milestones on the project. By end of 2022, a total of USD 554 million has been received as per plan, USD 112 million was injected in total by equity partners and USD 435 million was drawn under the loan facility.The Group monitors the liquidity through cash flow forecasting of operational and investment activities in the short-, medium- and long-term.The refinancing of the USD 672.5 million Corporate Facility, the placement of BWO05 bond and the Convertible bond in 2019, extended tenors of the Groups financing and mitigated short-term refinancing and liquidity risk and cashflows from continuing operations are sufficient to fulfil short-term financial obligations. Production from BW Catcher throughout 2022 has been a significant contributor to the cash flow of the Group together with BW Pioneer and BW Adolo.The following table sets out the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. When counterparties have a choice of when to settle an amount, the liability is included based on the earliest date of which the counterparty can require settlement.Maturity profile \u2013 financial liabilities, Year ended 2022USD MILLION Carrying Amount Q1 23 Q2 23 Q3 23 Q4 23 2023 2024\u20132027 2028 and beyond TotalUSD 672.5 million Corporate Facility 155.2 - - - - - 156.9 - 156.91Convertible bonds 218.1 - - - - - 236.8 - 236.8Catcher facility 256.4 28.6 28.6 28.6 28.6 114.3 142.8 - 257.12BWO05 \u2013 NOK 900 million bond 91.7 - - - 98.8 98.8 - - 98.8Other facilities 6.3 0.4 0.5 0.4 0.5 1.8 4.5 - 6.3Finance liability related to Barossa lease 526.1 - - - - - 155.8 370.3 526.13Interest rate swaps (2.1) (5.0) (4.6) (4.6) (4.4) (18.6) (41.4) (13.5) (73.5)Interest payments 4.0 7.9 10.5 6.8 9.0 34.2 12.6 46.8Other 0.4 0.4 0.5 0.5 0.3 1.8 0.9 - 2.6Lease liabilities 17.9 1.6 1.6 1.6 1.6 6.4 9.4 3.8 19.6Trade and other payable current 359.8 154.1 68.6 68.6 68.6 359.8 - - 359.8Total 1 633.8 187.9 105.6 101.9 203.0 598.4 678.2 360.6 1 637.31 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 The cash flow presented reflects swapped USD/NOK rate.3 Interest rate swaps are positiveMaturity profile \u2013 financial liabilities, Year ended 2021USD MILLION Carrying Amount Q1 22 Q2 22 Q3 22 Q4 22 2022 2023\u20132026 2027 and beyond TotalUSD 672.5 million Corporate Facility 176.3 - - - - - 180.0 - 180.01Convertible bonds 263.9 - - - - - 297.4 - 297.4Catcher facility 369.8 28.6 28.6 28.6 28.6 114.3 257.1 - 371.4Petr\u00f3leo Nautipa facility 8.0 4.0 - 4.0 - 8.0 - - 8.02BWO05 \u2013 NOK 900 million bond 101.6 - - - - - 98.8 - 98.8Other facilities 8.0 0.3 0.5 0.4 0.4 1.6 6.4 - 8.0Finance liability related to Barossa lease 198.1 - - - - - 49.5 148.6 198.1Interest rate swaps 1.5 2.6 2.6 2.6 2.5 10.3 18.3 2.4 31.0Interest payments 3.0 3.3 3.1 3.0 2.8 12.2 11.7 - 23.9Other 0.9 0.9 1.0 0.6 0.5 3.0 2.5 - 5.5Lease liabilities 14.2 1.6 1.6 1.6 1.6 6.4 7.3 1.0 14.7Trade and other payable current 359.2 174.3 61.6 61.6 61.6 359.2 - - 359.2Total 1 504.5 215.6 99.0 102.4 98.0 515.0 929.0 152.0 1 596.01 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 Bond loan illustrated at swapped USD/NOK rate.The Group has the following undrawn borrowing facilities:USD MILLION 2022 2021Expire within one year - -Expire beyond one year 139.0 154.8FAIR VALUESIFRS 13 requires disclosures of fair value measurements by the following hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (level 2)\u2022 Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3)The fair value of the Group\u2019s currency forward hedges (plain vanilla hedges) is determined using forward exchange rates at the balance sheet date, with the resulting value discounted to present value (level 2). This is presented on separate lines in the statement of financial position.The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves (level 2). The fair value of the cross-currency interest swaps is presented as non-current liabilities in the statement of financial position.The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.31 December 2022 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 5.1 - - 5.1 - 5.1 - 5.1Forward exchange contracts used in hedge accounting20 6.5 - - 6.5 6.5 6.5Interest rate swaps used for hedging20 50.2 - - 50.2 - 50.2 - 50.261.8 - - 61.8 - 61.8 - 61.8Financial assets not measured at fair valueTrade and other receivables11 - 232.6 - 232.6 - - - -Financial lease receivable24 - 48.4 - 48.4 - - - -Cash and cash equivalents12 - 230.3 - 230.3 - - - -Other non-current assets - 7.2 - 7.2 - - - -- 518.5 - 518.5 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (1.0) - - (1.0) - (1.0) - (1.0)Forward exchange contracts used for hedging20 (1.8) - - (1.8) - (1.8) - (1.8)Forward exchange contracts used in hedge accounting20 (10.3) - - (10.3) - (10.3) - (10.3)Cross-currency swaps used for hedging20 (4.7) - - (4.7) - (4.7) - (4.7)(17.8) - - (17.8) - (17.8) - (17.8)Financial liabilities not measured at fair valueSecured bank loans18 - - (417.9) (417.9) - - (420.3) (420.3)Unsecured bond issues18 - - (309.8) (309.8) - (328.8) - (328.8)Finance liability related to Barossa lease - - (526.1) (526.1) - - - -Other non-current liabilities19 - - (661.3) (661.3) - - - -Trade and other payables19 - - (359.8) (359.8) - - - -Lease liabilities24 - - (17.9) (17.9) - - - -- - (2 292.8) (2 292.8) - (328.8) (420.3) (749.1)31 December 2021 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 1.6 - - 1.6 - 1.6 - 1.6Forward exchange contracts used in hedge accounting20 2.3 - - 2.3 2.3 2.3Interest rate swaps used for hedging20 0.8 - - 0.8 - 0.8 - 0.8Cross-currency swaps used for hedging20 1.9 - - 1.9 - 1.9 - 1.96.6 - - 6.6 - 6.6 - 6.6Financial assets not measured at fair valueTrade and other receivables11 - 297.4 - 297.4 - - - -Financial lease receivable24 - 12.3 - 12.3 - - - -Cash and cash equivalents12 - 274.2 - 274.2 - - - -Other non-current assets - 5.0 - 5.0 - - - -- 588.9 - 588.9 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (19.0) - - (19.0) - (19.0) - (19.0)Forward exchange contracts used in hedge accounting20 (2.0) - - (2.0) - (2.0) - (2.0)Forward exchange contracts used for hedging20 (1.5) - - (1.5) - (1.5) - (1.5)(22.5) - - (22.5) - (22.5) - (22.5)Financial liabilities not measured at fair valueSecured bank loans18 - - (562.2) (562.2) - - (559.4) (559.4)Unsecured bond issues18 - - (365.4) (365.4) - (399.7) - (399.7)Finance liability related to Barossa lease - - (198.1) (198.1) - - - -Other non-current liabilities19 - - (380.7) (380.7) - - - -Trade and other payables19 - - (359.2) (359.2) - - - -Lease liabilities24 - - (14.2) (14.2) - - - -- - (1 879.8) (1 879.8) - (399.7) (559.4) (959.1)The difference between carrying amount and fair value of the unsecured bond relates to amortised loan costs and the equity portion of the convertible bond.CAPITAL STRUCTURE AND EQUITYThe primary focus of the Group\u2019s financial strategy is to ensure a healthy capital structure to support its business, fulfil all financial obligations and maximise shareholder values.The Group also monitors and manages its capital structure in light of changes in the economic conditions. To maintain or adjust the capital structure, the Group may adjust dividend payments to its shareholders, return capital to shareholders or issue new shares.Construction and conversion projects will normally be funded through current loan facilities and/or specific project loan facilities equalling 70\u201380 per cent of the cost of the project. Project loan facilities can be established either before a contract for the conversion project is signed, during the conversion phase of a project or when the FPSO commences operation.The Group has also issued bonds in NOK and will consider continuing to do so when the market is attractive and if it provides competitive funding as an alternative to traditional bank financing.The Company has no specific targeted equity ratio. However, the loan facilities of the Group have certain covenants related to equity and equity ratio, both closely monitored by the Company (reference to Note 18).",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "NOTE 20 Financial instruments \u2013 fair values and risk managementThe Group\u2019s finance department has the responsibility for financing, treasury management and financial risk management.FINANCIAL RISK FACTORSActivities expose the Group to a variety of financial risks: market risk (including currency risk and interest rate risk), credit risk, liquidity risk and climate risk.The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. A finance management team led by the Chief Financial Officer identifies and evaluates financial risks in close co-operation with the Group\u2019s operating units. The finance management team\u2019s activities are governed by policies approved by the Board of Directors for overall risk management, as well as policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and investing excess liquidity. The finance management team will report to the Group\u2019s Senior Management team, the Audit Committee and the Board of Directors on the status of activities on a regular basis.The Group has seen that capital is being reallocated from hydrocarbons towards electrification and low-carbon emission energy projects. The effect is an increasing cost of capital for the oil and gas sector. However, the Group has been successful in financing projects by keeping an open dialogue on ESG performance with key lenders and partners. The Group is committed to contributing to the energy transition by developing clean energy production solutions as part of the strategy, applying its offshore engineering and operations capabilities to drive future value creation.The Group does not use financial instruments, including financial derivatives, for trading purposes.MARKET RISKMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holding of financial instruments. The Group has international operations and therefore a combination of natural and financial hedging. The Group uses derivatives like FX forwards, interest rate swaps and options to manage market risk.Foreign currency riskThe functional currency of the Company and most of its subsidiaries is USD. In general, most operating revenues and a significant portion of operating expenses as well as most interest-bearing debt are denominated in USD. The Group is exposed to expenses and investments incurred in currencies other than USD (\u2018foreign currencies\u2019); the major currencies being Norwegian Kroner (\u2018NOK\u2019), Singapore Dollars (\u2018SGD\u2019), Euro (\u2018EUR\u2019), Korean Won (\u2018KRW\u2019) and British Pounds (\u2018GBP\u2019). Operating expenses denominated in NOK, SGD, GBP and EUR constitute a part of the Group\u2019s total operating expenses. Capital expenditures related to construction projects, repair and upgrade activities on FPSOs would also to some extent be denominated in other currencies than USD. Consequently, fluctuations in the exchange rate on NOK, SGD, GBP, EUR, CHF and KRW may have significant impact on the financial statements of the Group.The Group enters into forward/futures contracts to reduce the exchange rate risk on cash flows nominated in foreign currencies, both related to construction projects and to operating and administrative expenses. The Group does not apply hedge accounting for hedging of its operational and administrative expenses in foreign currencies and the changes in valuation are taken over the profit and loss statement. The exchange rate risk is calculated for each foreign currency and takes into account assets and liabilities, liabilities not recognised in the balance sheet and expected purchases and sales in the currency in question. Currency hedges and other currency effects include changes in fair value of currency hedges, effects or settlement of these hedges, and other currency effects related to operating cash flows.Total nominal value of the Group\u2019s foreign currency contracts was USD 403.3 million on 31 December 2022 (USD 96.5 million). Fair value of the foreign currency contracts amounted to negative USD 0.5 million in 2022 (positive USD 0.4 million) and are presented gross in the statement of financial position. Net effect of forward exchange contracts recognised in the statement of income in 2022 is positive by USD 3.6 million (negative by USD 3.1 million).The Group is exposed to foreign currency risk on Bond Loan BWO05, which is issued in NOK, and per 31 December 2022 the issued bond had a value of NOK 900 million. The foreign currency exposure on BWO05 is hedged through cross-currency interest rate swaps with a nominal value of USD 98.8 million. The market value of the cross-currency interest swaps was negative by USD 4.7 million on 31 December 2022 (positive USD 1.9 million).The Group seeks to apply hedge accounting for larger construction projects to manage volatility in the income statement and statement of comprehensive income. BW Offshore apply hedge accounting for the foreign exchange hedging related to the construction contract of the Barossa FPSO. The purpose is to manage currency risk during the project phase. The Group uses forward currency contracts to eliminate the currency exposure once the Group has entered into a firm commitment of a project contract. For foreign currency risk, the principal terms of the forward currency contract (notional and settlement date) and the future expense (or revenue) (notional and expected cash flow date) are identical. The foreign exchange derivatives are entered to match the respective supplier payments.The following are identified as sources of ineffectiveness:\u2022 Over-hedging \u2013 if the total amount of exposure is less than the notional amount hedged.\u2022 Timing mismatch \u2013 if the total amount of exposure exists, but occurs in a different period (month) than anticipated.The net effect of the hedge accounting recognised in other comprehensive income amounts to negative USD 3.9 million (negative USD 0.4 million). Hedge ineffectiveness recognised in profit or loss during 2022 and 2021 were immaterial.Cash flow hedgesOn 31 December, the Group held the following instruments to hedge exposures to changes in foreign currency.More than one 2022 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 388.5 11.7 3.1Average USD:SGD forward contract rate 1.4 1.4 -Average USD:NOK forward contract rate 9.0 9.4 9.5Average USD:KRW forward contract rate 1 283.9 - -Average USD:EUR forward contract rate 1.0 - -Average USD:CHF forward contract rate 1.0 - -More than one 2021 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 0.3 0.4 (0.4)Average USD:SGD Forward Contract rate 1.36 1.37 1.37Average USD:KRW Forward Contract rate 1 168.2 1 168.9 1 187.3Average USD:CHF Forward Contract rate 0.92 0.91 -Sensitivity analysisA reasonably possible strengthening (weakening) of the NOK, SGD, KRW and CHF against USD on 31 December 2022 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. NOK is being forward hedged in relation to operational and administrative expenses, additional exposures in SGD, KRW, CHF and EUR are hedged in relation to ongoing construction of the Barossa FPSO, all other currencies that the Group is exposed to are covered spot. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasts.Profit or loss Equity, net of taxUSD MILLION Strengthening Weakening Strengthening Weakening31 December 2022NOK (5% movement) 0.1 (0.1) 0.1 (0.1)SGD (5% movement) 0.4 (0.4) 0.3 (0.3)KRW (5% movement) 0.1 (0.1) 0.1 (0.1)31 December 2021NOK (5% movement) 0.4 (0.4) 0.3 (0.3)SGD (5% movement) 1.3 (1.3) 1.1 (1.1)KRW (5% movement) 1.0 (1.0) 0.8 (0.8)Interest rate riskThe Group is exposed to interest rate risk through its funding activities. Most of the Group\u2019s interest-bearing debt has floating interest rate conditions, making the Group influenced by changes in the market rates. The Group aims to hedge at least 50 per cent of its interest rate exposure.A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. The Group\u2019s main IBOR exposure on 31 December 2022 was indexed to USD LIBOR. The alternative reference rate for USD LIBOR is the Secured Overnight Financing Rate (SOFR). As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023.The Group\u2019s finance department is managing BW Offshore\u2019s IBOR transition plan. The greatest change will be amendments to the contractual terms of the USD LIBOR referenced floating-rate debt and the associated interest rate swaps and the corresponding update of the hedge designation. As at 31 December 2022, the Group has not finished the process of implementing appropriate fallback provisions for all USD LIBOR indexed exposures. The counterparties to the Group\u2019s interest rate swaps are also counterparties to the floating loan they are hedging. It is then assumed that the result of the negotiations with external banks and the implementation of SOFR will not have material impacts on the Group\u2019s future financial results.As of 31 December 2022, the Group\u2019s floating rate debt amounted to 742.8 USD million (USD 959.1 million).The Group holds interest rate swaps with a nominal value of USD 650 million and interest rate caps with a nominal value of USD 100 million with maturity during 2023\u20132030. The weighted average interest swap rate was 2.0 per cent on 31 December 2022, and the average cap rate was 3.5 per cent. The swaps and caps are held to hedge the quarterly cash flows from floating rate interest payments on the Corporate Facility and the Catcher facility. The market value of the interest swaps and caps was positive by USD 49.2 million on 31 December 2022 (negative USD 18.2 million) and the changes in fair value have been recognised as a fair value gain on financial instruments.The cross-currency interest rate swap held to hedge the BWO05 bond also hedges the interest rate risk on the bond with a nominal value of USD 98.8 million and is maturing in 2023. The weighted average interest swap rate was 6.3 per cent at 31 December 2022. The market value of the cross-currency interest rate swaps was negative by USD 4.7 million at 31 December 2022 (positive USD 1.9 million) and the changes in fair value have been recognised as a fair value loss on financial instruments.A reasonable possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown in the table below. The analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.Profit or loss Equity, net of taxUSD MILLION 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease31 December 2022Variable rate instruments (4.1) 4.1 (3.4) 3.4Interest rate swaps 6.5 (6.5) 5.4 (5.4)Cash flow sensitivity 2.4 (2.4) 2.0 (2.0)31 December 2021Variable rate instruments (5.6) 5.6 (4.6) 4.6Interest rate swaps 7.0 (7.0) 5.8 (5.8)Cash flow sensitivity 1.4 (1.4) 1.2 (1.2)CREDIT RISKCredit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial instruments fails to meet contractual obligations.Loans, credit facilities, financial guarantees and derivatives are only conducted with approved counterparties and predominantly with investment grade financial institutions, and are governed by standard agreements (ISDA, Nordic Trustee and LMA documentation). The Group has policies that limit the amount of credit exposure against any financial institution. The maximum risk exposure is represented by the carrying amount of the financial assets in the balance sheet except for financial guarantees.The Group assesses the credit quality of the customers on a regular basis, considering its financial position, credit ratings from international credit rating agencies if available, experience and other factors. New projects and clients will similarly be assessed by reviewing financial statements and external credit ratings, but also country-risk will be evaluated in relation to potential financing and legal impact of agreements. Parent company guarantees are negotiated with customers and the Group will normally have contractual clauses to prevent a customer from novating the lease contract to counterparts with credit rating lower than investment grade (or comparable proxy), without consent. Given the limited number of major customers of the Group and the significant portion these represent to the Group\u2019s revenue, the inability of one or more of them to make full payment on any of the Group\u2019s contracted units may have a significant adverse impact on the financial position.The Covid-19 pandemic, the war in Ukraine and general market uncertainties has increased the credit risk in most industries. With the additional factors of volatile commodity prices and an increasing transition towards greener energy, credit risk has increased more in the oil and gas industry compared with other industries. As most of the Group\u2019s portfolio is with financially solid counterparties, the Group believes that the credit risk related to counterparties is at an acceptable level.Overdue trade receivables were USD 38.2 million at the end of 2022, compared to USD 64.8 million at the end of 2021. The overdue situation was mainly related to units operating in West Africa and Brazil.The Group is also exposed to certain credit risk related to agreements entered into with suppliers such as yards used for construction projects. The Group manages its exposure to such risks through a thorough evaluation of the counterparty\u2019s financial position, external credit rating if available, and its backlog and ability to deliver on time, and subsequently by continuous monitoring of larger counterparties.The Group regards its maximum credit risk exposure to the carrying amount of trade receivables (refer to Note 11), other current assets and financial lease receivables (refer to Note 24).LIQUIDITY RISKPrudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions in order to meet obligations of finance liabilities when they become due. Due to the dynamic nature of the underlying businesses, the Group maintains sufficient cash for its daily operations and its investment programme via short-term cash deposits at banks and a commitment to make available funds from the unutilised portion of revolving facilities offered by financial institutions to the Group.In 2021, the Group completed the debt financing and the equity joint venture partnership for the Barossa project. The Barossa FPSO is financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion with a syndicate of nine international banks and by USD 240.0 million from the equity joint venture, consisting of BW Offshore (51 per cent) and ICMK Offshore Investment Pte Ltd (a 50:50 JV of ITOCHU Corporation and a subsidiary of Meiji Shipping Co Ltd) (25 per cent) and Macquarie Bank Limited (24 per cent). In addition, approximately USD 1 billion in pre-payments will be paid by the Barossa Upstream Joint Venture Partners during the construction period. These pre-payments are linked to progress and milestones on the project. By end of 2022, a total of USD 554 million has been received as per plan, USD 112 million was injected in total by equity partners and USD 435 million was drawn under the loan facility.The Group monitors the liquidity through cash flow forecasting of operational and investment activities in the short-, medium- and long-term.The refinancing of the USD 672.5 million Corporate Facility, the placement of BWO05 bond and the Convertible bond in 2019, extended tenors of the Groups financing and mitigated short-term refinancing and liquidity risk and cashflows from continuing operations are sufficient to fulfil short-term financial obligations. Production from BW Catcher throughout 2022 has been a significant contributor to the cash flow of the Group together with BW Pioneer and BW Adolo.The following table sets out the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. When counterparties have a choice of when to settle an amount, the liability is included based on the earliest date of which the counterparty can require settlement.Maturity profile \u2013 financial liabilities, Year ended 2022USD MILLION Carrying Amount Q1 23 Q2 23 Q3 23 Q4 23 2023 2024\u20132027 2028 and beyond TotalUSD 672.5 million Corporate Facility 155.2 - - - - - 156.9 - 156.91Convertible bonds 218.1 - - - - - 236.8 - 236.8Catcher facility 256.4 28.6 28.6 28.6 28.6 114.3 142.8 - 257.12BWO05 \u2013 NOK 900 million bond 91.7 - - - 98.8 98.8 - - 98.8Other facilities 6.3 0.4 0.5 0.4 0.5 1.8 4.5 - 6.3Finance liability related to Barossa lease 526.1 - - - - - 155.8 370.3 526.13Interest rate swaps (2.1) (5.0) (4.6) (4.6) (4.4) (18.6) (41.4) (13.5) (73.5)Interest payments 4.0 7.9 10.5 6.8 9.0 34.2 12.6 46.8Other 0.4 0.4 0.5 0.5 0.3 1.8 0.9 - 2.6Lease liabilities 17.9 1.6 1.6 1.6 1.6 6.4 9.4 3.8 19.6Trade and other payable current 359.8 154.1 68.6 68.6 68.6 359.8 - - 359.8Total 1 633.8 187.9 105.6 101.9 203.0 598.4 678.2 360.6 1 637.31 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 The cash flow presented reflects swapped USD/NOK rate.3 Interest rate swaps are positiveMaturity profile \u2013 financial liabilities, Year ended 2021USD MILLION Carrying Amount Q1 22 Q2 22 Q3 22 Q4 22 2022 2023\u20132026 2027 and beyond TotalUSD 672.5 million Corporate Facility 176.3 - - - - - 180.0 - 180.01Convertible bonds 263.9 - - - - - 297.4 - 297.4Catcher facility 369.8 28.6 28.6 28.6 28.6 114.3 257.1 - 371.4Petr\u00f3leo Nautipa facility 8.0 4.0 - 4.0 - 8.0 - - 8.02BWO05 \u2013 NOK 900 million bond 101.6 - - - - - 98.8 - 98.8Other facilities 8.0 0.3 0.5 0.4 0.4 1.6 6.4 - 8.0Finance liability related to Barossa lease 198.1 - - - - - 49.5 148.6 198.1Interest rate swaps 1.5 2.6 2.6 2.6 2.5 10.3 18.3 2.4 31.0Interest payments 3.0 3.3 3.1 3.0 2.8 12.2 11.7 - 23.9Other 0.9 0.9 1.0 0.6 0.5 3.0 2.5 - 5.5Lease liabilities 14.2 1.6 1.6 1.6 1.6 6.4 7.3 1.0 14.7Trade and other payable current 359.2 174.3 61.6 61.6 61.6 359.2 - - 359.2Total 1 504.5 215.6 99.0 102.4 98.0 515.0 929.0 152.0 1 596.01 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 Bond loan illustrated at swapped USD/NOK rate.The Group has the following undrawn borrowing facilities:USD MILLION 2022 2021Expire within one year - -Expire beyond one year 139.0 154.8FAIR VALUESIFRS 13 requires disclosures of fair value measurements by the following hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (level 2)\u2022 Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3)The fair value of the Group\u2019s currency forward hedges (plain vanilla hedges) is determined using forward exchange rates at the balance sheet date, with the resulting value discounted to present value (level 2). This is presented on separate lines in the statement of financial position.The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves (level 2). The fair value of the cross-currency interest swaps is presented as non-current liabilities in the statement of financial position.The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.31 December 2022 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 5.1 - - 5.1 - 5.1 - 5.1Forward exchange contracts used in hedge accounting20 6.5 - - 6.5 6.5 6.5Interest rate swaps used for hedging20 50.2 - - 50.2 - 50.2 - 50.261.8 - - 61.8 - 61.8 - 61.8Financial assets not measured at fair valueTrade and other receivables11 - 232.6 - 232.6 - - - -Financial lease receivable24 - 48.4 - 48.4 - - - -Cash and cash equivalents12 - 230.3 - 230.3 - - - -Other non-current assets - 7.2 - 7.2 - - - -- 518.5 - 518.5 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (1.0) - - (1.0) - (1.0) - (1.0)Forward exchange contracts used for hedging20 (1.8) - - (1.8) - (1.8) - (1.8)Forward exchange contracts used in hedge accounting20 (10.3) - - (10.3) - (10.3) - (10.3)Cross-currency swaps used for hedging20 (4.7) - - (4.7) - (4.7) - (4.7)(17.8) - - (17.8) - (17.8) - (17.8)Financial liabilities not measured at fair valueSecured bank loans18 - - (417.9) (417.9) - - (420.3) (420.3)Unsecured bond issues18 - - (309.8) (309.8) - (328.8) - (328.8)Finance liability related to Barossa lease - - (526.1) (526.1) - - - -Other non-current liabilities19 - - (661.3) (661.3) - - - -Trade and other payables19 - - (359.8) (359.8) - - - -Lease liabilities24 - - (17.9) (17.9) - - - -- - (2 292.8) (2 292.8) - (328.8) (420.3) (749.1)31 December 2021 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 1.6 - - 1.6 - 1.6 - 1.6Forward exchange contracts used in hedge accounting20 2.3 - - 2.3 2.3 2.3Interest rate swaps used for hedging20 0.8 - - 0.8 - 0.8 - 0.8Cross-currency swaps used for hedging20 1.9 - - 1.9 - 1.9 - 1.96.6 - - 6.6 - 6.6 - 6.6Financial assets not measured at fair valueTrade and other receivables11 - 297.4 - 297.4 - - - -Financial lease receivable24 - 12.3 - 12.3 - - - -Cash and cash equivalents12 - 274.2 - 274.2 - - - -Other non-current assets - 5.0 - 5.0 - - - -- 588.9 - 588.9 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (19.0) - - (19.0) - (19.0) - (19.0)Forward exchange contracts used in hedge accounting20 (2.0) - - (2.0) - (2.0) - (2.0)Forward exchange contracts used for hedging20 (1.5) - - (1.5) - (1.5) - (1.5)(22.5) - - (22.5) - (22.5) - (22.5)Financial liabilities not measured at fair valueSecured bank loans18 - - (562.2) (562.2) - - (559.4) (559.4)Unsecured bond issues18 - - (365.4) (365.4) - (399.7) - (399.7)Finance liability related to Barossa lease - - (198.1) (198.1) - - - -Other non-current liabilities19 - - (380.7) (380.7) - - - -Trade and other payables19 - - (359.2) (359.2) - - - -Lease liabilities24 - - (14.2) (14.2) - - - -- - (1 879.8) (1 879.8) - (399.7) (559.4) (959.1)The difference between carrying amount and fair value of the unsecured bond relates to amortised loan costs and the equity portion of the convertible bond.CAPITAL STRUCTURE AND EQUITYThe primary focus of the Group\u2019s financial strategy is to ensure a healthy capital structure to support its business, fulfil all financial obligations and maximise shareholder values.The Group also monitors and manages its capital structure in light of changes in the economic conditions. To maintain or adjust the capital structure, the Group may adjust dividend payments to its shareholders, return capital to shareholders or issue new shares.Construction and conversion projects will normally be funded through current loan facilities and/or specific project loan facilities equalling 70\u201380 per cent of the cost of the project. Project loan facilities can be established either before a contract for the conversion project is signed, during the conversion phase of a project or when the FPSO commences operation.The Group has also issued bonds in NOK and will consider continuing to do so when the market is attractive and if it provides competitive funding as an alternative to traditional bank financing.The Company has no specific targeted equity ratio. However, the loan facilities of the Group have certain covenants related to equity and equity ratio, both closely monitored by the Company (reference to Note 18).",
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"pp-value-147-4": {
"value": "MARKET RISKMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holding of financial instruments. The Group has international operations and therefore a combination of natural and financial hedging. The Group uses derivatives like FX forwards, interest rate swaps and options to manage market risk.Foreign currency riskThe functional currency of the Company and most of its subsidiaries is USD. In general, most operating revenues and a significant portion of operating expenses as well as most interest-bearing debt are denominated in USD. The Group is exposed to expenses and investments incurred in currencies other than USD (\u2018foreign currencies\u2019); the major currencies being Norwegian Kroner (\u2018NOK\u2019), Singapore Dollars (\u2018SGD\u2019), Euro (\u2018EUR\u2019), Korean Won (\u2018KRW\u2019) and British Pounds (\u2018GBP\u2019). Operating expenses denominated in NOK, SGD, GBP and EUR constitute a part of the Group\u2019s total operating expenses. Capital expenditures related to construction projects, repair and upgrade activities on FPSOs would also to some extent be denominated in other currencies than USD. Consequently, fluctuations in the exchange rate on NOK, SGD, GBP, EUR, CHF and KRW may have significant impact on the financial statements of the Group.The Group enters into forward/futures contracts to reduce the exchange rate risk on cash flows nominated in foreign currencies, both related to construction projects and to operating and administrative expenses. The Group does not apply hedge accounting for hedging of its operational and administrative expenses in foreign currencies and the changes in valuation are taken over the profit and loss statement. The exchange rate risk is calculated for each foreign currency and takes into account assets and liabilities, liabilities not recognised in the balance sheet and expected purchases and sales in the currency in question. Currency hedges and other currency effects include changes in fair value of currency hedges, effects or settlement of these hedges, and other currency effects related to operating cash flows.Total nominal value of the Group\u2019s foreign currency contracts was USD 403.3 million on 31 December 2022 (USD 96.5 million). Fair value of the foreign currency contracts amounted to negative USD 0.5 million in 2022 (positive USD 0.4 million) and are presented gross in the statement of financial position. Net effect of forward exchange contracts recognised in the statement of income in 2022 is positive by USD 3.6 million (negative by USD 3.1 million).The Group is exposed to foreign currency risk on Bond Loan BWO05, which is issued in NOK, and per 31 December 2022 the issued bond had a value of NOK 900 million. The foreign currency exposure on BWO05 is hedged through cross-currency interest rate swaps with a nominal value of USD 98.8 million. The market value of the cross-currency interest swaps was negative by USD 4.7 million on 31 December 2022 (positive USD 1.9 million).The Group seeks to apply hedge accounting for larger construction projects to manage volatility in the income statement and statement of comprehensive income. BW Offshore apply hedge accounting for the foreign exchange hedging related to the construction contract of the Barossa FPSO. The purpose is to manage currency risk during the project phase. The Group uses forward currency contracts to eliminate the currency exposure once the Group has entered into a firm commitment of a project contract. For foreign currency risk, the principal terms of the forward currency contract (notional and settlement date) and the future expense (or revenue) (notional and expected cash flow date) are identical. The foreign exchange derivatives are entered to match the respective supplier payments.The following are identified as sources of ineffectiveness:\u2022 Over-hedging \u2013 if the total amount of exposure is less than the notional amount hedged.\u2022 Timing mismatch \u2013 if the total amount of exposure exists, but occurs in a different period (month) than anticipated.The net effect of the hedge accounting recognised in other comprehensive income amounts to negative USD 3.9 million (negative USD 0.4 million). Hedge ineffectiveness recognised in profit or loss during 2022 and 2021 were immaterial.Cash flow hedgesOn 31 December, the Group held the following instruments to hedge exposures to changes in foreign currency.More than one 2022 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 388.5 11.7 3.1Average USD:SGD forward contract rate 1.4 1.4 -Average USD:NOK forward contract rate 9.0 9.4 9.5Average USD:KRW forward contract rate 1 283.9 - -Average USD:EUR forward contract rate 1.0 - -Average USD:CHF forward contract rate 1.0 - -More than one 2021 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 0.3 0.4 (0.4)Average USD:SGD Forward Contract rate 1.36 1.37 1.37Average USD:KRW Forward Contract rate 1 168.2 1 168.9 1 187.3Average USD:CHF Forward Contract rate 0.92 0.91 -Sensitivity analysisA reasonably possible strengthening (weakening) of the NOK, SGD, KRW and CHF against USD on 31 December 2022 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. NOK is being forward hedged in relation to operational and administrative expenses, additional exposures in SGD, KRW, CHF and EUR are hedged in relation to ongoing construction of the Barossa FPSO, all other currencies that the Group is exposed to are covered spot. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasts.Profit or loss Equity, net of taxUSD MILLION Strengthening Weakening Strengthening Weakening31 December 2022NOK (5% movement) 0.1 (0.1) 0.1 (0.1)SGD (5% movement) 0.4 (0.4) 0.3 (0.3)KRW (5% movement) 0.1 (0.1) 0.1 (0.1)31 December 2021NOK (5% movement) 0.4 (0.4) 0.3 (0.3)SGD (5% movement) 1.3 (1.3) 1.1 (1.1)KRW (5% movement) 1.0 (1.0) 0.8 (0.8)Interest rate riskThe Group is exposed to interest rate risk through its funding activities. Most of the Group\u2019s interest-bearing debt has floating interest rate conditions, making the Group influenced by changes in the market rates. The Group aims to hedge at least 50 per cent of its interest rate exposure.A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. The Group\u2019s main IBOR exposure on 31 December 2022 was indexed to USD LIBOR. The alternative reference rate for USD LIBOR is the Secured Overnight Financing Rate (SOFR). As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023.The Group\u2019s finance department is managing BW Offshore\u2019s IBOR transition plan. The greatest change will be amendments to the contractual terms of the USD LIBOR referenced floating-rate debt and the associated interest rate swaps and the corresponding update of the hedge designation. As at 31 December 2022, the Group has not finished the process of implementing appropriate fallback provisions for all USD LIBOR indexed exposures. The counterparties to the Group\u2019s interest rate swaps are also counterparties to the floating loan they are hedging. It is then assumed that the result of the negotiations with external banks and the implementation of SOFR will not have material impacts on the Group\u2019s future financial results.As of 31 December 2022, the Group\u2019s floating rate debt amounted to 742.8 USD million (USD 959.1 million).The Group holds interest rate swaps with a nominal value of USD 650 million and interest rate caps with a nominal value of USD 100 million with maturity during 2023\u20132030. The weighted average interest swap rate was 2.0 per cent on 31 December 2022, and the average cap rate was 3.5 per cent. The swaps and caps are held to hedge the quarterly cash flows from floating rate interest payments on the Corporate Facility and the Catcher facility. The market value of the interest swaps and caps was positive by USD 49.2 million on 31 December 2022 (negative USD 18.2 million) and the changes in fair value have been recognised as a fair value gain on financial instruments.The cross-currency interest rate swap held to hedge the BWO05 bond also hedges the interest rate risk on the bond with a nominal value of USD 98.8 million and is maturing in 2023. The weighted average interest swap rate was 6.3 per cent at 31 December 2022. The market value of the cross-currency interest rate swaps was negative by USD 4.7 million at 31 December 2022 (positive USD 1.9 million) and the changes in fair value have been recognised as a fair value loss on financial instruments.A reasonable possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown in the table below. The analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.Profit or loss Equity, net of taxUSD MILLION 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease31 December 2022Variable rate instruments (4.1) 4.1 (3.4) 3.4Interest rate swaps 6.5 (6.5) 5.4 (5.4)Cash flow sensitivity 2.4 (2.4) 2.0 (2.0)31 December 2021Variable rate instruments (5.6) 5.6 (4.6) 4.6Interest rate swaps 7.0 (7.0) 5.8 (5.8)Cash flow sensitivity 1.4 (1.4) 1.2 (1.2)",
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"pp-value-147-5": {
"value": "MARKET RISKMarket risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Group\u2019s income or the value of its holding of financial instruments. The Group has international operations and therefore a combination of natural and financial hedging. The Group uses derivatives like FX forwards, interest rate swaps and options to manage market risk.Foreign currency riskThe functional currency of the Company and most of its subsidiaries is USD. In general, most operating revenues and a significant portion of operating expenses as well as most interest-bearing debt are denominated in USD. The Group is exposed to expenses and investments incurred in currencies other than USD (\u2018foreign currencies\u2019); the major currencies being Norwegian Kroner (\u2018NOK\u2019), Singapore Dollars (\u2018SGD\u2019), Euro (\u2018EUR\u2019), Korean Won (\u2018KRW\u2019) and British Pounds (\u2018GBP\u2019). Operating expenses denominated in NOK, SGD, GBP and EUR constitute a part of the Group\u2019s total operating expenses. Capital expenditures related to construction projects, repair and upgrade activities on FPSOs would also to some extent be denominated in other currencies than USD. Consequently, fluctuations in the exchange rate on NOK, SGD, GBP, EUR, CHF and KRW may have significant impact on the financial statements of the Group.The Group enters into forward/futures contracts to reduce the exchange rate risk on cash flows nominated in foreign currencies, both related to construction projects and to operating and administrative expenses. The Group does not apply hedge accounting for hedging of its operational and administrative expenses in foreign currencies and the changes in valuation are taken over the profit and loss statement. The exchange rate risk is calculated for each foreign currency and takes into account assets and liabilities, liabilities not recognised in the balance sheet and expected purchases and sales in the currency in question. Currency hedges and other currency effects include changes in fair value of currency hedges, effects or settlement of these hedges, and other currency effects related to operating cash flows.Total nominal value of the Group\u2019s foreign currency contracts was USD 403.3 million on 31 December 2022 (USD 96.5 million). Fair value of the foreign currency contracts amounted to negative USD 0.5 million in 2022 (positive USD 0.4 million) and are presented gross in the statement of financial position. Net effect of forward exchange contracts recognised in the statement of income in 2022 is positive by USD 3.6 million (negative by USD 3.1 million).The Group is exposed to foreign currency risk on Bond Loan BWO05, which is issued in NOK, and per 31 December 2022 the issued bond had a value of NOK 900 million. The foreign currency exposure on BWO05 is hedged through cross-currency interest rate swaps with a nominal value of USD 98.8 million. The market value of the cross-currency interest swaps was negative by USD 4.7 million on 31 December 2022 (positive USD 1.9 million).The Group seeks to apply hedge accounting for larger construction projects to manage volatility in the income statement and statement of comprehensive income. BW Offshore apply hedge accounting for the foreign exchange hedging related to the construction contract of the Barossa FPSO. The purpose is to manage currency risk during the project phase. The Group uses forward currency contracts to eliminate the currency exposure once the Group has entered into a firm commitment of a project contract. For foreign currency risk, the principal terms of the forward currency contract (notional and settlement date) and the future expense (or revenue) (notional and expected cash flow date) are identical. The foreign exchange derivatives are entered to match the respective supplier payments.The following are identified as sources of ineffectiveness:\u2022 Over-hedging \u2013 if the total amount of exposure is less than the notional amount hedged.\u2022 Timing mismatch \u2013 if the total amount of exposure exists, but occurs in a different period (month) than anticipated.The net effect of the hedge accounting recognised in other comprehensive income amounts to negative USD 3.9 million (negative USD 0.4 million). Hedge ineffectiveness recognised in profit or loss during 2022 and 2021 were immaterial.Cash flow hedgesOn 31 December, the Group held the following instruments to hedge exposures to changes in foreign currency.More than one 2022 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 388.5 11.7 3.1Average USD:SGD forward contract rate 1.4 1.4 -Average USD:NOK forward contract rate 9.0 9.4 9.5Average USD:KRW forward contract rate 1 283.9 - -Average USD:EUR forward contract rate 1.0 - -Average USD:CHF forward contract rate 1.0 - -More than one 2021 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 0.3 0.4 (0.4)Average USD:SGD Forward Contract rate 1.36 1.37 1.37Average USD:KRW Forward Contract rate 1 168.2 1 168.9 1 187.3Average USD:CHF Forward Contract rate 0.92 0.91 -Sensitivity analysisA reasonably possible strengthening (weakening) of the NOK, SGD, KRW and CHF against USD on 31 December 2022 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. NOK is being forward hedged in relation to operational and administrative expenses, additional exposures in SGD, KRW, CHF and EUR are hedged in relation to ongoing construction of the Barossa FPSO, all other currencies that the Group is exposed to are covered spot. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasts.Profit or loss Equity, net of taxUSD MILLION Strengthening Weakening Strengthening Weakening31 December 2022NOK (5% movement) 0.1 (0.1) 0.1 (0.1)SGD (5% movement) 0.4 (0.4) 0.3 (0.3)KRW (5% movement) 0.1 (0.1) 0.1 (0.1)31 December 2021NOK (5% movement) 0.4 (0.4) 0.3 (0.3)SGD (5% movement) 1.3 (1.3) 1.1 (1.1)KRW (5% movement) 1.0 (1.0) 0.8 (0.8)Interest rate riskThe Group is exposed to interest rate risk through its funding activities. Most of the Group\u2019s interest-bearing debt has floating interest rate conditions, making the Group influenced by changes in the market rates. The Group aims to hedge at least 50 per cent of its interest rate exposure.A fundamental reform of major interest rate benchmarks is being undertaken globally, including the replacement of some interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has exposures to IBORs on its financial instruments that will be replaced or reformed as part of these market-wide initiatives. The Group\u2019s main IBOR exposure on 31 December 2022 was indexed to USD LIBOR. The alternative reference rate for USD LIBOR is the Secured Overnight Financing Rate (SOFR). As announced by the Financial Conduct Authority (FCA) in early 2022, the panel bank submissions for US dollar LIBOR will cease in mid-2023.The Group\u2019s finance department is managing BW Offshore\u2019s IBOR transition plan. The greatest change will be amendments to the contractual terms of the USD LIBOR referenced floating-rate debt and the associated interest rate swaps and the corresponding update of the hedge designation. As at 31 December 2022, the Group has not finished the process of implementing appropriate fallback provisions for all USD LIBOR indexed exposures. The counterparties to the Group\u2019s interest rate swaps are also counterparties to the floating loan they are hedging. It is then assumed that the result of the negotiations with external banks and the implementation of SOFR will not have material impacts on the Group\u2019s future financial results.As of 31 December 2022, the Group\u2019s floating rate debt amounted to 742.8 USD million (USD 959.1 million).The Group holds interest rate swaps with a nominal value of USD 650 million and interest rate caps with a nominal value of USD 100 million with maturity during 2023\u20132030. The weighted average interest swap rate was 2.0 per cent on 31 December 2022, and the average cap rate was 3.5 per cent. The swaps and caps are held to hedge the quarterly cash flows from floating rate interest payments on the Corporate Facility and the Catcher facility. The market value of the interest swaps and caps was positive by USD 49.2 million on 31 December 2022 (negative USD 18.2 million) and the changes in fair value have been recognised as a fair value gain on financial instruments.The cross-currency interest rate swap held to hedge the BWO05 bond also hedges the interest rate risk on the bond with a nominal value of USD 98.8 million and is maturing in 2023. The weighted average interest swap rate was 6.3 per cent at 31 December 2022. The market value of the cross-currency interest rate swaps was negative by USD 4.7 million at 31 December 2022 (positive USD 1.9 million) and the changes in fair value have been recognised as a fair value loss on financial instruments.A reasonable possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown in the table below. The analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.Profit or loss Equity, net of taxUSD MILLION 100 bp increase 100 bp decrease 100 bp increase 100 bp decrease31 December 2022Variable rate instruments (4.1) 4.1 (3.4) 3.4Interest rate swaps 6.5 (6.5) 5.4 (5.4)Cash flow sensitivity 2.4 (2.4) 2.0 (2.0)31 December 2021Variable rate instruments (5.6) 5.6 (4.6) 4.6Interest rate swaps 7.0 (7.0) 5.8 (5.8)Cash flow sensitivity 1.4 (1.4) 1.2 (1.2)",
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"pp-value-148-6": {
"value": "Foreign currency riskThe functional currency of the Company and most of its subsidiaries is USD. In general, most operating revenues and a significant portion of operating expenses as well as most interest-bearing debt are denominated in USD. The Group is exposed to expenses and investments incurred in currencies other than USD (\u2018foreign currencies\u2019); the major currencies being Norwegian Kroner (\u2018NOK\u2019), Singapore Dollars (\u2018SGD\u2019), Euro (\u2018EUR\u2019), Korean Won (\u2018KRW\u2019) and British Pounds (\u2018GBP\u2019). Operating expenses denominated in NOK, SGD, GBP and EUR constitute a part of the Group\u2019s total operating expenses. Capital expenditures related to construction projects, repair and upgrade activities on FPSOs would also to some extent be denominated in other currencies than USD. Consequently, fluctuations in the exchange rate on NOK, SGD, GBP, EUR, CHF and KRW may have significant impact on the financial statements of the Group.The Group enters into forward/futures contracts to reduce the exchange rate risk on cash flows nominated in foreign currencies, both related to construction projects and to operating and administrative expenses. The Group does not apply hedge accounting for hedging of its operational and administrative expenses in foreign currencies and the changes in valuation are taken over the profit and loss statement. The exchange rate risk is calculated for each foreign currency and takes into account assets and liabilities, liabilities not recognised in the balance sheet and expected purchases and sales in the currency in question. Currency hedges and other currency effects include changes in fair value of currency hedges, effects or settlement of these hedges, and other currency effects related to operating cash flows.Total nominal value of the Group\u2019s foreign currency contracts was USD 403.3 million on 31 December 2022 (USD 96.5 million). Fair value of the foreign currency contracts amounted to negative USD 0.5 million in 2022 (positive USD 0.4 million) and are presented gross in the statement of financial position. Net effect of forward exchange contracts recognised in the statement of income in 2022 is positive by USD 3.6 million (negative by USD 3.1 million).The Group is exposed to foreign currency risk on Bond Loan BWO05, which is issued in NOK, and per 31 December 2022 the issued bond had a value of NOK 900 million. The foreign currency exposure on BWO05 is hedged through cross-currency interest rate swaps with a nominal value of USD 98.8 million. The market value of the cross-currency interest swaps was negative by USD 4.7 million on 31 December 2022 (positive USD 1.9 million).The Group seeks to apply hedge accounting for larger construction projects to manage volatility in the income statement and statement of comprehensive income. BW Offshore apply hedge accounting for the foreign exchange hedging related to the construction contract of the Barossa FPSO. The purpose is to manage currency risk during the project phase. The Group uses forward currency contracts to eliminate the currency exposure once the Group has entered into a firm commitment of a project contract. For foreign currency risk, the principal terms of the forward currency contract (notional and settlement date) and the future expense (or revenue) (notional and expected cash flow date) are identical. The foreign exchange derivatives are entered to match the respective supplier payments.The following are identified as sources of ineffectiveness:\u2022 Over-hedging \u2013 if the total amount of exposure is less than the notional amount hedged.\u2022 Timing mismatch \u2013 if the total amount of exposure exists, but occurs in a different period (month) than anticipated.The net effect of the hedge accounting recognised in other comprehensive income amounts to negative USD 3.9 million (negative USD 0.4 million). Hedge ineffectiveness recognised in profit or loss during 2022 and 2021 were immaterial.Cash flow hedgesOn 31 December, the Group held the following instruments to hedge exposures to changes in foreign currency.More than one 2022 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 388.5 11.7 3.1Average USD:SGD forward contract rate 1.4 1.4 -Average USD:NOK forward contract rate 9.0 9.4 9.5Average USD:KRW forward contract rate 1 283.9 - -Average USD:EUR forward contract rate 1.0 - -Average USD:CHF forward contract rate 1.0 - -More than one 2021 1\u20136 months 6\u201312 MonthsyearForeign currency riskForward exchange contractsNet exposure (in USD million) 0.3 0.4 (0.4)Average USD:SGD Forward Contract rate 1.36 1.37 1.37Average USD:KRW Forward Contract rate 1 168.2 1 168.9 1 187.3Average USD:CHF Forward Contract rate 0.92 0.91 -Sensitivity analysisA reasonably possible strengthening (weakening) of the NOK, SGD, KRW and CHF against USD on 31 December 2022 would have affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit or loss by the amounts shown below. NOK is being forward hedged in relation to operational and administrative expenses, additional exposures in SGD, KRW, CHF and EUR are hedged in relation to ongoing construction of the Barossa FPSO, all other currencies that the Group is exposed to are covered spot. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecasts.Profit or loss Equity, net of taxUSD MILLION Strengthening Weakening Strengthening Weakening31 December 2022NOK (5% movement) 0.1 (0.1) 0.1 (0.1)SGD (5% movement) 0.4 (0.4) 0.3 (0.3)KRW (5% movement) 0.1 (0.1) 0.1 (0.1)31 December 2021NOK (5% movement) 0.4 (0.4) 0.3 (0.3)SGD (5% movement) 1.3 (1.3) 1.1 (1.1)KRW (5% movement) 1.0 (1.0) 0.8 (0.8)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-4": {
"value": "CREDIT RISKCredit risk is the risk of financial losses if a customer or counterparty to financial receivables and financial instruments fails to meet contractual obligations.Loans, credit facilities, financial guarantees and derivatives are only conducted with approved counterparties and predominantly with investment grade financial institutions, and are governed by standard agreements (ISDA, Nordic Trustee and LMA documentation). The Group has policies that limit the amount of credit exposure against any financial institution. The maximum risk exposure is represented by the carrying amount of the financial assets in the balance sheet except for financial guarantees.The Group assesses the credit quality of the customers on a regular basis, considering its financial position, credit ratings from international credit rating agencies if available, experience and other factors. New projects and clients will similarly be assessed by reviewing financial statements and external credit ratings, but also country-risk will be evaluated in relation to potential financing and legal impact of agreements. Parent company guarantees are negotiated with customers and the Group will normally have contractual clauses to prevent a customer from novating the lease contract to counterparts with credit rating lower than investment grade (or comparable proxy), without consent. Given the limited number of major customers of the Group and the significant portion these represent to the Group\u2019s revenue, the inability of one or more of them to make full payment on any of the Group\u2019s contracted units may have a significant adverse impact on the financial position.The Covid-19 pandemic, the war in Ukraine and general market uncertainties has increased the credit risk in most industries. With the additional factors of volatile commodity prices and an increasing transition towards greener energy, credit risk has increased more in the oil and gas industry compared with other industries. As most of the Group\u2019s portfolio is with financially solid counterparties, the Group believes that the credit risk related to counterparties is at an acceptable level.Overdue trade receivables were USD 38.2 million at the end of 2022, compared to USD 64.8 million at the end of 2021. The overdue situation was mainly related to units operating in West Africa and Brazil.The Group is also exposed to certain credit risk related to agreements entered into with suppliers such as yards used for construction projects. The Group manages its exposure to such risks through a thorough evaluation of the counterparty\u2019s financial position, external credit rating if available, and its backlog and ability to deliver on time, and subsequently by continuous monitoring of larger counterparties.The Group regards its maximum credit risk exposure to the carrying amount of trade receivables (refer to Note 11), other current assets and financial lease receivables (refer to Note 24).",
"dimensions": {
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"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-162-4": {
"value": "LIQUIDITY RISKPrudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions in order to meet obligations of finance liabilities when they become due. Due to the dynamic nature of the underlying businesses, the Group maintains sufficient cash for its daily operations and its investment programme via short-term cash deposits at banks and a commitment to make available funds from the unutilised portion of revolving facilities offered by financial institutions to the Group.In 2021, the Group completed the debt financing and the equity joint venture partnership for the Barossa project. The Barossa FPSO is financed by a 14-year combined construction and long-term debt facility of USD 1.150 billion with a syndicate of nine international banks and by USD 240.0 million from the equity joint venture, consisting of BW Offshore (51 per cent) and ICMK Offshore Investment Pte Ltd (a 50:50 JV of ITOCHU Corporation and a subsidiary of Meiji Shipping Co Ltd) (25 per cent) and Macquarie Bank Limited (24 per cent). In addition, approximately USD 1 billion in pre-payments will be paid by the Barossa Upstream Joint Venture Partners during the construction period. These pre-payments are linked to progress and milestones on the project. By end of 2022, a total of USD 554 million has been received as per plan, USD 112 million was injected in total by equity partners and USD 435 million was drawn under the loan facility.The Group monitors the liquidity through cash flow forecasting of operational and investment activities in the short-, medium- and long-term.The refinancing of the USD 672.5 million Corporate Facility, the placement of BWO05 bond and the Convertible bond in 2019, extended tenors of the Groups financing and mitigated short-term refinancing and liquidity risk and cashflows from continuing operations are sufficient to fulfil short-term financial obligations. Production from BW Catcher throughout 2022 has been a significant contributor to the cash flow of the Group together with BW Pioneer and BW Adolo.The following table sets out the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. When counterparties have a choice of when to settle an amount, the liability is included based on the earliest date of which the counterparty can require settlement.Maturity profile \u2013 financial liabilities, Year ended 2022USD MILLION Carrying Amount Q1 23 Q2 23 Q3 23 Q4 23 2023 2024\u20132027 2028 and beyond TotalUSD 672.5 million Corporate Facility 155.2 - - - - - 156.9 - 156.91Convertible bonds 218.1 - - - - - 236.8 - 236.8Catcher facility 256.4 28.6 28.6 28.6 28.6 114.3 142.8 - 257.12BWO05 \u2013 NOK 900 million bond 91.7 - - - 98.8 98.8 - - 98.8Other facilities 6.3 0.4 0.5 0.4 0.5 1.8 4.5 - 6.3Finance liability related to Barossa lease 526.1 - - - - - 155.8 370.3 526.13Interest rate swaps (2.1) (5.0) (4.6) (4.6) (4.4) (18.6) (41.4) (13.5) (73.5)Interest payments 4.0 7.9 10.5 6.8 9.0 34.2 12.6 46.8Other 0.4 0.4 0.5 0.5 0.3 1.8 0.9 - 2.6Lease liabilities 17.9 1.6 1.6 1.6 1.6 6.4 9.4 3.8 19.6Trade and other payable current 359.8 154.1 68.6 68.6 68.6 359.8 - - 359.8Total 1 633.8 187.9 105.6 101.9 203.0 598.4 678.2 360.6 1 637.31 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 The cash flow presented reflects swapped USD/NOK rate.3 Interest rate swaps are positiveMaturity profile \u2013 financial liabilities, Year ended 2021USD MILLION Carrying Amount Q1 22 Q2 22 Q3 22 Q4 22 2022 2023\u20132026 2027 and beyond TotalUSD 672.5 million Corporate Facility 176.3 - - - - - 180.0 - 180.01Convertible bonds 263.9 - - - - - 297.4 - 297.4Catcher facility 369.8 28.6 28.6 28.6 28.6 114.3 257.1 - 371.4Petr\u00f3leo Nautipa facility 8.0 4.0 - 4.0 - 8.0 - - 8.02BWO05 \u2013 NOK 900 million bond 101.6 - - - - - 98.8 - 98.8Other facilities 8.0 0.3 0.5 0.4 0.4 1.6 6.4 - 8.0Finance liability related to Barossa lease 198.1 - - - - - 49.5 148.6 198.1Interest rate swaps 1.5 2.6 2.6 2.6 2.5 10.3 18.3 2.4 31.0Interest payments 3.0 3.3 3.1 3.0 2.8 12.2 11.7 - 23.9Other 0.9 0.9 1.0 0.6 0.5 3.0 2.5 - 5.5Lease liabilities 14.2 1.6 1.6 1.6 1.6 6.4 7.3 1.0 14.7Trade and other payable current 359.2 174.3 61.6 61.6 61.6 359.2 - - 359.2Total 1 504.5 215.6 99.0 102.4 98.0 515.0 929.0 152.0 1 596.01 The cash flow presented reflects a full repayment of the loan without conversion into equity instruments2 Bond loan illustrated at swapped USD/NOK rate.The Group has the following undrawn borrowing facilities:USD MILLION 2022 2021Expire within one year - -Expire beyond one year 139.0 154.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-4": {
"value": "FAIR VALUESIFRS 13 requires disclosures of fair value measurements by the following hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (level 2)\u2022 Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3)The fair value of the Group\u2019s currency forward hedges (plain vanilla hedges) is determined using forward exchange rates at the balance sheet date, with the resulting value discounted to present value (level 2). This is presented on separate lines in the statement of financial position.The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves (level 2). The fair value of the cross-currency interest swaps is presented as non-current liabilities in the statement of financial position.The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.31 December 2022 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 5.1 - - 5.1 - 5.1 - 5.1Forward exchange contracts used in hedge accounting20 6.5 - - 6.5 6.5 6.5Interest rate swaps used for hedging20 50.2 - - 50.2 - 50.2 - 50.261.8 - - 61.8 - 61.8 - 61.8Financial assets not measured at fair valueTrade and other receivables11 - 232.6 - 232.6 - - - -Financial lease receivable24 - 48.4 - 48.4 - - - -Cash and cash equivalents12 - 230.3 - 230.3 - - - -Other non-current assets - 7.2 - 7.2 - - - -- 518.5 - 518.5 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (1.0) - - (1.0) - (1.0) - (1.0)Forward exchange contracts used for hedging20 (1.8) - - (1.8) - (1.8) - (1.8)Forward exchange contracts used in hedge accounting20 (10.3) - - (10.3) - (10.3) - (10.3)Cross-currency swaps used for hedging20 (4.7) - - (4.7) - (4.7) - (4.7)(17.8) - - (17.8) - (17.8) - (17.8)Financial liabilities not measured at fair valueSecured bank loans18 - - (417.9) (417.9) - - (420.3) (420.3)Unsecured bond issues18 - - (309.8) (309.8) - (328.8) - (328.8)Finance liability related to Barossa lease - - (526.1) (526.1) - - - -Other non-current liabilities19 - - (661.3) (661.3) - - - -Trade and other payables19 - - (359.8) (359.8) - - - -Lease liabilities24 - - (17.9) (17.9) - - - -- - (2 292.8) (2 292.8) - (328.8) (420.3) (749.1)31 December 2021 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 1.6 - - 1.6 - 1.6 - 1.6Forward exchange contracts used in hedge accounting20 2.3 - - 2.3 2.3 2.3Interest rate swaps used for hedging20 0.8 - - 0.8 - 0.8 - 0.8Cross-currency swaps used for hedging20 1.9 - - 1.9 - 1.9 - 1.96.6 - - 6.6 - 6.6 - 6.6Financial assets not measured at fair valueTrade and other receivables11 - 297.4 - 297.4 - - - -Financial lease receivable24 - 12.3 - 12.3 - - - -Cash and cash equivalents12 - 274.2 - 274.2 - - - -Other non-current assets - 5.0 - 5.0 - - - -- 588.9 - 588.9 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (19.0) - - (19.0) - (19.0) - (19.0)Forward exchange contracts used in hedge accounting20 (2.0) - - (2.0) - (2.0) - (2.0)Forward exchange contracts used for hedging20 (1.5) - - (1.5) - (1.5) - (1.5)(22.5) - - (22.5) - (22.5) - (22.5)Financial liabilities not measured at fair valueSecured bank loans18 - - (562.2) (562.2) - - (559.4) (559.4)Unsecured bond issues18 - - (365.4) (365.4) - (399.7) - (399.7)Finance liability related to Barossa lease - - (198.1) (198.1) - - - -Other non-current liabilities19 - - (380.7) (380.7) - - - -Trade and other payables19 - - (359.2) (359.2) - - - -Lease liabilities24 - - (14.2) (14.2) - - - -- - (1 879.8) (1 879.8) - (399.7) (559.4) (959.1)The difference between carrying amount and fair value of the unsecured bond relates to amortised loan costs and the equity portion of the convertible bond.Measurement of fair valuesThe Purchase Price Allocation analysis led to the recognition of a technology intangible asset. Ideol has developed a floating barge for offshore wind turbines based on its patented technology that optimises the stability and performance of the floating wind turbine, even in extreme conditions.As of the acquisition date, it was valued at USD 71.2 million. It will be amortised on a straight-line basis over the remaining useful life of the asset estimated at 15 years, taking into consideration current industry experience and patents associated with the technology. The fair value of the technology has been measured provisionally, based on the present value of net cash flows it is expected to generate, pending completion of an independent valuation. If new information is obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition, then the accounting for the acquisition will be revised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-167-5": {
"value": "FAIR VALUESIFRS 13 requires disclosures of fair value measurements by the following hierarchy:\u2022 Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1)\u2022 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (level 2)\u2022 Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3)The fair value of the Group\u2019s currency forward hedges (plain vanilla hedges) is determined using forward exchange rates at the balance sheet date, with the resulting value discounted to present value (level 2). This is presented on separate lines in the statement of financial position.The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves (level 2). The fair value of the cross-currency interest swaps is presented as non-current liabilities in the statement of financial position.The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.31 December 2022 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 5.1 - - 5.1 - 5.1 - 5.1Forward exchange contracts used in hedge accounting20 6.5 - - 6.5 6.5 6.5Interest rate swaps used for hedging20 50.2 - - 50.2 - 50.2 - 50.261.8 - - 61.8 - 61.8 - 61.8Financial assets not measured at fair valueTrade and other receivables11 - 232.6 - 232.6 - - - -Financial lease receivable24 - 48.4 - 48.4 - - - -Cash and cash equivalents12 - 230.3 - 230.3 - - - -Other non-current assets - 7.2 - 7.2 - - - -- 518.5 - 518.5 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (1.0) - - (1.0) - (1.0) - (1.0)Forward exchange contracts used for hedging20 (1.8) - - (1.8) - (1.8) - (1.8)Forward exchange contracts used in hedge accounting20 (10.3) - - (10.3) - (10.3) - (10.3)Cross-currency swaps used for hedging20 (4.7) - - (4.7) - (4.7) - (4.7)(17.8) - - (17.8) - (17.8) - (17.8)Financial liabilities not measured at fair valueSecured bank loans18 - - (417.9) (417.9) - - (420.3) (420.3)Unsecured bond issues18 - - (309.8) (309.8) - (328.8) - (328.8)Finance liability related to Barossa lease - - (526.1) (526.1) - - - -Other non-current liabilities19 - - (661.3) (661.3) - - - -Trade and other payables19 - - (359.8) (359.8) - - - -Lease liabilities24 - - (17.9) (17.9) - - - -- - (2 292.8) (2 292.8) - (328.8) (420.3) (749.1)31 December 2021 Carrying amount Fair valueFair value \u2013 hedging Financial assets at Other financial USD MILLION Noteinstrumentamortised costliabilities Total Level 1 Level 2 Level 3 TotalFinancial assets measured at fair valueForward exchange contracts used for hedging20 1.6 - - 1.6 - 1.6 - 1.6Forward exchange contracts used in hedge accounting20 2.3 - - 2.3 2.3 2.3Interest rate swaps used for hedging20 0.8 - - 0.8 - 0.8 - 0.8Cross-currency swaps used for hedging20 1.9 - - 1.9 - 1.9 - 1.96.6 - - 6.6 - 6.6 - 6.6Financial assets not measured at fair valueTrade and other receivables11 - 297.4 - 297.4 - - - -Financial lease receivable24 - 12.3 - 12.3 - - - -Cash and cash equivalents12 - 274.2 - 274.2 - - - -Other non-current assets - 5.0 - 5.0 - - - -- 588.9 - 588.9 - - - -Financial liabilities measured at fair valueInterest rate swaps used for hedging20 (19.0) - - (19.0) - (19.0) - (19.0)Forward exchange contracts used in hedge accounting20 (2.0) - - (2.0) - (2.0) - (2.0)Forward exchange contracts used for hedging20 (1.5) - - (1.5) - (1.5) - (1.5)(22.5) - - (22.5) - (22.5) - (22.5)Financial liabilities not measured at fair valueSecured bank loans18 - - (562.2) (562.2) - - (559.4) (559.4)Unsecured bond issues18 - - (365.4) (365.4) - (399.7) - (399.7)Finance liability related to Barossa lease - - (198.1) (198.1) - - - -Other non-current liabilities19 - - (380.7) (380.7) - - - -Trade and other payables19 - - (359.2) (359.2) - - - -Lease liabilities24 - - (14.2) (14.2) - - - -- - (1 879.8) (1 879.8) - (399.7) (559.4) (959.1)The difference between carrying amount and fair value of the unsecured bond relates to amortised loan costs and the equity portion of the convertible bond.",
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"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-171-4": {
"value": "CAPITAL STRUCTURE AND EQUITYThe primary focus of the Group\u2019s financial strategy is to ensure a healthy capital structure to support its business, fulfil all financial obligations and maximise shareholder values.The Group also monitors and manages its capital structure in light of changes in the economic conditions. To maintain or adjust the capital structure, the Group may adjust dividend payments to its shareholders, return capital to shareholders or issue new shares.Construction and conversion projects will normally be funded through current loan facilities and/or specific project loan facilities equalling 70\u201380 per cent of the cost of the project. Project loan facilities can be established either before a contract for the conversion project is signed, during the conversion phase of a project or when the FPSO commences operation.The Group has also issued bonds in NOK and will consider continuing to do so when the market is attractive and if it provides competitive funding as an alternative to traditional bank financing.The Company has no specific targeted equity ratio. However, the loan facilities of the Group have certain covenants related to equity and equity ratio, both closely monitored by the Company (reference to Note 18).",
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"language": "en",
"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-173-2": {
"value": "NOTE 21 List of subsidiaries, associates and joint venturesSubsidiaries Country of incorporation Ownership 2022 Ownership 2021Berge Carmen Singapore Pte Ltd Singapore 100% 100%Bergesen Worldwide Mexico, S.A. de C.V. Mexico 100% 100%Bergesen Worldwide Offshore Mexico S. de RL de CV Mexico 100% 100%BW Abo Pte Ltd Singapore 100% 100%BW Adolo Pte Ltd Singapore 100% 100%BW Athena Pte Ltd Singapore 100% 100%BW Berge Helene Pte Ltd Singapore 100% 100%BW Bergesen Worldwide Pte Ltd Singapore 100% 100%1BW Catcher Limited Bermuda 100% 100%BW Cidade de S\u00e3o Vicente Pte Ltd Singapore 100% 100%BW Espoir Ivoirien Pte Ltd Singapore 100% 100%3BW Ideol AS Norway 53% 53%4BW Ideol S.A. France 100% 100%BW Offshore Catcher (UK) Limited United Kingdom 100% 100%BW Offshore Australia Management Pty Ltd Australia 100% 100%BW Offshore China Ltd China 100% 100%BW Offshore Cyprus Limited Cyprus 100% 100%BW Offshore do Brazil Ltda Brazil 100% 100%BW Offshore do Brazil Servicos Maritimos Ltda Brazil 100% 100%5BW Offshore EPC FZCO United Arab Emirates 90% 100%BW Offshore France SAS France 100% 100%BW Offshore GDM B.V. Netherlands 100% 100%BW Offshore GDM Holdings Pte Ltd Singapore 100% -BW Offshore Pte Ltd Singapore 100% 100%BW Offshore (Ghana) Pte Ltd Singapore 100% 100%BW Offshore Global Manning Pte Ltd Singapore 100% 100%BW Offshore Holdings Pte Ltd Singapore 100% 100%BW Offshore Italy S.r.l Italy 100% -BW Offshore Management (UK) Limited United Kingdom 100% -BW Offshore Management B.V. Netherlands 100% 100%BW Offshore Nautipa AS Norway 100% 100%BW Offshore Netherlands B.V. Netherlands 100% 100%BW Offshore Norway AS Norway 100% 100%BW Offshore Norwegian Manning AS Norway 100% 100%BW Offshore Opportunity I Limited Bermuda 100% 100%BW Offshore Poland sp z o.o. Poland 100% 100%BW Offshore Project Management FZE United Arab Emirates 100% -BW Offshore Scotwind (UK) Limited United Kingdom - 100%BW Offshore Shipholding Cyprus Limited Cyprus 100% 100%BW Offshore Shipholding Pte Ltd Singapore 100% 100%BW Offshore Singapore Pte Ltd Singapore 100% 100%BW Offshore SPV Bermuda I Limited Bermuda 100% -BW Offshore SPV Bermuda II Limited Bermuda 100% -BW Offshore TSB Invest Pte Ltd Singapore 100% 100%BW Offshore (UK) Limited United Kingdom 100% 100%BW Offshore USA Management, Inc. USA 100% 100%BW Offshore USA, LLC USA 100% 100%BW Opportunity Limited Bermuda 100% 100%BW Pioneer (UK) Limited United Kingdom 100% 100%BW Polvo Pte Ltd Singapore 100% 100%BW Sendje Berge Pte Ltd Singapore 100% 100%BW Umuroa Pte Ltd Singapore 100% 100%BWO-Premier Ghana Limited Ghana 70% 70%4Ideol Japan, LLC Japan 100% 100%4Ideol USA, Inc. USA 100% 100%Prosafe GFPSO I B.V. Netherlands 100% 100%Prosafe Production B.V. Netherlands 100% 100%Prosafe Services Cote d\u2019Ivoire Pte Ltd Singapore 100% 100%2PT BW Offshore TSB Invest Indonesia - 49%Tinworth Pte Ltd Singapore 100% 100%Tinworth France SAS France 100% 100%Tinworth Gabon SA Gabon 100% 100%Associates and joint venturesSubsidiaries Country of incorporation Ownership 2022 Ownership 2021OCS Services Limited British Virgin Islands 50% 50%Euro Techniques Industries France 40% 40% 6BW Energy Limited Bermuda 25% 27% 7BW Offshore AUS-JV Pte Ltd Singapore 51% 51%BW Offshore Nigeria Limited Nigeria 49% 49%1 Preference shares are issued with a preferential dividend right to ICBCL. The preferential dividend is a fixed percentage of outstanding preference shares, and accordingly the result allocated to non-controlling interest is independent of underlying result in the subsidiary.2 The company was 51 per cent owned by Indonesian shareholders in 2021. The company was recognised in the balance sheet without non-controlling interests, as the Group has put in place and has finalised agreements that ensure that 100 per cent of profits are retained by the Group. The company was sold June 2022.3 Refer to Note 22 and Note 23.4 Owned by BW Ideol AS, ownership effectively reduced to 53 per cent.5 Macquarie Bank Limited holds 10 per cent from 20226 Ownership effectively reduced to 25 per cent in 2022 due to distribution of dividend shares, refer to Note 16.7 Joint control due to shareholders agreements between the Group and external investors.",
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"pp-value-176-2": {
"value": "NOTE 22 Business combinationsOn 16 February 2021, BW Ideol AS, a subsidiary of BW Offshore Limited, entered into a sale and purchase agreement (the \u2018SPA\u2019) regarding the acquisition of 100 per cent of the shares in Ideol SA for a total consideration of USD 94.5 million settled as a combination of cash and newly issued shares in BW Ideol AS. On 10 March 2021 and in connection with the closing of the SPA, BW Ideol AS held an extraordinary general meeting where it was resolved to (i) redeem the existing share capital, (ii) issue 14 639 660 new shares to BW Offshore Holdings Pte. Ltd. (a subsidiary of BW Offshore Limited) against a cash injection of USD 62.2 million, and (iii) issue 5 815 240 new shares to the sellers against contribution in-kind in the form of shares in Ideol SA. On 15 March 2021, the transaction was closed, and BW Ideol AS acquired 71.6 per cent of the shares of Ideol SA. The remaining 28.4 per cent of Ideol SA were acquired and paid in BW Ideol AS shares.In parallel, BW Ideol AS completed a private placement (including partial Greenshoe exercise) of 11 655 625 shares at a price of NOK 47.00 per share and got listed on Euronext Growth Oslo. BW Offshore Holdings Pte. Ltd. subscribed for USD 11.8 million (NOK 100 million) in the private placement.After the listing of BW Ideol AS on Euronext Growth in Oslo on 18 March and the following Greenshoe exercise, BW Offshore\u2019s ownership in BW Ideol AS is 53.2 per cent for a total cash consideration of USD 74.0 million.Taking control of Ideol SA enables the BW Ideol Group to establish itself as a leading global player in floating offshore wind. The combination of Ideol technology, operational track record and engineering capabilities, and a pipeline of projects with the execution capabilities focused on large-scale offshore projects within BW Offshore, offers a unique combination.Included in the identifiable assets and liabilities acquired at the date of acquisition of Ideol S.A. are inputs (primarily technology), processes and an organised workforce. The Group has determined that together the acquired inputs and processes significantly contribute to the ability to create revenue. The Group has concluded that this is acquisition of a business.CONSIDERATION TRANSFERREDUSD MILLIONCash 62.2Contribution in kind (5 815 240 shares \u00e0 NOK 47) 32.3Total consideration transferred 94.5The value of the share retained for the valuation of the portion of Ideol SA acquisition paid in shares has been considered equal to the listing price of NOK 47.00ACQUISITION-RELATED COSTSThe Group incurred acquisition-related costs of USD 1.6 million on external legal fees and due diligence costs. These costs have been included in operating expenses in the consolidated statement of profit or loss.IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMEDThe following table summarises the recognised amounts of assets and liabilities assumed at the date of acquisition.USD MILLIONIntangible assets \u2013 R&D and software 4.4Intangible assets \u2013 Technology 71.2Property, plant & equipment 17.0Other non-current assets 0.5Trade receivables and other current assets 3.7Cash and cash equivalents 2.5Interest-bearing debt (8.8)Other non-current liabilities (8.0)Deferred tax liabilities (15.7)Trade and other payables (4.0)Other timing adjustments 1.3Total identifiable net assets acquired 64.1Acquired receivables were estimated at the contractual amounts. The estimate at the acquisition date of the contractual cash flows not expected to be collected was zero and all amounts were collected during 2021.Measurement of fair valuesThe Purchase Price Allocation analysis led to the recognition of a technology intangible asset. Ideol has developed a floating barge for offshore wind turbines based on its patented technology that optimises the stability and performance of the floating wind turbine, even in extreme conditions.As of the acquisition date, it was valued at USD 71.2 million. It will be amortised on a straight-line basis over the remaining useful life of the asset estimated at 15 years, taking into consideration current industry experience and patents associated with the technology. The fair value of the technology has been measured provisionally, based on the present value of net cash flows it is expected to generate, pending completion of an independent valuation. If new information is obtained within one year of the date of acquisition about facts and circumstances that existed at the date of acquisition, then the accounting for the acquisition will be revised.GOODWILLGoodwill arising from the acquisition has been recognised as follows:USD MILLIONTotal consideration transferred 94.5Fair value of identifiable net assets (64.1)Goodwill 30.4Final adjustments were made to the purchase price allocation in 2022 within the one-year timeframe, resulting in a USD 0.4 million increase in the goodwill balance.The goodwill is attributable mainly to the skills of the established assembled workforce, to the synergies expected to be achieved from integrating the new business segment and the value from future offshore windmill projects.",
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"value": "GOODWILLGoodwill arising from the acquisition has been recognised as follows:USD MILLIONTotal consideration transferred 94.5Fair value of identifiable net assets (64.1)Goodwill 30.4Final adjustments were made to the purchase price allocation in 2022 within the one-year timeframe, resulting in a USD 0.4 million increase in the goodwill balance.The goodwill is attributable mainly to the skills of the established assembled workforce, to the synergies expected to be achieved from integrating the new business segment and the value from future offshore windmill projects.",
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"language": "en",
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"value": "NOTE 23 Non-controlling interestsThe following table summarises the information related to the Group\u2019s subsidiaries that has material NCI. Refer to Note 22 for information about incorporation of BW Ideol AS.BW Ideol ASUSD MILLION 31 Dec 2022 31 Dec 2021NCI percentage 46.8% 46.8%Non-current assets 123.2 121.2Current assets 12.0 40.9Non-current liabilities 25.1 27.4Current liabilities 5.3 5.6Net assets (100%) 104.8 129.1Net assets attributable to NCI 49.0 60.4Revenue 9.2 4.3Profit for the year (17.6) (19.5)OCI - -Total comprehensive income (100%) (17.6) (19.5)Profit allocated to NCI (8.2) (9.1)OCI allocated to NCI - -Cash flows from operating activities (3.7) (6.7)Cash flows from investing activities (20.0) (64.7)Cash flows from financing activities (dividends to NCI: nil) (1.6) 105.7Net increase (decrease) in cash and cash equivalents (100%) (25.3) 34.3ICBCL AGREEMENTIn November 2017, the Group closed an agreement with a nominee of the financial leasing firm, ICBC Financial Leasing Co., Ltd. (ICBCL), whereby such nominee becomes an equity partner in BW Catcher Limited. BW Catcher Limited has issued preference shares with a preferential dividend right to ICBCL, for an aggregate subscription price of USD 275 000 000. The aggregate redemption and dividends payments on the preference shares are estimated to reflect approximately 25\u201330 per cent of the estimated free cash flow after debt servicing in the Catcher contract over a similar term. The net proceeds from the issue of the preference shares will be used for general corporate purposes. The investment by ICBCL is presented as a non-controlling interest in the statement of financial position of the Group.USD 7.9 million (USD 7.9 million) has been paid in dividends during 2022 and the redemption for 2022 amounts to USD 22.9 million (USD 20.5 million).",
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"pp-value-184-2": {
"value": "NOTE 24 LeasesTHE GROUP AS A LESSEEThe Group leases office premises, apartments, warehouses and vessels. Leases of office premises generally have lease terms between one and seven years, while apartments and warehouses and vessels generally have lease terms between one and three years.The Group has leases of certain office equipment (i.e., personal computers, printing- and photocopying machines, coffee machines) that are considered of low value.Total cash outflow for leases included in the statement of cash flows is USD 7.2 million (USD 13.4 million).Right-of-use assets and lease liabilitiesLand and Right-of-use buildingsassets Lease liabilitiesBalance at 1 January 2022 19.2 19.2 14.2Additions 10.9 10.9 10.5Adjustments 0.1 0.1 0.1Depreciation expense (8.6) (8.6) n/aInterest expense n/a n/a 0.4Lease payments n/a n/a (7.2)Foreign currency translation gain/(loss) (0.5) (0.5) (0.1)Balance at 31 December 2022 21.1 21.1 17.9Land and Right-of-use buildingsassets Lease liabilitiesBalance at 1 January 2021 18.5 18.5 19.8Additions 7.0 7.0 7.0Adjustments 0.6 0.6 0.6Depreciation expense (6.6) (6.6) n/aInterest expense n/a n/a 0.4Lease payments n/a n/a (13.4)Foreign currency translation gain/(loss) (0.3) (0.3) (0.2)Balance at 31 December 2021 19.2 19.2 14.2USD MILLION 2022 2021Maturity analysis \u2013 contractual undiscounted cash flowsNot later than one year 6.4 6.5Later than one year and not later than five years 9.4 7.3Later than five years 3.8 1.0Total undiscounted lease liabilities at 31 December 19.6 14.8Lease liabilities included in the statement of financial position at 31 December 17.9 14.2Current 5.9 6.2Non-current 12.0 8.0Amounts recognised in profit or lossUSD MILLION 2022 2021Interest on lease liabilities 0.4 0.4Depreciation expense 8.6 6.6Extension optionsSome leases, such as office leases, contain contractual rights and options, such as extension and cancellation options, exercisable only by the Group and not by the lessors. These options may impact the estimated lease term. The Group assesses at lease commencement, and subsequently when facts and circumstances under the control of the Group require it, whether it is reasonably certain to exercise these options and reflects this in the lease term.THE GROUP AS A LESSORFinance leaseIn April 2022, the Group signed an agreement for the sale of the FPSO Polvo to BW Energy for a total consideration of USD 50 million, split by USD 5 million in one year charter hire and USD 45 million for purchase of the vessel. The sale will be completed no later than July 24, 2023. BW Energy has the option to complete the transaction before that date. If the transaction is completed early, BW Energy will pay USD 30 million upon the vessel transfer date, with the remaining USD 20 million provided as a seller\u2019s credit by BW Offshore until settlement on July 24, 2023, at the latest. An independent third-party valuation of the FPSO concluded that the sales price is within a fair market value range. The contract is classified as a financial lease as of 31 December of 2022.The FPSO Y\u00f9um K\u2019ak\u2019 N\u00e1ab commenced operations in Mexico in July 2007 on a firm 15-year lease contract. In July 2022, Pemex assumed the ownership and operation of Y\u00f9um K\u2019ak\u2019 N\u00e1ab in accordance with the terms of the 15-year FPSO financial lease contract. This lease contract has been classified as a finance lease as the net present value of the minimum lease payments amounted to substantially all the fair value of the FPSO at the inception of the lease.The future minimum lease payments receivable from finance lease is presented in the table below:USD MILLION 2022 2021Not later than one year 50.0 12.5Later than one year and not later than five years - -Later than five years - -Gross receivables from finance leases 50.0 12.5Unearned future finance income on finance leases (1.6) (0.2)Net investment in finance leases 48.4 12.3Included in non-current assets(Financial lease receivables) - -Included in current assets(Financial lease receivables) 48.4 12.3Operating leasesBW Athena and BW Opportunity are not on contract as of 31 December 2022. The contract for Petr\u00f3leo Nautipa reached the end of its term in October and will be sold for recycling after the completion of demobilisation and decommissioning.All other FPSOs owned by year-end are on firm operating lease contracts.Future minimum payments receivable under non-cancellable operating lease contracts as at 31 December are as follows:USD MILLION 2022 2021Not later than one year 267.1 313.7Later than one year and not later than five years 831.9 896.4Later than five years 2 170.9 2 301.4Total amount 3 269.9 3 511.5",
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"value": "NOTE 25 Commitments and guaranteesCommitments related to construction projects and life extension activities and operations, contracted for at the balance sheet date, but not recognised in the financial statements are as follows:USD MILLION 2022 2021Nominal amount 788.7 749.3At 31 December 2022 and 2021, the commitment included committed contract values related to the construction of the FPSO for the Barossa gas field, life extension activities on the fleet, as well as for ongoing operations.The Group has issued bank guarantees in favour of various customers totalling USD 0.8 million (USD 65.6 million).The bank debt related to the USD 672.5 million Corporate Facility, as referred to in Note 18, is secured by:\u2022 a parent company guarantee from BW Offshore Limited\u2022 first priority mortgages over six FPSOs\u2022 first priority secured interest in all earnings and proceeds of insurance related to the same six FPSOs.The bank debt related to the Catcher loan facility, as referred to in Note 18, is secured by:\u2022 a parent company guarantee from BW Offshore Limited\u2022 a first priority mortgage over the FPSO BW Catcher, owned by BW Catcher Limited, Bermuda\u2022 first priority secured interest in all earnings and proceeds of insurance related to the FPSO.The bank debt related to the USD 1 150 million Barossa Loan Facility, as referred to in Note 20, is secured by:\u2022 a parent company guarantee from BW Offshore Limited\u2022 assignment of key construction contracts\u2022 a first priority mortgage over the FPSO, once completed, to be owned by BW Offshore AUS-JV Pte Ltd, Singapore\u2022 first priority secured interest in all earnings and proceeds of insurances related to the FPSO once contract has commenced.The carrying value of vessels pledged as collateral per 31 December 2022 was USD 514.6 million (USD 1 409.5 million). In addition, the shares in certain vessel-owning companies in the Group are pledged.",
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"value": "NOTE 26 Contingent assets and liabilitiesIn September 2021, Petro Rio Explora\u00e7\u00e3o e Produ\u00e7\u00e3o de Petr\u00f3leo Ltda. (\u2018PetroRio\u2019) filed a Request for arbitration in relation to the FPSO Polvo against the Group under the Charter and Services Agreements. PetroRio puts forward different heads of claim in the total amount of approximately USD 31 million for overpayment of hire and arbitration costs and fees. In October 2021, BW Offshore filed their Response and put forward substantial counterclaims primarily for unpaid invoices and demobilisation costs for approximately USD 30 million. It is expected that an award will be obtained before the end of 2023. The net exposure is considered approximately USD 11 million.The contract for Umuroa was terminated effective 31 December 2019. Following the termination of the FPSO contract, the client had contractual hire which was due but not paid. The client, Tamarind Taranaki Limited, is in liquidation. The Group has various claims against the Tamarind group companies for deferred capex payments, VOR settlements, unpaid charter hire and operating day rates in addition to claims for early termination fees. No receivable is recognised and any recovery of the outstanding amounts is considered uncertain.In addition to the cases mentioned above, the Group also from time to time have tax audits and other minor disputes with clients or vendors. Provisions or claims are recognised in accordance with the accounting policies as stated in Note 2.",
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"value": "NOTE 27 Related parties transactionsThe largest individual shareholder, BW Group Limited owning 49.9 per cent, is incorporated in Bermuda and is controlled by Sohmen family interests.Investments in subsidiaries are disclosed in Note 21, investments in associates and joint ventures are disclosed in Note 16 and remuneration to the Board of Directors, Senior Management team and auditors is detailed in Note 8.Other related party transactions:Transaction values for Balance outstanding the year ended 31 Decemberas at 31 DecemberUSD MILLION 2022 2021 2022 2021Sale of goods and servicesJoint ventures 690.7 207.1 67.8 71.2Associates 102.1 93.1 12.3 12.3Purchase of goodsJoint ventures 333.7 65.2 48.5 41.7Associates 9.3 6.0 1.9 2.1OthersAssociates-Short-term receivable - - 0.2 0.1Sale and purchase from joint ventures primarily relate to the Barossa project. These transactions are considered a sale leaseback and are eliminated at group level.",
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"value": "NOTE 30 Subsequent eventsIn January 2023, the Group signed a short-term extension for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 31 March 2023.",
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"value": "BW Offshore Limited",
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"f48606": {
"value": "Bermuda",
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"concept": "ifrs-full:DomicileOfEntity",
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"entity": "scheme:2138008LFKH8V2EOA915",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f48610": {
"value": "Limited",
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"entity": "scheme:2138008LFKH8V2EOA915",
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"value": "Bermuda",
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"pp-value-204-1": {
"value": "thWashington Mall Phase 2, 4 Floor, Suite 400, 22 Church Street, Hamilton HM 1189",
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"value": "Bermuda",
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"f48628": {
"value": "Holding company",
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"value": "BW Offshore Limited",
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