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"value": "Notes to the Consolidated Financial Statements 86 Subsea 7 S.A. \u2022 Annual Report 2022 1. General information Subsea 7 S.A. is a company registered in Luxembourg whose common shares trade on the Oslo B\u00f8rs and as American Depositary Receipts (ADRs) over-the-counter in the US. The address of the registered office is 412F, route d\u2019Esch, L-1471 Luxembourg. Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. The Group consists of Subsea 7 S.A. and its subsidiaries at 31 December 2022. The Group provides products and services required for subsea field development, including project management, design and engineering, procurement, fabrication, survey, installation and commissioning of production facilities on the seabed and the tie-back of these facilities to fixed or floating platforms or to the shore. The Group offers a full spectrum of products and capabilities including remotely operated vehicles and tooling services to support exploration and production activities and to deliver full life-of-field services to its clients. Through its Renewables business unit, the Group offers expertise in the fixed offshore wind market, including the procurement and installation of offshore wind turbine foundations and inner-array cables as well as heavy lifting operations for renewables structures and heavy transportation services. The Group\u2019s interest in Nautilus Floating Solutions enhances its presence in the floating wind market, supporting research and development initiatives and technology prototypes. The Group provides engineering and advisory services to clients in the oil and gas, renewables and utilities industries through its wholly-owned autonomous subsidiaries Xodus and 4Subsea. Authorisation of Consolidated Financial Statements Under Luxembourg law, the Consolidated Financial Statements are approved by the shareholders at the Annual General Meeting. The Consolidated Financial Statements were authorised for issue by the Board of Directors on 1 March 2023. Presentation of Consolidated Financial Statements The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The Consolidated Financial Statements comply with Article 4 of the EU IAS Regulation. Amounts in the Consolidated Financial Statements are stated in US Dollars ($), the currency of the primary economic environment in which the Group operates. Group entities whose functional currency is not the US Dollar are consolidated in accordance with the policies set out in Note 3 \u2018Significant accounting policies\u2019. The Consolidated Financial Statements have been prepared on the historical cost basis except for the revaluation of certain financial instruments and balances required to be measured at fair value. The principal accounting policies adopted are consistent with the Consolidated Financial Statements for the year ended 31 December 2021, except where noted in Note 2 \u2018Adoption of new accounting standards\u2019. During 2022, the Group identified adjustments to provisional amounts recognised in relation to business combinations entered into during 2021. The adjustments were identified during the relevant measurement periods and related to facts and circumstances which existed at the date of acquisition; as a result, 2021 comparative information has been revised as if the accounting had been completed at the acquisition dates. Going concern The Consolidated Financial Statements have been prepared on the going concern basis. Management continues to monitor the potential operational, market and financial impacts to the Group of the Covid-19 pandemic, and implement mitigating measures where appropriate. Management has concluded that there are no significant doubts over the application of the going concern assumption and no disclosable material uncertainties which cast doubt upon the Group\u2019s ability to continue as a going concern. During 2022, the Group incurred net Covid-19 costs of approximately $24.8 million (2021: $27.0 million) related to factors such as additional vessel crew change-over times and costs and additional operational costs as a result of supply chain and travel restrictions. Management will continue to work with its clients and suppliers to mitigate the impacts of Covid-19 on operations. The Group retained a strong cash position with cash and cash equivalents of $645.6 million at 31 December 2022. Total borrowings at 31 December 2022 were $356.0 million, in relation to the Group\u2019s South Korean Export Credit Agency and UK Export Finance facilities. The Group\u2019s $700.0 million multi-currency revolving credit and guarantee facility remained unutilised. The Group ended the year with backlog of $9.0 billion, an increase of $1.8 billion compared to 31 December 2021, reflecting improving market conditions. Management considers that the Group will generate sufficient cash flow and have access to adequate liquidity to support the assumption that the Group will continue as a going concern. Management has performed stress tests of future cash flow forecasts to evaluate the impact of severe but plausible downside scenarios. These include scenarios which reflect extended periods of low energy prices and potential operational-related issues which could adversely impact the Group. Management has also performed reverse stress testing through modelling of reasonable worst-case scenarios. In all scenarios management identified no forecast breaches of banking covenants and demonstrated sufficient liquidity for the Group. Measurement and disclosure of climate-related matters In order to meet the specific disclosure requirements contained within individual IFRS standards, management has evaluated and provided relevant information to permit users to assess how material climate-related matters were considered in preparing the Group\u2019s Consolidated Financial Statements. Disclosure is included in the Strategic Report detailing the Group\u2019s assessment of the potential impact of climate change, based on the Task Force on Climate-related Financial Disclosures (TCFD). In addition the Group\u2019s Sustainability Report also provides consistent, comparable and reliable information to investors on climate-related risks and opportunities. The Group\u2019s current assessment of the range of economic and climate-related conditions that could exist in transitioning to a low- carbon economy are reflected in the Group\u2019s Five-year Plan. These considerations may impact certain significant judgements and key estimates, including valuation of assets, value-in-use calculations and potential impairments and impairment reversals. The Group\u2019s current assessment of the range of economic and climate-related conditions that could exist in transitioning to a low- carbon economy are reflected in the Group\u2019s Five-year Plan. These considerations may impact certain significant judgements and key estimates, including valuation of assets, value-in-use calculations and potential impairments and impairment reversals. Subsea 7 S.A. \u2022 Annual Report 2022 87 This also includes the estimation of remaining useful economic life of assets and residual values applicable to key vessels in particular. Estimating future global energy demand and supply is challenging as is the pace of future technological change, customer and competitor behaviour, political developments and government actions that will impact the Group\u2019s operations. Assumptions can change which could impact current projected scenarios. Assumptions, estimates and judgements were made in relation to: \u2022 property, plant and equipment \u2013 useful economic life and residual values of vessels are reviewed annually. No amendments were made to useful life or indicators of impairment identified as a direct result of climate-related matters for the year ended 31 December 2022 (2021: none). It is expected that oil and gas will continue to represent a notable, although declining, component of the energy mix until at least 2050 during the transition to sustainable lower-carbon energy. The Group is in a strong position to utilise its vessels for oil and gas development and adapt vessels, if required, for initiatives such as carbon capture. Typically new build vessels are depreciated over 25 years, but a vessel can continue to be utilised beyond this period with appropriate levels of capital expenditure, including hybridisation. New vessels currently under construction for the Renewables business unit are expected to contribute significantly to the Group\u2019s \u2018Make Possible\u2019 strategy which includes renewables and emerging energies. Future developments, such as the impact of climate-related matters on the economic or legal environment, are considered by management when assessing residual values and indicators of impairment or impairment reversal. Further information is included within the \u2018Impairment of non- financial assets\u2019 accounting policy in Note 3 \u2018Significant accounting policies\u2019. \u2022 cash-generating unit (CGU) impairment modelling and goodwill impairment test \u2013 the Group\u2019s Five-year Plan is utilised to determine present values of future cash flows for each CGU. Significant management judgement is required in the preparation of this plan, with economic conditions impacting assumptions utilised and discount rates. Uncertainty around future climate-related risks continue to be monitored including policy, regulatory, legal, technological, market and societal considerations. The present value of future cash flows is most sensitive to the terminal value assumptions \u2013 management considers these assumptions represent an appropriate balance between the oil and gas-related business and the growing renewables sector within the transition to a lower-carbon economy. Further information is included within Note 13 \u2018Goodwill\u2019. \u2022 fair value measurement \u2013 climate-related assessments were undertaken by management in relation to vessels held for sale in accordance with the criteria of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019. Management concluded that climate-related considerations did not result in any modification to the fair value exercise, taking into consideration the differing potential utilisations of the vessels, the age of the vessels and the expectation of timing towards a lower-carbon future. \u2022 expected credit losses (ECLs) \u2013 physical and transition risks were considered in terms of probability of default and concentration risk. The Group\u2019s modelling of ECLs was unchanged as a result of climate-related matters for the year ended 31 December 2022. Management considers this area to be judgemental and has established governance processes to support future calculations. 2. Adoption of new accounting standards Effective new accounting standards No new International Financial Reporting Standards (IFRS) were adopted by the Group for the financial year beginning 1 January 2022. Several amendments to IFRS were applied for the first time in 2022 but did not have an impact on the Consolidated Financial Statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. There are no IFRS standards or amendments that have been issued but not yet adopted that are expected to have a material impact on the Group. 3. Significant accounting policies Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of Subsea 7 S.A. (the Company) and entities controlled by the Company (its subsidiaries). Control is assumed to exist where the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control. If the Group loses control over a subsidiary it derecognises related assets, liabilities and non-controlling interests and other components of equity, while any resultant gain or loss is recognised in income or loss. Any investment retained is recognised at fair value. The Group consolidates non-wholly-owned subsidiaries where it can be considered to exercise control over the entity. In some cases this may result in the consolidation of non-wholly-owned subsidiaries in which the Group holds less than 50% of the voting rights when there is no history of the other shareholders exercising their votes to outvote the Group. Subsidiaries Assets, liabilities, income and expenses of a subsidiary are included in the Consolidated Financial Statements from the date the Group obtains control over the subsidiary until the date the Group ceases to control the subsidiary. Changes in the Group\u2019s interest in a subsidiary that do not result in the Group ceasing to control that subsidiary are accounted for as equity transactions. Where necessary, adjustments are made to the financial statements of subsidiaries to align these with the accounting policies of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Note 40 \u2018Wholly-owned subsidiaries\u2019 includes information related to wholly-owned subsidiaries which are included in the Consolidated Financial Statements of the Group. All subsidiaries are wholly-owned (100%) except those listed in Note 27 \u2018Non-controlling interests\u2019. Non-controlling interests comprise equity interests in subsidiaries which are not attributable, directly or indirectly, to the Company. Non-controlling interests in the net assets or liabilities of subsidiaries are identified separately from the equity attributable to shareholders of the parent company. Non- controlling interests consist of the amount of those interests at the date that the Group obtains control over the subsidiary together with the non-controlling shareholders\u2019 share of net income or loss and other comprehensive income or loss since that date 3. Significant accounting policies continued Interests in associates and joint arrangements An associate is an entity over which the Group has significant influence, but not control, and which is neither a subsidiary nor a joint venture. Significant influence is defined as the right to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint arrangement is an arrangement in which two or more parties have joint control. A joint arrangement is classified as either a joint venture or a joint operation depending upon the rights and obligations of the parties to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Interests in associates and joint ventures are accounted for using the equity method. Under this method, the investment is recognised in the Consolidated Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any provisions for impairment. The Consolidated Income Statement reflects the Group\u2019s share of net income or loss of the associate or joint venture. Losses in excess of the Group\u2019s interest (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment) are only recognised to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Where there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share in the Consolidated Statement of Comprehensive Income. Interests in joint operations are accounted for in line with the Group\u2019s proportional interest in the joint operations. As a joint operator the Group recognises its interest in: assets (including its share of any assets held jointly); liabilities (including its share of any liabilities incurred jointly); revenue from the sale of its share of output by the joint operation; and expenses (including its share of any expenses incurred jointly). Foreign currency translation Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which the entity operates. While this is usually the local currency, the US Dollar is designated as the functional currency of certain entities where transactions and cash flows are predominantly in US Dollars. All transactions in non-functional currencies are initially translated into the functional currency of each entity at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in non-functional currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. All resulting exchange rate gains and losses are recognised in the Consolidated Income Statement. Non-monetary items which are measured at historical cost in a non-functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the initial transactions. Non-monetary items which are measured at fair value in a non-functional currency are translated to the functional currency using the exchange rate prevailing at the date when the fair value was determined. Foreign exchange revaluations of short-term intra-group balances denominated in non-functional currencies are recognised in the Consolidated Income Statement. Revaluations of long-term intra-group loans are recognised in the translation reserve in equity. The assets and liabilities of operations which have a non-US Dollar functional currency are translated into the Group\u2019s reporting currency, US Dollar, at the exchange rate prevailing at the balance sheet date. The exchange rate differences arising on the translation are recognised in the translation reserve in equity. Income and expenditure items are translated at the weighted average exchange rates for the year. On disposal of an entity with a non-US Dollar functional currency the cumulative translation adjustment previously recognised in the translation reserve in equity is reclassified to the Consolidated Income Statement. At 31 December 2022, the exchange rates of the main currencies used throughout the Group, compared to the US Dollar, were as follows: GBP 0.828 EUR 0.943 NOK 9.839 BRL 5.203 CNY 6.982 Revenue from contracts with customers The Group applies the IFRS 15 \u2018Revenue from Contracts with Customers\u2019 five-step model whereby revenue is recognised at an amount which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. The Group\u2019s revenue comprises revenue recognised from contracts with customers for the provision of long-term fixed-price contracts, services under charter agreements, day-rate contracts, reimbursable contracts, cost-plus contracts (and similar contracts), each of which are considered to comprise one performance obligation. The following is a description of the principal activities, by operating segment, from which the Group generates revenue as disclosed in the disaggregated revenue analysis (Note 5 \u2018Segment information\u2019). Subsea and Conventional Subsea and Conventional work, which includes Engineering, Procurement, Installation and Commissioning (EPIC) contracts, is generally contracted on a fixed-price basis. The costs and margins realised on such contracts vary dependent on a number of factors which may result in reduced margins or, in some cases, losses. The promised goods and services within each contract are considered to be distinct as a bundle under IFRS 15. Due to the significant integration, customisation and highly interrelated nature of the work performed they form one performance obligation with revenue being recognised over time. During a contract, work is performed for the sole benefit Subsea and Conventional Subsea and Conventional work, which includes Engineering, Procurement, Installation and Commissioning (EPIC) contracts, is generally contracted on a fixed-price basis. The costs and margins realised on such contracts vary dependent on a number of factors which may result in reduced margins or, in some cases, losses. The promised goods and services within each contract are considered to be distinct as a bundle under IFRS 15. Due to the significant integration, customisation and highly interrelated nature of the work performed they form one performance obligation with revenue being recognised over time. During a contract, work is performed for the sole benefit Subsea 7 S.A. \u2022 Annual Report 2022 89 of the client who continually monitors progress. Clients may also participate in the supplier selection processes for procured items. During the offshore phase of a contract, the Group typically executes work related to the installation of the client\u2019s assets. Due to the nature of the work performed the Group would not have an alternative use for the works performed under a contract for a specific client. The transaction price for these types of contracts, where there is an element of variable consideration, which includes variation orders, claims, bonuses and liquidated damages, is based upon the single most likely outcome. Any additional work, such as scope changes or variation orders, as well as other variable consideration, will be included within the total price once the amounts can be reasonably estimated and management has concluded that it is highly probable that recognition will not result in a significant revenue reversal in a future period. For EPIC contracts, revenue is recognised in each period based upon the advancement of the work-in-progress. The input method used to progressively recognise revenue over time is based upon percentage-of-completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method provides a faithful depiction of the transfer of goods and services to the customer. Any significant upfront procurement which is not customised for the specific contract is not included within the actual cost of work performed until such time as the costs incurred are proportionate to the progress in satisfying the performance obligation. Similarly an adjustment to the measurement of progress may be required where significant inefficiencies occur which results in the costs associated with inefficiencies being excluded from the total forecast cost at completion to estimate percentage-of- completion. Typically payment is due from the customer between 30 to 60 days following the issuance of the invoice, although this may be longer depending upon the client or customary payment terms in certain geographies. The contracts have no significant financing component as the period between when the Group transfers promised goods or services to a customer and when the customer pays for those goods or services will be one year or less. In circumstances where the Group has recognised revenue, but not issued an invoice, the conditional entitlement to consideration is recognised as a construction contract asset. The construction contract asset is transferred to trade and other receivables in accordance with the contractual milestone schedule which reflects the unconditional entitlement to payment. The time elapsing before transfer to trade and other receivables may be different between contracts depending upon the contractual terms and conditions. Construction contract liabilities arise when progress billings to date exceed contract revenues recognised. Construction contract asset and liability balances at 31 December 2022 and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019. Assurance type warranty periods commence at the completion of the contractual obligations and typically have a duration of between one to three years. The Group\u2019s Pipelay Support Vessel (PLSV) contracts, offshore Brazil, are also included within Subsea and Conventional. PLSV revenue is based upon an agreed schedule of work applied to a range of daily operating activities pre-agreed with the customer. As such these contracts are considered to be distinct as a pattern and hence one performance obligation under the guidelines within IFRS 15. Each day is distinct with the overall promise being the delivery of a series of days which have the same pattern of transfer to the customer. The transaction price for all PLSV contracts is determined by the expected value approach being the number of days multiplied by the expected day-rate. This method of revenue recognition for PLSV contracts provides a faithful depiction of the transfer of goods and services. Typically the value of work completed in any one month corresponds directly with the Group\u2019s right to payment. Payment is due from the client approximately 60 days following invoice date. These contracts have no significant financing component. Unbilled revenue related to work completed for the customer, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Certain Brazilian contracts contain escalation clauses which allow for inflationary adjustments on an annual basis to both revenue and costs denominated in Brazilian Real. These are recognised as variable consideration, and will be included within the total price once the amounts can be reasonably estimated and management has concluded that it is highly probable that recognition will not result in a significant revenue reversal in a future period. Front-end engineering studies (FEED) undertaken by the Group are also included within this category of revenue principally on a day- rate basis. Revenue recognition for day-rate contracts is described in the paragraph below. The Group provides Remotely Operated Vehicles (ROVs), survey and inspection, drill-rig support and related solutions on a day-rate basis. Projects are contracted on the basis of an agreed schedule of rates applied to a range of daily operating activities. These contracts are considered to be distinct as a pattern and hence one performance obligation under the guidelines within IFRS 15. Each day is distinct with the overall promise being the delivery of a series of days that have the same pattern of transfer to the customer. The transaction price for all day-rate contracts is determined by the expected value approach, being the number of days multiplied by the expected day-rate. This method of revenue recognition for day-rate contracts provides a faithful depiction of the transfer of goods and services. Typically the value of work completed in any one month corresponds directly with Subsea7\u2019s right to payment. Payment is due from the client approximately 30-45 days following the invoice date. These contracts have no significant financing component. Unbilled revenue related to work completed, which has not been billed to clients, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Customers, in certain circumstances, may request the commissioning of bespoke tooling. Revenue in relation to bespoke tooling, which is not significant in relation to the Group\u2019s overall revenue, is considered distinct in its own right. Dependent on the individual contract with the customer, revenue from the sale of this bespoke tooling may be recognised over time or at a point in time when control of the asset is transferred to the customer, generally on delivery. Renewables Renewables contracts which include the construction and installation of fixed offshore wind turbine foundations and inner-array cables, heavy lifting operations, decommissioning and heavy transportation are generally contracted on a fixed-price basis. Similar to EPIC contracts, the promised goods and services within Renewables contracts are considered to be distinct as a bundle and hence one performance obligation with revenue being recognised over time. Although the promises within the contract are capable of being distinct, management has concluded that they are not due to the significant integration, customisation and highly interrelated nature of each contract. The contract work performed is for the sole benefit of the customer who continually monitors progress and the Group would not have an alternative use for work performed under a specific contract. Clients may also participate in the supplier selection processes for procured items. The transaction price for these types of contracts, where there is an element of variable consideration, is based upon the single most likely outcome. 3. Significant accounting policies continued Any additional work, such as scope changes or variation orders, as well as other variable consideration will be included within the total price once the amounts can be reasonably estimated and management has concluded that this will not result in a significant revenue reversal in a future period. For Renewables contracts the input method used to progressively recognise revenue over time is based upon percentage-of- completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method provides a faithful depiction of the transfer of the goods and services to the customer. Any significant upfront procurement which is not customised for the particular contract is not included within the actual cost of work performed at each period end. An adjustment to the measure of progress may be required where significant inefficiencies occur which were not reflected in the price of the contract. Payment is due from the client approximately 30-45 days following the issuance of the invoice, although this may be longer depending upon the client or customary payment terms in certain geographies. These contracts have no significant financing component as the period between when the Group transfers the promised goods or services to the customer and when the customer pays for those goods or services will be one year or less. In circumstances where the Group has recognised revenue, but not issued an invoice, the entitlement to consideration is recognised as a construction contract asset. The construction contract asset is transferred to trade and other receivables in accordance with the contractual milestone schedule which reflects the unconditional entitlement to payment. The time elapsing before transfer to trade and other receivables may be different between contracts depending upon the contractual terms and conditions. Construction contract liabilities arise when progress billings exceed contract revenues. Assurance type warranty periods commence at the completion of the contractual obligations. Construction contract asset and liability balances at 31 December 2022 and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019. The Group operates a fleet of vessels which provide heavy transportation services mainly related to the offshore energy sector, with a focus on the fixed offshore wind market. Under these contracts the Group\u2019s vessels transport a specific agreed-upon cargo for a single voyage. The Group treats these as voyage charter contracts, and applies the input method to progressively recognise revenue over time based upon percentage-of-completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method provides a faithful depiction of the transfer of the goods and services to the customer. The Group generally has standard payment terms of approximately 10% freight paid on signing of contract, 40% on loading and 50% on discharge. These contracts have no significant financing component as the period between when the Group transfers the promised goods or services to the customer and when the customer pays for those goods or services will be one year or less. Voyage charter contracts consist of a single performance obligation of transporting cargo within a specified period. The voyage charters generally have variable consideration in the form of demurrage, which is recognised over the period in which the performance obligations are met under the contract. Demurrage is estimated at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. Corporate Revenue within the Group\u2019s Corporate segment, which is not material to the Group, relates to activities in its autonomous subsidiaries, Xodus and 4Subsea, and its non-wholly-owned subsidiary, Nautilus Floating Solutions. Contracts with customers in these subsidiaries are contracted on either a fixed-price or day-rate basis. Revenue related to these contracts is recognised using the method described previously for similar contracts within the Subsea and Conventional business unit. Payment is due from the client approximately 30-60 days following the issuance of the invoice. These contracts have no significant financing component as the period between when the Group transfers the promised goods or services to the customer and when the customer pays for those goods or services will be one year or less. Construction contract asset and liability balances related to fixed-price contracts at 31 December 2022 and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019. Unbilled revenue-related work completed on day-rate contracts, which has not been billed to clients, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Advances received from customers For certain contracts the Group may receive short-term advances from customers which are presented as deferred revenue within the Consolidated Balance Sheet. Advances received from customers include amounts received before the work is performed on day-rate and fixed-price contracts. The consideration is not adjusted for the effects of a financing component where the Group expects, at contract inception, that the period between when the customer pays for the service and when the Group transfers that promised service to the customer will be 12 months or less. Principal versus agent For certain projects the Group provides procurement services and assumes responsibility for the logistics and handling of procured items. Management\u2019s assessment of whether a principal or agent relationship exists is based upon whether the Group has the ability to control the goods before they are transferred to the customer. This assessment is performed on a contract-by-contract basis at contract inception. Variable consideration Variable consideration is constrained at contract inception to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Warranty obligations The Group provides warranties for the repair of defects which are identified during the contract and within a defined period thereafter. All are assurance-type warranties, as defined within IFRS 15, which the Group recognises under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. The Group does not have any contractual obligations for service-type warranties. Borrowing costs Borrowing costs attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. These amounts are calculated using the effective interest rate related to the period of the expenditure. All other borrowing costs are recognised in the Consolidated Income Statement in the period in which they are incurred. Variable consideration Variable consideration is constrained at contract inception to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Warranty obligations The Group provides warranties for the repair of defects which are identified during the contract and within a defined period thereafter. All are assurance-type warranties, as defined within IFRS 15, which the Group recognises under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. The Group does not have any contractual obligations for service-type warranties. Borrowing costs Borrowing costs attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. These amounts are calculated using the effective interest rate related to the period of the expenditure. All other borrowing costs are recognised in the Consolidated Income Statement in the period in which they are incurred. Subsea 7 S.A. \u2022 Annual Report 2022 91 Finance costs Finance costs or charges, including premiums on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Retirement benefit costs The Group administers several defined contribution pension plans. Obligations in respect of such plans are charged to the Consolidated Income Statement as they fall due. In addition, the Group administers a small number of defined benefit pension plans. The cost of providing benefits under the defined benefit plans is determined separately for each plan using the projected unit credit actuarial valuation method. Remeasurements, comprising actuarial gains and losses and the return on plan assets (excluding net interest), are recognised immediately through the Consolidated Statement of Comprehensive Income in the period in which they occur with a corresponding adjustment in the Consolidated Balance Sheet. Remeasurements are not reclassified to the Consolidated Income Statement in subsequent periods. Past service costs are recognised in the Consolidated Income Statement on the earlier of the date of the plan amendment or curtailment, and the date that the Group recognises restructuring-related costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises portions of the service cost (comprising current and past service costs) gains and losses on curtailments, non-routine settlements and net interest expense or income in the net defined benefit obligation under both operating expenses and administrative expenses in the Consolidated Income Statement. The Group is also committed to providing lump-sum retirement bonuses to employees upon retirement in certain countries. These retirement bonuses are unfunded, and are recorded in the Consolidated Balance Sheet at their actuarial valuation. A defined benefit pension plan is considered settled once all future legal or constructive obligations for part or all of the benefits provided are eliminated. Upon settlement the defined benefit asset/liability is remeasured using the current fair value of the plan assets and current actuarial assumptions. Any difference between the current defined benefit asset/liability and the fair value will be recognised as a gain or loss and released from other reserves to retained earnings. Taxation Taxation expense or income recorded in the Consolidated Income Statement or Consolidated Statement of Other Comprehensive Income represents the sum of the current tax and deferred tax charge or credit for the year. Current tax Current tax is based on the taxable income for the year, together with any adjustments to tax payable in respect of prior years. Taxable income differs from income before taxes as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other periods and further excludes items that are never taxable or deductible. The tax laws and rates used to compute the Group\u2019s current tax liabilities are those that are enacted or substantively enacted at the balance sheet date. In accordance with IFRIC 23, a liability is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The liabilities are measured at the most likely amount expected to become payable. The assessment is based on the judgement of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Current tax assets or liabilities are representative of taxes being owed by, or owing to, local tax authorities, and include the impact of any provisions required for uncertain tax treatments. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the Consolidated Balance Sheet and the corresponding tax bases used in the computation of taxable income, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Such assets or liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets or liabilities in a transaction (other than in a business combination) that does not affect either the taxable income or the accounting income before taxes. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in associates and joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets are only recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Deferred tax assets are derecognised or reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are substantively enacted and expected to apply in the period when the asset is realised or the liability is settled. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited directly in the Consolidated Statement of Comprehensive Income in which case the deferred tax is also recognised within the Consolidated Statement of Comprehensive Income. Deferred 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 income tax assets and liabilities on a net basis . 3. Significant accounting policies continued Significant tax estimates and judgements In accordance with IFRIC 23, a provision for an uncertain tax treatment is made where the ultimate outcome of a particular tax matter is uncertain. In calculating tax assets and liabilities, the Group assesses the probability of treatment being accepted and, where this is not probable and a reasonable estimate can be made, the Group recognises a provision for the adjustment it considers probable to be required. Dry-dock, mobilisation and decommissioning expenditure Dry-dock expenditure incurred to maintain a vessel\u2019s classification is capitalised in the Consolidated Balance Sheet as a distinct component of the asset and amortised over the period until the next scheduled dry-docking (usually between two-and-a-half years and five years). At the date of the next dry-docking, the previous dry-dock asset and accumulated amortisation is derecognised. All other repair and maintenance costs are recognised in the Consolidated Income Statement as incurred. A provision is recognised for decommissioning expenditures required to restore a leased vessel to its original or agreed condition, together with a corresponding amount capitalised, when the Group recognises it has a present obligation and a reliable estimate can be made of the amount of the obligation. Business combinations and goodwill Business combinations Acquisitions of subsidiaries and businesses, including business combinations completed in stages, are accounted for using the acquisition method. The consideration for each acquisition is measured as the aggregate of the fair values (at the acquisition date) of cash and other assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Where an acquisition qualifies as a business combination completed in stages, consideration includes the fair value of the Group\u2019s equity interest prior to the combination. Any gain or loss associated with the remeasurement of the equity interest to fair value is recognised as a remeasurement gain or loss in the Consolidated Income Statement. Acquisition-related costs are recognised in the Consolidated Income Statement as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition date fair value. Subsequent changes in such fair values are recognised as an adjustment to the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with the relevant IFRS. Changes in the fair value of contingent consideration classified as equity are not recognised. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u2018Business Combinations\u2019 are recognised at fair value on the acquisition date, except that: \u2022 deferred tax assets or liabilities are recognised and measured in accordance with IAS 12 \u2018Income Taxes\u2019; \u2022 liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 19 \u2018Employee Benefits\u2019; \u2022 lease liabilities for which the Group is lessee are measured as if the lease contract were a new lease in accordance with IFRS 16 \u2018Leases\u2019; \u2022 liabilities or equity instruments related to the replacement by the Group of an acquiree\u2019s share-based payment awards are measured in accordance with IFRS 2 \u2018Share-based Payments\u2019; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019 are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete, to the extent that the amounts can be reliably calculated. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained regarding facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information regarding facts and circumstances that existed as of the acquisition date and is subject to a maximum period of one year. Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired by the Group (the acquisition date). Goodwill is measured as the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the entity less the net fair value of the identifiable assets acquired and the liabilities assumed at the acquisition date. If the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognised immediately in the Consolidated Income Statement. Goodwill is reviewed for impairment at least annually. Intangible assets other than goodwill Overview Intangible assets acquired separately are measured at cost at the date of initial acquisition. Following initial recognition, intangible assets are measured at cost less amortisation and impairment charges. Intangible assets acquired as part of a business combination are measured at fair value at the date of acquisition. Following initial recognition, intangible assets acquired as part of a business combination are measured at acquisition date fair value less amortisation and impairment charges. Internally generated intangible assets are not capitalised, with the exception of development expenditure which meets the criteria for capitalisation specified in IAS 38 \u2018Intangible Assets\u2019. Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired by the Group (the acquisition date). Goodwill is measured as the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the entity less the net fair value of the identifiable assets acquired and the liabilities assumed at the acquisition date. If the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognised immediately in the Consolidated Income Statement. Goodwill is reviewed for impairment at least annually. Intangible assets other than goodwill Overview Intangible assets acquired separately are measured at cost at the date of initial acquisition. Following initial recognition, intangible assets are measured at cost less amortisation and impairment charges. Intangible assets acquired as part of a business combination are measured at fair value at the date of acquisition. Following initial recognition, intangible assets acquired as part of a business combination are measured at acquisition date fair value less amortisation and impairment charges. Internally generated intangible assets are not capitalised, with the exception of development expenditure which meets the criteria for capitalisation specified in IAS 38 \u2018Intangible Assets\u2019. Subsea 7 S.A. \u2022 Annual Report 2022 93 Intangible assets with finite lives are amortised over their useful economic life and are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for intangible assets with finite useful lives are reviewed annually. Changes in the expected useful life are accounted for by changing the amortisation period or method, and are treated as changes in accounting estimates. The amortisation expense related to intangible assets with finite lives is recognised in the Consolidated Income Statement in the expense category consistent with the function of the intangible asset. Property, plant and equipment Property, plant and equipment acquired separately, including critical spare parts acquired and held for future use, are measured at cost less accumulated depreciation and accumulated impairment charges. Assets under construction are recognised at cost, less any recognised impairment charges. Depreciation of these assets commences when the assets become operational and are deemed available for use. Depreciation is calculated on a straight-line basis over the useful life of the asset as follows: V essels 10 to 25 years Operating equipment 3 to 10 years Buildings 20 to 25 years Other assets 3 to 7 years Land is not depreciated. Vessels are depreciated to their estimated residual value. Residual values, useful economic lives and methods of depreciation are reviewed at least annually and adjusted if appropriate. Gains or losses arising on disposal of property, plant and equipment are determined as the difference between any disposal proceeds and the carrying amount of the asset at the date of the transaction. Gains and losses on disposal are recognised in the Consolidated Income Statement in the period in which the asset is disposed. Impairment of non-financial assets At each reporting date the Group assesses whether there is any indication that non-financial assets, including intangible assets, property, plant and equipment and right-of-use assets, may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value-in-use. Where an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset is allocated. Where the carrying amount of an asset exceeds its recoverable amount, the asset is impaired. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs of disposal, an appropriate valuation model is used. Management has considered the potential impacts of climate risk and whether this will have an adverse impact on the future use of the Group\u2019s assets, including vessels and equipment. It is expected that oil and gas will continue to contribute a significant, although declining, part in the transition to sustainable lower-carbon energy until at least 2050. The Group is in a strong position to utilise vessels for this and to adapt vessels for initiatives such as carbon capture. The Group operates within the offshore renewable sector and it is expected that demand for the Group\u2019s services will increase due to climate-related opportunities. Management does not consider there is a significant risk that the Group\u2019s vessels will become obsolete due to climate considerations as they form a key part in the transition to the provision of sustainable energy. Impairment charges are recognised in the Consolidated Income Statement in the expense category consistent with the function of the impaired asset. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment charges may require to be reversed. If such an indication exists the Group makes an estimate of the recoverable amount. A previously recognised impairment charge is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment charge was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment charge been recognised for the asset in prior periods. Any such reversal is recognised in the Consolidated Income Statement. The following criteria are also applied in assessing impairment of specific assets: Goodwill An assessment is made at each reporting date as to whether there is an indication of impairment. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s CGUs, or group of CGUs, that are expected to benefit from the combination. Each CGU or group of CGUs to which the goodwill is allocated initially represents the lowest level within the Group at which the goodwill is monitored for internal management purposes and is not larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. If circumstances give rise to a change in the composition of CGUs and a reallocation is justified, goodwill is reallocated based on relative value at the time of the change in composition. Following any reorganisation, the CGU cannot be larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. Impairment is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. Recoverable amounts are determined based on value-in-use calculations using discounted pre-tax cash flow projections based on risk-adjusted financial forecasts approved by the Executive Management Team. 3. Significant accounting policies continued As cash flow projections are risk-adjusted for CGU specific risks, risk premiums are not applied to the discount rate which is applied to all CGUs. The discount rate applied to the cash flow projections is a pre-tax rate and reflects current market assessments of the time value of money, risks specific to the Group and a normalised capital structure for the industry. Where the recoverable amount of the CGU (or group of CGUs) is less than the carrying amount, an impairment charge is recognised in the Consolidated Income Statement. Where goodwill forms part of a CGU (or group of CGUs) and part of the operation within that CGU is disposed, the goodwill associated with the operation disposed is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed in this circumstance is measured based on the relative values of the operation disposed and the portion of the CGU retained. Associates and joint ventures At each reporting date the Group determines whether there is any objective evidence that the investment in an associate or joint venture is impaired. If this is the case, the Group calculates the amount of impairment as being the difference between the estimated fair value of the associate or joint venture and its carrying amount. The resultant impairment charge is recognised in the Consolidated Income Statement. Financial instruments Classification and measurement The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, construction contract assets, other receivables, derivative financial instruments and equity investments which are classified as other financial assets. The Group\u2019s financial liabilities include trade and other payables, contingent consideration, borrowings and derivative financial instruments. Initial measurement is based upon one of four IFRS 9 \u2018Financial Instruments\u2019 models: amortised cost; fair value through profit and loss (FVPL); fair value through other comprehensive income (with recycling of accumulated gains and losses); or fair value through other comprehensive income (without recycling of accumulated gains and losses). Classification and subsequent measurement is dependent upon the business model under which the Group holds and manages the financial asset; and whether the contractual cash flows resulting from the instrument represent \u2018solely payments of principal and interest\u2019 (the \u2018SPPI criterion\u2019). All financial assets are classified at initial recognition and are initially measured at fair value net of transaction costs, with the exception of those classified as FVPL. Classification as amortised cost is applicable where the instruments are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and the cash flows resulting from the instrument consist solely of principal and interest. Debt financial assets are subsequently measured at FVPL, amortised cost or fair value through other comprehensive income (FVOCI) depending on classification. Equity instruments are reported as other financial assets and are subsequently measured at FVPL when not considered to be strategic in nature. Where the Group considers other financial assets to be strategic in nature and is expecting to hold them for the foreseeable future the investments are measured at FVOCI with no recycling of gains or losses to profit or loss on derecognition. All financial liabilities are classified at initial recognition and are initially measured at fair value net of transaction costs, with the exception of those classified as FVPL. Financial liabilities are measured at FVPL when they meet the definition of held for trading or when they are designated as such on initial recognition. Otherwise, financial liabilities are measured at amortised cost. The Group enters into forward foreign currency contracts in order to manage its foreign currency exposures; these are measured at FVPL. The Group regularly enters into multi-currency contracts from which the cash flows may lead to embedded foreign exchange derivatives in non-financial host contracts, carried at FVPL. The Group reassesses the existence of an embedded derivative if the terms of the host financial instrument change significantly. The fair values of derivative financial instruments are measured on bid prices for assets held and offer prices for issued liabilities based on values quoted in active markets. Changes in the fair value of derivative financial instruments which do not qualify for hedge accounting are recognised in the Consolidated Income Statement within other gains and losses. Cash and cash equivalents comprise cash at bank, cash on hand, money market funds, and short-term highly liquid assets with an original maturity of three months or less and which are readily convertible to known amounts of cash. Utilised revolving credit facilities are included within current borrowings. Cash and cash equivalents are measured at amortised cost. Hedge accounting The Group, for the purposes of hedge accounting, recognises cash flow hedges when hedging the exposure to variability in cash flows which are attributable to commodity prices. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements, including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), in other reserves, while any ineffective portion is recognised immediately in the Consolidated Income Statement. Other reserves is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item . The Group uses forward commodity contracts to manage its exposure to volatility in commodity prices. The ineffective portion relating to commodity contracts is recognised in other operating expenses. The Group designates only the spot element of forward contracts as a hedging instrument. The amount accumulated in OCI is reclassified to the Consolidated Income Statement as a reclassification adjustment in the same period or periods as the hedged cash flows. Impairment of financial assets and construction contract assets The Group applies the expected credit loss (ECL) impairment model to record allowances for expected credit losses. The expected credit loss model applies to all debt financial assets accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. The expected credit loss impairment model is also applied to contract assets accounted for under IFRS 15 \u2018Revenue from Contracts with Customers\u2019. For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group applies the simplified approach. This approach requires the allowance for ECLs to be recognised at an amount equal to lifetime expected credit losses. For other debt financial assets the allowance for ECLs is calculated on a 12-month basis and is based on the portion of ECLs expected to result from default events possible within 12 months of the reporting date. The Group monitors for significant changes in credit risk and where this is materially different to ECLs calculated on a 12-month basis changes the allowance to reflect the risk of expected default in the contractual lifetime of the financial asset. Unless there is a valid mitigating factor, the Group considers there to have been a significant increase in credit risk when contractual payments are more than 30 days past the due date for payment. At each reporting date the Group assesses whether any indicators exist that a financial asset or group of financial assets has become credit impaired. Where an asset is considered to be credit impaired a specific allowance is recognised based on the actual cash flows that the Group expects to receive and is determined using historical credit loss experience and forward-looking factors specific to the counterparty and the economic environment. Any shortfall is discounted at the original effective interest rate for the relevant asset. Except where there are valid mitigating factors, the Group considers a financial asset in default when contractual payments are 90 days past the due date for payment. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. Financial investments The Group\u2019s non-current financial investments comprise strategic shareholdings in technology companies. These investments are held at cost, deemed an appropriate estimate of fair value, due to the uncertainty over technical milestones and the wide range of possible fair value measurements. These investments are reviewed for indicators of impairment at each reporting date. Inventories Inventories comprise consumables, materials and non-critical spares and are valued at the lower of cost and net realisable value. Treasury shares Treasury shares are the Group\u2019s own equity instruments which are repurchased and shown within equity at cost, using the first-in first- out basis. Gains or losses realised or incurred on the purchase, sale, reallocation or cancellation of the Group\u2019s own equity instruments are recognised within equity. No gains or losses are recognised in the Consolidated Income Statement. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past transaction or event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised represents the best estimate of the expenditure expected to be required to settle the present obligation. Estimates are determined by the judgement of management supplemented by the experience of similar transactions, and, in some cases, advice from independent experts. Contingent liabilities are disclosed in Note 33 \u2018Commitments and contingent liabilities\u2019 to the Consolidated Financial Statements, but not recognised until they meet the criteria for recognition as a provision. Where the Group is virtually certain that some or all of a provision will be reimbursed, that reimbursement is recognised as a separate asset. The expense relating to any provision is reflected in the Consolidated Income Statement at an amount reflective of the risks specific to the liability. Where the provision is discounted, any increase in the provision due to the passage of time is recognised as a finance cost in the Group\u2019s Consolidated Income Statement. The following criteria are applied for the recognition and measurement of significant classes of provisions: Onerous contracts The Group recognises provisions for onerous contracts once the underlying event or conditions leading to the contract becoming onerous are probable and a reliable estimate can be made. Onerous fixed-price contract provisions are assessed in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Onerous provisions are calculated on a least net cost basis, which includes unavoidable costs only, while comparing these costs to the cost of cancelling a contract and incurring early termination fees. The cost of fulfilling a contract includes both the incremental costs of fulfilling the contract and an allocation of other costs which relate directly to fulfilling the contract. Legal claims In the ordinary course of business, the Group is subject to various claims, litigation and complaints. An associated provision is recognised if it is probable that a liability has been incurred and the amount can be reliably estimated. Contingent consideration The Group recognises a provision where, as part of the sale and purchase agreement, contingent consideration has been agreed. The amount and timing of contingent consideration is often uncertain and is payable based on the achievement of specific targets and milestones. The liability is initially measured at its acquisition date fair value, determined using the discounted cash flows method and unobservable inputs, and is remeasured at each reporting date. Changes in fair value are recognised in the Consolidated Income Statement. 3. Significant accounting policies continued Share-based payments Certain employees of the Group receive part of their remuneration in the form of conditional awards of shares based on the performance of the Group. Equity-settled transactions with employees are measured at fair value at the date on which they are granted. The fair value is determined using a Monte Carlo simulation model. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become entitled to the award (the vesting date). The cumulative expense recognised for equity-settled transactions at each balance sheet date, until the vesting date, reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The cumulative expense also includes the estimated future charge to be borne by the Group in respect of social security contributions, based on the intrinsic unrealised value of the awards using the share price at the balance sheet date. The net income or expense for a period represents the difference in cumulative expense recognised at the beginning and end of that period. Where the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. Where an equity-settled award is forfeited, due to vesting conditions being unable to be met, the cumulative expense previously recognised is reversed with a credit recognised in the Consolidated Income Statement. If a new award is substituted for the cancelled award, the new award is measured at fair value at the date on which it is granted. Earnings per share Earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during each period excluding treasury shares. The potentially dilutive effect of outstanding performance shares is reflected as share dilution in the computation of diluted earnings per share. Right-of-use assets and lease liabilities The Group applies IFRS 16 \u2018Leases\u2019 and assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease, which is the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the underlying assets which vary as follows: Vessels 2 to 5 years Operating equipment 2 to 5 years Land and buildings 3 to 10 years The cost of a right-of-use asset includes an estimate of costs expected to be incurred by the Group on termination of the lease to reinstate the underlying asset to the condition required by the terms and conditions of the lease. The Group incurs the obligation for those costs either at the commencement date or as a consequence of having utilised the underlying asset during the period. Right-of- use assets are subject to a review for indicators of impairment at least annually. Lease liabilities The Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of purchase options reasonably certain to be exercised by the Group. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses an incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases, which are those leases which have a lease term of 12 months or less from the commencement date and do not contain a purchase option. The Group also applies the low-value assets recognition exemption to assets which are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses in the Consolidated Income Statement on a straight-line basis over the lease term. ndex or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of purchase options reasonably certain to be exercised by the Group. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses an incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases, which are those leases which have a lease term of 12 months or less from the commencement date and do not contain a purchase option. The Group also applies the low-value assets recognition exemption to assets which are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses in the Consolidated Income Statement on a straight-line basis over the lease term. Subsea 7 S.A. \u2022 Annual Report 2022 97 4. Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies which are described in Note 3 \u2018Significant accounting policies\u2019, management is required to make judgements, estimates and assumptions regarding the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively in the period in which the estimate is revised. Revenue recognition The Group\u2019s accounting policies under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 are detailed in Note 3 \u2018Significant accounting policies\u2019. Revenue recognition on long-term construction contracts The Group accounts for long-term construction contracts for engineering, procurement, installation and commissioning (EPIC) projects using the percentage-of-completion method, which is standard practice in the industry. Contract revenue, total cost estimates and estimates of physical progression are reviewed by management on a monthly basis. Any adjustments made as a result of these reviews are reflected in contract revenue or contract costs in the reporting period, based on the percentage-of-completion method. To the extent that these adjustments result in a reduction or elimination of previously reported contract revenue or costs, a charge or credit is recognised in the Consolidated Income Statement; amounts in prior periods are not restated. Such a charge or credit may be significant depending on the size of the project, the stage of project completion and the size of the adjustment. Additional information that enhances and refines the estimating process is often obtained after the balance sheet date but before the issuance of the Consolidated Financial Statements, which may result in an adjustment to the Consolidated Financial Statements based on events, favourable or unfavourable, occurring after the balance sheet date. The percentage-of-completion method requires management to make reliable estimates of physical progression, costs incurred, full project contract costs and full project contract revenue. The Group\u2019s Project Monthly Status Reports (PMSRs) evaluate the likely outcome of each individual project for the purpose of making reliable estimates of cost, revenue and progression, measured either by cost or physical progression. A key element of the PMSRs is the estimate of contingency. Contingency is an estimate of the costs required to address the potential future outcome of identified project risks. The Group uses a systematic approach in estimating contingency based on project size. This approach utilises a project specific risk register in order to identify and assess the likelihood and impact of these risks. The most significant risks and uncertainties in the Group\u2019s projects typically relate to the offshore phase of operations. Identified risks that materialise may result in increased costs. Contingency associated with identified risks are removed from the full project cost estimate throughout the remaining life of the project if the identified risks have not, or are not, expected to materialise. Revenue recognition on variable consideration A significant portion of the Group\u2019s revenue is billed under fixed-price contracts. Due to the nature of the services performed, variation orders and claims are common. A variation order is an instruction by the client for a change in the scope of the work to be performed under the contract which may lead to an increase or a decrease in contract revenue based on changes in the specifications or design of an asset and changes in the duration of the contract. A claim is an amount that may be collected as reimbursement for costs not included in the contract price. A claim may arise from delays caused by clients, errors in specifications or design, and disputed variations in contract work. The measurement of revenue arising from claims is subject to a high level of uncertainty and is dependent on the outcome of negotiations. Recognition of revenue on variation orders and claims is governed by the Group\u2019s revenue recognition policy. Goodwill carrying amount Goodwill is reviewed at least annually to assess whether there is objective evidence to indicate that the carrying amount of goodwill requires impairment at a CGU level. The impairment review is performed on a value-in-use basis which requires the estimation of future cash flows. Further details relating to the impairment review process are disclosed in Note 13 \u2018Goodwill\u2019. Property, plant and equipment Property, plant and equipment is recorded at cost and depreciation is recorded on a straight-line basis over the useful lives of the assets. Management uses its experience to estimate the remaining useful economic life and residual value of an asset. A review for indicators of impairment is performed at each reporting date. When events or changes in circumstances indicate that the carrying amount of property, plant and equipment may not be recoverable, a review for impairment is carried out by management. Where the value-in-use method is used to determine the recoverable amount of an asset, management uses its judgement in determining the CGU to which the asset belongs, or whether the asset can be considered a CGU in its own right. The level of aggregation of assets is a significant assumption made by management and includes consideration of which assets generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Management has determined that vessels are not CGUs individually as they do not generate cash inflows independently of other Group assets. Once the CGU has been determined management uses its judgement in determining the value-in-use of the CGU, as detailed in Note 13 \u2018Goodwill\u2019. Where an asset is considered a CGU in its own right management uses its judgement to estimate future asset utilisation, cash flows, remaining life and the discount rate used. Recognition of provisions and disclosure of contingent liabilities In the ordinary course of business, the Group becomes involved in contract disputes from time-to-time due to the nature of its activities as a contracting business involved in multiple long-term projects at any given time. The Group recognises provisions to cover the expected risk of loss to the extent that negative outcomes are likely and reliable estimates can be made. The final outcomes of these contract disputes are subject to uncertainties as to whether or not they develop into formal legal action and therefore the resulting liabilities may exceed the liability anticipated by management. 4. Critical accounting judgements and key sources of estimation uncertainty continued Furthermore, the Group may be involved in legal proceedings from time-to-time; these proceedings are incidental to the ordinary conduct of its business. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. It is reasonably possible that the final resolution of any litigation could require the Group to incur additional expenditures in excess of provisions that it may have previously recognised. Management uses its judgement in determining whether the Group should recognise a provision or disclose a contingent liability. These judgements include whether the Group has a present obligation and the probability that an outflow of economic resource is required to settle the obligation. Management may also use its judgement to determine the amount of the obligation or contingent liability. Management uses external advisers to assist with some of these judgements. Further details relating to provisions and contingent liabilities are shown in Note 32 \u2018Provisions\u2019 and Note 33 \u2018Commitments and contingent liabilities\u2019. Measurement of onerous fixed-price contract provisions in business combinations The Group recognises provisions for onerous fixed-price contracts where the required fair value exercise indicates that the costs of completing a project acquired in a business combination exceed the economic benefit. Judgement is applied to determine the underlying events or conditions leading to the contract becoming onerous to ensure that the facts and circumstances existed at the date of the business combination. Onerous fixed-price contract provisions are assessed in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Fixed-price onerous provisions are calculated on a least net cost basis, which includes unavoidable costs only, while comparing these costs to the cost of cancelling a contract and incurring early termination fees. During the year, the Group increased provisional amounts recognised in respect of an onerous fixed-price contract provision by $35.3 million with a corresponding increase of the same amount to goodwill (Note 12 \u2018Business combinations\u2019). Taxation The Group is subject to corporate income tax in numerous jurisdictions and significant judgement is required in calculating the consolidated tax position. There are transactions for which the ultimate tax determination is uncertain and for which the Group makes provisions based on internal assessments, experience and appropriate external advice, including in respect of the recognition of assets relating to the future recoverability of tax losses and other attributes. Each year a detailed review of the Group\u2019s uncertain tax treatments and provisions is undertaken in accordance with IFRIC 23. Where the outcome of these reviews differs from the amounts previously recorded, the difference will impact the tax charge in the period in which the outcome is determined. Details of key judgements and other issues considered are set out in Note 9 \u2018Taxation\u2019. 5. Segment information The Group operates with an organisational structure comprising three business units: Subsea and Conventional, Renewables and Corporate. These business units represent the Group\u2019s operating segments and are defined as follows: Subsea and Conventional The Subsea and Conventional business unit includes: \u2022 Subsea Umbilicals, Risers and Flowlines (SURF) activities related to the engineering, procurement, installation and commissioning of highly complex subsea oil and gas systems in deep waters, including the long-term contracts for PLSVs in Brazil; \u2022 Conventional services including the fabrication, installation, extension and refurbishment of fixed and floating platforms and associated pipelines in shallow water environments; \u2022 Activities associated with the provision of inspection, repair and maintenance (IRM) services, integrity management of subsea infrastructure and remote intervention support; \u2022 Activities associated with heavy lifting operations and decommissioning of redundant offshore structures; and \u2022 Activities associated with carbon capture, utilisation and storage (CCUS). This segment includes costs, including depreciation, amortisation, impairment charges and impairment reversals, related to owned and long-term leased vessels, equipment and offshore personnel deployed in Subsea and Conventional activities. The Subsea and Conventional business unit provides vessel and crewing services to the Group\u2019s Renewables business unit, which includes the Group\u2019s non-wholly-owned subsidiary Seaway 7 ASA; these are recharged on an arm\u2019s length basis. Renewables The Renewables business unit comprises activities primarily related to the delivery of fixed offshore wind farm projects executed by Seaway 7 ASA, a non-wholly-owned subsidiary of the Group. Activities include the procurement and installation of offshore wind turbine foundations and inner-array cables as well as heavy lifting operations and heavy transportation services for renewables structures. This segment includes costs, including depreciation, amortisation and impairment charges, related to owned and long-term leased vessels, equipment and offshore personnel deployed in Renewables activities. Corporate The Corporate business unit includes Group-wide activities, and associated costs, including captive insurance activities, operational support, corporate services and costs associated with discrete events such as restructuring. The Corporate business unit also includes the results of the Group\u2019s autonomous subsidiaries, Xodus and 4Subsea, and the Group\u2019s floating wind activities including its non- wholly-owned subsidiary Nautilus Floating Solutions, and activities in emerging energies such as hydrogen. The Corporate business unit provides specific services to the Renewables business unit on an arm\u2019s length basis. The accounting policies of the business units are the same as the Group\u2019s accounting policies, which are described in Note 3 \u2018Significant accounting policies\u2019. Allocations of costs also occur between segments based on the physical location of personnel. The Chief Operating Decision Maker (CODM) is the Chief Executive Officer of the Group. The CODM is assisted by the other members of the Executive Management Team. Neither total assets nor total liabilities by operating segment are regularly provided to the CODM and consequently no such disclosure is shown. Summarised financial information, including the disaggregation of the Group\u2019s revenue from contracts with customers, concerning each operating segment is as follows: For the year ended 31 December 2022 (in $ millions) Subsea and Conventional Renewables Corporate Total Selected financial information: Revenue (a)/(b)/(c) Fixed-price projects 3,210.3 1,093.0 38.7 4,342.0 Day-rate projects 693.0 23.9 76.9 793.8 3,903.3 1,116.9 115.6 5,135.8 Operating expenses (3,601.4) (1,164.4) (28.6) (4,794.4) Reversal of impairment of property, plant and equipment 55.6 \u2013 \u2013 55.6 Share of net loss of associates and joint ventures (2.4) \u2013 (0.6) (3.0) Depreciation, mobilisation and amortisation charges (359.3) (90.2) (18.1) (467.6) Net impairment of property, plant and equipment, and right-of-use assets (1.4) \u2013 \u2013 (1.4) Reconciliation of net operating income/(loss) to income before taxes: Net operating income/(loss) 229.2 (85.3) 4.9 148.8 Finance income 9.0 Other gains and losses 1.9 Finance costs (23.4) Income before taxes 136.3 Adjusted EBITDA (d) 531.6 4.8 23.0 559.4 Adjusted EBITDA margin (d) 13.6% 0.4% 19.9% 10.9% (a) Revenue represents only external revenue for each segment. An analysis of inter-segment revenue has not been included as this information is not provided to the CODM. (b) Three clients (2021: two clients) in the year individually accounted for more than 10% of the Group\u2019s revenue. The revenue from these clients was as follows: Client A $832.6 million (2021: $793.6 million), Client B $541.0 million (2021: $502.7 million) and Client C $500.0 million. (c) Revenue from contracts with customers recognised over time as defined by IFRS 15. (d) Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures. For explanations and reconciliations of Adjusted EBITDA and Adjusted EBITDA margin refer to \u2018Additional information \u2013 APMs\u2019 on pages 143 to 146. For the year ended 31 December 2021 (in $ millions) Subsea and Conventional Renewables Corporate Total Selected financial information: Revenue (a)/(b) Fixed-price projects 3,015.2 1,259.3 9.5 4,284.0 Day-rate projects 659.4 0.2 66.4 726.0 3,674.6 1,259.5 75.9 5,010.0 Operating expenses (3,453.4) (1,290.6) 29.8 (4,714.2) Share of net income of associates and joint ventures 1.0 \u2013 2.9 3.9 Depreciation, mobilisation and amortisation charges (364.1) (63.3) (16.4) (443.8) Net impairment of intangible assets, property, plant and equipment, and right-of-use assets (1.2) \u2013 (4.2) (5.4) Reconciliation of net operating income/(loss) to income before taxes: Net operating income/(loss) 102.7 (59.5) 28.5 71.7 Finance income 4.7 Other gains and losses 44.4 Finance costs (20.1) Income before taxes 100.7 Adjusted EBITDA (c) 468.0 3.8 49.1 520.9 Adjusted EBITDA margin (c) 12.7% 0.3% 64.7% 10.4% (a) Revenue represents only external revenue for each segment. An analysis of inter-segment revenue has not been included as this information is not provided to the CODM. (b) Revenue from contracts with customers recognised over time as defined by IFRS 15. (c) Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures. For explanations and reconciliations of Adjusted EBITDA and Adjusted EBITDA margin refer to \u2018Additional information \u2013 APMs\u2019 on pages 143 to 146 . 5. Segment information continued Geographic information Revenue from external clients Based on the Group\u2019s subsidiaries\u2019 or branches\u2019 country of registered office holding the customer contract, revenue is split as follows: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec United Kingdom 1,190.9 1,682.8 Norway 1,045.1 588.0 USA 644.4 689.0 Brazil 475.0 400.4 T\u00fcrkiye 337.2 74.6 Netherlands 265.6 180.0 Saudi Arabia 190.1 290.8 Taiwan 177.1 172.0 Australia 146.7 222.2 Trinidad & Tobago 111.0 60.4 Azerbaijan 108.3 84.8 Senegal 94.2 53.5 Angola 84.6 60.0 Canada 79.7 1.8 Ghana 55.2 11.4 Singapore 45.7 165.3 Germany 36.1 86.3 Other countries (a) 48.9 186.7 5,135.8 5,010.0 (a) Comparative information for the year ended 31 December 2021 includes external revenue of $143.5 million from the Group\u2019s subsidiaries or branches with a registered office in Mexico. Non-current assets Based on the country of registered office of the Group\u2019s subsidiaries or branches, non-current assets for this purpose consist of intangible assets, property, plant and equipment, right-of-use assets, interest in associates and joint ventures, other financial assets and construction contracts \u2013 assets, are located in the following countries: (Revised) At (in $ millions) 2022 31 Dec 2021 31 Dec (a) United Kingdom 2,034.9 2,152.5 Norway 737.8 687.2 Isle of Man 732.1 749.8 Netherlands 449.8 491.0 USA 75.1 75.5 Germany 63.9 20.9 Brazil 45.3 30.8 Azerbaijan 22.7 30.8 Angola 15.4 23.9 France 14.7 14.9 Other countries 30.0 79.4 4,221.7 4,356.7 (a) Comparative information has been revised as a result of adjustments to provisional amounts recognised in relation to business combinations entered into during 2021, further details are disclosed in Note 12 \u2018Business combinations\u2019. 6. Net operating income Net operating income includes: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Employee benefits 1,221.0 1,123.9 Lease expense for short-term leased assets 600.7 520.7 Lease expense for low-value leased assets 0.8 0.6 V ariable lease payments not included within lease liabilities \u2013 1.0 Depreciation of property, plant and equipment (Note 15) 345.6 341.1 A mortisation of right-of-use assets (Note 16) 98.8 78.5 A mortisation of intangible assets (Note 14) 12.3 14.7 A mortisation of mobilisation costs 10.9 9.5 Impairment of property, plant and equipment (Note 15) 2.3 4.1 Impairment of intangible assets (Note 14) \u2013 4.8 Impairment of right-of-use assets (Note 16) \u2013 0.2 Impairment reversal of right-of-use assets (Note 16) (3.7) (3.7) Impairment reversal of property, plant and equipment (Note 15) (55.6) \u2013 Research and development costs 12.3 11.7 A uditor\u2019s remuneration 3.3 4.0 Net credit impairment loss/(credit) for financial assets (Note 34) 2.3 (15.7) Net decrease in allowances for expected credit losses for financial assets (0.2) (1.4) Net decrease in allowances for expected credit losses for construction contract assets (Note 23) (1.4) (0.6) The total fees chargeable to the Group by the principal auditing firm Ernst & Young S.A. and other member firms of Ernst & Young Global Limited were: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec A udit fees 3.2 3.7 Tax fees 0.1 0.3 3.3 4.0 Audit fees constitute charges incurred for the audit of the consolidated and statutory financial statements of Subsea 7 S.A. and certain subsidiaries. Fees were primarily incurred in connection with the year ended 31 December 2022 but include final settlement of charges associated with the year ended 31 December 2021. Tax fees constitute charges incurred for non-prohibited professional services rendered by the Group\u2019s principal auditor and member firms relating to the provision of tax advice and tax compliance services for work undertaken during the year ended 31 December 2022. Fees were primarily incurred in connection with the year ended 31 December 2022. The Group\u2019s Audit Committee policy requires pre-approval of audit and non-audit services prior to the appointment of the providers of professional services together with highlighting excluded services which the Group\u2019s principal auditor cannot provide. The Audit Committee delegates approval to the Chief Financial Officer based on predetermined limits. The Audit Committee pre-approved or, in cases where pre-approval was delegated, ratified all audit and non-audit services, provided by the Group\u2019s principal auditor, to Subsea 7 S.A. and its subsidiaries during the year ended 31 December 2022 . 101Subsea 7 6. Net operating income continued Reconciliation of operating expenses and administrative expenses by nature 31 Dec 2022 31 Dec 2021 For the year ended (in $ millions) Operating expenses Administrative expenses Total expenses Operating expenses Administrative expenses Total expenses Direct project-related costs, including procurement 2,372.3 \u2013 2,372.3 2,584.0 \u2013 2,584.0 Employee benefits 1,079.5 141.5 1,221.0 996.4 127.5 1,123.9 Lease expense for short-term leased assets 599.8 0.9 600.7 520.0 0.7 520.7 Lease expense for low-value leased assets 0.8 \u2013 0.8 0.6 \u2013 0.6 V ariable lease expense not included within lease liabilities \u2013 \u2013 \u2013 1.0 \u2013 1.0 Depreciation, amortisation and mobilisation 433.2 34.4 467.6 409.5 34.3 443.8 Impairment of property, plant and equipment 2.3 \u2013 2.3 4.1 \u2013 4.1 Impairment of intangible assets \u2013 \u2013 \u2013 4.8 \u2013 4.8 Impairment of right-of-use assets \u2013 \u2013 \u2013 \u2013 0.2 0.2 Impairment reversal of right-of-use assets \u2013 (3.7) (3.7) \u2013 (3.7) (3.7) Net credit impairment loss/(credit) for financial assets 2.2 0.1 2.3 (15.7) \u2013 (15.7) Net decrease in allowances for expected credit losses for financial assets (0.2) \u2013 (0.2) (1.4) \u2013 (1.4) Net decrease in allowances for expected credit losses for construction contract assets (1.4) \u2013 (1.4) (0.6) \u2013 (0.6) Other expenses 305.9 72.0 377.9 211.5 69.0 280.5 Total 4,794.4 245.2 5,039.6 4,714.2 228.0 4,942.2 7. Other gains and losses For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Gain on disposal of property, plant and equipment 0.3 3.0 Gain on maturity of lease liabilities 2.2 0.2 Fair value gains on derivative financial instruments mandatorily measured at fair value through profit or loss 3.0 1.9 Fair value losses on other financial assets measured at fair value through profit or loss \u2013 (1.1) Net gains on business combinations post measurement periods 3.8 3.3 Net foreign currency exchange (losses)/gains (7.4) 37.1 Total 1.9 44.4 Net foreign currency exchange (losses)/gains include fair value (losses)/gains on embedded derivatives. 8. Finance income and finance costs For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest on financial assets measured at amortised cost 9.0 4.7 Total finance income 9.0 4.7 For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest and fees on financial liabilities measured at amortised cost 20.2 11.9 Total borrowing costs 20.2 11.9 Less: amounts capitalised and included in the cost of qualifying assets (7.2) (0.6) 13.0 11.3 Interest on lease liabilities 11.3 6.7 Interest on tax liabilities (0.9) 2.1 Total finance costs 23.4 20.1 Borrowing costs included in the cost of qualifying assets during the year were calculated by applying to expenditure on such assets an average capitalisation rate of 5.6% dependent on the funding source (2021: 4.3%). 9. Taxation Tax recognised in the Consolidated Income Statement For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Tax charged in the Consolidated Income Statement Current tax: Corporation tax on income for the year 67.3 63.4 Adjustments in respect of prior years 4.3 1.1 Total current tax 71.6 64.5 Deferred tax charge for the year 24.2 5.5 Adjustments in respect of prior years 4.1 (5.7) Total deferred tax charge/(credit) 28.3 (0.2) Total 99.9 64.3 Tax recognised in the Consolidated Statement of Comprehensive Income For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Tax (credit)/charge relating to items recognised directly in comprehensive income Current tax on: Exchange differences (2.7) 0.4 Income tax recognised directly in comprehensive income (2.7) 0.4 Deferred tax on: Commodity cash flow hedges (2.4) 2.4 Remeasurement gains on defined benefit pension schemes 0.7 0.1 Deferred tax recognised directly in comprehensive income (1.7) 2.5 Total (4.4) 2.9 Deferred tax recognised in the Consolidated Statement of Changes in Equity For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Share-based payments (0.2) \u2013 Total (0.2) \u2013 Reconciliation of taxation Income taxes have been provided for in accordance with IAS 12 \u2018Income Taxes\u2019, based on the tax laws and rates in the countries where the Group operates and generates taxable income. The reconciliation below uses a tax rate of 24.94% (2021: 24.94%) which represents the blended tax rate applicable to Luxembourg entities. For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Income before taxes 136.3 100.7 Tax at the blended tax rate of 24.94% (2021: 24.94%) 34.0 25.1 Effects of: Different tax rates of subsidiaries operating in other jurisdictions (6.6) 16.8 Impact of tax rate changes (1.8) 5.8 Non-qualifying depreciation 0.8 2.8 Net benefit of tonnage tax regimes (6.2) (33.7) Withholding taxes and unrelieved overseas taxes 27.0 24.5 Non-deductible expenses and non-taxable income 3.1 2.1 Tax effect of share of net loss of associates and joint ventures 0.7 (0.9) Movement in unprovided deferred tax 48.2 27.1 Revisions to uncertain tax treatments (7.7) (0.7) Adjustments related to prior years 8.4 (4.6) Taxation in the Consolidated Income Statement 99.9 64.3 9. Taxation continued
Deferred tax
Movements in the net deferred tax balance were:
(in $ millions)
Intangible
assets
Property,
plant and
equipment
Accrued
expenses
and
deferred
income
Share-
based
payments
Tax
losses
Other Total
Balance at 31 December 2020
(0.3) (45.4) 8.0 0.4 45.7 8.9 17.3
Credited/(charged) to:
Consolidated Income Statement
0.3 1.3 7.9 0.6 (4.2) (5.7) 0.2
Other Comprehensive Income
\u2013 \u2013 0.1 (0.3) \u2013 (2.3) (2.5)
Balance sheet reclassifications
\u2013 (0.2) (0.4) \u2013 \u2013 0.3 (0.3)
Exchange differences
\u2013 0.9 (1.5) \u2013 (1.6) 0.2 (2.0)
Balance at 31 December 2021
\u2013 (43.4) 14.1 0.7 39.9 1.4 12.7
(Charged)/credited to:
Consolidated Income Statement
\u2013 (21.8) (35.0) (0.1) 26.8 1.8 (28.3)
Other Comprehensive Income
\u2013 \u2013 (0.7) \u2013 \u2013 2.4 1.7
Changes in equity
\u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2
Balance sheet reclassifications
\u2013 (0.4) 0.7 \u2013 0.1 (0.2) 0.2
Exchange differences
\u2013 1.4 (1.5) \u2013 (1.8) (0.3) (2.2)
Balance at 31 December 2022
\u2013 (64.2) (22.4) 0.8 65.0 5.1 (15.7)
The main categories of deferred tax assets and liabilities recognised in the Consolidated Balance Sheet, before offset of balances within
countries where permitted, were as follows:
At 31 December 2022
(in $ millions)
Deferred tax
asset
Deferred tax
liability
Net recognised
deferred tax
asset/(liability)
Property, plant and equipment
6.1 (70.3) (64.2)
ccrued expenses and deferred income
8.5 (30.9) (22.4)
Share-based payments
0.8 \u2013 0.8
Tax losses
65.0 \u2013 65.0
Other
6.7 (1.6) 5.1
Total
87.1 (102.8) (15.7)
At 31 December 2021
(in $ millions)
Deferred tax
asset
Deferred
tax liability
Net recognised
deferred tax
asset/(liability)
Property, plant and equipment
7.5 (50.9) (43.4)
ccrued expenses and deferred income
23.8 (9.7) 14.1
Share-based payments
0.7 \u2013 0.7
Tax losses
39.9 \u2013 39.9
Other
7.2 (5.8) 1.4
Total
79.1 (66.4) 12.7
Deferred tax is analysed in the Consolidated Balance Sheet, after offset of balances within countries, as:
t (in $ millions)
2022
31 Dec
2021
31 Dec
Deferred tax assets
38.7 58.7
Deferred tax liabilities
(54.4) (46.0)
Total
(15.7) 12.7
At 31 December 2022, the gross amount and expiry dates of losses available for carry forward were as follows: At (in $ millions) Expiring within 5 years Expiring in 6 to 10 years Expiring in 11 to 20 years Without limit Total Losses for which a deferred tax asset is recognised 8.7 1.6 48.4 214.7 273.4 Losses for which no deferred tax asset is recognised 135.9 57.0 99.1 2,152.8 2,444.8 Total 144.6 58.6 147.5 2,367.5 2,718.2 At 31 December 2021, the gross amount and expiry dates of losses available for carry forward were as follows: At (in $ millions) Expiring within 5 years Expiring in 6 to 10 years Expiring in 11 to 20 years Without limit Total Losses for which a deferred tax asset is recognised 7.1 \u2013 \u2013 136.4 143.5 Losses for which no deferred tax asset is recognised 147.4 90.5 161.1 2,030.2 2,429.2 Total 154.5 90.5 161.1 2,166.6 2,572.7 The increase in deferred tax asset recognition on losses relates primarily to the Group\u2019s operations in Norway, where the losses have resulted from the deferral of taxation on profitable long-term projects, and for which a deferred tax liability is recognised; and in the UK, where the Group has a strong history of profitability. These losses are expected to be utilised in the coming year or, in the UK, can be carried back to the prior year. The change in expiration profile of the losses recognised resulted from the changes of the location of assets recognised, with additional losses being recognised in the US, based on strong current year, and future forecast, profitability. Included in the above losses for which no asset is recognised were $1.4 billion (2021: $1.4 billion) of losses in Luxembourg, which could be subject to future claw-back if certain transactions were entered into. In addition, the Group has other unrecognised deferred tax assets of $66.5 million (2021: $44.9 million) in respect of other temporary differences. These primarily relate to provision for expenses and loss on contracts in Brazil and unclaimed capital allowances in Nigeria. No deferred tax has been recognised in respect of taxable temporary differences relating to the unremitted earnings of the Group\u2019s subsidiaries, branches, associates and joint ventures where remittance is not contemplated and where the timing of distribution is within the control of the Group. The aggregate amount of unremitted earnings giving rise to such temporary differences for which deferred tax liabilities were not recognised at 31 December 2022 was $195.6 million (2021: $235.2 million). Tonnage tax regime The Group has elected to have qualifying vessel-related activities taxed under tonnage tax regimes in the UK, Norway and the Netherlands. In 2022, the Group\u2019s elections resulted in a positive impact on the Group\u2019s tax charge of $6.2 million (2021: $33.7 million). Uncertain tax treatments The Group\u2019s business operations are carried out worldwide and, as such, the Group is subject to the jurisdiction of a significant number of tax authorities at any point in time. The Group routinely has to manage tax risks in respect of permanent establishments, transfer pricing and other international tax issues. In common with other multinational companies, the conflict between the Group\u2019s global operating model and the jurisdictional approach of tax authorities can result in uncertainty as to the ultimate acceptability of the treatment of tax matters. This often results in the Group\u2019s filing positions being subject to audit, enquiry and possible re-assessment. During 2022, the Group was subject to audits and disputes in, among others, Brazil, France, Germany, Ghana, Mexico, Nigeria and Saudi Arabia. These audits are at various stages of completion. The Group\u2019s policy is to co-operate fully with the relevant tax authorities while seeking to defend its tax positions. The Group provides for the amount of taxes that it considers probable of being payable as a result of such audits and for which a reasonable estimate can be made. Furthermore, for each reporting period management completes a detailed review of uncertain tax positions across the Group, and makes provisions based on the probability of a liability arising. It is possible that the ultimate resolution of these uncertainties could result in tax charges that are materially higher or lower than the amounts provided for. In the year ended 31 December 2022, the Group recorded a net decrease in the financial impact of uncertain tax treatments of $9.2 million (2021: $6.1 million net decrease) as a result of revisions to estimated future obligations, and the closure and settlement of certain audits with the relevant tax authorities. 10. Dividends The regular dividend of NOK 1.00 per share was approved by the shareholders of Subsea 7 S.A. at the Annual General Meeting on 12 April 2022 and recognised in shareholders\u2019 equity in April 2022. The dividend of $31.7 million was paid on 6 May 2022 to shareholders of Subsea 7 S.A. 105Subsea 7 S.A. \u2022 11. Earnings per share Basic and diluted earnings per share Basic earnings per share is calculated by dividing the net income attributable to shareholders of the parent company by the weighted average number of common shares in issue during the year, excluding shares repurchased by the Group and held as treasury shares (Note 26 \u2018Treasury shares\u2019). Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding to assume conversion of all potentially dilutive common shares. The Group\u2019s potentially dilutive common shares include those related to performance shares. The net income attributable to shareholders of the parent company and share data used in the basic and diluted earnings per share calculations were as follows: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Net income attributable to shareholders of the parent company 57.1 31.8 Earnings used in the calculation of diluted earnings per share 57.1 31.8 For the year ended 2022 31 Dec Number of shares 2021 31 Dec Number of shares Weighted average number of common shares used in the calculation of basic earnings per share 291,955,196 297,562,898 Performance shares 1,037,990 1,020,873 Weighted average number of common shares used in the calculation of diluted earnings per share 292,993,186 298,583,771 For the year ended (in $ per share) 2022 31 Dec 2021 31 Dec Basic earnings per share 0.20 0.11 Diluted earnings per share 0.19 0.11 During the year the following shares, that could potentially dilute the earnings per share, were excluded from the calculation of diluted earnings per share due to being anti-dilutive: For the year ended 2022 31 Dec Number of shares 2021 31 Dec Number of shares Performance shares 609,004 807,361 12. Business combinations During 2022, the Group identified adjustments to provisional amounts recognised in relation to business combinations entered into during 2021. The adjustments were identified during the relevant measurement periods and related to facts and circumstances which existed at the date of acquisition; as a result, 2021 comparative information has been revised as if the accounting had been completed at the acquisition dates. Agreement to combine the Group\u2019s fixed offshore wind business with OHT ASA On 8 July 2021, the Group announced it had entered into an agreement to combine the Group\u2019s Renewables business unit (consisting of the Group\u2019s fixed offshore wind business) with OHT ASA (renamed Seaway 7 ASA); the transaction was completed on 1 October 2021. During 2022, the Group increased provisional amounts recognised in respect of an onerous fixed-price contract provision by $35.3 million with a corresponding increase of the same amount to goodwill. Acquisition of a 59.12% shareholding of Nautilus Floating Solutions, S.L. On 22 September 2021, an indirect subsidiary of Subsea 7 S.A. acquired a 59.12% shareholding of Nautilus Floating Solutions, S.L. During 2022, the Group reduced provisional amounts recognised in respect of intangible assets by $2.3 million, increased goodwill by $1.4 million and reduced non-controlling interests by $0.9 million. 13. Goodwill (in $ millions) Total Cost At 1 January 2021 2,440.3 Additions 76.6 Exchange differences (7.8) At 31 December 2021 2,509.1 Adjustments to provisional amounts recognised (Note 12) 36.7 At 31 December 2021 (revised) 2,545.8 Exchange differences (141.5) At 31 December 2022 2,404.3 Accumulated impairment At 1 January 2021 2,355.8 Exchange differences (7.2) At 31 December 2021 2,348.6 Exchange differences (135.6) At 31 December 2022 2,213.0 Carrying amount At 31 December 2021 (revised) 197.2 At 31 December 2022 191.3 For financial management and reporting purposes, the Group is organised into management regions. Management regions are aligned with the Group\u2019s business units which are used by the Chief Operating Decision Maker (CODM) to allocate resources and appraise performance. The Group has ten CGUs which are aligned with management regions. At 31 December 2022 the Group\u2019s CGUs comprised: \u2022 CGUs for Africa Middle East and Caspian, Asia Pacific, Brazil, Gulf of Mexico, Norway and UK and GIRM (Global Inspection Repair and Maintenance) which include activities connected with the performance of regional projects including SURF activities (related to the engineering, procurement, construction and installation of offshore systems), Conventional services (including the fabrication, installation, extension and refurbishment of platforms and pipelines in shallow water), the long-term PLSV contracts in Brazil, activities connected with the provision of inspection, repair and maintenance services, integrity management of subsea infrastructure and remote intervention support; \u2022 Nautilus CGU which includes activities related to floating wind solutions; \u2022 Xodus CGU which includes activities related to engineering services, advisory services and environmental support; \u2022 4Subsea CGU which includes activities connected with integrity management of subsea infrastructure; and \u2022 Renewables CGU which includes activities connected with three specialist segments of the fixed offshore wind market: the installation of offshore wind turbine foundations and inner-array cables, heavy lifting and heavy transportation operations related to the renewables sector, and the decommissioning of redundant offshore structures. The Group performed its annual goodwill impairment review at 31 December 2022. Subsequent to this review the carrying amounts of the goodwill were allocated to the following CGUs: (Revised) At (in $ millions) 2022 31 Dec 2021 31 Dec Nautilus 6.3 6.7 Norway 9.5 9.5 Renewables 105.3 105.3 UK GIRM 37.6 40.7 Xodus 15.5 16.1 4Subsea 17.1 18.9 Total 191.3 197.2 At 31 December 2022 there was no goodwill associated with the Africa Middle East and Caspian, Asia Pacific, Brazil and Gulf of Mexico CGUs . 13. Goodwill The recoverable amounts of the CGUs were determined based on a value-in-use calculation using pre-tax, risk adjusted cash flow projections approved by the Executive Management Team covering a five-year period from 2023 to 2027. These projections included certain considerations for climate change-related risks and opportunities on the period. Future uncertainty around climate-related risks continue to be monitored including policy, regulatory, legal, technological, market and societal considerations. The present value of future cash flows is most sensitive to the terminal value assumptions; management considers these represent an appropriate balance between the oil and gas-related business and the growing renewables sector within the transition to a lower-carbon economy. Cash flows beyond the five-year period were extrapolated in perpetuity using a 2.0% (2021: 2.0%) growth rate for the Subsea and Conventional business unit and a 4.0% (2021: 2.0%) growth rate for the Renewables business unit to determine the terminal value. The pre-tax discount rate applied to the risk adjusted cash flow projections was 13.3% (2021: 10.6%). Key assumptions used in value-in-use calculations Management considers that the calculations of value-in-use for all CGUs are most sensitive to the following key assumptions: \u2022 Adjusted EBITDA forecasts; \u2022 capital expenditure forecasts; \u2022 the pre-tax discount rate; and \u2022 the growth rate used to extrapolate cash flows. Adjusted EBITDA forecasts \u2013 the Adjusted EBITDA forecast for each CGU is dependent on a combination of factors including market size, market share, contractual backlog, gross margins, future project awards, asset utilisation and an assessment of the impacts of competition within the respective segments. Assumptions are based on a combination of internal and external studies, management judgements and historical information, adjusted for any foreseen changes in market conditions. Replacement capital expenditure forecasts \u2013 the capital expenditure forecast for the Group is dependent on a combination of factors including market size, asset utilisation and asset age. Assumptions are based on a combination of internal and external studies, management judgements and historical information, adjusted for any foreseen changes in market conditions. Replacement capital expenditure represents the amounts estimated to maintain the function of the assets in the CGU. Pre-tax discount rate \u2013 the pre-tax discount rate was estimated based on the weighted average cost of capital of the Group, amended to reflect a normalised capital structure for the energy sector. Risk premiums were not applied to the discount rate applied to individual CGUs as the CGU cash flow projections were risk adjusted. Growth rate estimates \u2013 the growth rate used to extrapolate the cash flow projections beyond the five-year period is broadly consistent with market expectations for long-term growth in the industry and assumes no significant change in the Group\u2019s market share and the range of services and products provided. Sensitivity to changes in key assumptions In determining the value-in-use recoverable amount for each CGU, sensitivities have been applied to key assumptions. The industry in which the Group operates is cyclical and highly dependent on energy prices; this could lead to changes in future cash flows which are greater than the sensitivity ranges applied. In the performance of sensitivity analysis the impacts of the following changes to key assumptions were assessed: \u2022 forecast Adjusted EBITDA \u2013 a 10% increase and decrease in the assumptions during the five-year period from 2023 to 2027, and the Adjusted EBITDA upon which terminal values have been calculated; \u2022 replacement capital expenditure forecast \u2013 a 25% increase and decrease in the forecast replacement capital expenditure assumptions during the five-year period from 2023 to 2027, and the capital expenditure upon which terminal values have been calculated; \u2022 pre-tax discount rate \u2013 an increase and decrease by 2 percentage points; and \u2022 growth rate \u2013 an increase and decrease by 2 percentage points. The impact on goodwill as a result of changes to the key assumptions used in the sensitivity analysis is as follows: Adjusted EBITDA Discount rate Capital expenditure Long-term growth rate (in $ millions) 10% decrease 10% increase 2% decrease 2% increase 25% decrease 25% increase 2% decrease 2% increase UK GIRM (11.8) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4Subsea (3.1) \u2013 \u2013 (4.7) \u2013 (2.6) (3.3) \u2013 Xodus (3.0) \u2013 \u2013 (2.0) \u2013 (1.0) \u2013 \u2013 CGUs not impaired and not sensitive to impairment Changes to the key assumptions used in the sensitivity analysis would not, in isolation, cause the recoverable amount of the Norway, Nautilus or Renewables CGUs to be materially less than their carrying value. The Africa Middle East and Caspian, Asia Pacific, Brazil and Gulf of Mexico CGUs have no goodwill, therefore any future changes in the key assumptions, in isolation, would not result in an impairment charge being recognised against goodwill. The Brazil CGU is sensitive to changes in the key assumptions which may result in a potential CGU impairment being recognised in future years. 14. Intangible assets (in $ millions) Software Customer contracts (backlog) Other intangibles Total Cost A t 1 January 2021 46.1 30.5 109.5 186.1 A cquisition of businesses \u2013 \u2013 2.3 2.3 A dditions 8.4 \u2013 0.1 8.5 Disposals (10.4) (30.5) (34.1) (75.0) Exchange differences (0.2) \u2013 0.3 0.1 A t 31 December 2021 43.9 \u2013 78.1 122.0 A djustments to provisional amounts recognised (Note 12) \u2013 \u2013 (2.3) (2.3) A t 31 December 2021 (revised) 43.9 \u2013 75.8 119.7 A dditions 3.0 \u2013 8.0 11.0 Disposals (0.1) \u2013 \u2013 (0.1) Exchange differences (4.1) \u2013 (6.5) (10.6) A t 31 December 2022 42.7 \u2013 77.3 120.0 A ccumulated amortisation and impairment A t 1 January 2021 30.5 30.5 79.1 140.1 Charge for the year 3.6 \u2013 11.1 14.7 Impairments \u2013 \u2013 4.8 4.8 Eliminated on disposal (10.2) (30.5) (34.1) (74.8) Exchange differences \u2013 \u2013 (0.1) (0.1) A t 31 December 2021 23.9 \u2013 60.8 84.7 Charge for the year 3.6 \u2013 8.7 12.3 Eliminated on disposal (0.1) \u2013 \u2013 (0.1) Exchange differences (2.3) \u2013 (5.7) (8.0) A t 31 December 2022 25.1 \u2013 63.8 88.9 Carrying amount: A t 31 December 2021 20.0 \u2013 15.0 35.0 A t 31 December 2022 17.6 \u2013 13.5 31.1 The table above includes assets under construction of $8.9 million (2021: $6.1 million). Other intangible assets includes capitalised expenditure related to the Group\u2019s digitalisation programme. An impairment test was performed on the balances at 31 December 2022 and impairment charges of $nil (2021: $4.8 million) were recognised. 15. Property, plant and equipment (in $ millions) Vessels Operating equipment Land and buildings Other assets Total Cost A t 1 January 2021 5,978.0 1,017.5 518.6 50.4 7,564.5 A cquisition of businesses 290.5 \u2013 \u2013 1.2 291.7 A dditions 105.2 28.9 10.3 13.5 157.9 Exchange differences (0.8) (1.3) (5.8) (0.8) (8.7) Transfers (0.7) 0.3 4.0 (3.6) \u2013 Disposals (374.2) (28.1) (4.0) (2.7) (409.0) A t 31 December 2021 5,998.0 1,017.3 523.1 58.0 7,596.4 A dditions 176.9 19.5 8.5 17.7 222.6 Exchange differences (52.3) (43.7) (14.4) (7.0) (117.4) Transfers (20.6) 24.3 \u2013 (3.7) \u2013 A ssets held for sale (Note 21) (222.3) \u2013 \u2013 \u2013 (222.3) Disposals (23.6) (7.8) \u2013 (2.1) (33.5) A t 31 December 2022 5,856.1 1,009.6 517.2 62.9 7,445.8 A ccumulated depreciation and impairment A t 1 January 2021 2,436.8 801.1 295.3 48.7 3,581.9 Charge for the year 263.2 49.0 21.9 7.0 341.1 Impairments \u2013 \u2013 4.1 \u2013 4.1 Exchange differences (1.7) (0.8) (2.9) (0.7) (6.1) Transfers 2.4 \u2013 \u2013 (2.4) \u2013 Eliminated on disposals (371.0) (28.0) (4.0) (2.6) (405.6) A t 31 December 2021 2,329.7 821.3 314.4 50.0 3,515.4 Charge for the year 253.8 66.9 18.4 6.5 345.6 Impairments \u2013 2.3 \u2013 \u2013 2.3 Impairment reversals (55.6) \u2013 \u2013 \u2013 (55.6) Exchange differences (28.1) (36.9) (6.1) (3.1) (74.2) A ssets held for sale (Note 21) (176.8) \u2013 \u2013 \u2013 (176.8) Eliminated on disposals (23.5) (7.3) \u2013 (2.1) (32.9) A t 31 December 2022 2,299.5 846.3 326.7 51.3 3,523.8 Carrying amount: A t 31 December 2021 3,668.3 196.0 208.7 8.0 4,081.0 A t 31 December 2022 3,556.6 163.3 190.5 11.6 3,922.0 The table above includes assets under construction of $431.1 million at 31 December 2022 (2021: $285.4 million). An impairment test was performed on the balances of property, plant and equipment at 31 December 2022 and impairment charges of $2.3 million (2021: $4.1 million) were recognised where the future recoverable amounts were lower than the carrying amounts. The charges were recognised in the Consolidated Income Statement within operating expenses. Recoverable amount is defined as the higher of value-in-use and fair value less costs of disposal and was determined by management based on recent similar market transactions, an assessment of internal estimates and independent external valuations. In addition, impairment reversals totalling $55.6 million (2021: $nil) were recognised in relation to a vessel and operating equipment, driven by an upward revision in forecast utilisation of the assets. The impairment reversals were recognised within the Subsea and Conventional business unit. 16. Right-of-use assets (in $ millions) Vessels Operating equipment Land and buildings Other assets Total Cost A t 1 January 2021 257.2 2.2 132.1 2.9 394.4 A cquisition of businesses \u2013 \u2013 3.0 \u2013 3.0 A dditions 30.3 8.6 15.3 0.6 54.8 Exchange differences (1.2) (0.7) (4.6) (0.1) (6.6) Remeasurement (2.5) \u2013 3.0 \u2013 0.5 Disposals \u2013 (0.9) (10.2) (0.4) (11.5) A t 31 December 2021 283.8 9.2 138.6 3.0 434.6 A dditions 62.4 1.1 5.4 \u2013 68.9 Exchange differences (12.8) (0.2) (7.0) \u2013 (20.0) Remeasurement 65.9 5.5 (0.3) (0.2) 70.9 Disposals (26.4) (0.9) (7.8) (0.1) (35.2) A t 31 December 2022 372.9 14.7 128.9 2.7 519.2 A ccumulated amortisation and impairment A t 1 January 2021 113.3 1.4 65.1 1.3 181.1 Charge for the year 53.7 4.7 19.3 0.8 78.5 Impairments \u2013 \u2013 0.2 \u2013 0.2 Impairment reversals \u2013 \u2013 (3.7) \u2013 (3.7) Exchange differences (5.2) (0.3) (4.7) \u2013 (10.2) Remeasurement (4.4) \u2013 (1.8) \u2013 (6.2) Eliminated on disposals \u2013 (0.9) (10.2) (0.4) (11.5) A t 31 December 2021 157.4 4.9 64.2 1.7 228.2 Charge for the year 74.3 4.2 19.6 0.7 98.8 Impairment reversals \u2013 \u2013 (3.7) \u2013 (3.7) Exchange differences (8.0) (0.1) (3.1) (0.1) (11.3) Eliminated on disposals (26.4) (0.8) (7.5) (0.1) (34.8) A t 31 December 2022 197.3 8.2 69.5 2.2 277.2 Carrying amount: A t 31 December 2021 126.4 4.3 74.4 1.3 206.4 A t 31 December 2022 175.6 6.5 59.4 0.5 242.0 The Group leases vessels, operating equipment and properties with contracts which are typically for fixed periods but may have extension options used to maximise operational flexibility. The majority of extension and termination options held are exercisable only by the Group and not the respective lessors. Lease liabilities are disclosed within Note 29 \u2018Lease liabilities\u2019. Commitments to leases which have not yet commenced are disclosed within Note 33 \u2018Commitments and contingent liabilities\u2019. An impairment test was performed on the balances at 31 December 2022 and impairment charges totalling $nil (2021: $0.2 million) were recognised. In addition impairment reversals totalling $3.7 million were recognised (2021: $3.7 million). 17. Interests in associates and joint arrangements Interests in associates and joint ventures At 31 December 2022 the Group had interests in 11 joint ventures. The Group\u2019s ownership interests in joint ventures were as follows: Year end Country of registration Operating segment Classification Subsea7 ownership % Astori Sp. z.o.o. 31 December Poland Subsea and Conventional Joint Venture 49 Belmet 7 Limited 31 December Ghana Subsea and Conventional Joint Venture 49 Eidesvik Seven AS 31 December Norway Subsea and Conventional Joint Venture 50 Eidesvik Seven Chartering AS 31 December Norway Subsea and Conventional Joint Venture 50 ENMAR S.A. 31 December Mozambique Subsea and Conventional Joint Venture 51 GO FZE 31 December Nigeria Subsea and Conventional Joint Venture 40 Global Oceon Engineers Nigeria Limited 31 December Nigeria Subsea and Conventional Joint Venture 40 SapuraAcergy Assets Pte Ltd (a) 31 January Malaysia Subsea and Conventional Joint Venture 51 SapuraAcergy Sdn Bhd (a) 31 January Malaysia Subsea and Conventional Joint Venture 50 Subsea Integration Alliance LLC 31 December US Subsea and Conventional Joint Venture 50 Subsea 7 Malaysia Sdn Bhd 31 December Malaysia Subsea and Conventional Joint Venture 30 (a) The Group has 50% equity ownership of SapuraAcergy Sdn. Bhd and 51% equity ownership in SapuraAcergy Assets Pte Ltd, however, 1% is subject to a put and call option for the benefit of its joint venture partner. For all entities the principal place of business is consistent with the country of registration. For the majority of entities the proportion of voting rights is consistent with the proportion of ownership interest, however in some cases some specific matters require unanimous approval of all shareholders. All interests in joint ventures are accounted for using the equity method. Financial information, using consistent accounting policies, for the year ended 31 December 2022 is used for all entities. The movement in the balance of investments in joint ventures was as follows: (in $ millions) 2022 2021 At year beginning 28.6 29.5 Share of net (loss)/income of associates and joint ventures (3.0) 3.9 Net reclassification of investment balances 1.7 (4.5) Exchange differences (1.8) (0.3) At year end 25.5 28.6 Net reclassification of investment balances This amount relates primarily to reclassification within the Group\u2019s balance sheet of negative investment balances to other non-current liabilities. Summarised financial information At 31 December 2022 none of the Group\u2019s investments in joint ventures were individually material to the Group therefore summarised financial information has not been provided. Interests in joint arrangements The Group executes contracts on a regular basis through unstructured joint operations governed by alliance or consortium agreements. These agreements provide for joint and several liability for the parties involved. The material joint operations of the Group are detailed below. The Group participates in Subsea Integration Alliance (SIA), through unincorporated strategic global operations between Subsea7 and OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. As part of the alliance, Subsea7 and OneSubsea\u00ae agree terms and conditions on a project-by-project basis; this governs the relationship between the entities executing contracts with clients. SIA operates globally and provides clients with subsea technologies, production and processing systems, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. Contracts with clients are entered into by individual entities of the Subsea7 and OneSubsea\u00ae groups, with all activities executed on a joint and several basis. Saudi Arabian Oil Company awarded a long-term frame agreement to a consortium consisting of Subsea7 and L&T Hydrocarbon Engineering. This unincorporated consortium is governed by a consortium agreement, and Subsea7 and L&T Hydrocarbon Engineering are jointly and severally liable to Saudi Arabian Oil Company for the various call-off work orders awarded to the consortium via the long- term frame agreement. The consortium\u2019s activities include project management, engineering, procurement, fabrication, transportation and installation of offshore facilities and infrastructure. The principal place of business of the unincorporated consortium is the Kingdom of Saudi Arabia. Interests in joint ventures and associates \u2013 agreement to complete second half of 2023 On 30 August 2022, the Group announced its intention to acquire a 10% ownership interest in a proposed entity which will comprise the subsea businesses of SLB and Aker Solutions, with the Group contributing $306.5 million for a 10% ownership interest. The Group will not contribute any assets or businesses. The entity will operate within Subsea Integration Alliance, in a similar capacity to the existing arrangements with OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. The transaction is subject to regulatory approvals as well as other customary closing conditions and is expected to complete during the second half of 2023. The consideration of $306.5 million will be payable 50% at completion date with the remainder on or before 30 June 2024. The results of the entity are expected to be equity accounted in the Group\u2019s Consolidated Financial Statements as an associate, on the basis that the Group will have significant influence in the entity and representation on the Board of Directors. 18. Advances and receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Non-current amounts due from associates and joint ventures 37.4 38.6 A llowance for credit impairment (1.6) (1.6) 35.8 37.0 Capitalised fees for long-term loan facilities 1.8 5.3 Deposits held by third parties 1.1 1.0 Other receivables 27.2 14.1 Total 65.9 57.4 19. Inventories A t (in $ millions) 2022 31 Dec 2021 31 Dec Materials and non-critical spares 8.8 10.4 Consumables 40.7 29.9 Total 49.5 40.3 For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Total cost of inventory charged to the Consolidated Income Statement 163.7 114.5 Write-down of inventories charged to the Consolidated Income Statement 1.4 0.5 Provision for obsolescence charged to the Consolidated Income Statement 0.3 2.4 At 31 December 2022 inventories included a provision for obsolescence of $5.2 million (2021: $6.5 million). There were no inventories pledged as security. 20. Trade and other receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Trade receivables 431.5 519.2 A llowance for expected credit losses (2.0) (2.2) A llowance for credit impairment (4.4) (3.9) 425.1 513.1 Current amounts due from associates and joint ventures 3.7 4.4 A llowance for credit impairment (2.1) (1.9) 1.6 2.5 Other receivables 32.5 20.5 A dvances to suppliers 28.5 39.0 Other taxes receivable 98.5 56.7 Trade and other receivables 586.2 631.8 Current tax assets 61.1 24.1 Total 647.3 655.9 Details of how the Group manages its credit risk and further analysis of the trade receivables balance, allowances for expected credit losses and allowances for credit impairment are shown in Note 34 \u2018Financial instruments\u2019. Other receivables include insurance receivables, customer retentions and deposits. Other taxes receivable include value added tax, sales tax, withholding tax, social security tax and other indirect taxes. 21. Assets classified as held for sale During December 2022, the Group marketed two vessels for sale, Seven Antares and Seven Inagha. Management considered its actions met the criteria within IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019, to classify the assets as held for sale with disposals expected to be completed within a year from the reporting date. At 31 December 2022, both vessels were classified as held for sale at their carrying amounts which management considered was representative of their fair value less costs to sell. 22. Other accrued income and prepaid expenses A t (in $ millions) 2022 31 Dec 2021 31 Dec Unbilled revenue 93.4 88.1 A llowance for expected credit losses (0.4) (0.4) 93.0 87.7 Prepaid expenses 111.6 116.8 Total 204.6 204.5 Unbilled revenue relates to work completed on day-rate contracts, which had not been billed to clients at the balance sheet date. There were no contract liability balances which relate to this category of contract revenue. Revenue of $6.6 million (2021: $6.0 million) was recognised in the year relating to performance obligations satisfied in previous periods. The increase in the balance during the year was due to increased activity in the UK and Norway. Prepaid expenses arise in the normal course of business and represent expenditure which has been deferred and which will be recognised in the Consolidated Income Statement within 12 months of the balance sheet date. The movement in the allowance for expected credit losses in respect of unbilled revenue during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for expected credit losses A t year beginning (0.4) (1.3) Decrease in allowance recognised in profit or loss \u2013 0.9 A t year end (0.4) (0.4) Details of how the Group manages its credit risk are shown in Note 34 \u2018Financial instruments\u2019. At 31 December 2022 the allowance for credit impairment in respect of unbilled revenue was $nil (2021: $nil). 23. Construction contracts (in $ millions) Construction contracts \u2013 assets Construction contracts \u2013 liabilities A t 31 December 2022 Current 809.5 (319.4) A llowance for expected credit losses (1.8) \u2013 Total 807.7 (319.4) (in $ millions) Construction contracts \u2013 assets Construction contracts \u2013 liabilities A t 31 December 2021 Current 791.4 (205.7) A llowance for expected credit losses (3.2) \u2013 788.2 (205.7) Non-current 4.4 \u2013 Total 792.6 (205.7) (in $ millions) 2022 31 Dec 2021 31 Dec Revenue recognised which was included in construction contract liabilities at beginning of year 195.0 267.9 Revenue recognised from performance obligations satisfied in previous periods 78.0 69.1 Revenue recognised which was included in construction contract liabilities at the beginning of the year of $195.0 million (2021: $267.9 million) represents amounts included within the construction contract liabilities balance at 1 January 2022 which have been recognised as revenue during the year. Revenue recognised from performance obligations satisfied in previous periods of $78.0 million (2021: $69.1 million) represents revenue recognised in the Consolidated Income Statement for projects which were considered operationally complete at the prior year end. Significant movements in the construction contract asset and construction contract liability balances The Group has construction contract asset and construction contract liability balances as a result of long-term projects in the Subsea and Conventional and Renewables business units. Details of the Group\u2019s treatment of performance obligations are disclosed in Note 3 \u2018Significant accounting policies\u2019. Due to the number and size of projects within the Group, construction contract asset and liability balances can vary significantly at each reporting date. Cumulative adjustments to revenue are most commonly caused by a change to the estimate of the transaction price due to a reassessment of the constraint to variable consideration, awarded variation orders, scope changes or amendments to the cost profile. The $15.1 million increase in construction contract assets and the $113.7 million increase in construction contract liabilities during 2022 was driven by an increase in activity in the Subsea and Conventional business unit, primarily in Norway and Brazil. Construction contract assets An analysis of the ageing of construction contract assets at the balance sheet date has not been provided. Due to the nature of the balances and the fact that the Group invoices on a milestone basis, the ageing of construction contract assets is not reflective of the credit risk associated with these balances. The movement in the allowance for expected credit losses in respect of net construction contract assets during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for expected credit losses A t year beginning (3.2) (3.8) Decrease in allowance recognised in profit or loss 1.4 0.6 A t year end (1.8) (3.2) The allowance for expected credit losses decreased during the year due to fluctuations in the mix of customers, the size of receivables due and the default probability. At 31 December 2022 the allowance for credit impairment recognised in connection with construction contract assets was $nil (2021: $nil). Transaction price allocated to the remaining performance obligations The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) was as follows: At 31 December 2022 Expected year of execution (in $ millions) 2023 2024 2025 2026 and beyond Total Subsea and Conventional 3,815.8 2,565.6 1,178.9 581.0 8,141.3 Renewables 367.3 392.6 83.9 0.3 844.1 Corporate 20.9 1.3 \u2013 \u2013 22.2 Total 4,204.0 2,959.5 1,262.8 581.3 9,007.6 A t 31 December 2021 Expected year of execution (in $ millions) 2022 2023 2024 2025 and beyond Total Subsea and Conventional 3,404.6 1,813.7 614.7 127.9 5,960.9 Renewables 882.0 168.9 186.4 0.4 1,237.7 Corporate 13.1 \u2013 \u2013 \u2013 13.1 Total 4,299.7 1,982.6 801.1 128.3 7,211.7 The estimate of the transaction price does not include any amounts of variable consideration which are constrained. 24. Cash and cash equivalents A t (in $ millions) 2022 31 Dec 2021 31 Dec Cash and cash equivalents 645.6 597.6 Cash and cash equivalents included amounts totalling $35.2 million (2021: $44.5 million) held by Group undertakings in certain countries whose exchange controls may significantly restrict or delay the remittance of these amounts to jurisdictions outside of that country. 25. Issued share capital Authorised shares 2022 31 Dec Number of shares 2022 31 Dec in $ millions 2021 31 Dec Number of shares 2021 31 Dec in $ millions A uthorised common shares, $2.00 par value 450,000,000 900.0 450,000,000 900.0 Issued shares 2022 31 Dec Number of shares 2022 31 Dec in $ millions 2021 31 Dec Number of shares 2021 31 Dec in $ millions Fully paid and issued common shares 300,000,000 600.0 300,000,000 600.0 The issued common shares consist of: Common shares excluding treasury shares 290,205,733 580.4 295,465,893 590.9 Treasury shares at par value (Note 26) 9,794,267 19.6 4,534,107 9.1 Total 300,000,000 600.0 300,000,000 600.0 26. Treasury shares Share repurchase programme On 24 July 2019, the Board of Directors authorised a new share repurchase programme of up to $200 million, to be executed over two years. The programme was approved pursuant to the authorisation granted to the Board of Directors at the Extraordinary General Meeting held on 17 April 2019, which allows for the purchase of up to a maximum of 10% of the Group\u2019s issued share capital, net of purchases already made. On 15 April 2021, the Board of Directors authorised a 24-month extension to the Group\u2019s share repurchase programme in accordance with the authority granted to the Board of Directors at the Extraordinary General Meeting held on 14 April 2021. During 2022, the Group repurchased 5,648,072 (2021: 2,724,172) shares for a total consideration of $46.0 million (2021: $21.0 million). At 31 December 2022, the cumulative number of shares repurchased under this programme was 10,000,212 for a total consideration of $76.8 million. All repurchases were made in the open market on the Oslo B\u00f8rs, pursuant to certain conditions, and were in conformity with Article 49-2 of Luxembourg Company Law and EU Commission Regulation 2273/2003 on exemptions for repurchase programmes and stabilisation of financial instruments. At 31 December 2022 the remaining repurchased shares, which had not been reallocated relating to share-based payments, were held as treasury shares. Summary At 31 December 2022, Subsea 7 S.A. held 9,794,267 treasury shares (2021: 4,534,107), which amounted to 3.26% (2021: 1.51%) of the total number of issued shares. 2022 Number of shares 2022 in $ millions 2021 Number of shares 2021 in $ millions At year beginning 4,534,107 32.9 2,326,683 17.8 Shares repurchased 5,648,072 46.0 2,724,172 21.0 Shares reallocated relating to share-based payments (387,912) (3.9) (516,748) (5.9) Balance at year end 9,794,267 75.0 4,534,107 32.9 27. Non-controlling interests At 31 December 2022, the Group\u2019s respective ownership interests in subsidiaries which are non-wholly-owned were as follows: Year end Country of registration Subsea7 ownership % Globestar Engineering Company (Nigeria) Limited 31 December Nigeria 98.8 Nautilus Floating Solutions S.L. 31 December Spain 59.1 Naviera Subsea 7 S. de R.L. de C.V. 31 December Mexico 49.0 Nigerstar 7 FZE 31 December Nigeria 49.0 Nigerstar 7 Limited 31 December Nigeria 49.0 PT Subsea 7 Indonesia 31 December Indonesia 94.9 Seaway 7 ASA 31 December Norway 72.4 Servicios Subsea 7 S. de R.L. de C.V. 31 December Mexico 52.0 Sonacergy \u2013 Servi\u00e7os E Constru\u00e7\u00f5es Petrol\u00edferas Lda. 31 December Portugal 55.0 Sonamet Industrial S.A. 31 December Angola 55.0 Subsea 7 Equatorial Guinea S.A. 31 December Equatorial Guinea 65.0 Subsea 7 Volta Contractors Limited 31 December Ghana 49.0 For all entities, the principal place of business is consistent with the country of registration. Financial information for the year ended 31 December 2022 has been used for all entities. The movement in the equity attributable to non-controlling interests was as follows: (in $ millions) 2022 2021 A t year beginning 305.4 27.3 A djustments to provisional amounts recognised (Note 12) (0.9) \u2013 A t year beginning (revised) 304.5 27.3 Share of net (loss)/income for the year (20.7) 4.6 A cquisition of businesses \u2013 278.3 Seaway 7 ASA\u2019s equity share issuance 54.3 \u2013 Reclassification of non-controlling interests to equity attributable to shareholders of Subsea 7 S.A. (6.3) \u2013 Reclassification of cumulative exchange differences from equity attributable to shareholders of Subsea 7 S.A. to non-controlling interests \u2013 (2.9) Exchange differences (2.7) (1.9) A t year end 329.1 305.4 Seaway 7 ASA\u2019s equity share issuance During the year, Seaway 7 ASA raised approximately $200 million from a rights issue fully underwritten by Seaway 7 ASA\u2019s three largest shareholders. Following the rights issue, the Group\u2019s ownership interest increased from 72% to 72.42%. Subsea Seven Doha Oil and Gas Services and Trading LLC During 2022, Subsea Seven Doha Oil and Gas Services and Trading LLC became a wholly-owned subsidiary of the Group. Summarised financial information Financial information of the non-wholly-owned subsidiary which had a material impact on the Consolidated Financial Statements is shown below: 27. Non-controlling interests Seaway 7 ASA The Group holds a 72.42% interest in Seaway 7 ASA, a global group operating in the renewables market. For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Revenue 1,119.0 1,260.0 Net loss (80.7) (62.5) Total comprehensive loss (79.3) (61.3) Total comprehensive loss attributable to non-controlling interests (21.9) (17.2) For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Net cash flows (used in)/generated from operating activities (47.6) 38.6 Net cash flows used in investing activities (71.2) (38.0) Net cash flows generated from financing activities 104.6 15.2 Net (decrease)/increase in cash and cash equivalents (14.2) 15.8 2022 2021 A s at (in $ millions) 31 Dec 31 Dec Non-current assets 1,147.4 1,060.4 Current assets 228.7 327.6 Non-current liabilities (96.1) (56.1) Current liabilities (292.7) (467.6) Net assets 987.3 864.3 Total equity (987.3) (864.3) Total equity attributable to the shareholders of the parent company (715.0) (622.3) Total equity attributable to non-controlling interests (272.3) (242.0) 28. Borrowings A t (in $ millions) 2022 31 Dec 2021 31 Dec South Korean Export Credit Agency (ECA) facility 159.8 184.4 UK Export Finance (UKEF) facility 195.8 200.0 Seaway 7 ASA Revolving Credit Facility \u2013 37.0 Other 0.4 0.5 Total 356.0 421.9 Consisting of: Non-current portion of borrowings 302.2 360.3 Current portion of borrowings 53.8 61.6 Total 356.0 421.9 Commitment fees expensed during the year in respect of unused lines of credit totalled $4.2 million (2021: $2.6 million). Facilities The $700 multi-currency revolving credit and guarantee facility On 15 June 2022, the Group entered into a $700.0 million multi-currency revolving credit and guarantee facility with a five-year tenor. The facility is available in a combination of guarantees, up to a limit of $200.0 million, and cash drawings, or in full for cash drawings. The facility is guaranteed by Subsea 7 S.A. and Subsea 7 Finance (UK) PLC, a wholly-owned subsidiary of the Group. The facility was unutilised at 31 December 2022. On 15 June 2022, the Group\u2019s previous $656.0 million multi-currency revolving credit and guarantee facility was cancelled. The South Korean Export Credit Agency (ECA) facility In July 2015 the Group entered into a $357 million senior term loan facility secured on two vessels owned by the Group. The facility is provided 90% by an Export Credit Agency (ECA) and 10% by two banks and is available for general corporate purposes. The ECA tranche has a 12-year maturity and a 12-year amortising profile. The commercial tranche initially had a five-year maturity and a 15-year amortising profile, which commenced in April 2017. The commercial tranche was refinanced during November 2021, now maturing in January 2027, while retaining the original amortising profile. The facility is guaranteed by Subsea 7 S.A. At 31 December 2022, the amount outstanding under the facility was $159.8 million (2021: $184.4 million). UK Export Finance (UKEF) facility On 24 February 2021, the Group entered into a $500 million five-year amortising committed loan facility backed by a $400 million guarantee from UK Export Finance. The Group has a two-year availability period during which to draw on the facility. The facility has a five-year tenor which commences at the end of the availability period or when the facility is fully drawn, whichever is earlier. The facility can be used for general corporate purposes, including to provide working capital financing for services provided from the UK. The facility is guaranteed by Subsea 7 S.A. At 31 December 2022, the amount outstanding under the facility, net of facility fees, was $195.8 million (2021: $200.0 million). Seaway 7 ASA Revolving Credit Facility The amount outstanding under the facility of $37.0 million was repaid in full during January 2022 and the facility cancelled. Utilisation of facilities At (in $ millions) 2022 31 Dec Utilised 2022 31 Dec Unutilised 2022 31 Dec Total 2021 31 Dec Utilised 2021 31 Dec Unutilised 2021 31 Dec Total Committed borrowing facilities 359.8 1,000.0 1,359.8 421.9 956.0 1,377.9 Other facilities In addition to the above there are a number of uncommitted, unsecured bi-lateral guarantee arrangements in place in order to provide specific geographical coverage. The utilisation of these facilities at 31 December 2022 was $1.6 billion (2021: $1.3 billion). 29. Lease liabilities A t (in $ millions) 2022 31 Dec 2021 31 Dec Maturity analysis \u2013 contractual undiscounted cash flows Within one year 107.8 90.3 Years two to five inclusive 165.7 141.8 A fter five years 10.2 17.1 Total undiscounted lease liabilities 283.7 249.2 Effect of discounting (26.7) (18.3) Discounted lease liabilities 257.0 230.9 Consisting of: Non-current 161.2 142.9 Current 95.8 88.0 Total discounted lease liabilities 257.0 230.9 Amounts recognised within the Consolidated Income Statement in relation to short-term and low-value leases are disclosed within Note 6 \u2018Net operating income\u2019. Payments related to lease liabilities disclosed within the Consolidated Cash Flows Statement for the year ended 31 December 2022 were $110.7 million (2021: $93.1 million). 30. Other non-current liabilities A t (in $ millions) 2022 31 Dec 2021 31 Dec Other 5.3 6.1 Total 5.3 6.1 31. Trade and other liabilities A t (in $ millions) 2022 31 Dec 2021 31 Dec A ccruals 720.1 887.9 Trade payables 317.5 271.1 Current amounts due to associates and joint ventures 7.3 9.1 A ccrued salaries and benefits 118.9 106.4 Withholding taxes 23.8 15.4 Other taxes payable 68.9 44.2 Other current liabilities 13.9 18.4 Total 1,270.4 1,352.5 32. Provisions (in $ millions) Claims Decommissioning Restructuring Onerous fixed-price contracts Other Total A t 1 January 2021 16.2 11.5 46.6 65.7 28.0 168.0 A dditional provision in the year 2.6 0.4 \u2013 175.8 13.4 192.2 A cquisition of businesses \u2013 \u2013 \u2013 32.3 \u2013 32.3 Utilisation of provision (3.3) (1.6) (24.8) (173.6) (6.5) (209.8) Unused amounts released during the year (0.8) (0.2) (18.9) (9.9) (5.1) (34.9) Effect of changes in the discount rate \u2013 \u2013 \u2013 \u2013 1.2 1.2 Unwinding of discount rate \u2013 (0.1) \u2013 \u2013 \u2013 (0.1) Exchange differences (1.0) \u2013 (0.1) (1.0) (0.4) (2.5) A t 31 December 2021 13.7 10.0 2.8 89.3 30.6 146.4 A djustments to provisional amounts recognised (Note 12) \u2013 \u2013 \u2013 35.3 \u2013 35.3 A t 31 December 2021 (revised) 13.7 10.0 2.8 124.6 30.6 181.7 A dditional provision in the year 6.5 1.2 0.6 97.5 7.3 113.1 Utilisation of provision (0.6) (0.6) (2.3) (102.9) (4.6) (111.0) Unused amounts released during the year (1.0) (4.1) (0.6) (32.1) (9.7) (47.5) Unwinding of discount rate \u2013 \u2013 \u2013 (0.1) \u2013 (0.1) Exchange differences 0.9 (0.4) 0.1 (1.3) (0.8) (1.5) A t 31 December 2022 19.5 6.1 0.6 85.7 22.8 134.7 A t (in $ millions) 2022 31 Dec 2021 31 Dec Consisting of: Non-current provisions 47.7 85.0 Current provisions 87.0 96.7 Total 134.7 181.7 The claims provision comprises a number of claims made against the Group including disputes, personal injury cases and tax claims, where the timing of resolution is uncertain. The decommissioning provision is mainly in relation to the Group\u2019s obligation to restore leased vessels to their original, or agreed, condition. The cash outflows related to the provision are expected to occur in the years in which the leases cease, which range from 2023 to 2025. The restructuring provision relates to expenses associated with cost reduction and headcount resizing activities. The provision includes employee termination costs and professional fees. The provision is based on statutory requirements and discretionary arrangements for headcount reductions. Cash outflows associated with termination costs and professional fees are expected to occur in 2023. Onerous fixed-price contract provisions relate to projects where total forecast costs at completion exceed the expected transaction price. The cash outflows related to the provisions are expected to occur during 2023 and 2024. Other provisions mainly related to onerous day-rate contracts and contingent consideration. Notes to the Consolidated Financial Statements continued 120 Subsea 7 S.A. \u2022 Annual Report 2022 32. Provisions (in $ millions) Claims Decommissioning Restructuring Onerous fixed-price contracts Other Total At 1 January 2021 16.2 11.5 46.6 65.7 28.0 168.0 Additional provision in the year 2.6 0.4 \u2013 175.8 13.4 192.2 Acquisition of businesses \u2013 \u2013 \u2013 32.3 \u2013 32.3 Utilisation of provision (3.3) (1.6) (24.8) (173.6) (6.5) (209.8) Unused amounts released during the year (0.8) (0.2) (18.9) (9.9) (5.1) (34.9) Effect of changes in the discount rate \u2013 \u2013 \u2013 \u2013 1.2 1.2 Unwinding of discount rate \u2013 (0.1) \u2013 \u2013 \u2013 (0.1) Exchange differences (1.0) \u2013 (0.1) (1.0) (0.4) (2.5) At 31 December 2021 13.7 10.0 2.8 89.3 30.6 146.4 Adjustments to provisional amounts recognised (Note 12) \u2013 \u2013 \u2013 35.3 \u2013 35.3 At 31 December 2021 (revised) 13.7 10.0 2.8 124.6 30.6 181.7 Additional provision in the year 6.5 1.2 0.6 97.5 7.3 113.1 Utilisation of provision (0.6) (0.6) (2.3) (102.9) (4.6) (111.0) Unused amounts released during the year (1.0) (4.1) (0.6) (32.1) (9.7) (47.5) Unwinding of discount rate \u2013 \u2013 \u2013 (0.1) \u2013 (0.1) Exchange differences 0.9 (0.4) 0.1 (1.3) (0.8) (1.5) At 31 December 2022 19.5 6.1 0.6 85.7 22.8 134.7 At (in $ millions) 2022 31 Dec 2021 31 Dec Consisting of: Non-current provisions 47.7 85.0 Current provisions 87.0 96.7 Total 134.7 181.7 The claims provision comprises a number of claims made against the Group including disputes, personal injury cases and tax claims, where the timing of resolution is uncertain. The decommissioning provision is mainly in relation to the Group\u2019s obligation to restore leased vessels to their original, or agreed, condition. The cash outflows related to the provision are expected to occur in the years in which the leases cease, which range from 2023 to 2025. The restructuring provision relates to expenses associated with cost reduction and headcount resizing activities. The provision includes employee termination costs and professional fees. The provision is based on statutory requirements and discretionary arrangements for headcount reductions. Cash outflows associated with termination costs and professional fees are expected to occur in 2023. Onerous fixed-price contract provisions relate to projects where total forecast costs at completion exceed the expected transaction price. The cash outflows related to the provisions are expected to occur during 2023 and 2024. Other provisions mainly related to onerous day-rate contracts and contingent consideration. Subsea 7 S.A. \u2022 Annual Report 2022 121 33. Commitments and contingent liabilities Commitments The Group\u2019s commitments at 31 December 2022 consisted of: \u2022 commitments to purchase property, plant and equipment from external suppliers of $402.4 million (2021: $403.0 million), including commitments related to Seaway Alfa Lift, an offshore wind foundation installation vessel, and Seaway Ventus, an offshore wind turbine installation vessel; \u2022 contractual lease commitments, relating to vessel charters which had not commenced at 31 December 2022, totalling $119.3 million; \u2022 short-term lease commitments totalling $22.4 million (2021: $28.8 million); and \u2022 completion of an agreement to form a joint venture with SLB and Aker Solutions (Note 17). Contingent liabilities A summary of the contingent liabilities is as follows: Contingent liability recognised Contingent liability not recognised (in $ millions) 2022 2021 2022 2021 A t year beginning 5.5 6.0 176.4 285.2 Movement in contingent liabilities (5.4) \u2013 9.4 (91.5) Exchange differences 0.3 (0.5) 15.5 (17.3) A t year end 0.4 5.5 201.3 176.4 Contingent liabilities recognised in the Consolidated Balance Sheet As part of accounting for the business combination in 2011 with Subsea 7 Inc., IFRS 3 \u2018Business Combinations\u2019 (IFRS 3) required the Group to recognise as a provision, as of the acquisition date, the fair value of contingent liabilities assumed if there was a present obligation that arose from past events, even where payment was not probable. Following a favourable legal ruling, management now consider this previously recognised liability to have expired. As a result, during the second quarter of 2022, the contingent liability of $5.4 million (31 December 2021: $5.0 million) was derecognised in full and recognised within the Group\u2019s Consolidated Income Statement within operating expenses. As part of the accounting for the business combination of Pioneer Lining Technology Limited, the Group was required to recognise a contingent liability at the acquisition date, in respect of contingent amounts payable to a third party following the acquisition of intangible assets in 2009, in accordance with IFRS 3. The contingent liability recognised within the Consolidated Balance Sheet at 31 December 2022 was $0.4 million (2021: $0.5 million). Contingent liabilities not recognised in the Consolidated Balance Sheet Between 2009 and 2020, the Group\u2019s Brazilian businesses were audited and formally assessed for Imposto sobre Circula\u00e7ao de Mercadorias e Servi\u00e7os (ICMS) and federal taxes including import duty by the Brazilian state and federal tax authorities. The amount assessed, including penalties and interest, at 31 December 2022 amounted to BRL 908.8 million, equivalent to $174.7 million (2021: BRL 821.5 million, equivalent to $145.1 million). The Group has challenged these assessments. A contingent liability has been disclosed for the total amounts assessed as the disclosure criteria have been met however management believes that the likelihood of payment is not probable. During 2018, 2019 and 2020 the Group\u2019s Brazilian business received several labour claims and civil tax assessments. The amounts claimed or assessed at 31 December 2022 totalled BRL 205.1 million, equivalent to $39.4 million (2021: BRL 234.8 million, equivalent to $41.5 million). The Group has challenged these claims. A contingent liability has been disclosed for BRL 138.6 million, equivalent to $26.6 million (2021: BRL 177.4 million, equivalent to $31.3 million) as the disclosure criteria have been met however management believes that the likelihood of payment is not probable. A provision of BRL 66.5 million, equivalent to $12.8 million (2021: BRL 57.4 million, equivalent to $10.1 million) was recognised within the Consolidated Balance Sheet at 31 December 2022 as the IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 recognition criteria were met. The Group is subject to tax audits and receives tax assessments in a number of jurisdictions where it has, or has had, operations. The estimation of the ultimate outcome of these audits and disputed tax assessments is complex and subjective. The likely outcome of the audits and associated cash outflow, if any, may be impacted by technical uncertainty and the availability of supporting documentation. In the ordinary course of business, various claims, legal actions and complaints have been filed against the Group in addition to those specifically referred to above. The Group typically also provides contractual warranties for the repair of defects which are identified during a contract and within a defined period thereafter. Warranty periods vary dependent on contract type and operating segment; engineering, procurement, installation and commissioning (EPIC) oil and gas contracts typically attract shorter periods than EPIC renewables contracts. Liability exposure levels are monitored by management and risk transfer mechanisms arranged where deemed appropriate. Although the final resolution of any of these matters could have a material effect on its operating results for a particular reporting period, management believes that it is not probable that these matters would materially impact the Group\u2019s Consolidated Financial Statements. 121Subsea 7 S.A. 34. Financial instruments Details of the significant accounting policies adopted including the classification, basis of measurement and recognition of income and expense in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 \u2018Significant accounting policies\u2019. Classification of financial instruments Financial instruments are classified as follows: At (in $ millions) 2022 31 Dec Carrying amount 2021 31 Dec Carrying amount Financial assets Restricted cash 4.4 5.7 Cash and cash equivalents (Note 24) 645.6 597.6 Financial assets mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts 1.1 1.3 Embedded derivatives 16.7 43.5 Commodity derivatives \u2013 2.9 Financial assets elected to be measured at fair value through other comprehensive income: Commodity derivatives 4.2 12.8 Other financial assets \u2013 financial investments 1.1 1.3 Financial assets measured at amortised cost: Net trade receivables (Note 20) 425.1 513.1 Net non-current amounts due from associates and joint ventures (Note 18) 35.8 37.0 Net current amounts due from associates and joint ventures (Note 20) 1.6 2.5 Other financial receivables 22.1 19.2 Financial liabilities Financial liabilities mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts (1.1) (3.9) Embedded derivatives (34.3) (25.5) Commodity derivatives (0.2) \u2013 Contingent consideration (1.6) (6.6) Financial liabilities elected to be measured at fair value through other comprehensive income: Commodity derivatives (0.3) \u2013 Financial liabilities measured at amortised cost: Trade payables (Note 31) (317.5) (271.1) Lease liabilities (Note 29) (257.0) (230.9) Current amounts due to associates and joint ventures (Note 31) (7.3) (9.1) Borrowings (Note 28) (356.0) (421.9) Other financial payables (15.4) (13.4) Fair value The carrying amounts of financial assets and financial liabilities recorded at amortised cost in the Consolidated Financial Statements approximate their fair values due to their short-term nature or contractual cash flow characteristics. Financial instruments \u2013 gains and losses recognised within profit or loss The Group\u2019s financial instruments resulted in the recognition of the following in the Consolidated Income Statement: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest income from financial assets measured at amortised cost 9.0 4.7 Interest cost and fees from financial liabilities measured at amortised cost (20.2) (11.9) Net fair value losses on financial assets measured at fair value through profit or loss (29.9) (6.6) Net fair value losses on financial liabilities measured at fair value through profit or loss (6.2) (18.1 Notes to the Consolidated Financial Statements continued 122 Subsea 7 S.A. \u2022 Annual Report 2022 34. Financial instruments Details of the significant accounting policies adopted including the classification, basis of measurement and recognition of income and expense in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 \u2018Significant accounting policies\u2019. Classification of financial instruments Financial instruments are classified as follows: At (in $ millions) 2022 31 Dec Carrying amount 2021 31 Dec Carrying amount Financial assets Restricted cash 4.4 5.7 Cash and cash equivalents (Note 24) 645.6 597.6 Financial assets mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts 1.1 1.3 Embedded derivatives 16.7 43.5 Commodity derivatives \u2013 2.9 Financial assets elected to be measured at fair value through other comprehensive income: Commodity derivatives 4.2 12.8 Other financial assets \u2013 financial investments 1.1 1.3 Financial assets measured at amortised cost: Net trade receivables (Note 20) 425.1 513.1 Net non-current amounts due from associates and joint ventures (Note 18) 35.8 37.0 Net current amounts due from associates and joint ventures (Note 20) 1.6 2.5 Other financial receivables 22.1 19.2 Financial liabilities Financial liabilities mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts (1.1) (3.9) Embedded derivatives (34.3) (25.5) Commodity derivatives (0.2) \u2013 Contingent consideration (1.6) (6.6) Financial liabilities elected to be measured at fair value through other comprehensive income: Commodity derivatives (0.3) \u2013 Financial liabilities measured at amortised cost: Trade payables (Note 31) (317.5) (271.1) Lease liabilities (Note 29) (257.0) (230.9) Current amounts due to associates and joint ventures (Note 31) (7.3) (9.1) Borrowings (Note 28) (356.0) (421.9) Other financial payables (15.4) (13.4) Fair value The carrying amounts of financial assets and financial liabilities recorded at amortised cost in the Consolidated Financial Statements approximate their fair values due to their short-term nature or contractual cash flow characteristics. Financial instruments \u2013 gains and losses recognised within profit or loss The Group\u2019s financial instruments resulted in the recognition of the following in the Consolidated Income Statement: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest income from financial assets measured at amortised cost 9.0 4.7 Interest cost and fees from financial liabilities measured at amortised cost (20.2) (11.9) Net fair value losses on financial assets measured at fair value through profit or loss (29.9) (6.6) Net fair value losses on financial liabilities measured at fair value through profit or loss (6.2) (18.1) Subsea 7 S.A. \u2022 Annual Report 2022 123 Fees incurred in connection with financial instruments Total fees incurred during the year in connection with financial instruments measured at amortised cost were $7.5 million (2021: $1.6 million). Cash and cash equivalents At 31 December 2022 the Group held cash and cash equivalents of $645.6 million (2021: $597.6 million) which included cash and cash equivalents available on demand of $170.0 million (2021: $321.4 million) and time deposits with financial institutions of $475.6 million (2021: $276.2 million). The table below shows the carrying amount related to amounts on deposit. These are graded and monitored internally by the Group based on current external credit ratings issued, with \u2018prime\u2019 being the highest possible rating. A t (in $ millions) 2022 31 Dec 2021 31 Dec Deposits: Counterparties rated prime grade 115.0 80.0 Counterparties rated high grade 100.0 \u2013 Counterparties rated upper-medium grade 175.0 170.0 Counterparties rated lower-medium grade 84.2 21.4 Counterparties rated non-investment grade 1.4 4.8 Total 475.6 276.2 Financial instruments mandatorily measured at fair value through profit or loss The Group classifies its financial assets at fair value through profit or loss if classified as one of the following: \u2022 debt instruments that do not qualify for measurement at either amortised cost or at fair value through other comprehensive income; \u2022 equity investments that are held for trading; \u2022 equity investments for which the entity has not elected to recognise fair value gains and losses through other comprehensive income; or \u2022 derivative financial instruments. Derivative financial instruments recognised in the Consolidated Balance Sheet were as follows: A t (in $ millions) 31 Dec 2022 Assets 31 Dec 2022 Liabilities 31 Dec 2022 Total 31 Dec 2021 Assets 31 Dec 2021 Liabilities 31 Dec 2021 Total Non-current Embedded derivatives 3.6 (28.2) (24.6) 23.8 (5.7) 18.1 Commodity derivatives 1.7 (0.5) 1.2 0.9 \u2013 0.9 Total 5.3 (28.7) (23.4) 24.7 (5.7) 19.0 Current Forward foreign exchange contracts 1.1 (1.1) \u2013 1.3 (3.9) (2.6) Embedded derivatives 13.1 (6.1) 7.0 19.7 (19.8) (0.1) Commodity derivatives 2.5 \u2013 2.5 14.8 \u2013 14.8 Total 16.7 (7.2) 9.5 35.8 (23.7) 12.1 Contingent consideration Contingent consideration relates to amounts payable in connection with business combinations. The amounts payable are contingent on future events and are determined based on current expectations of the achievement of specific targets and milestones. Financial instruments elected to be measured at fair value through other comprehensive income Financial assets at fair value through other comprehensive income comprise investments in equity securities not held for trading, and for which the Group has made an irrevocable election, at initial recognition, to recognise changes in fair value through other comprehensive income rather than profit or loss as these investments are strategic in nature. Management concluded that due to the nature of these investments, there are a wide range of possible fair value measurements and in some cases there may be insufficient recent information available to enable the Group to accurately measure fair value. Management reviews investments at least annually to ensure the carrying amount can be supported by expected future cash flows and has concluded that cost is considered to represent the best estimate of fair value of each investment within a range of possible outcomes. During the year ended 31 December 2022, a fair value remeasurement gain of $nil (2021: $1.2 million) was recognised within other comprehensive income. 34. Financial instruments continued Upon disposal or derecognition of these equity investments, any associated balance accumulated within other comprehensive income will be reclassified to retained earnings. No investments were derecognised during the year. During the year no dividends were recognised within profit or loss in connection with the financial investments and there were no transfers of cumulative gains or losses within equity. Financial assets measured at amortised cost The Group classifies its financial assets at amortised cost only if both of the following criteria are met: the asset is held within a business model with the objective of collecting the contractual cash flows; and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal outstanding. Financial risk management objectives The Group monitors and manages the financial risks relating to its financial operations through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (consisting of currency risk and fair value interest rate risk), credit risk and liquidity risk. The Group seeks to minimise the effects of these risks by using a variety of financial instruments to hedge these financial risk exposures. Derivative financial instruments are used exclusively for hedging purposes and not as trading or speculative instruments. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into a variety of derivative financial instruments to manage its exposure to foreign currency risks, including forward foreign exchange contracts to hedge the exchange rate risk arising on future revenue, operating expenditures and capital expenditures. In the year ended 31 December 2022, there was no significant change to the Group\u2019s exposure to market risks or the manner in which it managed and measured the risk. Foreign currency risk The Group conducts operations in many countries and, as a result, is exposed to foreign currency fluctuations related to revenue and expenditure in the normal course of business. The Group has in place risk management policies that seek to limit the adverse effects of fluctuations in foreign currency exchange rates on its financial performance. The Group\u2019s reporting currency is the US Dollar. Revenue and expenses are principally denominated in the reporting currency of the Group. The Group also has significant operations denominated in British Pound Sterling and Euro as well as other cash flows in Angolan Kwanza, Australian Dollar, Brazilian Real, Canadian Dollar, Chinese Yuan, Danish Krone, Egyptian Pound, Ghanaian Cedi, Korean Won, Malaysian Ringgit, Mexican Peso, Nigerian Naira, Norwegian Krone, Saudi Arabian Riyal and Singaporean Dollar. Foreign currency sensitivity analysis The Group considers that its principal currency exposure is to movements in the US Dollar against other currencies. The US Dollar is the Group\u2019s reporting currency, the functional currency of many of its subsidiaries and the currency of a significant volume of the Group\u2019s cash flows. At 31 December 2022 the Group performed a sensitivity analysis to indicate the extent to which net income/(loss) and equity would be affected by changes in the exchange rate between the US Dollar and other currencies in which the Group transacts. The analysis is based on a strengthening of the US Dollar by 10% against each of the other currencies in which the Group has significant assets and liabilities at the end of each respective period. A movement of 10% reflects a reasonably possible sensitivity when compared to historical movements over a five-year time-frame. The Group\u2019s analysis of the impact on net income/(loss) in each year is based on monetary assets and liabilities in the Consolidated Balance Sheet at the end of each respective year. The Group\u2019s analysis of the impact on equity includes the impacts on the translation reserve in respect of intra-group balances that form part of the net investment in a foreign operation. The amounts disclosed have not been adjusted for the impact of taxation. A 10% strengthening in the US Dollar exchange rate against other currencies in which the Group transacts would increase net foreign currency exchange losses reported in other gains and losses by $20.8 million for the year ended 31 December 2022 (2021: $33.8 million increase to net foreign currency exchange gains). The impact would be a decrease in reported equity of $30.5 million (2021: increase of $23.1 million). Forward foreign exchange contracts The Group primarily enters into forward foreign exchange contracts with maturities of up to three years, to manage the risk associated with transactions with a foreign exchange exposure risk. These transactions consist of highly probable cash flow exposures relating to revenue, operating expenditure and capital expenditure. The Group does not use derivative instruments to hedge the exposure to exchange rate fluctuations from its net investments in foreign subsidiaries. The following table details the external forward foreign exchange contracts outstanding: At 31 December 2022 Contracted amount by contract maturity Fair value by contract maturity Buy Sell Maturity (in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years British Pound Sterling 120.3 \u2013 129.3 \u2013 0.1 \u2013 Euro 64.7 \u2013 50.4 \u2013 (0.1) \u2013 Total 185.0 \u2013 179.7 \u2013 \u2013 \u2013 At 31 December 2021 Contracted amount by contract maturity Fair value by contract maturity Buy Sell Maturity (in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years British Pound Sterling 74.8 \u2013 123.5 \u2013 0.5 \u2013 Danish Krone 7.5 \u2013 \u2013 \u2013 \u2013 \u2013 Euro 37.4 \u2013 211.8 \u2013 (1.1) \u2013 Norwegian Krone 3.8 \u2013 88.4 \u2013 (1.3) \u2013 Singapore Dollar 2.6 \u2013 \u2013 \u2013 \u2013 \u2013 A ustralian Dollar \u2013 \u2013 41.8 \u2013 (0.7) \u2013 Total 126.1 \u2013 465.5 \u2013 (2.6) \u2013 Hedge accounting At 31 December 2022 the Group had designated commodity hedges of $3.8 million (2021: $12.8 million) as hedging instruments. The hedging reserve, included within other reserves in the Consolidated Balance Sheet, represents hedging gains recognised on the effective portion of commodity cash flow hedges. The movement in the hedging reserve was as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec A t year beginning 10.4 \u2013 Gains on the effective portion of derivative financial instruments deferred to equity: Cash flow on commodity hedges 3.8 12.8 Tax recognised in Other Comprehensive Income 2.4 (2.4) Amounts reclassified to the Consolidated Income Statement (12.8) \u2013 A t year end 3.8 10.4 The Group documents its assessment of whether the hedging instrument which is used in a hedging relationship is effective in offsetting changes in cash flows of the hedged item, on a prospective basis. The cumulative effective portion is deferred in equity within other reserves as hedging reserves in the Consolidated Balance Sheet. The resulting cumulative gains or losses will be reclassified to the Consolidated Income Statement upon the recognition of the underlying transaction or the discontinuance of a hedging relationship. Movements in respect of effective hedges are detailed in the Consolidated Statement of Changes in Equity. The gains or losses relating to the ineffective portion of cash flow hedges are recognised in the Consolidated Income Statement and the net amount for the year was $2.7 million (2021: $nil). Hedge ineffectiveness can arise from differences in the timing of the cash flows of the hedged items and the hedging instruments, different indexes linked to the hedged risk of the hedged items and hedging instruments, counterparties\u2019 credit risk differently impacting fair value movements of the hedging instruments and hedged items or changes to the forecasted amount of cash flows of hedged items and hedging instruments. There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity forward contracts match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity forward contracts is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. At 31 December 2022 and at 31 December 2021 none of the Group\u2019s outstanding external forward foreign exchange contracts had been designated as hedging instruments. 34. Financial instruments continued
Commodity hedging
The Group enters into commodity hedging to manage risk on specific exposures, swapping floating price to fixed. At 31 December
2022 the fair values of commodity trades amounted to $4.2 million within financial assets (2021: $15.7 million) and $0.5 million within
financial liabilities (2021: $nil).
Embedded derivatives
The Group regularly enters into multi-currency contracts from which the cash flows may lead to embedded foreign exchange derivatives
in non-financial host contracts, carried at fair value through profit or loss. Embedded foreign currency derivatives, arising from multi-
currency contracts, are separated where the host contract does not qualify as a financial asset, where the transactional currency differs
from the functional currencies of the involved parties and a separate instrument, with the same terms as the embedded derivative,
would meet the definition of a derivative.
The fair values of the embedded derivatives at 31 December 2022 amounted to $16.7 million related to financial assets (2021: $43.5
million) and $34.3 million related to financial liabilities (2021: $25.5 million). The effects on the Consolidated Income Statement were
reflected in net foreign currency gains and losses within other gains and losses.
Interest rate risk management
The Group places funds in the money markets to generate an investment return with a range of maturities (generally less than
six months) ensuring a high level of liquidity and reducing the credit risk associated with the deposits. Changes in the interest rates
associated with these deposits will impact the interest income generated.
Interest rate sensitivity analysis
At 31 December 2022, the Group had cash deposits and borrowings. A 1% increase in interest rates would not have a significant
impact on the Group\u2019s finance cost or finance income due to the net cash position the Group held throughout the year.
The Group\u2019s facilities, as disclosed in Note 28 \u2018Borrowings\u2019, utilise the Secured Overnight Financing Rate (SOFR) as the reference rate
for borrowings, replacing the Inter-borrowing Offering Rate (IBOR).
Credit risk management
Credit risk refers to the risk that a customer or counterparty to a financial instrument will default on its contractual obligations and fail to
make payment as obligations fall due resulting in financial loss for the Group. Credit risk arises from the financial assets of the Group,
which comprise cash and cash equivalents, trade and other receivables and derivative financial instruments.
The maximum exposure of the Group to credit-related loss of financial instruments is the aggregate of the carrying amount of the
financial assets as summarised on page 122.
Financial instruments and cash deposits The Group has adopted a policy of transacting with creditworthy financial institutions as a means of mitigating the risk of financial loss from defaults. Credit ratings are supplied by independent rating agencies. The Group\u2019s exposure and the credit ratings of its counterparties are continually monitored and the aggregate value of transactions undertaken is distributed among approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved on an annual basis and are monitored daily. The Group uses credit ratings as well as other publicly available financial information and its own trading records to rate its major counterparties. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Trade receivables and contract assets The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group\u2019s credit risk management practices are designed to address the risk characteristics of the key classes of financial asset. Credit exposure is controlled by counterparty limits that are reviewed and approved on an annual basis and are monitored daily. In respect of its clients and suppliers, the Group uses credit ratings as well as other publicly available financial information and its own trading records to rate its major counterparties. The assessment of the Group\u2019s exposure to credit risk includes consideration of historical and forward-looking information regarding both the financial position and performance of the counterparty and the general macro-economic environment. Expected credit loss assessment for financial assets Allowances are recognised as required under the IFRS 9 impairment model and continue to be carried until there are indicators that there is no reasonable expectation of recovery. For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group applies the simplified approach. This approach requires the allowance for expected credit losses to be recognised at an amount equal to lifetime expected credit losses. For other debt financial assets the Group applies the general approach to providing for expected credit losses as prescribed by IFRS 9, which permits the recognition of an allowance for the estimated expected loss resulting from default in the subsequent 12-month period. Exposure to credit loss is monitored on a continual basis and, where material, the allowance for expected credit losses is adjusted to reflect the risk of default during the lifetime of the financial asset should a significant change in credit risk be identified. In determining expected credit losses, financial assets with the same counterparty are grouped and where appropriate expected credit losses are measured on a collective basis. In determining the level of allowance the Group uses an internal credit risk grading framework and applies judgement based on a variety of data in order to predict the likely risk of default. The Group defines default as full or partial non-payment of contractual cash flows. The determination of expected credit losses is derived from historical and forward-looking information which includes external ratings, audited financial statements and other publicly available information about customers. Determination of the level of expected credit loss incorporates a review of factors which can be indicative of default, including the nature of the counterparty (for example national energy companies, international energy companies or independent energy companies) and the individual industry sectors in which the counterparty operates. The majority of the Group\u2019s financial assets are expected to have a low risk of default. A review of the historical occurrence of credit losses indicates that credit losses are insignificant due to the size of the Group\u2019s clients and the nature of the services provided. The outlook for the energy industry is not expected to result in a significant change in the Group\u2019s exposure to credit losses. As lifetime expected credit losses are not expected to be significant the Group has opted not to adopt the practical expedient available under IFRS 9 to utilise a provision matrix for the recognition of lifetime expected credit losses on trade receivables. Allowances are calculated on a case-by-case basis based on the credit risk applicable to individual counterparties. Exposure to credit risk is continually monitored in order to identify financial assets which experience a significant change in credit risk. While assessing for significant changes in credit risk the Group makes use of operational simplifications permitted by IFRS 9. The Group considers a financial asset to have low credit risk if the asset has a low risk of default; the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term; and no adverse changes in economic or business conditions have been identified which in the longer term may, but will not necessarily, reduce the ability of the counterparty to fulfil its contractual cash flow obligations. Where a financial asset becomes more than 30 days past its due date additional procedures are performed to determine the reasons for non-payment in order to identify if a change in the exposure to credit risk has occurred. Should a significant change in the exposure to credit risk be identified the allowance for expected credit losses is increased to reflect the risk of expected default in the lifetime of the financial asset. The Group continually monitors for indications that a financial asset has become credit impaired with an allowance for credit impairment recognised when the loss is incurred. Where a financial asset becomes more than 90 days past its due date additional procedures are performed to determine the reasons for non-payment in order to identify if the asset has become credit impaired. The Group considers an asset to be credit impaired once there is evidence that a loss has been incurred. In addition to recognising an allowance for expected credit loss, the Group monitors for the occurrence of events that have a detrimental impact on the recoverability of financial assets. Evidence of credit impairment includes, but is not limited to, indications of significant financial difficulty of the counterparty, a breach of contract or failure to adhere to payment terms, bankruptcy or financial reorganisation of a counterparty or the disappearance of an active market for the financial asset. A financial asset is only impaired when there is no reasonable expectation of recovery. 127Subsea 7 S.A. \u2022 Annual Report34. Financial instruments continued
For trade receivables, the Group\u2019s current credit risk grading framework comprises the following categories:
Category Description Response
Performing The counterparty has a low risk of default. No balances are
aged greater than 30 days past due.
An allowance for lifetime ECLs is recognised where the
impact is determined to be material.
Monitored The counterparty has a low risk of default. Balances aged
greater than 30 days past due have arisen due to ongoing
commercial discussions associated with the close-out of
contractual requirements and are not considered to be
indicative of an increased risk of default.
The allowance for lifetime ECLs is increased where the
impact is determined to be material.
In default Balances are greater than 90 days past due with the ageing
not being as a result of ongoing commercial discussions
associated with the close-out of contractual commitments, or
there is evidence indicating that the counterparty is in severe
financial difficulty and collection of amounts due
is improbable.
The asset is considered to be credit impaired and an
allowance for the estimated incurred loss is recognised
where material.
Written off There is evidence that the counterparty is in severe financial
difficulty and the Group has no realistic prospect of recovery
of balances due.
The gross receivable and associated allowance are
both derecognised.
The credit risk grades disclosed above are consistent with the information used by the Group for credit risk management purposes.
Specific information regarding the counterparty together with past-due information and forward-looking information is utilised in order to
determine the appropriate credit grading category. Trade receivables balances were evaluated using the grading framework as follows:
t (in $ millions)
2022
31 Dec
2021
31 Dec
Performing
412.5 434.9
Monitored
14.6 80.4
In default
4.4 3.9
Gross carrying amount
431.5 519.2
In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant
increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent
disclosures.
Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading
framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical
and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required.
Trade receivables
t (in $ millions)
2022
31 Dec
2021
31 Dec
Gross carrying amount
431.5 519.2
llowance for expected credit losses
(2.0) (2.2)
llowance for credit impairments
(4.4) (3.9)
Net carrying amount
425.1 513.1
The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade
receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired.
At 31 December 2022
(in $ millions) Current
More than 30
days past due
More than 60
days past due
More than 90
days past due Total
Gross carrying amount
412.7 6.5 3.5 8.8 431.5
llowance for expected credit losses
(2.0) \u2013 \u2013 \u2013 (2.0)
llowance for incurred credit impairments
(0.3) \u2013 \u2013 (4.1) (4.4)
Net carrying amount
410.4 6.5 3.5 4.7 425.1
A t (in $ millions) 2022 31 Dec 2021 31 Dec Performing 412.5 434.9 Monitored 14.6 80.4 In default 4.4 3.9 Gross carrying amount 431.5 519.2 In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent disclosures. Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required. Trade receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 431.5 519.2 A llowance for expected credit losses (2.0) (2.2) A llowance for credit impairments (4.4) (3.9) Net carrying amount 425.1 513.1 The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 412.7 6.5 3.5 8.8 431.5 A llowance for expected credit losses (2.0) \u2013 \u2013 \u2013 (2.0) A llowance for incurred credit impairments (0.3) \u2013 \u2013 (4.1) (4.4) Net carrying amount 410.4 6.5 3.5 4.7 425.1 Subsea 7 S.A. \u2022 Annual Report 2022 129 At 31 December 2021 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 435.4 18.8 36.7 28.3 519.2 A llowance for expected credit losses (2.2) \u2013 \u2013 \u2013 (2.2) A llowance for incurred credit impairments (0.4) \u2013 \u2013 (3.5) (3.9) Net carrying amount 432.8 18.8 36.7 24.8 513.1 The movement in the allowance for expected credit losses in respect of trade receivables during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for expected credit losses A t year beginning (2.2) (2.7) Decrease in allowance recognised in profit or loss 0.2 0.5 A t year end (2.0) (2.2) The movement in the allowance for credit impairment in respect of trade receivables during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for credit impairment A t year beginning (3.9) (23.3) Increase in allowance recognised in profit or loss (2.5) \u2013 Utilisation of allowance 1.8 4.0 Unused amounts released during the year 0.2 15.7 Exchange differences \u2013 (0.3) A t year end (4.4) (3.9) During the year ended 31 December 2022, the Group collected $0.2 million trade receivables which had been credit impaired in the prior year (2021: $15.7 million). Amounts due from associates and joint ventures A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 41.1 43.0 A llowance for incurred credit impairments (3.7) (3.5) Net carrying amount 37.4 39.5 The table below provides an analysis of the ageing of amounts due from associates and joint ventures. This includes balances with associates and joint ventures which are past due at the end of the reporting period, but not impaired, and balances which are individually determined to be impaired at the end of the reporting period. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 30.4 \u2013 \u2013 10.7 41.1 A llowance for credit impairments (0.2) \u2013 \u2013 (3.5) (3.7) Net carrying amount 30.2 \u2013 \u2013 7.2 37.4 At 31 December 2021 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 32.1 \u2013 \u2013 10.9 43.0 A llowance for credit impairments \u2013 \u2013 \u2013 (3.5) (3.5) Net carrying amount 32.1 \u2013 \u2013 7.4 39.5 34. Financial instruments continued The movement in the allowance for credit impairments in respect of amounts due from associates and joint ventures during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec Allowance for credit impairments At year beginning (3.5) (3.5) Exchange differences (0.2) \u2013 At year end (3.7) (3.5) At 31 December 2022 the allowance for expected credit losses recognised in connection with amounts due from associates and joint ventures was $nil (2021: $nil). Other financial assets at amortised cost An analysis of the age of other financial assets at the balance sheet date has not been provided on the grounds of materiality. Other financial assets are typically non-recurring and are monitored on an asset-by-asset basis. Ageing is not necessarily reflective of credit risk. At 31 December 2022 the allowances for expected credit losses and credit impairment recognised in connection with other financial assets at amortised cost were $nil (2021: $nil). Concentration of credit risk Credit risk is primarily associated with trade receivables. Net trade receivables (Note 20 \u2018Trade and other receivables\u2019) arise from a large number of clients, dispersed geographically. Continual credit evaluation is performed on the recoverability of trade receivables. The following table classifies outstanding balances into three categories: At 2022 31 Dec Category percentage 2021 31 Dec Category percentage National energy companies 18% 28% International energy companies 30% 19% Independent energy companies 52% 53% Total 100% 100% National energy companies are either partially or fully-owned by or directly controlled by the government of their respective country of incorporation. Both international and independent energy companies are mainly publicly or privately owned. International energy companies are generally larger in size and scope than independent energy companies. During the year ended 31 December 2022, three clients (2021: two clients) contributed individually to 10% or more of the Group\u2019s revenue. The revenue from these clients was $1,873.6 million or 36% of total Group revenue (2021: $1,296.3 million or 26%). The five largest receivables balances by client are shown below: At (in $ millions) 31 Dec 2022 Client A 63.1 Client B 49.8 Client C 38.9 Client D 28.7 Client E 21.8 At (in $ millions) 31 Dec 2021 Client A 124.0 Client B 61.5 Client C 42.1 Client D 41.9 Client E 24.1 The client mix for outstanding accounts receivable balances at 31 December 2022 is not the same as at 31 December 2021. The Group did not have any significant credit exposure to any single counterparty at 31 December 2022 or 31 December 2021. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are primarily banks with high credit ratings assigned by international credit-rating agencies. At 31 December 2022, 38% (2021: 53%) of cash was held at counterparties with a credit rating lower than \u2018upper-medium grade\u2019 classification . Liquidity risk management The Group has a framework for the management of short, medium and long-term funding and liquidity management requirements. The Group continually monitors forecast and actual cash flows and matches the maturity profiles of financial assets and liabilities. Liquidity risk is managed by maintaining adequate cash and cash equivalent balances and by ensuring available borrowing facilities are in place. Included in Note 28 \u2018Borrowings\u2019 are details of the undrawn facilities that the Group had at 31 December 2022. Liquidity tables The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The table has been prepared based on the undiscounted cash flows relating to financial liabilities based on the earliest date on which the payment can be required. Principal cash flows are as follows: At 31 December 2022 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Borrowings 6.7 19.2 45.6 342.9 414.4 Trade payables 239.9 63.7 13.5 0.4 317.5 A mounts due to associates and joint ventures 7.3 \u2013 \u2013 \u2013 7.3 Lease liabilities 9.2 19.5 79.1 175.9 283.7 Total 263.1 102.4 138.2 519.2 1,022.9 At 31 December 2021 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Borrowings 44.4 7.0 17.0 381.2 449.6 Trade payables 231.5 28.6 10.6 0.4 271.1 A mounts due to associates and joint ventures 8.6 0.5 \u2013 \u2013 9.1 Lease liabilities 8.5 16.6 65.2 158.9 249.2 Total 293.0 52.7 92.8 540.5 979.0 The following table details the Group\u2019s liquidity profile for its derivative financial liabilities. The table has been prepared based on the undiscounted net cash payments and receipts on the derivative instruments that settle on a net basis and the undiscounted gross payments and receipts on those derivative financial instruments that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the balance sheet date. At 31 December 2022 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Net settled: Embedded derivatives \u2013 0.5 5.8 30.8 37.1 Commodity hedging \u2013 \u2013 \u2013 0.5 0.5 Gross settled: Foreign exchange forward contract payments 186.1 \u2013 \u2013 \u2013 186.1 Foreign exchange forward contract receipts (185.0) \u2013 \u2013 \u2013 (185.0) Total 1.1 0.5 5.8 31.3 38.7 At 31 December 2021 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Net settled: Embedded derivatives \u2013 5.5 14.3 5.7 25.5 Gross settled: Foreign exchange forward contract payments 283.3 157.4 \u2013 \u2013 440.7 Foreign exchange forward contract receipts (280.6) (156.2) \u2013 \u2013 (436.8) Total 2.7 6.7 14.3 5.7 29.4 132 Subsea 7 S.A. \u2022 Annual Report 2022
34. Financial instruments continued
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the
return to shareholders of the parent company.
The capital structure of the Group consists of debt, which includes borrowings disclosed in Note 28 \u2018Borrowings\u2019, cash and cash
equivalents disclosed in Note 24 \u2018Cash and cash equivalents\u2019 and equity attributable to shareholders of the parent company,
comprising issued share capital, paid in surplus, reserves and retained earnings.
The Group monitors its capital structure using a leverage ratio of net debt to Adjusted EBITDA. The ratio calculates net debt as the
principal value of borrowings and lease liabilities less cash and cash equivalents.
Reconciliation of movements in liabilities arising from financing activities
The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes.
Liabilities arising from financing activities are those for which cash flows are classified in the Consolidated Cash Flow Statement as cash
flows from financing activities.
Liabilities Equity Other Total
(in $ millions) Borrowings
Lease
liabilities
Dividends
payable to
shareholders
Treasury
shares
Other
equity
Balance at 1 January 2022
421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9
Financing cash flows
Interest paid
(15.8) (11.3) \u2013 \u2013 \u2013 \u2013 (27.1)
Repayment of borrowings
(61.6) \u2013 \u2013 \u2013 \u2013 \u2013 (61.6)
Cost of share repurchases
\u2013 \u2013 \u2013 (46.0) \u2013 \u2013 (46.0)
Proceeds from rights issue of non-
wholly-owned subsidiary
\u2013 \u2013 \u2013
\u2013
54.6
\u2013 54.6
Payments related to lease liabilities
\u2013 (99.4) \u2013 \u2013 \u2013 \u2013 (99.4)
Dividends paid to shareholders of
the parent company
\u2013 \u2013 (31.7) \u2013
\u2013
\u2013 (31.7)
Total financing cash flows
(77.4) (110.7) (31.7) (46.0) 54.6 \u2013 (211.2)
Non-cash changes
Dividends declared
\u2013 \u2013 33.6 \u2013 \u2013 \u2013 33.6
Addition of lease liabilities
\u2013 77.4 \u2013 \u2013 \u2013 \u2013 77.4
Remeasurement of lease liabilities
\u2013 62.4 \u2013 \u2013 \u2013 \u2013 62.4
Shares reallocated relating to
share-based payments
\u2013 \u2013 \u2013 3.9
(3.9)
\u2013 \u2013
Interest charges
11.5 11.3 \u2013 \u2013 \u2013 0.6 23.4
Exchange differences
\u2013 (14.3) (1.9) \u2013 \u2013 \u2013 (16.2)
Total non-cash changes
11.5 136.8 31.7 3.9 (3.9) 0.6 180.6
Balance at 31 December 2022
356.0 257.0 \u2013 (75.0) 38.8 (4.5) 572.3
Liabilities Equity Other Total
(in $ millions) Borrowings
Lease
liabilities
Dividends
payable to
shareholders
Treasury
shares
Other
equity
Balance at 1 January 2021
209.0 254.0 \u2013 (17.8) (6.0) (6.4) 432.8
Financing cash flows
Interest paid
(5.9) \u2013 \u2013 \u2013 \u2013 (6.2) (12.1)
Repayment of borrowings
(24.6) \u2013 \u2013 \u2013 \u2013 \u2013 (24.6)
Proceeds from borrowings
200.0 \u2013 \u2013 \u2013 \u2013 \u2013 200.0
Cost of share repurchases
\u2013 \u2013 \u2013 (21.0) \u2013 \u2013 (21.0)
Payments related to lease liabilities
\u2013 (93.1) \u2013 \u2013 \u2013 \u2013 (93.1)
Dividends paid to shareholders of
the parent company
\u2013 \u2013 (72.0) \u2013 \u2013
\u2013 (72.0)
Total financing cash flows
169.5 (93.1) (72.0) (21.0) \u2013 (6.2) (22.8)
Non-cash changes
Dividends declared
\u2013 \u2013 69.5 \u2013 \u2013 \u2013 69.5
Addition of borrowings
37.5 \u2013 \u2013 \u2013 \u2013 \u2013 37.5
Addition of lease liabilities
54.8 54.8
Remeasurement of lease liabilities
\u2013 6.7 \u2013 \u2013 \u2013 \u2013 6.7
Shares reallocated relating to
share-based payments
\u2013 \u2013 \u2013 5.9 (5.9)
Interest charges
5.9 6.7 \u2013 \u2013 \u2013 7.5 20.1
Exchange differences
\u2013 1.8 2.5 \u2013 \u2013 \u2013 4.3
Total non-cash changes
43.4 70.0 72.0 5.9 (5.9) 7.5 192.9
Balance at 31 December 2021
421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9
34. Financial instruments continued Fair value hierarchy The Group classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). Fair value measurement During the year ended 31 December 2022 there were no transfers between levels of the fair value hierarchy. The Group recognises transfers between levels of the fair value hierarchy from the date of the event or change in circumstances that caused the transfer. Assets and liabilities which are measured at fair value in the Consolidated Balance Sheet and their level of the fair value hierarchy were as follows: (a) A reconciliation of contingent consideration movements during the year is shown on page 135. A t (in $ millions) 2022 31 Dec Level 1 2022 31 Dec Level 2 2022 31 Dec Level 3 2021 31 Dec Level 1 2021 31 Dec Level 2 2021 31 Dec Level 3 Recurring fair value measurements Financial assets: Financial assets at fair value through profit or loss \u2013 derivative instruments \u2013 1.1 \u2013 \u2013 1.3 \u2013 Financial assets at fair value through profit or loss \u2013 embedded derivatives \u2013 16.7 \u2013 \u2013 43.5 \u2013 Financial assets at fair value through profit or loss \u2013 commodity derivatives \u2013 \u2013 \u2013 \u2013 2.9 \u2013 Financial assets at fair value through other comprehensive income \u2013 commodity derivatives \u2013 4.2 \u2013 \u2013 12.8 \u2013 Financial liabilities: Financial liabilities at fair value through profit or loss \u2013 derivative instruments \u2013 (1.1) \u2013 \u2013 (3.9) \u2013 Financial liabilities at fair value through profit or loss \u2013 embedded derivatives \u2013 (34.3) \u2013 \u2013 (25.5) \u2013 Financial liabilities at fair value through profit or loss \u2013 commodity derivatives \u2013 (0.2) \u2013 \u2013 \u2013 \u2013 Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives \u2013 (0.3) \u2013 \u2013 \u2013 \u2013 Contingent consideration (a) \u2013 \u2013 (1.6) \u2013 \u2013 (6.6) Recurring fair value measurements Financial assets and financial liabilities Financial assets and financial liabilities which are remeasured to fair value on a recurring basis are determined as follows: \u2022 the fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices; \u2022 the fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and quotes for similar instruments; \u2022 the fair value of other financial assets classified as current assets, which includes quoted securities, is determined using quoted prices; \u2022 the fair value of contingent consideration is determined based on current expectations of the achievement of specific targets and milestones calculated using the discounted cash flow method and unobservable inputs. Quantitative information about the significant unobservable inputs used in the fair value measurement and sensitivities to changes in these unobservable inputs are as disclosed below: \u2022 significant inputs to the fair value of contingent consideration following a business combination include the assumed probability of the achievement of operational targets and technical milestones. A significant increase or decrease in the assumed probability of achieving these would result in a higher or lower fair value of the contingent consideration liability, while a significant increase or decrease in the discount rate would result in a higher or lower fair value of the contingent consideration liability. Gains or losses for the year were recorded in the Consolidated Income Statement as disclosed within Note 7 \u2018Other gains and losses\u2019; and \u2022 the fair values of foreign exchange derivative instruments and embedded derivatives are calculated using quoted foreign exchange rates and yield curves derived from quoted interest rates matching maturities of the contract. Where such prices are not available, use is made of discounted cash flow analysis using the applicable yield curve for the duration of the instruments for non-optional derivative financial instruments. Non-recurring fair value measurements Assumptions used in determining fair value of financial assets and financial liabilities which are not remeasured to fair value on a recurring basis are as follows: The fair value of receivables and payables is based on their carrying amounts which is representative of contractual amounts due and, where appropriate, incorporates expectations about future expected credit losses. Other financial assets which are classified as non-current include equity investments in unlisted companies which are strategic in nature. Management concluded that due to the nature of these investments, there are a wide range of possible fair value measurements and in some cases there may be insufficient recent information available to enable the Group to accurately measure fair value. Management reviews investments annually to ensure the carrying amount can be supported by expected future cash flows and has concluded cost is considered to represent the best estimate of fair value of each investment within a range of possible outcomes. (in $ millions) Balance at 1 January 2022 Utilisation Fair value adjustments Exchange differences Balance at 31 December 2022 Contingent consideration 6.6 (0.7) (3.8) (0.5) 1.6 35. Related party transactions Key management personnel Key management personnel include the Board of Directors and the Executive Management Team. Key management personnel at 31 December 2022 included 14 individuals (2021: 13 individuals). The remuneration of these personnel is determined by the Compensation Committee of the Board of Directors of Subsea 7 S.A. Non-Executive Directors Details of fees payable to and shares held by Non-Executive Directors for the year ended 31 December 2022 are disclosed in the Remuneration Report on pages 58 to 63. Key management (Executive Management Team) Payments made by the Group in relation to the Executive Management Team during the year were as follows: For the year ended (in $ millions) 2022 31 Dec (a) 2021 31 Dec (a) Salaries and other short-term employee benefits (b) 5.2 4.5 Share-based payments (c) 0.5 0.6 Post-employment benefits (d) 0.2 0.2 Total 5.9 5.3 (a) Amounts represent payments made to members of the Executive Management Team and the associated costs incurred by the Group. (b) Salaries and other short-term employee benefits represents payments made during the year in respect of base salary, short-term bonus payments, other short-term remuneration, other short-term benefits, including private healthcare and car allowances, and the associated social security contributions made by the Group. (c) Share-based payments represents the market value of the shares transferred to the participants during the year. Shares transferred represent performance shares which vested under the 2013 and 2018 Long Term Incentive Plans and which participants are now entitled to receive. Refer to the Remuneration Report on pages 58 to 63 for details of the plans. (d) Post-employment benefits represent the cash value of defined pension contribution payments made by the Group during the year. Remuneration for the Chief Executive Officer and Chief Financial Officer Total remuneration for the Chief Executive Officer and Chief Financial Officer is disclosed in the Remuneration Report on pages 58 to 63. Shares and performance shares Performance shares outstanding and shareholdings held at 31 December 2022 are disclosed in the Remuneration Report on pages 58 to 63. Transactions with key management personnel During the year, the Executive Management Team were awarded the rights to 254,000 performance shares under the Group\u2019s 2022 Long Term Incentive Plan. Refer to the Remuneration Report on pages 58 to 63 for details of the plan. Transactions with associates and joint ventures The Consolidated Balance Sheet includes: At (in $ millions) 2022 31 Dec 2021 31 Dec Net non-current receivables due from associates and joint ventures (Note 18) 35.8 37.0 Net trade receivables due from associates and joint ventures (Note 20) 1.6 2.5 Trade payables due to associates and joint ventures (Note 31) (7.3) (9.1) Net receivables due from associates and joint ventures 30.1 30.4 During the year, the Group provided services to associates and joint ventures amounting to $1.2 million (2021: $1.0 million) and purchased goods and services from associates and joint ventures amounting to $14.8 million (2021: $17.6 million). During 2021, the Group advanced a loan of $33.0 million to Eidesvik Seven AS, of which $30.1 million remained outstanding at 31 December 2022. The loan is repayable in instalments with the final amount due on 31 December 2025, subject to a one-year extension option. Other related party transactions During the year the Group undertook related party transactions, all of which were conducted on an arm\u2019s length basis. The Group is an associate of Siem Industries S.A. and is equity accounted for within Siem Industries S.A.\u2019s Consolidated Financial Statements. Purchases by the Group from companies ultimately controlled by Siem Industries S.A. including vessel charters, provision of crew, associated services and property rental totalling $32.6 million (2021: $21.4 million) were made during the year. Revenue generated by the Group from companies ultimately controlled by Siem Industries S.A. including equipment and property rental totalling $0.3 million (2021: $0.5 million) was recognised during the year. At 31 December 2022, the Group had outstanding balances payable to companies ultimately controlled by Siem Industries S.A. of $1.4 million (2021: $1.9 million). At 31 December 2022, the Group had outstanding balances receivable from companies ultimately controlled by Siem Industries S.A. of less than $0.1 million (2021: less than $0.1 million). 36. Share-based payments The Group operated three equity-settled share-based payment schemes during 2022. The following table summarises the compensation expense recognised in the Consolidated Income Statement during the year: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Expense arising from equity-settled share-based payment transactions: 2013 Long Term Incentive Plan 0.2 0.6 2018 Long Term Incentive Plan 3.0 3.3 2022 Long Term Incentive Plan 0.3 \u2013 Total 3.5 3.9 Equity-settled share-based payment schemes Details regarding the 2013 Long Term Incentive Plan (2013 LTIP Plan), the 2018 Long Term Incentive Plan (2018 LTIP Plan) and the 2022 Long Term Incentive Plan (2022 LTIP Plan), including number of shares transferred to participants, are disclosed within the Remuneration Report on pages 58 to 63. The IFRS 2 \u2018Share-based Payments\u2019 fair value of each performance share granted under the 2013, 2018 and 2022 LTIP Plans is estimated as of the grant date using a Monte Carlo simulation model with weighted average assumptions as follows: For the year ended 2022 31 Dec 2021 31 Dec Weighted average share price at grant date (in $) 7.99 8.79 TSR performance \u2013 Weighted average fair value at grant date (in $) 4.92 4.90 ROAIC performance \u2013 Weighted average fair value at grant date (in $) 7.62 8.12 CCR performance \u2013 Weighted average fair value at grant date (in $) 7.62 \u2013 Expected volatility 58% 55% Risk free rate 3.08% 1.22% Dividend yield 1.30% 2.00% The expected share price volatility over the performance period is estimated from the Company\u2019s historical share price volatility. The award fair values were adjusted to recognise that participants are not entitled to receive dividend equivalent payments. Both non-market Return on Average Invested Capital (ROAIC) and Cash Conversion Ratio (CCR) performance conditions are not incorporated into the grant date fair value. The value of each award will be adjusted at each reporting date to reflect the Group\u2019s current expectation of the number of performance shares which will vest under the non-market ROAIC and CCR performance conditions. Upon vesting, the Group will withhold an amount for an employee\u2019s tax obligation associated with a share-based payment and transfer that amount, in cash, to the relevant tax authority on the employee\u2019s behalf. In 2022, three plans vested in total, one plan vested under the 2013 scheme and two plans vested under the 2018 scheme. The total estimated withholding tax transferred to the relevant tax authorities was $2.2 million (2021: $1.7 million). Of this total, $0.6 million was in relation to employee social security contributions and $1.6 million was in relation to income tax. 37. Retirement benefit obligations The Group operates both defined contribution and defined benefit pension plans. The Group\u2019s contributions under the defined contribution pension plans are determined as a percentage of individual employee\u2019s pensionable salaries. The expense relating to these plans for the year was $51.1 million (2021: $48.5 million). Defined benefit plans The Group operates both funded and unfunded defined benefit pension plans. France The defined benefit plan for France is called the indemnit\u00e9s de fin de carri\u00e8re (retirement indemnity plan) and is pursuant to applicable French legislation and labour agreements in force in the industry. A lump-sum payment is made to employees upon retirement based on length of service, employment category and the employee\u2019s final salary. The obligation is unfunded and uninsured, as is standard practice in France. Since the retirement indemnity plan is based upon specific lengths of service, categories and values set by French legislation and collective agreements there is no specific trust or internal governance in place for this plan. Norway The office (onshore) plan is a defined benefit scheme held with a life insurance company to provide pension benefits to the Group\u2019s employees. The scheme provides entitlement to benefits based on future service from the commencement date of the scheme. These benefits are principally dependent on an employee\u2019s pension qualifying period, salary at retirement age and the size of benefits from the Norwegian National Insurance Scheme. The scheme also includes entitlement to disability, spouses and children\u2019s pensions. The retirement age under the scheme is 67 years. The office (onshore) plan is closed to new members. Under the plan, pensions are paid upon retirement based on the employee\u2019s length of service and final salary. Due to Norwegian legislation the pension scheme must provide an annual guaranteed return on investment, and consequently, the plan assets have a bias toward bonds rather than equities. While the pension company is responsible for administering the plan according to Norwegian law, the Group is obligated to have a steering committee for the plan. The steering committee considers and makes recommendations to the Group on matters relating to the plan, including but not limited to: composition of the investment portfolio, amendments to the scheme, administration and enforcement of the scheme, transfer of the scheme to another pension provider and termination of the scheme.37. Retirement benefit obligations continued
Changes in the defined benefit obligation and fair value of plan assets
The following table provides a reconciliation of the changes in retirement benefit obligations and in the fair value of plan assets:
Norway France Total
(in $ millions) 2022 2021 2022 2021 2022 2021
Defined benefit obligation
t year beginning
(8.6) (13.5) (9.7) (12.2) (18.3) (25.7)
mounts (charged)/credited to the Consolidated Income
Statement:
Service costs
\u2013 \u2013 (0.8) (1.0) (0.8) (1.0)
Past service credit
\u2013 5.7 \u2013 1.5 \u2013 7.2
Interest costs
(0.1) (0.1) (0.1) (0.1) (0.2) (0.2)
Employee taxes
\u2013 (0.1) \u2013 \u2013 \u2013 (0.1)
Sub-total
(0.1) 5.5 (0.9) 0.4 (1.0) 5.9
Remeasurement gains/(losses) recognised
in other comprehensive income:
ctuarial changes arising from changes in
demographic assumptions
\u2013
\u2013
\u2013
0.5
\u2013
0.5
ctuarial changes arising from changes in financial
assumptions
\u2013 \u2013 3.2
\u2013
3.2 \u2013
Experience adjustments
0.5 (0.7) (0.6) 0.4 (0.1) (0.3)
Sub-total
0.5 (0.7) 2.6 0.9 3.1 0.2
Benefits paid
0.3 0.2 \u2013 0.2 0.3 0.4
Exchange differences
0.2 (0.1) 0.7 1.0 0.9 0.9
t year end
(7.7) (8.6) (7.3) (9.7) (15.0) (18.3)
Fair value of plan assets
t year beginning
6.0 12.2 \u2013 \u2013 6.0 12.2
mounts (charged)/credited to the Consolidated Income
Statement:
Past service credit
\u2013 (6.5) \u2013 \u2013 \u2013 (6.5)
Interest income
0.1 0.1 \u2013 \u2013 0.1 0.1
Sub-total
0.1 (6.4) \u2013 \u2013 0.1 (6.4)
Remeasurement gains/(losses) recognised in other
comprehensive income:
Return on plan assets (excluding amounts in interest
income)
0.1 0.4 \u2013
\u2013
0.1 0.4
dministrative expenses
(0.1) (0.1) \u2013 \u2013 (0.1) (0.1)
Sub-total
\u2013 0.3 \u2013 \u2013 \u2013 0.3
Benefits paid
(0.3) (0.2) \u2013 \u2013 (0.3) (0.2)
Exchange differences
\u2013 0.1 \u2013 \u2013 \u2013 0.1
t year end
5.8 6.0 \u2013 \u2013 5.8 6.0
Net defined benefit obligation
(1.9) (2.6) (7.3) (9.7) (9.2) (12.3)
Presented as:
Retirement benefit obligations
(1.9) (2.6) (7.3) (9.7) (9.2) (12.3)
Total
(1.9) (2.6) (7.3) (9.7) (9.2) (12.3)
The retirement benefit obligations of $9.2 million (2021: $12.3 million) for pension schemes which are in deficit in Norway and France
are recognised as non-current liabilities on the Consolidated Balance Sheet.
The retirement benefit obligations of $9.2 million (2021: $12.3 million) for pension schemes which are in deficit in Norway and France are recognised as non-current liabilities on the Consolidated Balance Sheet. 139 Unfunded schemes Included within the defined benefit obligation are amounts arising from unfunded French plans with a total obligation of $7.3 million (2021: $9.7 million). Funded schemes The Norwegian schemes are funded through a separately administered investment fund. The fair values of the Norwegian scheme assets were as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec Investments quoted in active markets Quoted equity investments 0.7 0.7 Unquoted investments Bonds 3.3 2.9 Property 0.9 1.1 Other 0.9 1.3 Total 5.8 6.0 Future cash flows The estimated contributions expected to be paid into the French and Norwegian plans during 2023 are $0.6 million (2022: $0.5 million). The average remaining service periods were as follows: A t (in years) 2022 31 Dec 2021 31 Dec Norway office (onshore) plan \u2013 3.0 Significant actuarial assumptions The principal assumptions used to determine the present value of the defined benefit obligation were as follows: Year ended 31 December 2022 (in %) Norway France Pension increase 0.0 \u2013 3.50 \u2013 Discount rate 3.2 3.8 Future salary increase 3.8 0.2 Year ended 31 December 2021 (in %) Norway France Pension increase 0.0 \u2013 2.25 \u2013 Discount rate 2.5 0.9 Future salary increase 2.0 3.0 37. Retirement benefit obligations continued Assumptions regarding future mortality are set based on advice in accordance with published statistics and experience. The average life expectancies in years of a pensioner retiring at the plan retirement age for participants in the Norway office (onshore) plan are shown below. Retirement age Sex 2022 31 Dec 2021 31 Dec Norway office (onshore) plan 67 years Male 23.4 23.8 67 years Female 25.5 26.1 Sensitivity analysis A quantitative sensitivity analysis for significant assumptions at 31 December 2022 is shown below. The sensitivity analysis has been determined based on a method that extrapolates the impact on the net defined benefit obligation ((increase)/decrease) as a result of reasonable changes in key assumptions occurring at the end of the reporting period. Norway \u2013 office plan (in $ millions) Pension increase Discount rate Future salary increase Sensitivity level 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease Impact on the net defined benefit obligation (0.1) 0.1 0.1 (0.1) \u2013 \u2013 France (in $ millions) Discount rate Sensitivity level 0.25% increase 0.25% decrease Impact on the net defined benefit obligation 0.2 (0.2) 38. Deferred revenue At (in $ millions) 2022 31 Dec 2021 31 Dec Advances received from clients 1.5 0.9 Advances received from clients include amounts received before the related work is performed on day-rate contracts and amounts paid by clients in advance of work commencing on fixed-price contracts. 39. Events after the reporting period Borrowings On 23 February 2023, the Group borrowed an additional $300 million under the UK Export Finance (UKEF) facility. The facility\u2019s availability period ended on 24 February 2023. At 2 March 2023, the amount outstanding under this facility, net of facility fees, was $494.6 million. Dividends The Board will propose a NOK 4.00 per share dividend, equivalent to a total of approximately $110 million, at the Annual General Meeting on 18 April 2023. At arriving at this proposal, the Board took into consideration the financial performance and prospects of the Group, the NOK 1.00 regular dividend policy commitment and the status of the 2022 share repurchase programme. 40. Wholly-owned subsidiaries Subsea 7 S.A. had the following wholly-owned subsidiaries at 31 December 2022. Name Registered in Nature of business 4Subsea AS Norway General Trading 4Subsea Astori AS Norway General Trading 4Subsea Do Brasil Projetos e Servicos de Integridade Subsea Ltda Brazil General Trading 4Subsea UK Limited United Kingdom General Trading A cergy B.V. Netherlands Holding A cergy France S.A.S. France General Trading A cergy Holdings (Gibraltar) Limited (a) Gibraltar Special Purpose A quarius Solutions Inc. Canada General Trading A urora Environmental Limited United Kingdom General Trading Subsea 7 Saudi Arabia Limited Saudi Arabia General Trading Green Light Environment Pty Limited A ustralia General Trading Ocean Geo Solutions, Inc. US General Trading Pelagic Nigeria Limited Nigeria Holding Pioneer Lining Technology Limited United Kingdom General Trading PT. Subsea 7 Manufaktur Indonesia Indonesia General Trading Seaway Heavy Lifting Holding Limited Cyprus Holding Subsea 7 Servicos Offshore S.A. Brazil Holding Sevenseas Contractors S. de R.L. de C.V. Mexico General Trading Subsea 7 NL B.V. (formerly SHL Contracting B.V.) Netherlands General Trading SO France S.A. France Special Purpose Subsea 7 (Guyana) Incorporated Guyana General Trading Subsea 7 (ME) Pte Limited Singapore General Trading Subsea 7 (Singapore) Pte Limited Singapore General Trading Subsea 7 (UK Service Company) Limited (a) United Kingdom Corporate Service Subsea 7 (US) LLC US General Trading Subsea 7 Angola S.A.S. France Special Purpose Subsea 7 Asia Pacific Sdn Bhd Malaysia Special Purpose Subsea 7 Australia Contracting Pty Ltd A ustralia General Trading Subsea 7 Canada Inc. Canada General Trading Subsea 7 Chartering (UK) Limited United Kingdom General Trading Subsea 7 Blue Space Limited United Kingdom General Trading Subsea 7 Blue Space Investments S.A.S. France General Trading Subsea 7 Crewing Limited United Kingdom Special Purpose Subsea 7 Crewing Services Pte. Ltd. Singapore General Trading Subsea 7 Deep Sea Limited United Kingdom General Trading Subsea 7 do Brasil Servi\u00e7os Ltda Brazil General Trading Subsea 7 Engineering Limited United Kingdom General Trading Subsea 7 Finance (UK) PLC United Kingdom Special Purpose Subsea 7 Holding Inc. Cayman Islands Holding Subsea 7 Holding Norway AS Norway Holding Subsea 7 Holdings (UK) Limited United Kingdom Holding Subsea 7 Holdings (US) Inc. US Holding Subsea 7 International Contracting Limited United Kingdom General Trading Subsea 7 International Holdings (UK) Limited (a) United Kingdom Holding Subsea 7 i-Tech Australia Pty Limited A ustralia General Trading Subsea 7 i-Tech do Brasil Servi\u00e7os Ltda Brazil Dormant Subsea 7 i-Tech Limited United Kingdom General Trading Subsea 7 i-Tech Mexico S. de R.L. de C.V. Mexico General Trading Subsea 7 i-Tech Norway AS Norway General Trading Subsea 7 i-Tech US Inc. US General Trading Subsea 7 Korea Co., Ltd South Korea General Trading Name Registered in Nature of business Subsea 7 Luanda Ltd Gibraltar General Trading Subsea 7 Marine (US) Inc. US Dormant Subsea 7 Marine LLC US General Trading Subsea 7 Mexico S. de R.L. de C.V. Mexico General Trading Subsea 7 Mo\u00e7ambique, Limitada Mozambique General Trading Subsea 7 Navica AS Norway V essel Owning Subsea 7 Nigeria Limited Nigeria General Trading Subsea 7 Nile Delta Limited Egypt General Trading Subsea 7 Norway AS Norway General Trading Subsea 7 Offshore Resources (UK) Limited United Kingdom V essel Owning Subsea 7 Pipeline Production Limited United Kingdom General Trading Subsea 7 Port Isabel LLC US General Trading Subsea 7 Portugal Unipessoal Limitada Portugal General Trading Subsea 7 S\u00e9n\u00e9gal SAS Senegal General Trading Subsea 7 Services (Singapore) Pte Limited Singapore General Trading Subsea 7 Shipping Limited Isle of Man V essel Owning Subsea 7 Singapore Contracting Pte Limited Singapore General Trading Subsea 7 Treasury (UK) Limited United Kingdom Special Purpose Subsea 7 Vessel Owner AS Norway V essel Owning Subsea 7 West Africa Contracting Limited United Kingdom General Trading Subsea 7 Engineering France S.A.S. (formerly Subsea 7 West A frica S.A.S.) France General Trading Subsea Seven Doha Oil & Gas Services and Trading LLC Qatar General Trading Swagelining Limited United Kingdom General Trading Tartaruga Insurance Limited Isle of Man Special Purpose Thames International Enterprise Limited United Kingdom Special Purpose X odus Academy Limited United Kingdom General Trading X odus DMCC United Arab Emirates General Trading X odus Greenfuel Development Company Pty Ltd A ustralia Special Purpose X odus Group (Holdings) Limited United Kingdom Holding X odus Group A/S Norway Dormant X odus Group Japan Japan General Trading X odus Oil and Gas Consultants (Pty) Limited South Africa General Trading X odus Group B.V. Netherlands General Trading X odus Group Consultants Sdn. Bhd Malaysia General Trading X odus Group Inc US General Trading X odus Group Limited United Kingdom General Trading X odus Group Pty Limited A ustralia General Trading ZNM Nigeria Limited Nigeria Dormant (a) Wholly-owned subsidiaries directly owned by the parent company, Subsea 7 S.A. For all entities, the principal place of business is consistent with the place of registration. All subsidiary undertakings are included in the Consolidated Financial Statements of the Group. The proportion of the voting rights in the subsidiary undertakings held directly by the immediate parent company do not differ from the proportion of shares held. The parent company does not have any shareholdings in the preference shares of subsidiary undertakings included in the Group. Details of the addresses of the registered office of each of the wholly-owned subsidiaries are available on request from Subsea 7 S.A., registered office, 412F, route d\u2019Esch, L-1471 Luxembourg.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-594": {
"value": "1. General information Subsea 7 S.A. is a company registered in Luxembourg whose common shares trade on the Oslo B\u00f8rs and as American Depositary Receipts (ADRs) over-the-counter in the US. The address of the registered office is 412F, route d\u2019Esch, L-1471 Luxembourg. Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry. The Group consists of Subsea 7 S.A. and its subsidiaries at 31 December 2022. The Group provides products and services required for subsea field development, including project management, design and engineering, procurement, fabrication, survey, installation and commissioning of production facilities on the seabed and the tie-back of these facilities to fixed or floating platforms or to the shore. The Group offers a full spectrum of products and capabilities including remotely operated vehicles and tooling services to support exploration and production activities and to deliver full life-of-field services to its clients. Through its Renewables business unit, the Group offers expertise in the fixed offshore wind market, including the procurement and installation of offshore wind turbine foundations and inner-array cables as well as heavy lifting operations for renewables structures and heavy transportation services. The Group\u2019s interest in Nautilus Floating Solutions enhances its presence in the floating wind market, supporting research and development initiatives and technology prototypes. The Group provides engineering and advisory services to clients in the oil and gas, renewables and utilities industries through its wholly-owned autonomous subsidiaries Xodus and 4Subsea. Authorisation of Consolidated Financial Statements Under Luxembourg law, the Consolidated Financial Statements are approved by the shareholders at the Annual General Meeting. The Consolidated Financial Statements were authorised for issue by the Board of Directors on 1 March 2023. Presentation of Consolidated Financial Statements The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The Consolidated Financial Statements comply with Article 4 of the EU IAS Regulation. Amounts in the Consolidated Financial Statements are stated in US Dollars ($), the currency of the primary economic environment in which the Group operates. Group entities whose functional currency is not the US Dollar are consolidated in accordance with the policies set out in Note 3 \u2018Significant accounting policies\u2019. The Consolidated Financial Statements have been prepared on the historical cost basis except for the revaluation of certain financial instruments and balances required to be measured at fair value. The principal accounting policies adopted are consistent with the Consolidated Financial Statements for the year ended 31 December 2021, except where noted in Note 2 \u2018Adoption of new accounting standards\u2019. During 2022, the Group identified adjustments to provisional amounts recognised in relation to business combinations entered into during 2021. The adjustments were identified during the relevant measurement periods and related to facts and circumstances which existed at the date of acquisition; as a result, 2021 comparative information has been revised as if the accounting had been completed at the acquisition dates. Going concern The Consolidated Financial Statements have been prepared on the going concern basis. Management continues to monitor the potential operational, market and financial impacts to the Group of the Covid-19 pandemic, and implement mitigating measures where appropriate. Management has concluded that there are no significant doubts over the application of the going concern assumption and no disclosable material uncertainties which cast doubt upon the Group\u2019s ability to continue as a going concern. During 2022, the Group incurred net Covid-19 costs of approximately $24.8 million (2021: $27.0 million) related to factors such as additional vessel crew change-over times and costs and additional operational costs as a result of supply chain and travel restrictions. Management will continue to work with its clients and suppliers to mitigate the impacts of Covid-19 on operations. The Group retained a strong cash position with cash and cash equivalents of $645.6 million at 31 December 2022. Total borrowings at 31 December 2022 were $356.0 million, in relation to the Group\u2019s South Korean Export Credit Agency and UK Export Finance facilities. The Group\u2019s $700.0 million multi-currency revolving credit and guarantee facility remained unutilised. The Group ended the year with backlog of $9.0 billion, an increase of $1.8 billion compared to 31 December 2021, reflecting improving market conditions. Management considers that the Group will generate sufficient cash flow and have access to adequate liquidity to support the assumption that the Group will continue as a going concern. Management has performed stress tests of future cash flow forecasts to evaluate the impact of severe but plausible downside scenarios. These include scenarios which reflect extended periods of low energy prices and potential operational-related issues which could adversely impact the Group. Management has also performed reverse stress testing through modelling of reasonable worst-case scenarios. In all scenarios management identified no forecast breaches of banking covenants and demonstrated sufficient liquidity for the Group. Measurement and disclosure of climate-related matters In order to meet the specific disclosure requirements contained within individual IFRS standards, management has evaluated and provided relevant information to permit users to assess how material climate-related matters were considered in preparing the Group\u2019s Consolidated Financial Statements. Disclosure is included in the Strategic Report detailing the Group\u2019s assessment of the potential impact of climate change, based on the Task Force on Climate-related Financial Disclosures (TCFD). In addition the Group\u2019s Sustainability Report also provides consistent, comparable and reliable information to investors on climate-related risks and opportunities. The Group\u2019s current assessment of the range of economic and climate-related conditions that could exist in transitioning to a low- carbon economy are reflected in the Group\u2019s Five-year Plan. These considerations may impact certain significant judgements and key estimates, including valuation of assets, value-in-use calculations and potential impairments and impairment reversals. The Group\u2019s current assessment of the range of economic and climate-related conditions that could exist in transitioning to a low- carbon economy are reflected in the Group\u2019s Five-year Plan. These considerations may impact certain significant judgements and key estimates, including valuation of assets, value-in-use calculations and potential impairments and impairment reversals. Subsea 7 S.A. \u2022 Annual Report 2022 87 This also includes the estimation of remaining useful economic life of assets and residual values applicable to key vessels in particular. Estimating future global energy demand and supply is challenging as is the pace of future technological change, customer and competitor behaviour, political developments and government actions that will impact the Group\u2019s operations. Assumptions can change which could impact current projected scenarios. Assumptions, estimates and judgements were made in relation to: \u2022 property, plant and equipment \u2013 useful economic life and residual values of vessels are reviewed annually. No amendments were made to useful life or indicators of impairment identified as a direct result of climate-related matters for the year ended 31 December 2022 (2021: none). It is expected that oil and gas will continue to represent a notable, although declining, component of the energy mix until at least 2050 during the transition to sustainable lower-carbon energy. The Group is in a strong position to utilise its vessels for oil and gas development and adapt vessels, if required, for initiatives such as carbon capture. Typically new build vessels are depreciated over 25 years, but a vessel can continue to be utilised beyond this period with appropriate levels of capital expenditure, including hybridisation. New vessels currently under construction for the Renewables business unit are expected to contribute significantly to the Group\u2019s \u2018Make Possible\u2019 strategy which includes renewables and emerging energies. Future developments, such as the impact of climate-related matters on the economic or legal environment, are considered by management when assessing residual values and indicators of impairment or impairment reversal. Further information is included within the \u2018Impairment of non- financial assets\u2019 accounting policy in Note 3 \u2018Significant accounting policies\u2019. \u2022 cash-generating unit (CGU) impairment modelling and goodwill impairment test \u2013 the Group\u2019s Five-year Plan is utilised to determine present values of future cash flows for each CGU. Significant management judgement is required in the preparation of this plan, with economic conditions impacting assumptions utilised and discount rates. Uncertainty around future climate-related risks continue to be monitored including policy, regulatory, legal, technological, market and societal considerations. The present value of future cash flows is most sensitive to the terminal value assumptions \u2013 management considers these assumptions represent an appropriate balance between the oil and gas-related business and the growing renewables sector within the transition to a lower-carbon economy. Further information is included within Note 13 \u2018Goodwill\u2019. \u2022 fair value measurement \u2013 climate-related assessments were undertaken by management in relation to vessels held for sale in accordance with the criteria of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019. Management concluded that climate-related considerations did not result in any modification to the fair value exercise, taking into consideration the differing potential utilisations of the vessels, the age of the vessels and the expectation of timing towards a lower-carbon future. \u2022 expected credit losses (ECLs) \u2013 physical and transition risks were considered in terms of probability of default and concentration risk. The Group\u2019s modelling of ECLs was unchanged as a result of climate-related matters for the year ended 31 December 2022. Management considers this area to be judgemental and has established governance processes to support future calculations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-686": {
"value": "Subsea 7 S.A. is a company registered in Luxembourg whose common shares trade on the Oslo B\u00f8rs and as American Depositary
",
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"concept": "ifrs-full:PrincipalPlaceOfBusiness",
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"fact-1": {
"value": "Subsea 7 S.A.",
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"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-675": {
"value": "S.A.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "Luxembourg",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": " 412F, route d\u2019Esch, L-1471 Lu",
"dimensions": {
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"fact-4": {
"value": "The Group provides products and services required for subsea field development, including project management, design and engineering, procurement, fabrication, survey, installation and commissioning of production facilities on the seabed and the tie-back of these facilities to fixed or floating platforms or to the shore. The Group offers a full spectrum of products and capabilities including remotely operated vehicles and tooling services to support exploration and production activities and to deliver full life-of-field services to its clients. Through its Renewables business unit, the Group offers expertise in the fixed offshore wind market, including the procurement and installation of offshore wind turbine foundations and inner-array cables as well as heavy lifting operations for renewables structures and heavy transportation services. The Group\u2019s interest in Nautilus Floating Solutions enhances its presence in the floating wind market, supporting research and development initiatives and technology prototypes. The Group provides engineering and advisory services to clients in the oil and gas, renewables and utilities industries through its wholly-owned autonomous subsidiaries Xodus and 4Subsea.",
"dimensions": {
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"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-647": {
"value": "Authorisation of Consolidated Financial Statements
Under Luxembourg law, the Consolidated Financial Statements are approved by the shareholders at the Annual General Meeting.
The Consolidated Financial Statements were authorised for issue by the Board of Directors on 1 March 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-674": {
"value": "Presentation of Consolidated Financial Statements
The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The Consolidated Financial
Statements comply with Article 4 of the EU IAS Regulation.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-648": {
"value": "Presentation of Consolidated Financial Statements The Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The Consolidated Financial Statements comply with Article 4 of the EU IAS Regulation. Amounts in the Consolidated Financial Statements are stated in US Dollars ($), the currency of the primary economic environment in which the Group operates. Group entities whose functional currency is not the US Dollar are consolidated in accordance with the policies set out in Note 3 \u2018Significant accounting policies\u2019. The Consolidated Financial Statements have been prepared on the historical cost basis except for the revaluation of certain financial instruments and balances required to be measured at fair value. The principal accounting policies adopted are consistent with the Consolidated Financial Statements for the year ended 31 December 2021, except where noted in Note 2 \u2018Adoption of new accounting standards\u2019. During 2022, the Group identified adjustments to provisional amounts recognised in relation to business combinations entered into during 2021. The adjustments were identified during the relevant measurement periods and related to facts and circumstances which existed at the date of acquisition; as a result, 2021 comparative information has been revised as if the accounting had been completed at the acquisition dates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-649": {
"value": "Going concern
The Consolidated Financial Statements have been prepared on the going concern basis.
Management continues to monitor the potential operational, market and financial impacts to the Group of the Covid-19 pandemic, and
implement mitigating measures where appropriate. Management has concluded that there are no significant doubts over the application
of the going concern assumption and no disclosable material uncertainties which cast doubt upon the Group\u2019s ability to continue as a
going concern.
During 2022, the Group incurred net Covid-19 costs of approximately $24.8 million (2021: $27.0 million) related to factors such as
additional vessel crew change-over times and costs and additional operational costs as a result of supply chain and travel restrictions.
Management will continue to work with its clients and suppliers to mitigate the impacts of Covid-19 on operations.
The Group retained a strong cash position with cash and cash equivalents of $645.6 million at 31 December 2022. Total borrowings at
31 December 2022 were $356.0 million, in relation to the Group\u2019s South Korean Export Credit Agency and UK Export Finance facilities.
The Group\u2019s $700.0 million multi-currency revolving credit and guarantee facility remained unutilised. The Group ended the year with
backlog of $9.0 billion, an increase of $1.8 billion compared to 31 December 2021, reflecting improving market conditions.
Management considers that the Group will generate sufficient cash flow and have access to adequate liquidity to support the
assumption that the Group will continue as a going concern. Management has performed stress tests of future cash flow forecasts to
evaluate the impact of severe but plausible downside scenarios. These include scenarios which reflect extended periods of low energy
prices and potential operational-related issues which could adversely impact the Group. Management has also performed reverse
stress testing through modelling of reasonable worst-case scenarios. In all scenarios management identified no forecast breaches of
banking covenants and demonstrated sufficient liquidity for the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-677": {
"value": "2. Adoption of new accounting standards Effective new accounting standards No new International Financial Reporting Standards (IFRS) were adopted by the Group for the financial year beginning 1 January 2022. Several amendments to IFRS were applied for the first time in 2022 but did not have an impact on the Consolidated Financial Statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. There are no IFRS standards or amendments that have been issued but not yet adopted that are expected to have a material impact on the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-650": {
"value": "2. Adoption of new accounting standards Effective new accounting standards No new International Financial Reporting Standards (IFRS) were adopted by the Group for the financial year beginning 1 January 2022. Several amendments to IFRS were applied for the first time in 2022 but did not have an impact on the Consolidated Financial Statements of the Group. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. There are no IFRS standards or amendments that have been issued but not yet adopted that are expected to have a material impact on the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "3. Significant accounting policies Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of Subsea 7 S.A. (the Company) and entities controlled by the Company (its subsidiaries). Control is assumed to exist where the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control. If the Group loses control over a subsidiary it derecognises related assets, liabilities and non-controlling interests and other components of equity, while any resultant gain or loss is recognised in income or loss. Any investment retained is recognised at fair value. The Group consolidates non-wholly-owned subsidiaries where it can be considered to exercise control over the entity. In some cases this may result in the consolidation of non-wholly-owned subsidiaries in which the Group holds less than 50% of the voting rights when there is no history of the other shareholders exercising their votes to outvote the Group. Subsidiaries Assets, liabilities, income and expenses of a subsidiary are included in the Consolidated Financial Statements from the date the Group obtains control over the subsidiary until the date the Group ceases to control the subsidiary. Changes in the Group\u2019s interest in a subsidiary that do not result in the Group ceasing to control that subsidiary are accounted for as equity transactions. Where necessary, adjustments are made to the financial statements of subsidiaries to align these with the accounting policies of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Note 40 \u2018Wholly-owned subsidiaries\u2019 includes information related to wholly-owned subsidiaries which are included in the Consolidated Financial Statements of the Group. All subsidiaries are wholly-owned (100%) except those listed in Note 27 \u2018Non-controlling interests\u2019. Non-controlling interests comprise equity interests in subsidiaries which are not attributable, directly or indirectly, to the Company. Non-controlling interests in the net assets or liabilities of subsidiaries are identified separately from the equity attributable to shareholders of the parent company. Non- controlling interests consist of the amount of those interests at the date that the Group obtains control over the subsidiary together with the non-controlling shareholders\u2019 share of net income or loss and other comprehensive income or loss since that date . Interests in associates and joint arrangements An associate is an entity over which the Group has significant influence, but not control, and which is neither a subsidiary nor a joint venture. Significant influence is defined as the right to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint arrangement is an arrangement in which two or more parties have joint control. A joint arrangement is classified as either a joint venture or a joint operation depending upon the rights and obligations of the parties to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Interests in associates and joint ventures are accounted for using the equity method. Under this method, the investment is recognised in the Consolidated Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any provisions for impairment. The Consolidated Income Statement reflects the Group\u2019s share of net income or loss of the associate or joint venture. Losses in excess of the Group\u2019s interest (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment) are only recognised to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Where there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share in the Consolidated Statement of Comprehensive Income. Interests in joint operations are accounted for in line with the Group\u2019s proportional interest in the joint operations. As a joint operator the Group recognises its interest in: assets (including its share of any assets held jointly); liabilities (including its share of any liabilities incurred jointly); revenue from the sale of its share of output by the joint operation; and expenses (including its share of any expenses incurred jointly). Foreign currency translation Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which the entity operates. While this is usually the local currency, the US Dollar is designated as the functional currency of certain entities where transactions and cash flows are predominantly in US Dollars. All transactions in non-functional currencies are initially translated into the functional currency of each entity at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in non-functional currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. All resulting exchange rate gains and losses are recognised in the Consolidated Income Statement. Non-monetary items which are measured at historical cost in a non-functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the initial transactions. Non-monetary items which are measured at fair value in a non-functional currency are translated to the functional currency using the exchange rate prevailing at the date when the fair value was determined. Foreign exchange revaluations of short-term intra-group balances denominated in non-functional currencies are recognised in the Consolidated Income Statement. Revaluations of long-term intra-group loans are recognised in the translation reserve in equity. The assets and liabilities of operations which have a non-US Dollar functional currency are translated into the Group\u2019s reporting currency, US Dollar, at the exchange rate prevailing at the balance sheet date. The exchange rate differences arising on the translation are recognised in the translation reserve in equity. Income and expenditure items are translated at the weighted average exchange rates for the year. On disposal of an entity with a non-US Dollar functional currency the cumulative translation adjustment previously recognised in the translation reserve in equity is reclassified to the Consolidated Income Statement. At 31 December 2022, the exchange rates of the main currencies used throughout the Group, compared to the US Dollar, were as follows: GBP 0.828 EUR 0.943 NOK 9.839 BRL 5.203 CNY 6.982 Revenue from contracts with customers The Group applies the IFRS 15 \u2018Revenue from Contracts with Customers\u2019 five-step model whereby revenue is recognised at an amount which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. The Group\u2019s revenue comprises revenue recognised from contracts with customers for the provision of long-term fixed-price contracts, services under charter agreements, day-rate contracts, reimbursable contracts, cost-plus contracts (and similar contracts), each of which are considered to comprise one performance obligation. The following is a description of the principal activities, by operating segment, from which the Group generates revenue as disclosed in the disaggregated revenue analysis (Note 5 \u2018Segment information\u2019). Subsea and Conventional Subsea and Conventional work, which includes Engineering, Procurement, Installation and Commissioning (EPIC) contracts, is generally contracted on a fixed-price basis. The costs and margins realised on such contracts vary dependent on a number of factors which may result in reduced margins or, in some cases, losses. The promised goods and services within each contract are considered to be distinct as a bundle under IFRS 15. Due to the significant integration, customisation and highly interrelated nature of the work performed they form one performance obligation with revenue being recognised over time. During a contract, work is performed for the sole benefit Subsea and Conventional Subsea and Conventional work, which includes Engineering, Procurement, Installation and Commissioning (EPIC) contracts, is generally contracted on a fixed-price basis. The costs and margins realised on such contracts vary dependent on a number of factors which may result in reduced margins or, in some cases, losses. The promised goods and services within each contract are considered to be distinct as a bundle under IFRS 15. Due to the significant integration, customisation and highly interrelated nature of the work performed they form one performance obligation with revenue being recognised over time. During a contract, work is performed for the sole benefit Subsea 7 S.A. \u2022 Annual Report 2022 89 of the client who continually monitors progress. Clients may also participate in the supplier selection processes for procured items. During the offshore phase of a contract, the Group typically executes work related to the installation of the client\u2019s assets. Due to the nature of the work performed the Group would not have an alternative use for the works performed under a contract for a specific client. The transaction price for these types of contracts, where there is an element of variable consideration, which includes variation orders, claims, bonuses and liquidated damages, is based upon the single most likely outcome. Any additional work, such as scope changes or variation orders, as well as other variable consideration, will be included within the total price once the amounts can be reasonably estimated and management has concluded that it is highly probable that recognition will not result in a significant revenue reversal in a future period. For EPIC contracts, revenue is recognised in each period based upon the advancement of the work-in-progress. The input method used to progressively recognise revenue over time is based upon percentage-of-completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method provides a faithful depiction of the transfer of goods and services to the customer. Any significant upfront procurement which is not customised for the specific contract is not included within the actual cost of work performed until such time as the costs incurred are proportionate to the progress in satisfying the performance obligation. Similarly an adjustment to the measurement of progress may be required where significant inefficiencies occur which results in the costs associated with inefficiencies being excluded from the total forecast cost at completion to estimate percentage-of- completion. Typically payment is due from the customer between 30 to 60 days following the issuance of the invoice, although this may be longer depending upon the client or customary payment terms in certain geographies. The contracts have no significant financing component as the period between when the Group transfers promised goods or services to a customer and when the customer pays for those goods or services will be one year or less. In circumstances where the Group has recognised revenue, but not issued an invoice, the conditional entitlement to consideration is recognised as a construction contract asset. The construction contract asset is transferred to trade and other receivables in accordance with the contractual milestone schedule which reflects the unconditional entitlement to payment. The time elapsing before transfer to trade and other receivables may be different between contracts depending upon the contractual terms and conditions. Construction contract liabilities arise when progress billings to date exceed contract revenues recognised. Construction contract asset and liability balances at 31 December 2022 and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019. Assurance type warranty periods commence at the completion of the contractual obligations and typically have a duration of between one to three years. The Group\u2019s Pipelay Support Vessel (PLSV) contracts, offshore Brazil, are also included within Subsea and Conventional. PLSV revenue is based upon an agreed schedule of work applied to a range of daily operating activities pre-agreed with the customer. As such these contracts are considered to be distinct as a pattern and hence one performance obligation under the guidelines within IFRS 15. Each day is distinct with the overall promise being the delivery of a series of days which have the same pattern of transfer to the customer. The transaction price for all PLSV contracts is determined by the expected value approach being the number of days multiplied by the expected day-rate. This method of revenue recognition for PLSV contracts provides a faithful depiction of the transfer of goods and services. Typically the value of work completed in any one month corresponds directly with the Group\u2019s right to payment. Payment is due from the client approximately 60 days following invoice date. These contracts have no significant financing component. Unbilled revenue related to work completed for the customer, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Certain Brazilian contracts contain escalation clauses which allow for inflationary adjustments on an annual basis to both revenue and costs denominated in Brazilian Real. These are recognised as variable consideration, and will be included within the total price once the amounts can be reasonably estimated and management has concluded that it is highly probable that recognition will not result in a significant revenue reversal in a future period. Front-end engineering studies (FEED) undertaken by the Group are also included within this category of revenue principally on a day- rate basis. Revenue recognition for day-rate contracts is described in the paragraph below. The Group provides Remotely Operated Vehicles (ROVs), survey and inspection, drill-rig support and related solutions on a day-rate basis. Projects are contracted on the basis of an agreed schedule of rates applied to a range of daily operating activities. These contracts are considered to be distinct as a pattern and hence one performance obligation under the guidelines within IFRS 15. Each day is distinct with the overall promise being the delivery of a series of days that have the same pattern of transfer to the customer. The transaction price for all day-rate contracts is determined by the expected value approach, being the number of days multiplied by the expected day-rate. This method of revenue recognition for day-rate contracts provides a faithful depiction of the transfer of goods and services. Typically the value of work completed in any one month corresponds directly with Subsea7\u2019s right to payment. Payment is due from the client approximately 30-45 days following the invoice date. These contracts have no significant financing component. Unbilled revenue related to work completed, which has not been billed to clients, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Customers, in certain circumstances, may request the commissioning of bespoke tooling. Revenue in relation to bespoke tooling, which is not significant in relation to the Group\u2019s overall revenue, is considered distinct in its own right. Dependent on the individual contract with the customer, revenue from the sale of this bespoke tooling may be recognised over time or at a point in time when control of the asset is transferred to the customer, generally on delivery. Renewables Renewables contracts which include the construction and installation of fixed offshore wind turbine foundations and inner-array cables, heavy lifting operations, decommissioning and heavy transportation are generally contracted on a fixed-price basis. Similar to EPIC contracts, the promised goods and services within Renewables contracts are considered to be distinct as a bundle and hence one performance obligation with revenue being recognised over time. Although the promises within the contract are capable of being distinct, management has concluded that they are not due to the significant integration, customisation and highly interrelated nature of each contract. The contract work performed is for the sole benefit of the customer who continually monitors progress and the Group would not have an alternative use for work performed under a specific contract. Clients may also participate in the supplier selection processes for procured items. The transaction price for these types of contracts, where there is an element of variable consideration, is based upon the single most likely outcome. Any additional work, such as scope changes or variation orders, as well as other variable consideration will be included within the total price
once the amounts can be reasonably estimated and management has concluded that this will not result in a significant revenue reversal in a
future period.
For Renewables contracts the input method used to progressively recognise revenue over time is based upon percentage-of-
completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method
provides a faithful depiction of the transfer of the goods and services to the customer. Any significant upfront procurement which is not
customised for the particular contract is not included within the actual cost of work performed at each period end. An adjustment to the
measure of progress may be required where significant inefficiencies occur which were not reflected in the price of the contract.
Payment is due from the client approximately 30-45 days following the issuance of the invoice, although this may be longer depending
upon the client or customary payment terms in certain geographies. These contracts have no significant financing component as the
period between when the Group transfers the promised goods or services to the customer and when the customer pays for those
goods or services will be one year or less. In circumstances where the Group has recognised revenue, but not issued an invoice, the
entitlement to consideration is recognised as a construction contract asset. The construction contract asset is transferred to trade and
other receivables in accordance with the contractual milestone schedule which reflects the unconditional entitlement to payment. The
time elapsing before transfer to trade and other receivables may be different between contracts depending upon the contractual terms
and conditions. Construction contract liabilities arise when progress billings exceed contract revenues. Assurance type warranty periods
commence at the completion of the contractual obligations. Construction contract asset and liability balances at 31 December 2022
and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019.
The Group operates a fleet of vessels which provide heavy transportation services mainly related to the offshore energy sector, with a
focus on the fixed offshore wind market. Under these contracts the Group\u2019s vessels transport a specific agreed-upon cargo for a single
voyage. The Group treats these as voyage charter contracts, and applies the input method to progressively recognise revenue over
time based upon percentage-of-completion whereby total costs incurred to date are compared with total forecast costs at completion
of the contract. This method provides a faithful depiction of the transfer of the goods and services to the customer. The Group generally
has standard payment terms of approximately 10% freight paid on signing of contract, 40% on loading and 50% on discharge. These
contracts have no significant financing component as the period between when the Group transfers the promised goods or services to
the customer and when the customer pays for those goods or services will be one year or less. Voyage charter contracts consist of a
single performance obligation of transporting cargo within a specified period. The voyage charters generally have variable consideration
in the form of demurrage, which is recognised over the period in which the performance obligations are met under the contract.
Demurrage is estimated at contract inception using either the expected value or most likely amount approaches. Such estimate
is reviewed and updated over the term of the voyage charter contract.
Corporate
Revenue within the Group\u2019s Corporate segment, which is not material to the Group, relates to activities in its autonomous subsidiaries,
Xodus and 4Subsea, and its non-wholly-owned subsidiary, Nautilus Floating Solutions. Contracts with customers in these subsidiaries
are contracted on either a fixed-price or day-rate basis. Revenue related to these contracts is recognised using the method described
previously for similar contracts within the Subsea and Conventional business unit. Payment is due from the client approximately 30-60
days following the issuance of the invoice. These contracts have no significant financing component as the period between when the
Group transfers the promised goods or services to the customer and when the customer pays for those goods or services will be one
year or less. Construction contract asset and liability balances related to fixed-price contracts at 31 December 2022 and 2021 are
disclosed within Note 23 \u2018Construction contracts\u2019. Unbilled revenue-related work completed on day-rate contracts, which has not been
billed to clients, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019.
Advances received from customers
For certain contracts the Group may receive short-term advances from customers which are presented as deferred revenue within the
Consolidated Balance Sheet. Advances received from customers include amounts received before the work is performed on day-rate
and fixed-price contracts. The consideration is not adjusted for the effects of a financing component where the Group expects, at
contract inception, that the period between when the customer pays for the service and when the Group transfers that promised
service to the customer will be 12 months or less.
Principal versus agent
For certain projects the Group provides procurement services and assumes responsibility for the logistics and handling of procured items.
Management\u2019s assessment of whether a principal or agent relationship exists is based upon whether the Group has the ability to control
the goods before they are transferred to the customer. This assessment is performed on a contract-by-contract basis at contract inception.
Variable consideration
Variable consideration is constrained at contract inception to the extent that it is highly probable that a significant reversal in the
amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is
subsequently resolved.
Warranty obligations
The Group provides warranties for the repair of defects which are identified during the contract and within a defined period thereafter.
All are assurance-type warranties, as defined within IFRS 15, which the Group recognises under IAS 37 \u2018Provisions, Contingent
Liabilities and Contingent Assets\u2019. The Group does not have any contractual obligations for service-type warranties.
Borrowing costs
Borrowing costs attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take
a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use. These amounts are calculated using the effective interest rate related to the period of the
expenditure. All other borrowing costs are recognised in the Consolidated Income Statement in the period in which they are incurred.
Variable consideration Variable consideration is constrained at contract inception to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Warranty obligations The Group provides warranties for the repair of defects which are identified during the contract and within a defined period thereafter. All are assurance-type warranties, as defined within IFRS 15, which the Group recognises under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. The Group does not have any contractual obligations for service-type warranties. Borrowing costs Borrowing costs attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. These amounts are calculated using the effective interest rate related to the period of the expenditure. All other borrowing costs are recognised in the Consolidated Income Statement in the period in which they are incurred. Subsea 7 S.A. \u2022 Annual Report 2022 91 Finance costs Finance costs or charges, including premiums on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Retirement benefit costs The Group administers several defined contribution pension plans. Obligations in respect of such plans are charged to the Consolidated Income Statement as they fall due. In addition, the Group administers a small number of defined benefit pension plans. The cost of providing benefits under the defined benefit plans is determined separately for each plan using the projected unit credit actuarial valuation method. Remeasurements, comprising actuarial gains and losses and the return on plan assets (excluding net interest), are recognised immediately through the Consolidated Statement of Comprehensive Income in the period in which they occur with a corresponding adjustment in the Consolidated Balance Sheet. Remeasurements are not reclassified to the Consolidated Income Statement in subsequent periods. Past service costs are recognised in the Consolidated Income Statement on the earlier of the date of the plan amendment or curtailment, and the date that the Group recognises restructuring-related costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises portions of the service cost (comprising current and past service costs) gains and losses on curtailments, non-routine settlements and net interest expense or income in the net defined benefit obligation under both operating expenses and administrative expenses in the Consolidated Income Statement. The Group is also committed to providing lump-sum retirement bonuses to employees upon retirement in certain countries. These retirement bonuses are unfunded, and are recorded in the Consolidated Balance Sheet at their actuarial valuation. A defined benefit pension plan is considered settled once all future legal or constructive obligations for part or all of the benefits provided are eliminated. Upon settlement the defined benefit asset/liability is remeasured using the current fair value of the plan assets and current actuarial assumptions. Any difference between the current defined benefit asset/liability and the fair value will be recognised as a gain or loss and released from other reserves to retained earnings. Taxation Taxation expense or income recorded in the Consolidated Income Statement or Consolidated Statement of Other Comprehensive Income represents the sum of the current tax and deferred tax charge or credit for the year. Current tax Current tax is based on the taxable income for the year, together with any adjustments to tax payable in respect of prior years. Taxable income differs from income before taxes as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other periods and further excludes items that are never taxable or deductible. The tax laws and rates used to compute the Group\u2019s current tax liabilities are those that are enacted or substantively enacted at the balance sheet date. In accordance with IFRIC 23, a liability is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The liabilities are measured at the most likely amount expected to become payable. The assessment is based on the judgement of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Current tax assets or liabilities are representative of taxes being owed by, or owing to, local tax authorities, and include the impact of any provisions required for uncertain tax treatments. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the Consolidated Balance Sheet and the corresponding tax bases used in the computation of taxable income, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Such assets or liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets or liabilities in a transaction (other than in a business combination) that does not affect either the taxable income or the accounting income before taxes. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in associates and joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets are only recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Deferred tax assets are derecognised or reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are substantively enacted and expected to apply in the period when the asset is realised or the liability is settled. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited directly in the Consolidated Statement of Comprehensive Income in which case the deferred tax is also recognised within the Consolidated Statement of Comprehensive Income. Deferred 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 income tax assets and liabilities on a net basis Significant tax estimates and judgements In accordance with IFRIC 23, a provision for an uncertain tax treatment is made where the ultimate outcome of a particular tax matter is uncertain. In calculating tax assets and liabilities, the Group assesses the probability of treatment being accepted and, where this is not probable and a reasonable estimate can be made, the Group recognises a provision for the adjustment it considers probable to be required. Dry-dock, mobilisation and decommissioning expenditure Dry-dock expenditure incurred to maintain a vessel\u2019s classification is capitalised in the Consolidated Balance Sheet as a distinct component of the asset and amortised over the period until the next scheduled dry-docking (usually between two-and-a-half years and five years). At the date of the next dry-docking, the previous dry-dock asset and accumulated amortisation is derecognised. All other repair and maintenance costs are recognised in the Consolidated Income Statement as incurred. A provision is recognised for decommissioning expenditures required to restore a leased vessel to its original or agreed condition, together with a corresponding amount capitalised, when the Group recognises it has a present obligation and a reliable estimate can be made of the amount of the obligation. Business combinations and goodwill Business combinations Acquisitions of subsidiaries and businesses, including business combinations completed in stages, are accounted for using the acquisition method. The consideration for each acquisition is measured as the aggregate of the fair values (at the acquisition date) of cash and other assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Where an acquisition qualifies as a business combination completed in stages, consideration includes the fair value of the Group\u2019s equity interest prior to the combination. Any gain or loss associated with the remeasurement of the equity interest to fair value is recognised as a remeasurement gain or loss in the Consolidated Income Statement. Acquisition-related costs are recognised in the Consolidated Income Statement as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition date fair value. Subsequent changes in such fair values are recognised as an adjustment to the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with the relevant IFRS. Changes in the fair value of contingent consideration classified as equity are not recognised. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u2018Business Combinations\u2019 are recognised at fair value on the acquisition date, except that: \u2022 deferred tax assets or liabilities are recognised and measured in accordance with IAS 12 \u2018Income Taxes\u2019; \u2022 liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 19 \u2018Employee Benefits\u2019; \u2022 lease liabilities for which the Group is lessee are measured as if the lease contract were a new lease in accordance with IFRS 16 \u2018Leases\u2019; \u2022 liabilities or equity instruments related to the replacement by the Group of an acquiree\u2019s share-based payment awards are measured in accordance with IFRS 2 \u2018Share-based Payments\u2019; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019 are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete, to the extent that the amounts can be reliably calculated. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained regarding facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information regarding facts and circumstances that existed as of the acquisition date and is subject to a maximum period of one year. Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired by the Group (the acquisition date). Goodwill is measured as the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the entity less the net fair value of the identifiable assets acquired and the liabilities assumed at the acquisition date. If the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognised immediately in the Consolidated Income Statement. Goodwill is reviewed for impairment at least annually. Intangible assets other than goodwill Overview Intangible assets acquired separately are measured at cost at the date of initial acquisition. Following initial recognition, intangible assets are measured at cost less amortisation and impairment charges. Intangible assets acquired as part of a business combination are measured at fair value at the date of acquisition. Following initial recognition, intangible assets acquired as part of a business combination are measured at acquisition date fair value less amortisation and impairment charges. Internally generated intangible assets are not capitalised, with the exception of development expenditure which meets the criteria for capitalisation specified in IAS 38 \u2018Intangible Assets\u2019. Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired by the Group (the acquisition date). Goodwill is measured as the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the entity less the net fair value of the identifiable assets acquired and the liabilities assumed at the acquisition date. If the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognised immediately in the Consolidated Income Statement. Goodwill is reviewed for impairment at least annually. Intangible assets other than goodwill Overview Intangible assets acquired separately are measured at cost at the date of initial acquisition. Following initial recognition, intangible assets are measured at cost less amortisation and impairment charges. Intangible assets acquired as part of a business combination are measured at fair value at the date of acquisition. Following initial recognition, intangible assets acquired as part of a business combination are measured at acquisition date fair value less amortisation and impairment charges. Internally generated intangible assets are not capitalised, with the exception of development expenditure which meets the criteria for capitalisation specified in IAS 38 \u2018Intangible Assets\u2019. Subsea 7 S.A. \u2022 Annual Report 2022 93 Intangible assets with finite lives are amortised over their useful economic life and are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for intangible assets with finite useful lives are reviewed annually. Changes in the expected useful life are accounted for by changing the amortisation period or method, and are treated as changes in accounting estimates. The amortisation expense related to intangible assets with finite lives is recognised in the Consolidated Income Statement in the expense category consistent with the function of the intangible asset. Property, plant and equipment Property, plant and equipment acquired separately, including critical spare parts acquired and held for future use, are measured at cost less accumulated depreciation and accumulated impairment charges. Assets under construction are recognised at cost, less any recognised impairment charges. Depreciation of these assets commences when the assets become operational and are deemed available for use. Depreciation is calculated on a straight-line basis over the useful life of the asset as follows: V essels 10 to 25 years Operating equipment 3 to 10 years Buildings 20 to 25 years Other assets 3 to 7 years Land is not depreciated. Vessels are depreciated to their estimated residual value. Residual values, useful economic lives and methods of depreciation are reviewed at least annually and adjusted if appropriate. Gains or losses arising on disposal of property, plant and equipment are determined as the difference between any disposal proceeds and the carrying amount of the asset at the date of the transaction. Gains and losses on disposal are recognised in the Consolidated Income Statement in the period in which the asset is disposed. Impairment of non-financial assets At each reporting date the Group assesses whether there is any indication that non-financial assets, including intangible assets, property, plant and equipment and right-of-use assets, may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value-in-use. Where an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset is allocated. Where the carrying amount of an asset exceeds its recoverable amount, the asset is impaired. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs of disposal, an appropriate valuation model is used. Management has considered the potential impacts of climate risk and whether this will have an adverse impact on the future use of the Group\u2019s assets, including vessels and equipment. It is expected that oil and gas will continue to contribute a significant, although declining, part in the transition to sustainable lower-carbon energy until at least 2050. The Group is in a strong position to utilise vessels for this and to adapt vessels for initiatives such as carbon capture. The Group operates within the offshore renewable sector and it is expected that demand for the Group\u2019s services will increase due to climate-related opportunities. Management does not consider there is a significant risk that the Group\u2019s vessels will become obsolete due to climate considerations as they form a key part in the transition to the provision of sustainable energy. Impairment charges are recognised in the Consolidated Income Statement in the expense category consistent with the function of the impaired asset. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment charges may require to be reversed. If such an indication exists the Group makes an estimate of the recoverable amount. A previously recognised impairment charge is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment charge was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment charge been recognised for the asset in prior periods. Any such reversal is recognised in the Consolidated Income Statement. The following criteria are also applied in assessing impairment of specific assets: Goodwill An assessment is made at each reporting date as to whether there is an indication of impairment. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s CGUs, or group of CGUs, that are expected to benefit from the combination. Each CGU or group of CGUs to which the goodwill is allocated initially represents the lowest level within the Group at which the goodwill is monitored for internal management purposes and is not larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. If circumstances give rise to a change in the composition of CGUs and a reallocation is justified, goodwill is reallocated based on relative value at the time of the change in composition. Following any reorganisation, the CGU cannot be larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. Impairment is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. Recoverable amounts are determined based on value-in-use calculations using discounted pre-tax cash flow projections based on risk-adjusted financial forecasts approved by the Executive Management Team. As cash flow projections are risk-adjusted for CGU specific risks, risk premiums are not applied to the discount rate which is applied to all CGUs. The discount rate applied to the cash flow projections is a pre-tax rate and reflects current market assessments of the time value of money, risks specific to the Group and a normalised capital structure for the industry. Where the recoverable amount of the CGU (or group of CGUs) is less than the carrying amount, an impairment charge is recognised in the Consolidated Income Statement. Where goodwill forms part of a CGU (or group of CGUs) and part of the operation within that CGU is disposed, the goodwill associated with the operation disposed is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed in this circumstance is measured based on the relative values of the operation disposed and the portion of the CGU retained. Associates and joint ventures At each reporting date the Group determines whether there is any objective evidence that the investment in an associate or joint venture is impaired. If this is the case, the Group calculates the amount of impairment as being the difference between the estimated fair value of the associate or joint venture and its carrying amount. The resultant impairment charge is recognised in the Consolidated Income Statement. Financial instruments Classification and measurement The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, construction contract assets, other receivables, derivative financial instruments and equity investments which are classified as other financial assets. The Group\u2019s financial liabilities include trade and other payables, contingent consideration, borrowings and derivative financial instruments. Initial measurement is based upon one of four IFRS 9 \u2018Financial Instruments\u2019 models: amortised cost; fair value through profit and loss (FVPL); fair value through other comprehensive income (with recycling of accumulated gains and losses); or fair value through other comprehensive income (without recycling of accumulated gains and losses). Classification and subsequent measurement is dependent upon the business model under which the Group holds and manages the financial asset; and whether the contractual cash flows resulting from the instrument represent \u2018solely payments of principal and interest\u2019 (the \u2018SPPI criterion\u2019). All financial assets are classified at initial recognition and are initially measured at fair value net of transaction costs, with the exception of those classified as FVPL. Classification as amortised cost is applicable where the instruments are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and the cash flows resulting from the instrument consist solely of principal and interest. Debt financial assets are subsequently measured at FVPL, amortised cost or fair value through other comprehensive income (FVOCI) depending on classification. Equity instruments are reported as other financial assets and are subsequently measured at FVPL when not considered to be strategic in nature. Where the Group considers other financial assets to be strategic in nature and is expecting to hold them for the foreseeable future the investments are measured at FVOCI with no recycling of gains or losses to profit or loss on derecognition. All financial liabilities are classified at initial recognition and are initially measured at fair value net of transaction costs, with the exception of those classified as FVPL. Financial liabilities are measured at FVPL when they meet the definition of held for trading or when they are designated as such on initial recognition. Otherwise, financial liabilities are measured at amortised cost. The Group enters into forward foreign currency contracts in order to manage its foreign currency exposures; these are measured at FVPL. The Group regularly enters into multi-currency contracts from which the cash flows may lead to embedded foreign exchange derivatives in non-financial host contracts, carried at FVPL. The Group reassesses the existence of an embedded derivative if the terms of the host financial instrument change significantly. The fair values of derivative financial instruments are measured on bid prices for assets held and offer prices for issued liabilities based on values quoted in active markets. Changes in the fair value of derivative financial instruments which do not qualify for hedge accounting are recognised in the Consolidated Income Statement within other gains and losses. Cash and cash equivalents comprise cash at bank, cash on hand, money market funds, and short-term highly liquid assets with an original maturity of three months or less and which are readily convertible to known amounts of cash. Utilised revolving credit facilities are included within current borrowings. Cash and cash equivalents are measured at amortised cost. Hedge accounting The Group, for the purposes of hedge accounting, recognises cash flow hedges when hedging the exposure to variability in cash flows which are attributable to commodity prices. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements, including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), in other reserves, while any ineffective portion is recognised immediately in the Consolidated Income Statement. Other reserves is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item . The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), in other reserves, while any ineffective portion is recognised immediately in the Consolidated Income Statement. Other reserves is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item . The Group uses forward commodity contracts to manage its exposure to volatility in commodity prices. The ineffective portion relating to commodity contracts is recognised in other operating expenses. The Group designates only the spot element of forward contracts as a hedging instrument. The amount accumulated in OCI is reclassified to the Consolidated Income Statement as a reclassification adjustment in the same period or periods as the hedged cash flows. Impairment of financial assets and construction contract assets The Group applies the expected credit loss (ECL) impairment model to record allowances for expected credit losses. The expected credit loss model applies to all debt financial assets accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. The expected credit loss impairment model is also applied to contract assets accounted for under IFRS 15 \u2018Revenue from Contracts with Customers\u2019. For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group applies the simplified approach. This approach requires the allowance for ECLs to be recognised at an amount equal to lifetime expected credit losses. For other debt financial assets the allowance for ECLs is calculated on a 12-month basis and is based on the portion of ECLs expected to result from default events possible within 12 months of the reporting date. The Group monitors for significant changes in credit risk and where this is materially different to ECLs calculated on a 12-month basis changes the allowance to reflect the risk of expected default in the contractual lifetime of the financial asset. Unless there is a valid mitigating factor, the Group considers there to have been a significant increase in credit risk when contractual payments are more than 30 days past the due date for payment. At each reporting date the Group assesses whether any indicators exist that a financial asset or group of financial assets has become credit impaired. Where an asset is considered to be credit impaired a specific allowance is recognised based on the actual cash flows that the Group expects to receive and is determined using historical credit loss experience and forward-looking factors specific to the counterparty and the economic environment. Any shortfall is discounted at the original effective interest rate for the relevant asset. Except where there are valid mitigating factors, the Group considers a financial asset in default when contractual payments are 90 days past the due date for payment. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full. Financial investments The Group\u2019s non-current financial investments comprise strategic shareholdings in technology companies. These investments are held at cost, deemed an appropriate estimate of fair value, due to the uncertainty over technical milestones and the wide range of possible fair value measurements. These investments are reviewed for indicators of impairment at each reporting date. Inventories Inventories comprise consumables, materials and non-critical spares and are valued at the lower of cost and net realisable value. Treasury shares Treasury shares are the Group\u2019s own equity instruments which are repurchased and shown within equity at cost, using the first-in first- out basis. Gains or losses realised or incurred on the purchase, sale, reallocation or cancellation of the Group\u2019s own equity instruments are recognised within equity. No gains or losses are recognised in the Consolidated Income Statement. Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past transaction or event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised represents the best estimate of the expenditure expected to be required to settle the present obligation. Estimates are determined by the judgement of management supplemented by the experience of similar transactions, and, in some cases, advice from independent experts. Contingent liabilities are disclosed in Note 33 \u2018Commitments and contingent liabilities\u2019 to the Consolidated Financial Statements, but not recognised until they meet the criteria for recognition as a provision. Where the Group is virtually certain that some or all of a provision will be reimbursed, that reimbursement is recognised as a separate asset. The expense relating to any provision is reflected in the Consolidated Income Statement at an amount reflective of the risks specific to the liability. Where the provision is discounted, any increase in the provision due to the passage of time is recognised as a finance cost in the Group\u2019s Consolidated Income Statement. The following criteria are applied for the recognition and measurement of significant classes of provisions: Onerous contracts The Group recognises provisions for onerous contracts once the underlying event or conditions leading to the contract becoming onerous are probable and a reliable estimate can be made. Onerous fixed-price contract provisions are assessed in accordance with IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Onerous provisions are calculated on a least net cost basis, which includes unavoidable costs only, while comparing these costs to the cost of cancelling a contract and incurring early termination fees. The cost of fulfilling a contract includes both the incremental costs of fulfilling the contract and an allocation of other costs which relate directly to fulfilling the contract. Legal claims In the ordinary course of business, the Group is subject to various claims, litigation and complaints. An associated provision is recognised if it is probable that a liability has been incurred and the amount can be reliably estimated. Contingent consideration The Group recognises a provision where, as part of the sale and purchase agreement, contingent consideration has been agreed. The amount and timing of contingent consideration is often uncertain and is payable based on the achievement of specific targets and milestones. The liability is initially measured at its acquisition date fair value, determined using the discounted cash flows method and unobservable inputs, and is remeasured at each reporting date. Changes in fair value are recognised in the Consolidated Income Statement. Share-based payments Certain employees of the Group receive part of their remuneration in the form of conditional awards of shares based on the performance of the Group. Equity-settled transactions with employees are measured at fair value at the date on which they are granted. The fair value is determined using a Monte Carlo simulation model. The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become entitled to the award (the vesting date). The cumulative expense recognised for equity-settled transactions at each balance sheet date, until the vesting date, reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The cumulative expense also includes the estimated future charge to be borne by the Group in respect of social security contributions, based on the intrinsic unrealised value of the awards using the share price at the balance sheet date. The net income or expense for a period represents the difference in cumulative expense recognised at the beginning and end of that period. Where the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. Where an equity-settled award is forfeited, due to vesting conditions being unable to be met, the cumulative expense previously recognised is reversed with a credit recognised in the Consolidated Income Statement. If a new award is substituted for the cancelled award, the new award is measured at fair value at the date on which it is granted. Earnings per share Earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during each period excluding treasury shares. The potentially dilutive effect of outstanding performance shares is reflected as share dilution in the computation of diluted earnings per share. Right-of-use assets and lease liabilities The Group applies IFRS 16 \u2018Leases\u2019 and assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease, which is the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the underlying assets which vary as follows: Vessels 2 to 5 years Operating equipment 2 to 5 years Land and buildings 3 to 10 years The cost of a right-of-use asset includes an estimate of costs expected to be incurred by the Group on termination of the lease to reinstate the underlying asset to the condition required by the terms and conditions of the lease. The Group incurs the obligation for those costs either at the commencement date or as a consequence of having utilised the underlying asset during the period. Right-of- use assets are subject to a review for indicators of impairment at least annually. Lease liabilities The Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of purchase options reasonably certain to be exercised by the Group. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses an incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases, which are those leases which have a lease term of 12 months or less from the commencement date and do not contain a purchase option. The Group also applies the low-value assets recognition exemption to assets which are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses in the Consolidated Income Statement on a straight-line basis over the lease term. payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of purchase options reasonably certain to be exercised by the Group. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses an incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases, which are those leases which have a lease term of 12 months or less from the commencement date and do not contain a purchase option. The Group also applies the low-value assets recognition exemption to assets which are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses in the Consolidated Income Statement on a straight-line basis over the lease term. Subsea 7 S.A. \u2022 Annual Report 2022 97 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-595": {
"value": "Basis of consolidation The Consolidated Financial Statements incorporate the financial statements of Subsea 7 S.A. (the Company) and entities controlled by the Company (its subsidiaries). Control is assumed to exist where the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control. If the Group loses control over a subsidiary it derecognises related assets, liabilities and non-controlling interests and other components of equity, while any resultant gain or loss is recognised in income or loss. Any investment retained is recognised at fair value. The Group consolidates non-wholly-owned subsidiaries where it can be considered to exercise control over the entity. In some cases this may result in the consolidation of non-wholly-owned subsidiaries in which the Group holds less than 50% of the voting rights when there is no history of the other shareholders exercising their votes to outvote the Group. Subsidiaries Assets, liabilities, income and expenses of a subsidiary are included in the Consolidated Financial Statements from the date the Group obtains control over the subsidiary until the date the Group ceases to control the subsidiary. Changes in the Group\u2019s interest in a subsidiary that do not result in the Group ceasing to control that subsidiary are accounted for as equity transactions. Where necessary, adjustments are made to the financial statements of subsidiaries to align these with the accounting policies of the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Note 40 \u2018Wholly-owned subsidiaries\u2019 includes information related to wholly-owned subsidiaries which are included in the Consolidated Financial Statements of the Group. All subsidiaries are wholly-owned (100%) except those listed in Note 27 \u2018Non-controlling interests\u2019. Non-controlling interests comprise equity interests in subsidiaries which are not attributable, directly or indirectly, to the Company. Non-controlling interests in the net assets or liabilities of subsidiaries are identified separately from the equity attributable to shareholders of the parent company. Non- controlling interests consist of the amount of those interests at the date that the Group obtains control over the subsidiary together with the non-controlling shareholders\u2019 share of net income or loss and other comprehensive income or loss since that date . Interests in associates and joint arrangements
An associate is an entity over which the Group has significant influence, but not control, and which is neither a subsidiary nor a joint
venture. Significant influence is defined as the right to participate in the financial and operating policy decisions of the investee, but is
not control or joint control over those policies.
A joint arrangement is an arrangement in which two or more parties have joint control. A joint arrangement is classified as either a joint
venture or a joint operation depending upon the rights and obligations of the parties to the arrangement.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of
the arrangement.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and
obligations for the liabilities, relating to the arrangement.
Interests in associates and joint ventures are accounted for using the equity method. Under this method, the investment is recognised
in the Consolidated Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint
venture, less any provisions for impairment. The Consolidated Income Statement reflects the Group\u2019s share of net income or loss of the
associate or joint venture. Losses in excess of the Group\u2019s interest (which includes any long-term interests that, in substance, form part
of the Group\u2019s net investment) are only recognised to the extent that the Group has incurred legal or constructive obligations or made
payments on behalf of the associate or joint venture. Where there has been a change recognised directly in the equity of the associate
or joint venture, the Group recognises its share in the Consolidated Statement of Comprehensive Income.
Interests in joint operations are accounted for in line with the Group\u2019s proportional interest in the joint operations. As a joint operator
the Group recognises its interest in: assets (including its share of any assets held jointly); liabilities (including its share of any liabilities
incurred jointly); revenue from the sale of its share of output by the joint operation; and expenses (including its share of any expenses
incurred jointly).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-651": {
"value": "Subsidiaries
Assets, liabilities, income and expenses of a subsidiary are included in the Consolidated Financial Statements from the date the Group
obtains control over the subsidiary until the date the Group ceases to control the subsidiary. Changes in the Group\u2019s interest in a
subsidiary that do not result in the Group ceasing to control that subsidiary are accounted for as equity transactions.
Where necessary, adjustments are made to the financial statements of subsidiaries to align these with the accounting policies of the
Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-652": {
"value": "All subsidiaries are wholly-owned (100%) except those listed in Note 27 \u2018Non-controlling interests\u2019. Non-controlling interests comprise
equity interests in subsidiaries which are not attributable, directly or indirectly, to the Company. Non-controlling interests in the net
assets or liabilities of subsidiaries are identified separately from the equity attributable to shareholders of the parent company. Non-
controlling interests consist of the amount of those interests at the date that the Group obtains control over the subsidiary together
with the non-controlling shareholders\u2019 share of net income or loss and other comprehensive income or loss since that date .
Interests in associates and joint arrangements An associate is an entity over which the Group has significant influence, but not control, and which is neither a subsidiary nor a joint venture. Significant influence is defined as the right to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint arrangement is an arrangement in which two or more parties have joint control. A joint arrangement is classified as either a joint venture or a joint operation depending upon the rights and obligations of the parties to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Interests in associates and joint ventures are accounted for using the equity method. Under this method, the investment is recognised in the Consolidated Balance Sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any provisions for impairment. The Consolidated Income Statement reflects the Group\u2019s share of net income or loss of the associate or joint venture. Losses in excess of the Group\u2019s interest (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment) are only recognised to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Where there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share in the Consolidated Statement of Comprehensive Income. Interests in joint operations are accounted for in line with the Group\u2019s proportional interest in the joint operations. As a joint operator the Group recognises its interest in: assets (including its share of any assets held jointly); liabilities (including its share of any liabilities incurred jointly); revenue from the sale of its share of output by the joint operation; and expenses (including its share of any expenses incurred jointly). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-676": {
"value": "All subsidiaries are wholly-owned (100%) except those listed in Note 27 \u2018Non-controlling interests\u2019. Non-controlling interests comprise equity interests in subsidiaries which are not attributable, directly or indirectly, to the Company. Non-controlling interests in the net assets or liabilities of subsidiaries are identified separately from the equity attributable to shareholders of the parent company. Non- controlling interests consist of the amount of those interests at the date that the Group obtains control over the subsidiary together with the non-controlling shareholders\u2019 share of net income or loss and other comprehensive income or loss since that date . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-687": {
"value": "Interests in associates and joint arrangements An associate is an entity over which the Group has significant influence, but not control, and which is neither a subsidiary nor a joint venture. Significant influence is defined as the right to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. A joint arrangement is an arrangement in which two or more parties have joint control. A joint arrangement is classified as either a joint venture or a joint operation depending upon the rights and obligations of the parties to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-596": {
"value": "Foreign currency translation Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which the entity operates. While this is usually the local currency, the US Dollar is designated as the functional currency of certain entities where transactions and cash flows are predominantly in US Dollars. All transactions in non-functional currencies are initially translated into the functional currency of each entity at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in non-functional currencies are translated to the functional currency at the exchange rate prevailing at the balance sheet date. All resulting exchange rate gains and losses are recognised in the Consolidated Income Statement. Non-monetary items which are measured at historical cost in a non-functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the initial transactions. Non-monetary items which are measured at fair value in a non-functional currency are translated to the functional currency using the exchange rate prevailing at the date when the fair value was determined. Foreign exchange revaluations of short-term intra-group balances denominated in non-functional currencies are recognised in the Consolidated Income Statement. Revaluations of long-term intra-group loans are recognised in the translation reserve in equity. The assets and liabilities of operations which have a non-US Dollar functional currency are translated into the Group\u2019s reporting currency, US Dollar, at the exchange rate prevailing at the balance sheet date. The exchange rate differences arising on the translation are recognised in the translation reserve in equity. Income and expenditure items are translated at the weighted average exchange rates for the year. On disposal of an entity with a non-US Dollar functional currency the cumulative translation adjustment previously recognised in the translation reserve in equity is reclassified to the Consolidated Income Statement. At 31 December 2022, the exchange rates of the main currencies used throughout the Group, compared to the US Dollar, were as follows: GBP 0.828 EUR 0.943 NOK 9.839 BRL 5.203 CNY 6.982 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-653": {
"value": "Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are
measured using that functional currency. Functional currency is defined as the currency of the primary economic environment in which
the entity operates. While this is usually the local currency, the US Dollar is designated as the functional currency of certain entities
where transactions and cash flows are predominantly in US Dollars.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-597": {
"value": "Revenue from contracts with customers
The Group applies the IFRS 15 \u2018Revenue from Contracts with Customers\u2019 five-step model whereby revenue is recognised at an amount
which reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer.
The Group\u2019s revenue comprises revenue recognised from contracts with customers for the provision of long-term fixed-price contracts,
services under charter agreements, day-rate contracts, reimbursable contracts, cost-plus contracts (and similar contracts), each of
which are considered to comprise one performance obligation. The following is a description of the principal activities, by operating
segment, from which the Group generates revenue as disclosed in the disaggregated revenue analysis (Note 5 \u2018Segment information\u2019).
Subsea and Conventional
Subsea and Conventional work, which includes Engineering, Procurement, Installation and Commissioning (EPIC) contracts, is generally
contracted on a fixed-price basis. The costs and margins realised on such contracts vary dependent on a number of factors which may
result in reduced margins or, in some cases, losses. The promised goods and services within each contract are considered to be
distinct as a bundle under IFRS 15. Due to the significant integration, customisation and highly interrelated nature of the work performed
they form one performance obligation with revenue being recognised over time. During a contract, work is performed for the sole benefit
Subsea and Conventional Subsea and Conventional work, which includes Engineering, Procurement, Installation and Commissioning (EPIC) contracts, is generally contracted on a fixed-price basis. The costs and margins realised on such contracts vary dependent on a number of factors which may result in reduced margins or, in some cases, losses. The promised goods and services within each contract are considered to be distinct as a bundle under IFRS 15. Due to the significant integration, customisation and highly interrelated nature of the work performed they form one performance obligation with revenue being recognised over time. During a contract, work is performed for the sole benefit Subsea 7 S.A. \u2022 Annual Report 2022 89 of the client who continually monitors progress. Clients may also participate in the supplier selection processes for procured items. During the offshore phase of a contract, the Group typically executes work related to the installation of the client\u2019s assets. Due to the nature of the work performed the Group would not have an alternative use for the works performed under a contract for a specific client. The transaction price for these types of contracts, where there is an element of variable consideration, which includes variation orders, claims, bonuses and liquidated damages, is based upon the single most likely outcome. Any additional work, such as scope changes or variation orders, as well as other variable consideration, will be included within the total price once the amounts can be reasonably estimated and management has concluded that it is highly probable that recognition will not result in a significant revenue reversal in a future period. For EPIC contracts, revenue is recognised in each period based upon the advancement of the work-in-progress. The input method used to progressively recognise revenue over time is based upon percentage-of-completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method provides a faithful depiction of the transfer of goods and services to the customer. Any significant upfront procurement which is not customised for the specific contract is not included within the actual cost of work performed until such time as the costs incurred are proportionate to the progress in satisfying the performance obligation. Similarly an adjustment to the measurement of progress may be required where significant inefficiencies occur which results in the costs associated with inefficiencies being excluded from the total forecast cost at completion to estimate percentage-of- completion. Typically payment is due from the customer between 30 to 60 days following the issuance of the invoice, although this may be longer depending upon the client or customary payment terms in certain geographies. The contracts have no significant financing component as the period between when the Group transfers promised goods or services to a customer and when the customer pays for those goods or services will be one year or less. In circumstances where the Group has recognised revenue, but not issued an invoice, the conditional entitlement to consideration is recognised as a construction contract asset. The construction contract asset is transferred to trade and other receivables in accordance with the contractual milestone schedule which reflects the unconditional entitlement to payment. The time elapsing before transfer to trade and other receivables may be different between contracts depending upon the contractual terms and conditions. Construction contract liabilities arise when progress billings to date exceed contract revenues recognised. Construction contract asset and liability balances at 31 December 2022 and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019. Assurance type warranty periods commence at the completion of the contractual obligations and typically have a duration of between one to three years. The Group\u2019s Pipelay Support Vessel (PLSV) contracts, offshore Brazil, are also included within Subsea and Conventional. PLSV revenue is based upon an agreed schedule of work applied to a range of daily operating activities pre-agreed with the customer. As such these contracts are considered to be distinct as a pattern and hence one performance obligation under the guidelines within IFRS 15. Each day is distinct with the overall promise being the delivery of a series of days which have the same pattern of transfer to the customer. The transaction price for all PLSV contracts is determined by the expected value approach being the number of days multiplied by the expected day-rate. This method of revenue recognition for PLSV contracts provides a faithful depiction of the transfer of goods and services. Typically the value of work completed in any one month corresponds directly with the Group\u2019s right to payment. Payment is due from the client approximately 60 days following invoice date. These contracts have no significant financing component. Unbilled revenue related to work completed for the customer, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Certain Brazilian contracts contain escalation clauses which allow for inflationary adjustments on an annual basis to both revenue and costs denominated in Brazilian Real. These are recognised as variable consideration, and will be included within the total price once the amounts can be reasonably estimated and management has concluded that it is highly probable that recognition will not result in a significant revenue reversal in a future period. Front-end engineering studies (FEED) undertaken by the Group are also included within this category of revenue principally on a day- rate basis. Revenue recognition for day-rate contracts is described in the paragraph below. The Group provides Remotely Operated Vehicles (ROVs), survey and inspection, drill-rig support and related solutions on a day-rate basis. Projects are contracted on the basis of an agreed schedule of rates applied to a range of daily operating activities. These contracts are considered to be distinct as a pattern and hence one performance obligation under the guidelines within IFRS 15. Each day is distinct with the overall promise being the delivery of a series of days that have the same pattern of transfer to the customer. The transaction price for all day-rate contracts is determined by the expected value approach, being the number of days multiplied by the expected day-rate. This method of revenue recognition for day-rate contracts provides a faithful depiction of the transfer of goods and services. Typically the value of work completed in any one month corresponds directly with Subsea7\u2019s right to payment. Payment is due from the client approximately 30-45 days following the invoice date. These contracts have no significant financing component. Unbilled revenue related to work completed, which has not been billed to clients, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Customers, in certain circumstances, may request the commissioning of bespoke tooling. Revenue in relation to bespoke tooling, which is not significant in relation to the Group\u2019s overall revenue, is considered distinct in its own right. Dependent on the individual contract with the customer, revenue from the sale of this bespoke tooling may be recognised over time or at a point in time when control of the asset is transferred to the customer, generally on delivery. Renewables Renewables contracts which include the construction and installation of fixed offshore wind turbine foundations and inner-array cables, heavy lifting operations, decommissioning and heavy transportation are generally contracted on a fixed-price basis. Similar to EPIC contracts, the promised goods and services within Renewables contracts are considered to be distinct as a bundle and hence one performance obligation with revenue being recognised over time. Although the promises within the contract are capable of being distinct, management has concluded that they are not due to the significant integration, customisation and highly interrelated nature of each contract. The contract work performed is for the sole benefit of the customer who continually monitors progress and the Group would not have an alternative use for work performed under a specific contract. Clients may also participate in the supplier selection processes for procured items. The transaction price for these types of contracts, where there is an element of variable consideration, is based upon the single most likely outcome. Any additional work, such as scope changes or variation orders, as well as other variable consideration will be included within the total price once the amounts can be reasonably estimated and management has concluded that this will not result in a significant revenue reversal in a future period. For Renewables contracts the input method used to progressively recognise revenue over time is based upon percentage-of- completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method provides a faithful depiction of the transfer of the goods and services to the customer. Any significant upfront procurement which is not customised for the particular contract is not included within the actual cost of work performed at each period end. An adjustment to the measure of progress may be required where significant inefficiencies occur which were not reflected in the price of the contract. Payment is due from the client approximately 30-45 days following the issuance of the invoice, although this may be longer depending upon the client or customary payment terms in certain geographies. These contracts have no significant financing component as the period between when the Group transfers the promised goods or services to the customer and when the customer pays for those goods or services will be one year or less. In circumstances where the Group has recognised revenue, but not issued an invoice, the entitlement to consideration is recognised as a construction contract asset. The construction contract asset is transferred to trade and other receivables in accordance with the contractual milestone schedule which reflects the unconditional entitlement to payment. The time elapsing before transfer to trade and other receivables may be different between contracts depending upon the contractual terms and conditions. Construction contract liabilities arise when progress billings exceed contract revenues. Assurance type warranty periods commence at the completion of the contractual obligations. Construction contract asset and liability balances at 31 December 2022 and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019. The Group operates a fleet of vessels which provide heavy transportation services mainly related to the offshore energy sector, with a focus on the fixed offshore wind market. Under these contracts the Group\u2019s vessels transport a specific agreed-upon cargo for a single voyage. The Group treats these as voyage charter contracts, and applies the input method to progressively recognise revenue over time based upon percentage-of-completion whereby total costs incurred to date are compared with total forecast costs at completion of the contract. This method provides a faithful depiction of the transfer of the goods and services to the customer. The Group generally has standard payment terms of approximately 10% freight paid on signing of contract, 40% on loading and 50% on discharge. These contracts have no significant financing component as the period between when the Group transfers the promised goods or services to the customer and when the customer pays for those goods or services will be one year or less. Voyage charter contracts consist of a single performance obligation of transporting cargo within a specified period. The voyage charters generally have variable consideration in the form of demurrage, which is recognised over the period in which the performance obligations are met under the contract. Demurrage is estimated at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. Corporate Revenue within the Group\u2019s Corporate segment, which is not material to the Group, relates to activities in its autonomous subsidiaries, Xodus and 4Subsea, and its non-wholly-owned subsidiary, Nautilus Floating Solutions. Contracts with customers in these subsidiaries are contracted on either a fixed-price or day-rate basis. Revenue related to these contracts is recognised using the method described previously for similar contracts within the Subsea and Conventional business unit. Payment is due from the client approximately 30-60 days following the issuance of the invoice. These contracts have no significant financing component as the period between when the Group transfers the promised goods or services to the customer and when the customer pays for those goods or services will be one year or less. Construction contract asset and liability balances related to fixed-price contracts at 31 December 2022 and 2021 are disclosed within Note 23 \u2018Construction contracts\u2019. Unbilled revenue-related work completed on day-rate contracts, which has not been billed to clients, is included within Note 22 \u2018Other accrued income and prepaid expenses\u2019. Advances received from customers For certain contracts the Group may receive short-term advances from customers which are presented as deferred revenue within the Consolidated Balance Sheet. Advances received from customers include amounts received before the work is performed on day-rate and fixed-price contracts. The consideration is not adjusted for the effects of a financing component where the Group expects, at contract inception, that the period between when the customer pays for the service and when the Group transfers that promised service to the customer will be 12 months or less. Principal versus agent For certain projects the Group provides procurement services and assumes responsibility for the logistics and handling of procured items. Management\u2019s assessment of whether a principal or agent relationship exists is based upon whether the Group has the ability to control the goods before they are transferred to the customer. This assessment is performed on a contract-by-contract basis at contract inception. Variable consideration Variable consideration is constrained at contract inception to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Warranty obligations The Group provides warranties for the repair of defects which are identified during the contract and within a defined period thereafter. All are assurance-type warranties, as defined within IFRS 15, which the Group recognises under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. The Group does not have any contractual obligations for service-type warranties. Variable consideration Variable consideration is constrained at contract inception to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Warranty obligations The Group provides warranties for the repair of defects which are identified during the contract and within a defined period thereafter. All are assurance-type warranties, as defined within IFRS 15, which the Group recognises under IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. The Group does not have any contractual obligations for service-type warranties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-598": {
"value": "Borrowing costs Borrowing costs attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. These amounts are calculated using the effective interest rate related to the period of the expenditure. All other borrowing costs are recognised in the Consolidated Income Statement in the period in which they are incurred. Borrowing costs Borrowing costs attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. These amounts are calculated using the effective interest rate related to the period of the expenditure. All other borrowing costs are recognised in the Consolidated Income Statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-599": {
"value": "Finance costs Finance costs or charges, including premiums on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-600": {
"value": "Retirement benefit costs
The Group administers several defined contribution pension plans. Obligations in respect of such plans are charged to the Consolidated
Income Statement as they fall due.
In addition, the Group administers a small number of defined benefit pension plans. The cost of providing benefits under the defined
benefit plans is determined separately for each plan using the projected unit credit actuarial valuation method.
Remeasurements, comprising actuarial gains and losses and the return on plan assets (excluding net interest), are recognised
immediately through the Consolidated Statement of Comprehensive Income in the period in which they occur with a corresponding
adjustment in the Consolidated Balance Sheet. Remeasurements are not reclassified to the Consolidated Income Statement in
subsequent periods. Past service costs are recognised in the Consolidated Income Statement on the earlier of the date of the plan
amendment or curtailment, and the date that the Group recognises restructuring-related costs.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognises portions of
the service cost (comprising current and past service costs) gains and losses on curtailments, non-routine settlements and net interest
expense or income in the net defined benefit obligation under both operating expenses and administrative expenses in the Consolidated
Income Statement. The Group is also committed to providing lump-sum retirement bonuses to employees upon retirement in certain
countries. These retirement bonuses are unfunded, and are recorded in the Consolidated Balance Sheet at their actuarial valuation.
A defined benefit pension plan is considered settled once all future legal or constructive obligations for part or all of the benefits
provided are eliminated. Upon settlement the defined benefit asset/liability is remeasured using the current fair value of the plan assets
and current actuarial assumptions. Any difference between the current defined benefit asset/liability and the fair value will be recognised
as a gain or loss and released from other reserves to retained earnings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-601": {
"value": "Taxation Taxation expense or income recorded in the Consolidated Income Statement or Consolidated Statement of Other Comprehensive Income represents the sum of the current tax and deferred tax charge or credit for the year. Current tax Current tax is based on the taxable income for the year, together with any adjustments to tax payable in respect of prior years. Taxable income differs from income before taxes as reported in the Consolidated Income Statement because it excludes items of income or expense that are taxable or deductible in other periods and further excludes items that are never taxable or deductible. The tax laws and rates used to compute the Group\u2019s current tax liabilities are those that are enacted or substantively enacted at the balance sheet date. In accordance with IFRIC 23, a liability is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The liabilities are measured at the most likely amount expected to become payable. The assessment is based on the judgement of tax professionals within the Group supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Current tax assets or liabilities are representative of taxes being owed by, or owing to, local tax authorities, and include the impact of any provisions required for uncertain tax treatments. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the Consolidated Balance Sheet and the corresponding tax bases used in the computation of taxable income, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Such assets or liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets or liabilities in a transaction (other than in a business combination) that does not affect either the taxable income or the accounting income before taxes. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in associates and joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets are only recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Deferred tax assets are derecognised or reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are substantively enacted and expected to apply in the period when the asset is realised or the liability is settled. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited directly in the Consolidated Statement of Comprehensive Income in which case the deferred tax is also recognised within the Consolidated Statement of Comprehensive Income. Deferred 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 income tax assets and liabilities on a net basis . Significant tax estimates and judgements
In accordance with IFRIC 23, a provision for an uncertain tax treatment is made where the ultimate outcome of a particular tax matter
is uncertain. In calculating tax assets and liabilities, the Group assesses the probability of treatment being accepted and, where this is
not probable and a reasonable estimate can be made, the Group recognises a provision for the adjustment it considers probable to be
required.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-654": {
"value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the Consolidated Balance Sheet and the corresponding tax bases used in the computation of taxable income, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Such assets or liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets or liabilities in a transaction (other than in a business combination) that does not affect either the taxable income or the accounting income before taxes. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in associates and joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax assets are only recognised to the extent that it is probable that taxable income will be available against which deductible temporary differences can be utilised. Deferred tax assets are derecognised or reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are substantively enacted and expected to apply in the period when the asset is realised or the liability is settled. Deferred tax is charged or credited to the Consolidated Income Statement, except when it relates to items charged or credited directly in the Consolidated Statement of Comprehensive Income in which case the deferred tax is also recognised within the Consolidated Statement of Comprehensive Income. Deferred 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 income tax assets and liabilities on a net basis . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-602": {
"value": "Dry-dock, mobilisation and decommissioning expenditure Dry-dock expenditure incurred to maintain a vessel\u2019s classification is capitalised in the Consolidated Balance Sheet as a distinct component of the asset and amortised over the period until the next scheduled dry-docking (usually between two-and-a-half years and five years). At the date of the next dry-docking, the previous dry-dock asset and accumulated amortisation is derecognised. All other repair and maintenance costs are recognised in the Consolidated Income Statement as incurred. A provision is recognised for decommissioning expenditures required to restore a leased vessel to its original or agreed condition, together with a corresponding amount capitalised, when the Group recognises it has a present obligation and a reliable estimate can be made of the amount of the obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-603": {
"value": "Business combinations and goodwill
Business combinations
Acquisitions of subsidiaries and businesses, including business combinations completed in stages, are accounted for using the
acquisition method. The consideration for each acquisition is measured as the aggregate of the fair values (at the acquisition date) of
cash and other assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the
acquiree. Where an acquisition qualifies as a business combination completed in stages, consideration includes the fair value of the
Group\u2019s equity interest prior to the combination. Any gain or loss associated with the remeasurement of the equity interest to fair value
is recognised as a remeasurement gain or loss in the Consolidated Income Statement. Acquisition-related costs are recognised in the
Consolidated Income Statement as incurred.
Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration
arrangement, measured at its acquisition date fair value. Subsequent changes in such fair values are recognised as an adjustment to
the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of
contingent consideration classified as an asset or liability are accounted for in accordance with the relevant IFRS. Changes in the fair
value of contingent consideration classified as equity are not recognised. The acquiree\u2019s identifiable assets, liabilities and contingent
liabilities that meet the conditions for recognition under IFRS 3 \u2018Business Combinations\u2019 are recognised at fair value on the acquisition
date, except that:
\u2022 deferred tax assets or liabilities are recognised and measured in accordance with IAS 12 \u2018Income Taxes\u2019;
\u2022 liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 19
\u2018Employee Benefits\u2019;
\u2022 lease liabilities for which the Group is lessee are measured as if the lease contract were a new lease in accordance with IFRS 16
\u2018Leases\u2019;
\u2022 liabilities or equity instruments related to the replacement by the Group of an acquiree\u2019s share-based payment awards are measured
in accordance with IFRS 2 \u2018Share-based Payments\u2019; and
\u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non-current Assets Held for Sale and
Discontinued Operations\u2019 are measured in accordance with that standard.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete, to the extent that the amounts can be
reliably calculated. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are
recognised, to reflect new information obtained regarding facts and circumstances that existed at the acquisition date that, if known,
would have affected the amounts recognised at that date.
The measurement period is the period from the date of acquisition to the date the Group obtains complete information regarding facts
and circumstances that existed as of the acquisition date and is subject to a maximum period of one year.
Goodwill
Goodwill arising in a business combination is recognised as an asset at the date that control is acquired by the Group (the acquisition
date). Goodwill is measured as the sum of the consideration and either the amount of any non-controlling interests in the acquiree or
the fair value of the Group\u2019s previously held equity interest in the entity less the net fair value of the identifiable assets acquired and the
liabilities assumed at the acquisition date. If the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the
sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously
held equity interest in the acquiree, the excess is recognised immediately in the Consolidated Income Statement. Goodwill is reviewed
for impairment at least annually.
Goodwill Goodwill arising in a business combination is recognised as an asset at the date that control is acquired by the Group (the acquisition date). Goodwill is measured as the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the entity less the net fair value of the identifiable assets acquired and the liabilities assumed at the acquisition date. If the Group\u2019s interest in the fair value of the acquiree\u2019s identifiable net assets exceeds the sum of the consideration and either the amount of any non-controlling interests in the acquiree or the fair value of the Group\u2019s previously held equity interest in the acquiree, the excess is recognised immediately in the Consolidated Income Statement. Goodwill is reviewed for impairment at least annually",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-655": {
"value": "Business combinations Acquisitions of subsidiaries and businesses, including business combinations completed in stages, are accounted for using the acquisition method. The consideration for each acquisition is measured as the aggregate of the fair values (at the acquisition date) of cash and other assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Where an acquisition qualifies as a business combination completed in stages, consideration includes the fair value of the Group\u2019s equity interest prior to the combination. Any gain or loss associated with the remeasurement of the equity interest to fair value is recognised as a remeasurement gain or loss in the Consolidated Income Statement. Acquisition-related costs are recognised in the Consolidated Income Statement as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition date fair value. Subsequent changes in such fair values are recognised as an adjustment to the cost of the acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with the relevant IFRS. Changes in the fair value of contingent consideration classified as equity are not recognised. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u2018Business Combinations\u2019 are recognised at fair value on the acquisition date, except that: \u2022 deferred tax assets or liabilities are recognised and measured in accordance with IAS 12 \u2018Income Taxes\u2019; \u2022 liabilities or assets related to employee benefit arrangements are recognised and measured in accordance with IAS 19 \u2018Employee Benefits\u2019; \u2022 lease liabilities for which the Group is lessee are measured as if the lease contract were a new lease in accordance with IFRS 16 \u2018Leases\u2019; \u2022 liabilities or equity instruments related to the replacement by the Group of an acquiree\u2019s share-based payment awards are measured in accordance with IFRS 2 \u2018Share-based Payments\u2019; and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019 are measured in accordance with that standard. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete, to the extent that the amounts can be reliably calculated. These provisional amounts are adjusted during the measurement period, or additional assets or liabilities are recognised, to reflect new information obtained regarding facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information regarding facts and circumstances that existed as of the acquisition date and is subject to a maximum period of one year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-604": {
"value": "Intangible assets other than goodwill
Overview
Intangible assets acquired separately are measured at cost at the date of initial acquisition. Following initial recognition, intangible assets
are measured at cost less amortisation and impairment charges. Intangible assets acquired as part of a business combination are
measured at fair value at the date of acquisition. Following initial recognition, intangible assets acquired as part of a business
combination are measured at acquisition date fair value less amortisation and impairment charges.
Internally generated intangible assets are not capitalised, with the exception of development expenditure which meets the criteria for
capitalisation specified in IAS 38 \u2018Intangible Assets\u2019.
Intangible assets other than goodwill Overview Intangible assets acquired separately are measured at cost at the date of initial acquisition. Following initial recognition, intangible assets are measured at cost less amortisation and impairment charges. Intangible assets acquired as part of a business combination are measured at fair value at the date of acquisition. Following initial recognition, intangible assets acquired as part of a business combination are measured at acquisition date fair value less amortisation and impairment charges. Internally generated intangible assets are not capitalised, with the exception of development expenditure which meets the criteria for capitalisation specified in IAS 38 \u2018Intangible Assets\u2019. Subsea 7 S.A. \u2022 Annual Report 2022 93 Intangible assets with finite lives are amortised over their useful economic life and are assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for intangible assets with finite useful lives are reviewed annually. Changes in the expected useful life are accounted for by changing the amortisation period or method, and are treated as changes in accounting estimates. The amortisation expense related to intangible assets with finite lives is recognised in the Consolidated Income Statement in the expense category consistent with the function of the intangible asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-605": {
"value": "Property, plant and equipment
Property, plant and equipment acquired separately, including critical spare parts acquired and held for future use, are measured at cost
less accumulated depreciation and accumulated impairment charges.
Assets under construction are recognised at cost, less any recognised impairment charges. Depreciation of these assets commences
when the assets become operational and are deemed available for use.
Depreciation is calculated on a straight-line basis over the useful life of the asset as follows:
essels
10 to 25 years
Operating equipment
3 to 10 years
Buildings
20 to 25 years
Other assets
3 to 7 years
Land is not depreciated.
Vessels are depreciated to their estimated residual value. Residual values, useful economic lives and methods of depreciation are
reviewed at least annually and adjusted if appropriate.
Gains or losses arising on disposal of property, plant and equipment are determined as the difference between any disposal proceeds
and the carrying amount of the asset at the date of the transaction. Gains and losses on disposal are recognised in the Consolidated
Income Statement in the period in which the asset is disposed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-656": {
"value": "Impairment of non-financial assets At each reporting date the Group assesses whether there is any indication that non-financial assets, including intangible assets, property, plant and equipment and right-of-use assets, may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value-in-use. Where an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset is allocated. Where the carrying amount of an asset exceeds its recoverable amount, the asset is impaired. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs of disposal, an appropriate valuation model is used. Management has considered the potential impacts of climate risk and whether this will have an adverse impact on the future use of the Group\u2019s assets, including vessels and equipment. It is expected that oil and gas will continue to contribute a significant, although declining, part in the transition to sustainable lower-carbon energy until at least 2050. The Group is in a strong position to utilise vessels for this and to adapt vessels for initiatives such as carbon capture. The Group operates within the offshore renewable sector and it is expected that demand for the Group\u2019s services will increase due to climate-related opportunities. Management does not consider there is a significant risk that the Group\u2019s vessels will become obsolete due to climate considerations as they form a key part in the transition to the provision of sustainable energy. Impairment charges are recognised in the Consolidated Income Statement in the expense category consistent with the function of the impaired asset. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment charges may require to be reversed. If such an indication exists the Group makes an estimate of the recoverable amount. A previously recognised impairment charge is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment charge was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment charge been recognised for the asset in prior periods. Any such reversal is recognised in the Consolidated Income Statement. The following criteria are also applied in assessing impairment of specific assets: Goodwill An assessment is made at each reporting date as to whether there is an indication of impairment. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s CGUs, or group of CGUs, that are expected to benefit from the combination. Each CGU or group of CGUs to which the goodwill is allocated initially represents the lowest level within the Group at which the goodwill is monitored for internal management purposes and is not larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. If circumstances give rise to a change in the composition of CGUs and a reallocation is justified, goodwill is reallocated based on relative value at the time of the change in composition. Following any reorganisation, the CGU cannot be larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. Impairment is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. Recoverable amounts are determined based on value-in-use calculations using discounted pre-tax cash flow projections based on risk-adjusted financial forecasts approved by the Executive Management Team. Impairment of financial assets and construction contract assets The Group applies the expected credit loss (ECL) impairment model to record allowances for expected credit losses. The expected credit loss model applies to all debt financial assets accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. The expected credit loss impairment model is also applied to contract assets accounted for under IFRS 15 \u2018Revenue from Contracts with Customers\u2019. For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group applies the simplified approach. This approach requires the allowance for ECLs to be recognised at an amount equal to lifetime expected credit losses. For other debt financial assets the allowance for ECLs is calculated on a 12-month basis and is based on the portion of ECLs expected to result from default events possible within 12 months of the reporting date. The Group monitors for significant changes in credit risk and where this is materially different to ECLs calculated on a 12-month basis changes the allowance to reflect the risk of expected default in the contractual lifetime of the financial asset. Unless there is a valid mitigating factor, the Group considers there to have been a significant increase in credit risk when contractual payments are more than 30 days past the due date for payment. At each reporting date the Group assesses whether any indicators exist that a financial asset or group of financial assets has become credit impaired. Where an asset is considered to be credit impaired a specific allowance is recognised based on the actual cash flows that the Group expects to receive and is determined using historical credit loss experience and forward-looking factors specific to the counterparty and the economic environment. Any shortfall is discounted at the original effective interest rate for the relevant asset. Except where there are valid mitigating factors, the Group considers a financial asset in default when contractual payments are 90 days past the due date for payment. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-606": {
"value": "Impairment of non-financial assets At each reporting date the Group assesses whether there is any indication that non-financial assets, including intangible assets, property, plant and equipment and right-of-use assets, may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and its value-in-use. Where an asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (CGU) to which the asset is allocated. Where the carrying amount of an asset exceeds its recoverable amount, the asset is impaired. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset. In determining fair value less costs of disposal, an appropriate valuation model is used. Management has considered the potential impacts of climate risk and whether this will have an adverse impact on the future use of the Group\u2019s assets, including vessels and equipment. It is expected that oil and gas will continue to contribute a significant, although declining, part in the transition to sustainable lower-carbon energy until at least 2050. The Group is in a strong position to utilise vessels for this and to adapt vessels for initiatives such as carbon capture. The Group operates within the offshore renewable sector and it is expected that demand for the Group\u2019s services will increase due to climate-related opportunities. Management does not consider there is a significant risk that the Group\u2019s vessels will become obsolete due to climate considerations as they form a key part in the transition to the provision of sustainable energy. Impairment charges are recognised in the Consolidated Income Statement in the expense category consistent with the function of the impaired asset. An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment charges may require to be reversed. If such an indication exists the Group makes an estimate of the recoverable amount. A previously recognised impairment charge is reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment charge was recognised. If that is the case the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment charge been recognised for the asset in prior periods. Any such reversal is recognised in the Consolidated Income Statement. The following criteria are also applied in assessing impairment of specific assets: Goodwill An assessment is made at each reporting date as to whether there is an indication of impairment. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may be impaired. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s CGUs, or group of CGUs, that are expected to benefit from the combination. Each CGU or group of CGUs to which the goodwill is allocated initially represents the lowest level within the Group at which the goodwill is monitored for internal management purposes and is not larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. If circumstances give rise to a change in the composition of CGUs and a reallocation is justified, goodwill is reallocated based on relative value at the time of the change in composition. Following any reorganisation, the CGU cannot be larger than an operating segment determined in accordance with IFRS 8 \u2018Operating Segments\u2019. Impairment is determined by assessing the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates. Recoverable amounts are determined based on value-in-use calculations using discounted pre-tax cash flow projections based on risk-adjusted financial forecasts approved by the Executive Management Team. As cash flow projections are risk-adjusted for CGU specific risks, risk premiums are not applied to the discount rate which is applied
to all CGUs. The discount rate applied to the cash flow projections is a pre-tax rate and reflects current market assessments of the
time value of money, risks specific to the Group and a normalised capital structure for the industry. Where the recoverable amount
of the CGU (or group of CGUs) is less than the carrying amount, an impairment charge is recognised in the Consolidated Income
Statement. Where goodwill forms part of a CGU (or group of CGUs) and part of the operation within that CGU is disposed, the
goodwill associated with the operation disposed is included in the carrying amount of the operation when determining the gain or loss
on disposal of the operation. Goodwill disposed in this circumstance is measured based on the relative values of the operation disposed
and the portion of the CGU retained.
Associates and joint ventures
At each reporting date the Group determines whether there is any objective evidence that the investment in an associate or joint venture
is impaired. If this is the case, the Group calculates the amount of impairment as being the difference between the estimated fair value
of the associate or joint venture and its carrying amount. The resultant impairment charge is recognised in the Consolidated Income
Statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "Financial instruments Classification and measurement The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, construction contract assets, other receivables, derivative financial instruments and equity investments which are classified as other financial assets. The Group\u2019s financial liabilities include trade and other payables, contingent consideration, borrowings and derivative financial instruments. Initial measurement is based upon one of four IFRS 9 \u2018Financial Instruments\u2019 models: amortised cost; fair value through profit and loss (FVPL); fair value through other comprehensive income (with recycling of accumulated gains and losses); or fair value through other comprehensive income (without recycling of accumulated gains and losses). Classification and subsequent measurement is dependent upon the business model under which the Group holds and manages the financial asset; and whether the contractual cash flows resulting from the instrument represent \u2018solely payments of principal and interest\u2019 (the \u2018SPPI criterion\u2019). All financial assets are classified at initial recognition and are initially measured at fair value net of transaction costs, with the exception of those classified as FVPL. Classification as amortised cost is applicable where the instruments are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows and the cash flows resulting from the instrument consist solely of principal and interest. Debt financial assets are subsequently measured at FVPL, amortised cost or fair value through other comprehensive income (FVOCI) depending on classification. Equity instruments are reported as other financial assets and are subsequently measured at FVPL when not considered to be strategic in nature. Where the Group considers other financial assets to be strategic in nature and is expecting to hold them for the foreseeable future the investments are measured at FVOCI with no recycling of gains or losses to profit or loss on derecognition. All financial liabilities are classified at initial recognition and are initially measured at fair value net of transaction costs, with the exception of those classified as FVPL. Financial liabilities are measured at FVPL when they meet the definition of held for trading or when they are designated as such on initial recognition. Otherwise, financial liabilities are measured at amortised cost. The Group enters into forward foreign currency contracts in order to manage its foreign currency exposures; these are measured at FVPL. The Group regularly enters into multi-currency contracts from which the cash flows may lead to embedded foreign exchange derivatives in non-financial host contracts, carried at FVPL. The Group reassesses the existence of an embedded derivative if the terms of the host financial instrument change significantly. The fair values of derivative financial instruments are measured on bid prices for assets held and offer prices for issued liabilities based on values quoted in active markets. Changes in the fair value of derivative financial instruments which do not qualify for hedge accounting are recognised in the Consolidated Income Statement within other gains and losses. Cash and cash equivalents comprise cash at bank, cash on hand, money market funds, and short-term highly liquid assets with an original maturity of three months or less and which are readily convertible to known amounts of cash. Utilised revolving credit facilities are included within current borrowings. Cash and cash equivalents are measured at amortised cost. Hedge accounting The Group, for the purposes of hedge accounting, recognises cash flow hedges when hedging the exposure to variability in cash flows which are attributable to commodity prices. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements, including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), in other reserves, while any ineffective portion is recognised immediately in the Consolidated Income Statement. Other reserves is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item . The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), in other reserves, while any ineffective portion is recognised immediately in the Consolidated Income Statement. Other reserves is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item . The Group uses forward commodity contracts to manage its exposure to volatility in commodity prices. The ineffective portion relating
to commodity contracts is recognised in other operating expenses. The Group designates only the spot element of forward contracts as
a hedging instrument. The amount accumulated in OCI is reclassified to the Consolidated Income Statement as a reclassification
adjustment in the same period or periods as the hedged cash flows.
Impairment of financial assets and construction contract assets
The Group applies the expected credit loss (ECL) impairment model to record allowances for expected credit losses. The expected
credit loss model applies to all debt financial assets accounted for in accordance with IFRS 9 \u2018Financial Instruments\u2019. The expected
credit loss impairment model is also applied to contract assets accounted for under IFRS 15 \u2018Revenue from Contracts with Customers\u2019.
For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group
applies the simplified approach. This approach requires the allowance for ECLs to be recognised at an amount equal to lifetime
expected credit losses.
For other debt financial assets the allowance for ECLs is calculated on a 12-month basis and is based on the portion of ECLs expected
to result from default events possible within 12 months of the reporting date. The Group monitors for significant changes in credit risk
and where this is materially different to ECLs calculated on a 12-month basis changes the allowance to reflect the risk of expected
default in the contractual lifetime of the financial asset. Unless there is a valid mitigating factor, the Group considers there to have
been a significant increase in credit risk when contractual payments are more than 30 days past the due date for payment.
At each reporting date the Group assesses whether any indicators exist that a financial asset or group of financial assets has become
credit impaired. Where an asset is considered to be credit impaired a specific allowance is recognised based on the actual cash flows
that the Group expects to receive and is determined using historical credit loss experience and forward-looking factors specific to the
counterparty and the economic environment. Any shortfall is discounted at the original effective interest rate for the relevant asset.
Except where there are valid mitigating factors, the Group considers a financial asset in default when contractual payments are 90 days
past the due date for payment. However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-657": {
"value": "Hedge accounting The Group, for the purposes of hedge accounting, recognises cash flow hedges when hedging the exposure to variability in cash flows which are attributable to commodity prices. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements, including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), in other reserves, while any ineffective portion is recognised immediately in the Consolidated Income Statement. Other reserves is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item The effective portion of the gain or loss on the hedging instrument is recognised in Other Comprehensive Income (OCI), in other reserves, while any ineffective portion is recognised immediately in the Consolidated Income Statement. Other reserves is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item The Group uses forward commodity contracts to manage its exposure to volatility in commodity prices. The ineffective portion relating to commodity contracts is recognised in other operating expenses. The Group designates only the spot element of forward contracts as a hedging instrument. The amount accumulated in OCI is reclassified to the Consolidated Income Statement as a reclassification adjustment in the same period or periods as the hedged cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "Financial investments
The Group\u2019s non-current financial investments comprise strategic shareholdings in technology companies. These investments are held
at cost, deemed an appropriate estimate of fair value, due to the uncertainty over technical milestones and the wide range of possible
fair value measurements. These investments are reviewed for indicators of impairment at each reporting date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "Inventories
Inventories comprise consumables, materials and non-critical spares and are valued at the lower of cost and net realisable value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "Treasury shares
Treasury shares are the Group\u2019s own equity instruments which are repurchased and shown within equity at cost, using the first-in first-
out basis. Gains or losses realised or incurred on the purchase, sale, reallocation or cancellation of the Group\u2019s own equity instruments
are recognised within equity. No gains or losses are recognised in the Consolidated Income Statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past transaction or event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation. The amount recognised represents the best estimate of the expenditure expected to be
required to settle the present obligation. Estimates are determined by the judgement of management supplemented by the experience
of similar transactions, and, in some cases, advice from independent experts. Contingent liabilities are disclosed in Note 33
\u2018Commitments and contingent liabilities\u2019 to the Consolidated Financial Statements, but not recognised until they meet the criteria for
recognition as a provision. Where the Group is virtually certain that some or all of a provision will be reimbursed, that reimbursement is
recognised as a separate asset. The expense relating to any provision is reflected in the Consolidated Income Statement at an amount
reflective of the risks specific to the liability. Where the provision is discounted, any increase in the provision due to the passage of time
is recognised as a finance cost in the Group\u2019s Consolidated Income Statement.
The following criteria are applied for the recognition and measurement of significant classes of provisions:
Onerous contracts
The Group recognises provisions for onerous contracts once the underlying event or conditions leading to the contract becoming
onerous are probable and a reliable estimate can be made. Onerous fixed-price contract provisions are assessed in accordance with
IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019. Onerous provisions are calculated on a least net cost basis, which
includes unavoidable costs only, while comparing these costs to the cost of cancelling a contract and incurring early termination fees.
The cost of fulfilling a contract includes both the incremental costs of fulfilling the contract and an allocation of other costs which relate
directly to fulfilling the contract.
Legal claims
In the ordinary course of business, the Group is subject to various claims, litigation and complaints. An associated provision is
recognised if it is probable that a liability has been incurred and the amount can be reliably estimated.
Contingent consideration
The Group recognises a provision where, as part of the sale and purchase agreement, contingent consideration has been agreed.
The amount and timing of contingent consideration is often uncertain and is payable based on the achievement of specific targets
and milestones. The liability is initially measured at its acquisition date fair value, determined using the discounted cash flows method
and unobservable inputs, and is remeasured at each reporting date. Changes in fair value are recognised in the Consolidated
Income Statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "Share-based payments
Certain employees of the Group receive part of their remuneration in the form of conditional awards of shares based on the
performance of the Group. Equity-settled transactions with employees are measured at fair value at the date on which they are granted.
The fair value is determined using a Monte Carlo simulation model. The cost of equity-settled transactions is recognised, together with a
corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on
which the relevant employees become entitled to the award (the vesting date). The cumulative expense recognised for equity-settled
transactions at each balance sheet date, until the vesting date, reflects the extent to which the vesting period has expired and the
Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The cumulative expense also includes the estimated
future charge to be borne by the Group in respect of social security contributions, based on the intrinsic unrealised value of the awards
using the share price at the balance sheet date. The net income or expense for a period represents the difference in cumulative
expense recognised at the beginning and end of that period.
Where the terms of an equity-settled award are modified, as a minimum, an expense is recognised as if the terms had not been
modified. In addition, an expense is recognised for any modification which increases the total fair value of the share-based payment
arrangement, or is otherwise beneficial to the employee as measured at the date of modification.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet
recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award and designated
as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the
original award, as described in the previous paragraph.
Where an equity-settled award is forfeited, due to vesting conditions being unable to be met, the cumulative expense previously
recognised is reversed with a credit recognised in the Consolidated Income Statement. If a new award is substituted for the cancelled
award, the new award is measured at fair value at the date on which it is granted.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "Earnings per share Earnings per share is calculated using the weighted average number of common shares and common share equivalents outstanding during each period excluding treasury shares. The potentially dilutive effect of outstanding performance shares is reflected as share dilution in the computation of diluted earnings per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-614": {
"value": "Right-of-use assets and lease liabilities The Group applies IFRS 16 \u2018Leases\u2019 and assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease, which is the date the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the underlying assets which vary as follows: Vessels 2 to 5 years Operating equipment 2 to 5 years Land and buildings 3 to 10 years The cost of a right-of-use asset includes an estimate of costs expected to be incurred by the Group on termination of the lease to reinstate the underlying asset to the condition required by the terms and conditions of the lease. The Group incurs the obligation for those costs either at the commencement date or as a consequence of having utilised the underlying asset during the period. Right-of- use assets are subject to a review for indicators of impairment at least annually. Lease liabilities The Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of purchase options reasonably certain to be exercised by the Group. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses an incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases, which are those leases which have a lease term of 12 months or less from the commencement date and do not contain a purchase option. The Group also applies the low-value assets recognition exemption to assets which are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses in the Consolidated Income Statement on a straight-line basis over the lease term. payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of purchase options reasonably certain to be exercised by the Group. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses an incremental borrowing rate at the lease commencement date where the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. The Group applies the short-term lease recognition exemption to its short-term leases, which are those leases which have a lease term of 12 months or less from the commencement date and do not contain a purchase option. The Group also applies the low-value assets recognition exemption to assets which are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses in the Consolidated Income Statement on a straight-line basis over the lease term. Subsea 7 S.A.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-615": {
"value": "4. Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies which are described in Note 3 \u2018Significant accounting policies\u2019, management is required to make judgements, estimates and assumptions regarding the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively in the period in which the estimate is revised. Revenue recognition The Group\u2019s accounting policies under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 are detailed in Note 3 \u2018Significant accounting policies\u2019. Revenue recognition on long-term construction contracts The Group accounts for long-term construction contracts for engineering, procurement, installation and commissioning (EPIC) projects using the percentage-of-completion method, which is standard practice in the industry. Contract revenue, total cost estimates and estimates of physical progression are reviewed by management on a monthly basis. Any adjustments made as a result of these reviews are reflected in contract revenue or contract costs in the reporting period, based on the percentage-of-completion method. To the extent that these adjustments result in a reduction or elimination of previously reported contract revenue or costs, a charge or credit is recognised in the Consolidated Income Statement; amounts in prior periods are not restated. Such a charge or credit may be significant depending on the size of the project, the stage of project completion and the size of the adjustment. Additional information that enhances and refines the estimating process is often obtained after the balance sheet date but before the issuance of the Consolidated Financial Statements, which may result in an adjustment to the Consolidated Financial Statements based on events, favourable or unfavourable, occurring after the balance sheet date. The percentage-of-completion method requires management to make reliable estimates of physical progression, costs incurred, full project contract costs and full project contract revenue. The Group\u2019s Project Monthly Status Reports (PMSRs) evaluate the likely outcome of each individual project for the purpose of making reliable estimates of cost, revenue and progression, measured either by cost or physical progression. A key element of the PMSRs is the estimate of contingency. Contingency is an estimate of the costs required to address the potential future outcome of identified project risks. The Group uses a systematic approach in estimating contingency based on project size. This approach utilises a project specific risk register in order to identify and assess the likelihood and impact of these risks. The most significant risks and uncertainties in the Group\u2019s projects typically relate to the offshore phase of operations. Identified risks that materialise may result in increased costs. Contingency associated with identified risks are removed from the full project cost estimate throughout the remaining life of the project if the identified risks have not, or are not, expected to materialise. Revenue recognition on variable consideration A significant portion of the Group\u2019s revenue is billed under fixed-price contracts. Due to the nature of the services performed, variation orders and claims are common. A variation order is an instruction by the client for a change in the scope of the work to be performed under the contract which may lead to an increase or a decrease in contract revenue based on changes in the specifications or design of an asset and changes in the duration of the contract. A claim is an amount that may be collected as reimbursement for costs not included in the contract price. A claim may arise from delays caused by clients, errors in specifications or design, and disputed variations in contract work. The measurement of revenue arising from claims is subject to a high level of uncertainty and is dependent on the outcome of negotiations. Recognition of revenue on variation orders and claims is governed by the Group\u2019s revenue recognition policy. Goodwill carrying amount Goodwill is reviewed at least annually to assess whether there is objective evidence to indicate that the carrying amount of goodwill requires impairment at a CGU level. The impairment review is performed on a value-in-use basis which requires the estimation of future cash flows. Further details relating to the impairment review process are disclosed in Note 13 \u2018Goodwill\u2019. Property, plant and equipment Property, plant and equipment is recorded at cost and depreciation is recorded on a straight-line basis over the useful lives of the assets. Management uses its experience to estimate the remaining useful economic life and residual value of an asset. A review for indicators of impairment is performed at each reporting date. When events or changes in circumstances indicate that the carrying amount of property, plant and equipment may not be recoverable, a review for impairment is carried out by management. Where the value-in-use method is used to determine the recoverable amount of an asset, management uses its judgement in determining the CGU to which the asset belongs, or whether the asset can be considered a CGU in its own right. The level of aggregation of assets is a significant assumption made by management and includes consideration of which assets generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Management has determined that vessels are not CGUs individually as they do not generate cash inflows independently of other Group assets. Once the CGU has been determined management uses its judgement in determining the value-in-use of the CGU, as detailed in Note 13 \u2018Goodwill\u2019. Where an asset is considered a CGU in its own right management uses its judgement to estimate future asset utilisation, cash flows, remaining life and the discount rate used. Recognition of provisions and disclosure of contingent liabilities In the ordinary course of business, the Group becomes involved in contract disputes from time-to-time due to the nature of its activities as a contracting business involved in multiple long-term projects at any given time. The Group recognises provisions to cover the expected risk of loss to the extent that negative outcomes are likely and reliable estimates can be made. The final outcomes of these contract disputes are subject to uncertainties as to whether or not they develop into formal legal action and therefore the resulting liabilities may exceed the liability anticipated by management. Furthermore, the Group may be involved in legal proceedings from time-to-time; these proceedings are incidental to the ordinary
conduct of its business. Litigation is subject to many uncertainties, and the outcome of individual matters is not predictable with
assurance. It is reasonably possible that the final resolution of any litigation could require the Group to incur additional expenditures
in excess of provisions that it may have previously recognised.
Management uses its judgement in determining whether the Group should recognise a provision or disclose a contingent liability.
These judgements include whether the Group has a present obligation and the probability that an outflow of economic resource is
required to settle the obligation. Management may also use its judgement to determine the amount of the obligation or contingent
liability. Management uses external advisers to assist with some of these judgements. Further details relating to provisions and
contingent liabilities are shown in Note 32 \u2018Provisions\u2019 and Note 33 \u2018Commitments and contingent liabilities\u2019.
Measurement of onerous fixed-price contract provisions in business combinations
The Group recognises provisions for onerous fixed-price contracts where the required fair value exercise indicates that the costs
of completing a project acquired in a business combination exceed the economic benefit. Judgement is applied to determine the
underlying events or conditions leading to the contract becoming onerous to ensure that the facts and circumstances existed at the
date of the business combination. Onerous fixed-price contract provisions are assessed in accordance with IAS 37 \u2018Provisions,
Contingent Liabilities and Contingent Assets\u2019. Fixed-price onerous provisions are calculated on a least net cost basis, which includes
unavoidable costs only, while comparing these costs to the cost of cancelling a contract and incurring early termination fees. During the
year, the Group increased provisional amounts recognised in respect of an onerous fixed-price contract provision by $35.3 million with
a corresponding increase of the same amount to goodwill (Note 12 \u2018Business combinations\u2019).
Taxation
The Group is subject to corporate income tax in numerous jurisdictions and significant judgement is required in calculating the
consolidated tax position. There are transactions for which the ultimate tax determination is uncertain and for which the Group makes
provisions based on internal assessments, experience and appropriate external advice, including in respect of the recognition of assets
relating to the future recoverability of tax losses and other attributes.
Each year a detailed review of the Group\u2019s uncertain tax treatments and provisions is undertaken in accordance with IFRIC 23. Where
the outcome of these reviews differs from the amounts previously recorded, the difference will impact the tax charge in the period in
which the outcome is determined. Details of key judgements and other issues considered are set out in Note 9 \u2018Taxation\u2019.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-616": {
"value": "5. Segment information
The Group operates with an organisational structure comprising three business units: Subsea and Conventional, Renewables and
Corporate. These business units represent the Group\u2019s operating segments and are defined as follows:
Subsea and Conventional
The Subsea and Conventional business unit includes:
\u2022 Subsea Umbilicals, Risers and Flowlines (SURF) activities related to the engineering, procurement, installation and commissioning
of highly complex subsea oil and gas systems in deep waters, including the long-term contracts for PLSVs in Brazil;
\u2022 Conventional services including the fabrication, installation, extension and refurbishment of fixed and floating platforms and
associated pipelines in shallow water environments;
\u2022 Activities associated with the provision of inspection, repair and maintenance (IRM) services, integrity management of subsea
infrastructure and remote intervention support;
\u2022 Activities associated with heavy lifting operations and decommissioning of redundant offshore structures; and
\u2022 Activities associated with carbon capture, utilisation and storage (CCUS).
This segment includes costs, including depreciation, amortisation, impairment charges and impairment reversals, related to owned and
long-term leased vessels, equipment and offshore personnel deployed in Subsea and Conventional activities.
The Subsea and Conventional business unit provides vessel and crewing services to the Group\u2019s Renewables business unit, which
includes the Group\u2019s non-wholly-owned subsidiary Seaway 7 ASA; these are recharged on an arm\u2019s length basis.
Renewables
The Renewables business unit comprises activities primarily related to the delivery of fixed offshore wind farm projects executed by
Seaway 7 ASA, a non-wholly-owned subsidiary of the Group. Activities include the procurement and installation of offshore wind turbine
foundations and inner-array cables as well as heavy lifting operations and heavy transportation services for renewables structures. This
segment includes costs, including depreciation, amortisation and impairment charges, related to owned and long-term leased vessels,
equipment and offshore personnel deployed in Renewables activities.
Corporate
The Corporate business unit includes Group-wide activities, and associated costs, including captive insurance activities, operational
support, corporate services and costs associated with discrete events such as restructuring. The Corporate business unit also includes
the results of the Group\u2019s autonomous subsidiaries, Xodus and 4Subsea, and the Group\u2019s floating wind activities including its non-
wholly-owned subsidiary Nautilus Floating Solutions, and activities in emerging energies such as hydrogen. The Corporate business
unit provides specific services to the Renewables business unit on an arm\u2019s length basis.
The accounting policies of the business units are the same as the Group\u2019s accounting policies, which are described in Note 3
\u2018Significant accounting policies\u2019.
Allocations of costs also occur between segments based on the physical location of personnel. The Chief Operating Decision Maker
(CODM) is the Chief Executive Officer of the Group. The CODM is assisted by the other members of the Executive Management Team.
Neither total assets nor total liabilities by operating segment are regularly provided to the CODM and consequently no such disclosure
is shown.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-658": {
"value": "5. Segment information The Group operates with an organisational structure comprising three business units: Subsea and Conventional, Renewables and Corporate. These business units represent the Group\u2019s operating segments and are defined as follows: Subsea and Conventional The Subsea and Conventional business unit includes: \u2022 Subsea Umbilicals, Risers and Flowlines (SURF) activities related to the engineering, procurement, installation and commissioning of highly complex subsea oil and gas systems in deep waters, including the long-term contracts for PLSVs in Brazil; \u2022 Conventional services including the fabrication, installation, extension and refurbishment of fixed and floating platforms and associated pipelines in shallow water environments; \u2022 Activities associated with the provision of inspection, repair and maintenance (IRM) services, integrity management of subsea infrastructure and remote intervention support; \u2022 Activities associated with heavy lifting operations and decommissioning of redundant offshore structures; and \u2022 Activities associated with carbon capture, utilisation and storage (CCUS). This segment includes costs, including depreciation, amortisation, impairment charges and impairment reversals, related to owned and long-term leased vessels, equipment and offshore personnel deployed in Subsea and Conventional activities. The Subsea and Conventional business unit provides vessel and crewing services to the Group\u2019s Renewables business unit, which includes the Group\u2019s non-wholly-owned subsidiary Seaway 7 ASA; these are recharged on an arm\u2019s length basis. Renewables The Renewables business unit comprises activities primarily related to the delivery of fixed offshore wind farm projects executed by Seaway 7 ASA, a non-wholly-owned subsidiary of the Group. Activities include the procurement and installation of offshore wind turbine foundations and inner-array cables as well as heavy lifting operations and heavy transportation services for renewables structures. This segment includes costs, including depreciation, amortisation and impairment charges, related to owned and long-term leased vessels, equipment and offshore personnel deployed in Renewables activities. Corporate The Corporate business unit includes Group-wide activities, and associated costs, including captive insurance activities, operational support, corporate services and costs associated with discrete events such as restructuring. The Corporate business unit also includes the results of the Group\u2019s autonomous subsidiaries, Xodus and 4Subsea, and the Group\u2019s floating wind activities including its non- wholly-owned subsidiary Nautilus Floating Solutions, and activities in emerging energies such as hydrogen. The Corporate business unit provides specific services to the Renewables business unit on an arm\u2019s length basis. The accounting policies of the business units are the same as the Group\u2019s accounting policies, which are described in Note 3 \u2018Significant accounting policies\u2019. Allocations of costs also occur between segments based on the physical location of personnel. The Chief Operating Decision Maker (CODM) is the Chief Executive Officer of the Group. The CODM is assisted by the other members of the Executive Management Team. Neither total assets nor total liabilities by operating segment are regularly provided to the CODM and consequently no such disclosure is shown. Allocations of costs also occur between segments based on the physical location of personnel. The Chief Operating Decision Maker (CODM) is the Chief Executive Officer of the Group. The CODM is assisted by the other members of the Executive Management Team. Neither total assets nor total liabilities by operating segment are regularly provided to the CODM and consequently no such disclosure is shown. Subsea 7 S.A. \u2022 Annual Report 2022 99 Summarised financial information, including the disaggregation of the Group\u2019s revenue from contracts with customers, concerning each operating segment is as follows: For the year ended 31 December 2022 (in $ millions) Subsea and Conventional Renewables Corporate Total Selected financial information: Revenue (a)/(b)/(c) Fixed-price projects 3,210.3 1,093.0 38.7 4,342.0 Day-rate projects 693.0 23.9 76.9 793.8 3,903.3 1,116.9 115.6 5,135.8 Operating expenses (3,601.4) (1,164.4) (28.6) (4,794.4) Reversal of impairment of property, plant and equipment 55.6 \u2013 \u2013 55.6 Share of net loss of associates and joint ventures (2.4) \u2013 (0.6) (3.0) Depreciation, mobilisation and amortisation charges (359.3) (90.2) (18.1) (467.6) Net impairment of property, plant and equipment, and right-of-use assets (1.4) \u2013 \u2013 (1.4) Reconciliation of net operating income/(loss) to income before taxes: Net operating income/(loss) 229.2 (85.3) 4.9 148.8 Finance income 9.0 Other gains and losses 1.9 Finance costs (23.4) Income before taxes 136.3 Adjusted EBITDA (d) 531.6 4.8 23.0 559.4 Adjusted EBITDA margin (d) 13.6% 0.4% 19.9% 10.9% (a) Revenue represents only external revenue for each segment. An analysis of inter-segment revenue has not been included as this information is not provided to the CODM. (b) Three clients (2021: two clients) in the year individually accounted for more than 10% of the Group\u2019s revenue. The revenue from these clients was as follows: Client A $832.6 million (2021: $793.6 million), Client B $541.0 million (2021: $502.7 million) and Client C $500.0 million. (c) Revenue from contracts with customers recognised over time as defined by IFRS 15. (d) Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures. For explanations and reconciliations of Adjusted EBITDA and Adjusted EBITDA margin refer to \u2018Additional information \u2013 APMs\u2019 on pages 143 to 146. For the year ended 31 December 2021 (in $ millions) Subsea and Conventional Renewables Corporate Total Selected financial information: Revenue (a)/(b) Fixed-price projects 3,015.2 1,259.3 9.5 4,284.0 Day-rate projects 659.4 0.2 66.4 726.0 3,674.6 1,259.5 75.9 5,010.0 Operating expenses (3,453.4) (1,290.6) 29.8 (4,714.2) Share of net income of associates and joint ventures 1.0 \u2013 2.9 3.9 Depreciation, mobilisation and amortisation charges (364.1) (63.3) (16.4) (443.8) Net impairment of intangible assets, property, plant and equipment, and right-of-use assets (1.2) \u2013 (4.2) (5.4) Reconciliation of net operating income/(loss) to income before taxes: Net operating income/(loss) 102.7 (59.5) 28.5 71.7 Finance income 4.7 Other gains and losses 44.4 Finance costs (20.1) Income before taxes 100.7 Adjusted EBITDA (c) 468.0 3.8 49.1 520.9 Adjusted EBITDA margin (c) 12.7% 0.3% 64.7% 10.4% (a) Revenue represents only external revenue for each segment. An analysis of inter-segment revenue has not been included as this information is not provided to the CODM. (b) Revenue from contracts with customers recognised over time as defined by IFRS 15. (c) Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures. For explanations and reconciliations of Adjusted EBITDA and Adjusted EBITDA margin refer to \u2018Additional information \u2013 APMs\u2019 on pages 143 to 146 Geographic information Revenue from external clients Based on the Group\u2019s subsidiaries\u2019 or branches\u2019 country of registered office holding the customer contract, revenue is split as follows: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec United Kingdom 1,190.9 1,682.8 Norway 1,045.1 588.0 USA 644.4 689.0 Brazil 475.0 400.4 T\u00fcrkiye 337.2 74.6 Netherlands 265.6 180.0 Saudi Arabia 190.1 290.8 Taiwan 177.1 172.0 Australia 146.7 222.2 Trinidad & Tobago 111.0 60.4 Azerbaijan 108.3 84.8 Senegal 94.2 53.5 Angola 84.6 60.0 Canada 79.7 1.8 Ghana 55.2 11.4 Singapore 45.7 165.3 Germany 36.1 86.3 Other countries (a) 48.9 186.7 5,135.8 5,010.0 (a) Comparative information for the year ended 31 December 2021 includes external revenue of $143.5 million from the Group\u2019s subsidiaries or branches with a registered office in Mexico. Non-current assets Based on the country of registered office of the Group\u2019s subsidiaries or branches, non-current assets for this purpose consist of intangible assets, property, plant and equipment, right-of-use assets, interest in associates and joint ventures, other financial assets and construction contracts \u2013 assets, are located in the following countries: (Revised) At (in $ millions) 2022 31 Dec 2021 31 Dec (a) United Kingdom 2,034.9 2,152.5 Norway 737.8 687.2 Isle of Man 732.1 749.8 Netherlands 449.8 491.0 USA 75.1 75.5 Germany 63.9 20.9 Brazil 45.3 30.8 Azerbaijan 22.7 30.8 Angola 15.4 23.9 France 14.7 14.9 Other countries 30.0 79.4 4,221.7 4,356.7 (a) Comparative information has been revised as a result of adjustments to provisional amounts recognised in relation to business combinations entered into during 2021, further details are disclosed in Note 12 \u2018Business combinations\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-617": {
"value": "6. Net operating income
Net operating income includes:
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Employee benefits
1,221.0 1,123.9
Lease expense for short-term leased assets
600.7 520.7
Lease expense for low-value leased assets
0.8 0.6
ariable lease payments not included within lease liabilities
\u2013 1.0
Depreciation of property, plant and equipment (Note 15)
345.6 341.1
mortisation of right-of-use assets (Note 16)
98.8 78.5
mortisation of intangible assets (Note 14)
12.3 14.7
mortisation of mobilisation costs
10.9 9.5
Impairment of property, plant and equipment (Note 15)
2.3 4.1
Impairment of intangible assets (Note 14)
\u2013 4.8
Impairment of right-of-use assets (Note 16)
\u2013 0.2
Impairment reversal of right-of-use assets (Note 16)
(3.7) (3.7)
Impairment reversal of property, plant and equipment (Note 15)
(55.6) \u2013
Research and development costs
12.3 11.7
uditor\u2019s remuneration
3.3 4.0
Net credit impairment loss/(credit) for financial assets (Note 34)
2.3 (15.7)
Net decrease in allowances for expected credit losses for financial assets
(0.2) (1.4)
Net decrease in allowances for expected credit losses for construction contract assets (Note 23)
(1.4) (0.6)
The total fees chargeable to the Group by the principal auditing firm Ernst & Young S.A. and other member firms of Ernst & Young
Global Limited were:
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
udit fees
3.2 3.7
Tax fees
0.1 0.3
3.3 4.0
Audit fees constitute charges incurred for the audit of the consolidated and statutory financial statements of Subsea 7 S.A. and certain
subsidiaries. Fees were primarily incurred in connection with the year ended 31 December 2022 but include final settlement of charges
associated with the year ended 31 December 2021.
Tax fees constitute charges incurred for non-prohibited professional services rendered by the Group\u2019s principal auditor and member
firms relating to the provision of tax advice and tax compliance services for work undertaken during the year ended 31 December 2022.
Fees were primarily incurred in connection with the year ended 31 December 2022.
The Group\u2019s Audit Committee policy requires pre-approval of audit and non-audit services prior to the appointment of the providers
of professional services together with highlighting excluded services which the Group\u2019s principal auditor cannot provide. The Audit
Committee delegates approval to the Chief Financial Officer based on predetermined limits. The Audit Committee pre-approved or, in
cases where pre-approval was delegated, ratified all audit and non-audit services, provided by the Group\u2019s principal auditor, to Subsea
7 S.A. and its subsidiaries during the year ended 31 December 2022 .
Reconciliation of operating expenses and administrative expenses by nature
31 Dec 2022 31 Dec 2021
For the year ended (in $ millions)
Operating
expenses
Administrative
expenses Total expenses
Operating
expenses
Administrative
expenses Total expenses
Direct project-related costs, including procurement
2,372.3 \u2013 2,372.3 2,584.0 \u2013 2,584.0
Employee benefits
1,079.5 141.5 1,221.0 996.4 127.5 1,123.9
Lease expense for short-term leased assets
599.8 0.9 600.7 520.0 0.7 520.7
Lease expense for low-value leased assets
0.8 \u2013 0.8 0.6 \u2013 0.6
ariable lease expense not included within
lease liabilities
\u2013 \u2013 \u2013 1.0 \u2013 1.0
Depreciation, amortisation and mobilisation
433.2 34.4 467.6 409.5 34.3 443.8
Impairment of property, plant and equipment
2.3 \u2013 2.3 4.1 \u2013 4.1
Impairment of intangible assets
\u2013 \u2013 \u2013 4.8 \u2013 4.8
Impairment of right-of-use assets
\u2013 \u2013 \u2013 \u2013 0.2 0.2
Impairment reversal of right-of-use assets
\u2013 (3.7) (3.7) \u2013 (3.7) (3.7)
Net credit impairment loss/(credit) for financial
assets
2.2 0.1 2.3 (15.7) \u2013 (15.7)
Net decrease in allowances for expected credit
losses for financial assets
(0.2) \u2013 (0.2) (1.4) \u2013 (1.4)
Net decrease in allowances for expected credit
losses for construction contract assets
(1.4) \u2013 (1.4) (0.6) \u2013 (0.6)
Other expenses
305.9 72.0 377.9 211.5 69.0 280.5
Total
4,794.4 245.2 5,039.6 4,714.2 228.0 4,942.2
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-688": {
"value": "6. Net operating income Net operating income includes: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Employee benefits 1,221.0 1,123.9 Lease expense for short-term leased assets 600.7 520.7 Lease expense for low-value leased assets 0.8 0.6 V ariable lease payments not included within lease liabilities \u2013 1.0 Depreciation of property, plant and equipment (Note 15) 345.6 341.1 A mortisation of right-of-use assets (Note 16) 98.8 78.5 A mortisation of intangible assets (Note 14) 12.3 14.7 A mortisation of mobilisation costs 10.9 9.5 Impairment of property, plant and equipment (Note 15) 2.3 4.1 Impairment of intangible assets (Note 14) \u2013 4.8 Impairment of right-of-use assets (Note 16) \u2013 0.2 Impairment reversal of right-of-use assets (Note 16) (3.7) (3.7) Impairment reversal of property, plant and equipment (Note 15) (55.6) \u2013 Research and development costs 12.3 11.7 A uditor\u2019s remuneration 3.3 4.0 Net credit impairment loss/(credit) for financial assets (Note 34) 2.3 (15.7) Net decrease in allowances for expected credit losses for financial assets (0.2) (1.4) Net decrease in allowances for expected credit losses for construction contract assets (Note 23) (1.4) (0.6) The total fees chargeable to the Group by the principal auditing firm Ernst & Young S.A. and other member firms of Ernst & Young Global Limited were: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec A udit fees 3.2 3.7 Tax fees 0.1 0.3 3.3 4.0 Audit fees constitute charges incurred for the audit of the consolidated and statutory financial statements of Subsea 7 S.A. and certain subsidiaries. Fees were primarily incurred in connection with the year ended 31 December 2022 but include final settlement of charges associated with the year ended 31 December 2021. Tax fees constitute charges incurred for non-prohibited professional services rendered by the Group\u2019s principal auditor and member firms relating to the provision of tax advice and tax compliance services for work undertaken during the year ended 31 December 2022. Fees were primarily incurred in connection with the year ended 31 December 2022. The Group\u2019s Audit Committee policy requires pre-approval of audit and non-audit services prior to the appointment of the providers of professional services together with highlighting excluded services which the Group\u2019s principal auditor cannot provide. The Audit Committee delegates approval to the Chief Financial Officer based on predetermined limits. The Audit Committee pre-approved or, in cases where pre-approval was delegated, ratified all audit and non-audit services, provided by the Group\u2019s principal auditor, to Subsea 7 S.A. and its subsidiaries during the year ended 31 December 2022 . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-678": {
"value": "6. Net operating income Net operating income includes: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Employee benefits 1,221.0 1,123.9 Lease expense for short-term leased assets 600.7 520.7 Lease expense for low-value leased assets 0.8 0.6 V ariable lease payments not included within lease liabilities \u2013 1.0 Depreciation of property, plant and equipment (Note 15) 345.6 341.1 A mortisation of right-of-use assets (Note 16) 98.8 78.5 A mortisation of intangible assets (Note 14) 12.3 14.7 A mortisation of mobilisation costs 10.9 9.5 Impairment of property, plant and equipment (Note 15) 2.3 4.1 Impairment of intangible assets (Note 14) \u2013 4.8 Impairment of right-of-use assets (Note 16) \u2013 0.2 Impairment reversal of right-of-use assets (Note 16) (3.7) (3.7) Impairment reversal of property, plant and equipment (Note 15) (55.6) \u2013 Research and development costs 12.3 11.7 A uditor\u2019s remuneration 3.3 4.0 Net credit impairment loss/(credit) for financial assets (Note 34) 2.3 (15.7) Net decrease in allowances for expected credit losses for financial assets (0.2) (1.4) Net decrease in allowances for expected credit losses for construction contract assets (Note 23) (1.4) (0.6) The total fees chargeable to the Group by the principal auditing firm Ernst & Young S.A. and other member firms of Ernst & Young Global Limited were: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec A udit fees 3.2 3.7 Tax fees 0.1 0.3 3.3 4.0 Audit fees constitute charges incurred for the audit of the consolidated and statutory financial statements of Subsea 7 S.A. and certain subsidiaries. Fees were primarily incurred in connection with the year ended 31 December 2022 but include final settlement of charges associated with the year ended 31 December 2021. Tax fees constitute charges incurred for non-prohibited professional services rendered by the Group\u2019s principal auditor and member firms relating to the provision of tax advice and tax compliance services for work undertaken during the year ended 31 December 2022. Fees were primarily incurred in connection with the year ended 31 December 2022. The Group\u2019s Audit Committee policy requires pre-approval of audit and non-audit services prior to the appointment of the providers of professional services together with highlighting excluded services which the Group\u2019s principal auditor cannot provide. The Audit Committee delegates approval to the Chief Financial Officer based on predetermined limits. The Audit Committee pre-approved or, in cases where pre-approval was delegated, ratified all audit and non-audit services, provided by the Group\u2019s principal auditor, to Subsea 7 S.A. and its subsidiaries during the year ended 31 December 2022 Reconciliation of operating expenses and administrative expenses by nature 31 Dec 2022 31 Dec 2021 For the year ended (in $ millions) Operating expenses Administrative expenses Total expenses Operating expenses Administrative expenses Total expenses Direct project-related costs, including procurement 2,372.3 \u2013 2,372.3 2,584.0 \u2013 2,584.0 Employee benefits 1,079.5 141.5 1,221.0 996.4 127.5 1,123.9 Lease expense for short-term leased assets 599.8 0.9 600.7 520.0 0.7 520.7 Lease expense for low-value leased assets 0.8 \u2013 0.8 0.6 \u2013 0.6 V ariable lease expense not included within lease liabilities \u2013 \u2013 \u2013 1.0 \u2013 1.0 Depreciation, amortisation and mobilisation 433.2 34.4 467.6 409.5 34.3 443.8 Impairment of property, plant and equipment 2.3 \u2013 2.3 4.1 \u2013 4.1 Impairment of intangible assets \u2013 \u2013 \u2013 4.8 \u2013 4.8 Impairment of right-of-use assets \u2013 \u2013 \u2013 \u2013 0.2 0.2 Impairment reversal of right-of-use assets \u2013 (3.7) (3.7) \u2013 (3.7) (3.7) Net credit impairment loss/(credit) for financial assets 2.2 0.1 2.3 (15.7) \u2013 (15.7) Net decrease in allowances for expected credit losses for financial assets (0.2) \u2013 (0.2) (1.4) \u2013 (1.4) Net decrease in allowances for expected credit losses for construction contract assets (1.4) \u2013 (1.4) (0.6) \u2013 (0.6) Other expenses 305.9 72.0 377.9 211.5 69.0 280.5 Total 4,794.4 245.2 5,039.6 4,714.2 228.0 4,942.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-659": {
"value": "6. Net operating income Net operating income includes: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Employee benefits 1,221.0 1,123.9 Lease expense for short-term leased assets 600.7 520.7 Lease expense for low-value leased assets 0.8 0.6 V ariable lease payments not included within lease liabilities \u2013 1.0 Depreciation of property, plant and equipment (Note 15) 345.6 341.1 A mortisation of right-of-use assets (Note 16) 98.8 78.5 A mortisation of intangible assets (Note 14) 12.3 14.7 A mortisation of mobilisation costs 10.9 9.5 Impairment of property, plant and equipment (Note 15) 2.3 4.1 Impairment of intangible assets (Note 14) \u2013 4.8 Impairment of right-of-use assets (Note 16) \u2013 0.2 Impairment reversal of right-of-use assets (Note 16) (3.7) (3.7) Impairment reversal of property, plant and equipment (Note 15) (55.6) \u2013 Research and development costs 12.3 11.7 A uditor\u2019s remuneration 3.3 4.0 Net credit impairment loss/(credit) for financial assets (Note 34) 2.3 (15.7) Net decrease in allowances for expected credit losses for financial assets (0.2) (1.4) Net decrease in allowances for expected credit losses for construction contract assets (Note 23) (1.4) (0.6) The total fees chargeable to the Group by the principal auditing firm Ernst & Young S.A. and other member firms of Ernst & Young Global Limited were: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec A udit fees 3.2 3.7 Tax fees 0.1 0.3 3.3 4.0 Audit fees constitute charges incurred for the audit of the consolidated and statutory financial statements of Subsea 7 S.A. and certain subsidiaries. Fees were primarily incurred in connection with the year ended 31 December 2022 but include final settlement of charges associated with the year ended 31 December 2021. Tax fees constitute charges incurred for non-prohibited professional services rendered by the Group\u2019s principal auditor and member firms relating to the provision of tax advice and tax compliance services for work undertaken during the year ended 31 December 2022. Fees were primarily incurred in connection with the year ended 31 December 2022. The Group\u2019s Audit Committee policy requires pre-approval of audit and non-audit services prior to the appointment of the providers of professional services together with highlighting excluded services which the Group\u2019s principal auditor cannot provide. The Audit Committee delegates approval to the Chief Financial Officer based on predetermined limits. The Audit Committee pre-approved or, in cases where pre-approval was delegated, ratified all audit and non-audit services, provided by the Group\u2019s principal auditor, to Subsea 7 S.A. and its subsidiaries during the year ended 31 December 2022 Reconciliation of operating expenses and administrative expenses by nature 31 Dec 2022 31 Dec 2021 For the year ended (in $ millions) Operating expenses Administrative expenses Total expenses Operating expenses Administrative expenses Total expenses Direct project-related costs, including procurement 2,372.3 \u2013 2,372.3 2,584.0 \u2013 2,584.0 Employee benefits 1,079.5 141.5 1,221.0 996.4 127.5 1,123.9 Lease expense for short-term leased assets 599.8 0.9 600.7 520.0 0.7 520.7 Lease expense for low-value leased assets 0.8 \u2013 0.8 0.6 \u2013 0.6 V ariable lease expense not included within lease liabilities \u2013 \u2013 \u2013 1.0 \u2013 1.0 Depreciation, amortisation and mobilisation 433.2 34.4 467.6 409.5 34.3 443.8 Impairment of property, plant and equipment 2.3 \u2013 2.3 4.1 \u2013 4.1 Impairment of intangible assets \u2013 \u2013 \u2013 4.8 \u2013 4.8 Impairment of right-of-use assets \u2013 \u2013 \u2013 \u2013 0.2 0.2 Impairment reversal of right-of-use assets \u2013 (3.7) (3.7) \u2013 (3.7) (3.7) Net credit impairment loss/(credit) for financial assets 2.2 0.1 2.3 (15.7) \u2013 (15.7) Net decrease in allowances for expected credit losses for financial assets (0.2) \u2013 (0.2) (1.4) \u2013 (1.4) Net decrease in allowances for expected credit losses for construction contract assets (1.4) \u2013 (1.4) (0.6) \u2013 (0.6) Other expenses 305.9 72.0 377.9 211.5 69.0 280.5 Total 4,794.4 245.2 5,039.6 4,714.2 228.0 4,942.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-618": {
"value": "7. Other gains and losses For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Gain on disposal of property, plant and equipment 0.3 3.0 Gain on maturity of lease liabilities 2.2 0.2 Fair value gains on derivative financial instruments mandatorily measured at fair value through profit or loss 3.0 1.9 Fair value losses on other financial assets measured at fair value through profit or loss \u2013 (1.1) Net gains on business combinations post measurement periods 3.8 3.3 Net foreign currency exchange (losses)/gains (7.4) 37.1 Total 1.9 44.4 Net foreign currency exchange (losses)/gains include fair value (losses)/gains on embedded derivatives",
"dimensions": {
"concept": "subsea7sa:DisclosureOfOtherGainsAndLosses",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "8. Finance income and finance costs
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Interest on financial assets measured at amortised cost
9.0 4.7
Total finance income
9.0 4.7
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Interest and fees on financial liabilities measured at amortised cost
20.2 11.9
Total borrowing costs
20.2 11.9
Less: amounts capitalised and included in the cost of qualifying assets
(7.2) (0.6)
13.0 11.3
Interest on lease liabilities
11.3 6.7
Interest on tax liabilities
(0.9) 2.1
Total finance costs
23.4 20.1
Borrowing costs included in the cost of qualifying assets during the year were calculated by applying to expenditure on such assets an
average capitalisation rate of 5.6% dependent on the funding source (2021: 4.3%).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-690": {
"value": "8. Finance income and finance costs For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest on financial assets measured at amortised cost 9.0 4.7 Total finance income 9.0 4.7 For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest and fees on financial liabilities measured at amortised cost 20.2 11.9 Total borrowing costs 20.2 11.9 Less: amounts capitalised and included in the cost of qualifying assets (7.2) (0.6) 13.0 11.3 Interest on lease liabilities 11.3 6.7 Interest on tax liabilities (0.9) 2.1 Total finance costs 23.4 20.1 Borrowing costs included in the cost of qualifying assets during the year were calculated by applying to expenditure on such assets an average capitalisation rate of 5.6% dependent on the funding source (2021: 4.3%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-679": {
"value": "8. Finance income and finance costs For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest on financial assets measured at amortised cost 9.0 4.7 Total finance income 9.0 4.7 For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest and fees on financial liabilities measured at amortised cost 20.2 11.9 Total borrowing costs 20.2 11.9 Less: amounts capitalised and included in the cost of qualifying assets (7.2) (0.6) 13.0 11.3 Interest on lease liabilities 11.3 6.7 Interest on tax liabilities (0.9) 2.1 Total finance costs 23.4 20.1 Borrowing costs included in the cost of qualifying assets during the year were calculated by applying to expenditure on such assets an average capitalisation rate of 5.6% dependent on the funding source (2021: 4.3%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-660": {
"value": "8. Finance income and finance costs For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest on financial assets measured at amortised cost 9.0 4.7 Total finance income 9.0 4.7 For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest and fees on financial liabilities measured at amortised cost 20.2 11.9 Total borrowing costs 20.2 11.9 Less: amounts capitalised and included in the cost of qualifying assets (7.2) (0.6) 13.0 11.3 Interest on lease liabilities 11.3 6.7 Interest on tax liabilities (0.9) 2.1 Total finance costs 23.4 20.1 Borrowing costs included in the cost of qualifying assets during the year were calculated by applying to expenditure on such assets an average capitalisation rate of 5.6% dependent on the funding source (2021: 4.3%). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-661": {
"value": "9. Taxation Tax recognised in the Consolidated Income Statement For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Tax charged in the Consolidated Income Statement Current tax: Corporation tax on income for the year 67.3 63.4 Adjustments in respect of prior years 4.3 1.1 Total current tax 71.6 64.5 Deferred tax charge for the year 24.2 5.5 Adjustments in respect of prior years 4.1 (5.7) Total deferred tax charge/(credit) 28.3 (0.2) Total 99.9 64.3 Tax recognised in the Consolidated Statement of Comprehensive Income For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Tax (credit)/charge relating to items recognised directly in comprehensive income Current tax on: Exchange differences (2.7) 0.4 Income tax recognised directly in comprehensive income (2.7) 0.4 Deferred tax on: Commodity cash flow hedges (2.4) 2.4 Remeasurement gains on defined benefit pension schemes 0.7 0.1 Deferred tax recognised directly in comprehensive income (1.7) 2.5 Total (4.4) 2.9 Deferred tax recognised in the Consolidated Statement of Changes in Equity For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Share-based payments (0.2) \u2013 Total (0.2) \u2013 Reconciliation of taxation Income taxes have been provided for in accordance with IAS 12 \u2018Income Taxes\u2019, based on the tax laws and rates in the countries where the Group operates and generates taxable income. The reconciliation below uses a tax rate of 24.94% (2021: 24.94%) which represents the blended tax rate applicable to Luxembourg entities. For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Income before taxes 136.3 100.7 Tax at the blended tax rate of 24.94% (2021: 24.94%) 34.0 25.1 Effects of: Different tax rates of subsidiaries operating in other jurisdictions (6.6) 16.8 Impact of tax rate changes (1.8) 5.8 Non-qualifying depreciation 0.8 2.8 Net benefit of tonnage tax regimes (6.2) (33.7) Withholding taxes and unrelieved overseas taxes 27.0 24.5 Non-deductible expenses and non-taxable income 3.1 2.1 Tax effect of share of net loss of associates and joint ventures 0.7 (0.9) Movement in unprovided deferred tax 48.2 27.1 Revisions to uncertain tax treatments (7.7) (0.7) Adjustments related to prior years 8.4 (4.6) Taxation in the Consolidated Income Statement 99.9 64.3 Deferred tax Movements in the net deferred tax balance were: (in $ millions) Intangible assets Property, plant and equipment Accrued expenses and deferred income Share- based payments Tax losses Other Total Balance at 31 December 2020 (0.3) (45.4) 8.0 0.4 45.7 8.9 17.3 Credited/(charged) to: Consolidated Income Statement 0.3 1.3 7.9 0.6 (4.2) (5.7) 0.2 Other Comprehensive Income \u2013 \u2013 0.1 (0.3) \u2013 (2.3) (2.5) Balance sheet reclassifications \u2013 (0.2) (0.4) \u2013 \u2013 0.3 (0.3) Exchange differences \u2013 0.9 (1.5) \u2013 (1.6) 0.2 (2.0) Balance at 31 December 2021 \u2013 (43.4) 14.1 0.7 39.9 1.4 12.7 (Charged)/credited to: Consolidated Income Statement \u2013 (21.8) (35.0) (0.1) 26.8 1.8 (28.3) Other Comprehensive Income \u2013 \u2013 (0.7) \u2013 \u2013 2.4 1.7 Changes in equity \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2 Balance sheet reclassifications \u2013 (0.4) 0.7 \u2013 0.1 (0.2) 0.2 Exchange differences \u2013 1.4 (1.5) \u2013 (1.8) (0.3) (2.2) Balance at 31 December 2022 \u2013 (64.2) (22.4) 0.8 65.0 5.1 (15.7) The main categories of deferred tax assets and liabilities recognised in the Consolidated Balance Sheet, before offset of balances within countries where permitted, were as follows: At 31 December 2022 (in $ millions) Deferred tax asset Deferred tax liability Net recognised deferred tax asset/(liability) Property, plant and equipment 6.1 (70.3) (64.2) A ccrued expenses and deferred income 8.5 (30.9) (22.4) Share-based payments 0.8 \u2013 0.8 Tax losses 65.0 \u2013 65.0 Other 6.7 (1.6) 5.1 Total 87.1 (102.8) (15.7) At 31 December 2021 (in $ millions) Deferred tax asset Deferred tax liability Net recognised deferred tax asset/(liability) Property, plant and equipment 7.5 (50.9) (43.4) A ccrued expenses and deferred income 23.8 (9.7) 14.1 Share-based payments 0.7 \u2013 0.7 Tax losses 39.9 \u2013 39.9 Other 7.2 (5.8) 1.4 Total 79.1 (66.4) 12.7 Deferred tax is analysed in the Consolidated Balance Sheet, after offset of balances within countries, as: A t (in $ millions) 2022 31 Dec 2021 31 Dec Deferred tax assets 38.7 58.7 Deferred tax liabilities (54.4) (46.0) Total (15.7) 12.7 At 31 December 2022, the gross amount and expiry dates of losses available for carry forward were as follows: At (in $ millions) Expiring within 5 years Expiring in 6 to 10 years Expiring in 11 to 20 years Without limit Total Losses for which a deferred tax asset is recognised 8.7 1.6 48.4 214.7 273.4 Losses for which no deferred tax asset is recognised 135.9 57.0 99.1 2,152.8 2,444.8 Total 144.6 58.6 147.5 2,367.5 2,718.2 At 31 December 2021, the gross amount and expiry dates of losses available for carry forward were as follows: At (in $ millions) Expiring within 5 years Expiring in 6 to 10 years Expiring in 11 to 20 years Without limit Total Losses for which a deferred tax asset is recognised 7.1 \u2013 \u2013 136.4 143.5 Losses for which no deferred tax asset is recognised 147.4 90.5 161.1 2,030.2 2,429.2 Total 154.5 90.5 161.1 2,166.6 2,572.7 The increase in deferred tax asset recognition on losses relates primarily to the Group\u2019s operations in Norway, where the losses have resulted from the deferral of taxation on profitable long-term projects, and for which a deferred tax liability is recognised; and in the UK, where the Group has a strong history of profitability. These losses are expected to be utilised in the coming year or, in the UK, can be carried back to the prior year. The change in expiration profile of the losses recognised resulted from the changes of the location of assets recognised, with additional losses being recognised in the US, based on strong current year, and future forecast, profitability. Included in the above losses for which no asset is recognised were $1.4 billion (2021: $1.4 billion) of losses in Luxembourg, which could be subject to future claw-back if certain transactions were entered into. In addition, the Group has other unrecognised deferred tax assets of $66.5 million (2021: $44.9 million) in respect of other temporary differences. These primarily relate to provision for expenses and loss on contracts in Brazil and unclaimed capital allowances in Nigeria. No deferred tax has been recognised in respect of taxable temporary differences relating to the unremitted earnings of the Group\u2019s subsidiaries, branches, associates and joint ventures where remittance is not contemplated and where the timing of distribution is within the control of the Group. The aggregate amount of unremitted earnings giving rise to such temporary differences for which deferred tax liabilities were not recognised at 31 December 2022 was $195.6 million (2021: $235.2 million). Tonnage tax regime The Group has elected to have qualifying vessel-related activities taxed under tonnage tax regimes in the UK, Norway and the Netherlands. In 2022, the Group\u2019s elections resulted in a positive impact on the Group\u2019s tax charge of $6.2 million (2021: $33.7 million). Uncertain tax treatments The Group\u2019s business operations are carried out worldwide and, as such, the Group is subject to the jurisdiction of a significant number of tax authorities at any point in time. The Group routinely has to manage tax risks in respect of permanent establishments, transfer pricing and other international tax issues. In common with other multinational companies, the conflict between the Group\u2019s global operating model and the jurisdictional approach of tax authorities can result in uncertainty as to the ultimate acceptability of the treatment of tax matters. This often results in the Group\u2019s filing positions being subject to audit, enquiry and possible re-assessment. During 2022, the Group was subject to audits and disputes in, among others, Brazil, France, Germany, Ghana, Mexico, Nigeria and Saudi Arabia. These audits are at various stages of completion. The Group\u2019s policy is to co-operate fully with the relevant tax authorities while seeking to defend its tax positions. The Group provides for the amount of taxes that it considers probable of being payable as a result of such audits and for which a reasonable estimate can be made. Furthermore, for each reporting period management completes a detailed review of uncertain tax positions across the Group, and makes provisions based on the probability of a liability arising. It is possible that the ultimate resolution of these uncertainties could result in tax charges that are materially higher or lower than the amounts provided for. In the year ended 31 December 2022, the Group recorded a net decrease in the financial impact of uncertain tax treatments of $9.2 million (2021: $6.1 million net decrease) as a result of revisions to estimated future obligations, and the closure and settlement of certain audits with the relevant tax authorities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "9. Taxation Tax recognised in the Consolidated Income Statement For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Tax charged in the Consolidated Income Statement Current tax: Corporation tax on income for the year 67.3 63.4 Adjustments in respect of prior years 4.3 1.1 Total current tax 71.6 64.5 Deferred tax charge for the year 24.2 5.5 Adjustments in respect of prior years 4.1 (5.7) Total deferred tax charge/(credit) 28.3 (0.2) Total 99.9 64.3 Tax recognised in the Consolidated Statement of Comprehensive Income For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Tax (credit)/charge relating to items recognised directly in comprehensive income Current tax on: Exchange differences (2.7) 0.4 Income tax recognised directly in comprehensive income (2.7) 0.4 Deferred tax on: Commodity cash flow hedges (2.4) 2.4 Remeasurement gains on defined benefit pension schemes 0.7 0.1 Deferred tax recognised directly in comprehensive income (1.7) 2.5 Total (4.4) 2.9 Deferred tax recognised in the Consolidated Statement of Changes in Equity For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Share-based payments (0.2) \u2013 Total (0.2) \u2013 Reconciliation of taxation Income taxes have been provided for in accordance with IAS 12 \u2018Income Taxes\u2019, based on the tax laws and rates in the countries where the Group operates and generates taxable income. The reconciliation below uses a tax rate of 24.94% (2021: 24.94%) which represents the blended tax rate applicable to Luxembourg entities. For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Income before taxes 136.3 100.7 Tax at the blended tax rate of 24.94% (2021: 24.94%) 34.0 25.1 Effects of: Different tax rates of subsidiaries operating in other jurisdictions (6.6) 16.8 Impact of tax rate changes (1.8) 5.8 Non-qualifying depreciation 0.8 2.8 Net benefit of tonnage tax regimes (6.2) (33.7) Withholding taxes and unrelieved overseas taxes 27.0 24.5 Non-deductible expenses and non-taxable income 3.1 2.1 Tax effect of share of net loss of associates and joint ventures 0.7 (0.9) Movement in unprovided deferred tax 48.2 27.1 Revisions to uncertain tax treatments (7.7) (0.7) Adjustments related to prior years 8.4 (4.6) Taxation in the Consolidated Income Statement 99.9 64.3 Deferred tax Movements in the net deferred tax balance were: (in $ millions) Intangible assets Property, plant and equipment Accrued expenses and deferred income Share- based payments Tax losses Other Total Balance at 31 December 2020 (0.3) (45.4) 8.0 0.4 45.7 8.9 17.3 Credited/(charged) to: Consolidated Income Statement 0.3 1.3 7.9 0.6 (4.2) (5.7) 0.2 Other Comprehensive Income \u2013 \u2013 0.1 (0.3) \u2013 (2.3) (2.5) Balance sheet reclassifications \u2013 (0.2) (0.4) \u2013 \u2013 0.3 (0.3) Exchange differences \u2013 0.9 (1.5) \u2013 (1.6) 0.2 (2.0) Balance at 31 December 2021 \u2013 (43.4) 14.1 0.7 39.9 1.4 12.7 (Charged)/credited to: Consolidated Income Statement \u2013 (21.8) (35.0) (0.1) 26.8 1.8 (28.3) Other Comprehensive Income \u2013 \u2013 (0.7) \u2013 \u2013 2.4 1.7 Changes in equity \u2013 \u2013 \u2013 0.2 \u2013 \u2013 0.2 Balance sheet reclassifications \u2013 (0.4) 0.7 \u2013 0.1 (0.2) 0.2 Exchange differences \u2013 1.4 (1.5) \u2013 (1.8) (0.3) (2.2) Balance at 31 December 2022 \u2013 (64.2) (22.4) 0.8 65.0 5.1 (15.7) The main categories of deferred tax assets and liabilities recognised in the Consolidated Balance Sheet, before offset of balances within countries where permitted, were as follows: At 31 December 2022 (in $ millions) Deferred tax asset Deferred tax liability Net recognised deferred tax asset/(liability) Property, plant and equipment 6.1 (70.3) (64.2) A ccrued expenses and deferred income 8.5 (30.9) (22.4) Share-based payments 0.8 \u2013 0.8 Tax losses 65.0 \u2013 65.0 Other 6.7 (1.6) 5.1 Total 87.1 (102.8) (15.7) At 31 December 2021 (in $ millions) Deferred tax asset Deferred tax liability Net recognised deferred tax asset/(liability) Property, plant and equipment 7.5 (50.9) (43.4) A ccrued expenses and deferred income 23.8 (9.7) 14.1 Share-based payments 0.7 \u2013 0.7 Tax losses 39.9 \u2013 39.9 Other 7.2 (5.8) 1.4 Total 79.1 (66.4) 12.7 Deferred tax is analysed in the Consolidated Balance Sheet, after offset of balances within countries, as: A t (in $ millions) 2022 31 Dec 2021 31 Dec Deferred tax assets 38.7 58.7 Deferred tax liabilities (54.4) (46.0) Total (15.7) 12.7 At 31 December 2022, the gross amount and expiry dates of losses available for carry forward were as follows: At (in $ millions) Expiring within 5 years Expiring in 6 to 10 years Expiring in 11 to 20 years Without limit Total Losses for which a deferred tax asset is recognised 8.7 1.6 48.4 214.7 273.4 Losses for which no deferred tax asset is recognised 135.9 57.0 99.1 2,152.8 2,444.8 Total 144.6 58.6 147.5 2,367.5 2,718.2 At 31 December 2021, the gross amount and expiry dates of losses available for carry forward were as follows: At (in $ millions) Expiring within 5 years Expiring in 6 to 10 years Expiring in 11 to 20 years Without limit Total Losses for which a deferred tax asset is recognised 7.1 \u2013 \u2013 136.4 143.5 Losses for which no deferred tax asset is recognised 147.4 90.5 161.1 2,030.2 2,429.2 Total 154.5 90.5 161.1 2,166.6 2,572.7 The increase in deferred tax asset recognition on losses relates primarily to the Group\u2019s operations in Norway, where the losses have resulted from the deferral of taxation on profitable long-term projects, and for which a deferred tax liability is recognised; and in the UK, where the Group has a strong history of profitability. These losses are expected to be utilised in the coming year or, in the UK, can be carried back to the prior year. The change in expiration profile of the losses recognised resulted from the changes of the location of assets recognised, with additional losses being recognised in the US, based on strong current year, and future forecast, profitability. Included in the above losses for which no asset is recognised were $1.4 billion (2021: $1.4 billion) of losses in Luxembourg, which could be subject to future claw-back if certain transactions were entered into. In addition, the Group has other unrecognised deferred tax assets of $66.5 million (2021: $44.9 million) in respect of other temporary differences. These primarily relate to provision for expenses and loss on contracts in Brazil and unclaimed capital allowances in Nigeria. No deferred tax has been recognised in respect of taxable temporary differences relating to the unremitted earnings of the Group\u2019s subsidiaries, branches, associates and joint ventures where remittance is not contemplated and where the timing of distribution is within the control of the Group. The aggregate amount of unremitted earnings giving rise to such temporary differences for which deferred tax liabilities were not recognised at 31 December 2022 was $195.6 million (2021: $235.2 million). Tonnage tax regime The Group has elected to have qualifying vessel-related activities taxed under tonnage tax regimes in the UK, Norway and the Netherlands. In 2022, the Group\u2019s elections resulted in a positive impact on the Group\u2019s tax charge of $6.2 million (2021: $33.7 million). Uncertain tax treatments The Group\u2019s business operations are carried out worldwide and, as such, the Group is subject to the jurisdiction of a significant number of tax authorities at any point in time. The Group routinely has to manage tax risks in respect of permanent establishments, transfer pricing and other international tax issues. In common with other multinational companies, the conflict between the Group\u2019s global operating model and the jurisdictional approach of tax authorities can result in uncertainty as to the ultimate acceptability of the treatment of tax matters. This often results in the Group\u2019s filing positions being subject to audit, enquiry and possible re-assessment. During 2022, the Group was subject to audits and disputes in, among others, Brazil, France, Germany, Ghana, Mexico, Nigeria and Saudi Arabia. These audits are at various stages of completion. The Group\u2019s policy is to co-operate fully with the relevant tax authorities while seeking to defend its tax positions. The Group provides for the amount of taxes that it considers probable of being payable as a result of such audits and for which a reasonable estimate can be made. Furthermore, for each reporting period management completes a detailed review of uncertain tax positions across the Group, and makes provisions based on the probability of a liability arising. It is possible that the ultimate resolution of these uncertainties could result in tax charges that are materially higher or lower than the amounts provided for. In the year ended 31 December 2022, the Group recorded a net decrease in the financial impact of uncertain tax treatments of $9.2 million (2021: $6.1 million net decrease) as a result of revisions to estimated future obligations, and the closure and settlement of certain audits with the relevant tax authorities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "10. Dividends
The regular dividend of NOK 1.00 per share was approved by the shareholders of Subsea 7 S.A. at the Annual General Meeting on
12 April 2022 and recognised in shareholders\u2019 equity in April 2022. The dividend of $31.7 million was paid on 6 May 2022 to
shareholders of Subsea 7 S.A.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-662": {
"value": "11. Earnings per share
Basic and diluted earnings per share
Basic earnings per share is calculated by dividing the net income attributable to shareholders of the parent company by the weighted
average number of common shares in issue during the year, excluding shares repurchased by the Group and held as treasury shares
(Note 26 \u2018Treasury shares\u2019).
Diluted earnings per share is calculated by adjusting the weighted average number of common shares outstanding to assume
conversion of all potentially dilutive common shares. The Group\u2019s potentially dilutive common shares include those related to
performance shares.
The net income attributable to shareholders of the parent company and share data used in the basic and diluted earnings per share
calculations were as follows:
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Net income attributable to shareholders of the parent company
57.1 31.8
Earnings used in the calculation of diluted earnings per share
57.1 31.8
For the year ended
2022
31 Dec
Number of
shares
2021
31 Dec
Number of
shares
Weighted average number of common shares used in the calculation of basic earnings per share
291,955,196 297,562,898
Performance shares
1,037,990 1,020,873
Weighted average number of common shares used in the calculation of diluted earnings
per share
292,993,186 298,583,771
For the year ended (in $ per share)
2022
31 Dec
2021
31 Dec
Basic earnings per share
0.20 0.11
Diluted earnings per share
0.19 0.11
During the year the following shares, that could potentially dilute the earnings per share, were excluded from the calculation of diluted
earnings per share due to being anti-dilutive:
For the year ended
2022
31 Dec
Number of
shares
2021
31 Dec
Number of
shares
Performance shares
609,004 807,361
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-663": {
"value": "12. Business combinations
During 2022, the Group identified adjustments to provisional amounts recognised in relation to business combinations entered into
during 2021. The adjustments were identified during the relevant measurement periods and related to facts and circumstances which
existed at the date of acquisition; as a result, 2021 comparative information has been revised as if the accounting had been completed
at the acquisition dates.
Agreement to combine the Group\u2019s fixed offshore wind business with OHT ASA
On 8 July 2021, the Group announced it had entered into an agreement to combine the Group\u2019s Renewables business unit (consisting of
the Group\u2019s fixed offshore wind business) with OHT ASA (renamed Seaway 7 ASA); the transaction was completed on 1 October 2021.
During 2022, the Group increased provisional amounts recognised in respect of an onerous fixed-price contract provision by
$35.3 million with a corresponding increase of the same amount to goodwill.
Acquisition of a 59.12% shareholding of Nautilus Floating Solutions, S.L.
On 22 September 2021, an indirect subsidiary of Subsea 7 S.A. acquired a 59.12% shareholding of Nautilus Floating Solutions, S.L.
During 2022, the Group reduced provisional amounts recognised in respect of intangible assets by $2.3 million, increased goodwill by
$1.4 million and reduced non-controlling interests by $0.9 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-664": {
"value": "13. Goodwill (in $ millions) Total Cost At 1 January 2021 2,440.3 Additions 76.6 Exchange differences (7.8) At 31 December 2021 2,509.1 Adjustments to provisional amounts recognised (Note 12) 36.7 At 31 December 2021 (revised) 2,545.8 Exchange differences (141.5) At 31 December 2022 2,404.3 Accumulated impairment At 1 January 2021 2,355.8 Exchange differences (7.2) At 31 December 2021 2,348.6 Exchange differences (135.6) At 31 December 2022 2,213.0 Carrying amount At 31 December 2021 (revised) 197.2 At 31 December 2022 191.3 For financial management and reporting purposes, the Group is organised into management regions. Management regions are aligned with the Group\u2019s business units which are used by the Chief Operating Decision Maker (CODM) to allocate resources and appraise performance. The Group has ten CGUs which are aligned with management regions. At 31 December 2022 the Group\u2019s CGUs comprised: \u2022 CGUs for Africa Middle East and Caspian, Asia Pacific, Brazil, Gulf of Mexico, Norway and UK and GIRM (Global Inspection Repair and Maintenance) which include activities connected with the performance of regional projects including SURF activities (related to the engineering, procurement, construction and installation of offshore systems), Conventional services (including the fabrication, installation, extension and refurbishment of platforms and pipelines in shallow water), the long-term PLSV contracts in Brazil, activities connected with the provision of inspection, repair and maintenance services, integrity management of subsea infrastructure and remote intervention support; \u2022 Nautilus CGU which includes activities related to floating wind solutions; \u2022 Xodus CGU which includes activities related to engineering services, advisory services and environmental support; \u2022 4Subsea CGU which includes activities connected with integrity management of subsea infrastructure; and \u2022 Renewables CGU which includes activities connected with three specialist segments of the fixed offshore wind market: the installation of offshore wind turbine foundations and inner-array cables, heavy lifting and heavy transportation operations related to the renewables sector, and the decommissioning of redundant offshore structures. The Group performed its annual goodwill impairment review at 31 December 2022. Subsequent to this review the carrying amounts of the goodwill were allocated to the following CGUs: (Revised) At (in $ millions) 2022 31 Dec 2021 31 Dec Nautilus 6.3 6.7 Norway 9.5 9.5 Renewables 105.3 105.3 UK GIRM 37.6 40.7 Xodus 15.5 16.1 4Subsea 17.1 18.9 Total 191.3 197.2 At 31 December 2022 there was no goodwill associated with the Africa Middle East and Caspian, Asia Pacific, Brazil and Gulf of Mexico CGUs 13. Goodwill The recoverable amounts of the CGUs were determined based on a value-in-use calculation using pre-tax, risk adjusted cash flow projections approved by the Executive Management Team covering a five-year period from 2023 to 2027. These projections included certain considerations for climate change-related risks and opportunities on the period. Future uncertainty around climate-related risks continue to be monitored including policy, regulatory, legal, technological, market and societal considerations. The present value of future cash flows is most sensitive to the terminal value assumptions; management considers these represent an appropriate balance between the oil and gas-related business and the growing renewables sector within the transition to a lower-carbon economy. Cash flows beyond the five-year period were extrapolated in perpetuity using a 2.0% (2021: 2.0%) growth rate for the Subsea and Conventional business unit and a 4.0% (2021: 2.0%) growth rate for the Renewables business unit to determine the terminal value. The pre-tax discount rate applied to the risk adjusted cash flow projections was 13.3% (2021: 10.6%). Key assumptions used in value-in-use calculations Management considers that the calculations of value-in-use for all CGUs are most sensitive to the following key assumptions: \u2022 Adjusted EBITDA forecasts; \u2022 capital expenditure forecasts; \u2022 the pre-tax discount rate; and \u2022 the growth rate used to extrapolate cash flows. Adjusted EBITDA forecasts \u2013 the Adjusted EBITDA forecast for each CGU is dependent on a combination of factors including market size, market share, contractual backlog, gross margins, future project awards, asset utilisation and an assessment of the impacts of competition within the respective segments. Assumptions are based on a combination of internal and external studies, management judgements and historical information, adjusted for any foreseen changes in market conditions. Replacement capital expenditure forecasts \u2013 the capital expenditure forecast for the Group is dependent on a combination of factors including market size, asset utilisation and asset age. Assumptions are based on a combination of internal and external studies, management judgements and historical information, adjusted for any foreseen changes in market conditions. Replacement capital expenditure represents the amounts estimated to maintain the function of the assets in the CGU. Pre-tax discount rate \u2013 the pre-tax discount rate was estimated based on the weighted average cost of capital of the Group, amended to reflect a normalised capital structure for the energy sector. Risk premiums were not applied to the discount rate applied to individual CGUs as the CGU cash flow projections were risk adjusted. Growth rate estimates \u2013 the growth rate used to extrapolate the cash flow projections beyond the five-year period is broadly consistent with market expectations for long-term growth in the industry and assumes no significant change in the Group\u2019s market share and the range of services and products provided. Sensitivity to changes in key assumptions In determining the value-in-use recoverable amount for each CGU, sensitivities have been applied to key assumptions. The industry in which the Group operates is cyclical and highly dependent on energy prices; this could lead to changes in future cash flows which are greater than the sensitivity ranges applied. In the performance of sensitivity analysis the impacts of the following changes to key assumptions were assessed: \u2022 forecast Adjusted EBITDA \u2013 a 10% increase and decrease in the assumptions during the five-year period from 2023 to 2027, and the Adjusted EBITDA upon which terminal values have been calculated; \u2022 replacement capital expenditure forecast \u2013 a 25% increase and decrease in the forecast replacement capital expenditure assumptions during the five-year period from 2023 to 2027, and the capital expenditure upon which terminal values have been calculated; \u2022 pre-tax discount rate \u2013 an increase and decrease by 2 percentage points; and \u2022 growth rate \u2013 an increase and decrease by 2 percentage points. The impact on goodwill as a result of changes to the key assumptions used in the sensitivity analysis is as follows: Adjusted EBITDA Discount rate Capital expenditure Long-term growth rate (in $ millions) 10% decrease 10% increase 2% decrease 2% increase 25% decrease 25% increase 2% decrease 2% increase UK GIRM (11.8) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4Subsea (3.1) \u2013 \u2013 (4.7) \u2013 (2.6) (3.3) \u2013 Xodus (3.0) \u2013 \u2013 (2.0) \u2013 (1.0) \u2013 \u2013 CGUs not impaired and not sensitive to impairment Changes to the key assumptions used in the sensitivity analysis would not, in isolation, cause the recoverable amount of the Norway, Nautilus or Renewables CGUs to be materially less than their carrying value. The Africa Middle East and Caspian, Asia Pacific, Brazil and Gulf of Mexico CGUs have no goodwill, therefore any future changes in the key assumptions, in isolation, would not result in an impairment charge being recognised against goodwill. The Brazil CGU is sensitive to changes in the key assumptions which may result in a potential CGU impairment being recognised in future years. 14. Intangible assets
(in $ millions) Software
Customer
contracts
(backlog)
Other
intangibles Total
Cost
t 1 January 2021
46.1 30.5 109.5 186.1
cquisition of businesses
\u2013 \u2013 2.3 2.3
dditions
8.4 \u2013 0.1 8.5
Disposals
(10.4) (30.5) (34.1) (75.0)
Exchange differences
(0.2) \u2013 0.3 0.1
t 31 December 2021
43.9 \u2013 78.1 122.0
djustments to provisional amounts recognised (Note 12)
\u2013 \u2013 (2.3) (2.3)
t 31 December 2021 (revised)
43.9 \u2013 75.8 119.7
dditions
3.0 \u2013 8.0 11.0
Disposals
(0.1) \u2013 \u2013 (0.1)
Exchange differences
(4.1) \u2013 (6.5) (10.6)
t 31 December 2022
42.7 \u2013 77.3 120.0
ccumulated amortisation and impairment
t 1 January 2021
30.5 30.5 79.1 140.1
Charge for the year
3.6 \u2013 11.1 14.7
Impairments
\u2013 \u2013 4.8 4.8
Eliminated on disposal
(10.2) (30.5) (34.1) (74.8)
Exchange differences
\u2013 \u2013 (0.1) (0.1)
t 31 December 2021
23.9 \u2013 60.8 84.7
Charge for the year
3.6 \u2013 8.7 12.3
Eliminated on disposal
(0.1) \u2013 \u2013 (0.1)
Exchange differences
(2.3) \u2013 (5.7) (8.0)
t 31 December 2022
25.1 \u2013 63.8 88.9
Carrying amount:
t 31 December 2021
20.0 \u2013 15.0 35.0
t 31 December 2022
17.6 \u2013 13.5 31.1
The table above includes assets under construction of $8.9 million (2021: $6.1 million). Other intangible assets includes capitalised
expenditure related to the Group\u2019s digitalisation programme.
An impairment test was performed on the balances at 31 December 2022 and impairment charges of $nil (2021: $4.8 million) were
recognised.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "13. Goodwill (in $ millions) Total Cost At 1 January 2021 2,440.3 Additions 76.6 Exchange differences (7.8) At 31 December 2021 2,509.1 Adjustments to provisional amounts recognised (Note 12) 36.7 At 31 December 2021 (revised) 2,545.8 Exchange differences (141.5) At 31 December 2022 2,404.3 Accumulated impairment At 1 January 2021 2,355.8 Exchange differences (7.2) At 31 December 2021 2,348.6 Exchange differences (135.6) At 31 December 2022 2,213.0 Carrying amount At 31 December 2021 (revised) 197.2 At 31 December 2022 191.3 For financial management and reporting purposes, the Group is organised into management regions. Management regions are aligned with the Group\u2019s business units which are used by the Chief Operating Decision Maker (CODM) to allocate resources and appraise performance. The Group has ten CGUs which are aligned with management regions. At 31 December 2022 the Group\u2019s CGUs comprised: \u2022 CGUs for Africa Middle East and Caspian, Asia Pacific, Brazil, Gulf of Mexico, Norway and UK and GIRM (Global Inspection Repair and Maintenance) which include activities connected with the performance of regional projects including SURF activities (related to the engineering, procurement, construction and installation of offshore systems), Conventional services (including the fabrication, installation, extension and refurbishment of platforms and pipelines in shallow water), the long-term PLSV contracts in Brazil, activities connected with the provision of inspection, repair and maintenance services, integrity management of subsea infrastructure and remote intervention support; \u2022 Nautilus CGU which includes activities related to floating wind solutions; \u2022 Xodus CGU which includes activities related to engineering services, advisory services and environmental support; \u2022 4Subsea CGU which includes activities connected with integrity management of subsea infrastructure; and \u2022 Renewables CGU which includes activities connected with three specialist segments of the fixed offshore wind market: the installation of offshore wind turbine foundations and inner-array cables, heavy lifting and heavy transportation operations related to the renewables sector, and the decommissioning of redundant offshore structures. The Group performed its annual goodwill impairment review at 31 December 2022. Subsequent to this review the carrying amounts of the goodwill were allocated to the following CGUs: (Revised) At (in $ millions) 2022 31 Dec 2021 31 Dec Nautilus 6.3 6.7 Norway 9.5 9.5 Renewables 105.3 105.3 UK GIRM 37.6 40.7 Xodus 15.5 16.1 4Subsea 17.1 18.9 Total 191.3 197.2 At 31 December 2022 there was no goodwill associated with the Africa Middle East and Caspian, Asia Pacific, Brazil and Gulf of Mexico CGUs . 13. Goodwill The recoverable amounts of the CGUs were determined based on a value-in-use calculation using pre-tax, risk adjusted cash flow projections approved by the Executive Management Team covering a five-year period from 2023 to 2027. These projections included certain considerations for climate change-related risks and opportunities on the period. Future uncertainty around climate-related risks continue to be monitored including policy, regulatory, legal, technological, market and societal considerations. The present value of future cash flows is most sensitive to the terminal value assumptions; management considers these represent an appropriate balance between the oil and gas-related business and the growing renewables sector within the transition to a lower-carbon economy. Cash flows beyond the five-year period were extrapolated in perpetuity using a 2.0% (2021: 2.0%) growth rate for the Subsea and Conventional business unit and a 4.0% (2021: 2.0%) growth rate for the Renewables business unit to determine the terminal value. The pre-tax discount rate applied to the risk adjusted cash flow projections was 13.3% (2021: 10.6%). Key assumptions used in value-in-use calculations Management considers that the calculations of value-in-use for all CGUs are most sensitive to the following key assumptions: \u2022 Adjusted EBITDA forecasts; \u2022 capital expenditure forecasts; \u2022 the pre-tax discount rate; and \u2022 the growth rate used to extrapolate cash flows. Adjusted EBITDA forecasts \u2013 the Adjusted EBITDA forecast for each CGU is dependent on a combination of factors including market size, market share, contractual backlog, gross margins, future project awards, asset utilisation and an assessment of the impacts of competition within the respective segments. Assumptions are based on a combination of internal and external studies, management judgements and historical information, adjusted for any foreseen changes in market conditions. Replacement capital expenditure forecasts \u2013 the capital expenditure forecast for the Group is dependent on a combination of factors including market size, asset utilisation and asset age. Assumptions are based on a combination of internal and external studies, management judgements and historical information, adjusted for any foreseen changes in market conditions. Replacement capital expenditure represents the amounts estimated to maintain the function of the assets in the CGU. Pre-tax discount rate \u2013 the pre-tax discount rate was estimated based on the weighted average cost of capital of the Group, amended to reflect a normalised capital structure for the energy sector. Risk premiums were not applied to the discount rate applied to individual CGUs as the CGU cash flow projections were risk adjusted. Growth rate estimates \u2013 the growth rate used to extrapolate the cash flow projections beyond the five-year period is broadly consistent with market expectations for long-term growth in the industry and assumes no significant change in the Group\u2019s market share and the range of services and products provided. Sensitivity to changes in key assumptions In determining the value-in-use recoverable amount for each CGU, sensitivities have been applied to key assumptions. The industry in which the Group operates is cyclical and highly dependent on energy prices; this could lead to changes in future cash flows which are greater than the sensitivity ranges applied. In the performance of sensitivity analysis the impacts of the following changes to key assumptions were assessed: \u2022 forecast Adjusted EBITDA \u2013 a 10% increase and decrease in the assumptions during the five-year period from 2023 to 2027, and the Adjusted EBITDA upon which terminal values have been calculated; \u2022 replacement capital expenditure forecast \u2013 a 25% increase and decrease in the forecast replacement capital expenditure assumptions during the five-year period from 2023 to 2027, and the capital expenditure upon which terminal values have been calculated; \u2022 pre-tax discount rate \u2013 an increase and decrease by 2 percentage points; and \u2022 growth rate \u2013 an increase and decrease by 2 percentage points. The impact on goodwill as a result of changes to the key assumptions used in the sensitivity analysis is as follows: Adjusted EBITDA Discount rate Capital expenditure Long-term growth rate (in $ millions) 10% decrease 10% increase 2% decrease 2% increase 25% decrease 25% increase 2% decrease 2% increase UK GIRM (11.8) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 4Subsea (3.1) \u2013 \u2013 (4.7) \u2013 (2.6) (3.3) \u2013 Xodus (3.0) \u2013 \u2013 (2.0) \u2013 (1.0) \u2013 \u2013 CGUs not impaired and not sensitive to impairment Changes to the key assumptions used in the sensitivity analysis would not, in isolation, cause the recoverable amount of the Norway, Nautilus or Renewables CGUs to be materially less than their carrying value. The Africa Middle East and Caspian, Asia Pacific, Brazil and Gulf of Mexico CGUs have no goodwill, therefore any future changes in the key assumptions, in isolation, would not result in an impairment charge being recognised against goodwill. The Brazil CGU is sensitive to changes in the key assumptions which may result in a potential CGU impairment being recognised in future years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "14. Intangible assets (in $ millions) Software Customer contracts (backlog) Other intangibles Total Cost A t 1 January 2021 46.1 30.5 109.5 186.1 A cquisition of businesses \u2013 \u2013 2.3 2.3 A dditions 8.4 \u2013 0.1 8.5 Disposals (10.4) (30.5) (34.1) (75.0) Exchange differences (0.2) \u2013 0.3 0.1 A t 31 December 2021 43.9 \u2013 78.1 122.0 A djustments to provisional amounts recognised (Note 12) \u2013 \u2013 (2.3) (2.3) A t 31 December 2021 (revised) 43.9 \u2013 75.8 119.7 A dditions 3.0 \u2013 8.0 11.0 Disposals (0.1) \u2013 \u2013 (0.1) Exchange differences (4.1) \u2013 (6.5) (10.6) A t 31 December 2022 42.7 \u2013 77.3 120.0 A ccumulated amortisation and impairment A t 1 January 2021 30.5 30.5 79.1 140.1 Charge for the year 3.6 \u2013 11.1 14.7 Impairments \u2013 \u2013 4.8 4.8 Eliminated on disposal (10.2) (30.5) (34.1) (74.8) Exchange differences \u2013 \u2013 (0.1) (0.1) A t 31 December 2021 23.9 \u2013 60.8 84.7 Charge for the year 3.6 \u2013 8.7 12.3 Eliminated on disposal (0.1) \u2013 \u2013 (0.1) Exchange differences (2.3) \u2013 (5.7) (8.0) A t 31 December 2022 25.1 \u2013 63.8 88.9 Carrying amount: A t 31 December 2021 20.0 \u2013 15.0 35.0 A t 31 December 2022 17.6 \u2013 13.5 31.1 The table above includes assets under construction of $8.9 million (2021: $6.1 million). Other intangible assets includes capitalised expenditure related to the Group\u2019s digitalisation programme. An impairment test was performed on the balances at 31 December 2022 and impairment charges of $nil (2021: $4.8 million) were recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-665": {
"value": "15. Property, plant and equipment
(in $ millions) Vessels
Operating
equipment
Land and
buildings
Other
assets Total
Cost
t 1 January 2021
5,978.0 1,017.5 518.6 50.4 7,564.5
cquisition of businesses
290.5 \u2013 \u2013 1.2 291.7
dditions
105.2 28.9 10.3 13.5 157.9
Exchange differences
(0.8) (1.3) (5.8) (0.8) (8.7)
Transfers
(0.7) 0.3 4.0 (3.6) \u2013
Disposals
(374.2) (28.1) (4.0) (2.7) (409.0)
t 31 December 2021
5,998.0 1,017.3 523.1 58.0 7,596.4
dditions
176.9 19.5 8.5 17.7 222.6
Exchange differences
(52.3) (43.7) (14.4) (7.0) (117.4)
Transfers
(20.6) 24.3 \u2013 (3.7) \u2013
ssets held for sale (Note 21)
(222.3) \u2013 \u2013 \u2013 (222.3)
Disposals
(23.6) (7.8) \u2013 (2.1) (33.5)
t 31 December 2022
5,856.1 1,009.6 517.2 62.9 7,445.8
ccumulated depreciation and impairment
t 1 January 2021
2,436.8 801.1 295.3 48.7 3,581.9
Charge for the year
263.2 49.0 21.9 7.
0 341.1
Impairments
\u2013 \u2013 4.1 \u2013 4.1
Exchange differences
(1.7) (0.8) (2.9) (0.7) (6.1)
Transfers
2.4 \u2013 \u2013 (2.4) \u2013
Eliminated on disposals
(371.0) (28.0) (4.0) (2.6) (405.6)
t 31 December 2021
2,329.7 821.3 314.4 50.0 3,515.4
Charge for the year
253.8 66.9 18.4 6.5 345.6
Impairments
\u2013 2.3 \u2013 \u2013 2.3
Impairment reversals
(55.6) \u2013 \u2013 \u2013 (55.6)
Exchange differences
(28.1) (36.9) (6.1) (3.1) (74.2)
ssets held for sale (Note 21)
(176.8) \u2013 \u2013 \u2013 (176.8)
Eliminated on disposals
(23.5) (7.3) \u2013 (2.1) (32.9)
t 31 December 2022
2,299.5 846.3 326.7 51.3 3,523.8
Carrying amount:
t 31 December 2021
3,668.3 196.0 208.7 8.0 4,081.0
t 31 December 2022
3,556.6 163.3 190.5 11.6 3,922.0
The table above includes assets under construction of $431.1 million at 31 December 2022 (2021: $285.4 million).
An impairment test was performed on the balances of property, plant and equipment at 31 December 2022 and impairment charges
of $2.3 million (2021: $4.1 million) were recognised where the future recoverable amounts were lower than the carrying amounts.
The charges were recognised in the Consolidated Income Statement within operating expenses. Recoverable amount is defined as
the higher of value-in-use and fair value less costs of disposal and was determined by management based on recent similar market
transactions, an assessment of internal estimates and independent external valuations. In addition, impairment reversals totalling
$55.6 million (2021: $nil) were recognised in relation to a vessel and operating equipment, driven by an upward revision in forecast
utilisation of the assets. The impairment reversals were recognised within the Subsea and Conventional business unit.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-666": {
"value": "16. Right-of-use assets
(in $ millions) Vessels
Operating
equipment
Land and
buildings
Other
assets Total
Cost
t 1 January 2021
257.2 2.2 132.1 2.9 394.4
cquisition of businesses
\u2013 \u2013 3.0 \u2013 3.0
dditions
30.3 8.6 15.3 0.6 54.8
Exchange differences
(1.2) (0.7) (4.6) (0.1) (6.6)
Remeasurement
(2.5) \u2013 3.0 \u2013 0.5
Disposals
\u2013 (0.9) (10.2) (0.4) (11.5)
t 31 December 2021
283.8 9.2 138.6 3.0 434.6
dditions
62.4 1.1 5.4 \u2013 68.9
Exchange differences
(12.8) (0.2) (7.0) \u2013 (20.0)
Remeasurement
65.9 5.5 (0.3) (0.2) 70.9
Disposals
(26.4) (0.9) (7.8) (0.1) (35.2)
t 31 December 2022
372.9 14.7 128.9 2.7 519.2
ccumulated amortisation and impairment
t 1 January 2021
113.3 1.4 65.1 1.3 181.1
Charge for the year
53.7 4.7 19.3 0.8 78.5
Impairments
\u2013 \u2013 0.2 \u2013 0.2
Impairment reversals
\u2013 \u2013 (3.7) \u2013 (3.7)
Exchange differences
(5.2) (0.3) (4.7) \u2013 (10.2)
Remeasurement
(4.4) \u2013 (1.8) \u2013 (6.2)
Eliminated on disposals
\u2013 (0.9) (10.2) (0.4) (11.5)
t 31 December 2021
157.4 4.9 64.2 1.7 228.2
Charge for the year
74.3 4.2 19.6 0.7 98.8
Impairment reversals
\u2013 \u2013 (3.7) \u2013 (3.7)
Exchange differences
(8.0) (0.1) (3.1) (0.1) (11.3)
Eliminated on disposals
(26.4) (0.8) (7.5) (0.1) (34.8)
t 31 December 2022
197.3 8.2 69.5 2.2 277.2
Carrying amount:
t 31 December 2021
126.4 4.3 74.4 1.3 206.4
t 31 December 2022
175.6 6.5 59.4 0.5 242.0
The Group leases vessels, operating equipment and properties with contracts which are typically for fixed periods but may have
extension options used to maximise operational flexibility. The majority of extension and termination options held are exercisable only by
the Group and not the respective lessors. Lease liabilities are disclosed within Note 29 \u2018Lease liabilities\u2019. Commitments to leases which
have not yet commenced are disclosed within Note 33 \u2018Commitments and contingent liabilities\u2019.
An impairment test was performed on the balances at 31 December 2022 and impairment charges totalling $nil (2021: $0.2 million)
were recognised. In addition impairment reversals totalling $3.7 million were recognised (2021: $3.7 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "16. Right-of-use assets (in $ millions) Vessels Operating equipment Land and buildings Other assets Total Cost A t 1 January 2021 257.2 2.2 132.1 2.9 394.4 A cquisition of businesses \u2013 \u2013 3.0 \u2013 3.0 A dditions 30.3 8.6 15.3 0.6 54.8 Exchange differences (1.2) (0.7) (4.6) (0.1) (6.6) Remeasurement (2.5) \u2013 3.0 \u2013 0.5 Disposals \u2013 (0.9) (10.2) (0.4) (11.5) A t 31 December 2021 283.8 9.2 138.6 3.0 434.6 A dditions 62.4 1.1 5.4 \u2013 68.9 Exchange differences (12.8) (0.2) (7.0) \u2013 (20.0) Remeasurement 65.9 5.5 (0.3) (0.2) 70.9 Disposals (26.4) (0.9) (7.8) (0.1) (35.2) A t 31 December 2022 372.9 14.7 128.9 2.7 519.2 A ccumulated amortisation and impairment A t 1 January 2021 113.3 1.4 65.1 1.3 181.1 Charge for the year 53.7 4.7 19.3 0.8 78.5 Impairments \u2013 \u2013 0.2 \u2013 0.2 Impairment reversals \u2013 \u2013 (3.7) \u2013 (3.7) Exchange differences (5.2) (0.3) (4.7) \u2013 (10.2) Remeasurement (4.4) \u2013 (1.8) \u2013 (6.2) Eliminated on disposals \u2013 (0.9) (10.2) (0.4) (11.5) A t 31 December 2021 157.4 4.9 64.2 1.7 228.2 Charge for the year 74.3 4.2 19.6 0.7 98.8 Impairment reversals \u2013 \u2013 (3.7) \u2013 (3.7) Exchange differences (8.0) (0.1) (3.1) (0.1) (11.3) Eliminated on disposals (26.4) (0.8) (7.5) (0.1) (34.8) A t 31 December 2022 197.3 8.2 69.5 2.2 277.2 Carrying amount: A t 31 December 2021 126.4 4.3 74.4 1.3 206.4 A t 31 December 2022 175.6 6.5 59.4 0.5 242.0 The Group leases vessels, operating equipment and properties with contracts which are typically for fixed periods but may have extension options used to maximise operational flexibility. The majority of extension and termination options held are exercisable only by the Group and not the respective lessors. Lease liabilities are disclosed within Note 29 \u2018Lease liabilities\u2019. Commitments to leases which have not yet commenced are disclosed within Note 33 \u2018Commitments and contingent liabilities\u2019. An impairment test was performed on the balances at 31 December 2022 and impairment charges totalling $nil (2021: $0.2 million) were recognised. In addition impairment reversals totalling $3.7 million were recognised (2021: $3.7 million).29. Lease liabilities
t (in $ millions)
2022
31 Dec
2021
31 Dec
Maturity analysis \u2013 contractual undiscounted cash flows
Within one year
107.8 90.3
Years two to five inclusive
165.7 141.8
fter five years
10.2 17.1
Total undiscounted lease liabilities
283.7 249.2
Effect of discounting
(26.7) (18.3)
Discounted lease liabilities
257.0 230.9
Consisting of:
Non-current
161.2 142.9
Current
95.8 88.0
Total discounted lease liabilities
257.0 230.9
Amounts recognised within the Consolidated Income Statement in relation to short-term and low-value leases are disclosed within
Note 6 \u2018Net operating income\u2019. Payments related to lease liabilities disclosed within the Consolidated Cash Flows Statement for the
year ended 31 December 2022 were $110.7 million (2021: $93.1 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-680": {
"value": "17. Interests in associates and joint arrangements Interests in associates and joint ventures At 31 December 2022 the Group had interests in 11 joint ventures. The Group\u2019s ownership interests in joint ventures were as follows: Year end Country of registration Operating segment Classification Subsea7 ownership % Astori Sp. z.o.o. 31 December Poland Subsea and Conventional Joint Venture 49 Belmet 7 Limited 31 December Ghana Subsea and Conventional Joint Venture 49 Eidesvik Seven AS 31 December Norway Subsea and Conventional Joint Venture 50 Eidesvik Seven Chartering AS 31 December Norway Subsea and Conventional Joint Venture 50 ENMAR S.A. 31 December Mozambique Subsea and Conventional Joint Venture 51 GO FZE 31 December Nigeria Subsea and Conventional Joint Venture 40 Global Oceon Engineers Nigeria Limited 31 December Nigeria Subsea and Conventional Joint Venture 40 SapuraAcergy Assets Pte Ltd (a) 31 January Malaysia Subsea and Conventional Joint Venture 51 SapuraAcergy Sdn Bhd (a) 31 January Malaysia Subsea and Conventional Joint Venture 50 Subsea Integration Alliance LLC 31 December US Subsea and Conventional Joint Venture 50 Subsea 7 Malaysia Sdn Bhd 31 December Malaysia Subsea and Conventional Joint Venture 30 (a) The Group has 50% equity ownership of SapuraAcergy Sdn. Bhd and 51% equity ownership in SapuraAcergy Assets Pte Ltd, however, 1% is subject to a put and call option for the benefit of its joint venture partner. For all entities the principal place of business is consistent with the country of registration. For the majority of entities the proportion of voting rights is consistent with the proportion of ownership interest, however in some cases some specific matters require unanimous approval of all shareholders. All interests in joint ventures are accounted for using the equity method. Financial information, using consistent accounting policies, for the year ended 31 December 2022 is used for all entities. The movement in the balance of investments in joint ventures was as follows: (in $ millions) 2022 2021 At year beginning 28.6 29.5 Share of net (loss)/income of associates and joint ventures (3.0) 3.9 Net reclassification of investment balances 1.7 (4.5) Exchange differences (1.8) (0.3) At year end 25.5 28.6 Net reclassification of investment balances This amount relates primarily to reclassification within the Group\u2019s balance sheet of negative investment balances to other non-current liabilities. Summarised financial information At 31 December 2022 none of the Group\u2019s investments in joint ventures were individually material to the Group therefore summarised financial information has not been provided. Interests in joint arrangements The Group executes contracts on a regular basis through unstructured joint operations governed by alliance or consortium agreements. These agreements provide for joint and several liability for the parties involved. The material joint operations of the Group are detailed below. The Group participates in Subsea Integration Alliance (SIA), through unincorporated strategic global operations between Subsea7 and OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. As part of the alliance, Subsea7 and OneSubsea\u00ae agree terms and conditions on a project-by-project basis; this governs the relationship between the entities executing contracts with clients. SIA operates globally and provides clients with subsea technologies, production and processing systems, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. Contracts with clients are entered into by individual entities of the Subsea7 and OneSubsea\u00ae groups, with all activities executed on a joint and several basis. Saudi Arabian Oil Company awarded a long-term frame agreement to a consortium consisting of Subsea7 and L&T Hydrocarbon Engineering. This unincorporated consortium is governed by a consortium agreement, and Subsea7 and L&T Hydrocarbon Engineering are jointly and severally liable to Saudi Arabian Oil Company for the various call-off work orders awarded to the consortium via the long- term frame agreement. The consortium\u2019s activities include project management, engineering, procurement, fabrication, transportation and installation of offshore facilities and infrastructure. The principal place of business of the unincorporated consortium is the Kingdom of Saudi Arabia. Interests in joint ventures and associates \u2013 agreement to complete second half of 2023 On 30 August 2022, the Group announced its intention to acquire a 10% ownership interest in a proposed entity which will comprise the subsea businesses of SLB and Aker Solutions, with the Group contributing $306.5 million for a 10% ownership interest. The Group will not contribute any assets or businesses. The entity will operate within Subsea Integration Alliance, in a similar capacity to the existing arrangements with OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. The transaction is subject to regulatory approvals as well as other customary closing conditions and is expected to complete during the second half of 2023. The consideration of $306.5 million will be payable 50% at completion date with the remainder on or before 30 June 2024. The results of the entity are expected to be equity accounted in the Group\u2019s Consolidated Financial Statements as an associate, on the basis that the Group will have significant influence in the entity and representation on the Board of Directors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-667": {
"value": "17. Interests in associates and joint arrangements Interests in associates and joint ventures At 31 December 2022 the Group had interests in 11 joint ventures. The Group\u2019s ownership interests in joint ventures were as follows: Year end Country of registration Operating segment Classification Subsea7 ownership % Astori Sp. z.o.o. 31 December Poland Subsea and Conventional Joint Venture 49 Belmet 7 Limited 31 December Ghana Subsea and Conventional Joint Venture 49 Eidesvik Seven AS 31 December Norway Subsea and Conventional Joint Venture 50 Eidesvik Seven Chartering AS 31 December Norway Subsea and Conventional Joint Venture 50 ENMAR S.A. 31 December Mozambique Subsea and Conventional Joint Venture 51 GO FZE 31 December Nigeria Subsea and Conventional Joint Venture 40 Global Oceon Engineers Nigeria Limited 31 December Nigeria Subsea and Conventional Joint Venture 40 SapuraAcergy Assets Pte Ltd (a) 31 January Malaysia Subsea and Conventional Joint Venture 51 SapuraAcergy Sdn Bhd (a) 31 January Malaysia Subsea and Conventional Joint Venture 50 Subsea Integration Alliance LLC 31 December US Subsea and Conventional Joint Venture 50 Subsea 7 Malaysia Sdn Bhd 31 December Malaysia Subsea and Conventional Joint Venture 30 (a) The Group has 50% equity ownership of SapuraAcergy Sdn. Bhd and 51% equity ownership in SapuraAcergy Assets Pte Ltd, however, 1% is subject to a put and call option for the benefit of its joint venture partner. For all entities the principal place of business is consistent with the country of registration. For the majority of entities the proportion of voting rights is consistent with the proportion of ownership interest, however in some cases some specific matters require unanimous approval of all shareholders. All interests in joint ventures are accounted for using the equity method. Financial information, using consistent accounting policies, for the year ended 31 December 2022 is used for all entities. The movement in the balance of investments in joint ventures was as follows: (in $ millions) 2022 2021 At year beginning 28.6 29.5 Share of net (loss)/income of associates and joint ventures (3.0) 3.9 Net reclassification of investment balances 1.7 (4.5) Exchange differences (1.8) (0.3) At year end 25.5 28.6 Net reclassification of investment balances This amount relates primarily to reclassification within the Group\u2019s balance sheet of negative investment balances to other non-current liabilities. Summarised financial information At 31 December 2022 none of the Group\u2019s investments in joint ventures were individually material to the Group therefore summarised financial information has not been provided. Interests in joint arrangements The Group executes contracts on a regular basis through unstructured joint operations governed by alliance or consortium agreements. These agreements provide for joint and several liability for the parties involved. The material joint operations of the Group are detailed below. The Group participates in Subsea Integration Alliance (SIA), through unincorporated strategic global operations between Subsea7 and OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. As part of the alliance, Subsea7 and OneSubsea\u00ae agree terms and conditions on a project-by-project basis; this governs the relationship between the entities executing contracts with clients. SIA operates globally and provides clients with subsea technologies, production and processing systems, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. Contracts with clients are entered into by individual entities of the Subsea7 and OneSubsea\u00ae groups, with all activities executed on a joint and several basis. Saudi Arabian Oil Company awarded a long-term frame agreement to a consortium consisting of Subsea7 and L&T Hydrocarbon Engineering. This unincorporated consortium is governed by a consortium agreement, and Subsea7 and L&T Hydrocarbon Engineering are jointly and severally liable to Saudi Arabian Oil Company for the various call-off work orders awarded to the consortium via the long- term frame agreement. The consortium\u2019s activities include project management, engineering, procurement, fabrication, transportation and installation of offshore facilities and infrastructure. The principal place of business of the unincorporated consortium is the Kingdom of Saudi Arabia. Interests in joint ventures and associates \u2013 agreement to complete second half of 2023 On 30 August 2022, the Group announced its intention to acquire a 10% ownership interest in a proposed entity which will comprise the subsea businesses of SLB and Aker Solutions, with the Group contributing $306.5 million for a 10% ownership interest. The Group will not contribute any assets or businesses. The entity will operate within Subsea Integration Alliance, in a similar capacity to the existing arrangements with OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. The transaction is subject to regulatory approvals as well as other customary closing conditions and is expected to complete during the second half of 2023. The consideration of $306.5 million will be payable 50% at completion date with the remainder on or before 30 June 2024. The results of the entity are expected to be equity accounted in the Group\u2019s Consolidated Financial Statements as an associate, on the basis that the Group will have significant influence in the entity and representation on the Board of Directors. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "17. Interests in associates and joint arrangements Interests in associates and joint ventures At 31 December 2022 the Group had interests in 11 joint ventures. The Group\u2019s ownership interests in joint ventures were as follows: Year end Country of registration Operating segment Classification Subsea7 ownership % Astori Sp. z.o.o. 31 December Poland Subsea and Conventional Joint Venture 49 Belmet 7 Limited 31 December Ghana Subsea and Conventional Joint Venture 49 Eidesvik Seven AS 31 December Norway Subsea and Conventional Joint Venture 50 Eidesvik Seven Chartering AS 31 December Norway Subsea and Conventional Joint Venture 50 ENMAR S.A. 31 December Mozambique Subsea and Conventional Joint Venture 51 GO FZE 31 December Nigeria Subsea and Conventional Joint Venture 40 Global Oceon Engineers Nigeria Limited 31 December Nigeria Subsea and Conventional Joint Venture 40 SapuraAcergy Assets Pte Ltd (a) 31 January Malaysia Subsea and Conventional Joint Venture 51 SapuraAcergy Sdn Bhd (a) 31 January Malaysia Subsea and Conventional Joint Venture 50 Subsea Integration Alliance LLC 31 December US Subsea and Conventional Joint Venture 50 Subsea 7 Malaysia Sdn Bhd 31 December Malaysia Subsea and Conventional Joint Venture 30 (a) The Group has 50% equity ownership of SapuraAcergy Sdn. Bhd and 51% equity ownership in SapuraAcergy Assets Pte Ltd, however, 1% is subject to a put and call option for the benefit of its joint venture partner. For all entities the principal place of business is consistent with the country of registration. For the majority of entities the proportion of voting rights is consistent with the proportion of ownership interest, however in some cases some specific matters require unanimous approval of all shareholders. All interests in joint ventures are accounted for using the equity method. Financial information, using consistent accounting policies, for the year ended 31 December 2022 is used for all entities. The movement in the balance of investments in joint ventures was as follows: (in $ millions) 2022 2021 At year beginning 28.6 29.5 Share of net (loss)/income of associates and joint ventures (3.0) 3.9 Net reclassification of investment balances 1.7 (4.5) Exchange differences (1.8) (0.3) At year end 25.5 28.6 Net reclassification of investment balances This amount relates primarily to reclassification within the Group\u2019s balance sheet of negative investment balances to other non-current liabilities. Summarised financial information At 31 December 2022 none of the Group\u2019s investments in joint ventures were individually material to the Group therefore summarised financial information has not been provided. Interests in joint arrangements The Group executes contracts on a regular basis through unstructured joint operations governed by alliance or consortium agreements. These agreements provide for joint and several liability for the parties involved. The material joint operations of the Group are detailed below. The Group participates in Subsea Integration Alliance (SIA), through unincorporated strategic global operations between Subsea7 and OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. As part of the alliance, Subsea7 and OneSubsea\u00ae agree terms and conditions on a project-by-project basis; this governs the relationship between the entities executing contracts with clients. SIA operates globally and provides clients with subsea technologies, production and processing systems, bringing together field development planning, project delivery and total lifecycle solutions under an extensive technology and services portfolio. Contracts with clients are entered into by individual entities of the Subsea7 and OneSubsea\u00ae groups, with all activities executed on a joint and several basis. Saudi Arabian Oil Company awarded a long-term frame agreement to a consortium consisting of Subsea7 and L&T Hydrocarbon Engineering. This unincorporated consortium is governed by a consortium agreement, and Subsea7 and L&T Hydrocarbon Engineering are jointly and severally liable to Saudi Arabian Oil Company for the various call-off work orders awarded to the consortium via the long- term frame agreement. The consortium\u2019s activities include project management, engineering, procurement, fabrication, transportation and installation of offshore facilities and infrastructure. The principal place of business of the unincorporated consortium is the Kingdom of Saudi Arabia. Interests in joint ventures and associates \u2013 agreement to complete second half of 2023
On 30 August 2022, the Group announced its intention to acquire a 10% ownership interest in a proposed entity which will comprise
the subsea businesses of SLB and Aker Solutions, with the Group contributing $306.5 million for a 10% ownership interest. The Group
will not contribute any assets or businesses. The entity will operate within Subsea Integration Alliance, in a similar capacity to the
existing arrangements with OneSubsea\u00ae, the subsea technologies, production and processing systems division of SLB. The
transaction is subject to regulatory approvals as well as other customary closing conditions and is expected to complete during the
second half of 2023. The consideration of $306.5 million will be payable 50% at completion date with the remainder on or before
30 June 2024. The results of the entity are expected to be equity accounted in the Group\u2019s Consolidated Financial Statements as
an associate, on the basis that the Group will have significant influence in the entity and representation on the Board of Directors.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "18. Advances and receivables
t (in $ millions)
2022
31 Dec
2021
31 Dec
Non-current amounts due from associates and joint ventures
37.4 38.6
llowance for credit impairment
(1.6) (1.6)
35.8 37.0
Capitalised fees for long-term loan facilities
1.8 5.3
Deposits held by third parties
1.1 1.0
Other receivables
27.2 14.1
Total
65.9 57.4
",
"dimensions": {
"concept": "subsea7sa:DisclosureOfAdvancesAndReceivables",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "19. Inventories
t (in $ millions)
2022
31 Dec
2021
31 Dec
Materials and non-critical spares
8.8 10.4
Consumables
40.7 29.9
Total
49.5 40.3
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Total cost of inventory charged to the Consolidated Income Statement
163.7 114.5
Write-down of inventories charged to the Consolidated Income Statement
1.4 0.5
Provision for obsolescence charged to the Consolidated Income Statement
0.3 2.4
At 31 December 2022 inventories included a provision for obsolescence of $5.2 million (2021: $6.5 million). There were no inventories
pledged as security.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "20. Trade and other receivables
t (in $ millions)
2022
31 Dec
2021
31 Dec
Trade receivables
431.5 519.2
llowance for expected credit losses
(2.0) (2.2)
llowance for credit impairment
(4.4) (3.9)
425.1 513.1
Current amounts due from associates and joint ventures
3.7 4.4
llowance for credit impairment
(2.1) (1.9)
1.6 2.5
Other receivables
32.5 20.5
dvances to suppliers
28.5 39.0
Other taxes receivable
98.5 56.7
Trade and other receivables
586.2 631.8
Current tax assets
61.1 24.1
Total
647.3 655.9
Details of how the Group manages its credit risk and further analysis of the trade receivables balance, allowances for expected credit
losses and allowances for credit impairment are shown in Note 34 \u2018Financial instruments\u2019.
Other receivables include insurance receivables, customer retentions and deposits.
Other taxes receivable include value added tax, sales tax, withholding tax, social security tax and other indirect taxes.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "21. Assets classified as held for sale
During December 2022, the Group marketed two vessels for sale, Seven Antares and Seven Inagha. Management considered its
actions met the criteria within IFRS 5 \u2018Non-current Assets Held for Sale and Discontinued Operations\u2019, to classify the assets as held for
sale with disposals expected to be completed within a year from the reporting date. At 31 December 2022, both vessels were classified
as held for sale at their carrying amounts which management considered was representative of their fair value less costs to sell.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "22. Other accrued income and prepaid expenses
t (in $ millions)
2022
31 Dec
2021
31 Dec
Unbilled revenue
93.4 88.1
llowance for expected credit losses
(0.4) (0.4)
93.0 87.7
Prepaid expenses
111.6 116.8
Total
204.6 204.5
Unbilled revenue relates to work completed on day-rate contracts, which had not been billed to clients at the balance sheet date.
There were no contract liability balances which relate to this category of contract revenue. Revenue of $6.6 million (2021: $6.0 million)
was recognised in the year relating to performance obligations satisfied in previous periods. The increase in the balance during the year
was due to increased activity in the UK and Norway.
Prepaid expenses arise in the normal course of business and represent expenditure which has been deferred and which will be
recognised in the Consolidated Income Statement within 12 months of the balance sheet date.
The movement in the allowance for expected credit losses in respect of unbilled revenue during the year was as follows:
(in $ millions)
2022
31 Dec
2021
31 Dec
llowance for expected credit losses
t year beginning
(0.4) (1.3)
Decrease in allowance recognised in profit or loss
\u2013 0.9
t year end
(0.4) (0.4)
Details of how the Group manages its credit risk are shown in Note 34 \u2018Financial instruments\u2019.
At 31 December 2022 the allowance for credit impairment in respect of unbilled revenue was $nil (2021: $nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "23. Construction contracts
(in $ millions)
Construction
contracts \u2013
assets
Construction
contracts \u2013
liabilities
t 31 December 2022
Current
809.5 (319.4)
llowance for expected credit losses
(1.8) \u2013
Total
807.7 (319.4)
(in $ millions)
Construction
contracts \u2013
assets
Construction
contracts \u2013
liabilities
t 31 December 2021
Current
791.4 (205.7)
llowance for expected credit losses
(3.2) \u2013
788.2 (205.7)
Non-current
4.4
\u2013
Total
792.6 (205.7)
(in $ millions)
2022
31 Dec
2021
31 Dec
Revenue recognised which was included in construction contract liabilities at beginning of year
195.0 267.9
Revenue recognised from performance obligations satisfied in previous periods
78.0 69.1
Revenue recognised which was included in construction contract liabilities at the beginning of the year of $195.0 million (2021: $267.9
million) represents amounts included within the construction contract liabilities balance at 1 January 2022 which have been recognised
as revenue during the year. Revenue recognised from performance obligations satisfied in previous periods of $78.0 million (2021:
$69.1 million) represents revenue recognised in the Consolidated Income Statement for projects which were considered operationally
complete at the prior year end.
Significant movements in the construction contract asset and construction contract liability balances
The Group has construction contract asset and construction contract liability balances as a result of long-term projects in the Subsea
and Conventional and Renewables business units. Details of the Group\u2019s treatment of performance obligations are disclosed in Note 3
\u2018Significant accounting policies\u2019. Due to the number and size of projects within the Group, construction contract asset and liability
balances can vary significantly at each reporting date. Cumulative adjustments to revenue are most commonly caused by a change to
the estimate of the transaction price due to a reassessment of the constraint to variable consideration, awarded variation orders, scope
changes or amendments to the cost profile.
The $15.1 million increase in construction contract assets and the $113.7 million increase in construction contract liabilities during 2022
was driven by an increase in activity in the Subsea and Conventional business unit, primarily in Norway and Brazil.
Construction contract assets
An analysis of the ageing of construction contract assets at the balance sheet date has not been provided. Due to the nature of the
balances and the fact that the Group invoices on a milestone basis, the ageing of construction contract assets is not reflective of the
credit risk associated with these balances.
The movement in the allowance for expected credit losses in respect of net construction contract assets during the year was as follows:
(in $ millions)
2022
31 Dec
2021
31 Dec
llowance for expected credit losses
t year beginning
(3.2) (3.8)
Decrease in allowance recognised in profit or loss
1.4 0.6
t year end
(1.8) (3.2)
The allowance for expected credit losses decreased during the year due to fluctuations in the mix of customers, the size of receivables
due and the default probability.
At 31 December 2022 the allowance for credit impairment recognised in connection with construction contract assets was $nil
(2021: $nil).
Transaction price allocated to the remaining performance obligations
The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) was as follows:
At 31 December 2022
Expected year of execution
(in $ millions) 2023 2024 2025
2026
and beyond Total
Subsea and Conventional
3,815.8 2,565.6 1,178.9 581.0 8,141.3
Renewables
367.3 392.6 83.9 0.3 844.1
Corporate
20.9 1.3 \u2013 \u2013 22.2
Total
4,204.0 2,959.5 1,262.8 581.3 9,007.6
t 31 December 2021
Expected year of execution
(in $ millions) 2022 2023 2024
2025
and beyond Total
Subsea and Conventional
3,404.6 1,813.7 614.7 127.9 5,960.9
Renewables
882.0 168.9 186.4 0.4 1,237.7
Corporate
13.1 \u2013 \u2013 \u2013 13.1
Total
4,299.7 1,982.6 801.1 128.3 7,211.7
The estimate of the transaction price does not include any amounts of variable consideration which are constrained.
24. Cash and cash equivalents
t (in $ millions)
2022
31 Dec
2021
31 Dec
Cash and cash equivalents
645.6 597.6
Cash and cash equivalents included amounts totalling $35.2 million (2021: $44.5 million) held by Group undertakings in certain
countries whose exchange controls may significantly restrict or delay the remittance of these amounts to jurisdictions outside
of that country.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-632": {
"value": "25. Issued share capital
Authorised shares
2022
31 Dec
Number of
shares
2022
31 Dec
in $ millions
2021
31 Dec
Number of shares
2021
31 Dec
in $ millions
uthorised common shares, $2.00 par value
450,000,000 900.0 450,000,000 900.0
Issued shares
2022
31 Dec
Number of
shares
2022
31 Dec
in $ millions
2021
31 Dec
Number of shares
2021
31 Dec
in $ millions
Fully paid and issued common shares
300,000,000 600.0 300,000,000 600.0
The issued common shares consist of:
Common shares excluding treasury shares
290,205,733 580.4 295,465,893 590.9
Treasury shares at par value (Note 26)
9,794,267 19.6 4,534,107 9.1
Total
300,000,000 600.0 300,000,000 600.0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-633": {
"value": "26. Treasury shares Share repurchase programme On 24 July 2019, the Board of Directors authorised a new share repurchase programme of up to $200 million, to be executed over two years. The programme was approved pursuant to the authorisation granted to the Board of Directors at the Extraordinary General Meeting held on 17 April 2019, which allows for the purchase of up to a maximum of 10% of the Group\u2019s issued share capital, net of purchases already made. On 15 April 2021, the Board of Directors authorised a 24-month extension to the Group\u2019s share repurchase programme in accordance with the authority granted to the Board of Directors at the Extraordinary General Meeting held on 14 April 2021. During 2022, the Group repurchased 5,648,072 (2021: 2,724,172) shares for a total consideration of $46.0 million (2021: $21.0 million). At 31 December 2022, the cumulative number of shares repurchased under this programme was 10,000,212 for a total consideration of $76.8 million. All repurchases were made in the open market on the Oslo B\u00f8rs, pursuant to certain conditions, and were in conformity with Article 49-2 of Luxembourg Company Law and EU Commission Regulation 2273/2003 on exemptions for repurchase programmes and stabilisation of financial instruments. At 31 December 2022 the remaining repurchased shares, which had not been reallocated relating to share-based payments, were held as treasury shares. Summary At 31 December 2022, Subsea 7 S.A. held 9,794,267 treasury shares (2021: 4,534,107), which amounted to 3.26% (2021: 1.51%) of the total number of issued shares. 2022 Number of shares 2022 in $ millions 2021 Number of shares 2021 in $ millions At year beginning 4,534,107 32.9 2,326,683 17.8 Shares repurchased 5,648,072 46.0 2,724,172 21.0 Shares reallocated relating to share-based payments (387,912) (3.9) (516,748) (5.9) Balance at year end 9,794,267 75.0 4,534,107 32.9 26. Treasury shares Share repurchase programme On 24 July 2019, the Board of Directors authorised a new share repurchase programme of up to $200 million, to be executed over two years. The programme was approved pursuant to the authorisation granted to the Board of Directors at the Extraordinary General Meeting held on 17 April 2019, which allows for the purchase of up to a maximum of 10% of the Group\u2019s issued share capital, net of purchases already made. On 15 April 2021, the Board of Directors authorised a 24-month extension to the Group\u2019s share repurchase programme in accordance with the authority granted to the Board of Directors at the Extraordinary General Meeting held on 14 April 2021. During 2022, the Group repurchased 5,648,072 (2021: 2,724,172) shares for a total consideration of $46.0 million (2021: $21.0 million). At 31 December 2022, the cumulative number of shares repurchased under this programme was 10,000,212 for a total consideration of $76.8 million. All repurchases were made in the open market on the Oslo B\u00f8rs, pursuant to certain conditions, and were in conformity with Article 49-2 of Luxembourg Company Law and EU Commission Regulation 2273/2003 on exemptions for repurchase programmes and stabilisation of financial instruments. At 31 December 2022 the remaining repurchased shares, which had not been reallocated relating to share-based payments, were held as treasury shares. Summary At 31 December 2022, Subsea 7 S.A. held 9,794,267 treasury shares (2021: 4,534,107), which amounted to 3.26% (2021: 1.51%) of the total number of issued shares. 2022 Number of shares 2022 in $ millions 2021 Number of shares 2021 in $ millions At year beginning 4,534,107 32.9 2,326,683 17.8 Shares repurchased 5,648,072 46.0 2,724,172 21.0 Shares reallocated relating to share-based payments (387,912) (3.9) (516,748) (5.9) Balance at year end 9,794,267 75.0 4,534,107 32.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-634": {
"value": "27. Non-controlling interests
At 31 December 2022, the Group\u2019s respective ownership interests in subsidiaries which are non-wholly-owned were as follows:
Year end Country of registration
Subsea7
ownership %
Globestar Engineering Company (Nigeria) Limited
31 December Nigeria 98.8
Nautilus Floating Solutions S.L.
31 December Spain 59.1
Naviera Subsea 7 S. de R.L. de C.V.
31 December Mexico 49.0
Nigerstar 7 FZE
31 December Nigeria 49.0
Nigerstar 7 Limited
31 December Nigeria 49.0
PT Subsea 7 Indonesia
31 December Indonesia 94.9
Seaway 7 ASA
31 December Norway 72.4
Servicios Subsea 7 S. de R.L. de C.V.
31 December Mexico 52.0
Sonacergy \u2013 Servi\u00e7os E Constru\u00e7\u00f5es Petrol\u00edferas Lda.
31 December Portugal 55.0
Sonamet Industrial S.A.
31 December Angola 55.0
Subsea 7 Equatorial Guinea S.A.
31 December Equatorial Guinea 65.0
Subsea 7 Volta Contractors Limited
31 December Ghana 49.0
For all entities, the principal place of business is consistent with the country of registration. Financial information for the year ended
31 December 2022 has been used for all entities.
The movement in the equity attributable to non-controlling interests was as follows:
(in $ millions) 2022 2021
t year beginning
305.4 27.3
djustments to provisional amounts recognised (Note 12)
(0.9) \u2013
t year beginning (revised)
304.5 27.3
Share of net (loss)/income for the year
(20.7) 4.6
cquisition of businesses
\u2013 278.3
Seaway 7 ASA\u2019s equity share issuance
54.3 \u2013
Reclassification of non-controlling interests to equity attributable to shareholders of Subsea 7 S.A.
(6.3) \u2013
Reclassification of cumulative exchange differences from equity attributable to shareholders of Subsea 7
S.A. to non-controlling interests
\u2013 (2.9)
Exchange differences
(2.7) (1.9)
t year end
329.1 305.4
Seaway 7 ASA\u2019s equity share issuance
During the year, Seaway 7 ASA raised approximately $200 million from a rights issue fully underwritten by Seaway 7 ASA\u2019s three largest
shareholders. Following the rights issue, the Group\u2019s ownership interest increased from 72% to 72.42%.
Subsea Seven Doha Oil and Gas Services and Trading LLC
During 2022, Subsea Seven Doha Oil and Gas Services and Trading LLC became a wholly-owned subsidiary of the Group.
Summarised financial information
Financial information of the non-wholly-owned subsidiary which had a material impact on the Consolidated Financial Statements is
shown below:
Seaway 7 ASA
The Group holds a 72.42% interest in Seaway 7 ASA, a global group operating in the renewables market.
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Revenue
1,119.0 1,260.0
Net loss
(80.7) (62.5)
Total comprehensive loss
(79.3) (61.3)
Total comprehensive loss attributable to non-controlling interests
(21.9) (17.2)
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Net cash flows (used in)/generated from operating activities
(47.6) 38.6
Net cash flows used in investing activities
(71.2) (38.0)
Net cash flows generated from financing activities
104.6 15.2
Net (decrease)/increase in cash and cash equivalents
(14.2) 15.8
2022 2021
s at (in $ millions) 31 Dec 31 Dec
Non-current assets
1,147.4 1,060.4
Current assets
228.7 327.6
Non-current liabilities
(96.1) (56.1)
Current liabilities
(292.7) (467.6)
Net assets
987.3 864.3
Total equity
(987.3) (864.3)
Total equity attributable to the shareholders of the parent company
(715.0) (622.3)
Total equity attributable to non-controlling interests
(272.3) (242.0)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-635": {
"value": "28. Borrowings
t (in $ millions)
2022
31 Dec
2021
31 Dec
South Korean Export Credit Agency (ECA) facility
159.8 184.4
UK Export Finance (UKEF) facility
195.8 200.0
Seaway 7 ASA Revolving Credit Facility
\u2013 37.0
Other
0.4 0.5
Total
356.0 421.9
Consisting of:
Non-current portion of borrowings
302.2 360.3
Current portion of borrowings
53.8 61.6
Total
356.0 421.9
Commitment fees expensed during the year in respect of unused lines of credit totalled $4.2 million (2021: $2.6 million).
Facilities
The $700 multi-currency revolving credit and guarantee facility
On 15 June 2022, the Group entered into a $700.0 million multi-currency revolving credit and guarantee facility with a five-year tenor.
The facility is available in a combination of guarantees, up to a limit of $200.0 million, and cash drawings, or in full for cash drawings.
The facility is guaranteed by Subsea 7 S.A. and Subsea 7 Finance (UK) PLC, a wholly-owned subsidiary of the Group. The facility was
unutilised at 31 December 2022.
On 15 June 2022, the Group\u2019s previous $656.0 million multi-currency revolving credit and guarantee facility was cancelled.
The South Korean Export Credit Agency (ECA) facility
In July 2015 the Group entered into a $357 million senior term loan facility secured on two vessels owned by the Group. The facility is
provided 90% by an Export Credit Agency (ECA) and 10% by two banks and is available for general corporate purposes. The ECA
tranche has a 12-year maturity and a 12-year amortising profile. The commercial tranche initially had a five-year maturity and a 15-year
amortising profile, which commenced in April 2017. The commercial tranche was refinanced during November 2021, now maturing in
January 2027, while retaining the original amortising profile. The facility is guaranteed by Subsea 7 S.A. At 31 December 2022, the
amount outstanding under the facility was $159.8 million (2021: $184.4 million).
UK Export Finance (UKEF) facility On 24 February 2021, the Group entered into a $500 million five-year amortising committed loan facility backed by a $400 million guarantee from UK Export Finance. The Group has a two-year availability period during which to draw on the facility. The facility has a five-year tenor which commences at the end of the availability period or when the facility is fully drawn, whichever is earlier. The facility can be used for general corporate purposes, including to provide working capital financing for services provided from the UK. The facility is guaranteed by Subsea 7 S.A. At 31 December 2022, the amount outstanding under the facility, net of facility fees, was $195.8 million (2021: $200.0 million). Seaway 7 ASA Revolving Credit Facility The amount outstanding under the facility of $37.0 million was repaid in full during January 2022 and the facility cancelled. Utilisation of facilities At (in $ millions) 2022 31 Dec Utilised 2022 31 Dec Unutilised 2022 31 Dec Total 2021 31 Dec Utilised 2021 31 Dec Unutilised 2021 31 Dec Total Committed borrowing facilities 359.8 1,000.0 1,359.8 421.9 956.0 1,377.9 Other facilities In addition to the above there are a number of uncommitted, unsecured bi-lateral guarantee arrangements in place in order to provide specific geographical coverage. The utilisation of these facilities at 31 December 2022 was $1.6 billion (2021: $1.3 billion)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-636": {
"value": "30. Other non-current liabilities
t (in $ millions)
2022
31 Dec
2021
31 Dec
Other
5.3 6.1
Total
5.3 6.1
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-637": {
"value": "31. Trade and other liabilities
t (in $ millions)
2022
31 Dec
2021
31 Dec
ccruals
720.1 887.9
Trade payables
317.5 271.1
Current amounts due to associates and joint ventures
7.3 9.1
ccrued salaries and benefits
118.9 106.4
Withholding taxes
23.8 15.4
Other taxes payable
68.9 44.2
Other current liabilities
13.9 18.4
Total
1,270.4 1,352.5
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "32. Provisions
(in $ millions) Claims Decommissioning Restructuring
Onerous
fixed-price
contracts Other Total
t 1 January 2021
16.2 11.5 46.6 65.7 28.0 168.0
dditional provision in the year
2.6 0.4 \u2013 175.8 13.4 192.2
cquisition of businesses
\u2013 \u2013 \u2013 32.3 \u2013 32.3
Utilisation of provision
(3.3) (1.6) (24.8) (173.6) (6.5) (209.8)
Unused amounts released during the year
(0.8) (0.2) (18.9) (9.9) (5.1) (34.9)
Effect of changes in the discount rate
\u2013 \u2013 \u2013 \u2013 1.2 1.2
Unwinding of discount rate
\u2013 (0.1) \u2013 \u2013 \u2013 (0.1)
Exchange differences
(1.0) \u2013 (0.1) (1.0) (0.4) (2.5)
t 31 December 2021
13.7 10.0 2.8 89.3 30.6 146.4
djustments to provisional amounts
recognised (Note 12)
\u2013 \u2013 \u2013
35.3
\u2013 35.3
t 31 December 2021 (revised)
13.7 10.0 2.8 124.6 30.6 181.7
dditional provision in the year
6.5 1.2 0.6 97.5 7.3 113.1
Utilisation of provision
(0.6) (0.6) (2.3) (102.9) (4.6) (111.0)
Unused amounts released during the year
(1.0) (4.1) (0.6) (32.1) (9.7) (47.5)
Unwinding of discount rate
\u2013 \u2013 \u2013 (0.1) \u2013 (0.1)
Exchange differences
0.9 (0.4) 0.1 (1.3) (0.8) (1.5)
t 31 December 2022
19.5 6.1 0.6 85.7 22.8 134.7
t (in $ millions)
2022
31 Dec
2021
31 Dec
Consisting of:
Non-current provisions
47.7 85.0
Current provisions
87.0 96.7
Total
134.7 181.7
The claims provision comprises a number of claims made against the Group including disputes, personal injury cases and tax claims,
where the timing of resolution is uncertain.
The decommissioning provision is mainly in relation to the Group\u2019s obligation to restore leased vessels to their original, or agreed,
condition. The cash outflows related to the provision are expected to occur in the years in which the leases cease, which range from
2023 to 2025.
The restructuring provision relates to expenses associated with cost reduction and headcount resizing activities. The provision includes
employee termination costs and professional fees. The provision is based on statutory requirements and discretionary arrangements for
headcount reductions. Cash outflows associated with termination costs and professional fees are expected to occur in 2023.
Onerous fixed-price contract provisions relate to projects where total forecast costs at completion exceed the expected transaction
price. The cash outflows related to the provisions are expected to occur during 2023 and 2024.
Other provisions mainly related to onerous day-rate contracts and contingent consideration.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-668": {
"value": "33. Commitments and contingent liabilities
Commitments
The Group\u2019s commitments at 31 December 2022 consisted of:
\u2022 commitments to purchase property, plant and equipment from external suppliers of $402.4 million (2021: $403.0 million), including
commitments related to Seaway Alfa Lift, an offshore wind foundation installation vessel, and Seaway Ventus, an offshore wind
turbine installation vessel;
\u2022 contractual lease commitments, relating to vessel charters which had not commenced at 31 December 2022, totalling $119.3 million;
\u2022 short-term lease commitments totalling $22.4 million (2021: $28.8 million); and
\u2022 completion of an agreement to form a joint venture with SLB and Aker Solutions (Note 17).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-639": {
"value": "33. Commitments and contingent liabilities Commitments The Group\u2019s commitments at 31 December 2022 consisted of: \u2022 commitments to purchase property, plant and equipment from external suppliers of $402.4 million (2021: $403.0 million), including commitments related to Seaway Alfa Lift, an offshore wind foundation installation vessel, and Seaway Ventus, an offshore wind turbine installation vessel; \u2022 contractual lease commitments, relating to vessel charters which had not commenced at 31 December 2022, totalling $119.3 million; \u2022 short-term lease commitments totalling $22.4 million (2021: $28.8 million); and \u2022 completion of an agreement to form a joint venture with SLB and Aker Solutions (Note 17). Contingent liabilities A summary of the contingent liabilities is as follows: Contingent liability recognised Contingent liability not recognised (in $ millions) 2022 2021 2022 2021 A t year beginning 5.5 6.0 176.4 285.2 Movement in contingent liabilities (5.4) \u2013 9.4 (91.5) Exchange differences 0.3 (0.5) 15.5 (17.3) A t year end 0.4 5.5 201.3 176.4 Contingent liabilities recognised in the Consolidated Balance Sheet As part of accounting for the business combination in 2011 with Subsea 7 Inc., IFRS 3 \u2018Business Combinations\u2019 (IFRS 3) required the Group to recognise as a provision, as of the acquisition date, the fair value of contingent liabilities assumed if there was a present obligation that arose from past events, even where payment was not probable. Following a favourable legal ruling, management now consider this previously recognised liability to have expired. As a result, during the second quarter of 2022, the contingent liability of $5.4 million (31 December 2021: $5.0 million) was derecognised in full and recognised within the Group\u2019s Consolidated Income Statement within operating expenses. As part of the accounting for the business combination of Pioneer Lining Technology Limited, the Group was required to recognise a contingent liability at the acquisition date, in respect of contingent amounts payable to a third party following the acquisition of intangible assets in 2009, in accordance with IFRS 3. The contingent liability recognised within the Consolidated Balance Sheet at 31 December 2022 was $0.4 million (2021: $0.5 million). Contingent liabilities not recognised in the Consolidated Balance Sheet Between 2009 and 2020, the Group\u2019s Brazilian businesses were audited and formally assessed for Imposto sobre Circula\u00e7ao de Mercadorias e Servi\u00e7os (ICMS) and federal taxes including import duty by the Brazilian state and federal tax authorities. The amount assessed, including penalties and interest, at 31 December 2022 amounted to BRL 908.8 million, equivalent to $174.7 million (2021: BRL 821.5 million, equivalent to $145.1 million). The Group has challenged these assessments. A contingent liability has been disclosed for the total amounts assessed as the disclosure criteria have been met however management believes that the likelihood of payment is not probable. During 2018, 2019 and 2020 the Group\u2019s Brazilian business received several labour claims and civil tax assessments. The amounts claimed or assessed at 31 December 2022 totalled BRL 205.1 million, equivalent to $39.4 million (2021: BRL 234.8 million, equivalent to $41.5 million). The Group has challenged these claims. A contingent liability has been disclosed for BRL 138.6 million, equivalent to $26.6 million (2021: BRL 177.4 million, equivalent to $31.3 million) as the disclosure criteria have been met however management believes that the likelihood of payment is not probable. A provision of BRL 66.5 million, equivalent to $12.8 million (2021: BRL 57.4 million, equivalent to $10.1 million) was recognised within the Consolidated Balance Sheet at 31 December 2022 as the IAS 37 \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 recognition criteria were met. The Group is subject to tax audits and receives tax assessments in a number of jurisdictions where it has, or has had, operations. The estimation of the ultimate outcome of these audits and disputed tax assessments is complex and subjective. The likely outcome of the audits and associated cash outflow, if any, may be impacted by technical uncertainty and the availability of supporting documentation. In the ordinary course of business, various claims, legal actions and complaints have been filed against the Group in addition to those specifically referred to above. The Group typically also provides contractual warranties for the repair of defects which are identified during a contract and within a defined period thereafter. Warranty periods vary dependent on contract type and operating segment; engineering, procurement, installation and commissioning (EPIC) oil and gas contracts typically attract shorter periods than EPIC renewables contracts. Liability exposure levels are monitored by management and risk transfer mechanisms arranged where deemed appropriate. Although the final resolution of any of these matters could have a material effect on its operating results for a particular reporting period, management believes that it is not probable that these matters would materially impact the Group\u2019s Consolidated Financial Statements. 121Subsea 7",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-681": {
"value": "Contingent liabilities
A summary of the contingent liabilities is as follows:
Contingent liability
recognised
Contingent liability
not recognised
(in $ millions) 2022 2021
2022 2021
t year beginning
5.5 6.0 176.4 285.2
Movement in contingent liabilities
(5.4) \u2013 9.4 (91.5)
Exchange differences
0.3 (0.5)
15.5 (17.3)
t year end
0.4 5.5 201.3 176.4
Contingent liabilities recognised in the Consolidated Balance Sheet
As part of accounting for the business combination in 2011 with Subsea 7 Inc., IFRS 3 \u2018Business Combinations\u2019 (IFRS 3) required
the Group to recognise as a provision, as of the acquisition date, the fair value of contingent liabilities assumed if there was a present
obligation that arose from past events, even where payment was not probable. Following a favourable legal ruling, management now
consider this previously recognised liability to have expired. As a result, during the second quarter of 2022, the contingent liability of
$5.4 million (31 December 2021: $5.0 million) was derecognised in full and recognised within the Group\u2019s Consolidated Income
Statement within operating expenses.
As part of the accounting for the business combination of Pioneer Lining Technology Limited, the Group was required to recognise a
contingent liability at the acquisition date, in respect of contingent amounts payable to a third party following the acquisition of intangible
assets in 2009, in accordance with IFRS 3. The contingent liability recognised within the Consolidated Balance Sheet at 31 December
2022 was $0.4 million (2021: $0.5 million).
Contingent liabilities not recognised in the Consolidated Balance Sheet
Between 2009 and 2020, the Group\u2019s Brazilian businesses were audited and formally assessed for Imposto sobre Circula\u00e7ao de
Mercadorias e Servi\u00e7os (ICMS) and federal taxes including import duty by the Brazilian state and federal tax authorities. The amount
assessed, including penalties and interest, at 31 December 2022 amounted to BRL 908.8 million, equivalent to $174.7 million (2021:
BRL 821.5 million, equivalent to $145.1 million). The Group has challenged these assessments. A contingent liability has been disclosed
for the total amounts assessed as the disclosure criteria have been met however management believes that the likelihood of payment is
not probable.
During 2018, 2019 and 2020 the Group\u2019s Brazilian business received several labour claims and civil tax assessments. The amounts
claimed or assessed at 31 December 2022 totalled BRL 205.1 million, equivalent to $39.4 million (2021: BRL 234.8 million, equivalent
to $41.5 million). The Group has challenged these claims. A contingent liability has been disclosed for BRL 138.6 million, equivalent to
$26.6 million (2021: BRL 177.4 million, equivalent to $31.3 million) as the disclosure criteria have been met however management
believes that the likelihood of payment is not probable. A provision of BRL 66.5 million, equivalent to $12.8 million (2021: BRL 57.4
million, equivalent to $10.1 million) was recognised within the Consolidated Balance Sheet at 31 December 2022 as the IAS 37
\u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 recognition criteria were met.
The Group is subject to tax audits and receives tax assessments in a number of jurisdictions where it has, or has had, operations.
The estimation of the ultimate outcome of these audits and disputed tax assessments is complex and subjective. The likely outcome
of the audits and associated cash outflow, if any, may be impacted by technical uncertainty and the availability of supporting
documentation.
In the ordinary course of business, various claims, legal actions and complaints have been filed against the Group in addition to those
specifically referred to above. The Group typically also provides contractual warranties for the repair of defects which are identified
during a contract and within a defined period thereafter. Warranty periods vary dependent on contract type and operating segment;
engineering, procurement, installation and commissioning (EPIC) oil and gas contracts typically attract shorter periods than EPIC
renewables contracts. Liability exposure levels are monitored by management and risk transfer mechanisms arranged where deemed
appropriate. Although the final resolution of any of these matters could have a material effect on its operating results for a particular
reporting period, management believes that it is not probable that these matters would materially impact the Group\u2019s Consolidated
Financial Statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-669": {
"value": "34. Financial instruments Details of the significant accounting policies adopted including the classification, basis of measurement and recognition of income and expense in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 \u2018Significant accounting policies\u2019. Classification of financial instruments Financial instruments are classified as follows: At (in $ millions) 2022 31 Dec Carrying amount 2021 31 Dec Carrying amount Financial assets Restricted cash 4.4 5.7 Cash and cash equivalents (Note 24) 645.6 597.6 Financial assets mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts 1.1 1.3 Embedded derivatives 16.7 43.5 Commodity derivatives \u2013 2.9 Financial assets elected to be measured at fair value through other comprehensive income: Commodity derivatives 4.2 12.8 Other financial assets \u2013 financial investments 1.1 1.3 Financial assets measured at amortised cost: Net trade receivables (Note 20) 425.1 513.1 Net non-current amounts due from associates and joint ventures (Note 18) 35.8 37.0 Net current amounts due from associates and joint ventures (Note 20) 1.6 2.5 Other financial receivables 22.1 19.2 Financial liabilities Financial liabilities mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts (1.1) (3.9) Embedded derivatives (34.3) (25.5) Commodity derivatives (0.2) \u2013 Contingent consideration (1.6) (6.6) Financial liabilities elected to be measured at fair value through other comprehensive income: Commodity derivatives (0.3) \u2013 Financial liabilities measured at amortised cost: Trade payables (Note 31) (317.5) (271.1) Lease liabilities (Note 29) (257.0) (230.9) Current amounts due to associates and joint ventures (Note 31) (7.3) (9.1) Borrowings (Note 28) (356.0) (421.9) Other financial payables (15.4) (13.4) Fair value The carrying amounts of financial assets and financial liabilities recorded at amortised cost in the Consolidated Financial Statements approximate their fair values due to their short-term nature or contractual cash flow characteristics. Financial instruments \u2013 gains and losses recognised within profit or loss The Group\u2019s financial instruments resulted in the recognition of the following in the Consolidated Income Statement: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest income from financial assets measured at amortised cost 9.0 4.7 Interest cost and fees from financial liabilities measured at amortised cost (20.2) (11.9) Net fair value losses on financial assets measured at fair value through profit or loss (29.9) (6.6) Net fair value losses on financial liabilities measured at fair value through profit or loss (6.2) (18.1 ) Fees incurred in connection with financial instruments
Total fees incurred during the year in connection with financial instruments measured at amortised cost were $7.5 million
(2021: $1.6 million).
Cash and cash equivalents
At 31 December 2022 the Group held cash and cash equivalents of $645.6 million (2021: $597.6 million) which included cash and cash
equivalents available on demand of $170.0 million (2021: $321.4 million) and time deposits with financial institutions of $475.6 million
(2021: $276.2 million).
The table below shows the carrying amount related to amounts on deposit. These are graded and monitored internally by the Group
based on current external credit ratings issued, with \u2018prime\u2019 being the highest possible rating.
t (in $ millions)
2022
31 Dec
2021
31 Dec
Deposits:
Counterparties rated prime grade
115.0 80.0
Counterparties rated high grade
100.0 \u2013
Counterparties rated upper-medium grade
175.0 170.0
Counterparties rated lower-medium grade
84.2 21.4
Counterparties rated non-investment grade
1.4 4.8
Total
475.6 276.2
Financial instruments mandatorily measured at fair value through profit or loss
The Group classifies its financial assets at fair value through profit or loss if classified as one of the following:
\u2022 debt instruments that do not qualify for measurement at either amortised cost or at fair value through other comprehensive income;
\u2022 equity investments that are held for trading;
\u2022 equity investments for which the entity has not elected to recognise fair value gains and losses through other comprehensive
income; or
\u2022 derivative financial instruments.
Derivative financial instruments recognised in the Consolidated Balance Sheet were as follows:
t (in $ millions)
31 Dec
2022
Assets
31 Dec
2022
Liabilities
31 Dec
2022
Total
31 Dec
2021
Assets
31 Dec
2021
Liabilities
31 Dec
2021
Total
Non-current
Embedded derivatives
3.6 (28.2) (24.6) 23.8 (5.7) 18.1
Commodity derivatives
1.7 (0.5) 1.2 0.9 \u2013 0.9
Total
5.3 (28.7) (23.4) 24.7 (5.7) 19.0
Current
Forward foreign exchange contracts
1.1 (1.1) \u2013 1.3 (3.9) (2.6)
Embedded derivatives
13.1 (6.1) 7.0 19.7 (19.8) (0.1)
Commodity derivatives
2.5 \u2013 2.5 14.8 \u2013 14.8
Total
16.7 (7.2) 9.5 35.8 (23.7) 12.1
Contingent consideration
Contingent consideration relates to amounts payable in connection with business combinations. The amounts payable are contingent
on future events and are determined based on current expectations of the achievement of specific targets and milestones.
Financial instruments elected to be measured at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income comprise investments in equity securities not held for trading, and for
which the Group has made an irrevocable election, at initial recognition, to recognise changes in fair value through other comprehensive
income rather than profit or loss as these investments are strategic in nature.
Management concluded that due to the nature of these investments, there are a wide range of possible fair value measurements and in
some cases there may be insufficient recent information available to enable the Group to accurately measure fair value. Management
reviews investments at least annually to ensure the carrying amount can be supported by expected future cash flows and has
concluded that cost is considered to represent the best estimate of fair value of each investment within a range of possible outcomes.
During the year ended 31 December 2022, a fair value remeasurement gain of $nil (2021: $1.2 million) was recognised within other
comprehensive income.
Upon disposal or derecognition of these equity investments, any associated balance accumulated within other comprehensive income will be reclassified to retained earnings. No investments were derecognised during the year. During the year no dividends were recognised within profit or loss in connection with the financial investments and there were no transfers of cumulative gains or losses within equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-640": {
"value": "34. Financial instruments Details of the significant accounting policies adopted including the classification, basis of measurement and recognition of income and expense in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 \u2018Significant accounting policies\u2019. Classification of financial instruments Financial instruments are classified as follows: At (in $ millions) 2022 31 Dec Carrying amount 2021 31 Dec Carrying amount Financial assets Restricted cash 4.4 5.7 Cash and cash equivalents (Note 24) 645.6 597.6 Financial assets mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts 1.1 1.3 Embedded derivatives 16.7 43.5 Commodity derivatives \u2013 2.9 Financial assets elected to be measured at fair value through other comprehensive income: Commodity derivatives 4.2 12.8 Other financial assets \u2013 financial investments 1.1 1.3 Financial assets measured at amortised cost: Net trade receivables (Note 20) 425.1 513.1 Net non-current amounts due from associates and joint ventures (Note 18) 35.8 37.0 Net current amounts due from associates and joint ventures (Note 20) 1.6 2.5 Other financial receivables 22.1 19.2 Financial liabilities Financial liabilities mandatorily measured at fair value through profit or loss: Foreign exchange forward contracts (1.1) (3.9) Embedded derivatives (34.3) (25.5) Commodity derivatives (0.2) \u2013 Contingent consideration (1.6) (6.6) Financial liabilities elected to be measured at fair value through other comprehensive income: Commodity derivatives (0.3) \u2013 Financial liabilities measured at amortised cost: Trade payables (Note 31) (317.5) (271.1) Lease liabilities (Note 29) (257.0) (230.9) Current amounts due to associates and joint ventures (Note 31) (7.3) (9.1) Borrowings (Note 28) (356.0) (421.9) Other financial payables (15.4) (13.4) Fair value The carrying amounts of financial assets and financial liabilities recorded at amortised cost in the Consolidated Financial Statements approximate their fair values due to their short-term nature or contractual cash flow characteristics. Financial instruments \u2013 gains and losses recognised within profit or loss The Group\u2019s financial instruments resulted in the recognition of the following in the Consolidated Income Statement: For the year ended (in $ millions) 2022 31 Dec 2021 31 Dec Interest income from financial assets measured at amortised cost 9.0 4.7 Interest cost and fees from financial liabilities measured at amortised cost (20.2) (11.9) Net fair value losses on financial assets measured at fair value through profit or loss (29.9) (6.6) Net fair value losses on financial liabilities measured at fair value through profit or loss (6.2) (18.1 ) Fees incurred in connection with financial instruments Total fees incurred during the year in connection with financial instruments measured at amortised cost were $7.5 million (2021: $1.6 million). Cash and cash equivalents At 31 December 2022 the Group held cash and cash equivalents of $645.6 million (2021: $597.6 million) which included cash and cash equivalents available on demand of $170.0 million (2021: $321.4 million) and time deposits with financial institutions of $475.6 million (2021: $276.2 million). The table below shows the carrying amount related to amounts on deposit. These are graded and monitored internally by the Group based on current external credit ratings issued, with \u2018prime\u2019 being the highest possible rating. A t (in $ millions) 2022 31 Dec 2021 31 Dec Deposits: Counterparties rated prime grade 115.0 80.0 Counterparties rated high grade 100.0 \u2013 Counterparties rated upper-medium grade 175.0 170.0 Counterparties rated lower-medium grade 84.2 21.4 Counterparties rated non-investment grade 1.4 4.8 Total 475.6 276.2 Financial instruments mandatorily measured at fair value through profit or loss The Group classifies its financial assets at fair value through profit or loss if classified as one of the following: \u2022 debt instruments that do not qualify for measurement at either amortised cost or at fair value through other comprehensive income; \u2022 equity investments that are held for trading; \u2022 equity investments for which the entity has not elected to recognise fair value gains and losses through other comprehensive income; or \u2022 derivative financial instruments. Derivative financial instruments recognised in the Consolidated Balance Sheet were as follows: A t (in $ millions) 31 Dec 2022 Assets 31 Dec 2022 Liabilities 31 Dec 2022 Total 31 Dec 2021 Assets 31 Dec 2021 Liabilities 31 Dec 2021 Total Non-current Embedded derivatives 3.6 (28.2) (24.6) 23.8 (5.7) 18.1 Commodity derivatives 1.7 (0.5) 1.2 0.9 \u2013 0.9 Total 5.3 (28.7) (23.4) 24.7 (5.7) 19.0 Current Forward foreign exchange contracts 1.1 (1.1) \u2013 1.3 (3.9) (2.6) Embedded derivatives 13.1 (6.1) 7.0 19.7 (19.8) (0.1) Commodity derivatives 2.5 \u2013 2.5 14.8 \u2013 14.8 Total 16.7 (7.2) 9.5 35.8 (23.7) 12.1 Contingent consideration Contingent consideration relates to amounts payable in connection with business combinations. The amounts payable are contingent on future events and are determined based on current expectations of the achievement of specific targets and milestones. Financial instruments elected to be measured at fair value through other comprehensive income Financial assets at fair value through other comprehensive income comprise investments in equity securities not held for trading, and for which the Group has made an irrevocable election, at initial recognition, to recognise changes in fair value through other comprehensive income rather than profit or loss as these investments are strategic in nature. Management concluded that due to the nature of these investments, there are a wide range of possible fair value measurements and in some cases there may be insufficient recent information available to enable the Group to accurately measure fair value. Management reviews investments at least annually to ensure the carrying amount can be supported by expected future cash flows and has concluded that cost is considered to represent the best estimate of fair value of each investment within a range of possible outcomes. During the year ended 31 December 2022, a fair value remeasurement gain of $nil (2021: $1.2 million) was recognised within other comprehensive income. 34. Financial instruments continued
Upon disposal or derecognition of these equity investments, any associated balance accumulated within other comprehensive income
will be reclassified to retained earnings. No investments were derecognised during the year.
During the year no dividends were recognised within profit or loss in connection with the financial investments and there were no
transfers of cumulative gains or losses within equity.
Financial assets measured at amortised cost
The Group classifies its financial assets at amortised cost only if both of the following criteria are met: the asset is held within a business
model with the objective of collecting the contractual cash flows; and the contractual terms give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal outstanding.
Financial risk management objectives
The Group monitors and manages the financial risks relating to its financial operations through internal risk reports which analyse
exposures by degree and magnitude of risks. These risks include market risk (consisting of currency risk and fair value interest rate risk),
credit risk and liquidity risk. The Group seeks to minimise the effects of these risks by using a variety of financial instruments to hedge
these financial risk exposures. Derivative financial instruments are used exclusively for hedging purposes and not as trading or
speculative instruments.
Market risk
The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
The Group enters into a variety of derivative financial instruments to manage its exposure to foreign currency risks, including forward
foreign exchange contracts to hedge the exchange rate risk arising on future revenue, operating expenditures and capital expenditures.
In the year ended 31 December 2022, there was no significant change to the Group\u2019s exposure to market risks or the manner in which
it managed and measured the risk.
Foreign currency risk
The Group conducts operations in many countries and, as a result, is exposed to foreign currency fluctuations related to revenue and
expenditure in the normal course of business. The Group has in place risk management policies that seek to limit the adverse effects
of fluctuations in foreign currency exchange rates on its financial performance.
The Group\u2019s reporting currency is the US Dollar. Revenue and expenses are principally denominated in the reporting currency of the
Group. The Group also has significant operations denominated in British Pound Sterling and Euro as well as other cash flows in Angolan
Kwanza, Australian Dollar, Brazilian Real, Canadian Dollar, Chinese Yuan, Danish Krone, Egyptian Pound, Ghanaian Cedi, Korean Won,
Malaysian Ringgit, Mexican Peso, Nigerian Naira, Norwegian Krone, Saudi Arabian Riyal and Singaporean Dollar.
Foreign currency sensitivity analysis
The Group considers that its principal currency exposure is to movements in the US Dollar against other currencies. The US Dollar is the
Group\u2019s reporting currency, the functional currency of many of its subsidiaries and the currency of a significant volume of the Group\u2019s
cash flows.
At 31 December 2022 the Group performed a sensitivity analysis to indicate the extent to which net income/(loss) and equity would be
affected by changes in the exchange rate between the US Dollar and other currencies in which the Group transacts. The analysis is
based on a strengthening of the US Dollar by 10% against each of the other currencies in which the Group has significant assets and
liabilities at the end of each respective period. A movement of 10% reflects a reasonably possible sensitivity when compared to
historical movements over a five-year time-frame. The Group\u2019s analysis of the impact on net income/(loss) in each year is based on
monetary assets and liabilities in the Consolidated Balance Sheet at the end of each respective year.
The Group\u2019s analysis of the impact on equity includes the impacts on the translation reserve in respect of intra-group balances that
form part of the net investment in a foreign operation. The amounts disclosed have not been adjusted for the impact of taxation.
A 10% strengthening in the US Dollar exchange rate against other currencies in which the Group transacts would increase net
foreign currency exchange losses reported in other gains and losses by $20.8 million for the year ended 31 December 2022 (2021:
$33.8 million increase to net foreign currency exchange gains). The impact would be a decrease in reported equity of $30.5 million
(2021: increase of $23.1 million).
Forward foreign exchange contracts
The Group primarily enters into forward foreign exchange contracts with maturities of up to three years, to manage the risk associated
with transactions with a foreign exchange exposure risk. These transactions consist of highly probable cash flow exposures relating to
revenue, operating expenditure and capital expenditure.
The Group does not use derivative instruments to hedge the exposure to exchange rate fluctuations from its net investments in
foreign subsidiaries.
The following table details the external forward foreign exchange contracts outstanding:
At 31 December 2022
Contracted amount by contract maturity Fair value by contract maturity
Buy Sell Maturity
(in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years
British Pound Sterling
120.3 \u2013 129.3 \u2013 0.1 \u2013
Euro
64.7 \u2013 50.4 \u2013 (0.1) \u2013
Total
185.0 \u2013 179.7 \u2013
At 31 December 2021
Contracted amount by contract maturity Fair value by contract maturity
Buy Sell Maturity
(in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years
British Pound Sterling
74.8 \u2013 123.5 \u2013 0.5 \u2013
Danish Krone
7.5 \u2013 \u2013 \u2013 \u2013 \u2013
Euro
37.4 \u2013 211.8 \u2013 (1.1) \u2013
Norwegian Krone
3.8 \u2013 88.4 \u2013 (1.3) \u2013
Singapore Dollar
2.6 \u2013 \u2013 \u2013 \u2013 \u2013
ustralian Dollar
\u2013 \u2013 41.8 \u2013 (0.7) \u2013
Total
126.1 \u2013 465.5 \u2013 (2.6) \u2013
Hedge accounting
At 31 December 2022 the Group had designated commodity hedges of $3.8 million (2021: $12.8 million) as hedging instruments.
The hedging reserve, included within other reserves in the Consolidated Balance Sheet, represents hedging gains recognised on the
effective portion of commodity cash flow hedges. The movement in the hedging reserve was as follows:
t (in $ millions)
2022
31 Dec
2021
31 Dec
t year beginning
10.4 \u2013
Gains on the effective portion of derivative financial instruments
deferred to equity:
Cash flow on commodity hedges
3.8 12.8
Tax recognised in Other Comprehensive Income
2.4 (2.4)
Amounts reclassified to the Consolidated Income Statement
(12.8) \u2013
t year end
3.8 10.4
The Group documents its assessment of whether the hedging instrument which is used in a hedging relationship is effective in offsetting
changes in cash flows of the hedged item, on a prospective basis. The cumulative effective portion is deferred in equity within other
reserves as hedging reserves in the Consolidated Balance Sheet. The resulting cumulative gains or losses will be reclassified to the
Consolidated Income Statement upon the recognition of the underlying transaction or the discontinuance of a hedging relationship.
Movements in respect of effective hedges are detailed in the Consolidated Statement of Changes in Equity. The gains or losses relating
to the ineffective portion of cash flow hedges are recognised in the Consolidated Income Statement and the net amount for the year
was $2.7 million (2021: $nil). Hedge ineffectiveness can arise from differences in the timing of the cash flows of the hedged items and
the hedging instruments, different indexes linked to the hedged risk of the hedged items and hedging instruments, counterparties\u2019 credit
risk differently impacting fair value movements of the hedging instruments and hedged items or changes to the forecasted amount of
cash flows of hedged items and hedging instruments. There is an economic relationship between the hedged items and the hedging
instruments as the terms of the commodity forward contracts match the terms of the expected highly probable forecast transactions.
The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity forward contracts
is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and
compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable
to the hedged risks.
At 31 December 2022 and at 31 December 2021 none of the Group\u2019s outstanding external forward foreign exchange contracts had
been designated as hedging instruments.
Commodity hedging The Group enters into commodity hedging to manage risk on specific exposures, swapping floating price to fixed. At 31 December 2022 the fair values of commodity trades amounted to $4.2 million within financial assets (2021: $15.7 million) and $0.5 million within financial liabilities (2021: $nil). Embedded derivatives The Group regularly enters into multi-currency contracts from which the cash flows may lead to embedded foreign exchange derivatives in non-financial host contracts, carried at fair value through profit or loss. Embedded foreign currency derivatives, arising from multi- currency contracts, are separated where the host contract does not qualify as a financial asset, where the transactional currency differs from the functional currencies of the involved parties and a separate instrument, with the same terms as the embedded derivative, would meet the definition of a derivative. The fair values of the embedded derivatives at 31 December 2022 amounted to $16.7 million related to financial assets (2021: $43.5 million) and $34.3 million related to financial liabilities (2021: $25.5 million). The effects on the Consolidated Income Statement were reflected in net foreign currency gains and losses within other gains and losses. Interest rate risk management The Group places funds in the money markets to generate an investment return with a range of maturities (generally less than six months) ensuring a high level of liquidity and reducing the credit risk associated with the deposits. Changes in the interest rates associated with these deposits will impact the interest income generated. Interest rate sensitivity analysis At 31 December 2022, the Group had cash deposits and borrowings. A 1% increase in interest rates would not have a significant impact on the Group\u2019s finance cost or finance income due to the net cash position the Group held throughout the year. The Group\u2019s facilities, as disclosed in Note 28 \u2018Borrowings\u2019, utilise the Secured Overnight Financing Rate (SOFR) as the reference rate for borrowings, replacing the Inter-borrowing Offering Rate (IBOR). Credit risk management Credit risk refers to the risk that a customer or counterparty to a financial instrument will default on its contractual obligations and fail to make payment as obligations fall due resulting in financial loss for the Group. Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents, trade and other receivables and derivative financial instruments. The maximum exposure of the Group to credit-related loss of financial instruments is the aggregate of the carrying amount of the financial assets as summarised on page 122. Financial instruments and cash deposits
The Group has adopted a policy of transacting with creditworthy financial institutions as a means of mitigating the risk of financial
loss from defaults. Credit ratings are supplied by independent rating agencies. The Group\u2019s exposure and the credit ratings of
its counterparties are continually monitored and the aggregate value of transactions undertaken is distributed among approved
counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved on an annual basis and are
monitored daily. The Group uses credit ratings as well as other publicly available financial information and its own trading records
to rate its major counterparties.
The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties.
Trade receivables and contract assets
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group\u2019s credit risk
management practices are designed to address the risk characteristics of the key classes of financial asset. Credit exposure is
controlled by counterparty limits that are reviewed and approved on an annual basis and are monitored daily. In respect of its clients
and suppliers, the Group uses credit ratings as well as other publicly available financial information and its own trading records to rate
its major counterparties. The assessment of the Group\u2019s exposure to credit risk includes consideration of historical and forward-looking
information regarding both the financial position and performance of the counterparty and the general macro-economic environment.
Expected credit loss assessment for financial assets
Allowances are recognised as required under the IFRS 9 impairment model and continue to be carried until there are indicators that
there is no reasonable expectation of recovery.
For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group
applies the simplified approach. This approach requires the allowance for expected credit losses to be recognised at an amount equal
to lifetime expected credit losses. For other debt financial assets the Group applies the general approach to providing for expected
credit losses as prescribed by IFRS 9, which permits the recognition of an allowance for the estimated expected loss resulting from
default in the subsequent 12-month period. Exposure to credit loss is monitored on a continual basis and, where material, the
allowance for expected credit losses is adjusted to reflect the risk of default during the lifetime of the financial asset should a significant
change in credit risk be identified.
In determining expected credit losses, financial assets with the same counterparty are grouped and where appropriate expected credit
losses are measured on a collective basis. In determining the level of allowance the Group uses an internal credit risk grading framework
and applies judgement based on a variety of data in order to predict the likely risk of default. The Group defines default as full or partial
non-payment of contractual cash flows. The determination of expected credit losses is derived from historical and forward-looking
information which includes external ratings, audited financial statements and other publicly available information about customers.
Determination of the level of expected credit loss incorporates a review of factors which can be indicative of default, including the nature
of the counterparty (for example national energy companies, international energy companies or independent energy companies) and the
individual industry sectors in which the counterparty operates.
The majority of the Group\u2019s financial assets are expected to have a low risk of default. A review of the historical occurrence of credit
losses indicates that credit losses are insignificant due to the size of the Group\u2019s clients and the nature of the services provided. The
outlook for the energy industry is not expected to result in a significant change in the Group\u2019s exposure to credit losses. As lifetime
expected credit losses are not expected to be significant the Group has opted not to adopt the practical expedient available under IFRS
9 to utilise a provision matrix for the recognition of lifetime expected credit losses on trade receivables. Allowances are calculated on a
case-by-case basis based on the credit risk applicable to individual counterparties.
Exposure to credit risk is continually monitored in order to identify financial assets which experience a significant change in credit risk.
While assessing for significant changes in credit risk the Group makes use of operational simplifications permitted by IFRS 9. The Group
considers a financial asset to have low credit risk if the asset has a low risk of default; the counterparty has a strong capacity to meet its
contractual cash flow obligations in the near term; and no adverse changes in economic or business conditions have been identified
which in the longer term may, but will not necessarily, reduce the ability of the counterparty to fulfil its contractual cash flow obligations.
Where a financial asset becomes more than 30 days past its due date additional procedures are performed to determine the reasons
for non-payment in order to identify if a change in the exposure to credit risk has occurred.
Should a significant change in the exposure to credit risk be identified the allowance for expected credit losses is increased to reflect
the risk of expected default in the lifetime of the financial asset. The Group continually monitors for indications that a financial asset has
become credit impaired with an allowance for credit impairment recognised when the loss is incurred. Where a financial asset becomes
more than 90 days past its due date additional procedures are performed to determine the reasons for non-payment in order to identify
if the asset has become credit impaired.
The Group considers an asset to be credit impaired once there is evidence that a loss has been incurred. In addition to recognising an
allowance for expected credit loss, the Group monitors for the occurrence of events that have a detrimental impact on the recoverability
of financial assets. Evidence of credit impairment includes, but is not limited to, indications of significant financial difficulty of the
counterparty, a breach of contract or failure to adhere to payment terms, bankruptcy or financial reorganisation of a counterparty
or the disappearance of an active market for the financial asset.
A financial asset is only impaired when there is no reasonable expectation of recovery.
For trade receivables, the Group\u2019s current credit risk grading framework comprises the following categories: Category Description Response Performing The counterparty has a low risk of default. No balances are aged greater than 30 days past due. An allowance for lifetime ECLs is recognised where the impact is determined to be material. Monitored The counterparty has a low risk of default. Balances aged greater than 30 days past due have arisen due to ongoing commercial discussions associated with the close-out of contractual requirements and are not considered to be indicative of an increased risk of default. The allowance for lifetime ECLs is increased where the impact is determined to be material. In default Balances are greater than 90 days past due with the ageing not being as a result of ongoing commercial discussions associated with the close-out of contractual commitments, or there is evidence indicating that the counterparty is in severe financial difficulty and collection of amounts due is improbable. The asset is considered to be credit impaired and an allowance for the estimated incurred loss is recognised where material. Written off There is evidence that the counterparty is in severe financial difficulty and the Group has no realistic prospect of recovery of balances due. The gross receivable and associated allowance are both derecognised. The credit risk grades disclosed above are consistent with the information used by the Group for credit risk management purposes. Specific information regarding the counterparty together with past-due information and forward-looking information is utilised in order to determine the appropriate credit grading category. Trade receivables balances were evaluated using the grading framework as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec Performing 412.5 434.9 Monitored 14.6 80.4 In default 4.4 3.9 Gross carrying amount 431.5 519.2 In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent disclosures. Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required. Trade receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 431.5 519.2 A llowance for expected credit losses (2.0) (2.2) A llowance for credit impairments (4.4) (3.9) Net carrying amount 425.1 513.1 The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 412.7 6.5 3.5 8.8 431.5 A llowance for expected credit losses (2.0) \u2013 \u2013 \u2013 (2.0) A llowance for incurred credit impairments (0.3) \u2013 \u2013 (4.1) (4.4) Net carrying amount 410.4 6.5 3.5 4.7 425.1 t (in $ millions)
2022
31 Dec
2021
31 Dec
Performing
412.5 434.9
Monitored
14.6 80.4
In default
4.4 3.9
Gross carrying amount
431.5 519.2
In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant
increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent
disclosures.
Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading
framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical
and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required.
Trade receivables
t (in $ millions)
2022
31 Dec
2021
31 Dec
Gross carrying amount
431.5 519.2
llowance for expected credit losses
(2.0) (2.2)
llowance for credit impairments
(4.4) (3.9)
Net carrying amount
425.1 513.1
The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade
receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired.
At 31 December 2022
(in $ millions) Current
More than 30
days past due
More than 60
days past due
More than 90
days past due Total
Gross carrying amount
412.7 6.5 3.5 8.8 431.5
llowance for expected credit losses
(2.0) \u2013 \u2013 \u2013 (2.0)
llowance for incurred credit impairments
(0.3) \u2013 \u2013 (4.1) (4.4)
Net carrying amount
410.4 6.5 3.5 4.7 425.1
Subsea 7 S.A. \u2022 Annual Report 2022 129
At 31 December 2021
(in $ millions) Current
More than 30
days past due
More than 60
days past due
More than 90
days past due
Total
Gross carrying amount
435.4 18.8 36.7 28.3 519.2
llowance for expected credit losses
(2.2) \u2013 \u2013 \u2013 (2.2)
llowance for incurred credit impairments
(0.4) \u2013 \u2013 (3.5) (3.9)
Net carrying amount
432.8 18.8 36.7
24.8 513.1
The movement in the allowance for expected credit losses in respect of trade receivables during the year was as follows:
(in $ millions)
2022
31 Dec
2021
31 Dec
llowance for expected credit losses
t year beginning
(2.2) (2.7)
Decrease in allowance recognised in profit or loss
0.2 0.5
t year end
(2.0) (2.2)
The movement in the allowance for credit impairment in respect of trade receivables during the year was as follows:
(in $ millions)
2022
31 Dec
2021
31 Dec
llowance for credit impairment
t year beginning
(3.9) (23.3)
Increase in allowance recognised in profit or loss
(2.5) \u2013
Utilisation of allowance
1.8 4.0
Unused amounts released during the year
0.2 15.7
Exchange differences
\u2013 (0.3)
t year end
(4.4) (3.9)
During the year ended 31 December 2022, the Group collected $0.2 million trade receivables which had been credit impaired in the
prior year (2021: $15.7 million).
Amounts due from associates and joint ventures
t (in $ millions)
2022
31 Dec
2021
31 Dec
Gross carrying amount
41.1 43.0
llowance for incurred credit impairments
(3.7) (3.5)
Net carrying amount
37.4 39.5
The table below provides an analysis of the ageing of amounts due from associates and joint ventures. This includes balances with
associates and joint ventures which are past due at the end of the reporting period, but not impaired, and balances which are
individually determined to be impaired at the end of the reporting period.
At 31 December 2022
(in $ millions) Current
More than 30
days past due
More than 60
days past due
More than 90
days past due Total
Gross carrying amount
30.4 \u2013 \u2013 10.7 41.1
llowance for credit impairments
(0.2) \u2013 \u2013 (3.5) (3.7)
Net carrying amount
30.2 \u2013 \u2013 7.2 37.4
At 31 December 2021
(in $ millions) Current
More than 30
days past due
More than 60
days past due
More than 90
days past due Total
Gross carrying amount
32.1 \u2013 \u2013 10.9 43.0
llowance for credit impairments
\u2013 \u2013 \u2013 (3.5) (3.5)
Net carrying amount
32.1 \u2013 \u2013 7.4 39.5
The movement in the allowance for credit impairments in respect of amounts due from associates and joint ventures during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec Allowance for credit impairments At year beginning (3.5) (3.5) Exchange differences (0.2) \u2013 At year end (3.7) (3.5) At 31 December 2022 the allowance for expected credit losses recognised in connection with amounts due from associates and joint ventures was $nil (2021: $nil). Other financial assets at amortised cost An analysis of the age of other financial assets at the balance sheet date has not been provided on the grounds of materiality. Other financial assets are typically non-recurring and are monitored on an asset-by-asset basis. Ageing is not necessarily reflective of credit risk. At 31 December 2022 the allowances for expected credit losses and credit impairment recognised in connection with other financial assets at amortised cost were $nil (2021: $nil). Concentration of credit risk Credit risk is primarily associated with trade receivables. Net trade receivables (Note 20 \u2018Trade and other receivables\u2019) arise from a large number of clients, dispersed geographically. Continual credit evaluation is performed on the recoverability of trade receivables. The following table classifies outstanding balances into three categories: At 2022 31 Dec Category percentage 2021 31 Dec Category percentage National energy companies 18% 28% International energy companies 30% 19% Independent energy companies 52% 53% Total 100% 100% National energy companies are either partially or fully-owned by or directly controlled by the government of their respective country of incorporation. Both international and independent energy companies are mainly publicly or privately owned. International energy companies are generally larger in size and scope than independent energy companies. During the year ended 31 December 2022, three clients (2021: two clients) contributed individually to 10% or more of the Group\u2019s revenue. The revenue from these clients was $1,873.6 million or 36% of total Group revenue (2021: $1,296.3 million or 26%). The five largest receivables balances by client are shown below: At (in $ millions) 31 Dec 2022 Client A 63.1 Client B 49.8 Client C 38.9 Client D 28.7 Client E 21.8 At (in $ millions) 31 Dec 2021 Client A 124.0 Client B 61.5 Client C 42.1 Client D 41.9 Client E 24.1 The client mix for outstanding accounts receivable balances at 31 December 2022 is not the same as at 31 December 2021. The Group did not have any significant credit exposure to any single counterparty at 31 December 2022 or 31 December 2021. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are primarily banks with high credit ratings assigned by international credit-rating agencies. At 31 December 2022, 38% (2021: 53%) of cash was held at counterparties with a credit rating lower than \u2018upper-medium grade\u2019 classification Liquidity risk management
The Group has a framework for the management of short, medium and long-term funding and liquidity management requirements.
The Group continually monitors forecast and actual cash flows and matches the maturity profiles of financial assets and liabilities.
Liquidity risk is managed by maintaining adequate cash and cash equivalent balances and by ensuring available borrowing facilities
are in place. Included in Note 28 \u2018Borrowings\u2019 are details of the undrawn facilities that the Group had at 31 December 2022.
Liquidity tables
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The table has been
prepared based on the undiscounted cash flows relating to financial liabilities based on the earliest date on which the payment can
be required. Principal cash flows are as follows:
At 31 December 2022
(in $ millions)
Less than
1 month
1-3 months
3 months
to 1 year
1-5 years Total
Borrowings
6.7 19.2 45.6 342.9 414.4
Trade payables
239.9 63.7 13.5 0.4 317.5
mounts due to associates and joint ventures
7.3 \u2013 \u2013 \u2013 7.3
Lease liabilities
9.2 19.5 79.1 175.9 283.7
Total
263.1 102.4 138.2 519.2 1,022.9
At 31 December 2021
(in $ millions)
Less than
1 month 1-3 months
3 months
to 1 year 1-5 years Total
Borrowings
44.4 7.0 17.0 381.2 449.6
Trade payables
231.5 28.6 10.6 0.4 271.1
mounts due to associates and joint ventures
8.6 0.5 \u2013 \u2013 9.1
Lease liabilities
8.5 16.6 65.2 158.9 249.2
Total
293.0 52.7 92.8 540.5 979.0
The following table details the Group\u2019s liquidity profile for its derivative financial liabilities. The table has been prepared based on
the undiscounted net cash payments and receipts on the derivative instruments that settle on a net basis and the undiscounted gross
payments and receipts on those derivative financial instruments that require gross settlement. When the amount payable or receivable
is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves
existing at the balance sheet date.
At 31 December 2022
(in $ millions)
Less than
1 month 1-3 months
3 months
to 1 year 1-5 years Total
Net settled:
Embedded derivatives
\u2013 0.5 5.8 30.8 37.1
Commodity hedging
\u2013 \u2013 \u2013 0.5 0.5
Gross settled:
Foreign exchange forward contract payments
186.1 \u2013 \u2013 \u2013 186.1
Foreign exchange forward contract receipts
(185.0) \u2013 \u2013 \u2013 (185.0)
Total
1.1 0.5 5.8 31.3 38.7
At 31 December 2021
(in $ millions)
Less than
1 month 1-3 months
3 months
to 1 year 1-5 years Total
Net settled:
Embedded derivatives
\u2013 5.5 14.3 5.7 25.5
Gross settled:
Foreign exchange forward contract payments
283.3 157.4 \u2013 \u2013 440.7
Foreign exchange forward contract receipts
(280.6) (156.2) \u2013 \u2013 (436.8)
Total
2.7 6.7 14.3 5.7 29.4
Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders of the parent company. The capital structure of the Group consists of debt, which includes borrowings disclosed in Note 28 \u2018Borrowings\u2019, cash and cash equivalents disclosed in Note 24 \u2018Cash and cash equivalents\u2019 and equity attributable to shareholders of the parent company, comprising issued share capital, paid in surplus, reserves and retained earnings. The Group monitors its capital structure using a leverage ratio of net debt to Adjusted EBITDA. The ratio calculates net debt as the principal value of borrowings and lease liabilities less cash and cash equivalents. Reconciliation of movements in liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows are classified in the Consolidated Cash Flow Statement as cash flows from financing activities. Liabilities Equity Other Total (in $ millions) Borrowings Lease liabilities Dividends payable to shareholders Treasury shares Other equity Balance at 1 January 2022 421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9 Financing cash flows Interest paid (15.8) (11.3) \u2013 \u2013 \u2013 \u2013 (27.1) Repayment of borrowings (61.6) \u2013 \u2013 \u2013 \u2013 \u2013 (61.6) Cost of share repurchases \u2013 \u2013 \u2013 (46.0) \u2013 \u2013 (46.0) Proceeds from rights issue of non- wholly-owned subsidiary \u2013 \u2013 \u2013 \u2013 54.6 \u2013 54.6 Payments related to lease liabilities \u2013 (99.4) \u2013 \u2013 \u2013 \u2013 (99.4) Dividends paid to shareholders of the parent company \u2013 \u2013 (31.7) \u2013 \u2013 \u2013 (31.7) Total financing cash flows (77.4) (110.7) (31.7) (46.0) 54.6 \u2013 (211.2) Non-cash changes Dividends declared \u2013 \u2013 33.6 \u2013 \u2013 \u2013 33.6 Addition of lease liabilities \u2013 77.4 \u2013 \u2013 \u2013 \u2013 77.4 Remeasurement of lease liabilities \u2013 62.4 \u2013 \u2013 \u2013 \u2013 62.4 Shares reallocated relating to share-based payments \u2013 \u2013 \u2013 3.9 (3.9) \u2013 \u2013 Interest charges 11.5 11.3 \u2013 \u2013 \u2013 0.6 23.4 Exchange differences \u2013 (14.3) (1.9) \u2013 \u2013 \u2013 (16.2) Total non-cash changes 11.5 136.8 31.7 3.9 (3.9) 0.6 180.6 Balance at 31 December 2022 356.0 257.0 \u2013 (75.0) 38.8 (4.5) 572.3 Liabilities Equity Other Total (in $ millions) Borrowings Lease liabilities Dividends payable to shareholders Treasury shares Other equity Balance at 1 January 2021 209.0 254.0 \u2013 (17.8) (6.0) (6.4) 432.8 Financing cash flows Interest paid (5.9) \u2013 \u2013 \u2013 \u2013 (6.2) (12.1) Repayment of borrowings (24.6) \u2013 \u2013 \u2013 \u2013 \u2013 (24.6) Proceeds from borrowings 200.0 \u2013 \u2013 \u2013 \u2013 \u2013 200.0 Cost of share repurchases \u2013 \u2013 \u2013 (21.0) \u2013 \u2013 (21.0) Payments related to lease liabilities \u2013 (93.1) \u2013 \u2013 \u2013 \u2013 (93.1) Dividends paid to shareholders of the parent company \u2013 \u2013 (72.0) \u2013 \u2013 \u2013 (72.0) Total financing cash flows 169.5 (93.1) (72.0) (21.0) \u2013 (6.2) (22.8) Non-cash changes Dividends declared \u2013 \u2013 69.5 \u2013 \u2013 \u2013 69.5 Addition of borrowings 37.5 \u2013 \u2013 \u2013 \u2013 \u2013 37.5 Addition of lease liabilities 54.8 54.8 Remeasurement of lease liabilities \u2013 6.7 \u2013 \u2013 \u2013 \u2013 6.7 Shares reallocated relating to share-based payments \u2013 \u2013 \u2013 5.9 (5.9) \u2013 \u2013 Interest charges 5.9 6.7 \u2013 \u2013 \u2013 7.5 20.1 Exchange differences \u2013 1.8 2.5 \u2013 \u2013 \u2013 4.3 Total non-cash changes 43.4 70.0 72.0 5.9 (5.9) 7.5 192.9 Balance at 31 December 2021 421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9 Fair value hierarchy
The Group classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy has the following levels:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Fair value measurement
During the year ended 31 December 2022 there were no transfers between levels of the fair value hierarchy. The Group recognises
transfers between levels of the fair value hierarchy from the date of the event or change in circumstances that caused the transfer.
Assets and liabilities which are measured at fair value in the Consolidated Balance Sheet and their level of the fair value hierarchy were
as follows:
(a) A reconciliation of contingent consideration movements during the year is shown on page 135.
t (in $ millions)
2022
31 Dec
Level 1
2022
31 Dec
Level 2
2022
31 Dec
Level 3
2021
31 Dec
Level 1
2021
31 Dec
Level 2
2021
31 Dec
Level 3
Recurring fair value measurements
Financial assets:
Financial assets at fair value through profit or loss \u2013
derivative instruments
\u2013 1.1 \u2013 \u2013 1.3 \u2013
Financial assets at fair value through profit or loss \u2013
embedded derivatives
\u2013
16.7
\u2013 \u2013 43.5 \u2013
Financial assets at fair value through profit or loss \u2013
commodity derivatives
\u2013
\u2013
\u2013 \u2013 2.9 \u2013
Financial assets at fair value through other comprehensive
income \u2013 commodity derivatives
\u2013 4.2 \u2013 \u2013 12.8 \u2013
Financial liabilities:
Financial liabilities at fair value through profit or loss \u2013
derivative instruments
\u2013
(1.1)
\u2013 \u2013 (3.9) \u2013
Financial liabilities at fair value through profit or loss \u2013
embedded derivatives
\u2013 (34.3) \u2013 \u2013 (25.5) \u2013
Financial liabilities at fair value through profit or loss \u2013 commodity
derivatives
\u2013
(0.2)
\u2013 \u2013 \u2013 \u2013
Financial liabilities at fair value through other comprehensive
income \u2013 commodity derivatives
\u2013 (0.3) \u2013 \u2013 \u2013 \u2013
Contingent consideration
(a)
\u2013 \u2013 (1.6) \u2013 \u2013 (6.6)
Recurring fair value measurements
Financial assets and financial liabilities
Financial assets and financial liabilities which are remeasured to fair value on a recurring basis are determined as follows:
\u2022 the fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets
are determined with reference to quoted market prices;
\u2022 the fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with
generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions
and quotes for similar instruments;
\u2022 the fair value of other financial assets classified as current assets, which includes quoted securities, is determined using quoted prices;
\u2022 the fair value of contingent consideration is determined based on current expectations of the achievement of specific targets and
milestones calculated using the discounted cash flow method and unobservable inputs. Quantitative information about the significant
unobservable inputs used in the fair value measurement and sensitivities to changes in these unobservable inputs are as disclosed
below:
\u2022 significant inputs to the fair value of contingent consideration following a business combination include the assumed probability of
the achievement of operational targets and technical milestones. A significant increase or decrease in the assumed probability of
achieving these would result in a higher or lower fair value of the contingent consideration liability, while a significant increase or
decrease in the discount rate would result in a higher or lower fair value of the contingent consideration liability. Gains or losses
for the year were recorded in the Consolidated Income Statement as disclosed within Note 7 \u2018Other gains and losses\u2019; and
\u2022 the fair values of foreign exchange derivative instruments and embedded derivatives are calculated using quoted foreign exchange
rates and yield curves derived from quoted interest rates matching maturities of the contract. Where such prices are not available,
use is made of discounted cash flow analysis using the applicable yield curve for the duration of the instruments for non-optional
derivative financial instruments.
Non-recurring fair value measurements
Assumptions used in determining fair value of financial assets and financial liabilities which are not remeasured to fair value on a
recurring basis are as follows:
The fair value of receivables and payables is based on their carrying amounts which is representative of contractual amounts due and,
where appropriate, incorporates expectations about future expected credit losses.
Other financial assets which are classified as non-current include equity investments in unlisted companies which are strategic in nature.
Management concluded that due to the nature of these investments, there are a wide range of possible fair value measurements and in
some cases there may be insufficient recent information available to enable the Group to accurately measure fair value. Management
reviews investments annually to ensure the carrying amount can be supported by expected future cash flows and has concluded cost
is considered to represent the best estimate of fair value of each investment within a range of possible outcomes.
(in $ millions)
Balance at
1 January
2022
Utilisation
Fair value
adjustments
Exchange
differences
Balance at
31 December
2022
Contingent consideration
6.6 (0.7) (3.8) (0.5) 1.6
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-670": {
"value": "Financial risk management objectives The Group monitors and manages the financial risks relating to its financial operations through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (consisting of currency risk and fair value interest rate risk), credit risk and liquidity risk. The Group seeks to minimise the effects of these risks by using a variety of financial instruments to hedge these financial risk exposures. Derivative financial instruments are used exclusively for hedging purposes and not as trading or speculative instruments. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into a variety of derivative financial instruments to manage its exposure to foreign currency risks, including forward foreign exchange contracts to hedge the exchange rate risk arising on future revenue, operating expenditures and capital expenditures. In the year ended 31 December 2022, there was no significant change to the Group\u2019s exposure to market risks or the manner in which it managed and measured the risk. Foreign currency risk The Group conducts operations in many countries and, as a result, is exposed to foreign currency fluctuations related to revenue and expenditure in the normal course of business. The Group has in place risk management policies that seek to limit the adverse effects of fluctuations in foreign currency exchange rates on its financial performance. The Group\u2019s reporting currency is the US Dollar. Revenue and expenses are principally denominated in the reporting currency of the Group. The Group also has significant operations denominated in British Pound Sterling and Euro as well as other cash flows in Angolan Kwanza, Australian Dollar, Brazilian Real, Canadian Dollar, Chinese Yuan, Danish Krone, Egyptian Pound, Ghanaian Cedi, Korean Won, Malaysian Ringgit, Mexican Peso, Nigerian Naira, Norwegian Krone, Saudi Arabian Riyal and Singaporean Dollar. Foreign currency sensitivity analysis The Group considers that its principal currency exposure is to movements in the US Dollar against other currencies. The US Dollar is the Group\u2019s reporting currency, the functional currency of many of its subsidiaries and the currency of a significant volume of the Group\u2019s cash flows. At 31 December 2022 the Group performed a sensitivity analysis to indicate the extent to which net income/(loss) and equity would be affected by changes in the exchange rate between the US Dollar and other currencies in which the Group transacts. The analysis is based on a strengthening of the US Dollar by 10% against each of the other currencies in which the Group has significant assets and liabilities at the end of each respective period. A movement of 10% reflects a reasonably possible sensitivity when compared to historical movements over a five-year time-frame. The Group\u2019s analysis of the impact on net income/(loss) in each year is based on monetary assets and liabilities in the Consolidated Balance Sheet at the end of each respective year. The Group\u2019s analysis of the impact on equity includes the impacts on the translation reserve in respect of intra-group balances that form part of the net investment in a foreign operation. The amounts disclosed have not been adjusted for the impact of taxation. A 10% strengthening in the US Dollar exchange rate against other currencies in which the Group transacts would increase net foreign currency exchange losses reported in other gains and losses by $20.8 million for the year ended 31 December 2022 (2021: $33.8 million increase to net foreign currency exchange gains). The impact would be a decrease in reported equity of $30.5 million (2021: increase of $23.1 million). Forward foreign exchange contracts The Group primarily enters into forward foreign exchange contracts with maturities of up to three years, to manage the risk associated with transactions with a foreign exchange exposure risk. These transactions consist of highly probable cash flow exposures relating to revenue, operating expenditure and capital expenditure. The Group does not use derivative instruments to hedge the exposure to exchange rate fluctuations from its net investments in foreign subsidiaries. The following table details the external forward foreign exchange contracts outstanding: At 31 December 2022 Contracted amount by contract maturity Fair value by contract maturity Buy Sell Maturity (in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years British Pound Sterling 120.3 \u2013 129.3 \u2013 0.1 \u2013 Euro 64.7 \u2013 50.4 \u2013 (0.1) \u2013 Total 185.0 \u2013 179.7 \u2013 \u2013 \u2013 At 31 December 2021 Contracted amount by contract maturity Fair value by contract maturity Buy Sell Maturity (in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years British Pound Sterling 74.8 \u2013 123.5 \u2013 0.5 \u2013 Danish Krone 7.5 \u2013 \u2013 \u2013 \u2013 \u2013 Euro 37.4 \u2013 211.8 \u2013 (1.1) \u2013 Norwegian Krone 3.8 \u2013 88.4 \u2013 (1.3) \u2013 Singapore Dollar 2.6 \u2013 \u2013 \u2013 \u2013 \u2013 A ustralian Dollar \u2013 \u2013 41.8 \u2013 (0.7) \u2013 Total 126.1 \u2013 465.5 \u2013 (2.6) \u2013 Hedge accounting At 31 December 2022 the Group had designated commodity hedges of $3.8 million (2021: $12.8 million) as hedging instruments. The hedging reserve, included within other reserves in the Consolidated Balance Sheet, represents hedging gains recognised on the effective portion of commodity cash flow hedges. The movement in the hedging reserve was as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec A t year beginning 10.4 \u2013 Gains on the effective portion of derivative financial instruments deferred to equity: Cash flow on commodity hedges 3.8 12.8 Tax recognised in Other Comprehensive Income 2.4 (2.4) Amounts reclassified to the Consolidated Income Statement (12.8) \u2013 A t year end 3.8 10.4 The Group documents its assessment of whether the hedging instrument which is used in a hedging relationship is effective in offsetting changes in cash flows of the hedged item, on a prospective basis. The cumulative effective portion is deferred in equity within other reserves as hedging reserves in the Consolidated Balance Sheet. The resulting cumulative gains or losses will be reclassified to the Consolidated Income Statement upon the recognition of the underlying transaction or the discontinuance of a hedging relationship. Movements in respect of effective hedges are detailed in the Consolidated Statement of Changes in Equity. The gains or losses relating to the ineffective portion of cash flow hedges are recognised in the Consolidated Income Statement and the net amount for the year was $2.7 million (2021: $nil). Hedge ineffectiveness can arise from differences in the timing of the cash flows of the hedged items and the hedging instruments, different indexes linked to the hedged risk of the hedged items and hedging instruments, counterparties\u2019 credit risk differently impacting fair value movements of the hedging instruments and hedged items or changes to the forecasted amount of cash flows of hedged items and hedging instruments. There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity forward contracts match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity forward contracts is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. At 31 December 2022 and at 31 December 2021 none of the Group\u2019s outstanding external forward foreign exchange contracts had been designated as hedging instruments. Commodity hedging The Group enters into commodity hedging to manage risk on specific exposures, swapping floating price to fixed. At 31 December 2022 the fair values of commodity trades amounted to $4.2 million within financial assets (2021: $15.7 million) and $0.5 million within financial liabilities (2021: $nil). Embedded derivatives The Group regularly enters into multi-currency contracts from which the cash flows may lead to embedded foreign exchange derivatives in non-financial host contracts, carried at fair value through profit or loss. Embedded foreign currency derivatives, arising from multi- currency contracts, are separated where the host contract does not qualify as a financial asset, where the transactional currency differs from the functional currencies of the involved parties and a separate instrument, with the same terms as the embedded derivative, would meet the definition of a derivative. The fair values of the embedded derivatives at 31 December 2022 amounted to $16.7 million related to financial assets (2021: $43.5 million) and $34.3 million related to financial liabilities (2021: $25.5 million). The effects on the Consolidated Income Statement were reflected in net foreign currency gains and losses within other gains and losses. Interest rate risk management The Group places funds in the money markets to generate an investment return with a range of maturities (generally less than six months) ensuring a high level of liquidity and reducing the credit risk associated with the deposits. Changes in the interest rates associated with these deposits will impact the interest income generated. Interest rate sensitivity analysis At 31 December 2022, the Group had cash deposits and borrowings. A 1% increase in interest rates would not have a significant impact on the Group\u2019s finance cost or finance income due to the net cash position the Group held throughout the year. The Group\u2019s facilities, as disclosed in Note 28 \u2018Borrowings\u2019, utilise the Secured Overnight Financing Rate (SOFR) as the reference rate for borrowings, replacing the Inter-borrowing Offering Rate (IBOR). Credit risk management Credit risk refers to the risk that a customer or counterparty to a financial instrument will default on its contractual obligations and fail to make payment as obligations fall due resulting in financial loss for the Group. Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents, trade and other receivables and derivative financial instruments. The maximum exposure of the Group to credit-related loss of financial instruments is the aggregate of the carrying amount of the financial assets as summarised on page 122. Financial instruments and cash deposits The Group has adopted a policy of transacting with creditworthy financial institutions as a means of mitigating the risk of financial loss from defaults. Credit ratings are supplied by independent rating agencies. The Group\u2019s exposure and the credit ratings of its counterparties are continually monitored and the aggregate value of transactions undertaken is distributed among approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved on an annual basis and are monitored daily. The Group uses credit ratings as well as other publicly available financial information and its own trading records to rate its major counterparties. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Trade receivables and contract assets The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group\u2019s credit risk management practices are designed to address the risk characteristics of the key classes of financial asset. Credit exposure is controlled by counterparty limits that are reviewed and approved on an annual basis and are monitored daily. In respect of its clients and suppliers, the Group uses credit ratings as well as other publicly available financial information and its own trading records to rate its major counterparties. The assessment of the Group\u2019s exposure to credit risk includes consideration of historical and forward-looking information regarding both the financial position and performance of the counterparty and the general macro-economic environment. Expected credit loss assessment for financial assets Allowances are recognised as required under the IFRS 9 impairment model and continue to be carried until there are indicators that there is no reasonable expectation of recovery. For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group applies the simplified approach. This approach requires the allowance for expected credit losses to be recognised at an amount equal to lifetime expected credit losses. For other debt financial assets the Group applies the general approach to providing for expected credit losses as prescribed by IFRS 9, which permits the recognition of an allowance for the estimated expected loss resulting from default in the subsequent 12-month period. Exposure to credit loss is monitored on a continual basis and, where material, the allowance for expected credit losses is adjusted to reflect the risk of default during the lifetime of the financial asset should a significant change in credit risk be identified. In determining expected credit losses, financial assets with the same counterparty are grouped and where appropriate expected credit losses are measured on a collective basis. In determining the level of allowance the Group uses an internal credit risk grading framework and applies judgement based on a variety of data in order to predict the likely risk of default. The Group defines default as full or partial non-payment of contractual cash flows. The determination of expected credit losses is derived from historical and forward-looking information which includes external ratings, audited financial statements and other publicly available information about customers. Determination of the level of expected credit loss incorporates a review of factors which can be indicative of default, including the nature of the counterparty (for example national energy companies, international energy companies or independent energy companies) and the individual industry sectors in which the counterparty operates. The majority of the Group\u2019s financial assets are expected to have a low risk of default. A review of the historical occurrence of credit losses indicates that credit losses are insignificant due to the size of the Group\u2019s clients and the nature of the services provided. The outlook for the energy industry is not expected to result in a significant change in the Group\u2019s exposure to credit losses. As lifetime expected credit losses are not expected to be significant the Group has opted not to adopt the practical expedient available under IFRS 9 to utilise a provision matrix for the recognition of lifetime expected credit losses on trade receivables. Allowances are calculated on a case-by-case basis based on the credit risk applicable to individual counterparties. Exposure to credit risk is continually monitored in order to identify financial assets which experience a significant change in credit risk. While assessing for significant changes in credit risk the Group makes use of operational simplifications permitted by IFRS 9. The Group considers a financial asset to have low credit risk if the asset has a low risk of default; the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term; and no adverse changes in economic or business conditions have been identified which in the longer term may, but will not necessarily, reduce the ability of the counterparty to fulfil its contractual cash flow obligations. Where a financial asset becomes more than 30 days past its due date additional procedures are performed to determine the reasons for non-payment in order to identify if a change in the exposure to credit risk has occurred. Should a significant change in the exposure to credit risk be identified the allowance for expected credit losses is increased to reflect the risk of expected default in the lifetime of the financial asset. The Group continually monitors for indications that a financial asset has become credit impaired with an allowance for credit impairment recognised when the loss is incurred. Where a financial asset becomes more than 90 days past its due date additional procedures are performed to determine the reasons for non-payment in order to identify if the asset has become credit impaired. The Group considers an asset to be credit impaired once there is evidence that a loss has been incurred. In addition to recognising an allowance for expected credit loss, the Group monitors for the occurrence of events that have a detrimental impact on the recoverability of financial assets. Evidence of credit impairment includes, but is not limited to, indications of significant financial difficulty of the counterparty, a breach of contract or failure to adhere to payment terms, bankruptcy or financial reorganisation of a counterparty or the disappearance of an active market for the financial asset. A financial asset is only impaired when there is no reasonable expectation of recovery. For trade receivables, the Group\u2019s current credit risk grading framework comprises the following categories: Category Description Response Performing The counterparty has a low risk of default. No balances are aged greater than 30 days past due. An allowance for lifetime ECLs is recognised where the impact is determined to be material. Monitored The counterparty has a low risk of default. Balances aged greater than 30 days past due have arisen due to ongoing commercial discussions associated with the close-out of contractual requirements and are not considered to be indicative of an increased risk of default. The allowance for lifetime ECLs is increased where the impact is determined to be material. In default Balances are greater than 90 days past due with the ageing not being as a result of ongoing commercial discussions associated with the close-out of contractual commitments, or there is evidence indicating that the counterparty is in severe financial difficulty and collection of amounts due is improbable. The asset is considered to be credit impaired and an allowance for the estimated incurred loss is recognised where material. Written off There is evidence that the counterparty is in severe financial difficulty and the Group has no realistic prospect of recovery of balances due. The gross receivable and associated allowance are both derecognised. The credit risk grades disclosed above are consistent with the information used by the Group for credit risk management purposes. Specific information regarding the counterparty together with past-due information and forward-looking information is utilised in order to determine the appropriate credit grading category. Trade receivables balances were evaluated using the grading framework as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec Performing 412.5 434.9 Monitored 14.6 80.4 In default 4.4 3.9 Gross carrying amount 431.5 519.2 In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent disclosures. Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required. Trade receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 431.5 519.2 A llowance for expected credit losses (2.0) (2.2) A llowance for credit impairments (4.4) (3.9) Net carrying amount 425.1 513.1 The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 412.7 6.5 3.5 8.8 431.5 A llowance for expected credit losses (2.0) \u2013 \u2013 \u2013 (2.0) A llowance for incurred credit impairments (0.3) \u2013 \u2013 (4.1) (4.4) Net carrying amount 410.4 6.5 3.5 4.7 425.1 A t (in $ millions) 2022 31 Dec 2021 31 Dec Performing 412.5 434.9 Monitored 14.6 80.4 In default 4.4 3.9 Gross carrying amount 431.5 519.2 In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent disclosures. Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required. Trade receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 431.5 519.2 A llowance for expected credit losses (2.0) (2.2) A llowance for credit impairments (4.4) (3.9) Net carrying amount 425.1 513.1 The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 412.7 6.5 3.5 8.8 431.5 A llowance for expected credit losses (2.0) \u2013 \u2013 \u2013 (2.0) A llowance for incurred credit impairments (0.3) \u2013 \u2013 (4.1) (4.4) Net carrying amount 410.4 6.5 3.5 4.7 425.1 Subsea 7 S.A. \u2022 Annual Report 2022 129 At 31 December 2021 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 435.4 18.8 36.7 28.3 519.2 A llowance for expected credit losses (2.2) \u2013 \u2013 \u2013 (2.2) A llowance for incurred credit impairments (0.4) \u2013 \u2013 (3.5) (3.9) Net carrying amount 432.8 18.8 36.7 24.8 513.1 The movement in the allowance for expected credit losses in respect of trade receivables during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for expected credit losses A t year beginning (2.2) (2.7) Decrease in allowance recognised in profit or loss 0.2 0.5 A t year end (2.0) (2.2) The movement in the allowance for credit impairment in respect of trade receivables during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for credit impairment A t year beginning (3.9) (23.3) Increase in allowance recognised in profit or loss (2.5) \u2013 Utilisation of allowance 1.8 4.0 Unused amounts released during the year 0.2 15.7 Exchange differences \u2013 (0.3) A t year end (4.4) (3.9) During the year ended 31 December 2022, the Group collected $0.2 million trade receivables which had been credit impaired in the prior year (2021: $15.7 million). Amounts due from associates and joint ventures A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 41.1 43.0 A llowance for incurred credit impairments (3.7) (3.5) Net carrying amount 37.4 39.5 The table below provides an analysis of the ageing of amounts due from associates and joint ventures. This includes balances with associates and joint ventures which are past due at the end of the reporting period, but not impaired, and balances which are individually determined to be impaired at the end of the reporting period. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 30.4 \u2013 \u2013 10.7 41.1 A llowance for credit impairments (0.2) \u2013 \u2013 (3.5) (3.7) Net carrying amount 30.2 \u2013 \u2013 7.2 37.4 At 31 December 2021 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 32.1 \u2013 \u2013 10.9 43.0 A llowance for credit impairments \u2013 \u2013 \u2013 (3.5) (3.5) Net carrying amount 32.1 \u2013 \u2013 7.4 39.5 The movement in the allowance for credit impairments in respect of amounts due from associates and joint ventures during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec Allowance for credit impairments At year beginning (3.5) (3.5) Exchange differences (0.2) \u2013 At year end (3.7) (3.5) At 31 December 2022 the allowance for expected credit losses recognised in connection with amounts due from associates and joint ventures was $nil (2021: $nil). Other financial assets at amortised cost An analysis of the age of other financial assets at the balance sheet date has not been provided on the grounds of materiality. Other financial assets are typically non-recurring and are monitored on an asset-by-asset basis. Ageing is not necessarily reflective of credit risk. At 31 December 2022 the allowances for expected credit losses and credit impairment recognised in connection with other financial assets at amortised cost were $nil (2021: $nil). Concentration of credit risk Credit risk is primarily associated with trade receivables. Net trade receivables (Note 20 \u2018Trade and other receivables\u2019) arise from a large number of clients, dispersed geographically. Continual credit evaluation is performed on the recoverability of trade receivables. The following table classifies outstanding balances into three categories: At 2022 31 Dec Category percentage 2021 31 Dec Category percentage National energy companies 18% 28% International energy companies 30% 19% Independent energy companies 52% 53% Total 100% 100% National energy companies are either partially or fully-owned by or directly controlled by the government of their respective country of incorporation. Both international and independent energy companies are mainly publicly or privately owned. International energy companies are generally larger in size and scope than independent energy companies. During the year ended 31 December 2022, three clients (2021: two clients) contributed individually to 10% or more of the Group\u2019s revenue. The revenue from these clients was $1,873.6 million or 36% of total Group revenue (2021: $1,296.3 million or 26%). The five largest receivables balances by client are shown below: At (in $ millions) 31 Dec 2022 Client A 63.1 Client B 49.8 Client C 38.9 Client D 28.7 Client E 21.8 At (in $ millions) 31 Dec 2021 Client A 124.0 Client B 61.5 Client C 42.1 Client D 41.9 Client E 24.1 The client mix for outstanding accounts receivable balances at 31 December 2022 is not the same as at 31 December 2021. The Group did not have any significant credit exposure to any single counterparty at 31 December 2022 or 31 December 2021. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are primarily banks with high credit ratings assigned by international credit-rating agencies. At 31 December 2022, 38% (2021: 53%) of cash was held at counterparties with a credit rating lower than \u2018upper-medium grade\u2019 classification Liquidity risk management The Group has a framework for the management of short, medium and long-term funding and liquidity management requirements. The Group continually monitors forecast and actual cash flows and matches the maturity profiles of financial assets and liabilities. Liquidity risk is managed by maintaining adequate cash and cash equivalent balances and by ensuring available borrowing facilities are in place. Included in Note 28 \u2018Borrowings\u2019 are details of the undrawn facilities that the Group had at 31 December 2022. Liquidity tables The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The table has been prepared based on the undiscounted cash flows relating to financial liabilities based on the earliest date on which the payment can be required. Principal cash flows are as follows: At 31 December 2022 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Borrowings 6.7 19.2 45.6 342.9 414.4 Trade payables 239.9 63.7 13.5 0.4 317.5 A mounts due to associates and joint ventures 7.3 \u2013 \u2013 \u2013 7.3 Lease liabilities 9.2 19.5 79.1 175.9 283.7 Total 263.1 102.4 138.2 519.2 1,022.9 At 31 December 2021 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Borrowings 44.4 7.0 17.0 381.2 449.6 Trade payables 231.5 28.6 10.6 0.4 271.1 A mounts due to associates and joint ventures 8.6 0.5 \u2013 \u2013 9.1 Lease liabilities 8.5 16.6 65.2 158.9 249.2 Total 293.0 52.7 92.8 540.5 979.0 The following table details the Group\u2019s liquidity profile for its derivative financial liabilities. The table has been prepared based on the undiscounted net cash payments and receipts on the derivative instruments that settle on a net basis and the undiscounted gross payments and receipts on those derivative financial instruments that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the balance sheet date. At 31 December 2022 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Net settled: Embedded derivatives \u2013 0.5 5.8 30.8 37.1 Commodity hedging \u2013 \u2013 \u2013 0.5 0.5 Gross settled: Foreign exchange forward contract payments 186.1 \u2013 \u2013 \u2013 186.1 Foreign exchange forward contract receipts (185.0) \u2013 \u2013 \u2013 (185.0) Total 1.1 0.5 5.8 31.3 38.7 At 31 December 2021 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Net settled: Embedded derivatives \u2013 5.5 14.3 5.7 25.5 Gross settled: Foreign exchange forward contract payments 283.3 157.4 \u2013 \u2013 440.7 Foreign exchange forward contract receipts (280.6) (156.2) \u2013 \u2013 (436.8) Total 2.7 6.7 14.3 5.7 29.4 Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders of the parent company. The capital structure of the Group consists of debt, which includes borrowings disclosed in Note 28 \u2018Borrowings\u2019, cash and cash equivalents disclosed in Note 24 \u2018Cash and cash equivalents\u2019 and equity attributable to shareholders of the parent company, comprising issued share capital, paid in surplus, reserves and retained earnings. The Group monitors its capital structure using a leverage ratio of net debt to Adjusted EBITDA. The ratio calculates net debt as the principal value of borrowings and lease liabilities less cash and cash equivalents. Reconciliation of movements in liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows are classified in the Consolidated Cash Flow Statement as cash flows from financing activities. Liabilities Equity Other Total (in $ millions) Borrowings Lease liabilities Dividends payable to shareholders Treasury shares Other equity Balance at 1 January 2022 421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9 Financing cash flows Interest paid (15.8) (11.3) \u2013 \u2013 \u2013 \u2013 (27.1) Repayment of borrowings (61.6) \u2013 \u2013 \u2013 \u2013 \u2013 (61.6) Cost of share repurchases \u2013 \u2013 \u2013 (46.0) \u2013 \u2013 (46.0) Proceeds from rights issue of non- wholly-owned subsidiary \u2013 \u2013 \u2013 \u2013 54.6 \u2013 54.6 Payments related to lease liabilities \u2013 (99.4) \u2013 \u2013 \u2013 \u2013 (99.4) Dividends paid to shareholders of the parent company \u2013 \u2013 (31.7) \u2013 \u2013 \u2013 (31.7) Total financing cash flows (77.4) (110.7) (31.7) (46.0) 54.6 \u2013 (211.2) Non-cash changes Dividends declared \u2013 \u2013 33.6 \u2013 \u2013 \u2013 33.6 Addition of lease liabilities \u2013 77.4 \u2013 \u2013 \u2013 \u2013 77.4 Remeasurement of lease liabilities \u2013 62.4 \u2013 \u2013 \u2013 \u2013 62.4 Shares reallocated relating to share-based payments \u2013 \u2013 \u2013 3.9 (3.9) \u2013 \u2013 Interest charges 11.5 11.3 \u2013 \u2013 \u2013 0.6 23.4 Exchange differences \u2013 (14.3) (1.9) \u2013 \u2013 \u2013 (16.2) Total non-cash changes 11.5 136.8 31.7 3.9 (3.9) 0.6 180.6 Balance at 31 December 2022 356.0 257.0 \u2013 (75.0) 38.8 (4.5) 572.3 Liabilities Equity Other Total (in $ millions) Borrowings Lease liabilities Dividends payable to shareholders Treasury shares Other equity Balance at 1 January 2021 209.0 254.0 \u2013 (17.8) (6.0) (6.4) 432.8 Financing cash flows Interest paid (5.9) \u2013 \u2013 \u2013 \u2013 (6.2) (12.1) Repayment of borrowings (24.6) \u2013 \u2013 \u2013 \u2013 \u2013 (24.6) Proceeds from borrowings 200.0 \u2013 \u2013 \u2013 \u2013 \u2013 200.0 Cost of share repurchases \u2013 \u2013 \u2013 (21.0) \u2013 \u2013 (21.0) Payments related to lease liabilities \u2013 (93.1) \u2013 \u2013 \u2013 \u2013 (93.1) Dividends paid to shareholders of the parent company \u2013 \u2013 (72.0) \u2013 \u2013 \u2013 (72.0) Total financing cash flows 169.5 (93.1) (72.0) (21.0) \u2013 (6.2) (22.8) Non-cash changes Dividends declared \u2013 \u2013 69.5 \u2013 \u2013 \u2013 69.5 Addition of borrowings 37.5 \u2013 \u2013 \u2013 \u2013 \u2013 37.5 Addition of lease liabilities 54.8 54.8 Remeasurement of lease liabilities \u2013 6.7 \u2013 \u2013 \u2013 \u2013 6.7 Shares reallocated relating to share-based payments \u2013 \u2013 \u2013 5.9 (5.9) \u2013 \u2013 Interest charges 5.9 6.7 \u2013 \u2013 \u2013 7.5 20.1 Exchange differences \u2013 1.8 2.5 \u2013 \u2013 \u2013 4.3 Total non-cash changes 43.4 70.0 72.0 5.9 (5.9) 7.5 192.9 Balance at 31 December 2021 421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9 ",
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"fact-682": {
"value": "Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into a variety of derivative financial instruments to manage its exposure to foreign currency risks, including forward foreign exchange contracts to hedge the exchange rate risk arising on future revenue, operating expenditures and capital expenditures. In the year ended 31 December 2022, there was no significant change to the Group\u2019s exposure to market risks or the manner in which it managed and measured the risk. Foreign currency risk The Group conducts operations in many countries and, as a result, is exposed to foreign currency fluctuations related to revenue and expenditure in the normal course of business. The Group has in place risk management policies that seek to limit the adverse effects of fluctuations in foreign currency exchange rates on its financial performance. The Group\u2019s reporting currency is the US Dollar. Revenue and expenses are principally denominated in the reporting currency of the Group. The Group also has significant operations denominated in British Pound Sterling and Euro as well as other cash flows in Angolan Kwanza, Australian Dollar, Brazilian Real, Canadian Dollar, Chinese Yuan, Danish Krone, Egyptian Pound, Ghanaian Cedi, Korean Won, Malaysian Ringgit, Mexican Peso, Nigerian Naira, Norwegian Krone, Saudi Arabian Riyal and Singaporean Dollar. Foreign currency sensitivity analysis The Group considers that its principal currency exposure is to movements in the US Dollar against other currencies. The US Dollar is the Group\u2019s reporting currency, the functional currency of many of its subsidiaries and the currency of a significant volume of the Group\u2019s cash flows. At 31 December 2022 the Group performed a sensitivity analysis to indicate the extent to which net income/(loss) and equity would be affected by changes in the exchange rate between the US Dollar and other currencies in which the Group transacts. The analysis is based on a strengthening of the US Dollar by 10% against each of the other currencies in which the Group has significant assets and liabilities at the end of each respective period. A movement of 10% reflects a reasonably possible sensitivity when compared to historical movements over a five-year time-frame. The Group\u2019s analysis of the impact on net income/(loss) in each year is based on monetary assets and liabilities in the Consolidated Balance Sheet at the end of each respective year. The Group\u2019s analysis of the impact on equity includes the impacts on the translation reserve in respect of intra-group balances that form part of the net investment in a foreign operation. The amounts disclosed have not been adjusted for the impact of taxation. A 10% strengthening in the US Dollar exchange rate against other currencies in which the Group transacts would increase net foreign currency exchange losses reported in other gains and losses by $20.8 million for the year ended 31 December 2022 (2021: $33.8 million increase to net foreign currency exchange gains). The impact would be a decrease in reported equity of $30.5 million (2021: increase of $23.1 million). Forward foreign exchange contracts The Group primarily enters into forward foreign exchange contracts with maturities of up to three years, to manage the risk associated with transactions with a foreign exchange exposure risk. These transactions consist of highly probable cash flow exposures relating to revenue, operating expenditure and capital expenditure. The Group does not use derivative instruments to hedge the exposure to exchange rate fluctuations from its net investments in foreign subsidiaries. The following table details the external forward foreign exchange contracts outstanding: At 31 December 2022 Contracted amount by contract maturity Fair value by contract maturity Buy Sell Maturity (in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years British Pound Sterling 120.3 \u2013 129.3 \u2013 0.1 \u2013 Euro 64.7 \u2013 50.4 \u2013 (0.1) \u2013 Total 185.0 \u2013 179.7 \u2013 \u2013 \u2013 At 31 December 2021 Contracted amount by contract maturity Fair value by contract maturity Buy Sell Maturity (in $ millions) < 1 Year 1-5 Years < 1 Year 1-5 Years < 1 Year 1-5 Years British Pound Sterling 74.8 \u2013 123.5 \u2013 0.5 \u2013 Danish Krone 7.5 \u2013 \u2013 \u2013 \u2013 \u2013 Euro 37.4 \u2013 211.8 \u2013 (1.1) \u2013 Norwegian Krone 3.8 \u2013 88.4 \u2013 (1.3) \u2013 Singapore Dollar 2.6 \u2013 \u2013 \u2013 \u2013 \u2013 A ustralian Dollar \u2013 \u2013 41.8 \u2013 (0.7) \u2013 Total 126.1 \u2013 465.5 \u2013 (2.6) \u2013 Hedge accounting At 31 December 2022 the Group had designated commodity hedges of $3.8 million (2021: $12.8 million) as hedging instruments. The hedging reserve, included within other reserves in the Consolidated Balance Sheet, represents hedging gains recognised on the effective portion of commodity cash flow hedges. The movement in the hedging reserve was as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec A t year beginning 10.4 \u2013 Gains on the effective portion of derivative financial instruments deferred to equity: Cash flow on commodity hedges 3.8 12.8 Tax recognised in Other Comprehensive Income 2.4 (2.4) Amounts reclassified to the Consolidated Income Statement (12.8) \u2013 A t year end 3.8 10.4 The Group documents its assessment of whether the hedging instrument which is used in a hedging relationship is effective in offsetting changes in cash flows of the hedged item, on a prospective basis. The cumulative effective portion is deferred in equity within other reserves as hedging reserves in the Consolidated Balance Sheet. The resulting cumulative gains or losses will be reclassified to the Consolidated Income Statement upon the recognition of the underlying transaction or the discontinuance of a hedging relationship. Movements in respect of effective hedges are detailed in the Consolidated Statement of Changes in Equity. The gains or losses relating to the ineffective portion of cash flow hedges are recognised in the Consolidated Income Statement and the net amount for the year was $2.7 million (2021: $nil). Hedge ineffectiveness can arise from differences in the timing of the cash flows of the hedged items and the hedging instruments, different indexes linked to the hedged risk of the hedged items and hedging instruments, counterparties\u2019 credit risk differently impacting fair value movements of the hedging instruments and hedged items or changes to the forecasted amount of cash flows of hedged items and hedging instruments. There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity forward contracts match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity forward contracts is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. At 31 December 2022 and at 31 December 2021 none of the Group\u2019s outstanding external forward foreign exchange contracts had been designated as hedging instruments. Commodity hedging The Group enters into commodity hedging to manage risk on specific exposures, swapping floating price to fixed. At 31 December 2022 the fair values of commodity trades amounted to $4.2 million within financial assets (2021: $15.7 million) and $0.5 million within financial liabilities (2021: $nil). Embedded derivatives The Group regularly enters into multi-currency contracts from which the cash flows may lead to embedded foreign exchange derivatives in non-financial host contracts, carried at fair value through profit or loss. Embedded foreign currency derivatives, arising from multi- currency contracts, are separated where the host contract does not qualify as a financial asset, where the transactional currency differs from the functional currencies of the involved parties and a separate instrument, with the same terms as the embedded derivative, would meet the definition of a derivative. The fair values of the embedded derivatives at 31 December 2022 amounted to $16.7 million related to financial assets (2021: $43.5 million) and $34.3 million related to financial liabilities (2021: $25.5 million). The effects on the Consolidated Income Statement were reflected in net foreign currency gains and losses within other gains and losses. Interest rate risk management The Group places funds in the money markets to generate an investment return with a range of maturities (generally less than six months) ensuring a high level of liquidity and reducing the credit risk associated with the deposits. Changes in the interest rates associated with these deposits will impact the interest income generated. Interest rate sensitivity analysis At 31 December 2022, the Group had cash deposits and borrowings. A 1% increase in interest rates would not have a significant impact on the Group\u2019s finance cost or finance income due to the net cash position the Group held throughout the year. The Group\u2019s facilities, as disclosed in Note 28 \u2018Borrowings\u2019, utilise the Secured Overnight Financing Rate (SOFR) as the reference rate for borrowings, replacing the Inter-borrowing Offering Rate (IBOR). ",
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"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-689": {
"value": "Hedge accounting At 31 December 2022 the Group had designated commodity hedges of $3.8 million (2021: $12.8 million) as hedging instruments. The hedging reserve, included within other reserves in the Consolidated Balance Sheet, represents hedging gains recognised on the effective portion of commodity cash flow hedges. The movement in the hedging reserve was as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec A t year beginning 10.4 \u2013 Gains on the effective portion of derivative financial instruments deferred to equity: Cash flow on commodity hedges 3.8 12.8 Tax recognised in Other Comprehensive Income 2.4 (2.4) Amounts reclassified to the Consolidated Income Statement (12.8) \u2013 A t year end 3.8 10.4 The Group documents its assessment of whether the hedging instrument which is used in a hedging relationship is effective in offsetting changes in cash flows of the hedged item, on a prospective basis. The cumulative effective portion is deferred in equity within other reserves as hedging reserves in the Consolidated Balance Sheet. The resulting cumulative gains or losses will be reclassified to the Consolidated Income Statement upon the recognition of the underlying transaction or the discontinuance of a hedging relationship. Movements in respect of effective hedges are detailed in the Consolidated Statement of Changes in Equity. The gains or losses relating to the ineffective portion of cash flow hedges are recognised in the Consolidated Income Statement and the net amount for the year was $2.7 million (2021: $nil). Hedge ineffectiveness can arise from differences in the timing of the cash flows of the hedged items and the hedging instruments, different indexes linked to the hedged risk of the hedged items and hedging instruments, counterparties\u2019 credit risk differently impacting fair value movements of the hedging instruments and hedged items or changes to the forecasted amount of cash flows of hedged items and hedging instruments. There is an economic relationship between the hedged items and the hedging instruments as the terms of the commodity forward contracts match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the commodity forward contracts is identical to the hedged risk components. To test the hedge effectiveness, the Group uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. At 31 December 2022 and at 31 December 2021 none of the Group\u2019s outstanding external forward foreign exchange contracts had been designated as hedging instruments. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-683": {
"value": "Credit risk management Credit risk refers to the risk that a customer or counterparty to a financial instrument will default on its contractual obligations and fail to make payment as obligations fall due resulting in financial loss for the Group. Credit risk arises from the financial assets of the Group, which comprise cash and cash equivalents, trade and other receivables and derivative financial instruments. The maximum exposure of the Group to credit-related loss of financial instruments is the aggregate of the carrying amount of the financial assets as summarised on page 122. Financial instruments and cash deposits The Group has adopted a policy of transacting with creditworthy financial institutions as a means of mitigating the risk of financial loss from defaults. Credit ratings are supplied by independent rating agencies. The Group\u2019s exposure and the credit ratings of its counterparties are continually monitored and the aggregate value of transactions undertaken is distributed among approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved on an annual basis and are monitored daily. The Group uses credit ratings as well as other publicly available financial information and its own trading records to rate its major counterparties. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. Trade receivables and contract assets The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group\u2019s credit risk management practices are designed to address the risk characteristics of the key classes of financial asset. Credit exposure is controlled by counterparty limits that are reviewed and approved on an annual basis and are monitored daily. In respect of its clients and suppliers, the Group uses credit ratings as well as other publicly available financial information and its own trading records to rate its major counterparties. The assessment of the Group\u2019s exposure to credit risk includes consideration of historical and forward-looking information regarding both the financial position and performance of the counterparty and the general macro-economic environment. Expected credit loss assessment for financial assets Allowances are recognised as required under the IFRS 9 impairment model and continue to be carried until there are indicators that there is no reasonable expectation of recovery. For construction contract assets and trade and other receivables which do not contain a significant financing component, the Group applies the simplified approach. This approach requires the allowance for expected credit losses to be recognised at an amount equal to lifetime expected credit losses. For other debt financial assets the Group applies the general approach to providing for expected credit losses as prescribed by IFRS 9, which permits the recognition of an allowance for the estimated expected loss resulting from default in the subsequent 12-month period. Exposure to credit loss is monitored on a continual basis and, where material, the allowance for expected credit losses is adjusted to reflect the risk of default during the lifetime of the financial asset should a significant change in credit risk be identified. In determining expected credit losses, financial assets with the same counterparty are grouped and where appropriate expected credit losses are measured on a collective basis. In determining the level of allowance the Group uses an internal credit risk grading framework and applies judgement based on a variety of data in order to predict the likely risk of default. The Group defines default as full or partial non-payment of contractual cash flows. The determination of expected credit losses is derived from historical and forward-looking information which includes external ratings, audited financial statements and other publicly available information about customers. Determination of the level of expected credit loss incorporates a review of factors which can be indicative of default, including the nature of the counterparty (for example national energy companies, international energy companies or independent energy companies) and the individual industry sectors in which the counterparty operates. The majority of the Group\u2019s financial assets are expected to have a low risk of default. A review of the historical occurrence of credit losses indicates that credit losses are insignificant due to the size of the Group\u2019s clients and the nature of the services provided. The outlook for the energy industry is not expected to result in a significant change in the Group\u2019s exposure to credit losses. As lifetime expected credit losses are not expected to be significant the Group has opted not to adopt the practical expedient available under IFRS 9 to utilise a provision matrix for the recognition of lifetime expected credit losses on trade receivables. Allowances are calculated on a case-by-case basis based on the credit risk applicable to individual counterparties. Exposure to credit risk is continually monitored in order to identify financial assets which experience a significant change in credit risk. While assessing for significant changes in credit risk the Group makes use of operational simplifications permitted by IFRS 9. The Group considers a financial asset to have low credit risk if the asset has a low risk of default; the counterparty has a strong capacity to meet its contractual cash flow obligations in the near term; and no adverse changes in economic or business conditions have been identified which in the longer term may, but will not necessarily, reduce the ability of the counterparty to fulfil its contractual cash flow obligations. Where a financial asset becomes more than 30 days past its due date additional procedures are performed to determine the reasons for non-payment in order to identify if a change in the exposure to credit risk has occurred. Should a significant change in the exposure to credit risk be identified the allowance for expected credit losses is increased to reflect the risk of expected default in the lifetime of the financial asset. The Group continually monitors for indications that a financial asset has become credit impaired with an allowance for credit impairment recognised when the loss is incurred. Where a financial asset becomes more than 90 days past its due date additional procedures are performed to determine the reasons for non-payment in order to identify if the asset has become credit impaired. The Group considers an asset to be credit impaired once there is evidence that a loss has been incurred. In addition to recognising an allowance for expected credit loss, the Group monitors for the occurrence of events that have a detrimental impact on the recoverability of financial assets. Evidence of credit impairment includes, but is not limited to, indications of significant financial difficulty of the counterparty, a breach of contract or failure to adhere to payment terms, bankruptcy or financial reorganisation of a counterparty or the disappearance of an active market for the financial asset. A financial asset is only impaired when there is no reasonable expectation of recovery. For trade receivables, the Group\u2019s current credit risk grading framework comprises the following categories: Category Description Response Performing The counterparty has a low risk of default. No balances are aged greater than 30 days past due. An allowance for lifetime ECLs is recognised where the impact is determined to be material. Monitored The counterparty has a low risk of default. Balances aged greater than 30 days past due have arisen due to ongoing commercial discussions associated with the close-out of contractual requirements and are not considered to be indicative of an increased risk of default. The allowance for lifetime ECLs is increased where the impact is determined to be material. In default Balances are greater than 90 days past due with the ageing not being as a result of ongoing commercial discussions associated with the close-out of contractual commitments, or there is evidence indicating that the counterparty is in severe financial difficulty and collection of amounts due is improbable. The asset is considered to be credit impaired and an allowance for the estimated incurred loss is recognised where material. Written off There is evidence that the counterparty is in severe financial difficulty and the Group has no realistic prospect of recovery of balances due. The gross receivable and associated allowance are both derecognised. The credit risk grades disclosed above are consistent with the information used by the Group for credit risk management purposes. Specific information regarding the counterparty together with past-due information and forward-looking information is utilised in order to determine the appropriate credit grading category. Trade receivables balances were evaluated using the grading framework as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec Performing 412.5 434.9 Monitored 14.6 80.4 In default 4.4 3.9 Gross carrying amount 431.5 519.2 In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent disclosures. Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required. Trade receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 431.5 519.2 A llowance for expected credit losses (2.0) (2.2) A llowance for credit impairments (4.4) (3.9) Net carrying amount 425.1 513.1 The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 412.7 6.5 3.5 8.8 431.5 A llowance for expected credit losses (2.0) \u2013 \u2013 \u2013 (2.0) A llowance for incurred credit impairments (0.3) \u2013 \u2013 (4.1) (4.4) Net carrying amount 410.4 6.5 3.5 4.7 425.1 A t (in $ millions) 2022 31 Dec 2021 31 Dec Performing 412.5 434.9 Monitored 14.6 80.4 In default 4.4 3.9 Gross carrying amount 431.5 519.2 In addition to the credit risk grading framework for trade receivables the Group uses past-due information to assess significant increases in credit risk for all financial assets. Information related to ageing of material financial assets is included within subsequent disclosures. Other financial assets, including amounts due from associates and joint ventures, are not subject to the Group\u2019s credit risk grading framework. The Group assesses the credit risk of these financial assets on a case-by-case basis using all relevant available historical and forward-looking information. Allowances for expected credit losses or credit impairment are recorded when required. Trade receivables A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 431.5 519.2 A llowance for expected credit losses (2.0) (2.2) A llowance for credit impairments (4.4) (3.9) Net carrying amount 425.1 513.1 The table below provides an analysis of the age of trade receivables at the balance sheet date. This includes details of those trade receivables which are past due, but not impaired, and trade receivables which are individually determined to be impaired. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 412.7 6.5 3.5 8.8 431.5 A llowance for expected credit losses (2.0) \u2013 \u2013 \u2013 (2.0) A llowance for incurred credit impairments (0.3) \u2013 \u2013 (4.1) (4.4) Net carrying amount 410.4 6.5 3.5 4.7 425.1 Subsea 7 S.A. \u2022 Annual Report 2022 129 At 31 December 2021 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 435.4 18.8 36.7 28.3 519.2 A llowance for expected credit losses (2.2) \u2013 \u2013 \u2013 (2.2) A llowance for incurred credit impairments (0.4) \u2013 \u2013 (3.5) (3.9) Net carrying amount 432.8 18.8 36.7 24.8 513.1 The movement in the allowance for expected credit losses in respect of trade receivables during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for expected credit losses A t year beginning (2.2) (2.7) Decrease in allowance recognised in profit or loss 0.2 0.5 A t year end (2.0) (2.2) The movement in the allowance for credit impairment in respect of trade receivables during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec A llowance for credit impairment A t year beginning (3.9) (23.3) Increase in allowance recognised in profit or loss (2.5) \u2013 Utilisation of allowance 1.8 4.0 Unused amounts released during the year 0.2 15.7 Exchange differences \u2013 (0.3) A t year end (4.4) (3.9) During the year ended 31 December 2022, the Group collected $0.2 million trade receivables which had been credit impaired in the prior year (2021: $15.7 million). Amounts due from associates and joint ventures A t (in $ millions) 2022 31 Dec 2021 31 Dec Gross carrying amount 41.1 43.0 A llowance for incurred credit impairments (3.7) (3.5) Net carrying amount 37.4 39.5 The table below provides an analysis of the ageing of amounts due from associates and joint ventures. This includes balances with associates and joint ventures which are past due at the end of the reporting period, but not impaired, and balances which are individually determined to be impaired at the end of the reporting period. At 31 December 2022 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 30.4 \u2013 \u2013 10.7 41.1 A llowance for credit impairments (0.2) \u2013 \u2013 (3.5) (3.7) Net carrying amount 30.2 \u2013 \u2013 7.2 37.4 At 31 December 2021 (in $ millions) Current More than 30 days past due More than 60 days past due More than 90 days past due Total Gross carrying amount 32.1 \u2013 \u2013 10.9 43.0 A llowance for credit impairments \u2013 \u2013 \u2013 (3.5) (3.5) Net carrying amount 32.1 \u2013 \u2013 7.4 39.5 The movement in the allowance for credit impairments in respect of amounts due from associates and joint ventures during the year was as follows: (in $ millions) 2022 31 Dec 2021 31 Dec Allowance for credit impairments At year beginning (3.5) (3.5) Exchange differences (0.2) \u2013 At year end (3.7) (3.5) At 31 December 2022 the allowance for expected credit losses recognised in connection with amounts due from associates and joint ventures was $nil (2021: $nil). Other financial assets at amortised cost An analysis of the age of other financial assets at the balance sheet date has not been provided on the grounds of materiality. Other financial assets are typically non-recurring and are monitored on an asset-by-asset basis. Ageing is not necessarily reflective of credit risk. At 31 December 2022 the allowances for expected credit losses and credit impairment recognised in connection with other financial assets at amortised cost were $nil (2021: $nil). Concentration of credit risk Credit risk is primarily associated with trade receivables. Net trade receivables (Note 20 \u2018Trade and other receivables\u2019) arise from a large number of clients, dispersed geographically. Continual credit evaluation is performed on the recoverability of trade receivables. The following table classifies outstanding balances into three categories: At 2022 31 Dec Category percentage 2021 31 Dec Category percentage National energy companies 18% 28% International energy companies 30% 19% Independent energy companies 52% 53% Total 100% 100% National energy companies are either partially or fully-owned by or directly controlled by the government of their respective country of incorporation. Both international and independent energy companies are mainly publicly or privately owned. International energy companies are generally larger in size and scope than independent energy companies. During the year ended 31 December 2022, three clients (2021: two clients) contributed individually to 10% or more of the Group\u2019s revenue. The revenue from these clients was $1,873.6 million or 36% of total Group revenue (2021: $1,296.3 million or 26%). The five largest receivables balances by client are shown below: At (in $ millions) 31 Dec 2022 Client A 63.1 Client B 49.8 Client C 38.9 Client D 28.7 Client E 21.8 At (in $ millions) 31 Dec 2021 Client A 124.0 Client B 61.5 Client C 42.1 Client D 41.9 Client E 24.1 The client mix for outstanding accounts receivable balances at 31 December 2022 is not the same as at 31 December 2021. The Group did not have any significant credit exposure to any single counterparty at 31 December 2022 or 31 December 2021. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are primarily banks with high credit ratings assigned by international credit-rating agencies. At 31 December 2022, 38% (2021: 53%) of cash was held at counterparties with a credit rating lower than \u2018upper-medium grade\u2019 classification . ",
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"fact-684": {
"value": "Liquidity risk management The Group has a framework for the management of short, medium and long-term funding and liquidity management requirements. The Group continually monitors forecast and actual cash flows and matches the maturity profiles of financial assets and liabilities. Liquidity risk is managed by maintaining adequate cash and cash equivalent balances and by ensuring available borrowing facilities are in place. Included in Note 28 \u2018Borrowings\u2019 are details of the undrawn facilities that the Group had at 31 December 2022. Liquidity tables The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The table has been prepared based on the undiscounted cash flows relating to financial liabilities based on the earliest date on which the payment can be required. Principal cash flows are as follows: At 31 December 2022 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Borrowings 6.7 19.2 45.6 342.9 414.4 Trade payables 239.9 63.7 13.5 0.4 317.5 A mounts due to associates and joint ventures 7.3 \u2013 \u2013 \u2013 7.3 Lease liabilities 9.2 19.5 79.1 175.9 283.7 Total 263.1 102.4 138.2 519.2 1,022.9 At 31 December 2021 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Borrowings 44.4 7.0 17.0 381.2 449.6 Trade payables 231.5 28.6 10.6 0.4 271.1 A mounts due to associates and joint ventures 8.6 0.5 \u2013 \u2013 9.1 Lease liabilities 8.5 16.6 65.2 158.9 249.2 Total 293.0 52.7 92.8 540.5 979.0 The following table details the Group\u2019s liquidity profile for its derivative financial liabilities. The table has been prepared based on the undiscounted net cash payments and receipts on the derivative instruments that settle on a net basis and the undiscounted gross payments and receipts on those derivative financial instruments that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the balance sheet date. At 31 December 2022 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Net settled: Embedded derivatives \u2013 0.5 5.8 30.8 37.1 Commodity hedging \u2013 \u2013 \u2013 0.5 0.5 Gross settled: Foreign exchange forward contract payments 186.1 \u2013 \u2013 \u2013 186.1 Foreign exchange forward contract receipts (185.0) \u2013 \u2013 \u2013 (185.0) Total 1.1 0.5 5.8 31.3 38.7 At 31 December 2021 (in $ millions) Less than 1 month 1-3 months 3 months to 1 year 1-5 years Total Net settled: Embedded derivatives \u2013 5.5 14.3 5.7 25.5 Gross settled: Foreign exchange forward contract payments 283.3 157.4 \u2013 \u2013 440.7 Foreign exchange forward contract receipts (280.6) (156.2) \u2013 \u2013 (436.8) Total 2.7 6.7 14.3 5.7 29.4 ",
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"fact-685": {
"value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders of the parent company. The capital structure of the Group consists of debt, which includes borrowings disclosed in Note 28 \u2018Borrowings\u2019, cash and cash equivalents disclosed in Note 24 \u2018Cash and cash equivalents\u2019 and equity attributable to shareholders of the parent company, comprising issued share capital, paid in surplus, reserves and retained earnings. The Group monitors its capital structure using a leverage ratio of net debt to Adjusted EBITDA. The ratio calculates net debt as the principal value of borrowings and lease liabilities less cash and cash equivalents. Reconciliation of movements in liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows are classified in the Consolidated Cash Flow Statement as cash flows from financing activities. Liabilities Equity Other Total (in $ millions) Borrowings Lease liabilities Dividends payable to shareholders Treasury shares Other equity Balance at 1 January 2022 421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9 Financing cash flows Interest paid (15.8) (11.3) \u2013 \u2013 \u2013 \u2013 (27.1) Repayment of borrowings (61.6) \u2013 \u2013 \u2013 \u2013 \u2013 (61.6) Cost of share repurchases \u2013 \u2013 \u2013 (46.0) \u2013 \u2013 (46.0) Proceeds from rights issue of non- wholly-owned subsidiary \u2013 \u2013 \u2013 \u2013 54.6 \u2013 54.6 Payments related to lease liabilities \u2013 (99.4) \u2013 \u2013 \u2013 \u2013 (99.4) Dividends paid to shareholders of the parent company \u2013 \u2013 (31.7) \u2013 \u2013 \u2013 (31.7) Total financing cash flows (77.4) (110.7) (31.7) (46.0) 54.6 \u2013 (211.2) Non-cash changes Dividends declared \u2013 \u2013 33.6 \u2013 \u2013 \u2013 33.6 Addition of lease liabilities \u2013 77.4 \u2013 \u2013 \u2013 \u2013 77.4 Remeasurement of lease liabilities \u2013 62.4 \u2013 \u2013 \u2013 \u2013 62.4 Shares reallocated relating to share-based payments \u2013 \u2013 \u2013 3.9 (3.9) \u2013 \u2013 Interest charges 11.5 11.3 \u2013 \u2013 \u2013 0.6 23.4 Exchange differences \u2013 (14.3) (1.9) \u2013 \u2013 \u2013 (16.2) Total non-cash changes 11.5 136.8 31.7 3.9 (3.9) 0.6 180.6 Balance at 31 December 2022 356.0 257.0 \u2013 (75.0) 38.8 (4.5) 572.3 Liabilities Equity Other Total (in $ millions) Borrowings Lease liabilities Dividends payable to shareholders Treasury shares Other equity Balance at 1 January 2021 209.0 254.0 \u2013 (17.8) (6.0) (6.4) 432.8 Financing cash flows Interest paid (5.9) \u2013 \u2013 \u2013 \u2013 (6.2) (12.1) Repayment of borrowings (24.6) \u2013 \u2013 \u2013 \u2013 \u2013 (24.6) Proceeds from borrowings 200.0 \u2013 \u2013 \u2013 \u2013 \u2013 200.0 Cost of share repurchases \u2013 \u2013 \u2013 (21.0) \u2013 \u2013 (21.0) Payments related to lease liabilities \u2013 (93.1) \u2013 \u2013 \u2013 \u2013 (93.1) Dividends paid to shareholders of the parent company \u2013 \u2013 (72.0) \u2013 \u2013 \u2013 (72.0) Total financing cash flows 169.5 (93.1) (72.0) (21.0) \u2013 (6.2) (22.8) Non-cash changes Dividends declared \u2013 \u2013 69.5 \u2013 \u2013 \u2013 69.5 Addition of borrowings 37.5 \u2013 \u2013 \u2013 \u2013 \u2013 37.5 Addition of lease liabilities 54.8 54.8 Remeasurement of lease liabilities \u2013 6.7 \u2013 \u2013 \u2013 \u2013 6.7 Shares reallocated relating to share-based payments \u2013 \u2013 \u2013 5.9 (5.9) \u2013 \u2013 Interest charges 5.9 6.7 \u2013 \u2013 \u2013 7.5 20.1 Exchange differences \u2013 1.8 2.5 \u2013 \u2013 \u2013 4.3 Total non-cash changes 43.4 70.0 72.0 5.9 (5.9) 7.5 192.9 Balance at 31 December 2021 421.9 230.9 \u2013 (32.9) (11.9) (5.1) 602.9 ",
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"fact-671": {
"value": "Fair value hierarchy The Group classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). Fair value measurement During the year ended 31 December 2022 there were no transfers between levels of the fair value hierarchy. The Group recognises transfers between levels of the fair value hierarchy from the date of the event or change in circumstances that caused the transfer. Assets and liabilities which are measured at fair value in the Consolidated Balance Sheet and their level of the fair value hierarchy were as follows: (a) A reconciliation of contingent consideration movements during the year is shown on page 135. A t (in $ millions) 2022 31 Dec Level 1 2022 31 Dec Level 2 2022 31 Dec Level 3 2021 31 Dec Level 1 2021 31 Dec Level 2 2021 31 Dec Level 3 Recurring fair value measurements Financial assets: Financial assets at fair value through profit or loss \u2013 derivative instruments \u2013 1.1 \u2013 \u2013 1.3 \u2013 Financial assets at fair value through profit or loss \u2013 embedded derivatives \u2013 16.7 \u2013 \u2013 43.5 \u2013 Financial assets at fair value through profit or loss \u2013 commodity derivatives \u2013 \u2013 \u2013 \u2013 2.9 \u2013 Financial assets at fair value through other comprehensive income \u2013 commodity derivatives \u2013 4.2 \u2013 \u2013 12.8 \u2013 Financial liabilities: Financial liabilities at fair value through profit or loss \u2013 derivative instruments \u2013 (1.1) \u2013 \u2013 (3.9) \u2013 Financial liabilities at fair value through profit or loss \u2013 embedded derivatives \u2013 (34.3) \u2013 \u2013 (25.5) \u2013 Financial liabilities at fair value through profit or loss \u2013 commodity derivatives \u2013 (0.2) \u2013 \u2013 \u2013 \u2013 Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives \u2013 (0.3) \u2013 \u2013 \u2013 \u2013 Contingent consideration (a) \u2013 \u2013 (1.6) \u2013 \u2013 (6.6) Recurring fair value measurements Financial assets and financial liabilities Financial assets and financial liabilities which are remeasured to fair value on a recurring basis are determined as follows: \u2022 the fair values of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets are determined with reference to quoted market prices; \u2022 the fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and quotes for similar instruments; \u2022 the fair value of other financial assets classified as current assets, which includes quoted securities, is determined using quoted prices; \u2022 the fair value of contingent consideration is determined based on current expectations of the achievement of specific targets and milestones calculated using the discounted cash flow method and unobservable inputs. Quantitative information about the significant unobservable inputs used in the fair value measurement and sensitivities to changes in these unobservable inputs are as disclosed below: \u2022 significant inputs to the fair value of contingent consideration following a business combination include the assumed probability of the achievement of operational targets and technical milestones. A significant increase or decrease in the assumed probability of achieving these would result in a higher or lower fair value of the contingent consideration liability, while a significant increase or decrease in the discount rate would result in a higher or lower fair value of the contingent consideration liability. Gains or losses for the year were recorded in the Consolidated Income Statement as disclosed within Note 7 \u2018Other gains and losses\u2019; and \u2022 the fair values of foreign exchange derivative instruments and embedded derivatives are calculated using quoted foreign exchange rates and yield curves derived from quoted interest rates matching maturities of the contract. Where such prices are not available, use is made of discounted cash flow analysis using the applicable yield curve for the duration of the instruments for non-optional derivative financial instruments. Non-recurring fair value measurements Assumptions used in determining fair value of financial assets and financial liabilities which are not remeasured to fair value on a recurring basis are as follows: The fair value of receivables and payables is based on their carrying amounts which is representative of contractual amounts due and, where appropriate, incorporates expectations about future expected credit losses. Other financial assets which are classified as non-current include equity investments in unlisted companies which are strategic in nature. Management concluded that due to the nature of these investments, there are a wide range of possible fair value measurements and in some cases there may be insufficient recent information available to enable the Group to accurately measure fair value. Management reviews investments annually to ensure the carrying amount can be supported by expected future cash flows and has concluded cost is considered to represent the best estimate of fair value of each investment within a range of possible outcomes. (in $ millions) Balance at 1 January 2022 Utilisation Fair value adjustments Exchange differences Balance at 31 December 2022 Contingent consideration 6.6 (0.7) (3.8) (0.5) 1.6 ",
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},
"fact-672": {
"value": "35. Related party transactions Key management personnel Key management personnel include the Board of Directors and the Executive Management Team. Key management personnel at 31 December 2022 included 14 individuals (2021: 13 individuals). The remuneration of these personnel is determined by the Compensation Committee of the Board of Directors of Subsea 7 S.A. Non-Executive Directors Details of fees payable to and shares held by Non-Executive Directors for the year ended 31 December 2022 are disclosed in the Remuneration Report on pages 58 to 63. Key management (Executive Management Team) Payments made by the Group in relation to the Executive Management Team during the year were as follows: For the year ended (in $ millions) 2022 31 Dec (a) 2021 31 Dec (a) Salaries and other short-term employee benefits (b) 5.2 4.5 Share-based payments (c) 0.5 0.6 Post-employment benefits (d) 0.2 0.2 Total 5.9 5.3 (a) Amounts represent payments made to members of the Executive Management Team and the associated costs incurred by the Group. (b) Salaries and other short-term employee benefits represents payments made during the year in respect of base salary, short-term bonus payments, other short-term remuneration, other short-term benefits, including private healthcare and car allowances, and the associated social security contributions made by the Group. (c) Share-based payments represents the market value of the shares transferred to the participants during the year. Shares transferred represent performance shares which vested under the 2013 and 2018 Long Term Incentive Plans and which participants are now entitled to receive. Refer to the Remuneration Report on pages 58 to 63 for details of the plans. (d) Post-employment benefits represent the cash value of defined pension contribution payments made by the Group during the year. Remuneration for the Chief Executive Officer and Chief Financial Officer Total remuneration for the Chief Executive Officer and Chief Financial Officer is disclosed in the Remuneration Report on pages 58 to 63. Shares and performance shares Performance shares outstanding and shareholdings held at 31 December 2022 are disclosed in the Remuneration Report on pages 58 to 63. Transactions with key management personnel During the year, the Executive Management Team were awarded the rights to 254,000 performance shares under the Group\u2019s 2022 Long Term Incentive Plan. Refer to the Remuneration Report on pages 58 to 63 for details of the plan. Transactions with associates and joint ventures The Consolidated Balance Sheet includes: At (in $ millions) 2022 31 Dec 2021 31 Dec Net non-current receivables due from associates and joint ventures (Note 18) 35.8 37.0 Net trade receivables due from associates and joint ventures (Note 20) 1.6 2.5 Trade payables due to associates and joint ventures (Note 31) (7.3) (9.1) Net receivables due from associates and joint ventures 30.1 30.4 During the year, the Group provided services to associates and joint ventures amounting to $1.2 million (2021: $1.0 million) and purchased goods and services from associates and joint ventures amounting to $14.8 million (2021: $17.6 million). During 2021, the Group advanced a loan of $33.0 million to Eidesvik Seven AS, of which $30.1 million remained outstanding at 31 December 2022. The loan is repayable in instalments with the final amount due on 31 December 2025, subject to a one-year extension option. Other related party transactions During the year the Group undertook related party transactions, all of which were conducted on an arm\u2019s length basis. The Group is an associate of Siem Industries S.A. and is equity accounted for within Siem Industries S.A.\u2019s Consolidated Financial Statements. Purchases by the Group from companies ultimately controlled by Siem Industries S.A. including vessel charters, provision of crew, associated services and property rental totalling $32.6 million (2021: $21.4 million) were made during the year. Revenue generated by the Group from companies ultimately controlled by Siem Industries S.A. including equipment and property rental totalling $0.3 million (2021: $0.5 million) was recognised during the year. At 31 December 2022, the Group had outstanding balances payable to companies ultimately controlled by Siem Industries S.A. of $1.4 million (2021: $1.9 million). At 31 December 2022, the Group had outstanding balances receivable from companies ultimately controlled by Siem Industries S.A. of less than $0.1 million (2021: less than $0.1 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-641": {
"value": "35. Related party transactions Key management personnel Key management personnel include the Board of Directors and the Executive Management Team. Key management personnel at 31 December 2022 included 14 individuals (2021: 13 individuals). The remuneration of these personnel is determined by the Compensation Committee of the Board of Directors of Subsea 7 S.A. Non-Executive Directors Details of fees payable to and shares held by Non-Executive Directors for the year ended 31 December 2022 are disclosed in the Remuneration Report on pages 58 to 63. Key management (Executive Management Team) Payments made by the Group in relation to the Executive Management Team during the year were as follows: For the year ended (in $ millions) 2022 31 Dec (a) 2021 31 Dec (a) Salaries and other short-term employee benefits (b) 5.2 4.5 Share-based payments (c) 0.5 0.6 Post-employment benefits (d) 0.2 0.2 Total 5.9 5.3 (a) Amounts represent payments made to members of the Executive Management Team and the associated costs incurred by the Group. (b) Salaries and other short-term employee benefits represents payments made during the year in respect of base salary, short-term bonus payments, other short-term remuneration, other short-term benefits, including private healthcare and car allowances, and the associated social security contributions made by the Group. (c) Share-based payments represents the market value of the shares transferred to the participants during the year. Shares transferred represent performance shares which vested under the 2013 and 2018 Long Term Incentive Plans and which participants are now entitled to receive. Refer to the Remuneration Report on pages 58 to 63 for details of the plans. (d) Post-employment benefits represent the cash value of defined pension contribution payments made by the Group during the year. Remuneration for the Chief Executive Officer and Chief Financial Officer Total remuneration for the Chief Executive Officer and Chief Financial Officer is disclosed in the Remuneration Report on pages 58 to 63. Shares and performance shares Performance shares outstanding and shareholdings held at 31 December 2022 are disclosed in the Remuneration Report on pages 58 to 63. Transactions with key management personnel During the year, the Executive Management Team were awarded the rights to 254,000 performance shares under the Group\u2019s 2022 Long Term Incentive Plan. Refer to the Remuneration Report on pages 58 to 63 for details of the plan. Transactions with associates and joint ventures The Consolidated Balance Sheet includes: At (in $ millions) 2022 31 Dec 2021 31 Dec Net non-current receivables due from associates and joint ventures (Note 18) 35.8 37.0 Net trade receivables due from associates and joint ventures (Note 20) 1.6 2.5 Trade payables due to associates and joint ventures (Note 31) (7.3) (9.1) Net receivables due from associates and joint ventures 30.1 30.4 During the year, the Group provided services to associates and joint ventures amounting to $1.2 million (2021: $1.0 million) and purchased goods and services from associates and joint ventures amounting to $14.8 million (2021: $17.6 million). During 2021, the Group advanced a loan of $33.0 million to Eidesvik Seven AS, of which $30.1 million remained outstanding at 31 December 2022. The loan is repayable in instalments with the final amount due on 31 December 2025, subject to a one-year extension option. Other related party transactions During the year the Group undertook related party transactions, all of which were conducted on an arm\u2019s length basis. The Group is an associate of Siem Industries S.A. and is equity accounted for within Siem Industries S.A.\u2019s Consolidated Financial Statements. Purchases by the Group from companies ultimately controlled by Siem Industries S.A. including vessel charters, provision of crew, associated services and property rental totalling $32.6 million (2021: $21.4 million) were made during the year. Revenue generated by the Group from companies ultimately controlled by Siem Industries S.A. including equipment and property rental totalling $0.3 million (2021: $0.5 million) was recognised during the year. At 31 December 2022, the Group had outstanding balances payable to companies ultimately controlled by Siem Industries S.A. of $1.4 million (2021: $1.9 million). At 31 December 2022, the Group had outstanding balances receivable from companies ultimately controlled by Siem Industries S.A. of less than $0.1 million (2021: less than $0.1 million). ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-642": {
"value": "36. Share-based payments
The Group operated three equity-settled share-based payment schemes during 2022.
The following table summarises the compensation expense recognised in the Consolidated Income Statement during the year:
For the year ended (in $ millions)
2022
31 Dec
2021
31 Dec
Expense arising from equity-settled share-based payment transactions:
2013 Long Term Incentive Plan
0.2 0.6
2018 Long Term Incentive Plan
3.0 3.3
2022 Long Term Incentive Plan
0.3 \u2013
Total
3.5 3.9
Equity-settled share-based payment schemes
Details regarding the 2013 Long Term Incentive Plan (2013 LTIP Plan), the 2018 Long Term Incentive Plan (2018 LTIP Plan) and the
2022 Long Term Incentive Plan (2022 LTIP Plan), including number of shares transferred to participants, are disclosed within the
Remuneration Report on pages 58 to 63.
The IFRS 2 \u2018Share-based Payments\u2019 fair value of each performance share granted under the 2013, 2018 and 2022 LTIP Plans is
estimated as of the grant date using a Monte Carlo simulation model with weighted average assumptions as follows:
For the year ended
2022
31 Dec
2021
31 Dec
Weighted average share price at grant date (in $)
7.99 8.79
TSR performance \u2013 Weighted average fair value at grant date (in $)
4.92 4.90
ROAIC performance \u2013 Weighted average fair value at grant date (in $)
7.62 8.12
CCR performance \u2013 Weighted average fair value at grant date (in $)
7.62 \u2013
Expected volatility
58% 55%
Risk free rate
3.08% 1.22%
Dividend yield
1.30% 2.00%
The expected share price volatility over the performance period is estimated from the Company\u2019s historical share price volatility.
The award fair values were adjusted to recognise that participants are not entitled to receive dividend equivalent payments.
Both non-market Return on Average Invested Capital (ROAIC) and Cash Conversion Ratio (CCR) performance conditions are not
incorporated into the grant date fair value. The value of each award will be adjusted at each reporting date to reflect the Group\u2019s current
expectation of the number of performance shares which will vest under the non-market ROAIC and CCR performance conditions.
Upon vesting, the Group will withhold an amount for an employee\u2019s tax obligation associated with a share-based payment and transfer
that amount, in cash, to the relevant tax authority on the employee\u2019s behalf. In 2022, three plans vested in total, one plan vested under
the 2013 scheme and two plans vested under the 2018 scheme. The total estimated withholding tax transferred to the relevant
tax authorities was $2.2 million (2021: $1.7 million). Of this total, $0.6 million was in relation to employee social security contributions
and $1.6 million was in relation to income tax.
The retirement benefit obligations of $9.2 million (2021: $12.3 million) for pension schemes which are in deficit in Norway and France are recognised as non-current liabilities on the Consolidated Balance Sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-643": {
"value": "37. Retirement benefit obligations
The Group operates both defined contribution and defined benefit pension plans.
The Group\u2019s contributions under the defined contribution pension plans are determined as a percentage of individual employee\u2019s
pensionable salaries. The expense relating to these plans for the year was $51.1 million (2021: $48.5 million).
Defined benefit plans
The Group operates both funded and unfunded defined benefit pension plans.
France
The defined benefit plan for France is called the indemnit\u00e9s de fin de carri\u00e8re (retirement indemnity plan) and is pursuant to applicable
French legislation and labour agreements in force in the industry. A lump-sum payment is made to employees upon retirement based
on length of service, employment category and the employee\u2019s final salary. The obligation is unfunded and uninsured, as is standard
practice in France. Since the retirement indemnity plan is based upon specific lengths of service, categories and values set by French
legislation and collective agreements there is no specific trust or internal governance in place for this plan.
Norway
The office (onshore) plan is a defined benefit scheme held with a life insurance company to provide pension benefits to the Group\u2019s
employees. The scheme provides entitlement to benefits based on future service from the commencement date of the scheme.
These benefits are principally dependent on an employee\u2019s pension qualifying period, salary at retirement age and the size of benefits
from the Norwegian National Insurance Scheme. The scheme also includes entitlement to disability, spouses and children\u2019s pensions.
The retirement age under the scheme is 67 years. The office (onshore) plan is closed to new members.
Under the plan, pensions are paid upon retirement based on the employee\u2019s length of service and final salary. Due to Norwegian
legislation the pension scheme must provide an annual guaranteed return on investment, and consequently, the plan assets have a bias
toward bonds rather than equities. While the pension company is responsible for administering the plan according to Norwegian law,
the Group is obligated to have a steering committee for the plan. The steering committee considers and makes recommendations to
the Group on matters relating to the plan, including but not limited to: composition of the investment portfolio, amendments to the
scheme, administration and enforcement of the scheme, transfer of the scheme to another pension provider and termination of the scheme.
Subsea 7 S.A. \u2022 Annual Report 2022 139
Unfunded schemes
Included within the defined benefit obligation are amounts arising from unfunded French plans with a total obligation of $7.3 million
(2021: $9.7 million).
Funded schemes
The Norwegian schemes are funded through a separately administered investment fund. The fair values of the Norwegian scheme
assets were as follows:
t (in $ millions)
2022
31 Dec
2021
31 Dec
Investments quoted in active markets
Quoted equity investments
0.7 0.7
Unquoted investments
Bonds
3.3 2.9
Property
0.9 1.1
Other
0.9 1.3
Total
5.8 6.0
Future cash flows
The estimated contributions expected to be paid into the French and Norwegian plans during 2023 are $0.6 million (2022: $0.5 million).
The average remaining service periods were as follows:
t (in years)
2022
31 Dec
2021
31 Dec
Norway office (onshore) plan
\u2013 3.0
Significant actuarial assumptions
The principal assumptions used to determine the present value of the defined benefit obligation were as follows:
Year ended 31 December 2022
(in %) Norway France
Pension increase
0.0 \u2013 3.50 \u2013
Discount rate
3.2 3.8
Future salary increase
3.8 0.2
Year ended 31 December 2021
(in %) Norway France
Pension increase
0.0 \u2013 2.25 \u2013
Discount rate
2.5 0.9
Future salary increase
2.0 3.0
Assumptions regarding future mortality are set based on advice in accordance with published statistics and experience. The average
life expectancies in years of a pensioner retiring at the plan retirement age for participants in the Norway office (onshore) plan are
shown below.
Retirement age Sex
2022
31 Dec
2021
31 Dec
Norway office (onshore) plan
67 years Male 23.4 23.8
67 years Female 25.5 26.1
Sensitivity analysis
A quantitative sensitivity analysis for significant assumptions at 31 December 2022 is shown below. The sensitivity analysis has been
determined based on a method that extrapolates the impact on the net defined benefit obligation ((increase)/decrease) as a result of
reasonable changes in key assumptions occurring at the end of the reporting period.
Norway \u2013 office plan
(in $ millions) Pension increase Discount rate Future salary increase
Sensitivity level 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease
Impact on the net defined benefit obligation
(0.1) 0.1 0.1 (0.1) \u2013 \u2013
France
(in $ millions) Discount rate
Sensitivity level 0.25% increase 0.25% decrease
Impact on the net defined benefit obligation
0.2 (0.2)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-673": {
"value": "37. Retirement benefit obligations The Group operates both defined contribution and defined benefit pension plans. The Group\u2019s contributions under the defined contribution pension plans are determined as a percentage of individual employee\u2019s pensionable salaries. The expense relating to these plans for the year was $51.1 million (2021: $48.5 million). Defined benefit plans The Group operates both funded and unfunded defined benefit pension plans. France The defined benefit plan for France is called the indemnit\u00e9s de fin de carri\u00e8re (retirement indemnity plan) and is pursuant to applicable French legislation and labour agreements in force in the industry. A lump-sum payment is made to employees upon retirement based on length of service, employment category and the employee\u2019s final salary. The obligation is unfunded and uninsured, as is standard practice in France. Since the retirement indemnity plan is based upon specific lengths of service, categories and values set by French legislation and collective agreements there is no specific trust or internal governance in place for this plan. Norway The office (onshore) plan is a defined benefit scheme held with a life insurance company to provide pension benefits to the Group\u2019s employees. The scheme provides entitlement to benefits based on future service from the commencement date of the scheme. These benefits are principally dependent on an employee\u2019s pension qualifying period, salary at retirement age and the size of benefits from the Norwegian National Insurance Scheme. The scheme also includes entitlement to disability, spouses and children\u2019s pensions. The retirement age under the scheme is 67 years. The office (onshore) plan is closed to new members. Under the plan, pensions are paid upon retirement based on the employee\u2019s length of service and final salary. Due to Norwegian legislation the pension scheme must provide an annual guaranteed return on investment, and consequently, the plan assets have a bias toward bonds rather than equities. While the pension company is responsible for administering the plan according to Norwegian law, the Group is obligated to have a steering committee for the plan. The steering committee considers and makes recommendations to the Group on matters relating to the plan, including but not limited to: composition of the investment portfolio, amendments to the scheme, administration and enforcement of the scheme, transfer of the scheme to another pension provider and termination of the scheme. Changes in the defined benefit obligation and fair value of plan assets The following table provides a reconciliation of the changes in retirement benefit obligations and in the fair value of plan assets: Norway France Total (in $ millions) 2022 2021 2022 2021 2022 2021 Defined benefit obligation A t year beginning (8.6) (13.5) (9.7) (12.2) (18.3) (25.7) A mounts (charged)/credited to the Consolidated Income Statement: Service costs \u2013 \u2013 (0.8) (1.0) (0.8) (1.0) Past service credit \u2013 5.7 \u2013 1.5 \u2013 7.2 Interest costs (0.1) (0.1) (0.1) (0.1) (0.2) (0.2) Employee taxes \u2013 (0.1) \u2013 \u2013 \u2013 (0.1) Sub-total (0.1) 5.5 (0.9) 0.4 (1.0) 5.9 Remeasurement gains/(losses) recognised in other comprehensive income: A ctuarial changes arising from changes in demographic assumptions \u2013 \u2013 \u2013 0.5 \u2013 0.5 A ctuarial changes arising from changes in financial assumptions \u2013 \u2013 3.2 \u2013 3.2 \u2013 Experience adjustments 0.5 (0.7) (0.6) 0.4 (0.1) (0.3) Sub-total 0.5 (0.7) 2.6 0.9 3.1 0.2 Benefits paid 0.3 0.2 \u2013 0.2 0.3 0.4 Exchange differences 0.2 (0.1) 0.7 1.0 0.9 0.9 A t year end (7.7) (8.6) (7.3) (9.7) (15.0) (18.3) Fair value of plan assets A t year beginning 6.0 12.2 \u2013 \u2013 6.0 12.2 A mounts (charged)/credited to the Consolidated Income Statement: Past service credit \u2013 (6.5) \u2013 \u2013 \u2013 (6.5) Interest income 0.1 0.1 \u2013 \u2013 0.1 0.1 Sub-total 0.1 (6.4) \u2013 \u2013 0.1 (6.4) Remeasurement gains/(losses) recognised in other comprehensive income: Return on plan assets (excluding amounts in interest income) 0.1 0.4 \u2013 \u2013 0.1 0.4 A dministrative expenses (0.1) (0.1) \u2013 \u2013 (0.1) (0.1) Sub-total \u2013 0.3 \u2013 \u2013 \u2013 0.3 Benefits paid (0.3) (0.2) \u2013 \u2013 (0.3) (0.2) Exchange differences \u2013 0.1 \u2013 \u2013 \u2013 0.1 A t year end 5.8 6.0 \u2013 \u2013 5.8 6.0 Net defined benefit obligation (1.9) (2.6) (7.3) (9.7) (9.2) (12.3) Presented as: Retirement benefit obligations (1.9) (2.6) (7.3) (9.7) (9.2) (12.3) Total (1.9) (2.6) (7.3) (9.7) (9.2) (12.3) The retirement benefit obligations of $9.2 million (2021: $12.3 million) for pension schemes which are in deficit in Norway and France are recognised as non-current liabilities on the Consolidated Balance Sheet. The retirement benefit obligations of $9.2 million (2021: $12.3 million) for pension schemes which are in deficit in Norway and France are recognised as non-current liabilities on the Consolidated Balance Sheet. 139 Unfunded schemes Included within the defined benefit obligation are amounts arising from unfunded French plans with a total obligation of $7.3 million (2021: $9.7 million). Funded schemes The Norwegian schemes are funded through a separately administered investment fund. The fair values of the Norwegian scheme assets were as follows: A t (in $ millions) 2022 31 Dec 2021 31 Dec Investments quoted in active markets Quoted equity investments 0.7 0.7 Unquoted investments Bonds 3.3 2.9 Property 0.9 1.1 Other 0.9 1.3 Total 5.8 6.0 Future cash flows The estimated contributions expected to be paid into the French and Norwegian plans during 2023 are $0.6 million (2022: $0.5 million). The average remaining service periods were as follows: A t (in years) 2022 31 Dec 2021 31 Dec Norway office (onshore) plan \u2013 3.0 Significant actuarial assumptions The principal assumptions used to determine the present value of the defined benefit obligation were as follows: Year ended 31 December 2022 (in %) Norway France Pension increase 0.0 \u2013 3.50 \u2013 Discount rate 3.2 3.8 Future salary increase 3.8 0.2 Year ended 31 December 2021 (in %) Norway France Pension increase 0.0 \u2013 2.25 \u2013 Discount rate 2.5 0.9 Future salary increase 2.0 3.0 Assumptions regarding future mortality are set based on advice in accordance with published statistics and experience. The average life expectancies in years of a pensioner retiring at the plan retirement age for participants in the Norway office (onshore) plan are shown below. Retirement age Sex 2022 31 Dec 2021 31 Dec Norway office (onshore) plan 67 years Male 23.4 23.8 67 years Female 25.5 26.1 Sensitivity analysis A quantitative sensitivity analysis for significant assumptions at 31 December 2022 is shown below. The sensitivity analysis has been determined based on a method that extrapolates the impact on the net defined benefit obligation ((increase)/decrease) as a result of reasonable changes in key assumptions occurring at the end of the reporting period. Norway \u2013 office plan (in $ millions) Pension increase Discount rate Future salary increase Sensitivity level 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease Impact on the net defined benefit obligation (0.1) 0.1 0.1 (0.1) \u2013 \u2013 France (in $ millions) Discount rate Sensitivity level 0.25% increase 0.25% decrease Impact on the net defined benefit obligation 0.2 (0.2) ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-644": {
"value": "38. Deferred revenue At (in $ millions) 2022 31 Dec 2021 31 Dec Advances received from clients 1.5 0.9 Advances received from clients include amounts received before the related work is performed on day-rate contracts and amounts paid by clients in advance of work commencing on fixed-price contracts. 38. Deferred revenue At (in $ millions) 2022 31 Dec 2021 31 Dec Advances received from clients 1.5 0.9 Advances received from clients include amounts received before the related work is performed on day-rate contracts and amounts paid by clients in advance of work commencing on fixed-price contracts. ",
"dimensions": {
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"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-645": {
"value": "39. Events after the reporting period
Borrowings
On 23 February 2023, the Group borrowed an additional $300 million under the UK Export Finance (UKEF) facility. The facility\u2019s
availability period ended on 24 February 2023. At 2 March 2023, the amount outstanding under this facility, net of facility fees, was
$494.6 million.
Dividends
The Board will propose a NOK 4.00 per share dividend, equivalent to a total of approximately $110 million, at the Annual General
Meeting on 18 April 2023. At arriving at this proposal, the Board took into consideration the financial performance and prospects of the
Group, the NOK 1.00 regular dividend policy commitment and the status of the 2022 share repurchase programme.
39. Events after the reporting period Borrowings On 23 February 2023, the Group borrowed an additional $300 million under the UK Export Finance (UKEF) facility. The facility\u2019s availability period ended on 24 February 2023. At 2 March 2023, the amount outstanding under this facility, net of facility fees, was $494.6 million. Dividends The Board will propose a NOK 4.00 per share dividend, equivalent to a total of approximately $110 million, at the Annual General Meeting on 18 April 2023. At arriving at this proposal, the Board took into consideration the financial performance and prospects of the Group, the NOK 1.00 regular dividend policy commitment and the status of the 2022 share repurchase programme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-646": {
"value": "40. Wholly-owned subsidiaries
Subsea 7 S.A. had the following wholly-owned subsidiaries at 31 December 2022.
Name Registered in Nature of business
4Subsea AS Norway General Trading
4Subsea Astori AS Norway General Trading
4Subsea Do Brasil Projetos e Servicos de Integridade Subsea
Ltda
Brazil General Trading
4Subsea UK Limited United Kingdom General Trading
cergy B.V. Netherlands Holding
cergy France S.A.S. France General Trading
cergy Holdings (Gibraltar) Limited
(a)
Gibraltar Special Purpose
quarius Solutions Inc. Canada General Trading
urora Environmental Limited United Kingdom General Trading
Subsea 7 Saudi Arabia Limited Saudi Arabia General Trading
Green Light Environment Pty Limited
ustralia General Trading
Ocean Geo Solutions, Inc. US General Trading
Pelagic Nigeria Limited Nigeria Holding
Pioneer Lining Technology Limited United Kingdom General Trading
PT. Subsea 7 Manufaktur Indonesia Indonesia General Trading
Seaway Heavy Lifting Holding Limited Cyprus Holding
Subsea 7 Servicos Offshore S.A. Brazil Holding
Sevenseas Contractors S. de R.L. de C.V. Mexico General Trading
Subsea 7 NL B.V. (formerly SHL Contracting B.V.) Netherlands General Trading
SO France S.A. France Special Purpose
Subsea 7 (Guyana) Incorporated Guyana General Trading
Subsea 7 (ME) Pte Limited Singapore General Trading
Subsea 7 (Singapore) Pte Limited Singapore General Trading
Subsea 7 (UK Service Company) Limited
(a)
United Kingdom Corporate Service
Subsea 7 (US) LLC US General Trading
Subsea 7 Angola S.A.S. France Special Purpose
Subsea 7 Asia Pacific Sdn Bhd Malaysia Special Purpose
Subsea 7 Australia Contracting Pty Ltd
ustralia General Trading
Subsea 7 Canada Inc. Canada General Trading
Subsea 7 Chartering (UK) Limited United Kingdom General Trading
Subsea 7 Blue Space Limited United Kingdom General Trading
Subsea 7 Blue Space Investments S.A.S. France General Trading
Subsea 7 Crewing Limited United Kingdom Special Purpose
Subsea 7 Crewing Services Pte. Ltd. Singapore General Trading
Subsea 7 Deep Sea Limited United Kingdom General Trading
Subsea 7 do Brasil Servi\u00e7os Ltda Brazil General Trading
Subsea 7 Engineering Limited United Kingdom General Trading
Subsea 7 Finance (UK) PLC United Kingdom Special Purpose
Subsea 7 Holding Inc. Cayman Islands Holding
Subsea 7 Holding Norway AS Norway Holding
Subsea 7 Holdings (UK) Limited United Kingdom Holding
Subsea 7 Holdings (US) Inc. US Holding
Subsea 7 International Contracting Limited United Kingdom General Trading
Subsea 7 International Holdings (UK) Limited
(a)
United Kingdom Holding
Subsea 7 i-Tech Australia Pty Limited
ustralia General Trading
Subsea 7 i-Tech do Brasil Servi\u00e7os Ltda Brazil Dormant
Subsea 7 i-Tech Limited United Kingdom General Trading
Subsea 7 i-Tech Mexico S. de R.L. de C.V. Mexico General Trading
Subsea 7 i-Tech Norway AS Norway General Trading
Subsea 7 i-Tech US Inc. US General Trading
Subsea 7 Korea Co., Ltd South Korea General Trading
Name Registered in Nature of business
Subsea 7 Luanda Ltd Gibraltar General Trading
Subsea 7 Marine (US) Inc. US Dormant
Subsea 7 Marine LLC US General Trading
Subsea 7 Mexico S. de R.L. de C.V. Mexico General Trading
Subsea 7 Mo\u00e7ambique, Limitada Mozambique General Trading
Subsea 7 Navica AS Norway
essel Owning
Subsea 7 Nigeria Limited Nigeria General Trading
Subsea 7 Nile Delta Limited Egypt General Trading
Subsea 7 Norway AS Norway General Trading
Subsea 7 Offshore Resources (UK) Limited United Kingdom
essel Owning
Subsea 7 Pipeline Production Limited United Kingdom General Trading
Subsea 7 Port Isabel LLC US General Trading
Subsea 7 Portugal Unipessoal Limitada Portugal General Trading
Subsea 7 S\u00e9n\u00e9gal SAS Senegal General Trading
Subsea 7 Services (Singapore) Pte Limited Singapore General Trading
Subsea 7 Shipping Limited Isle of Man
essel Owning
Subsea 7 Singapore Contracting Pte Limited Singapore General Trading
Subsea 7 Treasury (UK) Limited United Kingdom Special Purpose
Subsea 7 Vessel Owner AS Norway
essel Owning
Subsea 7 West Africa Contracting Limited United Kingdom General Trading
Subsea 7 Engineering France S.A.S. (formerly Subsea 7 West
frica S.A.S.)
France General Trading
Subsea Seven Doha Oil & Gas Services and Trading LLC Qatar General Trading
Swagelining Limited United Kingdom General Trading
Tartaruga Insurance Limited Isle of Man Special Purpose
Thames International Enterprise Limited United Kingdom Special Purpose
odus Academy Limited United Kingdom General Trading
odus DMCC United Arab Emirates General Trading
odus Greenfuel Development Company Pty Ltd
ustralia Special Purpose
odus Group (Holdings) Limited United Kingdom Holding
odus Group A/S Norway Dormant
odus Group Japan Japan General Trading
odus Oil and Gas Consultants (Pty) Limited South Africa General Trading
odus Group B.V. Netherlands General Trading
odus Group Consultants Sdn. Bhd Malaysia General Trading
odus Group Inc US General Trading
odus Group Limited United Kingdom General Trading
odus Group Pty Limited
ustralia General Trading
ZNM Nigeria Limited Nigeria Dormant
(a) Wholly-owned subsidiaries directly owned by the parent company, Subsea 7 S.A.
For all entities, the principal place of business is consistent with the place of registration.
All subsidiary undertakings are included in the Consolidated Financial Statements of the Group. The proportion of the voting rights in
the subsidiary undertakings held directly by the immediate parent company do not differ from the proportion of shares held. The parent
company does not have any shareholdings in the preference shares of subsidiary undertakings included in the Group.
Details of the addresses of the registered office of each of the wholly-owned subsidiaries are available on request from Subsea 7 S.A.,
registered office, 412F, route d\u2019Esch, L-1471 Luxembourg.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:222100AIF0CBCY80AH62",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}