| Subsea and | ||||
| (in $ millions) | Conventional | Renewables | Corporate | Total |
| Selected financial information: | ||||
| Revenue | ||||
| Fixed-price contracts | 4,171.1 | 951.6 | 16.7 | 5,139.4 |
| Day-rate contracts | 748.0 | 3.5 | 82.8 | 834.3 |
4,919.1 | 955.1 | 99.5 | 5,973.7 | |
| Operating expenses | (4,583.0) | (991.9) | (36.0) | (5,610.9) |
Reversal of impairment of property, plant and equipment | 25.9 | \u2013 | \u2013 | 25.9 |
Share of net income of associates and joint ventures | 7.9 | \u2013 | 0.3 | 8.2 |
Depreciation, mobilisation and amortisation charges | (419.2) | (102.4) | (16.4) | (538.0) |
| Impairment of property, plant and equipment, intangible assets and assets | ||||
classified as held for sale | (23.2) | (72.7) | (0.9) | (96.8) |
| Reconciliation of net operating income/(loss) to income before taxes: | ||||
| Net operating income/(loss) | 196.2 | (73.9) | (17.6) | 104.7 |
| Finance income | 25.2 | |||
| Other gains and losses | 21.3 | |||
| Finance costs | (71.2) | |||
| Income before taxes | 80.0 | |||
A djusted EBITDA (d) | 612.4 | 102.5 | (0.5) | 714.4 |
A djusted EBITDA margin (d) | 12.4% | 10.7% | (0.5%) | 12.0% |
| Subsea and | ||||
| (in $ millions) | Conventional | Renewables | Corporate | Total |
| Selected financial information: | ||||
| Revenue | ||||
| Fixed-price contracts | 3,210.3 | 1,093.0 | 38.7 | 4,342.0 |
| Day-rate contracts | 693.0 | 23.9 | 76.9 | 793.8 |
3,903.3 | 1,116.9 | 115.6 | 5,135.8 | |
| Operating expenses | (3,545.8) | (1,164.4) | (28.6) | (4,738.8) |
| Reversal of impairment of property, plant and equipment and right-of-use | ||||
assets | 59.3 | \u2013 | \u2013 | 59.3 |
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) |
Impairment of property, plant and equipment | (2.3) | \u2013 | \u2013 | (2.3) |
| 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 | |||
A djusted EBITDA (c) | 531.6 | 4.8 | 23.0 | 559.4 |
A djusted EBITDA margin (c) | 13.6% | 0.4% | 19.9% | 10.9% |
| 2023 | 2022 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Norway | 1,312.8 | 1,045.1 |
Brazil | 1,125.1 | 475.0 |
United Kingdom | 997.5 | 1,190.9 |
USA | 632.9 | 644.4 |
Taiwan | 352.4 | 177.1 |
A ustralia | 246.3 | 146.7 |
Saudi Arabia | 229.3 | 190.1 |
T\u00fcrkiye | 209.5 | 337.2 |
A zerbaijan | 156.9 | 108.3 |
Singapore | 132.4 | 45.7 |
A ngola | 104.8 | 84.6 |
Senegal | 96.5 | 94.2 |
Trinidad & Tobago | 90.7 | 111.0 |
Netherlands | 90.2 | 265.6 |
Qatar | 76.8 | 26.9 |
Germany | 73.2 | 36.1 |
Guyana | 19.4 | 5.8 |
| Other countries | 27.0 | 151.1 |
5,973.7 | 5,135.8 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
United Kingdom | 2,396.1 | 2,034.9 |
Norway | 1,029.7 | 737.8 |
Isle of Man | 687.9 | 732.1 |
Netherlands | 394.3 | 449.8 |
USA | 214.3 | 74.0 |
Brazil | 59.2 | 45.3 |
Germany | 42.3 | 63.9 |
A ngola | 23.3 | 15.4 |
France | 10.3 | 14.7 |
Gibraltar | 9.7 | 9.4 |
| Other countries | 22.8 | 43.3 |
4,889.9 | 4,220.6 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Employee benefits | 1,406.8 | 1,221.0 |
Lease expense for short-term leased assets | 582.5 | 600.7 |
Lease expense for low-value leased assets | 0.3 | 0.8 |
V ariable lease amounts not included within lease liabilities | (1.4) | \u2013 |
Depreciation of property, plant and equipment (Note 14) | 350.9 | 345.6 |
A mortisation of right-of-use assets (Note 15) | 161.4 | 98.8 |
A mortisation of intangible assets (Note 13) | 13.1 | 12.3 |
A mortisation of mobilisation costs | 12.6 | 10.9 |
Impairment of property, plant and equipment (Note 14) | 75.4 | 2.3 |
Impairment of assets held for sale (Note 20) | 20.5 | \u2013 |
Impairment of intangible assets (Note 13) | 0.9 | \u2013 |
Impairment reversal of right-of-use assets (Note 15) | \u2013 | (3.7) |
Impairment reversal of property, plant and equipment (Note 14) | (25.9) | (55.6) |
Net loss on disposal of property, plant and equipment | 2.0 | \u2013 |
Net gain on maturity of lease liabilities | (1.2) | \u2013 |
Research and development costs | 13.1 | 12.3 |
A uditor\u2019s remuneration | 3.6 | 3.3 |
Net credit impairment loss for financial assets (Note 33) | 20.0 | 2.3 |
Net decrease in allowances for expected credit losses for financial assets | (0.9) | (0.2) |
Net decrease in allowances for expected credit losses for construction contract assets (Note 22) | (1.4) | (1.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A udit fees | 3.5 | 3.2 |
Tax fees | 0.1 | 0.1 |
3.6 | 3.3 |
31 Dec 2023 | 31 Dec 2022 | ||||||
| Operating | Administrative | Operating | Administrative | ||||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses | |
Direct project-related costs, including procurement | 2,800.4 | \u2013 | 2,800.4 | 2,372.3 | \u2013 | 2,372.3 | |
Employee benefits | 1,251.5 | 155.3 | 1,406.8 | 1,079.5 | 141.5 | 1,221.0 | |
Lease expense for short-term leased assets | 581.5 | 1.0 | 582.5 | 599.8 | 0.9 | 600.7 | |
Lease expense for low-value leased assets | 0.3 | \u2013 | 0.3 | 0.8 | \u2013 | 0.8 | |
V ariable lease amounts not included within | |||||||
lease liabilities | (1.4) | \u2013 | (1.4) | \u2013 | \u2013 | \u2013 | |
Depreciation, amortisation and mobilisation | 501.3 | 36.7 | 538.0 | 433.2 | 34.4 | 467.6 | |
Impairment of property, plant and equipment | 75.4 | \u2013 | 75.4 | 2.3 | \u2013 | 2.3 | |
Impairment of assets held for sale | 20.5 | \u2013 | 20.5 | \u2013 | \u2013 | \u2013 | |
Impairment of intangible assets | 0.9 | \u2013 | 0.9 | \u2013 | \u2013 | \u2013 | |
Impairment reversal of property, plant and equipment | (25.9) | \u2013 | (25.9) | (55.6) | \u2013 | (55.6) | |
Impairment reversal of right-of-use assets | \u2013 | \u2013 | \u2013 | \u2013 | (3.7) | (3.7) | |
Net loss on disposal of property, plant and equipment | 2.0 | \u2013 | 2.0 | \u2013 | \u2013 | \u2013 | |
(Gain)/loss on maturity of lease liabilities | (1.4) | 0.2 | (1.2) | \u2013 | \u2013 | \u2013 | |
Net credit impairment loss for financial assets | 20.0 | \u2013 | 20.0 | 2.2 | 0.1 | 2.3 | |
| Net decrease in allowances for expected credit | |||||||
losses for financial assets | (0.9) | \u2013 | (0.9) | (0.2) | \u2013 | (0.2) | |
| Net decrease in allowances for expected credit | |||||||
| losses for construction contract assets | (1.4) | \u2013 | (1.4) | (1.4) | \u2013 | (1.4) | |
Other expenses | 388.1 | 73.1 | 461.2 | 305.9 | 72.0 | 377.9 | |
Total | 5,610.9 | 266.3 | 5,877.2 | 4,738.8 | 245.2 | 4,984.0 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Employee benefits | 1,406.8 | 1,221.0 |
Lease expense for short-term leased assets | 582.5 | 600.7 |
Lease expense for low-value leased assets | 0.3 | 0.8 |
V ariable lease amounts not included within lease liabilities | (1.4) | \u2013 |
Depreciation of property, plant and equipment (Note 14) | 350.9 | 345.6 |
A mortisation of right-of-use assets (Note 15) | 161.4 | 98.8 |
A mortisation of intangible assets (Note 13) | 13.1 | 12.3 |
A mortisation of mobilisation costs | 12.6 | 10.9 |
Impairment of property, plant and equipment (Note 14) | 75.4 | 2.3 |
Impairment of assets held for sale (Note 20) | 20.5 | \u2013 |
Impairment of intangible assets (Note 13) | 0.9 | \u2013 |
Impairment reversal of right-of-use assets (Note 15) | \u2013 | (3.7) |
Impairment reversal of property, plant and equipment (Note 14) | (25.9) | (55.6) |
Net loss on disposal of property, plant and equipment | 2.0 | \u2013 |
Net gain on maturity of lease liabilities | (1.2) | \u2013 |
Research and development costs | 13.1 | 12.3 |
A uditor\u2019s remuneration | 3.6 | 3.3 |
Net credit impairment loss for financial assets (Note 33) | 20.0 | 2.3 |
Net decrease in allowances for expected credit losses for financial assets | (0.9) | (0.2) |
Net decrease in allowances for expected credit losses for construction contract assets (Note 22) | (1.4) | (1.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A udit fees | 3.5 | 3.2 |
Tax fees | 0.1 | 0.1 |
3.6 | 3.3 |
31 Dec 2023 | 31 Dec 2022 | ||||||
| Operating | Administrative | Operating | Administrative | ||||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses | |
Direct project-related costs, including procurement | 2,800.4 | \u2013 | 2,800.4 | 2,372.3 | \u2013 | 2,372.3 | |
Employee benefits | 1,251.5 | 155.3 | 1,406.8 | 1,079.5 | 141.5 | 1,221.0 | |
Lease expense for short-term leased assets | 581.5 | 1.0 | 582.5 | 599.8 | 0.9 | 600.7 | |
Lease expense for low-value leased assets | 0.3 | \u2013 | 0.3 | 0.8 | \u2013 | 0.8 | |
V ariable lease amounts not included within | |||||||
lease liabilities | (1.4) | \u2013 | (1.4) | \u2013 | \u2013 | \u2013 | |
Depreciation, amortisation and mobilisation | 501.3 | 36.7 | 538.0 | 433.2 | 34.4 | 467.6 | |
Impairment of property, plant and equipment | 75.4 | \u2013 | 75.4 | 2.3 | \u2013 | 2.3 | |
Impairment of assets held for sale | 20.5 | \u2013 | 20.5 | \u2013 | \u2013 | \u2013 | |
Impairment of intangible assets | 0.9 | \u2013 | 0.9 | \u2013 | \u2013 | \u2013 | |
Impairment reversal of property, plant and equipment | (25.9) | \u2013 | (25.9) | (55.6) | \u2013 | (55.6) | |
Impairment reversal of right-of-use assets | \u2013 | \u2013 | \u2013 | \u2013 | (3.7) | (3.7) | |
Net loss on disposal of property, plant and equipment | 2.0 | \u2013 | 2.0 | \u2013 | \u2013 | \u2013 | |
(Gain)/loss on maturity of lease liabilities | (1.4) | 0.2 | (1.2) | \u2013 | \u2013 | \u2013 | |
Net credit impairment loss for financial assets | 20.0 | \u2013 | 20.0 | 2.2 | 0.1 | 2.3 | |
| Net decrease in allowances for expected credit | |||||||
losses for financial assets | (0.9) | \u2013 | (0.9) | (0.2) | \u2013 | (0.2) | |
| Net decrease in allowances for expected credit | |||||||
| losses for construction contract assets | (1.4) | \u2013 | (1.4) | (1.4) | \u2013 | (1.4) | |
Other expenses | 388.1 | 73.1 | 461.2 | 305.9 | 72.0 | 377.9 | |
Total | 5,610.9 | 266.3 | 5,877.2 | 4,738.8 | 245.2 | 4,984.0 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Employee benefits | 1,406.8 | 1,221.0 |
Lease expense for short-term leased assets | 582.5 | 600.7 |
Lease expense for low-value leased assets | 0.3 | 0.8 |
V ariable lease amounts not included within lease liabilities | (1.4) | \u2013 |
Depreciation of property, plant and equipment (Note 14) | 350.9 | 345.6 |
A mortisation of right-of-use assets (Note 15) | 161.4 | 98.8 |
A mortisation of intangible assets (Note 13) | 13.1 | 12.3 |
A mortisation of mobilisation costs | 12.6 | 10.9 |
Impairment of property, plant and equipment (Note 14) | 75.4 | 2.3 |
Impairment of assets held for sale (Note 20) | 20.5 | \u2013 |
Impairment of intangible assets (Note 13) | 0.9 | \u2013 |
Impairment reversal of right-of-use assets (Note 15) | \u2013 | (3.7) |
Impairment reversal of property, plant and equipment (Note 14) | (25.9) | (55.6) |
Net loss on disposal of property, plant and equipment | 2.0 | \u2013 |
Net gain on maturity of lease liabilities | (1.2) | \u2013 |
Research and development costs | 13.1 | 12.3 |
A uditor\u2019s remuneration | 3.6 | 3.3 |
Net credit impairment loss for financial assets (Note 33) | 20.0 | 2.3 |
Net decrease in allowances for expected credit losses for financial assets | (0.9) | (0.2) |
Net decrease in allowances for expected credit losses for construction contract assets (Note 22) | (1.4) | (1.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A udit fees | 3.5 | 3.2 |
Tax fees | 0.1 | 0.1 |
3.6 | 3.3 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Employee benefits | 1,406.8 | 1,221.0 |
Lease expense for short-term leased assets | 582.5 | 600.7 |
Lease expense for low-value leased assets | 0.3 | 0.8 |
V ariable lease amounts not included within lease liabilities | (1.4) | \u2013 |
Depreciation of property, plant and equipment (Note 14) | 350.9 | 345.6 |
A mortisation of right-of-use assets (Note 15) | 161.4 | 98.8 |
A mortisation of intangible assets (Note 13) | 13.1 | 12.3 |
A mortisation of mobilisation costs | 12.6 | 10.9 |
Impairment of property, plant and equipment (Note 14) | 75.4 | 2.3 |
Impairment of assets held for sale (Note 20) | 20.5 | \u2013 |
Impairment of intangible assets (Note 13) | 0.9 | \u2013 |
Impairment reversal of right-of-use assets (Note 15) | \u2013 | (3.7) |
Impairment reversal of property, plant and equipment (Note 14) | (25.9) | (55.6) |
Net loss on disposal of property, plant and equipment | 2.0 | \u2013 |
Net gain on maturity of lease liabilities | (1.2) | \u2013 |
Research and development costs | 13.1 | 12.3 |
A uditor\u2019s remuneration | 3.6 | 3.3 |
Net credit impairment loss for financial assets (Note 33) | 20.0 | 2.3 |
Net decrease in allowances for expected credit losses for financial assets | (0.9) | (0.2) |
Net decrease in allowances for expected credit losses for construction contract assets (Note 22) | (1.4) | (1.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A udit fees | 3.5 | 3.2 |
Tax fees | 0.1 | 0.1 |
3.6 | 3.3 |
31 Dec 2023 | 31 Dec 2022 | ||||||
| Operating | Administrative | Operating | Administrative | ||||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses | |
Direct project-related costs, including procurement | 2,800.4 | \u2013 | 2,800.4 | 2,372.3 | \u2013 | 2,372.3 | |
Employee benefits | 1,251.5 | 155.3 | 1,406.8 | 1,079.5 | 141.5 | 1,221.0 | |
Lease expense for short-term leased assets | 581.5 | 1.0 | 582.5 | 599.8 | 0.9 | 600.7 | |
Lease expense for low-value leased assets | 0.3 | \u2013 | 0.3 | 0.8 | \u2013 | 0.8 | |
V ariable lease amounts not included within | |||||||
lease liabilities | (1.4) | \u2013 | (1.4) | \u2013 | \u2013 | \u2013 | |
Depreciation, amortisation and mobilisation | 501.3 | 36.7 | 538.0 | 433.2 | 34.4 | 467.6 | |
Impairment of property, plant and equipment | 75.4 | \u2013 | 75.4 | 2.3 | \u2013 | 2.3 | |
Impairment of assets held for sale | 20.5 | \u2013 | 20.5 | \u2013 | \u2013 | \u2013 | |
Impairment of intangible assets | 0.9 | \u2013 | 0.9 | \u2013 | \u2013 | \u2013 | |
Impairment reversal of property, plant and equipment | (25.9) | \u2013 | (25.9) | (55.6) | \u2013 | (55.6) | |
Impairment reversal of right-of-use assets | \u2013 | \u2013 | \u2013 | \u2013 | (3.7) | (3.7) | |
Net loss on disposal of property, plant and equipment | 2.0 | \u2013 | 2.0 | \u2013 | \u2013 | \u2013 | |
(Gain)/loss on maturity of lease liabilities | (1.4) | 0.2 | (1.2) | \u2013 | \u2013 | \u2013 | |
Net credit impairment loss for financial assets | 20.0 | \u2013 | 20.0 | 2.2 | 0.1 | 2.3 | |
| Net decrease in allowances for expected credit | |||||||
losses for financial assets | (0.9) | \u2013 | (0.9) | (0.2) | \u2013 | (0.2) | |
| Net decrease in allowances for expected credit | |||||||
| losses for construction contract assets | (1.4) | \u2013 | (1.4) | (1.4) | \u2013 | (1.4) | |
Other expenses | 388.1 | 73.1 | 461.2 | 305.9 | 72.0 | 377.9 | |
Total | 5,610.9 | 266.3 | 5,877.2 | 4,738.8 | 245.2 | 4,984.0 |
| 2023 | 2022 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Gain on disposal of property, plant and equipment | \u2013 | 0.3 |
Gain on maturity of lease liabilities (a) | \u2013 | 2.2 |
Fair value gains on derivative financial instruments mandatorily measured at fair value through profit or loss | 0.4 | 3.0 |
Net gains on business combinations post measurement periods | 0.5 | 3.8 |
| Net foreign currency exchange gains/(losses) | 20.4 | (7.4) |
Total | 21.3 | 1.9 |
| 2023 | 2022 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Interest on financial assets measured at amortised cost | 25.2 | 9.0 |
Total finance income | 25.2 | 9.0 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Interest and fees on financial liabilities measured at amortised cost | 58.7 | 20.2 |
Total borrowing costs | 58.7 | 20.2 |
Less: amounts capitalised and included in the cost of qualifying assets | (17.9) | (7.2) |
40.8 | 13.0 | |
Interest on lease liabilities | 30.1 | 11.3 |
Interest on tax liabilities | 0.3 | (0.9) |
Total finance costs | 71.2 | 23.4 |
| 2023 | 2022 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Interest on financial assets measured at amortised cost | 25.2 | 9.0 |
Total finance income | 25.2 | 9.0 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Interest and fees on financial liabilities measured at amortised cost | 58.7 | 20.2 |
Total borrowing costs | 58.7 | 20.2 |
Less: amounts capitalised and included in the cost of qualifying assets | (17.9) | (7.2) |
40.8 | 13.0 | |
Interest on lease liabilities | 30.1 | 11.3 |
Interest on tax liabilities | 0.3 | (0.9) |
Total finance costs | 71.2 | 23.4 |
| 2023 | 2022 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Interest on financial assets measured at amortised cost | 25.2 | 9.0 |
Total finance income | 25.2 | 9.0 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Interest and fees on financial liabilities measured at amortised cost | 58.7 | 20.2 |
Total borrowing costs | 58.7 | 20.2 |
Less: amounts capitalised and included in the cost of qualifying assets | (17.9) | (7.2) |
40.8 | 13.0 | |
Interest on lease liabilities | 30.1 | 11.3 |
Interest on tax liabilities | 0.3 | (0.9) |
Total finance costs | 71.2 | 23.4 |
| 2023 | 2022 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Interest on financial assets measured at amortised cost | 25.2 | 9.0 |
Total finance income | 25.2 | 9.0 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Interest and fees on financial liabilities measured at amortised cost | 58.7 | 20.2 |
Total borrowing costs | 58.7 | 20.2 |
Less: amounts capitalised and included in the cost of qualifying assets | (17.9) | (7.2) |
40.8 | 13.0 | |
Interest on lease liabilities | 30.1 | 11.3 |
Interest on tax liabilities | 0.3 | (0.9) |
Total finance costs | 71.2 | 23.4 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Tax charged in the Consolidated Income Statement | ||
| Current tax: | ||
Corporation tax on income for the year | 97.7 | 67.3 |
A djustments in respect of prior years | (2.5) | 4.3 |
Total current tax | 95.2 | 71.6 |
| Deferred tax (credit)/charge for the year | (24.3) | 24.2 |
A djustments in respect of prior years | (0.9) | 4.1 |
Total deferred tax (credit)/charge | (25.2) | 28.3 |
Total | 70.0 | 99.9 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Tax charge/(credit) relating to items recognised directly in comprehensive income | ||
| Current tax on: | ||
Exchange differences | 0.7 | (2.7) |
Income tax recognised directly in comprehensive income | 0.7 | (2.7) |
| Deferred tax on: | ||
Commodity cash flow hedges | \u2013 | (2.4) |
Remeasurement (losses)/gains on defined benefit pension schemes | (0.3) | 0.7 |
Deferred tax recognised directly in comprehensive income | (0.3) | (1.7) |
Total | 0.4 | (4.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Share-based payments | (0.1) | (0.2) |
Total | (0.1) | (0.2) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Income before taxes | 80.0 | 136.3 |
Tax at the blended tax rate of 24.94% (2022: 24.94%) | 20.0 | 34.0 |
| Effects of: | ||
Different tax rates of subsidiaries operating in other jurisdictions | (4.4) | (6.6) |
Impact of tax rate changes | (3.3) | (1.8) |
Non-qualifying depreciation | 0.7 | 0.8 |
| Net cost/(benefit) of tonnage tax regimes | 3.9 | (6.2) |
Withholding taxes and unrelieved overseas taxes | 37.4 | 27.0 |
Non-deductible expenses and non-taxable income | 1.4 | 3.1 |
Tax effect of share of net income/(loss) of associates and joint ventures | (2.2) | 0.7 |
Movement in unprovided deferred tax | 25.5 | 48.2 |
Revisions to uncertain tax treatments | (5.6) | (7.7) |
A djustments related to prior years | (3.4) | 8.4 |
Taxation in the Consolidated Income Statement | 70.0 | 99.9 |
| Accrued | ||||||
| expenses | ||||||
| Property, | and | Share- | ||||
| plant and | deferred | based | Tax | |||
| equipment | income | payments | losses | Other | Total | |
Balance at 31 December 2021 | (43.4) | 14.1 | 0.7 | 39.9 | 1.4 | 12.7 |
| (Charged)/credited to: | ||||||
Consolidated Income statement | (21.8) | (35.0) | (0.1) | 26.8 | 1.8 | (28.3) |
Other comprehensive income | \u2013 | (0.7) | \u2013 | \u2013 | 2.4 | 1.7 |
Changes in equity | \u2013 | \u2013 | 0.2 | \u2013 | \u2013 | 0.2 |
Balance sheet reclassifications | (0.4) | 0.7 | \u2013 | 0.1 | (0.2) | 0.2 |
Exchange differences | 1.4 | (1.5) | \u2013 | (1.8) | (0.3) | (2.2) |
Balance at 31 December 2022 | (64.2) | (22.4) | 0.8 | 65.0 | 5.1 | (15.7) |
| (Charged)/credited to: | ||||||
Consolidated Income statement | 20.6 | (15.2) | (0.6) | 27.6 | (7.2) | 25.2 |
Other comprehensive income | \u2013 | 0.3 | \u2013 | \u2013 | \u2013 | 0.3 |
Changes in equity | \u2013 | \u2013 | 0.1 | \u2013 | \u2013 | 0.1 |
Balance sheet reclassifications | (0.3) | \u2013 | \u2013 | \u2013 | 0.4 | 0.1 |
Exchange differences | (1.6) | 3.2 | 0.2 | (1.0) | (3.1) | (2.3) |
Balance at 31 December 2023 | (45.5) | (34.1) | 0.5 | 91.6 | (4.8) | 7.7 |
| Net recognised | |||
| Deferred tax | Deferred tax | deferred tax | |
| asset | liability | asset/(liability) | |
Property, plant and equipment | 6.3 | (51.8) | (45.5) |
A ccrued expenses and deferred income | 9.1 | (43.2) | (34.1) |
Share-based payments | 0.5 | \u2013 | 0.5 |
Tax losses | 91.6 | \u2013 | 91.6 |
Other | 7.3 | (12.1) | (4.8) |
Total | 114.8 | (107.1) | 7.7 |
| Net recognised | |||
| Deferred tax | Deferred | deferred tax | |
| asset | tax liability | 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) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Deferred tax assets | 50.9 | 38.7 |
Deferred tax liabilities | (43.2) | (54.4) |
Total | 7.7 | (15.7) |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | |||
| years | years | years | Without limit | Total | |
Losses for which a deferred tax asset is recognised | 4.1 | 4.4 | 31.8 | 335.8 | 376.1 |
Losses for which no deferred tax asset is recognised | 169.8 | 49.6 | 113.0 | 2,204.9 | 2,537.3 |
Total | 173.9 | 54.0 | 144.8 | 2,540.7 | 2,913.4 |
| Expiring | Expiring in 6 | Expiring in 11 | |||
| within 5 years | to 10 years | 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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Tax charged in the Consolidated Income Statement | ||
| Current tax: | ||
Corporation tax on income for the year | 97.7 | 67.3 |
A djustments in respect of prior years | (2.5) | 4.3 |
Total current tax | 95.2 | 71.6 |
| Deferred tax (credit)/charge for the year | (24.3) | 24.2 |
A djustments in respect of prior years | (0.9) | 4.1 |
Total deferred tax (credit)/charge | (25.2) | 28.3 |
Total | 70.0 | 99.9 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Tax charge/(credit) relating to items recognised directly in comprehensive income | ||
| Current tax on: | ||
Exchange differences | 0.7 | (2.7) |
Income tax recognised directly in comprehensive income | 0.7 | (2.7) |
| Deferred tax on: | ||
Commodity cash flow hedges | \u2013 | (2.4) |
Remeasurement (losses)/gains on defined benefit pension schemes | (0.3) | 0.7 |
Deferred tax recognised directly in comprehensive income | (0.3) | (1.7) |
Total | 0.4 | (4.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Share-based payments | (0.1) | (0.2) |
Total | (0.1) | (0.2) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Income before taxes | 80.0 | 136.3 |
Tax at the blended tax rate of 24.94% (2022: 24.94%) | 20.0 | 34.0 |
| Effects of: | ||
Different tax rates of subsidiaries operating in other jurisdictions | (4.4) | (6.6) |
Impact of tax rate changes | (3.3) | (1.8) |
Non-qualifying depreciation | 0.7 | 0.8 |
| Net cost/(benefit) of tonnage tax regimes | 3.9 | (6.2) |
Withholding taxes and unrelieved overseas taxes | 37.4 | 27.0 |
Non-deductible expenses and non-taxable income | 1.4 | 3.1 |
Tax effect of share of net income/(loss) of associates and joint ventures | (2.2) | 0.7 |
Movement in unprovided deferred tax | 25.5 | 48.2 |
Revisions to uncertain tax treatments | (5.6) | (7.7) |
A djustments related to prior years | (3.4) | 8.4 |
Taxation in the Consolidated Income Statement | 70.0 | 99.9 |
| Accrued | ||||||
| expenses | ||||||
| Property, | and | Share- | ||||
| plant and | deferred | based | Tax | |||
| equipment | income | payments | losses | Other | Total | |
Balance at 31 December 2021 | (43.4) | 14.1 | 0.7 | 39.9 | 1.4 | 12.7 |
| (Charged)/credited to: | ||||||
Consolidated Income statement | (21.8) | (35.0) | (0.1) | 26.8 | 1.8 | (28.3) |
Other comprehensive income | \u2013 | (0.7) | \u2013 | \u2013 | 2.4 | 1.7 |
Changes in equity | \u2013 | \u2013 | 0.2 | \u2013 | \u2013 | 0.2 |
Balance sheet reclassifications | (0.4) | 0.7 | \u2013 | 0.1 | (0.2) | 0.2 |
Exchange differences | 1.4 | (1.5) | \u2013 | (1.8) | (0.3) | (2.2) |
Balance at 31 December 2022 | (64.2) | (22.4) | 0.8 | 65.0 | 5.1 | (15.7) |
| (Charged)/credited to: | ||||||
Consolidated Income statement | 20.6 | (15.2) | (0.6) | 27.6 | (7.2) | 25.2 |
Other comprehensive income | \u2013 | 0.3 | \u2013 | \u2013 | \u2013 | 0.3 |
Changes in equity | \u2013 | \u2013 | 0.1 | \u2013 | \u2013 | 0.1 |
Balance sheet reclassifications | (0.3) | \u2013 | \u2013 | \u2013 | 0.4 | 0.1 |
Exchange differences | (1.6) | 3.2 | 0.2 | (1.0) | (3.1) | (2.3) |
Balance at 31 December 2023 | (45.5) | (34.1) | 0.5 | 91.6 | (4.8) | 7.7 |
| Net recognised | |||
| Deferred tax | Deferred tax | deferred tax | |
| asset | liability | asset/(liability) | |
Property, plant and equipment | 6.3 | (51.8) | (45.5) |
A ccrued expenses and deferred income | 9.1 | (43.2) | (34.1) |
Share-based payments | 0.5 | \u2013 | 0.5 |
Tax losses | 91.6 | \u2013 | 91.6 |
Other | 7.3 | (12.1) | (4.8) |
Total | 114.8 | (107.1) | 7.7 |
| Net recognised | |||
| Deferred tax | Deferred | deferred tax | |
| asset | tax liability | 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) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Deferred tax assets | 50.9 | 38.7 |
Deferred tax liabilities | (43.2) | (54.4) |
Total | 7.7 | (15.7) |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | |||
| years | years | years | Without limit | Total | |
Losses for which a deferred tax asset is recognised | 4.1 | 4.4 | 31.8 | 335.8 | 376.1 |
Losses for which no deferred tax asset is recognised | 169.8 | 49.6 | 113.0 | 2,204.9 | 2,537.3 |
Total | 173.9 | 54.0 | 144.8 | 2,540.7 | 2,913.4 |
| Expiring | Expiring in 6 | Expiring in 11 | |||
| within 5 years | to 10 years | 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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Net income attributable to shareholders of the parent company | 15.4 | 57.1 |
Earnings used in the calculation of diluted earnings per share | 15.4 | 57.1 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Number of | Number of | |
| shares | shares | |
Weighted average number of common shares used in the calculation of basic earnings per share | 298,159,734 | 291,955,196 |
Performance shares | 997,942 | 1,037,990 |
| Weighted average number of common shares used in the calculation of diluted earnings | ||
per share | 299,157,676 | 292,993,186 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Basic earnings per share | 0.05 | 0.20 |
Diluted earnings per share | 0.05 | 0.19 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Number of | Number of | |
| shares | shares | |
Performance shares | 674,688 | 609,004 |
(in $ millions) | Total |
| Cost | |
A t 1 January 2022 | 2,545.8 |
Exchange differences | (141.5) |
A t 31 December 2022 | 2,404.3 |
Exchange differences | 57.7 |
A t 31 December 2023 | 2,462.0 |
A ccumulated impairment | |
A t 1 January 2022 | 2,348.6 |
Exchange differences | (135.6) |
A t 31 December 2022 | 2,213.0 |
Exchange differences | 56.8 |
A t 31 December 2023 | 2,269.8 |
| Carrying amount | |
A t 31 December 2022 | 191.3 |
A t 31 December 2023 | 192.2 |
| 2023 | 2022 | |
A t (in $ millions) | 31 Dec | 31 Dec |
4Subsea | 16.2 | 17.1 |
| Floating Wind | 6.5 | 6.3 |
| Norway | 9.3 | 9.5 |
Renewables | 105.3 | 105.3 |
| UK GIRM | 39.2 | 37.6 |
X odus | 15.7 | 15.5 |
Total | 192.2 | 191.3 |
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 |
Renewables | (24.7) | \u2013 | \u2013 | (87.3) | \u2013 | \u2013 | (3.1) | \u2013 |
4Subsea | (2.1) | \u2013 | \u2013 | (3.5) | \u2013 | (1.7) | (2.0) | \u2013 |
X odus | (2.8) | \u2013 | \u2013 | (5.2) | \u2013 | \u2013 | (2.3) | \u2013 |
(in $ millions) | Total |
| Cost | |
A t 1 January 2022 | 2,545.8 |
Exchange differences | (141.5) |
A t 31 December 2022 | 2,404.3 |
Exchange differences | 57.7 |
A t 31 December 2023 | 2,462.0 |
A ccumulated impairment | |
A t 1 January 2022 | 2,348.6 |
Exchange differences | (135.6) |
A t 31 December 2022 | 2,213.0 |
Exchange differences | 56.8 |
A t 31 December 2023 | 2,269.8 |
| Carrying amount | |
A t 31 December 2022 | 191.3 |
A t 31 December 2023 | 192.2 |
| 2023 | 2022 | |
A t (in $ millions) | 31 Dec | 31 Dec |
4Subsea | 16.2 | 17.1 |
| Floating Wind | 6.5 | 6.3 |
| Norway | 9.3 | 9.5 |
Renewables | 105.3 | 105.3 |
| UK GIRM | 39.2 | 37.6 |
X odus | 15.7 | 15.5 |
Total | 192.2 | 191.3 |
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 |
Renewables | (24.7) | \u2013 | \u2013 | (87.3) | \u2013 | \u2013 | (3.1) | \u2013 |
4Subsea | (2.1) | \u2013 | \u2013 | (3.5) | \u2013 | (1.7) | (2.0) | \u2013 |
X odus | (2.8) | \u2013 | \u2013 | (5.2) | \u2013 | \u2013 | (2.3) | \u2013 |
| Other | |||
| (in $ millions) Software | intangibles | Total | |
| Cost | |||
A t 1 January 2022 | 43.9 | 75.8 | 119.7 |
A dditions | 3.0 | 8.0 | 11.0 |
Disposals | (0.1) | \u2013 | (0.1) |
Exchange differences | (4.1) | (6.5) | (10.6) |
A t 31 December 2022 | 42.7 | 77.3 | 120.0 |
A dditions | 19.1 | 8.0 | 27.1 |
| Reclassifications | 4.6 | 7.8 | 12.4 |
Exchange differences | 2.0 | 3.6 | 5.6 |
A t 31 December 2023 | 68.4 | 96.7 | 165.1 |
A ccumulated amortisation and impairment | |||
A t 1 January 2022 | 23.9 | 60.8 | 84.7 |
Charge for the year | 3.6 | 8.7 | 12.3 |
Eliminated on disposal | (0.1) | \u2013 | (0.1) |
Exchange differences | (2.3) | (5.7) | (8.0) |
A t 31 December 2022 | 25.1 | 63.8 | 88.9 |
Charge for the year | 3.7 | 9.4 | 13.1 |
Impairment | \u2013 | 0.9 | 0.9 |
Exchange differences | 1.4 | 2.3 | 3.7 |
A t 31 December 2023 | 30.2 | 76.4 | 106.6 |
| Carrying amount: | |||
A t 31 December 2022 | 17.6 | 13.5 | 31.1 |
A t 31 December 2023 | 38.2 | 20.3 | 58.5 |
| Other | |||
| (in $ millions) Software | intangibles | Total | |
| Cost | |||
A t 1 January 2022 | 43.9 | 75.8 | 119.7 |
A dditions | 3.0 | 8.0 | 11.0 |
Disposals | (0.1) | \u2013 | (0.1) |
Exchange differences | (4.1) | (6.5) | (10.6) |
A t 31 December 2022 | 42.7 | 77.3 | 120.0 |
A dditions | 19.1 | 8.0 | 27.1 |
| Reclassifications | 4.6 | 7.8 | 12.4 |
Exchange differences | 2.0 | 3.6 | 5.6 |
A t 31 December 2023 | 68.4 | 96.7 | 165.1 |
A ccumulated amortisation and impairment | |||
A t 1 January 2022 | 23.9 | 60.8 | 84.7 |
Charge for the year | 3.6 | 8.7 | 12.3 |
Eliminated on disposal | (0.1) | \u2013 | (0.1) |
Exchange differences | (2.3) | (5.7) | (8.0) |
A t 31 December 2022 | 25.1 | 63.8 | 88.9 |
Charge for the year | 3.7 | 9.4 | 13.1 |
Impairment | \u2013 | 0.9 | 0.9 |
Exchange differences | 1.4 | 2.3 | 3.7 |
A t 31 December 2023 | 30.2 | 76.4 | 106.6 |
| Carrying amount: | |||
A t 31 December 2022 | 17.6 | 13.5 | 31.1 |
A t 31 December 2023 | 38.2 | 20.3 | 58.5 |
| Operating | Land and | Other | |||
| (in $ millions) Vessels | equipment | buildings | assets | Total | |
| Cost | |||||
A t 1 January 2022 | 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 20) | (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 dditions | 495.2 | 61.6 | 11.2 | 9.7 | 577.7 |
Exchange differences | 21.9 | 17.9 | 5.9 | 1.8 | 47.5 |
Transfers | (8.0) | 13.5 | (2.9) | (2.6) | \u2013 |
| Reclassifications | \u2013 | (11.9) | \u2013 | (0.5) | (12.4) |
A ssets held for sale (Note 20) | (125.3) | (1.0) | \u2013 | \u2013 | (126.3) |
Disposals | (47.3) | (25.9) | (35.0) | (4.2) | (112.4) |
A t 31 December 2023 | 6,192.6 | 1,063.8 | 496.4 | 67.1 | 7,819.9 |
A ccumulated depreciation and impairment | |||||
A t 1 January 2022 | 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 20) | (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 |
Charge for the year | 291.8 | 36.5 | 16.2 | 6.4 | 350.9 |
Impairments | 75.4 | \u2013 | \u2013 | \u2013 | 75.4 |
Impairment reversals | (25.9) | \u2013 | \u2013 | \u2013 | (25.9) |
Exchange differences | 12.5 | 15.1 | 2.6 | 0.7 | 30.9 |
A ssets held for sale (Note 20) | (94.3) | \u2013 | \u2013 | \u2013 | (94.3) |
Eliminated on disposals | (46.1) | (25.8) | (35.0) | (4.0) | (110.9) |
A t 31 December 2023 | 2,512.9 | 872.1 | 310.5 | 54.4 | 3,749.9 |
| Carrying amount: | |||||
A t 31 December 2022 | 3,556.6 | 163.3 | 190.5 | 11.6 | 3,922.0 |
A t 31 December 2023 | 3,679.7 | 191.7 | 185.9 | 12.7 | 4,070.0 |
| Operating | Land and | Other | |||
| (in $ millions) Vessels | equipment | buildings | assets | Total | |
| Cost | |||||
A t 1 January 2022 | 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 dditions | 225.0 | 0.3 | 24.3 | 0.3 | 249.9 |
Exchange differences | (2.6) | 0.1 | 2.1 | 0.5 | 0.1 |
Remeasurement | 73.3 | \u2013 | 12.4 | \u2013 | 85.7 |
Disposals | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
A t 31 December 2023 | 598.1 | 14.8 | 149.1 | 2.2 | 764.2 |
A ccumulated amortisation and impairment | |||||
A t 1 January 2022 | 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 |
Charge for the year | 134.1 | 4.3 | 22.5 | 0.5 | 161.4 |
Exchange differences | (2.0) | 0.2 | (1.4) | 0.1 | (3.1) |
Eliminated on disposals | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
A t 31 December 2023 | 258.9 | 12.4 | 72.0 | 1.5 | 344.8 |
| Carrying amount: | |||||
A t 31 December 2022 | 175.6 | 6.5 | 59.4 | 0.5 | 242.0 |
A t 31 December 2023 | 339.2 | 2.4 | 77.1 | 0.7 | 419.4 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Maturity analysis \u2013 contractual undiscounted cash flows | ||
Within one year | 194.8 | 107.8 |
Years two to five inclusive | 317.4 | 165.7 |
A fter five years | 9.9 | 10.2 |
Total undiscounted lease liabilities | 522.1 | 283.7 |
Effect of discounting | (63.8) | (26.7) |
Discounted lease liabilities | 458.3 | 257.0 |
| Consisting of: | ||
Non-current | 290.5 | 161.2 |
Current | 167.8 | 95.8 |
Total discounted lease liabilities | 458.3 | 257.0 |
| Operating | Land and | Other | |||
| (in $ millions) Vessels | equipment | buildings | assets | Total | |
| Cost | |||||
A t 1 January 2022 | 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 dditions | 225.0 | 0.3 | 24.3 | 0.3 | 249.9 |
Exchange differences | (2.6) | 0.1 | 2.1 | 0.5 | 0.1 |
Remeasurement | 73.3 | \u2013 | 12.4 | \u2013 | 85.7 |
Disposals | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
A t 31 December 2023 | 598.1 | 14.8 | 149.1 | 2.2 | 764.2 |
A ccumulated amortisation and impairment | |||||
A t 1 January 2022 | 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 |
Charge for the year | 134.1 | 4.3 | 22.5 | 0.5 | 161.4 |
Exchange differences | (2.0) | 0.2 | (1.4) | 0.1 | (3.1) |
Eliminated on disposals | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
A t 31 December 2023 | 258.9 | 12.4 | 72.0 | 1.5 | 344.8 |
| Carrying amount: | |||||
A t 31 December 2022 | 175.6 | 6.5 | 59.4 | 0.5 | 242.0 |
A t 31 December 2023 | 339.2 | 2.4 | 77.1 | 0.7 | 419.4 |
| Subsea7 | |||||
| Year end Country of registration | Operating segment | Classification | ownership % | ||
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 |
| OneSubsea | 31 December | Various | Subsea and Conventional | Associate | 10 |
SapuraAcergy Assets Pte Ltd (b) | 31 January | Malaysia | Subsea and Conventional | Joint Venture | 51 |
| SapuraAcergy Sdn Bhd | 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 |
(in $ millions) 2023 | 2022 | |
A t year beginning | 25.5 | 28.6 |
Share of net income/(loss) of associates and joint ventures | 8.2 | (3.0) |
Share of other comprehensive income of associates and joint ventures | 2.5 | \u2013 |
Net reclassification of investment balances | (0.9) | 1.7 |
Recognition of investment in associate | 307.8 | \u2013 |
Exchange differences | (1.1) | (1.8) |
A t year end | 342.0 | 25.5 |
| 2023 | |
| 31 Dec | |
Revenue | 1,021.0 |
Net income | 80.0 |
Other comprehensive income | 25.0 |
Total comprehensive income | 105.0 |
| 2023 | |
A t (in $ millions) | 31 Dec |
Non-current assets | 3,274.9 |
Current assets | 2,812.0 |
Current liabilities | (2,574.0) |
Non-current liabilities | (342.0) |
Net assets | 3,170.9 |
Total equity | (3,170.9) |
Subsea7 Group share of equity (10%) | 317.0 |
| 2023 | |
| 31 Dec | |
Carrying amount of associate at 2 October 2023 | 306.5 |
Net income attributable to the Group | 8.0 |
Other comprehensive income attributable to the Group | 2.5 |
Subsea7 Group\u2019s share of equity | 317.0 |
Stamp duty and professional fees | 1.3 |
Carrying amount of associate at year end | 318.3 |
| Subsea7 | |||||
| Year end Country of registration | Operating segment | Classification | ownership % | ||
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 |
| OneSubsea | 31 December | Various | Subsea and Conventional | Associate | 10 |
SapuraAcergy Assets Pte Ltd (b) | 31 January | Malaysia | Subsea and Conventional | Joint Venture | 51 |
| SapuraAcergy Sdn Bhd | 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 |
(in $ millions) 2023 | 2022 | |
A t year beginning | 25.5 | 28.6 |
Share of net income/(loss) of associates and joint ventures | 8.2 | (3.0) |
Share of other comprehensive income of associates and joint ventures | 2.5 | \u2013 |
Net reclassification of investment balances | (0.9) | 1.7 |
Recognition of investment in associate | 307.8 | \u2013 |
Exchange differences | (1.1) | (1.8) |
A t year end | 342.0 | 25.5 |
| 2023 | |
| 31 Dec | |
Revenue | 1,021.0 |
Net income | 80.0 |
Other comprehensive income | 25.0 |
Total comprehensive income | 105.0 |
| 2023 | |
A t (in $ millions) | 31 Dec |
Non-current assets | 3,274.9 |
Current assets | 2,812.0 |
Current liabilities | (2,574.0) |
Non-current liabilities | (342.0) |
Net assets | 3,170.9 |
Total equity | (3,170.9) |
Subsea7 Group share of equity (10%) | 317.0 |
| 2023 | |
| 31 Dec | |
Carrying amount of associate at 2 October 2023 | 306.5 |
Net income attributable to the Group | 8.0 |
Other comprehensive income attributable to the Group | 2.5 |
Subsea7 Group\u2019s share of equity | 317.0 |
Stamp duty and professional fees | 1.3 |
Carrying amount of associate at year end | 318.3 |
| Subsea7 | |||||
| Year end Country of registration | Operating segment | Classification | ownership % | ||
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 |
| OneSubsea | 31 December | Various | Subsea and Conventional | Associate | 10 |
SapuraAcergy Assets Pte Ltd (b) | 31 January | Malaysia | Subsea and Conventional | Joint Venture | 51 |
| SapuraAcergy Sdn Bhd | 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 |
(in $ millions) 2023 | 2022 | |
A t year beginning | 25.5 | 28.6 |
Share of net income/(loss) of associates and joint ventures | 8.2 | (3.0) |
Share of other comprehensive income of associates and joint ventures | 2.5 | \u2013 |
Net reclassification of investment balances | (0.9) | 1.7 |
Recognition of investment in associate | 307.8 | \u2013 |
Exchange differences | (1.1) | (1.8) |
A t year end | 342.0 | 25.5 |
| 2023 | |
| 31 Dec | |
Revenue | 1,021.0 |
Net income | 80.0 |
Other comprehensive income | 25.0 |
Total comprehensive income | 105.0 |
| 2023 | |
A t (in $ millions) | 31 Dec |
Non-current assets | 3,274.9 |
Current assets | 2,812.0 |
Current liabilities | (2,574.0) |
Non-current liabilities | (342.0) |
Net assets | 3,170.9 |
Total equity | (3,170.9) |
Subsea7 Group share of equity (10%) | 317.0 |
| 2023 | |
| 31 Dec | |
Carrying amount of associate at 2 October 2023 | 306.5 |
Net income attributable to the Group | 8.0 |
Other comprehensive income attributable to the Group | 2.5 |
Subsea7 Group\u2019s share of equity | 317.0 |
Stamp duty and professional fees | 1.3 |
Carrying amount of associate at year end | 318.3 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Non-current amounts due from associates and joint ventures | 36.5 | 37.4 |
A llowance for credit impairment | (1.6) | (1.6) |
34.9 | 35.8 | |
Capitalised fees for long-term loan facilities | 1.9 | 1.8 |
Deposits held by third parties | 0.9 | 1.1 |
Other receivables | 29.3 | 27.2 |
Total | 67.0 | 65.9 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Materials and non-critical spares | 10.5 | 8.8 |
Consumables | 49.6 | 40.7 |
Total | 60.1 | 49.5 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Total cost of inventory charged to the Consolidated Income Statement | 183.1 | 163.7 |
Write-down of inventories charged to the Consolidated Income Statement | 1.8 | 1.4 |
Provision for obsolescence charged to the Consolidated Income Statement | 0.7 | 0.3 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Trade receivables | 719.7 | 431.5 |
A llowance for expected credit losses | (1.3) | (2.0) |
A llowance for credit impairment | (23.0) | (4.4) |
695.4 | 425.1 | |
Current amounts due from associates and joint ventures | 8.1 | 3.7 |
A llowance for credit impairment | (2.1) | (2.1) |
6.0 | 1.6 | |
Other receivables | 24.1 | 32.5 |
A dvances to suppliers | 74.5 | 28.5 |
Other taxes receivable | 121.8 | 98.5 |
Total | 921.8 | 586.2 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Unbilled revenue | 91.8 | 93.4 |
A llowance for expected credit losses | (0.2) | (0.4) |
91.6 | 93.0 | |
Prepaid expenses | 152.4 | 111.6 |
Total | 244.0 | 204.6 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for expected credit losses | ||
A t year beginning | (0.4) | (0.4) |
Decrease in allowance recognised in profit or loss | 0.2 | \u2013 |
A t year end | (0.2) | (0.4) |
| Construction | Construction | |
| contracts \u2013 | contracts \u2013 | |
| assets | liabilities | |
A t 31 December 2023 | ||
Current | 692.2 | (424.8) |
A llowance for expected credit losses | (0.4) | \u2013 |
Total | 691.8 | (424.8) |
| Construction | Construction | |
| contracts \u2013 | contracts \u2013 | |
| assets | 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) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Revenue recognised which was included in construction contract liabilities at beginning of year | 313.8 | 195.0 |
Revenue recognised from performance obligations satisfied in previous periods | 16.9 | 78.0 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for expected credit losses | ||
A t year beginning | (1.8) | (3.2) |
Decrease in allowance recognised in profit or loss | 1.4 | 1.4 |
A t year end | (0.4) | (1.8) |
| Expected year of execution | |||||
| 2027 | |||||
(in $ millions) | 2024 | 2025 | 2026 | and beyond | Total |
Subsea and Conventional | 4,710.5 | 2,893.2 | 861.6 | 78.4 | 8,543.7 |
Renewables | 966.4 | 871.0 | 168.7 | 11.2 | 2,017.3 |
Corporate | 25.8 | \u2013 | \u2013 | \u2013 | 25.8 |
Total | 5,702.7 | 3,764.2 | 1,030.3 | 89.6 | 10,586.8 |
| Expected year of execution | |||||
| 2026 | |||||
(in $ millions) | 2023 | 2024 | 2025 | 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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Cash and cash equivalents | 750.9 | 645.6 |
| 2023 | ||||
| 31 Dec | 2023 | 2022 | 2022 | |
| Number of | 31 Dec | 31 Dec | 31 Dec | |
| shares | in $ millions | Number of shares | in $ millions | |
A uthorised common shares, $2.00 par value | 450,000,000 | 900.0 | 450,000,000 | 900.0 |
| 2023 | ||||
| 31 Dec | 2023 | 2022 | 2022 | |
| Number of | 31 Dec | 31 Dec | 31 Dec | |
| shares | in $ millions | Number of shares | in $ millions | |
Fully paid and issued common shares | 304,294,272 | 608.6 | 300,000,000 | 600.0 |
| The issued common shares consist of: | ||||
Common shares outstanding | 300,454,468 | 600.9 | 290,205,733 | 580.4 |
Treasury shares at par value (Note 25) | 3,839,804 | 7.7 | 9,794,267 | 19.6 |
Total | 304,294,272 | 608.6 | 300,000,000 | 600.0 |
| 2023 | 2022 | |||
| Number of | 2023 | Number of | 2022 | |
| shares | in $ millions | shares | in $ millions | |
A t year beginning | 9,794,267 | 75.0 | 4,534,107 | 32.9 |
Shares repurchased | \u2013 | \u2013 | 5,648,072 | 46.0 |
Shares reallocated relating to share-based payments | (272,496) | (2.3) | (387,912) | (3.9) |
Shares cancelled | (5,681,967) | (41.6) | \u2013 | \u2013 |
Balance at year end | 3,839,804 | 31.1 | 9,794,267 | 75.0 |
| Subsea7 | |||
Year end | Country of registration | 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 |
PT Subsea 7 Indonesia | 31 December | Indonesia | 94.9 |
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 |
(in $ millions) 2023 | 2022 | |
A t year beginning | 329.1 | 304.5 |
Share of net loss for the year | (5.4) | (20.7) |
Seaway 7 ASA \u2013 equity share issuance | \u2013 | 54.3 |
Seaway 7 ASA \u2013 Subsea 7 S.A. shares issued in consideration | (127.0) | \u2013 |
Seaway 7 ASA \u2013 cash consideration | (12.6) | \u2013 |
Reclassification of non-controlling interests to equity attributable to shareholders of Subsea 7 S.A. | (150.2) | (6.3) |
Exchange differences | 0.2 | (2.7) |
A t year end | 34.1 | 329.1 |
| 2023 | 2022 | ||
| 31 Dec | 31 Dec | ||
South Korean Export Credit Agency (ECA) facility | 135.2 | 159.8 | |
2021 | UK Export Finance (UKEF 2021) facility | 420.5 | 195.8 |
2023 | UK Export Finance (UKEF 2023) facility | 288.9 | \u2013 |
Other | 0.3 | 0.4 | |
Total (a) | 844.9 | 356.0 | |
| Consisting of: | |||
Non-current portion of borrowings | 721.4 | 302.2 | |
Current portion of borrowings | 123.5 | 53.8 | |
Total (a) | 844.9 | 356.0 |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| Utilised | Unutilised | Total | Utilised | Unutilised | Total | |
Committed borrowing facilities | 852.6 | 857.6 | 1,710.2 | 359.8 | 1,000.0 | 1,359.8 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Other | 1.1 | 5.3 |
Total | 1.1 | 5.3 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A ccruals | 885.6 | 720.1 |
Trade payables | 348.0 | 317.5 |
Current amounts due to associates and joint ventures | 7.4 | 7.3 |
A ccrued salaries and benefits | 132.2 | 118.9 |
Withholding taxes | 23.3 | 23.8 |
Other taxes payable | 88.8 | 68.9 |
Other current liabilities | 198.6 | 13.9 |
Total | 1,683.9 | 1,270.4 |
| Onerous | ||||||
| fixed-price | ||||||
(in $ millions) Claims | Decommissioning | Restructuring | contracts | Other | Total | |
A t 1 January 2022 | 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 dditional provision in the year | 4.6 | 2.3 | \u2013 | 169.7 | 5.9 | 182.5 |
Utilisation of provision | (2.1) | (1.9) | \u2013 | (170.8) | (6.1) | (180.9) |
Unused amounts released during the year | (4.1) | \u2013 | (0.3) | (2.4) | (7.0) | (13.8) |
Exchange differences | 0.5 | 0.1 | \u2013 | 1.7 | 0.3 | 2.6 |
A t 31 December 2023 | 18.4 | 6.6 | 0.3 | 83.9 | 15.9 | 125.1 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Consisting of: | ||
Non-current provisions | 24.6 | 47.7 |
Current provisions | 100.5 | 87.0 |
Total | 125.1 | 134.7 |
| Contingent liability | Contingent liability | |||
| recognised | not recognised | |||
(in $ millions) | 2023 | 2022 | 2023 | 2022 |
A t year beginning | 0.4 | 5.5 | 201.3 | 176.4 |
Movement in contingent liabilities | \u2013 | (5.4) | 9.2 | 9.4 |
Exchange differences | 0.1 | 0.3 | 14.3 | 15.5 |
A t year end | 0.5 | 0.4 | 224.8 | 201.3 |
| Contingent liability | Contingent liability | |||
| recognised | not recognised | |||
(in $ millions) | 2023 | 2022 | 2023 | 2022 |
A t year beginning | 0.4 | 5.5 | 201.3 | 176.4 |
Movement in contingent liabilities | \u2013 | (5.4) | 9.2 | 9.4 |
Exchange differences | 0.1 | 0.3 | 14.3 | 15.5 |
A t year end | 0.5 | 0.4 | 224.8 | 201.3 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| amount | amount | |
| Financial assets | ||
Restricted cash | 7.4 | 4.4 |
Cash and cash equivalents (Note 23) | 750.9 | 645.6 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
Foreign exchange forward contracts | 0.8 | 1.1 |
Embedded derivatives | 58.5 | 16.7 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
Commodity derivatives | 1.6 | 4.2 |
Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
Net trade receivables (Note 19) | 695.4 | 425.1 |
Net non-current amounts due from associates and joint ventures (Note 17) | 34.9 | 35.8 |
Net current amounts due from associates and joint ventures (Note 19) | 6.0 | 1.6 |
Other financial receivables | 23.5 | 22.1 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
Foreign exchange forward contracts | (1.2) | (1.1) |
Embedded derivatives | (64.2) | (34.3) |
Commodity derivatives | (0.1) | (0.2) |
Contingent consideration | (1.2) | (1.6) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
Commodity derivatives | (2.4) | (0.3) |
| Financial liabilities measured at amortised cost: | ||
Trade payables (Note 30) | (348.0) | (317.5) |
Lease liabilities (Note 28) | (458.3) | (257.0) |
Current amounts due to associates and joint ventures (Note 30) | (7.4) | (7.3) |
Borrowings (Note 27) | (844.9) | (356.0) |
Other financial payables | (160.9) | (15.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Interest income from financial assets measured at amortised cost | 25.2 | 9.0 |
Interest cost and fees from financial liabilities measured at amortised cost | (58.7) | (20.2) |
Net fair value gains/(losses) on financial assets measured at fair value through profit or loss | 41.5 | (29.9) |
Net fair value losses on financial liabilities measured at fair value through profit or loss | (29.5) | (6.2) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Deposits: | ||
Counterparties rated prime grade | 50.0 | 115.0 |
Counterparties rated high grade | 65.0 | 100.0 |
Counterparties rated upper-medium grade | 269.9 | 175.0 |
Counterparties rated lower-medium grade | 146.6 | 84.2 |
Counterparties rated non-investment grade | 2.9 | 1.4 |
Total | 534.4 | 475.6 |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| Assets | Liabilities | Total | Assets | Liabilities | Total | |
| Non-current | ||||||
Embedded derivatives | 29.5 | (30.7) | (1.2) | 3.6 | (28.2) | (24.6) |
Commodity derivatives | \u2013 | (1.9) | (1.9) | 1.7 | (0.5) | 1.2 |
Total | 29.5 | (32.6) | (3.1) | 5.3 | (28.7) | (23.4) |
| Current | ||||||
Forward foreign exchange contracts | 0.8 | (1.2) | (0.4) | 1.1 | (1.1) | \u2013 |
Embedded derivatives | 29.0 | (33.5) | (4.5) | 13.1 | (6.1) | 7.0 |
Commodity derivatives | 1.6 | (0.6) | 1.0 | 2.5 | \u2013 | 2.5 |
Total | 31.4 | (35.3) | (3.9) | 16.7 | (7.2) | 9.5 |
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 | 45.5 | \u2013 | (46.8) | \u2013 | (0.2) | \u2013 |
Danish Krone | 20.8 | \u2013 | (20.3) | \u2013 | 0.3 | \u2013 |
Euro | 114.9 | \u2013 | (24.1) | \u2013 | (0.3) | \u2013 |
Norwegian Krone | 11.6 | \u2013 | (212.5) | \u2013 | (0.2) | \u2013 |
Singapore Dollar | 30.8 | \u2013 | (1.5) | \u2013 | \u2013 | \u2013 |
A ustralian Dollar | 32.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Total | 255.9 | \u2013 | (305.2) | \u2013 | (0.4) | \u2013 |
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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A t year beginning | 3.8 | 10.4 |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
Cash flow on commodity hedges | (6.4) | 3.8 |
Tax recognised in other comprehensive income | \u2013 | 2.4 |
Amounts reclassified to the Consolidated Income Statement | 1.8 | (12.8) |
A t year end | (0.8) | 3.8 |
Category | Description | Response |
Performing | The counterparty has a low risk of default. No balances are | An allowance for lifetime ECLs is recognised where the |
| aged greater than 30 days past due. | impact is determined to be material. | |
Monitored | The counterparty has a low risk of default. Balances aged | The allowance for lifetime ECLs is increased where the |
| greater than 30 days past due have arisen due to ongoing | impact is determined to be material. | |
| commercial discussions associated with the close-out of | ||
| contractual requirements and are not considered to be | ||
| indicative of an increased risk of default. | ||
In default | Balances are greater than 90 days past due with the ageing | The asset is considered to be credit impaired and an |
| not being as a result of ongoing commercial discussions | allowance for the estimated incurred loss is recognised | |
| associated with the close-out of contractual commitments, | where material. | |
| or there is evidence indicating that the counterparty is in | ||
| severe financial difficulty and collection of amounts due | ||
| is improbable. | ||
Written off | There is evidence that the counterparty is in severe financial | The gross receivable and associated allowance are |
| difficulty and the Group has no realistic prospect of recovery | both derecognised. | |
| of balances due. |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Performing | 672.2 | 412.5 |
Monitored | 24.5 | 14.6 |
In default | 23.0 | 4.4 |
Gross carrying amount | 719.7 | 431.5 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Gross carrying amount | 719.7 | 431.5 |
A llowance for expected credit losses | (1.3) | (2.0) |
A llowance for incurred credit impairments | (23.0) | (4.4) |
Net carrying amount | 695.4 | 425.1 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 672.2 | 16.7 | 3.0 | 27.8 | 719.7 |
A llowance for expected credit losses | (1.3) | \u2013 | \u2013 | \u2013 | (1.3) |
A llowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (23.0) | (23.0) |
Net carrying amount | 670.9 | 16.7 | 3.0 | 4.8 | 695.4 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | 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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for expected credit losses | ||
A t year beginning | (2.0) | (2.2) |
Decrease in allowance recognised in profit or loss | 0.7 | 0.2 |
A t year end | (1.3) | (2.0) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for credit impairment | ||
A t year beginning | (4.4) | (3.9) |
Increase in allowance recognised in profit or loss | (20.1) | (2.5) |
Utilisation of allowance | 1.4 | 1.8 |
Unused amounts released during the year | 0.1 | 0.2 |
A t year end | (23.0) | (4.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Gross carrying amount | 44.6 | 41.1 |
A llowance for incurred credit impairments | (3.7) | (3.7) |
Net carrying amount | 40.9 | 37.4 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 33.2 | \u2013 | 0.2 | 11.2 | 44.6 |
A llowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
Net carrying amount | 33.0 | \u2013 | 0.2 | 7.7 | 40.9 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 30.4 | \u2013 | \u2013 | 10.7 | 41.1 |
A llowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
Net carrying amount | 30.2 | \u2013 | \u2013 | 7.2 | 37.4 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for credit impairments | ||
A t year beginning | (3.7) | (3.5) |
Exchange differences | \u2013 | (0.2) |
A t year end | (3.7) | (3.7) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| percentage | percentage | |
National energy companies | 30% | 18% |
International energy companies | 29% | 30% |
Independent energy companies | 41% | 52% |
Total | 100% | 100% |
| 31 Dec | |
| 2023 | |
Client A | 121.6 |
Client B | 73.4 |
Client C | 67.4 |
Client D | 45.6 |
Client E | 44.9 |
| 31 Dec | |
| 2022 | |
Client A | 63.1 |
Client B | 49.8 |
Client C | 38.9 |
Client D | 28.7 |
Client E | 21.8 |
| Less than | 3 months | ||||
| 1 month | 1-3 months | to 1 year | 1-5 years | Total | |
| Borrowings | 8.5 | 41.5 | 127.8 | 840.5 | 1,018.3 |
Trade payables | 271.9 | 58.7 | 17.4 | \u2013 | 348.0 |
A mounts due to associates and joint ventures | 7.4 | \u2013 | \u2013 | \u2013 | 7.4 |
Lease liabilities | 16.4 | 31.0 | 147.4 | 327.3 | 522.1 |
Total | 304.2 | 131.2 | 292.6 | 1,167.8 | 1,895.8 |
| Less than | 3 months | ||||
| 1 month | 1-3 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 |
| Less than | 3 months | ||||
1 month | 1-3 months | to 1 year | 1-5 years | Total | |
| Net settled: | |||||
Embedded derivatives | \u2013 | 10.2 | 21.8 | 36.2 | 68.2 |
Commodity hedging | \u2013 | \u2013 | 0.6 | 1.9 | 2.5 |
| Gross settled: | |||||
Foreign exchange forward contract payments | 377.6 | \u2013 | \u2013 | \u2013 | 377.6 |
Foreign exchange forward contract receipts | (376.4) | \u2013 | \u2013 | \u2013 | (376.4) |
Total | 1.2 | 10.2 | 22.4 | 38.1 | 71.9 |
| Less than | 3 months | ||||
| 1 month | 1-3 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 |
Liabilities | Equity | Other | Total | ||||
| Dividends | |||||||
| Lease | payable to | Treasury | Other | ||||
(in $ millions) | Borrowings | liabilities | shareholders | shares | equity | ||
Balance at 1 January 2023 | 356.0 | 257.0 | \u2013 | (75.0) | 38.8 | (4.5) | 572.3 |
| Financing cash flows | |||||||
Interest paid | (52.1) | (30.1) | \u2013 | \u2013 | \u2013 | \u2013 | (82.2) |
Repayment of borrowings | (568.1) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (568.1) |
Proceeds from borrowings | 1,060.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,060.9 |
Payments related to lease liabilities | \u2013 | (134.8) | \u2013 | \u2013 | \u2013 | \u2013 | (134.8) |
Dividends paid to shareholders of the parent company | \u2013 | \u2013 | (112.1) | \u2013 | \u2013 | \u2013 | (112.1) |
Acquisition of shares in non-wholly- owned subsidiary | \u2013 | \u2013 | \u2013 | \u2013 | (12.6) | \u2013 | (12.6) |
Total financing cash flows | 440.7 | (164.9) | (112.1) | \u2013 | (12.6) | \u2013 | 151.1 |
| Non-cash changes | |||||||
Dividends declared | \u2013 | \u2013 | 112.1 | \u2013 | \u2013 | \u2013 | 112.1 |
Addition of lease liabilities | \u2013 | 249.9 | \u2013 | \u2013 | \u2013 | \u2013 | 249.9 |
Remeasurement of lease liabilities | \u2013 | 85.7 | \u2013 | \u2013 | \u2013 | \u2013 | 85.7 |
Shares reallocated relating to share-based payments | \u2013 | \u2013 | \u2013 | 2.3 | (2.3) | \u2013 | \u2013 |
Share cancellation | \u2013 | \u2013 | \u2013 | 41.6 | (41.6) | \u2013 | \u2013 |
Interest charges | 48.2 | 30.1 | \u2013 | \u2013 | \u2013 | (7.1) | 71.2 |
Exchange differences | \u2013 | 0.5 | \u2013 | \u2013 | \u2013 | \u2013 | 0.5 |
Total non-cash changes | 48.2 | 366.2 | 112.1 | 43.9 | (43.9) | (7.1) | 519.4 |
Balance at 31 December 2023 | 844.9 | 458.3 | \u2013 | (31.1) | (17.7) | (11.6) | 1,242.8 |
Liabilities | Equity | Other | Total | ||||
| Dividends | |||||||
| Lease | payable to | Treasury | Other | ||||
| (in $ millions) | Borrowings | liabilities | shareholders | shares | 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 |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| Recurring fair value measurements | ||||||
| Financial assets: | ||||||
| Financial assets at fair value through profit or loss \u2013 | ||||||
derivative instruments | \u2013 | 0.8 | \u2013 | \u2013 | 1.1 | \u2013 |
| Financial assets at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | 58.5 | \u2013 | \u2013 | 16.7 | \u2013 |
Financial assets at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | 1.6 | \u2013 | \u2013 | 4.2 | \u2013 |
| Financial liabilities: | ||||||
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
derivative instruments | \u2013 | (1.2) | \u2013 | \u2013 | (1.1) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | (64.2) | \u2013 | \u2013 | (34.3) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 commodity | ||||||
derivatives | \u2013 | (0.1) | \u2013 | \u2013 | (0.2) | \u2013 |
Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | (2.4) | \u2013 | \u2013 | (0.3) | \u2013 |
| Contingent consideration | \u2013 | \u2013 | (1.2) | \u2013 | \u2013 | (1.6) |
| Balance at | Balance at | ||||
| 1 January | Fair value | Exchange | 31 December | ||
| 2023 | Utilisation | adjustments | differences | 2023 | |
Contingent consideration | 1.6 | (0.2) | (0.5) | 0.3 | 1.2 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| amount | amount | |
| Financial assets | ||
Restricted cash | 7.4 | 4.4 |
Cash and cash equivalents (Note 23) | 750.9 | 645.6 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
Foreign exchange forward contracts | 0.8 | 1.1 |
Embedded derivatives | 58.5 | 16.7 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
Commodity derivatives | 1.6 | 4.2 |
Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
Net trade receivables (Note 19) | 695.4 | 425.1 |
Net non-current amounts due from associates and joint ventures (Note 17) | 34.9 | 35.8 |
Net current amounts due from associates and joint ventures (Note 19) | 6.0 | 1.6 |
Other financial receivables | 23.5 | 22.1 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
Foreign exchange forward contracts | (1.2) | (1.1) |
Embedded derivatives | (64.2) | (34.3) |
Commodity derivatives | (0.1) | (0.2) |
Contingent consideration | (1.2) | (1.6) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
Commodity derivatives | (2.4) | (0.3) |
| Financial liabilities measured at amortised cost: | ||
Trade payables (Note 30) | (348.0) | (317.5) |
Lease liabilities (Note 28) | (458.3) | (257.0) |
Current amounts due to associates and joint ventures (Note 30) | (7.4) | (7.3) |
Borrowings (Note 27) | (844.9) | (356.0) |
Other financial payables | (160.9) | (15.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Interest income from financial assets measured at amortised cost | 25.2 | 9.0 |
Interest cost and fees from financial liabilities measured at amortised cost | (58.7) | (20.2) |
Net fair value gains/(losses) on financial assets measured at fair value through profit or loss | 41.5 | (29.9) |
Net fair value losses on financial liabilities measured at fair value through profit or loss | (29.5) | (6.2) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Deposits: | ||
Counterparties rated prime grade | 50.0 | 115.0 |
Counterparties rated high grade | 65.0 | 100.0 |
Counterparties rated upper-medium grade | 269.9 | 175.0 |
Counterparties rated lower-medium grade | 146.6 | 84.2 |
Counterparties rated non-investment grade | 2.9 | 1.4 |
Total | 534.4 | 475.6 |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| Assets | Liabilities | Total | Assets | Liabilities | Total | |
| Non-current | ||||||
Embedded derivatives | 29.5 | (30.7) | (1.2) | 3.6 | (28.2) | (24.6) |
Commodity derivatives | \u2013 | (1.9) | (1.9) | 1.7 | (0.5) | 1.2 |
Total | 29.5 | (32.6) | (3.1) | 5.3 | (28.7) | (23.4) |
| Current | ||||||
Forward foreign exchange contracts | 0.8 | (1.2) | (0.4) | 1.1 | (1.1) | \u2013 |
Embedded derivatives | 29.0 | (33.5) | (4.5) | 13.1 | (6.1) | 7.0 |
Commodity derivatives | 1.6 | (0.6) | 1.0 | 2.5 | \u2013 | 2.5 |
Total | 31.4 | (35.3) | (3.9) | 16.7 | (7.2) | 9.5 |
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 | 45.5 | \u2013 | (46.8) | \u2013 | (0.2) | \u2013 |
Danish Krone | 20.8 | \u2013 | (20.3) | \u2013 | 0.3 | \u2013 |
Euro | 114.9 | \u2013 | (24.1) | \u2013 | (0.3) | \u2013 |
Norwegian Krone | 11.6 | \u2013 | (212.5) | \u2013 | (0.2) | \u2013 |
Singapore Dollar | 30.8 | \u2013 | (1.5) | \u2013 | \u2013 | \u2013 |
A ustralian Dollar | 32.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Total | 255.9 | \u2013 | (305.2) | \u2013 | (0.4) | \u2013 |
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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A t year beginning | 3.8 | 10.4 |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
Cash flow on commodity hedges | (6.4) | 3.8 |
Tax recognised in other comprehensive income | \u2013 | 2.4 |
Amounts reclassified to the Consolidated Income Statement | 1.8 | (12.8) |
A t year end | (0.8) | 3.8 |
Category | Description | Response |
Performing | The counterparty has a low risk of default. No balances are | An allowance for lifetime ECLs is recognised where the |
| aged greater than 30 days past due. | impact is determined to be material. | |
Monitored | The counterparty has a low risk of default. Balances aged | The allowance for lifetime ECLs is increased where the |
| greater than 30 days past due have arisen due to ongoing | impact is determined to be material. | |
| commercial discussions associated with the close-out of | ||
| contractual requirements and are not considered to be | ||
| indicative of an increased risk of default. | ||
In default | Balances are greater than 90 days past due with the ageing | The asset is considered to be credit impaired and an |
| not being as a result of ongoing commercial discussions | allowance for the estimated incurred loss is recognised | |
| associated with the close-out of contractual commitments, | where material. | |
| or there is evidence indicating that the counterparty is in | ||
| severe financial difficulty and collection of amounts due | ||
| is improbable. | ||
Written off | There is evidence that the counterparty is in severe financial | The gross receivable and associated allowance are |
| difficulty and the Group has no realistic prospect of recovery | both derecognised. | |
| of balances due. |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Performing | 672.2 | 412.5 |
Monitored | 24.5 | 14.6 |
In default | 23.0 | 4.4 |
Gross carrying amount | 719.7 | 431.5 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Gross carrying amount | 719.7 | 431.5 |
A llowance for expected credit losses | (1.3) | (2.0) |
A llowance for incurred credit impairments | (23.0) | (4.4) |
Net carrying amount | 695.4 | 425.1 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 672.2 | 16.7 | 3.0 | 27.8 | 719.7 |
A llowance for expected credit losses | (1.3) | \u2013 | \u2013 | \u2013 | (1.3) |
A llowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (23.0) | (23.0) |
Net carrying amount | 670.9 | 16.7 | 3.0 | 4.8 | 695.4 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | 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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for expected credit losses | ||
A t year beginning | (2.0) | (2.2) |
Decrease in allowance recognised in profit or loss | 0.7 | 0.2 |
A t year end | (1.3) | (2.0) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for credit impairment | ||
A t year beginning | (4.4) | (3.9) |
Increase in allowance recognised in profit or loss | (20.1) | (2.5) |
Utilisation of allowance | 1.4 | 1.8 |
Unused amounts released during the year | 0.1 | 0.2 |
A t year end | (23.0) | (4.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Gross carrying amount | 44.6 | 41.1 |
A llowance for incurred credit impairments | (3.7) | (3.7) |
Net carrying amount | 40.9 | 37.4 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 33.2 | \u2013 | 0.2 | 11.2 | 44.6 |
A llowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
Net carrying amount | 33.0 | \u2013 | 0.2 | 7.7 | 40.9 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 30.4 | \u2013 | \u2013 | 10.7 | 41.1 |
A llowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
Net carrying amount | 30.2 | \u2013 | \u2013 | 7.2 | 37.4 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for credit impairments | ||
A t year beginning | (3.7) | (3.5) |
Exchange differences | \u2013 | (0.2) |
A t year end | (3.7) | (3.7) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| percentage | percentage | |
National energy companies | 30% | 18% |
International energy companies | 29% | 30% |
Independent energy companies | 41% | 52% |
Total | 100% | 100% |
| 31 Dec | |
| 2023 | |
Client A | 121.6 |
Client B | 73.4 |
Client C | 67.4 |
Client D | 45.6 |
Client E | 44.9 |
| 31 Dec | |
| 2022 | |
Client A | 63.1 |
Client B | 49.8 |
Client C | 38.9 |
Client D | 28.7 |
Client E | 21.8 |
| Less than | 3 months | ||||
| 1 month | 1-3 months | to 1 year | 1-5 years | Total | |
| Borrowings | 8.5 | 41.5 | 127.8 | 840.5 | 1,018.3 |
Trade payables | 271.9 | 58.7 | 17.4 | \u2013 | 348.0 |
A mounts due to associates and joint ventures | 7.4 | \u2013 | \u2013 | \u2013 | 7.4 |
Lease liabilities | 16.4 | 31.0 | 147.4 | 327.3 | 522.1 |
Total | 304.2 | 131.2 | 292.6 | 1,167.8 | 1,895.8 |
| Less than | 3 months | ||||
| 1 month | 1-3 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 |
| Less than | 3 months | ||||
1 month | 1-3 months | to 1 year | 1-5 years | Total | |
| Net settled: | |||||
Embedded derivatives | \u2013 | 10.2 | 21.8 | 36.2 | 68.2 |
Commodity hedging | \u2013 | \u2013 | 0.6 | 1.9 | 2.5 |
| Gross settled: | |||||
Foreign exchange forward contract payments | 377.6 | \u2013 | \u2013 | \u2013 | 377.6 |
Foreign exchange forward contract receipts | (376.4) | \u2013 | \u2013 | \u2013 | (376.4) |
Total | 1.2 | 10.2 | 22.4 | 38.1 | 71.9 |
| Less than | 3 months | ||||
| 1 month | 1-3 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 |
Liabilities | Equity | Other | Total | ||||
| Dividends | |||||||
| Lease | payable to | Treasury | Other | ||||
(in $ millions) | Borrowings | liabilities | shareholders | shares | equity | ||
Balance at 1 January 2023 | 356.0 | 257.0 | \u2013 | (75.0) | 38.8 | (4.5) | 572.3 |
| Financing cash flows | |||||||
Interest paid | (52.1) | (30.1) | \u2013 | \u2013 | \u2013 | \u2013 | (82.2) |
Repayment of borrowings | (568.1) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (568.1) |
Proceeds from borrowings | 1,060.9 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 1,060.9 |
Payments related to lease liabilities | \u2013 | (134.8) | \u2013 | \u2013 | \u2013 | \u2013 | (134.8) |
Dividends paid to shareholders of the parent company | \u2013 | \u2013 | (112.1) | \u2013 | \u2013 | \u2013 | (112.1) |
Acquisition of shares in non-wholly- owned subsidiary | \u2013 | \u2013 | \u2013 | \u2013 | (12.6) | \u2013 | (12.6) |
Total financing cash flows | 440.7 | (164.9) | (112.1) | \u2013 | (12.6) | \u2013 | 151.1 |
| Non-cash changes | |||||||
Dividends declared | \u2013 | \u2013 | 112.1 | \u2013 | \u2013 | \u2013 | 112.1 |
Addition of lease liabilities | \u2013 | 249.9 | \u2013 | \u2013 | \u2013 | \u2013 | 249.9 |
Remeasurement of lease liabilities | \u2013 | 85.7 | \u2013 | \u2013 | \u2013 | \u2013 | 85.7 |
Shares reallocated relating to share-based payments | \u2013 | \u2013 | \u2013 | 2.3 | (2.3) | \u2013 | \u2013 |
Share cancellation | \u2013 | \u2013 | \u2013 | 41.6 | (41.6) | \u2013 | \u2013 |
Interest charges | 48.2 | 30.1 | \u2013 | \u2013 | \u2013 | (7.1) | 71.2 |
Exchange differences | \u2013 | 0.5 | \u2013 | \u2013 | \u2013 | \u2013 | 0.5 |
Total non-cash changes | 48.2 | 366.2 | 112.1 | 43.9 | (43.9) | (7.1) | 519.4 |
Balance at 31 December 2023 | 844.9 | 458.3 | \u2013 | (31.1) | (17.7) | (11.6) | 1,242.8 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A t year beginning | 3.8 | 10.4 |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
Cash flow on commodity hedges | (6.4) | 3.8 |
Tax recognised in other comprehensive income | \u2013 | 2.4 |
Amounts reclassified to the Consolidated Income Statement | 1.8 | (12.8) |
A t year end | (0.8) | 3.8 |
Category | Description | Response |
Performing | The counterparty has a low risk of default. No balances are | An allowance for lifetime ECLs is recognised where the |
| aged greater than 30 days past due. | impact is determined to be material. | |
Monitored | The counterparty has a low risk of default. Balances aged | The allowance for lifetime ECLs is increased where the |
| greater than 30 days past due have arisen due to ongoing | impact is determined to be material. | |
| commercial discussions associated with the close-out of | ||
| contractual requirements and are not considered to be | ||
| indicative of an increased risk of default. | ||
In default | Balances are greater than 90 days past due with the ageing | The asset is considered to be credit impaired and an |
| not being as a result of ongoing commercial discussions | allowance for the estimated incurred loss is recognised | |
| associated with the close-out of contractual commitments, | where material. | |
| or there is evidence indicating that the counterparty is in | ||
| severe financial difficulty and collection of amounts due | ||
| is improbable. | ||
Written off | There is evidence that the counterparty is in severe financial | The gross receivable and associated allowance are |
| difficulty and the Group has no realistic prospect of recovery | both derecognised. | |
| of balances due. |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Performing | 672.2 | 412.5 |
Monitored | 24.5 | 14.6 |
In default | 23.0 | 4.4 |
Gross carrying amount | 719.7 | 431.5 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Gross carrying amount | 719.7 | 431.5 |
A llowance for expected credit losses | (1.3) | (2.0) |
A llowance for incurred credit impairments | (23.0) | (4.4) |
Net carrying amount | 695.4 | 425.1 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 672.2 | 16.7 | 3.0 | 27.8 | 719.7 |
A llowance for expected credit losses | (1.3) | \u2013 | \u2013 | \u2013 | (1.3) |
A llowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (23.0) | (23.0) |
Net carrying amount | 670.9 | 16.7 | 3.0 | 4.8 | 695.4 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | 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 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for expected credit losses | ||
A t year beginning | (2.0) | (2.2) |
Decrease in allowance recognised in profit or loss | 0.7 | 0.2 |
A t year end | (1.3) | (2.0) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for credit impairment | ||
A t year beginning | (4.4) | (3.9) |
Increase in allowance recognised in profit or loss | (20.1) | (2.5) |
Utilisation of allowance | 1.4 | 1.8 |
Unused amounts released during the year | 0.1 | 0.2 |
A t year end | (23.0) | (4.4) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Gross carrying amount | 44.6 | 41.1 |
A llowance for incurred credit impairments | (3.7) | (3.7) |
Net carrying amount | 40.9 | 37.4 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 33.2 | \u2013 | 0.2 | 11.2 | 44.6 |
A llowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
Net carrying amount | 33.0 | \u2013 | 0.2 | 7.7 | 40.9 |
| More than 30 | More than 60 | More than 90 | |||
| (in $ millions) Current | days past due | days past due | days past due | Total | |
Gross carrying amount | 30.4 | \u2013 | \u2013 | 10.7 | 41.1 |
A llowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
Net carrying amount | 30.2 | \u2013 | \u2013 | 7.2 | 37.4 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A llowance for credit impairments | ||
A t year beginning | (3.7) | (3.5) |
Exchange differences | \u2013 | (0.2) |
A t year end | (3.7) | (3.7) |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| percentage | percentage | |
National energy companies | 30% | 18% |
International energy companies | 29% | 30% |
Independent energy companies | 41% | 52% |
Total | 100% | 100% |
| 31 Dec | |
| 2023 | |
Client A | 121.6 |
Client B | 73.4 |
Client C | 67.4 |
Client D | 45.6 |
Client E | 44.9 |
| 31 Dec | |
| 2022 | |
Client A | 63.1 |
Client B | 49.8 |
Client C | 38.9 |
Client D | 28.7 |
Client E | 21.8 |
| Less than | 3 months | ||||
| 1 month | 1-3 months | to 1 year | 1-5 years | Total | |
| Borrowings | 8.5 | 41.5 | 127.8 | 840.5 | 1,018.3 |
Trade payables | 271.9 | 58.7 | 17.4 | \u2013 | 348.0 |
A mounts due to associates and joint ventures | 7.4 | \u2013 | \u2013 | \u2013 | 7.4 |
Lease liabilities | 16.4 | 31.0 | 147.4 | 327.3 | 522.1 |
Total | 304.2 | 131.2 | 292.6 | 1,167.8 | 1,895.8 |
| Less than | 3 months | ||||
| 1 month | 1-3 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 |
| Less than | 3 months | ||||
1 month | 1-3 months | to 1 year | 1-5 years | Total | |
| Net settled: | |||||
Embedded derivatives | \u2013 | 10.2 | 21.8 | 36.2 | 68.2 |
Commodity hedging | \u2013 | \u2013 | 0.6 | 1.9 | 2.5 |
| Gross settled: | |||||
Foreign exchange forward contract payments | 377.6 | \u2013 | \u2013 | \u2013 | 377.6 |
Foreign exchange forward contract receipts | (376.4) | \u2013 | \u2013 | \u2013 | (376.4) |
Total | 1.2 | 10.2 | 22.4 | 38.1 | 71.9 |
| Less than | 3 months | ||||
| 1 month | 1-3 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 |
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| Recurring fair value measurements | ||||||
| Financial assets: | ||||||
| Financial assets at fair value through profit or loss \u2013 | ||||||
derivative instruments | \u2013 | 0.8 | \u2013 | \u2013 | 1.1 | \u2013 |
| Financial assets at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | 58.5 | \u2013 | \u2013 | 16.7 | \u2013 |
Financial assets at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | 1.6 | \u2013 | \u2013 | 4.2 | \u2013 |
| Financial liabilities: | ||||||
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
derivative instruments | \u2013 | (1.2) | \u2013 | \u2013 | (1.1) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | (64.2) | \u2013 | \u2013 | (34.3) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 commodity | ||||||
derivatives | \u2013 | (0.1) | \u2013 | \u2013 | (0.2) | \u2013 |
Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | (2.4) | \u2013 | \u2013 | (0.3) | \u2013 |
| Contingent consideration | \u2013 | \u2013 | (1.2) | \u2013 | \u2013 | (1.6) |
| Balance at | Balance at | ||||
| 1 January | Fair value | Exchange | 31 December | ||
| 2023 | Utilisation | adjustments | differences | 2023 | |
Contingent consideration | 1.6 | (0.2) | (0.5) | 0.3 | 1.2 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Salaries and other short-term employee benefits | 6.3 | 5.2 |
| Share-based payments | 0.7 | 0.5 |
| Post-employment benefits | 0.2 | 0.2 |
Total | 7.2 | 5.9 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Net non-current receivables due from associates and joint ventures (Note 17) | 34.9 | 35.8 |
Net trade receivables due from associates and joint ventures (Note 19) | 6.0 | 1.6 |
Trade payables due to associates and joint ventures (Note 30) | (7.4) | (7.3) |
Net receivables due from associates and joint ventures | 33.5 | 30.1 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
| Salaries and other short-term employee benefits | 6.3 | 5.2 |
| Share-based payments | 0.7 | 0.5 |
| Post-employment benefits | 0.2 | 0.2 |
Total | 7.2 | 5.9 |
| 2023 | 2022 | ||
| 31 Dec | 31 Dec | ||
| Expense arising from equity-settled share-based payment transactions: | |||
2013 | Long Term Incentive Plan | \u2013 | 0.2 |
2018 | Long Term Incentive Plan | 2.4 | 3.0 |
2022 | Long Term Incentive Plan | 2.5 | 0.3 |
Total | 4.9 | 3.5 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
Weighted average share price at grant date (in $) | 13.62 | 7.99 |
TSR performance \u2013 Weighted average fair value at grant date (in $) | 7.49 | 4.92 |
ROAIC performance \u2013 Weighted average fair value at grant date (in $) | 12.25 | 7.62 |
CCR performance \u2013 Weighted average fair value at grant date (in $) | 12.25 | 7.62 |
Expected volatility | 44% | 58% |
Risk free rate | 4.00% | 3.08% |
Dividend yield | 2.70% | 1.30% |
Norway | France | Total | ||||
(in $ millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| Defined benefit obligation | ||||||
A t year beginning | (7.7) | (8.6) | (7.3) | (9.7) | (15.0) | (18.3) |
A mounts (charged)/credited to the Consolidated Income | ||||||
| Statement: | ||||||
Service costs | \u2013 | \u2013 | (0.7) | (0.8) | (0.7) | (0.8) |
Past service credit | 6.2 | \u2013 | 0.9 | \u2013 | 7.1 | \u2013 |
Interest costs | \u2013 | (0.1) | (0.3) | (0.1) | (0.3) | (0.2) |
Sub-total | 6.2 | (0.1) | (0.1) | (0.9) | 6.1 | (1.0) |
| Remeasurement gains/(losses) recognised | ||||||
| in other comprehensive income: | ||||||
A ctuarial changes arising from changes in financial | ||||||
assumptions | \u2013 | \u2013 | (0.5) | 3.2 | (0.5) | 3.2 |
Experience adjustments | (0.2) | 0.5 | (0.1) | (0.6) | (0.3) | (0.1) |
Sub-total | (0.2) | 0.5 | (0.6) | 2.6 | (0.8) | 3.1 |
Benefits paid | 0.1 | 0.3 | \u2013 | \u2013 | 0.1 | 0.3 |
Exchange differences | 1.6 | 0.2 | (0.4) | 0.7 | 1.2 | 0.9 |
A t year end | \u2013 | (7.7) | (8.4) | (7.3) | (8.4) | (15.0) |
| Fair value of plan assets | ||||||
A t year beginning | 5.8 | 6.0 | \u2013 | \u2013 | 5.8 | 6.0 |
A mounts (charged)/credited to the Consolidated Income | ||||||
| Statement: | ||||||
Past service credit | (4.6) | \u2013 | \u2013 | \u2013 | (4.6) | \u2013 |
Interest income | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | 0.1 |
Sub-total | (4.6) | 0.1 | \u2013 | \u2013 | (4.6) | 0.1 |
Remeasurement gains/(losses) recognised in other comprehensive income: | ||||||
| Return on plan assets (excluding amounts in interest | ||||||
income) | (0.2) | 0.1 | \u2013 | \u2013 | (0.2) | 0.1 |
A dministrative expenses | \u2013 | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) |
Sub-total | (0.2) | \u2013 | \u2013 | \u2013 | (0.2) | \u2013 |
Benefits paid | \u2013 | (0.3) | \u2013 | \u2013 | \u2013 | (0.3) |
Exchange differences | (1.0) | \u2013 | \u2013 | \u2013 | (1.0) | \u2013 |
A t year end | \u2013 | 5.8 | \u2013 | \u2013 | \u2013 | 5.8 |
Net defined benefit obligation | \u2013 | (1.9) | (8.4) | (7.3) | (8.4) | (9.2) |
| Presented as: | ||||||
Retirement benefit obligations | \u2013 | (1.9) | (8.4) | (7.3) | (8.4) | (9.2) |
Total | \u2013 | (1.9) | (8.4) | (7.3) | (8.4) | (9.2) |
| (in %) France | |
Discount rate | 3.3 |
| (in %) France | |
Discount rate | 3.8 |
Future salary increase | 0.2 |
| (in $ millions) Discount rate | ||
Sensitivity level | 0.25% increase | 0.25% decrease |
Impact on the net defined benefit obligation | (0.2) | 0.3 |
Norway | France | Total | ||||
(in $ millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
| Defined benefit obligation | ||||||
A t year beginning | (7.7) | (8.6) | (7.3) | (9.7) | (15.0) | (18.3) |
A mounts (charged)/credited to the Consolidated Income | ||||||
| Statement: | ||||||
Service costs | \u2013 | \u2013 | (0.7) | (0.8) | (0.7) | (0.8) |
Past service credit | 6.2 | \u2013 | 0.9 | \u2013 | 7.1 | \u2013 |
Interest costs | \u2013 | (0.1) | (0.3) | (0.1) | (0.3) | (0.2) |
Sub-total | 6.2 | (0.1) | (0.1) | (0.9) | 6.1 | (1.0) |
| Remeasurement gains/(losses) recognised | ||||||
| in other comprehensive income: | ||||||
A ctuarial changes arising from changes in financial | ||||||
assumptions | \u2013 | \u2013 | (0.5) | 3.2 | (0.5) | 3.2 |
Experience adjustments | (0.2) | 0.5 | (0.1) | (0.6) | (0.3) | (0.1) |
Sub-total | (0.2) | 0.5 | (0.6) | 2.6 | (0.8) | 3.1 |
Benefits paid | 0.1 | 0.3 | \u2013 | \u2013 | 0.1 | 0.3 |
Exchange differences | 1.6 | 0.2 | (0.4) | 0.7 | 1.2 | 0.9 |
A t year end | \u2013 | (7.7) | (8.4) | (7.3) | (8.4) | (15.0) |
| Fair value of plan assets | ||||||
A t year beginning | 5.8 | 6.0 | \u2013 | \u2013 | 5.8 | 6.0 |
A mounts (charged)/credited to the Consolidated Income | ||||||
| Statement: | ||||||
Past service credit | (4.6) | \u2013 | \u2013 | \u2013 | (4.6) | \u2013 |
Interest income | \u2013 | 0.1 | \u2013 | \u2013 | \u2013 | 0.1 |
Sub-total | (4.6) | 0.1 | \u2013 | \u2013 | (4.6) | 0.1 |
Remeasurement gains/(losses) recognised in other comprehensive income: | ||||||
| Return on plan assets (excluding amounts in interest | ||||||
income) | (0.2) | 0.1 | \u2013 | \u2013 | (0.2) | 0.1 |
A dministrative expenses | \u2013 | (0.1) | \u2013 | \u2013 | \u2013 | (0.1) |
Sub-total | (0.2) | \u2013 | \u2013 | \u2013 | (0.2) | \u2013 |
Benefits paid | \u2013 | (0.3) | \u2013 | \u2013 | \u2013 | (0.3) |
Exchange differences | (1.0) | \u2013 | \u2013 | \u2013 | (1.0) | \u2013 |
A t year end | \u2013 | 5.8 | \u2013 | \u2013 | \u2013 | 5.8 |
Net defined benefit obligation | \u2013 | (1.9) | (8.4) | (7.3) | (8.4) | (9.2) |
| Presented as: | ||||||
Retirement benefit obligations | \u2013 | (1.9) | (8.4) | (7.3) | (8.4) | (9.2) |
Total | \u2013 | (1.9) | (8.4) | (7.3) | (8.4) | (9.2) |
| (in %) France | |
Discount rate | 3.3 |
| (in %) France | |
Discount rate | 3.8 |
Future salary increase | 0.2 |
| (in $ millions) Discount rate | ||
Sensitivity level | 0.25% increase | 0.25% decrease |
Impact on the net defined benefit obligation | (0.2) | 0.3 |
| 2023 | 2022 | |
| 31 Dec | 31 Dec | |
A dvances received from clients | 3.9 | 1.5 |
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 stori Sp. z.o.o | Poland | General Trading |
A urora Environmental Limited | United Kingdom | General Trading |
Nigerstar 7 FZE | Nigeria | General Trading |
Nigerstar 7 Limited | Nigeria | General Trading |
Ocean Geo Solutions, Inc. | US | General Trading |
OHT Alfa Lift AS | Norway | V essel Owning |
OHT USA LLC | 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 7 AS | Norway | Holding |
Seaway 7 Chartering AS | Norway | General Trading |
Seaway 7 Denmark A/S | Denmark | General Trading |
Seaway 7 Engineering B.V. | Netherlands | General Trading |
Seaway 7 Heavy Transport AS | Norway | General Trading |
Seaway 7 Holding NL B.V. | Netherlands | Holding |
Seaway 7 Management AS | Norway | General Trading |
Seaway 7 Norway AS | Norway | General Trading |
Seaway 7 Offshore Contractors B.V. | Netherlands | General Trading |
Seaway 7 Offshore Crew B.V. | Netherlands | General Trading |
Seaway 7 Offshore Installation AS | Norway | V essel Owning |
Seaway 7 Renewables UK Limited (formerly OHT Renewables UK Limited) | United Kingdom | General Trading |
Seaway 7 Treasury Limited | United Kingdom | Special Purpose |
Seaway 7 UK Limited | United Kingdom | General Trading |
Seaway 7 Vessels B.V. | Netherlands | V essel Owning |
Seaway Aimery AS | Norway | V essel Owning |
Seaway Albatross AS | Norway | V essel Owning |
Seaway Eagle AS | Norway | V essel Owning |
Seaway Falcon AS | Norway | V essel Owning |
Seaway Hawk AS | Norway | V essel Owning |
Seaway Heavy Lifting Contracting Limited | Cyprus | General Trading |
Seaway Heavy Lifting Holding Limited | Cyprus | Holding |
Seaway Heavy Lifting Limited | Cyprus | General Trading |
Seaway Heavy Lifting Shipping Limited | Cyprus | V essel Owning |
Seaway Moxie AS | Norway | V essel Owning |
Seaway Offshore Cables GmbH | Germany | General Trading |
Seaway Offshore Cables Limited | United Kingdom | General Trading |
Seaway Osprey AS | Norway | V essel Owning |
Seaway Phoenix AS | Norway | V essel Owning |
Seaway Swan AS (formerly VOI Management AS) | Norway | Special Purpose |
Seaway Ventus AS (formerly VOI Vessel 1 AS) | Norway | Special Purpose |
Sevenseas Contractors S. de R.L. de C.V. | Mexico | General Trading |
SHL Contracting Germany GmbH | Germany | General Trading |
Name | Registered in | Nature of business |
SHL Contracting US Inc. | US | General Trading |
SHL Stanislav Yudin Limited | Cyprus | V essel Owning |
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 | 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 | United Kingdom | Holding |
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 US Inc. | US | General Trading |
Subsea 7 Korea Co., Ltd | South Korea | General Trading |
Subsea 7 Limited | United Kingdom | General Trading |
| 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 Middle East FZ-LLC | United Arab Emirates | Special Purpose |
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 NL B.V. (formerly SHL Contracting B.V.) | Netherlands | 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 Saudi Arabia Limited | Saudi Arabia | General Trading |
Subsea 7 S\u00e9n\u00e9gal SAS | Senegal | General Trading |
Subsea 7 Servicos Offshore S.A. | Brazil | Holding |
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 |
Name | Registered in | Nature of business |
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 | France | General Trading |
A frica S.A.S.) | ||
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 |
V OI Option 1 AS | Norway | Special Purpose |
V OI Option 2 AS | Norway | Special Purpose |
V OI Option 3 AS | Norway | Special Purpose |
V OI Option 4 AS | Norway | Special Purpose |
V OI Vessel 2 AS | Norway | 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 Green Light Pty Limited (formerly Green Light Environment Pty | A ustralia | General Trading |
| Limited) | ||
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 |