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"f1__s6__6__16": {
"value": "Note 1 General information SED Energy Holdings Plc (\u201cEnergy Holdings\u201d, the \u201cCompany\u201d or the \u201cGroup\u201d) consists of SED Energy Holdings Plc (previously SeaBird Exploration Plc) and its subsidiaries. The Company was incorporated in the British Virgin Islands as a limited liability company in 2000 but was re-domiciled to Cyprus on 18 December 2009. The Company has since 26 May 2025 been a tax resident of Cyprus. The Company\u2019s registered address is Panteli Katelari 16, DIAGORAS HOUSE, 7th floor, 1097, Nicosia, Cyprus. The Company is listed on the Oslo Stock Exchange under the ticker symbol \u201cENH\u201d. The principal activity of the Group is to invest in and operate assets within tender assisted drilling and the seismic acquisition shipping segment. The accompanying consolidated and separate financial statements represent the activities of Energy Holdings for the year ended 31 December 2025 (the \u201cperiod\u201d). These consolidated and separate financial statements were authorized for issue by the board of directors on 30 April 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__7": {
"value": "SED Energy Holdings Plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__6": {
"value": "SED Energy Holdings Plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__5": {
"value": "SED Energy Holdings Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__8": {
"value": "Plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__9": {
"value": "previously SeaBird Exploration Plc",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__13": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__12": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__14": {
"value": "Panteli Katelari 16, DIAGORAS HOUSE, 7th floor, 1097, Nicosia, Cyprus",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__11": {
"value": "Nicosia, Cyprus",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__10": {
"value": "The principal activity of the Group is to invest in and operate assets within tender assisted drilling and the seismic acquisition shipping segment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__15": {
"value": "The accompanying consolidated and separate financial statements represent the activities of Energy Holdings for the year ended 31 December 2025 (the \u201cperiod\u201d). These consolidated and separate financial statements were authorized for issue by the board of directors on 30 April 2026.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
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"value": "Note 2 Material accounting policy information The accounting policies that are material to the Group are set out below. These policies have been consistently applied to all years presented in these consolidated financial statements unless otherwise stated. 2.1 Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards. (IFRS) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap.113. The consolidated financial statements have been prepared under the historical cost convention. The preparation of the financial statements also requires the use of assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4 Significant accounting judgements, estimates and assumptions. The Consolidated Financial Statement are presented in United States Dollars (USD) and all values are rounded to the nearest thousand (USD 1,000), except when otherwise stated. Going concern assumption The Directors have assessed the Group\u2019s ability to continue as a going concern, considering all available information about the future for a period of at least twelve months from the date of approval of these financial statements. For the year ended 31 December 2025, the Group reported a profit of USD 35.8 million and maintained a strong financial position, with net current assets of USD 31.0 million and total net assets of USD 327 million. The Group\u2019s balance sheet strength, together with its positive operating performance, provides a solid foundation to support its ongoing operations. In performing their assessment, the Directors have reviewed the Group\u2019s current liquidity position, forecast cash flows, and compliance with financial covenants. The Group continues to generate positive cash flows from operations and maintains sufficient headroom against its financial obligations and covenant requirements. The Directors have also considered the nature of the Group\u2019s operations, including exposure to market conditions and the timing of contract awards. Forecasts have been prepared based on reasonable and supportable assumptions, including contracted revenues and a prudent assessment of future activity levels. Sensitivity analyses have been performed to evaluate the impact of potential downside scenarios, and these indicate that the Group is expected to maintain adequate liquidity and meet its obligations as they fall due. Based on this assessment, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements. 2.2 Changes in accounting policies and disclosures As from 1 January 2025, the Group and the parent Company adopted all changes to International Financial Reporting Standards (IFRSs) as adopted by the EU, which are relevant to its operations. This adoption, did not have a material effect on the consolidated and stand-alone Financial Statements. New standards, amendments, IFRSs or IFRIC interpretations for annual reporting periods after 31st of December 2025 are expected to not be significant for the Group\u2019s financial statements going forward, apart from IFRS 18 as disclosed below. IFRS 18 Presentation and Disclosure in Financial Statements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces IAS 1 'Presentation of Financial Statements', with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The Group and the parent Company will adopt this standard from 1 January 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income. 2.3 Basis of consolidation Subsidiaries The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its \u201csubsidiaries\u201d). Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. Subsidiaries are fully consolidated from the date on which control is transferred to Energy Holdings. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by Energy Holdings. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of Energy Holding\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by Energy Holdings. For a complete listing of subsidiaries please refer to Note 9 Group information. 2.4 Segment reporting An operating segment is a component of the Group whose operating results are regularly reviewed by the Chief Operating Decision Maker to make decisions about resource allocation and assess performance. The Group has two business segments. The CEO of the Group is considered to be the Chief Operating Decision Maker. 2.5 Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The functional and presentation currency of the parent Company is US dollars. The consolidated financial statements are presented in US dollars, which is also the Group\u2019s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses arising from financing activities are recognized in finance costs while all other foreign exchange gains and losses are recognized in their individual line items. Energy Holdings companies The results and financial position of all the Energy Holdings entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: I. assets and liabilities for each balance sheet item are translated at the closing rate at the date of that balance sheet; II. income and expenses are translated at average exchange rates during the year (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and III. all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders\u2019 equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. 2.6 Intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Goodwill Goodwill arises from the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed. 2.7 Property, plant and equipment Property, plant and equipment comprise mainly rigs and vessels with associated equipment. The assets are carried at historical cost, less accumulated depreciation and impairment. Cost represents either the purchase price or the fair value at the time of acquisition if the purchase was through a business combination. Certain expenditures for conversions and major improvements are also capitalized if they appreciably extend the life or increase the earning capacity of a vessel. Elements of cost include costs that are directly attributable to the improvement or conversion project but not administration and other general overhead costs. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, 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. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation on property, plant and equipment is calculated on a straight-line basis (historical cost less residual value) over their estimated useful lives, as follows: \u2022 Rigs and Vessels: Up to 30 years \u2022 Equipment related to operational assets (movable): 3 to 10 years \u2022 IT, Office and other equipment: 3 years The assets are depreciated from the date they are available for use, i.e. when they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Costs for special periodic and class renewal surveys (dry-docking) are capitalized and depreciated over the estimated period between surveys. Other maintenance and repair costs are expensed as incurred. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included under \u201cGain/(loss) on sale of property, plant and equipment\u201d in the income statement. Property, plant and equipment under construction or under conversion are recognized at cost less impairment. Elements of cost include costs that are directly attributable to the conversion project but not administration and other general overhead costs. 2.8 Impairment of non-financial assets At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognized in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized in profit or loss. 2.9 Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down. 2.10 Lessor accounting For a lessor, a lease is classified as either an operating lease or a finance lease. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. Lease income from operating leases is recognised on a straight-line basis over the lease term. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset and it is presented in its statement of financial position as a receivable at an amount equal to the net investment in the lease. For a finance lease the finance income is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the lease. 2.11 Business combinations The acquisition method of accounting is used to account for business combinations regardless of whether equity instruments or other assets are acquired. On the acquisition of a business, the consolidated entity assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the consolidated entity's operating or accounting policies and other pertinent conditions in existence at the acquisition-date. The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquirer. Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value. 2.12 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of SED Energy Holdings PLC, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. 2.13 Financial instruments A 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 assets and financial liabilities are recognized in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value and are subsequently held at fair value or amortized cost based on the classification provisions described below. Financial assets - classification The Group classifies its financial assets at amortised cost. The classification and subsequent measurement of debt financial assets depends on: (i) the Group's business model for managing the related assets portfolio and (ii) the cash flow characteristics of the asset. In order for a financial asset to be classified and measured at amortized cost it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. For purposes of subsequent measurement, financial assets are measured at amortized cost. Financial assets at amortized cost (debt instruments) This category is the most relevant to the Group. The Group measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and - 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 amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group\u2019s financial assets at amortized cost includes trade receivables, cash and cash equivalents and restricted cash. De-recognition of financial assets Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On de-recognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of de-recognition) and the consideration received (including any new asset obtained less any new liability assumed) shall be recognized in profit or loss. Financial assets: impairment and credit loss allowance for ECL The Group assesses on a forward-looking basis the ECL for debt instruments measured at amortized cost. The Group measures ECL and recognizes credit loss allowance at each reporting date. The measurement of ECL reflects: (i) an unbiased and probability weighted amount that is determined by evaluating a range of possible outcomes, (ii) time value of money and (iii) all reasonable and supportable information that is available without undue cost and effort at the end of each reporting period about past events, current conditions and forecasts of future conditions. The carrying amount of the financial assets is reduced through the use of an allowance account, and the amount of the loss is recognized in profit or loss. Debt instruments measured at amortized cost are presented in the consolidated statement of financial position net of the allowance for ECL. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 month (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure (a lifetime ECL). For trade receivables and other current assets, the Group applies a simplified approach in calculating 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. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about events such as: significant financial difficulty of the issuer or the borrower; a breach of contract, such as a default or past due event; it is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or the disappearance of an active market for that financial asset because of financial difficulties. An impairment loss is calculated as the difference between an asset\u2019s carrying amount and the present value of the estimated future cash flows discounted at the asset\u2019s original effective interest rate. Losses are recognized in profit or loss. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decrease and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss in reversed through profit or loss. Reclassification of financial assets Financial instruments are reclassified only when the business model for managing those assets changes. The reclassification has a prospective effect and takes place from the start of the first reporting period following the change. Financial assets write off Financial assets are written off, in whole or in part, when the Group exhausted all practical recovery efforts and has concluded that there is no reasonable expectation of recovery. The write off represents a de-recognition event. The Group may write off financial assets that are still subject to enforcement activity when the Group seeks to recover amounts that are contractually due, however, there is no reasonable expectation of recovery. Financial liabilities measurement Financial liabilities are initially recognized at fair value and classified as subsequently measured at amortized cost using the effective interest method. De-recognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. In determining whether a modification of terms of a liability is a substantial modification, the Group considers quantitative and qualitative factors. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification, is recognized in profit or loss as the modification gain or loss. 2.14 Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings, using the effective interest method, unless they are directly attributable to the acquisition, construction or production of a qualifying asset, in which case they are capitalized as part of the cost of that asset. Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the consolidated statement of financial position date. 2.15 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. The Group\u2019s inventories comprise of fuel, lube oils and spare parts. 2.16 Cash and cash equivalents Cash and cash equivalents includes cash in hand and at banks, short term deposits with a maturity of three months or less and other short-term highly liquid investments. Restricted cash which is not available for use by the Group is excluded. 2.17 Share capital and share premium Ordinary share capital and share premium are classified as equity. The difference between the fair value of the consideration received by the company and the nominal value of the share capital issued is taken to the share premium account. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 2.18 Current and deferred tax The tax expense for the period comprises current tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where Energy Holdings operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Energy Holdings establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax, if it is not accounted for, arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by Energy Holdings and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities in a net basis. 2.19 Employee benefits and share based payments Pension obligations Energy Holdings operates various defined contribution plans under which it pays fixed contributions into a separate entity. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Share-based compensation Equity-settled, share-based compensation plans, under which the Group receives services from employees as consideration for Energy Holdings equity instruments (options) is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets). Nonmarket vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision of original estimates, if any, in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The entity may modify the terms of an existing equity instrument granted in a share-based payment transaction. As a minimum, the services received are measured at the grant date fair value, unless the instruments do not vest because of a failure to satisfy a non-market vesting condition that was specified at grant date. This applies irrespective of any modifications to the terms and conditions on which the instruments were granted (including cancellation or settlement). In addition, the effects of modifications that increase the total fair value of the share-based payment arrangement, or are otherwise beneficial to the employee, are recognized. A modification that results in a decrease in the fair value of equity instruments does not result in a reduction in the expense recognized in future periods. When the modification increases the fair value of the equity instruments granted, the incremental fair value is measured by comparing the fair value of the instrument immediately before and immediately after the modification. This incremental fair value is then included in the measurement of the amount recognized for services received. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest. The amount based on the grant date fair value of the original equity instruments continues to be recognized over the remainder of the original vesting period. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately. If the modification increases the number of equity instruments granted, the fair value of the additional equity instruments granted, measured at the date of the modification, is included in the measurement of the amount recognized for services received. The cancellation or settlement of an equity instrument is accounted for as an acceleration of vesting. The amount that would otherwise have been recognized for services received over the remainder of the vesting period is, therefore, recognized immediately. If new equity instruments are granted to an employee in connection with the cancellation of existing equity instruments, and they are identified, on the date when they are granted, as replacement equity instruments for the cancelled equity instruments, this is accounted for as a modification of the original equity instruments. The incremental fair value granted is the difference between the fair value of the replacement equity instruments and the net fair value of the cancelled equity instruments at the date the replacement equity instruments are granted. The net fair value of the cancelled equity instruments is their fair value, immediately before the cancellation, less the amount of any payment made to the employee that is accounted for as deduction from equity. If the entity does not identify new equity instruments granted as replacement equity instruments for those cancelled, the new equity instruments are accounted for as a new grant. 2.20 Provisions Provisions are recognized when Energy Holdings has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material), 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 recognized as interest expense. When some, or all, of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 2.21 Revenue recognition Revenue is recognized at the amount that the Group expects to be entitled in exchange for transferring the promised services to the customer (the \u2018transaction price\u2019). The Group includes in the transaction price an amount of variable consideration (for example, additional consideration related to a \u201cvariation order\u201d) only to the extent that it is highly probable that a significant reversal will not occur when the associated uncertainly is resolved. Revenue is shown net of value-added tax, discounts, and after eliminating sales within the Group. Demobilisation fees are recognised when the Group becomes entitled to consideration under the contractual terms. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimates are reflected in the profit or loss in the period in which the circumstances become known to the management. The principles applied for each of the main types of contracts with customers are described in more detail below: 2.22 Identification of performance obligations The Group assesses whether a contract contains one or more performance obligations (that is, distinct promises to provide a service) and allocates the transaction price to each performance obligation on the basis of its standalone selling price. The service contracts (that do not include data processing service) are generally considered to have a single performance obligation. The service related to seismic data processing, which is occasionally agreed in contracts with customers, is typically considered to be a separate performance obligation. 2.23 Timing of revenue recognition in service contracts Revenue from service contracts is recognized over time as the services are performed and the Group is entitled to the compensation under the contract for the work performed. The performance obligation is considered to be satisfied over time because the Group performs the service at the customer specification, the resulting data is owned by the customer, the Group is entitled to payment at any given point in time for the portion of work performed and the Group has no alternative right to otherwise use or benefit from the resultant data. Revenue is recognized based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided. The percentage of completion is measured with reference to the actual cost (cost per day multiplied by days lapsed) to total expected costs (cost per day multiplied by expected project days). 2.24 Financing component The Group typically does not have any contracts where the period between the delivery of the service and payment by the customer exceeds one year. Consequently, the Group elects to use the practical expedient and does not adjust any of the transaction prices for the time value of money. 2.25 Contract assets and contract liabilities In case the services rendered by the Group as of the reporting date exceed the payments made by the customer as of that date and the Group does not have the unconditional right to charge the client for the services rendered (that is, the Group has earned \u2018unbilled revenue\u2019), a contract asset is recognized. The Group assesses a contract asset for impairment in accordance with IFRS 9 using the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the contract asset. An impairment of a contract asset is measured, presented and disclosed on the same basis as a financial asset that is within the scope of IFRS 9 (see section \u201cFinancial assets: impairment and credit loss allowance for ECL\u201d above). If the payments made by a customer exceed the services rendered under the relevant contract, a contract liability is recognized. The Group recognizes any unconditional rights to consideration separately from contract assets as a trade receivable because only the passage of time is required before the payment is due. Amounts received in advance in respect of lease contracts are recognized as contract liabilities (deferred income) and recognized in profit or loss on a straight-line basis over the lease term, in accordance with IFRS 16. 2.26 Costs to obtain or fulfil contracts with customers The Group can recognize the incremental costs incurred by the Group to obtain contracts with customers and the costs incurred in fulfilling contracts with customers that are directly associated with the contract as an asset, if such costs meet the following recognition criteria: - Incremental costs of obtaining contracts are those costs that the Group incurs to obtain a contract with customer that would not have been incurred if the contract had not been obtained. - Costs to fulfil a contract are those that (a) relate directly to the contract, (b) generate or enhance resources of the Group that will be used in satisfying performance obligations, and (c) the costs are expected to be recovered. The Group accounts for the mobilization costs incurred to transfer the vessel to the intended contract area as \u201ccosts to fulfil a contract\u201d if they meet the above criteria and recognizes the costs as an asset on the balance sheet, classified within \u201cother current assets\u201d. The asset is amortized on a straight-line basis over the term of the specific contract it relates to, consistent with the pattern of recognition of the associated revenue and recognized in \u201ccost of sales\u201d in the profit or loss. Additionally, the asset is assessed for impairment under the expected credit loss provisions and any impairment loss is recognized in \u201ccost of sales\u201d in profit or loss. The Group recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less. 2.27 Interest income Interest income is recognized using the effective interest method. 2.28 Dividend distribution Dividend distribution to the Group\u2019s shareholders is recognized as a liability in Energy Holding\u2019s financial statements in the period in which the dividends are approved by the Board of Directors. 2.29 Comparatives Comparative figures have been adjusted to conform to changes in presentation in the current year and reflect the financial information of the accounting acquirer following the reverse acquisition (see section \u201cBusiness combinations\u201d above). In accordance with IFRS 3, the comparatives represent a continuation of the financial statements of the accounting acquirer. In addition, certain comparative amounts have been reclassified to align with the Group\u2019s current presentation and classification following the reverse acquisition. These reclassifications do not affect previously reported profit or loss or total equity, except as disclosed in Note 5 Prior year restatement. Additional reclassifications have been made where necessary to achieve consistency of presentation, none of which are material individually or in aggregate. 2.30 Contingent assets and liabilities Contingent assets are not recognized in the financial statements but are disclosed in the notes to the financial statements where an inflow of economic benefits is probable. Contingent liabilities are defined as: - possible obligations resulting from past events, and whose existence will be confirmed only by the occurrence or non\u2011occurrence of one or more uncertain future events not wholly within the control of the entity; and - a present obligation that arises from past events but is not recognized because: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s6__6__18": {
"value": "2.1 Basis of preparation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards. (IFRS) as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap.113. The consolidated financial statements have been prepared under the historical cost convention. The preparation of the financial statements also requires the use of assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management\u2019s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4 Significant accounting judgements, estimates and assumptions. The Consolidated Financial Statement are presented in United States Dollars (USD) and all values are rounded to the nearest thousand (USD 1,000), except when otherwise stated.",
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"f1__s6__6__19": {
"value": "Going concern assumption The Directors have assessed the Group\u2019s ability to continue as a going concern, considering all available information about the future for a period of at least twelve months from the date of approval of these financial statements. For the year ended 31 December 2025, the Group reported a profit of USD 35.8 million and maintained a strong financial position, with net current assets of USD 31.0 million and total net assets of USD 327 million. The Group\u2019s balance sheet strength, together with its positive operating performance, provides a solid foundation to support its ongoing operations. In performing their assessment, the Directors have reviewed the Group\u2019s current liquidity position, forecast cash flows, and compliance with financial covenants. The Group continues to generate positive cash flows from operations and maintains sufficient headroom against its financial obligations and covenant requirements. The Directors have also considered the nature of the Group\u2019s operations, including exposure to market conditions and the timing of contract awards. Forecasts have been prepared based on reasonable and supportable assumptions, including contracted revenues and a prudent assessment of future activity levels. Sensitivity analyses have been performed to evaluate the impact of potential downside scenarios, and these indicate that the Group is expected to maintain adequate liquidity and meet its obligations as they fall due. Based on this assessment, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing these financial statements.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s6__6__20": {
"value": "2.2 Changes in accounting policies and disclosures As from 1 January 2025, the Group and the parent Company adopted all changes to International Financial Reporting Standards (IFRSs) as adopted by the EU, which are relevant to its operations. This adoption, did not have a material effect on the consolidated and stand-alone Financial Statements. New standards, amendments, IFRSs or IFRIC interpretations for annual reporting periods after 31st of December 2025 are expected to not be significant for the Group\u2019s financial statements going forward, apart from IFRS 18 as disclosed below. IFRS 18 Presentation and Disclosure in Financial Statements This standard is applicable to annual reporting periods beginning on or after 1 January 2027 and early adoption is permitted. The standard replaces IAS 1 'Presentation of Financial Statements', with many of the original disclosure requirements retained and there will be no impact on the recognition and measurement of items in the financial statements. But the standard will affect presentation and disclosure in the financial statements, including introducing five categories in the statement of profit or loss and other comprehensive income: operating, investing, financing, income taxes and discontinued operations. The standard introduces two mandatory sub-totals in the statement: 'Operating profit' and 'Profit before financing and income taxes'. There are also new disclosure requirements for 'management-defined performance measures', such as earnings before interest, taxes, depreciation and amortisation ('EBITDA') or 'adjusted profit'. The standard provides enhanced guidance on grouping of information (aggregation and disaggregation), including whether to present this information in the primary financial statements or in the notes. The Group and the parent Company will adopt this standard from 1 January 2027 and it is expected that there will be a significant change to the layout of the statement of profit or loss and other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s6__6__21": {
"value": "2.3 Basis of consolidation Subsidiaries The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its \u201csubsidiaries\u201d). Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. Subsidiaries are fully consolidated from the date on which control is transferred to Energy Holdings. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by Energy Holdings. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of Energy Holding\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by Energy Holdings. For a complete listing of subsidiaries please refer to Note 9 Group information. ",
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__22": {
"value": "Subsidiaries The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its \u201csubsidiaries\u201d). Control is achieved when the Company: \u2022 has power over the investee; \u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and \u2022 has the ability to use its power to affect its returns. The company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. Subsidiaries are fully consolidated from the date on which control is transferred to Energy Holdings. They are de-consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by Energy Holdings. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued, and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of Energy Holding\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by Energy Holdings. For a complete listing of subsidiaries please refer to Note 9 Group information. ",
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__23": {
"value": "2.4 Segment reporting An operating segment is a component of the Group whose operating results are regularly reviewed by the Chief Operating Decision Maker to make decisions about resource allocation and assess performance. The Group has two business segments. The CEO of the Group is considered to be the Chief Operating Decision Maker.",
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__25": {
"value": "2.5 Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The functional and presentation currency of the parent Company is US dollars. The consolidated financial statements are presented in US dollars, which is also the Group\u2019s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses arising from financing activities are recognized in finance costs while all other foreign exchange gains and losses are recognized in their individual line items. Energy Holdings companies The results and financial position of all the Energy Holdings entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: I. assets and liabilities for each balance sheet item are translated at the closing rate at the date of that balance sheet; II. income and expenses are translated at average exchange rates during the year (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and III. all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders\u2019 equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.",
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__24": {
"value": "2.5 Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The functional and presentation currency of the parent Company is US dollars. The consolidated financial statements are presented in US dollars, which is also the Group\u2019s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Foreign exchange gains and losses arising from financing activities are recognized in finance costs while all other foreign exchange gains and losses are recognized in their individual line items. Energy Holdings companies The results and financial position of all the Energy Holdings entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: I. assets and liabilities for each balance sheet item are translated at the closing rate at the date of that balance sheet; II. income and expenses are translated at average exchange rates during the year (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and III. all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders\u2019 equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__26": {
"value": "2.6 Intangible assets Intangible assets acquired as part of a business combination, other than goodwill, are initially measured at their fair value at the date of the acquisition. Intangible assets acquired separately are initially recognised at cost. Indefinite life intangible assets are not amortised and are subsequently measured at cost less any impairment. Finite life intangible assets are subsequently measured at cost less amortisation and any impairment. The gains or losses recognised in profit or loss arising from the derecognition of intangible assets are measured as the difference between net disposal proceeds and the carrying amount of the intangible asset. The method and useful lives of finite life intangible assets are reviewed annually. Changes in the expected pattern of consumption or useful life are accounted for prospectively by changing the amortisation method or period. Goodwill Goodwill arises from the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__27": {
"value": "2.7 Property, plant and equipment Property, plant and equipment comprise mainly rigs and vessels with associated equipment. The assets are carried at historical cost, less accumulated depreciation and impairment. Cost represents either the purchase price or the fair value at the time of acquisition if the purchase was through a business combination. Certain expenditures for conversions and major improvements are also capitalized if they appreciably extend the life or increase the earning capacity of a vessel. Elements of cost include costs that are directly attributable to the improvement or conversion project but not administration and other general overhead costs. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, 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. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation on property, plant and equipment is calculated on a straight-line basis (historical cost less residual value) over their estimated useful lives, as follows: \u2022 Rigs and Vessels: Up to 30 years \u2022 Equipment related to operational assets (movable): 3 to 10 years \u2022 IT, Office and other equipment: 3 years The assets are depreciated from the date they are available for use, i.e. when they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Costs for special periodic and class renewal surveys (dry-docking) are capitalized and depreciated over the estimated period between surveys. Other maintenance and repair costs are expensed as incurred. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included under \u201cGain/(loss) on sale of property, plant and equipment\u201d in the income statement. Property, plant and equipment under construction or under conversion are recognized at cost less impairment. Elements of cost include costs that are directly attributable to the conversion project but not administration and other general overhead costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__28": {
"value": "Depreciation on property, plant and equipment is calculated on a straight-line basis (historical cost less residual value) over their estimated useful lives, as follows: \u2022 Rigs and Vessels: Up to 30 years \u2022 Equipment related to operational assets (movable): 3 to 10 years \u2022 IT, Office and other equipment: 3 years The assets are depreciated from the date they are available for use, i.e. when they are in the location and condition necessary for them to be capable of operating in the manner intended by management. Costs for special periodic and class renewal surveys (dry-docking) are capitalized and depreciated over the estimated period between surveys. Other maintenance and repair costs are expensed as incurred. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included under \u201cGain/(loss) on sale of property, plant and equipment\u201d in the income statement. Property, plant and equipment under construction or under conversion are recognized at cost less impairment. Elements of cost include costs that are directly attributable to the conversion project but not administration and other general overhead costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__29": {
"value": "2.8 Impairment of non-financial assets At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Goodwill and other intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount and an impairment loss is recognized in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__30-1": {
"value": "2.9 Lease liabilities A lease liability is recognised at the commencement date of a lease. The lease liability is initially recognised at the present value of the lease payments to be made over the term of the lease, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the consolidated entity's incremental borrowing rate. Lease payments comprise of fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, amounts expected to be paid under residual value guarantees, exercise price of a purchase option when the exercise of the option is reasonably certain to occur, and any anticipated termination penalties. The variable lease payments that do not depend on an index or a rate are expensed in the period in which they are incurred. Lease liabilities are measured at amortised cost using the effective interest method. The carrying amounts are remeasured if there is a change in the following: future lease payments arising from a change in an index or a rate used; residual guarantee; lease term; certainty of a purchase option and termination penalties. When a lease liability is remeasured, an adjustment is made to the corresponding right-of use asset, or to profit or loss if the carrying amount of the right-of-use asset is fully written down.2.10 Lessor accounting For a lessor, a lease is classified as either an operating lease or a finance lease. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. Lease income from operating leases is recognised on a straight-line basis over the lease term. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset and it is presented in its statement of financial position as a receivable at an amount equal to the net investment in the lease. For a finance lease the finance income is recognised over the lease term, based on a pattern reflecting a constant periodic rate of return on the lessor\u2019s net investment in the lease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__32": {
"value": "2.11 Business combinations The acquisition method of accounting is used to account for business combinations regardless of whether equity instruments or other assets are acquired. On the acquisition of a business, the consolidated entity assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic conditions, the consolidated entity's operating or accounting policies and other pertinent conditions in existence at the acquisition-date. The difference between the acquisition-date fair value of assets acquired, liabilities assumed and any non-controlling interest in the acquiree and the fair value of the consideration transferred and the fair value of any pre-existing investment in the acquiree is recognised as goodwill. If the consideration transferred and the pre-existing fair value is less than the fair value of the identifiable net assets acquired, being a bargain purchase to the acquirer, the difference is recognised as a gain directly in profit or loss by the acquirer on the acquisition-date, but only after a reassessment of the identification and measurement of the net assets acquired, the non-controlling interest in the acquiree, if any, the consideration transferred and the acquirer's previously held equity interest in the acquirer. Business combinations are initially accounted for on a provisional basis. The acquirer retrospectively adjusts the provisional amounts recognised and also recognises additional assets or liabilities during the measurement period, based on new information obtained about the facts and circumstances that existed at the acquisition-date. The measurement period ends on either the earlier of (i) 12 months from the date of the acquisition or (ii) when the acquirer receives all the information possible to determine fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__33": {
"value": "2.12 Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the profit attributable to the owners of SED Energy Holdings PLC, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus elements in ordinary shares issued during the financial year. Diluted earnings per share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__41-1": {
"value": "2.13 Financial instruments A 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 assets and financial liabilities are recognized in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value and are subsequently held at fair value or amortized cost based on the classification provisions described below.Financial liabilities measurement Financial liabilities are initially recognized at fair value and classified as subsequently measured at amortized cost using the effective interest method.De-recognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. In determining whether a modification of terms of a liability is a substantial modification, the Group considers quantitative and qualitative factors. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification, is recognized in profit or loss as the modification gain or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__34-1": {
"value": "2.13 Financial instruments A 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 assets and financial liabilities are recognized in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value and are subsequently held at fair value or amortized cost based on the classification provisions described below.Financial assets - classification The Group classifies its financial assets at amortised cost. The classification and subsequent measurement of debt financial assets depends on: (i) the Group's business model for managing the related assets portfolio and (ii) the cash flow characteristics of the asset. In order for a financial asset to be classified and measured at amortized cost it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the asset. For purposes of subsequent measurement, financial assets are measured at amortized cost.Financial assets at amortized cost (debt instruments) This category is the most relevant to the Group. The Group measures financial assets at amortized cost if both of the following conditions are met: - The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and - 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 amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Group\u2019s financial assets at amortized cost includes trade receivables, cash and cash equivalents and restricted cash.De-recognition of financial assets Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On de-recognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of de-recognition) and the consideration received (including any new asset obtained less any new liability assumed) shall be recognized in profit or loss.Financial assets: impairment and credit loss allowance for ECL The Group assesses on a forward-looking basis the ECL for debt instruments measured at amortized cost. The Group measures ECL and recognizes credit loss allowance at each reporting date. The measurement of ECL reflects: (i) an unbiased and probability weighted amount that is determined by evaluating a range of possible outcomes, (ii) time value of money and (iii) all reasonable and supportable information that is available without undue cost and effort at the end of each reporting period about past events, current conditions and forecasts of future conditions. The carrying amount of the financial assets is reduced through the use of an allowance account, and the amount of the loss is recognized in profit or loss. Debt instruments measured at amortized cost are presented in the consolidated statement of financial position net of the allowance for ECL. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 month (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure (a lifetime ECL). For trade receivables and other current assets, the Group applies a simplified approach in calculating 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. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about events such as: significant financial difficulty of the issuer or the borrower; a breach of contract, such as a default or past due event; it is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or the disappearance of an active market for that financial asset because of financial difficulties. An impairment loss is calculated as the difference between an asset\u2019s carrying amount and the present value of the estimated future cash flows discounted at the asset\u2019s original effective interest rate. Losses are recognized in profit or loss. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decrease and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss in reversed through profit or loss.Reclassification of financial assets Financial instruments are reclassified only when the business model for managing those assets changes. The reclassification has a prospective effect and takes place from the start of the first reporting period following the change.Financial assets write off Financial assets are written off, in whole or in part, when the Group exhausted all practical recovery efforts and has concluded that there is no reasonable expectation of recovery. The write off represents a de-recognition event. The Group may write off financial assets that are still subject to enforcement activity when the Group seeks to recover amounts that are contractually due, however, there is no reasonable expectation of recovery.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__44-1": {
"value": "De-recognition of financial assets Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. On de-recognition of a financial asset in its entirety, the difference between the carrying amount (measured at the date of de-recognition) and the consideration received (including any new asset obtained less any new liability assumed) shall be recognized in profit or loss.De-recognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the Group exchanges with the existing lender one debt instrument into another one with the substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. In determining whether a modification of terms of a liability is a substantial modification, the Group considers quantitative and qualitative factors. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification, is recognized in profit or loss as the modification gain or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__45": {
"value": "Financial assets: impairment and credit loss allowance for ECL The Group assesses on a forward-looking basis the ECL for debt instruments measured at amortized cost. The Group measures ECL and recognizes credit loss allowance at each reporting date. The measurement of ECL reflects: (i) an unbiased and probability weighted amount that is determined by evaluating a range of possible outcomes, (ii) time value of money and (iii) all reasonable and supportable information that is available without undue cost and effort at the end of each reporting period about past events, current conditions and forecasts of future conditions. The carrying amount of the financial assets is reduced through the use of an allowance account, and the amount of the loss is recognized in profit or loss. Debt instruments measured at amortized cost are presented in the consolidated statement of financial position net of the allowance for ECL. ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 month (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure (a lifetime ECL). For trade receivables and other current assets, the Group applies a simplified approach in calculating 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. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about events such as: significant financial difficulty of the issuer or the borrower; a breach of contract, such as a default or past due event; it is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or the disappearance of an active market for that financial asset because of financial difficulties. An impairment loss is calculated as the difference between an asset\u2019s carrying amount and the present value of the estimated future cash flows discounted at the asset\u2019s original effective interest rate. Losses are recognized in profit or loss. When the Group considers that there are no realistic prospects of recovery of the asset, the relevant amounts are written off. If the amount of impairment loss subsequently decrease and the decrease can be related objectively to an event occurring after the impairment was recognized, then the previously recognized impairment loss in reversed through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__46-1": {
"value": "Financial liabilities measurement Financial liabilities are initially recognized at fair value and classified as subsequently measured at amortized cost using the effective interest method.2.14 Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in profit or loss over the period of the borrowings, using the effective interest method, unless they are directly attributable to the acquisition, construction or production of a qualifying asset, in which case they are capitalized as part of the cost of that asset. Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the consolidated statement of financial position date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__49": {
"value": "2.15 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out (FIFO) method. Cost includes all costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. The Group\u2019s inventories comprise of fuel, lube oils and spare parts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__50": {
"value": "2.16 Cash and cash equivalents Cash and cash equivalents includes cash in hand and at banks, short term deposits with a maturity of three months or less and other short-term highly liquid investments. Restricted cash which is not available for use by the Group is excluded.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__51": {
"value": "2.17 Share capital and share premium Ordinary share capital and share premium are classified as equity. The difference between the fair value of the consideration received by the company and the nominal value of the share capital issued is taken to the share premium account. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__53": {
"value": "2.18 Current and deferred tax The tax expense for the period comprises current tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where Energy Holdings operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Energy Holdings establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax, if it is not accounted for, arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by Energy Holdings and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities in a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__52": {
"value": "2.18 Current and deferred tax The tax expense for the period comprises current tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where Energy Holdings operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Energy Holdings establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax, if it is not accounted for, arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by Energy Holdings and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities in a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__54": {
"value": "2.19 Employee benefits and share based payments Pension obligations Energy Holdings operates various defined contribution plans under which it pays fixed contributions into a separate entity. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. Share-based compensation Equity-settled, share-based compensation plans, under which the Group receives services from employees as consideration for Energy Holdings equity instruments (options) is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets). Nonmarket vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision of original estimates, if any, in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The entity may modify the terms of an existing equity instrument granted in a share-based payment transaction. As a minimum, the services received are measured at the grant date fair value, unless the instruments do not vest because of a failure to satisfy a non-market vesting condition that was specified at grant date. This applies irrespective of any modifications to the terms and conditions on which the instruments were granted (including cancellation or settlement). In addition, the effects of modifications that increase the total fair value of the share-based payment arrangement, or are otherwise beneficial to the employee, are recognized. A modification that results in a decrease in the fair value of equity instruments does not result in a reduction in the expense recognized in future periods. When the modification increases the fair value of the equity instruments granted, the incremental fair value is measured by comparing the fair value of the instrument immediately before and immediately after the modification. This incremental fair value is then included in the measurement of the amount recognized for services received. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest. The amount based on the grant date fair value of the original equity instruments continues to be recognized over the remainder of the original vesting period. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately. If the modification increases the number of equity instruments granted, the fair value of the additional equity instruments granted, measured at the date of the modification, is included in the measurement of the amount recognized for services received. The cancellation or settlement of an equity instrument is accounted for as an acceleration of vesting. The amount that would otherwise have been recognized for services received over the remainder of the vesting period is, therefore, recognized immediately. If new equity instruments are granted to an employee in connection with the cancellation of existing equity instruments, and they are identified, on the date when they are granted, as replacement equity instruments for the cancelled equity instruments, this is accounted for as a modification of the original equity instruments. The incremental fair value granted is the difference between the fair value of the replacement equity instruments and the net fair value of the cancelled equity instruments at the date the replacement equity instruments are granted. The net fair value of the cancelled equity instruments is their fair value, immediately before the cancellation, less the amount of any payment made to the employee that is accounted for as deduction from equity. If the entity does not identify new equity instruments granted as replacement equity instruments for those cancelled, the new equity instruments are accounted for as a new grant.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__55": {
"value": "Share-based compensation Equity-settled, share-based compensation plans, under which the Group receives services from employees as consideration for Energy Holdings equity instruments (options) is recognised as an expense. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets). Nonmarket vesting conditions are included in assumptions about the number of options that are expected to vest. At each balance sheet date, the entity revises its estimates of the number of options that are expected to vest. It recognizes the impact of the revision of original estimates, if any, in the income statement, with a corresponding adjustment to equity. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised. The entity may modify the terms of an existing equity instrument granted in a share-based payment transaction. As a minimum, the services received are measured at the grant date fair value, unless the instruments do not vest because of a failure to satisfy a non-market vesting condition that was specified at grant date. This applies irrespective of any modifications to the terms and conditions on which the instruments were granted (including cancellation or settlement). In addition, the effects of modifications that increase the total fair value of the share-based payment arrangement, or are otherwise beneficial to the employee, are recognized. A modification that results in a decrease in the fair value of equity instruments does not result in a reduction in the expense recognized in future periods. When the modification increases the fair value of the equity instruments granted, the incremental fair value is measured by comparing the fair value of the instrument immediately before and immediately after the modification. This incremental fair value is then included in the measurement of the amount recognized for services received. If the modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified equity instruments vest. The amount based on the grant date fair value of the original equity instruments continues to be recognized over the remainder of the original vesting period. If the modification occurs after vesting date, the incremental fair value granted is recognized immediately. If the modification increases the number of equity instruments granted, the fair value of the additional equity instruments granted, measured at the date of the modification, is included in the measurement of the amount recognized for services received. The cancellation or settlement of an equity instrument is accounted for as an acceleration of vesting. The amount that would otherwise have been recognized for services received over the remainder of the vesting period is, therefore, recognized immediately. If new equity instruments are granted to an employee in connection with the cancellation of existing equity instruments, and they are identified, on the date when they are granted, as replacement equity instruments for the cancelled equity instruments, this is accounted for as a modification of the original equity instruments. The incremental fair value granted is the difference between the fair value of the replacement equity instruments and the net fair value of the cancelled equity instruments at the date the replacement equity instruments are granted. The net fair value of the cancelled equity instruments is their fair value, immediately before the cancellation, less the amount of any payment made to the employee that is accounted for as deduction from equity. If the entity does not identify new equity instruments granted as replacement equity instruments for those cancelled, the new equity instruments are accounted for as a new grant.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__56": {
"value": "2.20 Provisions Provisions are recognized when Energy Holdings has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material), 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 recognized as interest expense. When some, or all, of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__57-1": {
"value": "2.21 Revenue recognition Revenue is recognized at the amount that the Group expects to be entitled in exchange for transferring the promised services to the customer (the \u2018transaction price\u2019). The Group includes in the transaction price an amount of variable consideration (for example, additional consideration related to a \u201cvariation order\u201d) only to the extent that it is highly probable that a significant reversal will not occur when the associated uncertainly is resolved. Revenue is shown net of value-added tax, discounts, and after eliminating sales within the Group. Demobilisation fees are recognised when the Group becomes entitled to consideration under the contractual terms. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimates are reflected in the profit or loss in the period in which the circumstances become known to the management. The principles applied for each of the main types of contracts with customers are described in more detail below:2.22 Identification of performance obligations The Group assesses whether a contract contains one or more performance obligations (that is, distinct promises to provide a service) and allocates the transaction price to each performance obligation on the basis of its standalone selling price. The service contracts (that do not include data processing service) are generally considered to have a single performance obligation. The service related to seismic data processing, which is occasionally agreed in contracts with customers, is typically considered to be a separate performance obligation.2.23 Timing of revenue recognition in service contracts Revenue from service contracts is recognized over time as the services are performed and the Group is entitled to the compensation under the contract for the work performed. The performance obligation is considered to be satisfied over time because the Group performs the service at the customer specification, the resulting data is owned by the customer, the Group is entitled to payment at any given point in time for the portion of work performed and the Group has no alternative right to otherwise use or benefit from the resultant data. Revenue is recognized based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided. The percentage of completion is measured with reference to the actual cost (cost per day multiplied by days lapsed) to total expected costs (cost per day multiplied by expected project days).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__61": {
"value": "2.25 Contract assets and contract liabilities In case the services rendered by the Group as of the reporting date exceed the payments made by the customer as of that date and the Group does not have the unconditional right to charge the client for the services rendered (that is, the Group has earned \u2018unbilled revenue\u2019), a contract asset is recognized. The Group assesses a contract asset for impairment in accordance with IFRS 9 using the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the contract asset. An impairment of a contract asset is measured, presented and disclosed on the same basis as a financial asset that is within the scope of IFRS 9 (see section \u201cFinancial assets: impairment and credit loss allowance for ECL\u201d above). If the payments made by a customer exceed the services rendered under the relevant contract, a contract liability is recognized. The Group recognizes any unconditional rights to consideration separately from contract assets as a trade receivable because only the passage of time is required before the payment is due. Amounts received in advance in respect of lease contracts are recognized as contract liabilities (deferred income) and recognized in profit or loss on a straight-line basis over the lease term, in accordance with IFRS 16.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__62": {
"value": "2.26 Costs to obtain or fulfil contracts with customers The Group can recognize the incremental costs incurred by the Group to obtain contracts with customers and the costs incurred in fulfilling contracts with customers that are directly associated with the contract as an asset, if such costs meet the following recognition criteria: - Incremental costs of obtaining contracts are those costs that the Group incurs to obtain a contract with customer that would not have been incurred if the contract had not been obtained. - Costs to fulfil a contract are those that (a) relate directly to the contract, (b) generate or enhance resources of the Group that will be used in satisfying performance obligations, and (c) the costs are expected to be recovered. The Group accounts for the mobilization costs incurred to transfer the vessel to the intended contract area as \u201ccosts to fulfil a contract\u201d if they meet the above criteria and recognizes the costs as an asset on the balance sheet, classified within \u201cother current assets\u201d. The asset is amortized on a straight-line basis over the term of the specific contract it relates to, consistent with the pattern of recognition of the associated revenue and recognized in \u201ccost of sales\u201d in the profit or loss. Additionally, the asset is assessed for impairment under the expected credit loss provisions and any impairment loss is recognized in \u201ccost of sales\u201d in profit or loss. The Group recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Group otherwise would have recognized is one year or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__63": {
"value": "2.27 Interest income Interest income is recognized using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__64": {
"value": "2.28 Dividend distribution Dividend distribution to the Group\u2019s shareholders is recognized as a liability in Energy Holding\u2019s financial statements in the period in which the dividends are approved by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__65": {
"value": "2.29 Comparatives Comparative figures have been adjusted to conform to changes in presentation in the current year and reflect the financial information of the accounting acquirer following the reverse acquisition (see section \u201cBusiness combinations\u201d above). In accordance with IFRS 3, the comparatives represent a continuation of the financial statements of the accounting acquirer. In addition, certain comparative amounts have been reclassified to align with the Group\u2019s current presentation and classification following the reverse acquisition. These reclassifications do not affect previously reported profit or loss or total equity, except as disclosed in Note 5 Prior year restatement. Additional reclassifications have been made where necessary to achieve consistency of presentation, none of which are material individually or in aggregate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__66": {
"value": "2.30 Contingent assets and liabilities Contingent assets are not recognized in the financial statements but are disclosed in the notes to the financial statements where an inflow of economic benefits is probable. Contingent liabilities are defined as: - possible obligations resulting from past events, and whose existence will be confirmed only by the occurrence or non\u2011occurrence of one or more uncertain future events not wholly within the control of the entity; and - a present obligation that arises from past events but is not recognized because: (i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or (ii) the amount of the obligation cannot be measured with sufficient reliability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__67": {
"value": "Note 3 Risk factors and financial risk management 3.1 Financial risk factors Energy Holdings\u2019 activities are exposed to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s overall risk management focuses on the unpredictability of financial markets and monitors and controls risks with a potential significant negative effect for the Group and evaluates to minimize the risks if the cost of doing so is acceptable. The Group may use derivative financial instruments to hedge certain risk exposures from time to time. This note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and procedures for measuring and managing risk, and the Group\u2019s management of capital. Further quantitative disclosures are included in Note 32 Financial instruments. The board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The audit committee oversees how management monitors and manages risk and review the adequacy of the risk management framework in relation to the risks faced by Energy Holdings. Market risk Currency exchange risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. The Group\u2019s operating cash inflows are derived from its seismic and drilling activities, which are mostly priced in U. S. dollar whilst costs are also mostly in U.S. dollar, thus creating a natural hedge. Nevertheless, as the Group operates internationally, it undertakes transactions denominated in foreign currencies, in particular with regards to taxation payments, as well as administrative expenses. Consequently, the Group is mainly exposed to foreign exchange risk, primarily with respect to Norwegian kroner, Euro and Singapore Dollar. To manage foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, the Group\u2019s management monitors the currency rate fluctuations continuously and entities in the Group may use from time-to-time various foreign exchange contracts. The Group did not have any open foreign exchange contracts as at 31 December 2025 and 2024. Quantitative information regarding the Group\u2019s exposure to foreign exchange risk as at year end is set out in Note 32 Financial instruments. Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Variable interest rates expose the Group to cash flow interest rate risk, while fixed interest rates expose the Group to fair value interest rate risk. The Group\u2019s income and operating cash flows are not significantly exposed to changes in market interest rates, except for the impact of its variable-rates borrowings, as the Group has no significant interest-bearing assets. The Group has loans see Note 19 Financial liabilities - Interest-bearing loans and borrowings. The management monitors the interest rate fluctuations on a continuous basis and acts accordingly. Quantitative information regarding the Group\u2019s exposure to interest rate risk as at year end is set out in Note 32 Financial instruments. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The maximum exposure to credit risk at the reporting date to recognized financial assets is the carrying amount net of any provisions for impairment of the assets, as disclosed in the statement of financial position and notes to the financial statements. The Group does not hold any collateral. The Group sells its services solely to participants in the energy industry, which may increase the Group\u2019s overall exposure to credit risk as customers may be similarly affected by prolonged industry downturns. Energy Holdings has policies in place to ensure that sales of services are made to customers with an appropriate credit history. When contracts are made with counterparties that are considered particularly risky, the Group normally dictates short payment terms and upfront payments in contractual arrangements with the client to properly mitigate credit risk. Still, the Group faces the risk of non-payment from customers. Credit risk also arises from cash and cash equivalents, deposits with financial institutions as well as other current assets. Energy Holdings seeks to limit the amount of credit exposure to any financial institution and is only placing cash with financial institutions with high credit ratings. Note 32 Financial instruments details the Group\u2019s maximum exposure to credit risk and the measurement bases used to determine expected credit losses. Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of available debt funding. Due to the cyclical nature of the industry, Energy Holdings aims to maintain flexibility in funding by a mixture of debt and equity financing. Quantitative information about the Group\u2019s exposure to liquidity risk is set out in Note 32 Financial instruments. Risks related to debt arrangements Energy Holdings current and future debt arrangements include covenants and undertakings of a general, financial and technical nature and such debt arrangements may contain cross-default provisions. Failure by the Group to meet any of the covenants, undertakings and/or a failure to repay debt instalments falling due could result in all outstanding amounts under the different debt arrangements becoming immediately due for payment, which could potentially have a material adverse effect on the Group\u2019s financial position and the value of the shares and the Group\u2019s operations and results. Please see Note 19 Financial liabilities - Interest-bearing loans and borrowings for more information. Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximizing the return to shareholders through the optimization of the debt and equity balance. The Group\u2019s overall strategy remains unchanged from prior year. The capital structure of the Group consists of net debt (borrowings and leases \u2013 disclosed in Note 19 Financial liabilities - Interest-bearing loans and borrowings and Note 29 Lease liabilities \u2013 after deducting cash and bank balances \u2013 disclosed in Note 23 Cash and bank balances) and equity of the Group (comprising issued capital, reserves and retained earnings). The Group is subject to externally imposed capital requirements, see Note 19 Financial liabilities - Interest-bearing loans and borrowings where the loan covenants are described. 3.2 Fair value estimation The carrying value of financial assets and financial liabilities approximate their fair values. Details with regards to fair value estimation relevant to other financial instruments are set out in Note 32 Financial instruments. 3.3 Other risk factors In addition to the financial risks described above, Energy Holdings is exposed to a number of operational, commercial and regulatory risks inherent in the offshore drilling and seismic industries. These risks may individually or collectively have a material adverse effect on the Group\u2019s business, financial position, results of operations and cash flows. Market and industry risks Demand for the Group\u2019s services is closely linked to global oil and gas exploration, development and production activity, which is cyclical and influenced by oil and gas prices, capital discipline among energy companies and broader macroeconomic conditions. Prolonged periods of low commodity prices or reduced capital expenditure by oil and gas companies may lead to reduced utilization, lower day rates and delayed project awards. Recoveries in demand typically lag improvements in commodity prices. Contracting and utilization risk Energy Holdings operates in competitive markets and relies on securing contracts at acceptable terms to achieve satisfactory utilization of its vessels and drilling rigs. The Group is exposed to risks of contract non\u2011renewal, delayed awards, idle periods between contracts and customer termination rights. A significant portion of the Group\u2019s revenue is generated from a limited number of customers, increasing exposure to counterparty\u2011specific events. Failure to maintain competitive offerings or secure sufficient utilization may adversely affect cash flows and profitability. Operational and technical risks Offshore seismic and drilling operations involve inherent technical and operational risks, including equipment failure, accidents, adverse weather conditions, environmental incidents and unplanned downtime. Such events may result in personal injury, property damage, environmental harm, business interruption or reputational damage. Although Energy Holdings seeks to mitigate these risks through insurance, maintenance programs, contractual arrangements and operational procedures, not all risks are fully insurable, and unforeseen events may result in material losses. Operating cost and inflation risk The Group is exposed to fluctuations in operating costs, including, but not limited to, vessel and rig operating expenses, personnel costs, maintenance and repair costs, logistics, insurance premiums and energy\u2011related inputs such as bunker fuel. Inflationary pressures, supply\u2011chain constraints, labour market tightness and changes in regulatory or compliance requirements may increase the Group\u2019s cost base over time. While Energy Holdings seeks to manage cost exposure through contractual arrangements and operational efficiencies, certain contracts or market conditions may limit the Group\u2019s ability to fully pass increased costs on to customers in a timely manner. Sustained increases in operating costs or adverse inflation developments may therefore negatively affect operating margins, cash flows and financial performance. Regulatory, legal and international operations risk The Group operates across multiple jurisdictions and is subject to differing legal, regulatory and tax regimes. Changes in laws or regulations, including environmental, safety, tax, sanctions, anti\u2011corruption or employment regulations, as well as challenges in enforcing contractual rights in certain jurisdictions, may increase costs, restrict operations or give rise to disputes. Operating internationally also exposes Energy Holdings to political, economic and administrative risks that may impact operations and cash repatriation. Taxation risk Energy Holdings and its subsidiaries are subject to taxation in multiple jurisdictions. Tax authorities may challenge the Group\u2019s tax positions, resulting in additional tax liabilities, penalties or interest. Changes in tax laws or interpretations could also adversely affect the Group\u2019s effective tax rate and cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__68-1": {
"value": "Market risk Currency exchange risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. The Group\u2019s operating cash inflows are derived from its seismic and drilling activities, which are mostly priced in U. S. dollar whilst costs are also mostly in U.S. dollar, thus creating a natural hedge. Nevertheless, as the Group operates internationally, it undertakes transactions denominated in foreign currencies, in particular with regards to taxation payments, as well as administrative expenses. Consequently, the Group is mainly exposed to foreign exchange risk, primarily with respect to Norwegian kroner, Euro and Singapore Dollar. To manage foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, the Group\u2019s management monitors the currency rate fluctuations continuously and entities in the Group may use from time-to-time various foreign exchange contracts. The Group did not have any open foreign exchange contracts as at 31 December 2025 and 2024. Quantitative information regarding the Group\u2019s exposure to foreign exchange risk as at year end is set out in Note 32 Financial instruments. Interest rate risk Interest rate risk is the risk that the value of financial instruments will fluctuate due to changes in market interest rates. Variable interest rates expose the Group to cash flow interest rate risk, while fixed interest rates expose the Group to fair value interest rate risk. The Group\u2019s income and operating cash flows are not significantly exposed to changes in market interest rates, except for the impact of its variable-rates borrowings, as the Group has no significant interest-bearing assets. The Group has loans see Note 19 Financial liabilities - Interest-bearing loans and borrowings. The management monitors the interest rate fluctuations on a continuous basis and acts accordingly. Quantitative information regarding the Group\u2019s exposure to interest rate risk as at year end is set out in Note 32 Financial instruments.Currency risk As described in Note 3 Risk factors and financial risk management, the Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Group is mainly exposed to foreign exchange fluctuations relating to the Singapore dollar (SGD) and the Thai baht (THB). The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the reporting date are presented in the tables below. All figures in USD 000's Total SGD THB Assets 3,121 1,510 1,611 Liabilities 12,170 2,923 9,247 Net position as of 31 December 2024 -9,049 -1,413 -7,636 Sensitivity 10% -905 -141 -764 All figures in USD 000's Total SGD THB Other Assets 2,371 1,255 610 506 Liabilities 3,298 165 2,741 392 Net position as of 31 December 2025 -928 1,090 -2,131 113 Sensitivity 10% -93 109 -213 11 The table also details the Group's sensitivity to a 10% decrease in US dollar against the relevant foreign currencies. A positive number below indicates an increase in profit. For a 10% weakening of US dollar against the relevant currency, there would be an opposite negative impact on the profit. Exchange rates applied during the year: Average rate Year end USD per : 2025 2024 2025 2024 SGD 1.3100 1.3400 1.3000 1.3400 THB 33.1100 35.3700 32.3900 34.4300 EUR 1.1275 1.0824 1.1750 1.0389 GBP 1.3163 1.2788 1.3466 1.2529 NOK 0.0962 0.0931 0.0992 0.0881Interest rate risk As described in Note 3 Risk factors and financial risk management, the Group's exposure to the risk of changes in interest rates relates primarily to the Group's borrowings. Please refer to Note 19 Financial liabilities - Interest-bearing loans and borrowings. Cash and cash equivalents and restricted cash of USD 35.2 million as at 31 December 2025 (2024: USD 31.9 million) are interest bearing assets with variable rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__69-1": {
"value": "Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The maximum exposure to credit risk at the reporting date to recognized financial assets is the carrying amount net of any provisions for impairment of the assets, as disclosed in the statement of financial position and notes to the financial statements. The Group does not hold any collateral. The Group sells its services solely to participants in the energy industry, which may increase the Group\u2019s overall exposure to credit risk as customers may be similarly affected by prolonged industry downturns. Energy Holdings has policies in place to ensure that sales of services are made to customers with an appropriate credit history. When contracts are made with counterparties that are considered particularly risky, the Group normally dictates short payment terms and upfront payments in contractual arrangements with the client to properly mitigate credit risk. Still, the Group faces the risk of non-payment from customers. Credit risk also arises from cash and cash equivalents, deposits with financial institutions as well as other current assets. Energy Holdings seeks to limit the amount of credit exposure to any financial institution and is only placing cash with financial institutions with high credit ratings. Note 32 Financial instruments details the Group\u2019s maximum exposure to credit risk and the measurement bases used to determine expected credit losses.Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has the following types of financial assets that are subject to the expected credit loss model: \u2022 trade receivables \u2022 cash and cash equivalents and restricted bank balances Trade receivables generally have payment terms of approximately 30 days. The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (ECL). Other financial assets are assessed under the IFRS 9 general ECL model. The expected credit losses on trade receivables are estimated by carrying out an individual assessment on each outstanding balance. Management takes into account the counterparty's financial position, past default experience, industry knowledge and market reputation. Management also considers macroeconomic factors, such as general economic conditions, factors specific to the oil and seismic industry and an assessment of both the current and the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The collection of receivables is closely monitored by management. With regards to cash and cash equivalents, the Group measures its expected credit loss by reference to the banks\u2019 external credit ratings and relevant published default and loss rates The Group monitors changes in external credit ratings and default rates and compares these to credit risk at initial recognition. Cash held at banks with investment grade are assessed as low credit risk and belong to Stage 1. As the Group\u2019s deposits are held in banks with high credit quality ratings with investment grade, the probability of default is low, and the expected credit loss is minimal. Thus, no loss has been recognized in the consolidated financial statements. Group\u2019s maximum exposure to credit risk: All figures in USD 000's Note 2025 2024 Trade receivables and other current 21, 22 54,658 35,608 assets Restricted cash 23 14,206 13,509 Cash and cash equivalents 23 21,036 18,358 Total 89,900 67,475 The ageing of trade receivables at the reporting date was: All figures in USD 000's Total Not past due 7,514 Past due 0-30 days 10,047 Total trade receivable as of 31 December 2024 17,561 Not past due 12,295 Past due 0-30 days 18,128 Total trade receivable as of 31 December 2025 30,423 The Group has recognized a loss allowance of 100% against all receivables over 120 days past due because historical experience has indicated that the receivables are generally not recoverable. As described in Note 3 Risk factors and financial risk management, the Company\u2019s concentration of credit risk is due to the narrow customer base within the oil & gas industry and the fact that the market participants face common risks connected to the industry\u2019s general economic conditions. The Group assesses the exposure to credit risk arising from cash at bank. This assessment takes into account, ratings from external credit rating institutions. Bank deposit held with banks with investment grade rating are considered as low credit risk. The gross carrying amount represents the Group\u2019s maximum exposure to credit risk on these assets. All figures in USD 000's Ratings* 2025 2024 Bank 1 A+ 29,625 17,893 Bank 2 A+ 3,111 9,460 Bank 3 Aa3* 1,481 - Bank 4 BBB 562 1,498 Bank 5 AA- 73 3,016 Bank 6 Baa2* 26 - Bank 7 BBB 364 - Total 35,242 31,867 *) Moodys and S&P",
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"f1__s6__6__70-1": {
"value": "Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability but can also increase the risk of losses. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of available debt funding. Due to the cyclical nature of the industry, Energy Holdings aims to maintain flexibility in funding by a mixture of debt and equity financing. Quantitative information about the Group\u2019s exposure to liquidity risk is set out in Note 32 Financial instruments.Liquidity Risk Ultimate responsibility for risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the group\u2019s short-, medium- and long-term funding and liquidity requirements. The group manages liquidity risk by maintaining sufficient cash and cash equivalents, seeking the availability of equity funding and debt funding, and by continuously monitoring forecast and actual cash flows. The tables below summarize the maturity profile of the Group\u2019s financial liabilities at year end on contractual undiscounted payments. The tables have been drawn based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows. Floating interest rates are applied on the interest-bearing borrowings (refer to Note 19 Financial liabilities - Interest-bearing loans and borrowings). Less Than 1 to 5 All figures in USD 000's Total 12 Years Months Interest-bearing borrowings 38,600 24,400 63,000 Lease liabilities 1,050 185 1,235 Contract liabilities 5,982 7,059 13,041 Trade payables 14,236 - 14,236 Other payables and liabilities 30,068 1,604 31,672 Total financial liabilities as of 31 December 89,936 33,248 123,184 2024 Interest-bearing borrowings 20,960 44,973 65,932 Lease liabilities 10,766 4,620 15,387 Contract liabilities 10,575 4,600 15,175 Trade payables 5,544 - 5,544 Other payables and liabilities 36,918 2,069 38,987 Total financial liabilities as of 31 December 84,763 56,262 141,025 2025 Interest-bearing borrowings includes the interest for the respective periods.",
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"f1__s6__6__71": {
"value": "3.3 Other risk factors In addition to the financial risks described above, Energy Holdings is exposed to a number of operational, commercial and regulatory risks inherent in the offshore drilling and seismic industries. These risks may individually or collectively have a material adverse effect on the Group\u2019s business, financial position, results of operations and cash flows. Market and industry risks Demand for the Group\u2019s services is closely linked to global oil and gas exploration, development and production activity, which is cyclical and influenced by oil and gas prices, capital discipline among energy companies and broader macroeconomic conditions. Prolonged periods of low commodity prices or reduced capital expenditure by oil and gas companies may lead to reduced utilization, lower day rates and delayed project awards. Recoveries in demand typically lag improvements in commodity prices. Contracting and utilization risk Energy Holdings operates in competitive markets and relies on securing contracts at acceptable terms to achieve satisfactory utilization of its vessels and drilling rigs. The Group is exposed to risks of contract non\u2011renewal, delayed awards, idle periods between contracts and customer termination rights. A significant portion of the Group\u2019s revenue is generated from a limited number of customers, increasing exposure to counterparty\u2011specific events. Failure to maintain competitive offerings or secure sufficient utilization may adversely affect cash flows and profitability. Operational and technical risks Offshore seismic and drilling operations involve inherent technical and operational risks, including equipment failure, accidents, adverse weather conditions, environmental incidents and unplanned downtime. Such events may result in personal injury, property damage, environmental harm, business interruption or reputational damage. Although Energy Holdings seeks to mitigate these risks through insurance, maintenance programs, contractual arrangements and operational procedures, not all risks are fully insurable, and unforeseen events may result in material losses. Operating cost and inflation risk The Group is exposed to fluctuations in operating costs, including, but not limited to, vessel and rig operating expenses, personnel costs, maintenance and repair costs, logistics, insurance premiums and energy\u2011related inputs such as bunker fuel. Inflationary pressures, supply\u2011chain constraints, labour market tightness and changes in regulatory or compliance requirements may increase the Group\u2019s cost base over time. While Energy Holdings seeks to manage cost exposure through contractual arrangements and operational efficiencies, certain contracts or market conditions may limit the Group\u2019s ability to fully pass increased costs on to customers in a timely manner. Sustained increases in operating costs or adverse inflation developments may therefore negatively affect operating margins, cash flows and financial performance. Regulatory, legal and international operations risk The Group operates across multiple jurisdictions and is subject to differing legal, regulatory and tax regimes. Changes in laws or regulations, including environmental, safety, tax, sanctions, anti\u2011corruption or employment regulations, as well as challenges in enforcing contractual rights in certain jurisdictions, may increase costs, restrict operations or give rise to disputes. Operating internationally also exposes Energy Holdings to political, economic and administrative risks that may impact operations and cash repatriation. Taxation risk Energy Holdings and its subsidiaries are subject to taxation in multiple jurisdictions. Tax authorities may challenge the Group\u2019s tax positions, resulting in additional tax liabilities, penalties or interest. Changes in tax laws or interpretations could also adversely affect the Group\u2019s effective tax rate and cash flows.",
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"value": "Note 4 Significant accounting judgements, estimates and assumptions The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant judgments and estimate made by management in the application of IFRSs that have significant effect on the consolidated financial statements and estimates with a significant risk of material adjustment in the next year are discussed below. 4.1 Estimating useful lives, residual value of rigs, vessels and equipment The Group\u2019s estimates of useful lives are based on investment considerations and on experience of technical and economic life of similar assets. Expected useful life and residual values can change according to environmental requirements, wear and tear, corporate strategy, actual usage of the asset, as well as other operational reasons. If the economic life assigned to the assets proves to be too long, impairment losses or higher depreciation expense could result in future periods, while longer actual useful life will decrease the depreciation expense in future years. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at least at each year-end. 4.2 Estimated impairment of rigs, vessels and equipment The carrying amount is reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. In such instances, an impairment charge would be recognized if the recoverable amount (higher of value-in-use and fair value less costs of disposal) is less than the carrying amount. When examining internal indicators of impairment, management assesses a number of factors, such as the backlog, operating cash flows, financial plans, and the Group\u2019s business strategy. Management also considers the physical condition when assessing the earning capacity of an asset. In examining external indicators for impairment, management considers factors such as the economic cycle and macro-economic fluctuations, global oil price movement, factors affecting governmental exploration plans, as well as other factors impacting the customers\u2019 capex plans and demand for seismic and drilling services. The recoverable amounts of the assets along with their related equipment are ordinarily determined using value in use calculations. Each asset, along with the equipment attached or allocated to it, is considered to be a cash generating unit being tested for impairment. In developing estimates of future cash flows, the Group must make assumptions about future day-rates, utilization rate, operating expenses, capital investments, residual values and remaining useful life of the vessels. These assumptions are based on historical trends as well as future expectations. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions may be highly subjective. Significant and unanticipated changes in these assumptions could result in impairments in the future periods. To the extent that the future actual revenues achieved prove to be less than forecasted, impairment losses on vessels and related seismic equipment may result. Note 17 Property, plant and equipment sets out information about the impairment testing performed in the current year. 4.3 Income tax The Group is subject to income taxes in the jurisdictions in which it operates. Significant judgement is required in determining the provision for income tax. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax issues based on the consolidated entity's current understanding of the tax law. Where the final tax outcome of these matters is different from the carrying amounts, such differences will impact the current and deferred tax provisions in the period in which such determination is made. Deferred tax assets are recognised for deductible temporary differences only if it is probable that future taxable amounts will be available to utilise those temporary differences and tax losses. 4.4 Impairment of goodwill The consolidated entity tests annually, or more frequently if events or changes in circumstances indicate impairment, whether goodwill has suffered any impairment, in accordance with the accounting policy stated in Note 18 Goodwill. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations require the use of assumptions. 4.5 Business combinations As discussed in Note 10 Business Combination, business combinations are initially accounted for on a provisional basis. The fair value of assets acquired, liabilities and contingent liabilities assumed are initially estimated by the consolidated entity taking into consideration all available information at the reporting date. Fair value adjustments on the finalisation of the business combination accounting is retrospective, where applicable, to the period the combination occurred and may have an impact on the assets and liabilities, depreciation and amortisation reported.",
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"value": "Note 5 Prior year restatement During the financial year ended 31 December 2025, the Group reassessed the application of Thailand withholding tax (\u201cWHT\u201d) regulations for the financial years ended 31 December 2022, 31 December 2023 and 31 December 2024. Following the conclusion of a tax guidance audit with the Thailand Revenue Department in August 2025, it was concluded that certain WHT obligations relating to prior years had not been fully recognised, resulting in an understatement of WHT expense and the corresponding tax liability in those periods. 5.1 Basis for restatement The matter arose from changes in withholding tax regulations applicable during the relevant financial years, which the Group did not fully apply in those periods. Accordingly, the under-recognition of WHT relates to prior reporting periods and has been accounted for as a prior period adjustment in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. In accordance with the applicable standard, the Group has retrospectively restated the affected comparative information and adjusted opening retained earnings for the cumulative effect of the error. 5.2 Impact of the restatement Statement of financial position The cumulative impact of the adjustments relating to the financial years ended 31 December 2022 and 31 December 2023 amounted to USD 3,040,081 and has been recognised as an adjustment to opening retained earnings as at 1 January 2024, with a corresponding increase in withholding tax payable. The adjustment relating to the financial year ended 31 December 2024 amounted to USD 3,748,540 and has been reflected through the restatement of comparative figures, resulting in a corresponding reduction in opening retained earnings as at 1 January 2025. The total withholding tax liability of USD 10,114,530 was settled in August 2025. Accordingly, no withholding tax payable was outstanding as at 31 December 2025. Statement of profit or loss and other comprehensive income The comparative figures for the financial year ended 31 December 2024 have been restated to recognise additional WHT expense of USD 3,748,540, with a corresponding decrease in profit. As a result of recognising the withholding tax expense attributable to the current financial year, the Group\u2019s profit for the financial year ended 31 December 2025 decreased by USD\u202f3,325,909. 5.3 Changes in presentation Reclassification from property, plant and equipment to inventories (USD 1.7 million) Certain spare parts and consumables previously included within property, plant and equipment have been reclassified to inventories, as they do not meet the definition of PPE but are expected to be consumed in operations. This reclassification has been reflected in the comparative figures as at 31 December 2024 and has no impact on profit or loss or equity. Reclassification from contract assets to accrued lease income within trade receivables and other current assets (USD 10.6 million) An amount previously presented as a contract asset has been reclassified to accrued lease income within trade receivables and other current assets, as the underlying income relates to lease arrangements accounted for under IFRS 16. This reclassification has been reflected in the comparative figures as at 31 December 2024 and has no impact on profit or loss or equity. Reclassification between trade receivables and other current assets and trade and other payables (USD 0.8 million) Certain balances relating to items capitalised within property, plant and equipment were incorrectly presented within prepayments and accruals, as the related balances were not offset upon receipt of the underlying assets. As a result, prepayments and accruals were overstated. These amounts have been adjusted and reclassified between trade receivables and other current assets and other payables to appropriately reflect the nature of the underlying balances. This reclassification has been reflected in the comparative figures as at 31 December 2024 and has no impact on profit or loss or equity. Reclassification to withholding tax expense within income tax (USD 8.7 million) Withholding tax expense has been reclassified and presented separately within income tax to reflect the nature of the underlying tax charge. This reclassification has been reflected in the comparative figures as at 31 December 2024 and has no impact on profit or loss or equity. Reclassification from cash and bank balances to pledged cash (USD 3.1 million) Certain balances previously included within cash and bank balances have been reclassified to pledged cash to reflect restrictions over their use. This reclassification has been reflected in the comparative figures as at 31 December 2024 and has no impact on profit or loss or equity. 5.4 Consolidated statement of financial position As at 1 January 2024: As previously All figures in USD 000's Adjustments As restated reported TOTAL ASSETS - - - Equity Retained earnings/ (Accumulated loss) -51,451 -3,040 -54,491 Current liabilities Trade and other payables 36,482 3,040 39,522 TOTAL EQUITY AND LIABILITIES -14,969 - -14,969 The above table reflects solely the impact of the prior year error, relating to the \u201cWHT\u201d for the years 31 December 2022 and 2023. As at 31 December 2024: As previously All figures in USD 000's Adjustments As restated reported Non-current assets Property, plant and equipment 309,979 -1,492 308,487 Current assets Inventories 21,663 1,721 23,384 Trade receivables and other current assets 25,368 10,240 35,608 Contract assets 10,624 -10,624 - TOTAL ASSETS 367,634 -155 367,479 Equity Accumulated loss -22,283 -6,560 -28,843 Trade and other payables 38,134 5,969 44,103 TOTAL EQUITY AND LIABILITIES 15,851 -591 15,260 The impact of the prior year error relating to \u201cWHT\u201d is reflected in the lines of accumulated loss and trade and other payables, for the amount of USD 6,789 million (accumulated impact for the years 31 December 2022, 2023 and 2024 of USD 3,040 million and USD 3,749 million. All other adjustments represent reclassification and presentation changes. 5.5 Consolidated statement of profit and loss For the year ended 31 December 2024: As All figures in USD 000's previously Adjustments As restated reported Expenses: Depreciation -24,936 229 -24,707 Withholding tax expenses 395 -8,662 -8,267",
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"value": "Note 6 Revenue The Group generates revenue primarily from time-charter contracts for rigs and revenue from service contracts for vessels. Mobilisation activities form part of the relevant contracts and are not considered a distinct service. The Group also generates revenue from catering and other related services. Energy Drilling\u2019s revenue relates to tender-assisted drilling services performed by rigs, while Seabird Exploration\u2019s revenue relates to marine seismic and source vessel operations. Other revenues primarily comprise catering and related services associated with these contracts. Revenue split on type of contract All figures in USD 000's 2025 2024 Time-charter revenue 184,997 126,126 Service contracts revenue 19,148 - Catering and other service revenue 8,308 7,609 Total revenues 212,453 133,735 Time of revenue recognition All figures in USD 000's 2025 2024 At a point in time - - Over time 212,453 133,735 Total revenues 212,453 133,735 Movement in contract liabilities All figures in USD 000's 2025 2024 Amounts included in contract liabilities at the beginning 13,041 - of the year Amounts included in contract liabilities at the end of the 15,175 13,041 year Contract liabilities relate to mobilisation fees received from customers and recognised over the lease-terms. Revenue of USD 6.7 million (2024: USD 3.8 million) was recognized during the year from amounts included in contract liabilities at the beginning of the period. Geographical markets All figures in USD 000's 2025 2024 Thailand 132,110 97,433 Myanmar 12,112 32,109 United States 14,033 - Joint development area and other 54,198 4,193 Total 212,453 133,735",
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"f1__s6__6__75": {
"value": "Note 6 Revenue The Group generates revenue primarily from time-charter contracts for rigs and revenue from service contracts for vessels. Mobilisation activities form part of the relevant contracts and are not considered a distinct service. The Group also generates revenue from catering and other related services. Energy Drilling\u2019s revenue relates to tender-assisted drilling services performed by rigs, while Seabird Exploration\u2019s revenue relates to marine seismic and source vessel operations. Other revenues primarily comprise catering and related services associated with these contracts. Revenue split on type of contract All figures in USD 000's 2025 2024 Time-charter revenue 184,997 126,126 Service contracts revenue 19,148 - Catering and other service revenue 8,308 7,609 Total revenues 212,453 133,735 Time of revenue recognition All figures in USD 000's 2025 2024 At a point in time - - Over time 212,453 133,735 Total revenues 212,453 133,735 Movement in contract liabilities All figures in USD 000's 2025 2024 Amounts included in contract liabilities at the beginning 13,041 - of the year Amounts included in contract liabilities at the end of the 15,175 13,041 year Contract liabilities relate to mobilisation fees received from customers and recognised over the lease-terms. Revenue of USD 6.7 million (2024: USD 3.8 million) was recognized during the year from amounts included in contract liabilities at the beginning of the period. Geographical markets All figures in USD 000's 2025 2024 Thailand 132,110 97,433 Myanmar 12,112 32,109 United States 14,033 - Joint development area and other 54,198 4,193 Total 212,453 133,735",
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"value": "Note 6 Revenue The Group generates revenue primarily from time-charter contracts for rigs and revenue from service contracts for vessels. Mobilisation activities form part of the relevant contracts and are not considered a distinct service. The Group also generates revenue from catering and other related services. Energy Drilling\u2019s revenue relates to tender-assisted drilling services performed by rigs, while Seabird Exploration\u2019s revenue relates to marine seismic and source vessel operations. Other revenues primarily comprise catering and related services associated with these contracts. Revenue split on type of contract All figures in USD 000's 2025 2024 Time-charter revenue 184,997 126,126 Service contracts revenue 19,148 - Catering and other service revenue 8,308 7,609 Total revenues 212,453 133,735 Time of revenue recognition All figures in USD 000's 2025 2024 At a point in time - - Over time 212,453 133,735 Total revenues 212,453 133,735 Movement in contract liabilities All figures in USD 000's 2025 2024 Amounts included in contract liabilities at the beginning 13,041 - of the year Amounts included in contract liabilities at the end of the 15,175 13,041 year Contract liabilities relate to mobilisation fees received from customers and recognised over the lease-terms. Revenue of USD 6.7 million (2024: USD 3.8 million) was recognized during the year from amounts included in contract liabilities at the beginning of the period. Geographical markets All figures in USD 000's 2025 2024 Thailand 132,110 97,433 Myanmar 12,112 32,109 United States 14,033 - Joint development area and other 54,198 4,193 Total 212,453 133,735",
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"value": "Note 7 Segment information Energy Holdings is a holding company focused on the energy space. The Company has two main verticals, notably Energy Drilling and Seabird Exploration, which also forms the basis of the reporting segments. Energy Drilling provides tender-assisted drilling services, primarily in Southeast Asia. Seabird Exploration provides marine seismic data acquisition services and source vessel operations to the oil and gas industry. For the year ended 31 December 2025 Energy SeaBird Other and Figures in USD '000 Total Drilling Exploration elimination Revenue 184,998 19,147 - 204,145 Other revenues 8,011 586 -289 8,308 Total revenues 193,009 19,733 -289 212,453 Cost of sales -76,141 -11,098 - -87,239 Selling, general and administrative expenses -18,456 -2,099 -1,915 -22,470 Other expenses - -1,252 - -1,252 1EBITDA98,413 5,284 -2,205 101,492 Depreciation -35,029 -4,471 -806 -40,306 Impairment - -3 3 - Operating profit/(loss) 63,384 809 -3,007 61,186 1 Earnings before interest, taxes, depreciation and amortization, calculated by adding back depreciation and amortization to the operating profit (EBIT). For the year ended 31 December 2024 Energy SeaBird Other and Figures in USD '000 Total Drilling Exploration elimination Revenue 126,126 - - 126,126 Other revenues 7,609 - - 7,609 Total revenues 133,735 - - 133,735 Cost of sales -60,198 - - -60,198 Selling, general and administrative expenses -6,684 - - -6,683 Other expenses - - - - 1EBITDA66,853 - - 66,853 Depreciation -24,707 - - -24,707 Impairment - - - - Operating profit/(loss) 42,146 - - 42,146 1 Earnings before interest, taxes, depreciation and amortization, calculated by adding back depreciation and amortization to the operating profit (EBIT).",
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"value": "Note 8 Capital management All figures in USD 000's Note 2025 2024 Interest-bearing loans and borrowings 19 65,932 63,000 Lease liabilities 29 15,387 1,235 Less: cash and short-term deposits 23 -35,243 -31,867 Net debt 46,076 32,368 All figures in USD 000's 2025 2024 Total Equity 327,109 276,162 Net debt and equity 373,185 308,530 Gearing ratio 12% 10%",
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"value": "Note 9 Group information The transaction has been accounted for as a reverse acquisition in accordance with IFRS 3 Business Combinations, whereby SED Energy Holdings PLC is the legal parent but Energy Drilling Pte Ltd is the accounting acquirer. Accordingly, the consolidated financial statements represent a continuation of Energy Drilling\u2019s financial statements. The subsidiaries of SED Energy Holdings PLC are included in the consolidated financial statements from the acquisition date and are therefore presented only in the 2025 column. The comparative information for 2024 reflects the subsidiaries of Energy Drilling Pte Ltd, which is the accounting acquirer. The consolidated financial statement includes the following companies within the category\u2019s subsidiaries, associated companies and companies that have filed for voluntary liquidation. Subsidiaries Shareholding and Country of Company Owner voting rights incorporation 2025 2024 Seabird Exploration AS SED Energy Holdings PLC Norway 100% - GeoBird Management AS Seabird Exploration AS Norway 100% - SeaBird Exploration Vessels Limited Seabird Exploration AS Cyprus 100% - SeaBird Exploration Crewing Limited Seabird Exploration AS Cyprus 100% - SeaBird Exploration Cyprus Limited Seabird Exploration AS Cyprus 100% - SeaBird Exploration Norway AS Seabird Exploration AS Norway 100% - SeaBird Seismic Mexico S. DE R.L. DE Seabird Exploration Norway Mexico C.V. AS 100% - SeaBird Crewing Mexico S. DE R.L. DE Seabird Exploration Norway Mexico C.V. AS 100% - Energy Drilling Pte Ltd SED Energy Holdings PLC Singapore 100% - Energy Drilling Management Pte Ltd Energy Drilling Pte Ltd Singapore 100% 100% Edrill 1 Pte Ltd Energy Drilling Pte Ltd Singapore 100% 100% Edrill 2 Pte Ltd Energy Drilling Pte Ltd Singapore 100% 100% Edrill 3 Pte Ltd Energy Drilling Pte Ltd Singapore 100% 100% Edrill T15 Pte Ltd Energy Drilling Pte Ltd Singapore 100% 100% Edrill T16 Pte Ltd Energy Drilling Pte Ltd Singapore 100% 100% Edrill Vencedor Pte Ltd Energy Drilling Pte Ltd Singapore 100% 100% SeaBird Exploration Americas Inc. SED Energy Holdings PLC USA 100% - SeaBird Exploration FZ-LLC SED Energy Holdings PLC UAE 100% - Associates Seabird Exploration Private Limited is accounted for using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures. Shareholding and Country of Company Owner voting rights incorporation 2025 2024 SeaBird Exploration Private Limited SED Energy Holdings PLC India 26% - Liquidation of subsidiaries The below Group\u2019s subsidiaries have filed for voluntary liquidation. A liquidator has been appointed, resulting in a loss of control in accordance with IFRS 10 Consolidated Financial Statements. Accordingly, these entities have been deconsolidated. Shareholding and Country of Company Owner voting rights incorporation 2025 2024 Harrier Navigation Company Limited SED Energy Holdings PLC Cyprus 100% - Sana Navigation Company Limited SED Energy Holdings PLC Cyprus 100% - Seabed Navigation Company Limited SED Energy Holdings PLC Cyprus 100% - SeaBird Exploration Asia Pacific PTE. SED Energy Holdings PLC Singapore 100% - Ltd. SeaBird Exploration Finance Limited SED Energy Holdings PLC Cyprus 100% - SeaBird Exploration Multi-Client SED Energy Holdings PLC Cyprus 100% - Limited",
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__80": {
"value": "Note 10 Business Combination Background On 28 March 2025, SeaBird Exploration Plc (\u201cSeaBird Exploration\u201d) and Energy Drilling Pte Ltd (\u201cEnergy Drilling\u201d) entered into a transaction agreement to combine their businesses through a share-for-share acquisition, whereby shareholders of Energy Drilling were issued 537,408,281 ordinary shares and 108,100,000 non-voting Class B shares in SeaBird Exploration. As a result, Seabird Exploration acquired 100% of Energy Drilling\u2019s shares. The transaction was completed on 26 May 2025, following which SeaBird Exploration was renamed SED Energy Holdings Plc (\u201cEnergy Holdings\u201d or the \u201cCompany\u201d). Following the transaction, Energy Holdings has a total of 617,884,552 ordinary shares (representing approximately 87% of the total ordinary shares) and 108,100,000 Class B Shares, each with a nominal value of USD 0.19. The business combination was undertaken with the aim of establishing Energy Holdings as a stronger and more diversified industrial investor. The transaction sought to enhance scale, reduce single-asset risk, and improve access to the capital markets. Accounting treatment In accordance with IFRS 3 Business Combinations, the transaction is accounted for as a reverse acquisition, where Energy Drilling (legal subsidiary) is identified as the accounting acquirer and SeaBird Exploration (legal parent) as the accounting acquiree. This assessment is based on the relative voting rights and governance structure following the transaction, whereby the former shareholders of Energy Drilling obtained control of the combined entity, as noted above. Consequently, the consolidated financial statements reflect a continuation of Energy Drilling\u2019s financial statements, with the following implications: \u2022 The assets and liabilities of Energy Drilling are recognized at their pre-combination carrying amounts. \u2022 The identifiable assets and liabilities of SeaBird Exploration have been recognized at fair value as at the acquisition date. \u2022 The equity structure presented in the consolidated financial statements reflects that of SeaBird Exploration, the legal parent. The acquisition date is determined to be 26 May 2025. Purchase price allocation Based on the agreed exchange ratio, the fair value of the deemed equity consideration at the acquisition date was USD 49.8 million. As part of the transaction, Energy Drilling\u2019s existing employee share-based payment awards were replaced by shares in Seabird. The total deemed consideration is USD 50.5 million: Figures in USD \u2019000s Deemed equity consideration (based on exchange ratio) 49,767 Consideration from replacement of share-based payment awards (pre-combination 705 service portion) Total deemed consideration 50,472 The identifiable assets and liabilities of SeaBird Exploration have been adjusted to reflect their estimated fair values at the acquisition date in accordance with IFRS 3. The fair value of identifiable net assets of SeaBird Exploration at the acquisition dated is USD 35.9 million, as outlined below: Figures in USD \u2019000s Property, plant and equipment 45,874 Non-current investments 101 Inventories 424 Trade receivables 4,170 Contract assets 116 Other current assets 3,676 Restricted cash 45 Cash and cash equivalents 1,397 Total assets 55,803 Non-current borrowings 8,764 Current borrowings 3,147 Trade payables 4,210 Current contract liabilities 120 Other payables 1,626 Provisions and other liabilities 624 Tax payable 1,402 Total liabilities 19,893 Net identifiable assets acquired 35,910 The fair value of acquired trade receivables and contract assets approximates their gross contractual amounts and no material amounts are expected to be uncollectible. The excess of the total consideration transferred over the fair value of the identifiable net assets acquired has been recognized as goodwill: Figures in USD \u2019000s Total deemed consideration 50,472 Fair value of identifiable net assets acquired 35,910 Goodwill 14,562 Pro forma financial information Had the business combination with Energy Drilling occurred on 1 January 2025, the Group would have reported consolidated pro forma revenue of USD 225.4 million and a consolidated pro forma net profit of USD 36.0 million for the full year 2025. The consolidated pro forma results have been adjusted for transaction costs and additional depreciation that would have been charged from 1 January 2025. This information is illustrative and not indicative of actual and future results. The actual revenue and net profit for SeaBird Exploration from 26 May 2025 to 31 December 2025 was USD 19.7 million and USD 0.8 million, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__81": {
"value": "Note 11 Cost of sales All figures in USD 000's 2025 2024 Repairs, maintenance and upkeep of assets 27,571 21,686 Crew and crew related costs 52,998 34,638 Travelling and accommodation 2,907 1,722 Other operating expenses 3,763 2,152 Total cost of sales 87,239 60,198 The Group employed a total of 394 full time equivalents (FTEs), up from 263 in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__82": {
"value": "Note 12 Selling, general and administrative expenses All figures in USD 000's 2025 2024 Staff cost 14,701 3,936 Directors\u2019 remuneration 252 250 Legal and professional 4,299 1,267 Travel expenses 440 252 Rent and other office expenses 1,996 696 Other administrative expenses 782 283 Selling, general and administrative expenses 22,470 6,684 Statutory audit fee for the Group for the year 2025 amounted to USD 0.6 million (2024: USD 0.2 million) Non-audit services provided by RSM Cyprus amounted to USD 13 thousand (2024: nil), relating to assurance services in connection with the EEA prospectus.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__83": {
"value": "Note 13 Other income and expenses Other income All figures in USD 000's 2025 2024 Other income 1 - Total other income 1 - Other expenses All figures in USD 000's 2025 2024 Net loss on insurance claims 1,253 - Total other expense 1,253 - The expense relates to vessels\u2019 repair costs not recoverable from insurance claims.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__84": {
"value": "Note 14 Financial income and expenses Finance income All figures in USD 000's 2025 2024 Interest income on cash and cash Equivalents 553 308 Total finance income 553 308 Finance expense All figures in USD 000's 2025 2024 Interest on loans and borrowings 5,572 7,481 Interest on suppliers' balances 38 - Interest on tax liabilities 10 - Interest on lease liabilities 3,870 933 Total finance expense 9,490 8,414 Other financial income and expenses All figures in USD 000's 2025 2024 Foreign exchange loss, net -1,083 -125 Other financial income 28 - Other financial expense -458 - Total other financial expenses, net -1,513 -125",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__85": {
"value": "Note 15 Income tax SED Energy Holdings Plc is subject to taxation in Cyprus at the rate of 12.5%. The Group is also subject to taxation in various other jurisdictions because of its global operations. All figures in USD 000's 2025 2024 Current income tax charge 14,582 9,115 Adjustments in respect of current income tax of previous 453 -488 year Income tax expense reported in the statement of 15,035 8,627 profit or loss The current income tax charge includes significant withholding taxes on revenues earned in amongst other Thailand. All figures in USD 000's 2025 2024 50,825 33,915 Accounting profit before income tax Estimated tax at 12.5% income tax rate 6,353 - Adjustments in respect of current income tax of previous years 453 -488 Net permanent differences, including non-taxable income -6,072 453 Withholding taxes on revenue in foreign jurisdictions 14,301 8,662 Income tax expense reported in the statement of 15,035 8,627 profit or loss All figures in USD 000's 2025 2024 Long term tax payables - - Current portion of tax liabilities 1,388 201 Total tax liabilities 1,388 201 The current tax liabilities primarily relate to foreign tax obligations across the jurisdictions in which the Group operates, with a significant portion arising from operations in Thailand. For Energy Drilling, the current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where Energy Drilling operates and generates taxable income. In 2024 Energy Drilling and its subsidiaries were awarded Maritime Sector Incentive - Approved International Shipping Enterprise (MSI-AIS) Scheme by the Maritime Port Authority in Singapore. The main benefit of the scheme is a corporate tax exemption on qualifying income and covers a broad range of income derived from shipping activities that include offshore drilling rigs and other offshore oil & gas assets. The exemption also extends to qualifying dividends from approved subsidiaries and associated shipping companies. The exemption is for a 10-year period and is subject to a five-yearly review and can be extended for further ten-year periods upon re-application. For Seabird Exploration, the current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where SeaBird operates and generates taxable income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__86": {
"value": "Note 16 Earnings per share (EPS) Basic earnings per share are calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year (Note 24 Issued capital and reserves). All figures in USD 000's 2025 2024 Profit attributable to equity holders of the company 35,790 25,648 The weighted average number of shares outstanding in the current period has been determined based on the actual number of the Company shares outstanding during the period. This includes 80.4 million shares outstanding prior to the reverse acquisition transaction, plus 645.5 million shares issued as consideration to the former shareholders of Energy Drilling Pte. Ltd. The weighted average reflects the timing of the share issue on 26 May 2025. For the comparative period, the weighted average number of shares has been restated to reflect the capital structure of the legal parent as if the reverse acquisition had occurred at the beginning of the earliest period presented. This is calculated by multiplying the number of ordinary shares of Energy Drilling Pte. Ltd. outstanding during the comparative period by the exchange ratio defined in the transaction, with the resulting weighted average reflecting the movements in Energy Drilling Pte. Ltd.\u2019s share capital during that period. All figures in 000's 2025 2024 Number of ordinary shares in issue at period end 725,985 645,065 Effects of dilution from: Share options 23,396 12,910 Number of diluted shares in issue at period end 749,381 657,975 Weighted average number of ordinary shares in issue 693,930 645,065 Effects of dilution from: Share options 16,020 11,076 Weighted average number of diluted shares 709,949 656,141 All figures in USD 2025 2024 Earnings per share: Basic 0.05 0.04 Diluted 0.05 0.04",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__89": {
"value": "Note 17 Property, plant and equipment Vessels and Rigs and Right of use All figures in USD 000's equipment equipment assets Total Opening net book amount as of 1 January, 2024 - 271,466 - 271,466 Additions - 52,684 9,044 61,728 Depreciation - -16,402 -8,305 -24,707 Net book amount as of 31 December 2024 - 307,748 739 308,487 Cost - 430,148 9,044 439,192 Accumulated depreciation and impairment - -122,400 -8,305 -130,705 Net book amount as of 31 December 2024 - 307,748 739 308,487 Opening net book amount as of 1 January, 2025 - 307,748 739 308,487 Assets acquired through business combination (Note 45,874 - - 45,874 10) Additions 3,334 6,016 14,642 23,992 Sale of assets -45 -56 -101 Depreciation -5,277 -26,860 -8,169 -40,306 Other -86 -434 434 -86 Net book amount as of 31 December 2025 43,800 286,414 7,646 337,860 Cost 70,279 435,284 24,507 530,070 Accumulated depreciation and impairment -26,479 -148,870 -16,861 -192,210 Net book amount as of 31 December 2025 43,800 286,414 7,646 337,860",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__87": {
"value": "Note 17 Property, plant and equipment Vessels and Rigs and Right of use All figures in USD 000's equipment equipment assets Total Opening net book amount as of 1 January, 2024 - 271,466 - 271,466 Additions - 52,684 9,044 61,728 Depreciation - -16,402 -8,305 -24,707 Net book amount as of 31 December 2024 - 307,748 739 308,487 Cost - 430,148 9,044 439,192 Accumulated depreciation and impairment - -122,400 -8,305 -130,705 Net book amount as of 31 December 2024 - 307,748 739 308,487 Opening net book amount as of 1 January, 2025 - 307,748 739 308,487 Assets acquired through business combination (Note 45,874 - - 45,874 10) Additions 3,334 6,016 14,642 23,992 Sale of assets -45 -56 -101 Depreciation -5,277 -26,860 -8,169 -40,306 Other -86 -434 434 -86 Net book amount as of 31 December 2025 43,800 286,414 7,646 337,860 Cost 70,279 435,284 24,507 530,070 Accumulated depreciation and impairment -26,479 -148,870 -16,861 -192,210 Net book amount as of 31 December 2025 43,800 286,414 7,646 337,860Right-of-use assets primarily relate to a drilling rig (GHTH) leased from a third party and utilised in the Group\u2019s offshore drilling operations. The rig commenced a long-term contract during the year and the lease term extends to the third quarter of 2027. As at the reporting date, the carrying amount of the related right-of-use asset amounted to approximately USD 7.6 million. At the end of the reporting year, two (2024: two) tender rigs are mortgaged to banks for credit facilities (Note 19 Financial liabilities - Interest-bearing loans and borrowings). The carrying value of the two rigs is USD 133.7 million (2024: USD 123.8 million). Impairment assessment The Group performed impairment assessments of its vessels and rigs and determined their recoverable amounts as the higher of value in use (based on discounted estimated future cash flows) and fair value less costs of disposal, in accordance with the Group's policy described in Note 2 Impairment of non-financial assets. The assessments were performed at the level of each vessel and rig together with their directly attributable immovable and movable equipment, which constitute cash-generating units, as these assets generate cash inflows jointly under single arrangements. The assessment has not resulted in any impairment loss, and management has concluded that the recoverable amounts exceed the carrying amounts for all rigs and vessels based on the base case assumptions. The Group\u2019s value in use model includes estimates of the expected future cash flows for each rig and vessel along with the immovable and allocated movable seismic equipment. Cash flows are based on future day-rates, utilization rate, operating expenses, capital investments, residual values and remaining useful life of the assets. These cash flows are discounted at the Group\u2019s weighted average cost of capital (WACC) to estimate the present value, which is compared to the carrying amount at the reporting date. The main assumptions used in the calculation of the value in use of the Group\u2019s vessels are: \u2022 Future day-rates are based on current contracts and market data. \u2022 Utilization rate is based on awarded and probable projects expected to materialize. For capacity not covered by these projects , utilization is estimated on historical average utilization observed in the industry. \u2022 Operating and capital expenditure is based on historic averages. \u2022 Life-time (useful life) of the assets. WACC is calculated using a standard WACC model in which cost of equity, cost of debt and capital structure are the key parameters. WACC has been set at 9.35% (2024: 12.22%) for the vessels and 8.13% for the rigs (2024: 9.72%). The WACC is estimated on a post-tax basis to be in line with the post-tax cash flows used in the model. The calculation of value in use is sensitive to changes in the key assumptions, which are considered to be the day-rates, utilization rates, daily OPEX, life-time and the discount rate. Management has performed a sensitivity analysis on these assumptions in order to assess the impact on the recoverable amounts had the key assumptions been changed in the negative direction, all other things being equal. The analysis indicates that, while headroom exists in the base case, a reduction in certain assumptions may result in an impairment for individual vessels. Management has concluded that sufficient headroom exists between the recoverable amount and carrying value based on the base case assumptions. Given the inherent imprecision and corresponding importance of the key assumptions used in the impairment tests, it is possible that changes in the future conditions may lead management to use different key assumptions, which could require a material change in the carrying amount of the assets. The risks associated with the judgments, estimates and assumptions used in this exercise are discussed in Note 4 Significant accounting judgements, estimates and assumptions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__88": {
"value": "Impairment assessment The Group performed impairment assessments of its vessels and rigs and determined their recoverable amounts as the higher of value in use (based on discounted estimated future cash flows) and fair value less costs of disposal, in accordance with the Group's policy described in Note 2 Impairment of non-financial assets. The assessments were performed at the level of each vessel and rig together with their directly attributable immovable and movable equipment, which constitute cash-generating units, as these assets generate cash inflows jointly under single arrangements. The assessment has not resulted in any impairment loss, and management has concluded that the recoverable amounts exceed the carrying amounts for all rigs and vessels based on the base case assumptions. The Group\u2019s value in use model includes estimates of the expected future cash flows for each rig and vessel along with the immovable and allocated movable seismic equipment. Cash flows are based on future day-rates, utilization rate, operating expenses, capital investments, residual values and remaining useful life of the assets. These cash flows are discounted at the Group\u2019s weighted average cost of capital (WACC) to estimate the present value, which is compared to the carrying amount at the reporting date. The main assumptions used in the calculation of the value in use of the Group\u2019s vessels are: \u2022 Future day-rates are based on current contracts and market data. \u2022 Utilization rate is based on awarded and probable projects expected to materialize. For capacity not covered by these projects , utilization is estimated on historical average utilization observed in the industry. \u2022 Operating and capital expenditure is based on historic averages. \u2022 Life-time (useful life) of the assets. WACC is calculated using a standard WACC model in which cost of equity, cost of debt and capital structure are the key parameters. WACC has been set at 9.35% (2024: 12.22%) for the vessels and 8.13% for the rigs (2024: 9.72%). The WACC is estimated on a post-tax basis to be in line with the post-tax cash flows used in the model. The calculation of value in use is sensitive to changes in the key assumptions, which are considered to be the day-rates, utilization rates, daily OPEX, life-time and the discount rate. Management has performed a sensitivity analysis on these assumptions in order to assess the impact on the recoverable amounts had the key assumptions been changed in the negative direction, all other things being equal. The analysis indicates that, while headroom exists in the base case, a reduction in certain assumptions may result in an impairment for individual vessels. Management has concluded that sufficient headroom exists between the recoverable amount and carrying value based on the base case assumptions. Given the inherent imprecision and corresponding importance of the key assumptions used in the impairment tests, it is possible that changes in the future conditions may lead management to use different key assumptions, which could require a material change in the carrying amount of the assets. The risks associated with the judgments, estimates and assumptions used in this exercise are discussed in Note 4 Significant accounting judgements, estimates and assumptions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__90": {
"value": "Note 18 Goodwill Goodwill arose in connection with the business combination between SeaBird Exploration Plc and Energy Drilling Pte Ltd in 2025. The transaction was accounted for as a reverse acquisition in accordance with IFRS 3 and is described extensively in Note 10 Business Combination. The purchase price allocation was performed on the identifiable assets and liabilities of SeaBird Exploration Plc. The goodwill recognised represents the expected synergies arising from the combination of the operations of the accounting acquirer and the acquiree, including cost efficiencies, access to new markets and the value of the assembled workforce. These benefits do not meet the criteria for recognition as identifiable intangible assets and are therefore included within goodwill. Goodwill is allocated to the SeaBird cash\u2011generating unit (CGU), which comprises the Group\u2019s offshore seismic operations, including its two vessels and related activities, as these assets generate cash inflows jointly and are managed as a single operating unit. This represents the lowest level within the Group at which goodwill is monitored for internal management purposes. The carrying amount of goodwill is as follows: 468#y1All figures in USD 000's 2025 2024 Seabird Exploration CGU 14,562 - Goodwill 14,562 - The Group performs an annual impairment test of goodwill in accordance with IAS 36. The most recent impairment test was performed as at 31 December 2025. The recoverable amount of the SeaBird CGU was determined based on value in use, using discounted cash flow projections. Cash flow projections are based on management-approved budgets and forecasts. Key assumptions used in the impairment test include: \u2022 Forecast revenue growth rates reflecting expected market conditions in the offshore seismic segment, based on the same underlying assumptions used in the impairment assessment of vessels. Please see Note 17 Property, plant and equipment for more information. \u2022 Long\u2011term operating margin consistent with historical performance and expected efficiency improvements. \u2022 A tax discount rate of 9.35%, reflecting the risks specific to the SeaBird CGU. Management considers the assumptions applied to be reasonable and consistent with external market data. A sensitivity analysis has been performed. Management considers that, based on the base case assumptions, headroom exists between the recoverable amount and carrying value of the SeaBird CGU; however, a reasonably possible change in key assumptions could result in an impairment. \u2022 A decrease in day-rates by 5% over the remaining useful life of the vessels would result in an impairment of USD 7.1 million. \u2022 A decrease in utilization rates by 5%-points over the remaining useful life of the vessels would result in an impairment of 6.8 million. \u2022 An increase in the WACC by 2%-points would result in an impairment of USD 1.4 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__92": {
"value": "Note 19 Financial liabilities - Interest-bearing loans and borrowings All figures in USD 000's Interest rate Maturity 2025 2024 Current interest-bearing loans and borrowings USD 75m bank loan facility SOFR + 375bps 2026 - 38,600 USD 75m bank loan facility SOFR + 350bps 2028 19,330 Equipment financing 12.5% 2026 1,630 - Total current interest-bearing loans and 20,960 38,600 borrowings Non-current interest-bearing loans and borrowings USD 75m bank loan facility SOFR + 375bps 2026 - 24,400 USD 75m bank loan facility SOFR + 350bps 2028 44,973 - Total non-current interest-bearing loans and borrowings 44,973 24,400 Total interest-bearing loans and borrowings 65,933 63,000 All figures in USD 000's 2025 2024 Opening book amount as of 1 January 63,000 52,300 Inclusion of Seabird Exploration (Note 10) 11,911 - Proceeds from borrowings 74,202 75,000 Interest charged 5,572 7,481 Repayment of borrowings -83,130 -64,300 Interest paid -5,403 -6,393 Amortization of debt issue cost -219 -1,088 Closing book amount as of 31 December 65,933 63,000 Bank loan facility - USD 75m bank loan facility The Group\u2019s borrowings are secured by first-ranking mortgages over certain tender rigs with an aggregate carrying amount of approximately USD 134 million, together with pledges over shares in subsidiaries holding those assets and assignments over related bank accounts, insurances and material contracts. The Group\u2019s borrowings are subject to financial covenants assessed at both Group level and at the level of Energy Drilling. These covenants primarily relate to minimum asset coverage ratios, minimum equity levels and debt service coverage ratios. As at 31 December 2025, both the Group and Energy Drilling were in compliance with all financial covenants applicable to the Group\u2019s borrowings. The Group\u2019s borrowings are also subject to certain non-financial covenants, with which the Group was in compliance as at 31 December 2025. After the reporting period, the parties to the USD 75 million bank loan facility agreed, among other things, to amend the amortisation profile of the loan. As a result, the scheduled annual amortisation was reduced from approximately USD 19.8 million to approximately USD 8.1 million. Please see Note 33 Subsequent events for more information. Other loan facility Seabird Exploration has one loan facility of USD 1.6 million that relates to equipment provided in the conversion of the \u201cFulmar Explorer\u201d. The loan is contractually repayable on demand by the lender and has therefore been classified as current liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__91": {
"value": "Note 19 Financial liabilities - Interest-bearing loans and borrowings All figures in USD 000's Interest rate Maturity 2025 2024 Current interest-bearing loans and borrowings USD 75m bank loan facility SOFR + 375bps 2026 - 38,600 USD 75m bank loan facility SOFR + 350bps 2028 19,330 Equipment financing 12.5% 2026 1,630 - Total current interest-bearing loans and 20,960 38,600 borrowings Non-current interest-bearing loans and borrowings USD 75m bank loan facility SOFR + 375bps 2026 - 24,400 USD 75m bank loan facility SOFR + 350bps 2028 44,973 - Total non-current interest-bearing loans and borrowings 44,973 24,400 Total interest-bearing loans and borrowings 65,933 63,000 All figures in USD 000's 2025 2024 Opening book amount as of 1 January 63,000 52,300 Inclusion of Seabird Exploration (Note 10) 11,911 - Proceeds from borrowings 74,202 75,000 Interest charged 5,572 7,481 Repayment of borrowings -83,130 -64,300 Interest paid -5,403 -6,393 Amortization of debt issue cost -219 -1,088 Closing book amount as of 31 December 65,933 63,000 Bank loan facility - USD 75m bank loan facility The Group\u2019s borrowings are secured by first-ranking mortgages over certain tender rigs with an aggregate carrying amount of approximately USD 134 million, together with pledges over shares in subsidiaries holding those assets and assignments over related bank accounts, insurances and material contracts. The Group\u2019s borrowings are subject to financial covenants assessed at both Group level and at the level of Energy Drilling. These covenants primarily relate to minimum asset coverage ratios, minimum equity levels and debt service coverage ratios. As at 31 December 2025, both the Group and Energy Drilling were in compliance with all financial covenants applicable to the Group\u2019s borrowings. The Group\u2019s borrowings are also subject to certain non-financial covenants, with which the Group was in compliance as at 31 December 2025. After the reporting period, the parties to the USD 75 million bank loan facility agreed, among other things, to amend the amortisation profile of the loan. As a result, the scheduled annual amortisation was reduced from approximately USD 19.8 million to approximately USD 8.1 million. Please see Note 33 Subsequent events for more information. Other loan facility Seabird Exploration has one loan facility of USD 1.6 million that relates to equipment provided in the conversion of the \u201cFulmar Explorer\u201d. The loan is contractually repayable on demand by the lender and has therefore been classified as current liability.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__93": {
"value": "Note 20 Inventories All figures in USD 000's 2025 2024 Marine gas oil 213 - Lube oil 322 - Spare parts 25,275 23,384 Total inventories 25,810 23,384 During 2025, the company recognized USD 0.2 million as an expense in cost of sales on marine gas oil and lube oil each (2024: USD 1.6 million on marine gas oil and USD 0.4 million in lube oil). The cost of spare parts recognised as expenses amounted to USD 6.9 million in 2025 (2024: USD 7.6 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__95": {
"value": "Note 21 Trade receivables All figures in USD 000's 2025 2024 Trade receivables gross 30,423 17,561 Less allowance for expected credit losses - - Trade receivables 30,423 17,561 Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. The Group applies the simplified approach to measuring expected credit losses. Based on the assessment performed, no material expected credit losses were identified and accordingly, no allowance has been recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__94": {
"value": "Note 21 Trade receivables All figures in USD 000's 2025 2024 Trade receivables gross 30,423 17,561 Less allowance for expected credit losses - - Trade receivables 30,423 17,561 Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days. The Group applies the simplified approach to measuring expected credit losses. Based on the assessment performed, no material expected credit losses were identified and accordingly, no allowance has been recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__97": {
"value": "Note 22 Other current assets All figures in USD 000's 2025 2024 Prepaid expenses 6,116 6,987 Other current assets 18,119 11,060 Total other current assets 24,235 18,047 The other current assets include an amount of US$14.2m (2024: US$10.6m) which represents accrued lease income and an amount of USD 2.6 million (2024: USD nil) which represents a receivable insurance claim.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__96": {
"value": "Note 22 Other current assets All figures in USD 000's 2025 2024 Prepaid expenses 6,116 6,987 Other current assets 18,119 11,060 Total other current assets 24,235 18,047 The other current assets include an amount of US$14.2m (2024: US$10.6m) which represents accrued lease income and an amount of USD 2.6 million (2024: USD nil) which represents a receivable insurance claim.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__99": {
"value": "Note 23 Cash and bank balances The restricted cash is mainly related to cash deposits to support issuance of performance bonds, bid-bonds and other bank guarantees required in the ordinary course of business as well as DSRA (Debt Service Reserve Account) and retention funds related to the Bank loan. Restricted cash is not available for general use and therefore is excluded from cash and cash equivalents for the purposes of the statement of cash flows. All figures in USD 000's 2025 2024 Restricted cash 14,206 13,509 Cash and cash equivalents 21,036 18,358 Cash and bank balances 35,242 31,867",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__98": {
"value": "Note 23 Cash and bank balances The restricted cash is mainly related to cash deposits to support issuance of performance bonds, bid-bonds and other bank guarantees required in the ordinary course of business as well as DSRA (Debt Service Reserve Account) and retention funds related to the Bank loan. Restricted cash is not available for general use and therefore is excluded from cash and cash equivalents for the purposes of the statement of cash flows. All figures in USD 000's 2025 2024 Restricted cash 14,206 13,509 Cash and cash equivalents 21,036 18,358 Cash and bank balances 35,242 31,867",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__100": {
"value": "Note 25 Dividends and distributions No dividend was distributed for the year ended 31 December 2025 (2024: USD nil). Completed capital distributions All figures in USD 000's 2025 2024 Capital distributions completed during the year 40,000 - Total 40,000 - In 2025, the Group completed a cash distribution to its shareholders in the form of repayment of paid in capital. To facilitate this the Group reduced its share premium by USD 1.2 million for the purpose of writing down losses. On 3 October 2025 the parent Company completed a USD 40.0 million repayment of paid in capital. On 26 November 2025, the Board of Directors proposed a USD 20 million repayment of paid-in capital. This was approved at an extraordinary general meeting on 29 December 2025. Final court approval was obtained in 2026, and the distribution was paid in February 2026. On 24 February 2026, the Board of Directors proposed a USD 22.5 million repayment of paid-in capital. This was approved at an extraordinary general meeting on 23 March 2026 and is expected to be paid in May 2026. Please see Note 33 Subsequent events for more information on shareholder distribution.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__101": {
"value": "Note 26 Contract liabilities Contract liabilities represent the Group\u2019s obligation to transfer services to customers for which consideration has been received in advance. These amounts are recognised as revenue over the term of the related contracts as the underlying services are performed, in accordance with the applicable accounting standards. All figures in USD 000's 2025 2024 Current contract liability 10,575 5,982 Non-current contract liability 4,600 7,059 Total contract liability 15,175 13,041 Revenue of USD 6.7 million (2024: USD 3.8 million) was recognized during the year from amounts included in contract liabilities at the beginning of the period. Contract liabilities increased from USD 13.0 million to USD 15.2 million during the year, primarily reflecting USD 8.8 million consideration received in advance in respect of mobilization services, partially offset by revenue recognized over the term of the related contracts as the underlying services were performed. Amounts received in advance in respect of mobilisation are deferred and recognised as revenue over the term of the related contracts, reflecting the pattern of delivery of the underlying lease services. Non-current contract liabilities are expected to be recognized as revenue over periods exceeding 12 months.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__102": {
"value": "Note 27 Other non-current liabilities All figures in USD 000's 2025 2024 Provisions for employee severance benefits 2,069 1,604 Total other non-current liabilities 2,069 1,604 Other long-term liabilities include provisions for employee severance benefits in accordance with local labour laws. The obligation is measured based on employees\u2019 length of service and current salary levels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__104": {
"value": "Note 28 Trade and other payables All figures in USD 000's 2025 2024 Trade payables 5,544 14,236 Accrued costs 29,400 19,410 Payroll related liabilities 3,070 1,809 VAT and other payables 3,060 8,648 Total trade and other payables 41,074 44,103 Accrued costs primarily relate to operational expenses incurred but not yet invoiced at the reporting date. Additionally, accrued costs include an amount of USD 3.4 million (2024: USD 7.7 million) which relates to withholding taxes arising from operations in foreign jurisdictions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__103": {
"value": "Note 28 Trade and other payables All figures in USD 000's 2025 2024 Trade payables 5,544 14,236 Accrued costs 29,400 19,410 Payroll related liabilities 3,070 1,809 VAT and other payables 3,060 8,648 Total trade and other payables 41,074 44,103 Accrued costs primarily relate to operational expenses incurred but not yet invoiced at the reporting date. Additionally, accrued costs include an amount of USD 3.4 million (2024: USD 7.7 million) which relates to withholding taxes arising from operations in foreign jurisdictions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__105": {
"value": "Note 29 Lease liabilities All figures in USD 000's 2025 2024 Non-current lease liabilities 4,620 185 Current lease liabilities 10,766 1,050 Total lease liabilities 15,386 1,235 All figures in USD 000's 2025 2024 Opening book amount as of 1 January 1,235 95 New commitments 14,641 9,591 Interest expense on lease 3,870 932 Repayment of lease -4,360 -9,383 Closing book amount as of 31 December 15,386 1,235 Lease liabilities primarily relate to the lease of a drilling rig utilised in the Group\u2019s offshore drilling operations, as described in the right-of-use assets Note 17 Property, plant and equipment.",
"dimensions": {
"concept": "SED:DisclosureOfLeaseLiabilities",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__107": {
"value": "Note 30 Commitments and contingencies During 2020 the Group sold its shares in Osprey Navigation Co. Inc. Operating activities in this company ceased in 2020 with the sale of Osprey Explorer for demolition. The sale of the shares resulted to a gain on disposal of USD 3.0 million as an old balance sheet item previously recorded as a tax liability in Seabird accounts remained in Osprey Navigation Co. Inc upon the sale and therefore was de-recognized in the Seabird consolidated financial statements. Although unlikely, it cannot be ruled out that the creditor may seek to recover the remaining balance from other Group companies, including the parent company SED Energy Holdings Plc. However, to date there is no indication that this will be the case. In this respect it should also be considered that additional tax exposure may incur related to VAT, currency risk and delayed interest charges, which may increase a future potential liability. The matter is considered a contingent liability. At present, there is no indication that a claim will be pursued. The Group will continue to monitor the situation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__106": {
"value": "Note 30 Commitments and contingencies During 2020 the Group sold its shares in Osprey Navigation Co. Inc. Operating activities in this company ceased in 2020 with the sale of Osprey Explorer for demolition. The sale of the shares resulted to a gain on disposal of USD 3.0 million as an old balance sheet item previously recorded as a tax liability in Seabird accounts remained in Osprey Navigation Co. Inc upon the sale and therefore was de-recognized in the Seabird consolidated financial statements. Although unlikely, it cannot be ruled out that the creditor may seek to recover the remaining balance from other Group companies, including the parent company SED Energy Holdings Plc. However, to date there is no indication that this will be the case. In this respect it should also be considered that additional tax exposure may incur related to VAT, currency risk and delayed interest charges, which may increase a future potential liability. The matter is considered a contingent liability. At present, there is no indication that a claim will be pursued. The Group will continue to monitor the situation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__108": {
"value": "Note 31 Related-party transactions Key management and Board of Directors compensation Key management personnel consisted of Kurt Magne Waldeland (Chief Executive Officer), Sveinung Bergene Alvestad (Chief Financial Officer) and Viggo Pedersen (Chief Investment Officer). The Board of Directors comprises Alf Christian Thorkildsen (Chairman), Kjell Erik Jacobsen, Kurt Magne Waldeland, Marcus Chew Siong Huat, Zhao Beijia, Tan Ching Chin, Pantelakis Evangelou, Savvas Savvides and Lefki Savvidou. All figures in USD 000's 2025 2024 Management salaries and other short-term employee benefits 1,547 1,094 Post-employment benefits 12 - Board remuneration 252 250 Total key management and board compensation 1,811 1,344Loans from related parties No loans were granted within the year nor outstanding as at 31 December 2025 (2024: nil). Loans to related parties The Company has no loans to related parties as at 31 December 2025 (2024: nil). Balances with related parties The Company has no balances with related parties as at 31 December 2025 (2024: nil). Commitments and contingencies to related parties The Group has neither commitments nor contingencies to related parties (2024: nil). Shareholding of key management and Board of Directors Management and the board of directors, as of 31 December 2025 held the following shares on own account: Ordinary % of total Number of Name Title shares shares options* Alf Christian Thorkildsen Chairman - - - Kjell Erik Jacobsen Board Member - - - Kurt Magne Waldeland Board Member / CEO - - 3,951,316 Marcus Chew Siong 0.93% Huat Board Member 6,724,529 5,268,421 Zhao Beijia Board Member - - - Tan Ching Chin Board Member - - - Pantelakis Evangelou Board Member - - - Savvas Savvides Board Member - - - Lefki Savvidou Board Member - - - Sveinung Bergene Alvestad CFO 44,843 0.01% 3,096,820 Viggo Pedersen CIO 443,034 0.06% 3,951,316 *Please see Note 24 Issued capital and reserves for further information of the company's share option program. On 11 March 2025, Mr. Viggo Pedersen, CFO of Energy Drilling, exercised an option to purchase 100,000 shares in Energy Drilling (corresponding to 443,034 shares in Energy Holdings) at a purchase price of USD 1 per share. The shares were held in treasury by Energy Drilling.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__109": {
"value": "Key management and Board of Directors compensation Key management personnel consisted of Kurt Magne Waldeland (Chief Executive Officer), Sveinung Bergene Alvestad (Chief Financial Officer) and Viggo Pedersen (Chief Investment Officer). The Board of Directors comprises Alf Christian Thorkildsen (Chairman), Kjell Erik Jacobsen, Kurt Magne Waldeland, Marcus Chew Siong Huat, Zhao Beijia, Tan Ching Chin, Pantelakis Evangelou, Savvas Savvides and Lefki Savvidou. All figures in USD 000's 2025 2024 Management salaries and other short-term employee benefits 1,547 1,094 Post-employment benefits 12 - Board remuneration 252 250 Total key management and board compensation 1,811 1,344",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s6__6__110": {
"value": "Note 32 Financial instruments Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has the following types of financial assets that are subject to the expected credit loss model: \u2022 trade receivables \u2022 cash and cash equivalents and restricted bank balances Trade receivables generally have payment terms of approximately 30 days. The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit loss (ECL). Other financial assets are assessed under the IFRS 9 general ECL model. The expected credit losses on trade receivables are estimated by carrying out an individual assessment on each outstanding balance. Management takes into account the counterparty's financial position, past default experience, industry knowledge and market reputation. Management also considers macroeconomic factors, such as general economic conditions, factors specific to the oil and seismic industry and an assessment of both the current and the forecast direction of conditions at the reporting date. There has been no change in the estimation techniques or significant assumptions made during the current reporting period. The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. The collection of receivables is closely monitored by management. With regards to cash and cash equivalents, the Group measures its expected credit loss by reference to the banks\u2019 external credit ratings and relevant published default and loss rates The Group monitors changes in external credit ratings and default rates and compares these to credit risk at initial recognition. Cash held at banks with investment grade are assessed as low credit risk and belong to Stage 1. As the Group\u2019s deposits are held in banks with high credit quality ratings with investment grade, the probability of default is low, and the expected credit loss is minimal. Thus, no loss has been recognized in the consolidated financial statements. Group\u2019s maximum exposure to credit risk: All figures in USD 000's Note 2025 2024 Trade receivables and other current 21, 22 54,658 35,608 assets Restricted cash 23 14,206 13,509 Cash and cash equivalents 23 21,036 18,358 Total 89,900 67,475 The ageing of trade receivables at the reporting date was: All figures in USD 000's Total Not past due 7,514 Past due 0-30 days 10,047 Total trade receivable as of 31 December 2024 17,561 Not past due 12,295 Past due 0-30 days 18,128 Total trade receivable as of 31 December 2025 30,423 The Group has recognized a loss allowance of 100% against all receivables over 120 days past due because historical experience has indicated that the receivables are generally not recoverable. As described in Note 3 Risk factors and financial risk management, the Company\u2019s concentration of credit risk is due to the narrow customer base within the oil & gas industry and the fact that the market participants face common risks connected to the industry\u2019s general economic conditions. The Group assesses the exposure to credit risk arising from cash at bank. This assessment takes into account, ratings from external credit rating institutions. Bank deposit held with banks with investment grade rating are considered as low credit risk. The gross carrying amount represents the Group\u2019s maximum exposure to credit risk on these assets. All figures in USD 000's Ratings* 2025 2024 Bank 1 A+ 29,625 17,893 Bank 2 A+ 3,111 9,460 Bank 3 Aa3* 1,481 - Bank 4 BBB 562 1,498 Bank 5 AA- 73 3,016 Bank 6 Baa2* 26 - Bank 7 BBB 364 - Total 35,242 31,867 *) Moodys and S&PLiquidity Risk Ultimate responsibility for risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the group\u2019s short-, medium- and long-term funding and liquidity requirements. The group manages liquidity risk by maintaining sufficient cash and cash equivalents, seeking the availability of equity funding and debt funding, and by continuously monitoring forecast and actual cash flows. The tables below summarize the maturity profile of the Group\u2019s financial liabilities at year end on contractual undiscounted payments. The tables have been drawn based on the earliest date on which the Group can be required to pay. The tables include both interest and principal cash flows. Floating interest rates are applied on the interest-bearing borrowings (refer to Note 19 Financial liabilities - Interest-bearing loans and borrowings). Less Than 1 to 5 All figures in USD 000's Total 12 Years Months Interest-bearing borrowings 38,600 24,400 63,000 Lease liabilities 1,050 185 1,235 Contract liabilities 5,982 7,059 13,041 Trade payables 14,236 - 14,236 Other payables and liabilities 30,068 1,604 31,672 Total financial liabilities as of 31 December 89,936 33,248 123,184 2024 Interest-bearing borrowings 20,960 44,973 65,932 Lease liabilities 10,766 4,620 15,387 Contract liabilities 10,575 4,600 15,175 Trade payables 5,544 - 5,544 Other payables and liabilities 36,918 2,069 38,987 Total financial liabilities as of 31 December 84,763 56,262 141,025 2025 Interest-bearing borrowings includes the interest for the respective periods. Currency risk As described in Note 3 Risk factors and financial risk management, the Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The Group is mainly exposed to foreign exchange fluctuations relating to the Singapore dollar (SGD) and the Thai baht (THB). The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities at the reporting date are presented in the tables below. All figures in USD 000's Total SGD THB Assets 3,121 1,510 1,611 Liabilities 12,170 2,923 9,247 Net position as of 31 December 2024 -9,049 -1,413 -7,636 Sensitivity 10% -905 -141 -764 All figures in USD 000's Total SGD THB Other Assets 2,371 1,255 610 506 Liabilities 3,298 165 2,741 392 Net position as of 31 December 2025 -928 1,090 -2,131 113 Sensitivity 10% -93 109 -213 11 The table also details the Group's sensitivity to a 10% decrease in US dollar against the relevant foreign currencies. A positive number below indicates an increase in profit. For a 10% weakening of US dollar against the relevant currency, there would be an opposite negative impact on the profit. Exchange rates applied during the year: Average rate Year end USD per : 2025 2024 2025 2024 SGD 1.3100 1.3400 1.3000 1.3400 THB 33.1100 35.3700 32.3900 34.4300 EUR 1.1275 1.0824 1.1750 1.0389 GBP 1.3163 1.2788 1.3466 1.2529 NOK 0.0962 0.0931 0.0992 0.0881Interest rate risk As described in Note 3 Risk factors and financial risk management, the Group's exposure to the risk of changes in interest rates relates primarily to the Group's borrowings. Please refer to Note 19 Financial liabilities - Interest-bearing loans and borrowings. Cash and cash equivalents and restricted cash of USD 35.2 million as at 31 December 2025 (2024: USD 31.9 million) are interest bearing assets with variable rates.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s6__6__115": {
"value": "Note 33 Subsequent events On 26 November 2025, the Board of Directors proposed a USD 20.0 million repayment of paid-in capital. This was approved at an extraordinary general meeting on 29 December 2025. Final court approval was obtained in 2026, and the distribution was paid in February 2026. In February 2026, the Company announced amendments to its existing debt facility, significantly reducing annual mandatory repayments. The amendment followed the successful integration of Energy Drilling and SeaBird Exploration and reflects improved scale, cash flow visibility and financial flexibility. On 2 February 2026, the Company announced that its wholly owned subsidiary, SeaBird Exploration, had signed a contract extension for the vessel Eagle Explorer, extending firm commitments into mid-May 2026 on unchanged commercial terms. On 23 February 2026, the Company announced that SeaBird Exploration had signed a contract extension for the vessel Fulmar Explorer, extending firm commitments into mid-June 2026 on unchanged commercial terms. On 24 February 2026, the Company announced its results for the fourth quarter and full year 2025 and that the Board of Directors had proposed a cash distribution of USD 22.5 million to shareholders for the fourth quarter of 2025. The proposed distribution is to be effected as a return of paid-in capital, subject to shareholder approval at an Extraordinary General Meeting. On 10 March 2026, the Company issued 5,268,415 new shares following the exercise of options under its share option programme. Following the transaction, SED Energy Holdings Plc\u2019s issued share capital increased to USD 138,938,063.73 (divided into 623,152,967 ordinary shares of USD 0.19 par value totaling USD 118,399,063.73 and 108,100,000 Class B shares of USD 0.19 par value totaling USD 20,539,000.00) and the share premium increased from USD 214,267,425.44 to 216,480,922.00 following the transaction (whereas ordinary shares have a share premium of USD 179,811,123.53 and B-shares of USD 36,669,798.46). On 23 March 2026 an Extraordinary General Meeting (EGM) was held, at which the shareholders approved a reduction of the Company\u2019s share premium. This included (i) a reduction of USD 337,840 to write off accumulated losses and (ii) a further reduction of USD 22.5 million to be distributed to shareholders. The distribution is expected to be paid in May 2026. ",
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"entity": "scheme:213800ED88L967PGFK25",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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}
}