| Subsea and | ||||
| (in $ millions) | Conventional | Renewables | Corporate | Total |
| Selected financial information: | ||||
Revenue (a)/(b)/(c) | ||||
| Fixed-price contracts | 4,815.1 | 1,190.8 | 16.8 | 6,022.7 |
| Day-rate contracts | 684.9 | 41.6 | 87.8 | 814.3 |
5,500.0 | 1,232.4 | 104.6 | 6,837.0 | |
| Operating expenses | (4,974.6) | (1,140.3) | (17.4) | (6,132.3) |
| Share of net income/(loss) of associates and joint ventures | 38.1 | \u2013 | (0.1) | 38.0 |
| Depreciation, mobilisation and amortisation charges | (488.7) | (115.9) | (17.9) | (622.5) |
| Impairment of goodwill | \u2013 | (6.2) | \u2013 | (6.2) |
| Impairment of property, plant and equipment and intangible assets | (3.7) | (10.8) | (1.3) | (15.8) |
| Net (loss)/gain on disposal of property, plant and equipment and maturity | ||||
| of lease liabilities | (1.4) | 1.3 | \u2013 | (0.1) |
| Reconciliation of net operating income/(loss) to income before taxes: | ||||
| Net operating income/(loss) | 403.5 | 53.4 | (11.4) | 445.5 |
| Finance income | 24.4 | |||
| Other gains and losses | (0.5) | |||
| Finance costs | (101.2) | |||
| Income before taxes | 368.2 | |||
Adjusted EBITDA (d) | 897.3 | 185.0 | 7.8 | 1,090.1 |
Adjusted EBITDA margin (d) | 16.3% | 15.0% | 7.5% | 15.9% |
| Subsea and | ||||
| (in $ millions) | Conventional | Renewables | Corporate | Total |
| Selected financial information: | ||||
Revenue (a)/(b) | ||||
| 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) |
| 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) |
| Reversal of impairment of property, plant and equipment | 25.9 | \u2013 | \u2013 | 25.9 |
| Net gain/(loss) on disposal of property, plant and equipment and maturity | ||||
| of lease liabilities | 0.3 | (1.3) | 0.2 | (0.8) |
| 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 | |||
Adjusted EBITDA (c) | 612.4 | 102.5 | (0.5) | 714.4 |
Adjusted EBITDA margin (c) | 12.4% | 10.7% | (0.5%) | 12.0% |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Norway | 1,591.0 | 1,312.8 |
Brazil | 1,366.6 | 1,125.1 |
United Kingdom | 1,238.9 | 997.5 |
US | 514.8 | 632.9 |
Australia | 473.7 | 246.3 |
Taiwan | 289.1 | 352.4 |
Germany | 263.1 | 73.2 |
Saudi Arabia | 219.0 | 229.3 |
Angola | 198.0 | 104.8 |
Netherlands | 158.7 | 90.2 |
T\u00fcrkiye | 142.8 | 209.5 |
Singapore | 133.8 | 132.4 |
Guyana | 51.4 | 19.4 |
Senegal | 45.2 | 96.5 |
Trinidad & Tobago | 42.7 | 90.7 |
Egypt | 41.4 | 7.9 |
Qatar | 27.9 | 76.8 |
Other countries (a) | 38.9 | 176.0 |
6,837.0 | 5,973.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| United Kingdom | 2,480.8 | 2,396.1 |
| Norway | 987.1 | 1,029.7 |
| Isle of Man | 581.4 | 687.9 |
| Netherlands | 400.8 | 394.3 |
| US | 170.1 | 214.3 |
| Egypt | 64.8 | 0.4 |
| Brazil | 41.8 | 59.2 |
| Germany | 31.7 | 42.3 |
| Angola | 22.5 | 23.3 |
| Gibraltar | 9.7 | 9.7 |
Other countries (a) | 25.2 | 32.7 |
4,815.9 | 4,889.9 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Norway | 1,591.0 | 1,312.8 |
Brazil | 1,366.6 | 1,125.1 |
United Kingdom | 1,238.9 | 997.5 |
US | 514.8 | 632.9 |
Australia | 473.7 | 246.3 |
Taiwan | 289.1 | 352.4 |
Germany | 263.1 | 73.2 |
Saudi Arabia | 219.0 | 229.3 |
Angola | 198.0 | 104.8 |
Netherlands | 158.7 | 90.2 |
T\u00fcrkiye | 142.8 | 209.5 |
Singapore | 133.8 | 132.4 |
Guyana | 51.4 | 19.4 |
Senegal | 45.2 | 96.5 |
Trinidad & Tobago | 42.7 | 90.7 |
Egypt | 41.4 | 7.9 |
Qatar | 27.9 | 76.8 |
Other countries (a) | 38.9 | 176.0 |
6,837.0 | 5,973.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| United Kingdom | 2,480.8 | 2,396.1 |
| Norway | 987.1 | 1,029.7 |
| Isle of Man | 581.4 | 687.9 |
| Netherlands | 400.8 | 394.3 |
| US | 170.1 | 214.3 |
| Egypt | 64.8 | 0.4 |
| Brazil | 41.8 | 59.2 |
| Germany | 31.7 | 42.3 |
| Angola | 22.5 | 23.3 |
| Gibraltar | 9.7 | 9.7 |
Other countries (a) | 25.2 | 32.7 |
4,815.9 | 4,889.9 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,603.3 | 1,406.8 |
| Lease expense for short-term leased assets | 791.5 | 582.5 |
| Lease expense for low-value leased assets | 1.2 | 0.3 |
| Variable lease amounts not included within lease liabilities | (0.3) | (1.4) |
| Depreciation of property, plant and equipment (Note 14) | 374.9 | 350.9 |
| Amortisation of right-of-use assets (Note 15) | 216.6 | 161.4 |
| Amortisation of intangible assets (Note 13) | 14.3 | 13.1 |
| Amortisation of mobilisation costs | 16.7 | 12.6 |
| Impairment of goodwill (Note 12) | 6.2 | \u2013 |
| Impairment of property, plant and equipment (Note 14) | 14.2 | 75.4 |
| Impairment of intangible assets (Note 13) | 1.6 | 0.9 |
| Impairment of assets held for sale | \u2013 | 20.5 |
| Impairment reversal of property, plant and equipment (Note 14) | \u2013 | (25.9) |
| Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | 0.8 |
| Research and development costs | 13.5 | 13.1 |
| Auditor\u2019s remuneration | 4.3 | 3.6 |
| Net credit impairment loss for financial assets (Note 32) | 0.4 | 20.0 |
| Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | (0.9) |
| Net decrease in allowances for expected credit losses for construction contract assets (Note 21) | (0.4) | (1.4) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 3.9 | 3.5 |
| Other assurance fees | 0.3 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.3 | 3.6 |
31 Dec 2024 | 31 Dec 2023 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,793.0 | \u2013 | 2,793.0 | 2,800.4 | \u2013 | 2,800.4 |
| Employee benefits | 1,418.4 | 184.9 | 1,603.3 | 1,251.5 | 155.3 | 1,406.8 |
| Lease expense for short-term leased assets | 790.4 | 1.1 | 791.5 | 581.5 | 1.0 | 582.5 |
| Lease expense for low-value leased assets | 1.1 | 0.1 | 1.2 | 0.3 | \u2013 | 0.3 |
| Variable lease amounts not included within | ||||||
lease liabilities | (0.3) | \u2013 | (0.3) | (1.4) | \u2013 | (1.4) |
| Depreciation, amortisation and mobilisation | 585.0 | 37.5 | 622.5 | 501.3 | 36.7 | 538.0 |
| Impairment of goodwill | 6.2 | \u2013 | 6.2 | \u2013 | \u2013 | \u2013 |
| Impairment of property, plant and equipment | 14.2 | \u2013 | 14.2 | 75.4 | \u2013 | 75.4 |
| Impairment of intangible assets | 1.6 | \u2013 | 1.6 | 0.9 | \u2013 | 0.9 |
| Impairment of assets held for sale | \u2013 | \u2013 | \u2013 | 20.5 | \u2013 | 20.5 |
Impairment reversal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (25.9) | \u2013 | (25.9) |
Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | \u2013 | 0.1 | 0.6 | 0.2 | 0.8 |
| Net credit impairment loss for financial assets | 0.4 | \u2013 | 0.4 | 20.0 | \u2013 | 20.0 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | \u2013 | 1.2 | (0.9) | \u2013 | (0.9) |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | (0.4) | \u2013 | (0.4) | (1.4) | \u2013 | (1.4) |
| Other expenses | 521.4 | 73.6 | 595.0 | 388.1 | 73.1 | 461.2 |
| Total | 6,132.3 | 297.2 | 6,429.5 | 5,610.9 | 266.3 | 5,877.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,603.3 | 1,406.8 |
| Lease expense for short-term leased assets | 791.5 | 582.5 |
| Lease expense for low-value leased assets | 1.2 | 0.3 |
| Variable lease amounts not included within lease liabilities | (0.3) | (1.4) |
| Depreciation of property, plant and equipment (Note 14) | 374.9 | 350.9 |
| Amortisation of right-of-use assets (Note 15) | 216.6 | 161.4 |
| Amortisation of intangible assets (Note 13) | 14.3 | 13.1 |
| Amortisation of mobilisation costs | 16.7 | 12.6 |
| Impairment of goodwill (Note 12) | 6.2 | \u2013 |
| Impairment of property, plant and equipment (Note 14) | 14.2 | 75.4 |
| Impairment of intangible assets (Note 13) | 1.6 | 0.9 |
| Impairment of assets held for sale | \u2013 | 20.5 |
| Impairment reversal of property, plant and equipment (Note 14) | \u2013 | (25.9) |
| Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | 0.8 |
| Research and development costs | 13.5 | 13.1 |
| Auditor\u2019s remuneration | 4.3 | 3.6 |
| Net credit impairment loss for financial assets (Note 32) | 0.4 | 20.0 |
| Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | (0.9) |
| Net decrease in allowances for expected credit losses for construction contract assets (Note 21) | (0.4) | (1.4) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 3.9 | 3.5 |
| Other assurance fees | 0.3 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.3 | 3.6 |
31 Dec 2024 | 31 Dec 2023 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,793.0 | \u2013 | 2,793.0 | 2,800.4 | \u2013 | 2,800.4 |
| Employee benefits | 1,418.4 | 184.9 | 1,603.3 | 1,251.5 | 155.3 | 1,406.8 |
| Lease expense for short-term leased assets | 790.4 | 1.1 | 791.5 | 581.5 | 1.0 | 582.5 |
| Lease expense for low-value leased assets | 1.1 | 0.1 | 1.2 | 0.3 | \u2013 | 0.3 |
| Variable lease amounts not included within | ||||||
lease liabilities | (0.3) | \u2013 | (0.3) | (1.4) | \u2013 | (1.4) |
| Depreciation, amortisation and mobilisation | 585.0 | 37.5 | 622.5 | 501.3 | 36.7 | 538.0 |
| Impairment of goodwill | 6.2 | \u2013 | 6.2 | \u2013 | \u2013 | \u2013 |
| Impairment of property, plant and equipment | 14.2 | \u2013 | 14.2 | 75.4 | \u2013 | 75.4 |
| Impairment of intangible assets | 1.6 | \u2013 | 1.6 | 0.9 | \u2013 | 0.9 |
| Impairment of assets held for sale | \u2013 | \u2013 | \u2013 | 20.5 | \u2013 | 20.5 |
Impairment reversal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (25.9) | \u2013 | (25.9) |
Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | \u2013 | 0.1 | 0.6 | 0.2 | 0.8 |
| Net credit impairment loss for financial assets | 0.4 | \u2013 | 0.4 | 20.0 | \u2013 | 20.0 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | \u2013 | 1.2 | (0.9) | \u2013 | (0.9) |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | (0.4) | \u2013 | (0.4) | (1.4) | \u2013 | (1.4) |
| Other expenses | 521.4 | 73.6 | 595.0 | 388.1 | 73.1 | 461.2 |
| Total | 6,132.3 | 297.2 | 6,429.5 | 5,610.9 | 266.3 | 5,877.2 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2023 | 5,856.1 | 1,009.6 | 517.2 | 62.9 | 7,445.8 |
| Additions | 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 (a) | \u2013 | (11.9) | \u2013 | (0.5) | (12.4) |
| Transfer to assets held for sale | (125.3) | (1.0) | \u2013 | \u2013 | (126.3) |
| Disposals | (47.3) | (25.9) | (35.0) | (4.2) | (112.4) |
| At 31 December 2023 | 6,192.6 | 1,063.8 | 496.4 | 67.1 | 7,819.9 |
| Additions | 250.7 | 34.5 | 5.3 | 7.1 | 297.6 |
| Exchange differences | (7.5) | (12.1) | (20.9) | (2.7) | (43.2) |
| Transfers | \u2013 | (1.1) | 0.6 | 0.5 | \u2013 |
Reclassifications (a) | (0.2) | (5.4) | (0.8) | 9.9 | 3.5 |
| Disposals | (123.5) | (131.7) | (6.9) | (3.9) | (266.0) |
| At 31 December 2024 | 6,312.1 | 948.0 | 473.7 | 78.0 | 7,811.8 |
| Accumulated depreciation and impairment | |||||
| At 1 January 2023 | 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 |
| Transfer to assets held for sale | (94.3) | \u2013 | \u2013 | \u2013 | (94.3) |
| Eliminated on disposal | (46.1) | (25.8) | (35.0) | (4.0) | (110.9) |
| At 31 December 2023 | 2,512.9 | 872.1 | 310.5 | 54.4 | 3,749.9 |
| Charge for the year | 312.9 | 38.7 | 14.7 | 8.6 | 374.9 |
| Impairments | 10.8 | 3.4 | \u2013 | \u2013 | 14.2 |
| Exchange differences | (5.5) | (7.2) | (10.6) | (1.9) | (25.2) |
| Eliminated on disposal | (120.8) | (131.3) | (6.9) | (3.8) | (262.8) |
| At 31 December 2024 | 2,710.3 | 775.7 | 307.7 | 57.3 | 3,851.0 |
| Carrying amount: | |||||
| At 31 December 2023 | 3,679.7 | 191.7 | 185.9 | 12.7 | 4,070.0 |
| At 31 December 2024 | 3,601.8 | 172.3 | 166.0 | 20.7 | 3,960.8 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,603.3 | 1,406.8 |
| Lease expense for short-term leased assets | 791.5 | 582.5 |
| Lease expense for low-value leased assets | 1.2 | 0.3 |
| Variable lease amounts not included within lease liabilities | (0.3) | (1.4) |
| Depreciation of property, plant and equipment (Note 14) | 374.9 | 350.9 |
| Amortisation of right-of-use assets (Note 15) | 216.6 | 161.4 |
| Amortisation of intangible assets (Note 13) | 14.3 | 13.1 |
| Amortisation of mobilisation costs | 16.7 | 12.6 |
| Impairment of goodwill (Note 12) | 6.2 | \u2013 |
| Impairment of property, plant and equipment (Note 14) | 14.2 | 75.4 |
| Impairment of intangible assets (Note 13) | 1.6 | 0.9 |
| Impairment of assets held for sale | \u2013 | 20.5 |
| Impairment reversal of property, plant and equipment (Note 14) | \u2013 | (25.9) |
| Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | 0.8 |
| Research and development costs | 13.5 | 13.1 |
| Auditor\u2019s remuneration | 4.3 | 3.6 |
| Net credit impairment loss for financial assets (Note 32) | 0.4 | 20.0 |
| Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | (0.9) |
| Net decrease in allowances for expected credit losses for construction contract assets (Note 21) | (0.4) | (1.4) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 3.9 | 3.5 |
| Other assurance fees | 0.3 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.3 | 3.6 |
31 Dec 2024 | 31 Dec 2023 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,793.0 | \u2013 | 2,793.0 | 2,800.4 | \u2013 | 2,800.4 |
| Employee benefits | 1,418.4 | 184.9 | 1,603.3 | 1,251.5 | 155.3 | 1,406.8 |
| Lease expense for short-term leased assets | 790.4 | 1.1 | 791.5 | 581.5 | 1.0 | 582.5 |
| Lease expense for low-value leased assets | 1.1 | 0.1 | 1.2 | 0.3 | \u2013 | 0.3 |
| Variable lease amounts not included within | ||||||
lease liabilities | (0.3) | \u2013 | (0.3) | (1.4) | \u2013 | (1.4) |
| Depreciation, amortisation and mobilisation | 585.0 | 37.5 | 622.5 | 501.3 | 36.7 | 538.0 |
| Impairment of goodwill | 6.2 | \u2013 | 6.2 | \u2013 | \u2013 | \u2013 |
| Impairment of property, plant and equipment | 14.2 | \u2013 | 14.2 | 75.4 | \u2013 | 75.4 |
| Impairment of intangible assets | 1.6 | \u2013 | 1.6 | 0.9 | \u2013 | 0.9 |
| Impairment of assets held for sale | \u2013 | \u2013 | \u2013 | 20.5 | \u2013 | 20.5 |
Impairment reversal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (25.9) | \u2013 | (25.9) |
Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | \u2013 | 0.1 | 0.6 | 0.2 | 0.8 |
| Net credit impairment loss for financial assets | 0.4 | \u2013 | 0.4 | 20.0 | \u2013 | 20.0 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | \u2013 | 1.2 | (0.9) | \u2013 | (0.9) |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | (0.4) | \u2013 | (0.4) | (1.4) | \u2013 | (1.4) |
| Other expenses | 521.4 | 73.6 | 595.0 | 388.1 | 73.1 | 461.2 |
| Total | 6,132.3 | 297.2 | 6,429.5 | 5,610.9 | 266.3 | 5,877.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,603.3 | 1,406.8 |
| Lease expense for short-term leased assets | 791.5 | 582.5 |
| Lease expense for low-value leased assets | 1.2 | 0.3 |
| Variable lease amounts not included within lease liabilities | (0.3) | (1.4) |
| Depreciation of property, plant and equipment (Note 14) | 374.9 | 350.9 |
| Amortisation of right-of-use assets (Note 15) | 216.6 | 161.4 |
| Amortisation of intangible assets (Note 13) | 14.3 | 13.1 |
| Amortisation of mobilisation costs | 16.7 | 12.6 |
| Impairment of goodwill (Note 12) | 6.2 | \u2013 |
| Impairment of property, plant and equipment (Note 14) | 14.2 | 75.4 |
| Impairment of intangible assets (Note 13) | 1.6 | 0.9 |
| Impairment of assets held for sale | \u2013 | 20.5 |
| Impairment reversal of property, plant and equipment (Note 14) | \u2013 | (25.9) |
| Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | 0.8 |
| Research and development costs | 13.5 | 13.1 |
| Auditor\u2019s remuneration | 4.3 | 3.6 |
| Net credit impairment loss for financial assets (Note 32) | 0.4 | 20.0 |
| Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | (0.9) |
| Net decrease in allowances for expected credit losses for construction contract assets (Note 21) | (0.4) | (1.4) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 3.9 | 3.5 |
| Other assurance fees | 0.3 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.3 | 3.6 |
31 Dec 2024 | 31 Dec 2023 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,793.0 | \u2013 | 2,793.0 | 2,800.4 | \u2013 | 2,800.4 |
| Employee benefits | 1,418.4 | 184.9 | 1,603.3 | 1,251.5 | 155.3 | 1,406.8 |
| Lease expense for short-term leased assets | 790.4 | 1.1 | 791.5 | 581.5 | 1.0 | 582.5 |
| Lease expense for low-value leased assets | 1.1 | 0.1 | 1.2 | 0.3 | \u2013 | 0.3 |
| Variable lease amounts not included within | ||||||
lease liabilities | (0.3) | \u2013 | (0.3) | (1.4) | \u2013 | (1.4) |
| Depreciation, amortisation and mobilisation | 585.0 | 37.5 | 622.5 | 501.3 | 36.7 | 538.0 |
| Impairment of goodwill | 6.2 | \u2013 | 6.2 | \u2013 | \u2013 | \u2013 |
| Impairment of property, plant and equipment | 14.2 | \u2013 | 14.2 | 75.4 | \u2013 | 75.4 |
| Impairment of intangible assets | 1.6 | \u2013 | 1.6 | 0.9 | \u2013 | 0.9 |
| Impairment of assets held for sale | \u2013 | \u2013 | \u2013 | 20.5 | \u2013 | 20.5 |
Impairment reversal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (25.9) | \u2013 | (25.9) |
Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | \u2013 | 0.1 | 0.6 | 0.2 | 0.8 |
| Net credit impairment loss for financial assets | 0.4 | \u2013 | 0.4 | 20.0 | \u2013 | 20.0 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | \u2013 | 1.2 | (0.9) | \u2013 | (0.9) |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | (0.4) | \u2013 | (0.4) | (1.4) | \u2013 | (1.4) |
| Other expenses | 521.4 | 73.6 | 595.0 | 388.1 | 73.1 | 461.2 |
| Total | 6,132.3 | 297.2 | 6,429.5 | 5,610.9 | 266.3 | 5,877.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,603.3 | 1,406.8 |
| Lease expense for short-term leased assets | 791.5 | 582.5 |
| Lease expense for low-value leased assets | 1.2 | 0.3 |
| Variable lease amounts not included within lease liabilities | (0.3) | (1.4) |
| Depreciation of property, plant and equipment (Note 14) | 374.9 | 350.9 |
| Amortisation of right-of-use assets (Note 15) | 216.6 | 161.4 |
| Amortisation of intangible assets (Note 13) | 14.3 | 13.1 |
| Amortisation of mobilisation costs | 16.7 | 12.6 |
| Impairment of goodwill (Note 12) | 6.2 | \u2013 |
| Impairment of property, plant and equipment (Note 14) | 14.2 | 75.4 |
| Impairment of intangible assets (Note 13) | 1.6 | 0.9 |
| Impairment of assets held for sale | \u2013 | 20.5 |
| Impairment reversal of property, plant and equipment (Note 14) | \u2013 | (25.9) |
| Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | 0.8 |
| Research and development costs | 13.5 | 13.1 |
| Auditor\u2019s remuneration | 4.3 | 3.6 |
| Net credit impairment loss for financial assets (Note 32) | 0.4 | 20.0 |
| Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | (0.9) |
| Net decrease in allowances for expected credit losses for construction contract assets (Note 21) | (0.4) | (1.4) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 3.9 | 3.5 |
| Other assurance fees | 0.3 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.3 | 3.6 |
31 Dec 2024 | 31 Dec 2023 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,793.0 | \u2013 | 2,793.0 | 2,800.4 | \u2013 | 2,800.4 |
| Employee benefits | 1,418.4 | 184.9 | 1,603.3 | 1,251.5 | 155.3 | 1,406.8 |
| Lease expense for short-term leased assets | 790.4 | 1.1 | 791.5 | 581.5 | 1.0 | 582.5 |
| Lease expense for low-value leased assets | 1.1 | 0.1 | 1.2 | 0.3 | \u2013 | 0.3 |
| Variable lease amounts not included within | ||||||
lease liabilities | (0.3) | \u2013 | (0.3) | (1.4) | \u2013 | (1.4) |
| Depreciation, amortisation and mobilisation | 585.0 | 37.5 | 622.5 | 501.3 | 36.7 | 538.0 |
| Impairment of goodwill | 6.2 | \u2013 | 6.2 | \u2013 | \u2013 | \u2013 |
| Impairment of property, plant and equipment | 14.2 | \u2013 | 14.2 | 75.4 | \u2013 | 75.4 |
| Impairment of intangible assets | 1.6 | \u2013 | 1.6 | 0.9 | \u2013 | 0.9 |
| Impairment of assets held for sale | \u2013 | \u2013 | \u2013 | 20.5 | \u2013 | 20.5 |
Impairment reversal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (25.9) | \u2013 | (25.9) |
Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | \u2013 | 0.1 | 0.6 | 0.2 | 0.8 |
| Net credit impairment loss for financial assets | 0.4 | \u2013 | 0.4 | 20.0 | \u2013 | 20.0 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | \u2013 | 1.2 | (0.9) | \u2013 | (0.9) |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | (0.4) | \u2013 | (0.4) | (1.4) | \u2013 | (1.4) |
| Other expenses | 521.4 | 73.6 | 595.0 | 388.1 | 73.1 | 461.2 |
| Total | 6,132.3 | 297.2 | 6,429.5 | 5,610.9 | 266.3 | 5,877.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 3.9 | 3.5 |
| Other assurance fees | 0.3 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.3 | 3.6 |
31 Dec 2024 | 31 Dec 2023 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,793.0 | \u2013 | 2,793.0 | 2,800.4 | \u2013 | 2,800.4 |
| Employee benefits | 1,418.4 | 184.9 | 1,603.3 | 1,251.5 | 155.3 | 1,406.8 |
| Lease expense for short-term leased assets | 790.4 | 1.1 | 791.5 | 581.5 | 1.0 | 582.5 |
| Lease expense for low-value leased assets | 1.1 | 0.1 | 1.2 | 0.3 | \u2013 | 0.3 |
| Variable lease amounts not included within | ||||||
lease liabilities | (0.3) | \u2013 | (0.3) | (1.4) | \u2013 | (1.4) |
| Depreciation, amortisation and mobilisation | 585.0 | 37.5 | 622.5 | 501.3 | 36.7 | 538.0 |
| Impairment of goodwill | 6.2 | \u2013 | 6.2 | \u2013 | \u2013 | \u2013 |
| Impairment of property, plant and equipment | 14.2 | \u2013 | 14.2 | 75.4 | \u2013 | 75.4 |
| Impairment of intangible assets | 1.6 | \u2013 | 1.6 | 0.9 | \u2013 | 0.9 |
| Impairment of assets held for sale | \u2013 | \u2013 | \u2013 | 20.5 | \u2013 | 20.5 |
Impairment reversal of property, plant and equipment | \u2013 | \u2013 | \u2013 | (25.9) | \u2013 | (25.9) |
Net loss on disposal of property, plant and equipment and maturity of lease liabilities | 0.1 | \u2013 | 0.1 | 0.6 | 0.2 | 0.8 |
| Net credit impairment loss for financial assets | 0.4 | \u2013 | 0.4 | 20.0 | \u2013 | 20.0 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | 1.2 | \u2013 | 1.2 | (0.9) | \u2013 | (0.9) |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | (0.4) | \u2013 | (0.4) | (1.4) | \u2013 | (1.4) |
| Other expenses | 521.4 | 73.6 | 595.0 | 388.1 | 73.1 | 461.2 |
| Total | 6,132.3 | 297.2 | 6,429.5 | 5,610.9 | 266.3 | 5,877.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Fair value gains on derivative financial instruments mandatorily measured at fair value through profit or loss | 0.4 | 0.4 |
| Net gains on business combinations post measurement periods | \u2013 | 0.5 |
| Remeasurement loss on business combination | (0.9) | \u2013 |
Net foreign currency exchange gains (a) | \u2013 | 20.4 |
| Total | (0.5) | 21.3 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 24.4 | 25.2 |
| Total finance income | 24.4 | 25.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 72.7 | 58.7 |
| Total borrowing costs | 72.7 | 58.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (6.6) | (17.9) |
66.1 | 40.8 | |
| Interest on lease liabilities | 34.7 | 30.1 |
| Interest on tax liabilities | 0.4 | 0.3 |
| Total finance costs | 101.2 | 71.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 24.4 | 25.2 |
| Total finance income | 24.4 | 25.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 72.7 | 58.7 |
| Total borrowing costs | 72.7 | 58.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (6.6) | (17.9) |
66.1 | 40.8 | |
| Interest on lease liabilities | 34.7 | 30.1 |
| Interest on tax liabilities | 0.4 | 0.3 |
| Total finance costs | 101.2 | 71.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 24.4 | 25.2 |
| Total finance income | 24.4 | 25.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 72.7 | 58.7 |
| Total borrowing costs | 72.7 | 58.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (6.6) | (17.9) |
66.1 | 40.8 | |
| Interest on lease liabilities | 34.7 | 30.1 |
| Interest on tax liabilities | 0.4 | 0.3 |
| Total finance costs | 101.2 | 71.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 24.4 | 25.2 |
| Total finance income | 24.4 | 25.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 72.7 | 58.7 |
| Total borrowing costs | 72.7 | 58.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (6.6) | (17.9) |
66.1 | 40.8 | |
| Interest on lease liabilities | 34.7 | 30.1 |
| Interest on tax liabilities | 0.4 | 0.3 |
| Total finance costs | 101.2 | 71.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 24.4 | 25.2 |
| Total finance income | 24.4 | 25.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 72.7 | 58.7 |
| Total borrowing costs | 72.7 | 58.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (6.6) | (17.9) |
66.1 | 40.8 | |
| Interest on lease liabilities | 34.7 | 30.1 |
| Interest on tax liabilities | 0.4 | 0.3 |
| Total finance costs | 101.2 | 71.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 24.4 | 25.2 |
| Total finance income | 24.4 | 25.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 72.7 | 58.7 |
| Total borrowing costs | 72.7 | 58.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (6.6) | (17.9) |
66.1 | 40.8 | |
| Interest on lease liabilities | 34.7 | 30.1 |
| Interest on tax liabilities | 0.4 | 0.3 |
| Total finance costs | 101.2 | 71.2 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Tax charged in the Consolidated Income Statement | ||
| Current tax: | ||
| Corporation tax on income for the year | 143.6 | 97.7 |
| Adjustments in respect of prior years | 7.5 | (2.5) |
| Total current tax | 151.1 | 95.2 |
| Deferred tax charge/(credit) for the year | 11.6 | (24.3) |
| Adjustments in respect of prior years | (11.1) | (0.9) |
| Total deferred tax charge/(credit) | 0.5 | (25.2) |
| Total | 151.6 | 70.0 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Tax charge/(credit) relating to items recognised directly in comprehensive income | ||
| Current tax on: | ||
| Exchange differences | (2.2) | 0.7 |
| Income tax recognised directly in comprehensive income | (2.2) | 0.7 |
| Deferred tax on: | ||
| Remeasurement gain/(loss) on defined benefit pension scheme | 0.2 | (0.3) |
| Deferred tax recognised directly in comprehensive income | 0.2 | (0.3) |
| Total | (2.0) | 0.4 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Share-based payments | (0.6) | (0.1) |
| Total | (0.6) | (0.1) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Income before taxes | 368.2 | 80.0 |
| Tax at the blended tax rate of 24.94% (2023: 24.94%) | 91.8 | 20.0 |
| Effects of: | ||
| Different tax rates of subsidiaries operating in other jurisdictions | (11.0) | (4.4) |
| Impact of tax rate changes | \u2013 | (3.3) |
| Non-qualifying depreciation | 1.0 | 0.7 |
| Net (benefit)/cost of tonnage tax regimes | (42.5) | 3.9 |
| Withholding taxes and unrelieved overseas taxes | 45.8 | 37.4 |
| Non-deductible expenses and non-taxable income | 8.0 | 1.4 |
| Tax effect of share of net income of associates and joint ventures | (8.6) | (2.2) |
| Movement in unprovided deferred tax | 59.8 | 25.5 |
| Revisions to uncertain tax treatments | 10.9 | (5.6) |
| Adjustments related to prior years | (3.6) | (3.4) |
| Taxation in the Consolidated Income Statement | 151.6 | 70.0 |
| Accrued | ||||||
| expenses | ||||||
| Property, | and | Share- | ||||
| plant and | deferred | based | ||||
| (in $ millions) | equipment | income | payments Tax losses | Other | Total | |
| 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 |
| (Charged)/credited to: | ||||||
| Consolidated Income Statement | 18.3 | (26.5) | 0.6 | 15.1 | (8.0) | (0.5) |
| Other comprehensive income | \u2013 | (0.2) | \u2013 | \u2013 | \u2013 | (0.2) |
| Changes in equity | \u2013 | \u2013 | 0.6 | \u2013 | \u2013 | 0.6 |
| Balance sheet reclassifications | (0.2) | \u2013 | \u2013 | \u2013 | \u2013 | (0.2) |
| Exchange differences | (0.6) | 3.2 | (0.4) | (4.2) | 0.9 | (1.1) |
| Balance at 31 December 2024 | (28.0) | (57.6) | 1.3 | 102.5 | (11.9) | 6.3 |
| Net recognised | |||
| Deferred tax | Deferred tax | deferred tax | |
| (in $ millions) | asset | liability | asset/(liability) |
| Property, plant and equipment | 31.5 | (59.5) | (28.0) |
| Accrued expenses and deferred income | 11.9 | (69.5) | (57.6) |
| Share-based payments | 1.3 | \u2013 | 1.3 |
| Tax losses | 102.5 | \u2013 | 102.5 |
| Other | 8.2 | (20.1) | (11.9) |
| Total | 155.4 | (149.1) | 6.3 |
| Net recognised | |||
| Deferred tax | Deferred | deferred tax | |
| (in $ millions) | asset | tax liability | asset/(liability) |
| Property, plant and equipment | 6.3 | (51.8) | (45.5) |
| Accrued 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 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Deferred tax assets | 93.6 | 50.9 |
| Deferred tax liabilities | (87.3) | (43.2) |
| Total | 6.3 | 7.7 |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | |||
| (in $ millions) | years | years | years | Without limit | Total |
| Losses for which a deferred tax asset is recognised | \u2013 | \u2013 | \u2013 | 400.9 | 400.9 |
| Losses for which no deferred tax asset is recognised | 122.8 | 166.2 | 161.8 | 2,211.6 | 2,662.4 |
| Total | 122.8 | 166.2 | 161.8 | 2,612.5 | 3,063.3 |
| Expiring | Expiring in 6 | Expiring in 11 | |||
| (in $ millions) | within 5 years | to 10 years | to 20 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 |
| Accrued | ||||||
| expenses | ||||||
| Property, | and | Share- | ||||
| plant and | deferred | based | ||||
| (in $ millions) | equipment | income | payments Tax losses | Other | Total | |
| 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 |
| (Charged)/credited to: | ||||||
| Consolidated Income Statement | 18.3 | (26.5) | 0.6 | 15.1 | (8.0) | (0.5) |
| Other comprehensive income | \u2013 | (0.2) | \u2013 | \u2013 | \u2013 | (0.2) |
| Changes in equity | \u2013 | \u2013 | 0.6 | \u2013 | \u2013 | 0.6 |
| Balance sheet reclassifications | (0.2) | \u2013 | \u2013 | \u2013 | \u2013 | (0.2) |
| Exchange differences | (0.6) | 3.2 | (0.4) | (4.2) | 0.9 | (1.1) |
| Balance at 31 December 2024 | (28.0) | (57.6) | 1.3 | 102.5 | (11.9) | 6.3 |
| Net recognised | |||
| Deferred tax | Deferred tax | deferred tax | |
| (in $ millions) | asset | liability | asset/(liability) |
| Property, plant and equipment | 31.5 | (59.5) | (28.0) |
| Accrued expenses and deferred income | 11.9 | (69.5) | (57.6) |
| Share-based payments | 1.3 | \u2013 | 1.3 |
| Tax losses | 102.5 | \u2013 | 102.5 |
| Other | 8.2 | (20.1) | (11.9) |
| Total | 155.4 | (149.1) | 6.3 |
| Net recognised | |||
| Deferred tax | Deferred | deferred tax | |
| (in $ millions) | asset | tax liability | asset/(liability) |
| Property, plant and equipment | 6.3 | (51.8) | (45.5) |
| Accrued 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 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Deferred tax assets | 93.6 | 50.9 |
| Deferred tax liabilities | (87.3) | (43.2) |
| Total | 6.3 | 7.7 |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | |||
| (in $ millions) | years | years | years | Without limit | Total |
| Losses for which a deferred tax asset is recognised | \u2013 | \u2013 | \u2013 | 400.9 | 400.9 |
| Losses for which no deferred tax asset is recognised | 122.8 | 166.2 | 161.8 | 2,211.6 | 2,662.4 |
| Total | 122.8 | 166.2 | 161.8 | 2,612.5 | 3,063.3 |
| Expiring | Expiring in 6 | Expiring in 11 | |||
| (in $ millions) | within 5 years | to 10 years | to 20 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 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Net income attributable to shareholders of the parent company | 201.4 | 15.4 |
| Earnings used in the calculation of diluted earnings per share | 201.4 | 15.4 |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| For the year ended | Number of shares | Number of shares |
| Weighted average number of common shares used in the calculation of basic earnings per share | 298,183,212 | 298,159,734 |
| Performance shares | 1,596,541 | 997,942 |
| Weighted average number of common shares used in the calculation of diluted earnings | ||
| per share | 299,779,753 | 299,157,676 |
| 2024 | 2023 | |
| For the year ended (in $ per share) | 31 Dec | 31 Dec |
| Basic earnings per share | 0.68 | 0.05 |
| Diluted earnings per share | 0.67 | 0.05 |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| For the year ended | Number of shares | Number of shares |
| Performance shares | 834,917 | 674,688 |
(in $ millions) | Total |
| Cost | |
| At 1 January 2023 | 2,404.3 |
| Exchange differences | 57.7 |
| At 31 December 2023 | 2,462.0 |
| Exchange differences | (24.9) |
| At 31 December 2024 | 2,437.1 |
| Accumulated impairment | |
| At 1 January 2023 | 2,213.0 |
| Exchange differences | 56.8 |
| At 31 December 2023 | 2,269.8 |
| Impairment charges | 6.2 |
| Exchange differences | (22.6) |
| At 31 December 2024 | 2,253.4 |
| Carrying amount | |
| At 31 December 2023 | 192.2 |
| At 31 December 2024 | 183.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| 4Subsea | 14.7 | 16.2 |
| Floating Wind | \u2013 | 6.5 |
| Gulf of Mexico | 19.0 | \u2013 |
| Norway | 9.4 | 9.3 |
| Renewables | 105.3 | 105.3 |
| UK GIRM | 19.8 | 39.2 |
| Xodus | 15.5 | 15.7 |
| Total | 183.7 | 192.2 |
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 | (52.4) | \u2013 | \u2013 | (85.8) | \u2013 | (66.1) | (2.4) | \u2013 |
| Xodus | (9.0) | \u2013 | \u2013 | (9.2) | \u2013 | (8.4) | (6.2) | \u2013 |
| Other | |||
(in $ millions) | Software | intangibles | Total |
| Cost | |||
| At 1 January 2023 | 42.7 | 77.3 | 120.0 |
| Additions | 19.1 | 8.0 | 27.1 |
Reclassifications (a) | 4.6 | 7.8 | 12.4 |
| Exchange differences | 2.0 | 3.6 | 5.6 |
| At 31 December 2023 | 68.4 | 96.7 | 165.1 |
| Additions | 36.6 | 13.5 | 50.1 |
| Disposals | (0.3) | (1.5) | (1.8) |
Reclassifications (a) | (3.5) | \u2013 | (3.5) |
| Exchange differences | (1.6) | (1.9) | (3.5) |
| At 31 December 2024 | 99.6 | 106.8 | 206.4 |
| Accumulated amortisation and impairment | |||
| At 1 January 2023 | 25.1 | 63.8 | 88.9 |
| Charge for the year | 3.7 | 9.4 | 13.1 |
| Impairments | \u2013 | 0.9 | 0.9 |
| Exchange differences | 1.4 | 2.3 | 3.7 |
| At 31 December 2023 | 30.2 | 76.4 | 106.6 |
| Charge for the year | 4.2 | 10.1 | 14.3 |
| Eliminated on disposal | (0.3) | (1.5) | (1.8) |
| Impairments | 0.3 | 1.3 | 1.6 |
| Exchange differences | (0.6) | (1.3) | (1.9) |
| At 31 December 2024 | 33.8 | 85.0 | 118.8 |
| Carrying amount: | |||
| At 31 December 2023 | 38.2 | 20.3 | 58.5 |
| At 31 December 2024 | 65.8 | 21.8 | 87.6 |
(in $ millions) | Total |
| Cost | |
| At 1 January 2023 | 2,404.3 |
| Exchange differences | 57.7 |
| At 31 December 2023 | 2,462.0 |
| Exchange differences | (24.9) |
| At 31 December 2024 | 2,437.1 |
| Accumulated impairment | |
| At 1 January 2023 | 2,213.0 |
| Exchange differences | 56.8 |
| At 31 December 2023 | 2,269.8 |
| Impairment charges | 6.2 |
| Exchange differences | (22.6) |
| At 31 December 2024 | 2,253.4 |
| Carrying amount | |
| At 31 December 2023 | 192.2 |
| At 31 December 2024 | 183.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| 4Subsea | 14.7 | 16.2 |
| Floating Wind | \u2013 | 6.5 |
| Gulf of Mexico | 19.0 | \u2013 |
| Norway | 9.4 | 9.3 |
| Renewables | 105.3 | 105.3 |
| UK GIRM | 19.8 | 39.2 |
| Xodus | 15.5 | 15.7 |
| Total | 183.7 | 192.2 |
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 | (52.4) | \u2013 | \u2013 | (85.8) | \u2013 | (66.1) | (2.4) | \u2013 |
| Xodus | (9.0) | \u2013 | \u2013 | (9.2) | \u2013 | (8.4) | (6.2) | \u2013 |
| Other | |||
(in $ millions) | Software | intangibles | Total |
| Cost | |||
| At 1 January 2023 | 42.7 | 77.3 | 120.0 |
| Additions | 19.1 | 8.0 | 27.1 |
Reclassifications (a) | 4.6 | 7.8 | 12.4 |
| Exchange differences | 2.0 | 3.6 | 5.6 |
| At 31 December 2023 | 68.4 | 96.7 | 165.1 |
| Additions | 36.6 | 13.5 | 50.1 |
| Disposals | (0.3) | (1.5) | (1.8) |
Reclassifications (a) | (3.5) | \u2013 | (3.5) |
| Exchange differences | (1.6) | (1.9) | (3.5) |
| At 31 December 2024 | 99.6 | 106.8 | 206.4 |
| Accumulated amortisation and impairment | |||
| At 1 January 2023 | 25.1 | 63.8 | 88.9 |
| Charge for the year | 3.7 | 9.4 | 13.1 |
| Impairments | \u2013 | 0.9 | 0.9 |
| Exchange differences | 1.4 | 2.3 | 3.7 |
| At 31 December 2023 | 30.2 | 76.4 | 106.6 |
| Charge for the year | 4.2 | 10.1 | 14.3 |
| Eliminated on disposal | (0.3) | (1.5) | (1.8) |
| Impairments | 0.3 | 1.3 | 1.6 |
| Exchange differences | (0.6) | (1.3) | (1.9) |
| At 31 December 2024 | 33.8 | 85.0 | 118.8 |
| Carrying amount: | |||
| At 31 December 2023 | 38.2 | 20.3 | 58.5 |
| At 31 December 2024 | 65.8 | 21.8 | 87.6 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2023 | 5,856.1 | 1,009.6 | 517.2 | 62.9 | 7,445.8 |
| Additions | 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 (a) | \u2013 | (11.9) | \u2013 | (0.5) | (12.4) |
| Transfer to assets held for sale | (125.3) | (1.0) | \u2013 | \u2013 | (126.3) |
| Disposals | (47.3) | (25.9) | (35.0) | (4.2) | (112.4) |
| At 31 December 2023 | 6,192.6 | 1,063.8 | 496.4 | 67.1 | 7,819.9 |
| Additions | 250.7 | 34.5 | 5.3 | 7.1 | 297.6 |
| Exchange differences | (7.5) | (12.1) | (20.9) | (2.7) | (43.2) |
| Transfers | \u2013 | (1.1) | 0.6 | 0.5 | \u2013 |
Reclassifications (a) | (0.2) | (5.4) | (0.8) | 9.9 | 3.5 |
| Disposals | (123.5) | (131.7) | (6.9) | (3.9) | (266.0) |
| At 31 December 2024 | 6,312.1 | 948.0 | 473.7 | 78.0 | 7,811.8 |
| Accumulated depreciation and impairment | |||||
| At 1 January 2023 | 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 |
| Transfer to assets held for sale | (94.3) | \u2013 | \u2013 | \u2013 | (94.3) |
| Eliminated on disposal | (46.1) | (25.8) | (35.0) | (4.0) | (110.9) |
| At 31 December 2023 | 2,512.9 | 872.1 | 310.5 | 54.4 | 3,749.9 |
| Charge for the year | 312.9 | 38.7 | 14.7 | 8.6 | 374.9 |
| Impairments | 10.8 | 3.4 | \u2013 | \u2013 | 14.2 |
| Exchange differences | (5.5) | (7.2) | (10.6) | (1.9) | (25.2) |
| Eliminated on disposal | (120.8) | (131.3) | (6.9) | (3.8) | (262.8) |
| At 31 December 2024 | 2,710.3 | 775.7 | 307.7 | 57.3 | 3,851.0 |
| Carrying amount: | |||||
| At 31 December 2023 | 3,679.7 | 191.7 | 185.9 | 12.7 | 4,070.0 |
| At 31 December 2024 | 3,601.8 | 172.3 | 166.0 | 20.7 | 3,960.8 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2023 | 372.9 | 14.7 | 128.9 | 2.7 | 519.2 |
| Additions | 225.0 | 0.3 | 24.3 | 0.3 | 249.9 |
| Exchange differences | (2.6) | 0.1 | 2.1 | 0.5 | 0.1 |
| Remeasurements | 73.3 | \u2013 | 12.4 | \u2013 | 85.7 |
| Disposals | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
| At 31 December 2023 | 598.1 | 14.8 | 149.1 | 2.2 | 764.2 |
| Additions | 80.4 | 1.8 | 9.7 | 0.6 | 92.5 |
| Exchange differences | (8.2) | (1.5) | (8.1) | \u2013 | (17.8) |
| Remeasurements | 59.6 | 11.6 | 40.7 | 0.1 | 112.0 |
| Disposals | (0.6) | (0.6) | (3.1) | (1.0) | (5.3) |
| At 31 December 2024 | 729.3 | 26.1 | 188.3 | 1.9 | 945.6 |
| Accumulated amortisation and impairment | |||||
| At 1 January 2023 | 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 disposal | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
| At 31 December 2023 | 258.9 | 12.4 | 72.0 | 1.5 | 344.8 |
| Charge for the year | 184.5 | 4.7 | 26.7 | 0.7 | 216.6 |
| Exchange differences | (5.9) | (0.7) | (4.2) | (0.1) | (10.9) |
| Eliminated on disposal | (0.6) | (0.6) | (3.0) | (1.0) | (5.2) |
| At 31 December 2024 | 436.9 | 15.8 | 91.5 | 1.1 | 545.3 |
| Carrying amount: | |||||
| At 31 December 2023 | 339.2 | 2.4 | 77.1 | 0.7 | 419.4 |
| At 31 December 2024 | 292.4 | 10.3 | 96.8 | 0.8 | 400.3 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2023 | 372.9 | 14.7 | 128.9 | 2.7 | 519.2 |
| Additions | 225.0 | 0.3 | 24.3 | 0.3 | 249.9 |
| Exchange differences | (2.6) | 0.1 | 2.1 | 0.5 | 0.1 |
| Remeasurements | 73.3 | \u2013 | 12.4 | \u2013 | 85.7 |
| Disposals | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
| At 31 December 2023 | 598.1 | 14.8 | 149.1 | 2.2 | 764.2 |
| Additions | 80.4 | 1.8 | 9.7 | 0.6 | 92.5 |
| Exchange differences | (8.2) | (1.5) | (8.1) | \u2013 | (17.8) |
| Remeasurements | 59.6 | 11.6 | 40.7 | 0.1 | 112.0 |
| Disposals | (0.6) | (0.6) | (3.1) | (1.0) | (5.3) |
| At 31 December 2024 | 729.3 | 26.1 | 188.3 | 1.9 | 945.6 |
| Accumulated amortisation and impairment | |||||
| At 1 January 2023 | 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 disposal | (70.5) | (0.3) | (18.6) | (1.3) | (90.7) |
| At 31 December 2023 | 258.9 | 12.4 | 72.0 | 1.5 | 344.8 |
| Charge for the year | 184.5 | 4.7 | 26.7 | 0.7 | 216.6 |
| Exchange differences | (5.9) | (0.7) | (4.2) | (0.1) | (10.9) |
| Eliminated on disposal | (0.6) | (0.6) | (3.0) | (1.0) | (5.2) |
| At 31 December 2024 | 436.9 | 15.8 | 91.5 | 1.1 | 545.3 |
| Carrying amount: | |||||
| At 31 December 2023 | 339.2 | 2.4 | 77.1 | 0.7 | 419.4 |
| At 31 December 2024 | 292.4 | 10.3 | 96.8 | 0.8 | 400.3 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Maturity analysis \u2013 contractual undiscounted cash flows | ||
| Within one year | 250.4 | 194.8 |
| Years two to five inclusive | 219.7 | 317.4 |
| After five years | 33.7 | 9.9 |
| Total undiscounted lease liabilities | 503.8 | 522.1 |
| Effect of discounting | (48.9) | (63.8) |
| Discounted lease liabilities | 454.9 | 458.3 |
| Consisting of: | ||
| Non-current | 231.1 | 290.5 |
| Current | 223.8 | 167.8 |
| Total discounted lease liabilities | 454.9 | 458.3 |
| Country of | Subsea7 | ||||
| Year end | 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 |
| GO FZE | 31 December | Nigeria | Subsea and Conventional | Joint Venture | 40 |
| Global Oceon Engineers Nigeria | 31 December | Nigeria | Subsea and Conventional | Joint Venture | 40 |
| Limited | |||||
OneSubsea (a) | 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 (b) | 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) | 2024 | 2023 |
| At year beginning | 342.0 | 25.5 |
| Share of net income of associates and joint ventures | 38.0 | 8.2 |
| Share of other comprehensive (loss)/income of associates and joint ventures | (8.4) | 2.5 |
| Dividends received from associate | (3.4) | \u2013 |
| Net reclassification of investment balances | 0.3 | (0.9) |
| Recognition of investment in associate | \u2013 | 307.8 |
| Exchange differences | (1.3) | (1.1) |
| At year end | 367.2 | 342.0 |
| 2024 | 2023 | |
| For the year/period ended (in $ millions) | 31 Dec | 31 Dec |
| Revenue | 3,897.0 | 1,021.0 |
| Net income | 358.3 | 80.0 |
| Other comprehensive (loss)/income | (84.0) | 25.0 |
| Total comprehensive income | 274.3 | 105.0 |
2024 | 2023 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Non-current assets | 3,353.8 | 3,274.9 |
| Current assets | 2,925.0 | 2,812.0 |
| Current liabilities | (2,377.0) | (2,574.0) |
| Non-current liabilities | (491.0) | (342.0) |
| Net assets | 3,410.8 | 3,170.9 |
| Total equity | (3,410.8) | (3,170.9) |
| Subsea7 Group\u2019s share of equity (10%) | 341.0 | 317.0 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| The Group\u2019s share of equity at year beginning | 317.0 | 306.5 |
| Net income attributable to the Group | 35.8 | 8.0 |
| Dividends received from associate | (3.4) | \u2013 |
| Other comprehensive (loss)/income attributable to the Group | (8.4) | 2.5 |
| Subsea7 Group\u2019s share of equity at year end | 341.0 | 317.0 |
Carrying amount of investment in associate at year end (a) | 342.3 | 318.3 |
| Country of | Subsea7 | ||||
| Year end | 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 |
| GO FZE | 31 December | Nigeria | Subsea and Conventional | Joint Venture | 40 |
| Global Oceon Engineers Nigeria | 31 December | Nigeria | Subsea and Conventional | Joint Venture | 40 |
| Limited | |||||
OneSubsea (a) | 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 (b) | 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) | 2024 | 2023 |
| At year beginning | 342.0 | 25.5 |
| Share of net income of associates and joint ventures | 38.0 | 8.2 |
| Share of other comprehensive (loss)/income of associates and joint ventures | (8.4) | 2.5 |
| Dividends received from associate | (3.4) | \u2013 |
| Net reclassification of investment balances | 0.3 | (0.9) |
| Recognition of investment in associate | \u2013 | 307.8 |
| Exchange differences | (1.3) | (1.1) |
| At year end | 367.2 | 342.0 |
| 2024 | 2023 | |
| For the year/period ended (in $ millions) | 31 Dec | 31 Dec |
| Revenue | 3,897.0 | 1,021.0 |
| Net income | 358.3 | 80.0 |
| Other comprehensive (loss)/income | (84.0) | 25.0 |
| Total comprehensive income | 274.3 | 105.0 |
2024 | 2023 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Non-current assets | 3,353.8 | 3,274.9 |
| Current assets | 2,925.0 | 2,812.0 |
| Current liabilities | (2,377.0) | (2,574.0) |
| Non-current liabilities | (491.0) | (342.0) |
| Net assets | 3,410.8 | 3,170.9 |
| Total equity | (3,410.8) | (3,170.9) |
| Subsea7 Group\u2019s share of equity (10%) | 341.0 | 317.0 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| The Group\u2019s share of equity at year beginning | 317.0 | 306.5 |
| Net income attributable to the Group | 35.8 | 8.0 |
| Dividends received from associate | (3.4) | \u2013 |
| Other comprehensive (loss)/income attributable to the Group | (8.4) | 2.5 |
| Subsea7 Group\u2019s share of equity at year end | 341.0 | 317.0 |
Carrying amount of investment in associate at year end (a) | 342.3 | 318.3 |
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 |
Acergy B.V. | Netherlands | Holding |
Acergy France S.A.S. | France | General Trading |
Acergy Holdings (Gibraltar) Limited (a) | Gibraltar | Special Purpose |
Aquarius Solutions Inc. | Canada | General Trading |
Astori Sp. z.o.o | Poland | General Trading |
Evolv Energies Limited (formerly Aurora Environmental Limited) | United Kingdom | General Trading |
Marinza S.A. (formerly ENMAR S.A.) | Mozambique | General Trading |
Nigerstar 7 FZE | Nigeria | General Trading |
Nigerstar 7 Limited | Nigeria | General Trading |
Ocean Geo Solutions, Inc. | US | General Trading |
Pelagic Nigeria Limited | Nigeria | Holding |
Pioneer Lining Technology Limited | United Kingdom | General Trading |
PT. Subsea 7 Manufaktur Indonesia | Indonesia | General Trading |
Seaway 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 Germany GmbH (formerly Seaway Offshore Cables GmbH) | Germany | 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 (formerly VOI Option 1-4 AS) | Norway | Vessel Owning |
Seaway 7 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 US Inc. (formerly SHL Contracting US Inc.) | US | General Trading |
Seaway 7 Vessels B.V. | Netherlands | Vessel Owning |
Seaway Aimery AS | Norway | Vessel Owning |
Seaway Albatross AS | Norway | Vessel Owning |
Seaway Alfa Lift AS (formerly OHT Alfa Lift AS) | Norway | Vessel Owning |
Seaway Eagle AS | Norway | Vessel Owning |
Seaway Falcon AS | Norway | Vessel Owning |
Seaway Hawk AS | Norway | Vessel 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 | Vessel Owning |
Seaway Moxie AS | Norway | Vessel Owning |
Seaway Offshore Cables Limited | United Kingdom | General Trading |
Seaway Osprey AS | Norway | Vessel Owning |
Seaway Phoenix AS | Norway | Vessel Owning |
Seaway Swan AS | Norway | Special Purpose |
Seaway Ventus 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 Stanislav Yudin Limited | Cyprus | Vessel 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 (Trinidad & Tobago) Limited | Trinidad & Tobago | Dormant |
Subsea 7 (UK Service Company) Limited (a) | United Kingdom | Corporate Service |
Subsea 7 (US) LLC | US | General Trading |
Subsea 7 Angola S.A.S. | France | Special Purpose |
Subsea 7 Asia Pacific Sdn Bhd | Malaysia | Special Purpose |
Subsea 7 Australia Contracting Pty Ltd | Australia | General Trading |
Subsea 7 Blue Space Limited | United Kingdom | General Trading |
Subsea 7 Blue Space Investments S.A.S. | France | General Trading |
Subsea 7 Canada Inc. | Canada | General Trading |
Subsea 7 Chartering (UK) Limited | United Kingdom | 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 France S.A.S. | France | General Trading |
Subsea 7 Engineering Limited | United Kingdom | General Trading |
Subsea 7 Finance (UK) PLC | United Kingdom | Special Purpose |
Subsea 7 Holding Inc. | Cayman Islands | Holding |
Subsea 7 Holding Norway AS | Norway | Holding |
Subsea 7 Holdings (UK) Limited | United Kingdom | Holding |
Subsea 7 Holdings (US) Inc. | US | Holding |
Subsea 7 International Contracting Limited | United Kingdom | General Trading |
Subsea 7 International Holdings (UK) Limited (a) | United Kingdom | Holding |
Subsea 7 i-Tech 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 (b) | 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 | Vessel Owning |
Subsea 7 Nigeria Limited | Nigeria | General Trading |
Subsea 7 NL B.V. | Netherlands | General Trading |
Subsea 7 Norway AS | Norway | General Trading |
Subsea 7 Offshore Resources (UK) Limited | United Kingdom | Vessel 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 Services (Singapore) Pte Limited | Singapore | General Trading |
Subsea 7 Servicos Offshore S.A. | Brazil | Holding |
Subsea 7 Shipping Limited (b) | Isle of Man | Vessel Owning |
Name | Registered in | Nature of business |
Subsea 7 Singapore Contracting Pte Limited | Singapore | General Trading |
Subsea 7 Treasury (UK) Limited | United Kingdom | Special Purpose |
Subsea 7 Vessel Owner AS | Norway | Vessel Owning |
Subsea 7 West Africa Contracting Limited | United Kingdom | General Trading |
Subsea Seven Doha Oil & Gas Services and Trading LLC | Qatar | General Trading |
Swagelining Limited | United Kingdom | General Trading |
Tartaruga Insurance Limited | Isle of Man | Special Purpose |
Thames International Enterprise Limited | United Kingdom | Special Purpose |
VOI Vessel 2 AS | Norway | Special Purpose |
Xodus Academy Limited | United Kingdom | General Trading |
Xodus DMCC | United Arab Emirates General Trading | |
Xodus Greenfuel Development Company Pty Ltd | Australia | Special Purpose |
Xodus Green Light Pty Limited | Australia | General Trading |
Xodus Group A/S | Norway | Dormant |
Xodus Group B.V. | Netherlands | General Trading |
Xodus Group Consultants Sdn. Bhd | Malaysia | General Trading |
Xodus Group Doha LLC | Qatar | General Trading |
Xodus Group (Holdings) Limited | United Kingdom | Holding |
Xodus Group Inc | US | General Trading |
Xodus Group Japan | Japan | General Trading |
Xodus Group Limited | United Kingdom | General Trading |
Xodus Group Pty Limited | Australia | General Trading |
ZNM Nigeria Limited | Nigeria | Dormant |
| Country of | Subsea7 | ||||
| Year end | 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 |
| GO FZE | 31 December | Nigeria | Subsea and Conventional | Joint Venture | 40 |
| Global Oceon Engineers Nigeria | 31 December | Nigeria | Subsea and Conventional | Joint Venture | 40 |
| Limited | |||||
OneSubsea (a) | 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 (b) | 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) | 2024 | 2023 |
| At year beginning | 342.0 | 25.5 |
| Share of net income of associates and joint ventures | 38.0 | 8.2 |
| Share of other comprehensive (loss)/income of associates and joint ventures | (8.4) | 2.5 |
| Dividends received from associate | (3.4) | \u2013 |
| Net reclassification of investment balances | 0.3 | (0.9) |
| Recognition of investment in associate | \u2013 | 307.8 |
| Exchange differences | (1.3) | (1.1) |
| At year end | 367.2 | 342.0 |
| 2024 | 2023 | |
| For the year/period ended (in $ millions) | 31 Dec | 31 Dec |
| Revenue | 3,897.0 | 1,021.0 |
| Net income | 358.3 | 80.0 |
| Other comprehensive (loss)/income | (84.0) | 25.0 |
| Total comprehensive income | 274.3 | 105.0 |
2024 | 2023 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Non-current assets | 3,353.8 | 3,274.9 |
| Current assets | 2,925.0 | 2,812.0 |
| Current liabilities | (2,377.0) | (2,574.0) |
| Non-current liabilities | (491.0) | (342.0) |
| Net assets | 3,410.8 | 3,170.9 |
| Total equity | (3,410.8) | (3,170.9) |
| Subsea7 Group\u2019s share of equity (10%) | 341.0 | 317.0 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| The Group\u2019s share of equity at year beginning | 317.0 | 306.5 |
| Net income attributable to the Group | 35.8 | 8.0 |
| Dividends received from associate | (3.4) | \u2013 |
| Other comprehensive (loss)/income attributable to the Group | (8.4) | 2.5 |
| Subsea7 Group\u2019s share of equity at year end | 341.0 | 317.0 |
Carrying amount of investment in associate at year end (a) | 342.3 | 318.3 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Non-current amounts due from associates and joint ventures | 32.8 | 36.5 |
| Allowance for credit impairment | (1.6) | (1.6) |
31.2 | 34.9 | |
| Capitalised fees for long-term loan facilities | 1.7 | 1.9 |
| Deposits held by third parties | 0.9 | 0.9 |
| Other receivables | 15.3 | 29.3 |
| Total | 49.1 | 67.0 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Materials and non-critical spares | 18.1 | 10.5 |
| Consumables | 39.3 | 49.6 |
| Total | 57.4 | 60.1 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Total cost of inventory charged to the Consolidated Income Statement | 160.6 | 183.1 |
| Write-down of inventories charged to the Consolidated Income Statement | 1.3 | 1.8 |
(Reversal of provision for obsolescence credited)/provision for obsolescence charged to the Consolidated Income Statement | (0.2) | 0.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Trade receivables | 522.6 | 719.7 |
| Allowance for expected credit losses | (2.1) | (1.3) |
| Allowance for credit impairment | (21.6) | (23.0) |
498.9 | 695.4 | |
| Current amounts due from associates and joint ventures | 8.0 | 8.1 |
| Allowance for credit impairment | \u2013 | (2.1) |
8.0 | 6.0 | |
| Other receivables | 34.0 | 24.1 |
| Advances to suppliers | 17.1 | 74.5 |
| Other taxes receivable | 105.8 | 121.8 |
| Total | 663.8 | 921.8 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Unbilled revenue | 89.1 | 91.8 |
| Allowance for expected credit losses | (0.6) | (0.2) |
88.5 | 91.6 | |
| Prepaid expenses | 126.1 | 152.4 |
| Total | 214.6 | 244.0 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (0.2) | (0.4) |
| (Increase)/decrease in allowance | (0.4) | 0.2 |
| At year end | (0.6) | (0.2) |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Accruals | 788.8 | 885.6 |
| Trade payables | 378.9 | 348.0 |
| Current amounts due to associates and joint ventures | 12.4 | 7.4 |
| Accrued salaries and benefits | 150.7 | 132.2 |
| Withholding taxes | 32.8 | 23.3 |
| Other taxes payable | 58.0 | 88.8 |
| Other current liabilities | 7.6 | 198.6 |
| Total | 1,429.2 | 1,683.9 |
| Construction | Construction | |
| contracts \u2013 | contracts \u2013 | |
| (in $ millions) | assets | liabilities |
| At 31 December 2024 | ||
| Current - total | 774.1 | (392.3) |
| Construction | Construction | |
| contracts \u2013 | contracts \u2013 | |
| (in $ millions) | assets | liabilities |
| At 31 December 2023 | ||
| Current | 692.2 | (424.8) |
| Allowance for expected credit losses | (0.4) | \u2013 |
| Total | 691.8 | (424.8) |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Revenue recognised which was included in construction contract liabilities at beginning of year | 362.9 | 313.8 |
| Revenue recognised from performance obligations satisfied in previous periods | 113.6 | 16.9 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (0.4) | (1.8) |
| Decrease in allowance | 0.4 | 1.4 |
| At year end | \u2013 | (0.4) |
| Expected year of execution | 2028 | ||||
(in $ millions) | 2025 | 2026 | 2027 | and beyond | Total |
| Subsea and Conventional | 4,770.9 | 2,587.8 | 1,214.1 | 443.8 | 9,016.6 |
| Renewables | 1,017.1 | 767.4 | 315.1 | 35.0 | 2,134.6 |
| Corporate | 23.5 | \u2013 | \u2013 | \u2013 | 23.5 |
| Total | 5,811.5 | 3,355.2 | 1,529.2 | 478.8 | 11,174.7 |
| 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 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Cash and cash equivalents | 575.3 | 750.9 |
| 2024 | 2024 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| Number of shares | in $ millions | Number of shares | in $ millions | |
| Authorised common shares, $2.00 par value | 450,000,000 | 900.0 | 450,000,000 | 900.0 |
| 2024 | 2024 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| Number of shares | in $ millions | Number of shares | in $ millions | |
| Fully paid and issued common shares | 299,600,000 | 599.2 | 304,294,272 | 608.6 |
| The issued common shares consist of: | ||||
| Common shares outstanding | 295,613,936 | 591.2 | 300,454,468 | 600.9 |
| Treasury shares at par value (Note 24) | 3,986,064 | 8.0 | 3,839,804 | 7.7 |
| Total | 299,600,000 | 599.2 | 304,294,272 | 608.6 |
| 2024 | 2024 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| Number of shares | in $ millions | Number of shares | in $ millions | |
| Authorised common shares, $2.00 par value | 450,000,000 | 900.0 | 450,000,000 | 900.0 |
| 2024 | 2024 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| Number of shares | in $ millions | Number of shares | in $ millions | |
| Fully paid and issued common shares | 299,600,000 | 599.2 | 304,294,272 | 608.6 |
| The issued common shares consist of: | ||||
| Common shares outstanding | 295,613,936 | 591.2 | 300,454,468 | 600.9 |
| Treasury shares at par value (Note 24) | 3,986,064 | 8.0 | 3,839,804 | 7.7 |
| Total | 299,600,000 | 599.2 | 304,294,272 | 608.6 |
| 2024 | 2023 | |||
| Number of | 2024 | Number of | 2023 | |
| shares | in $ millions | shares | in $ millions | |
| At year beginning | 3,839,804 | 31.1 | 9,794,267 | 75.0 |
| Shares repurchased | 5,172,092 | 87.3 | \u2013 | \u2013 |
| Shares reallocated relating to share-based payments | (331,560) | (2.6) | (272,496) | (2.3) |
| Shares cancelled | (4,694,272) | (46.7) | (5,681,967) | (41.6) |
| Balance at year end | 3,986,064 | 69.1 | 3,839,804 | 31.1 |
| 2024 | 2023 | |||
| Number of | 2024 | Number of | 2023 | |
| shares | in $ millions | shares | in $ millions | |
| At year beginning | 3,839,804 | 31.1 | 9,794,267 | 75.0 |
| Shares repurchased | 5,172,092 | 87.3 | \u2013 | \u2013 |
| Shares reallocated relating to share-based payments | (331,560) | (2.6) | (272,496) | (2.3) |
| Shares cancelled | (4,694,272) | (46.7) | (5,681,967) | (41.6) |
| Balance at year end | 3,986,064 | 69.1 | 3,839,804 | 31.1 |
| 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 | 60.0 |
| Sonamet Industrial S.A. | 31 December | Angola | 60.0 |
| Subsea 7 Equatorial Guinea S.A. | 31 December | Equatorial Guinea | 65.0 |
| Subsea 7 Volta Contractors Limited | 31 December | Ghana | 49.0 |
(in $ millions) | 2024 | 2023 |
| At year beginning | 34.1 | 329.1 |
| Share of net income/(loss) for the year | 15.2 | (5.4) |
| Seaway 7 AS \u2013 Subsea 7 S.A. shares issued in consideration | \u2013 | (127.0) |
| Seaway 7 AS \u2013 cash consideration | \u2013 | (12.6) |
| Reclassification of non-controlling interests to equity attributable to shareholders of Subsea 7 S.A. | (4.1) | (150.2) |
| Exchange differences | (0.6) | 0.2 |
| At year end | 44.6 | 34.1 |
| 2024 | 2023 | ||
| At (in $ millions) | 31 Dec | 31 Dec | |
| South Korean Export Credit Agency (ECA) facility | 110.6 | 135.2 | |
2021 | UK Export Finance (UKEF 2021) facility | 321.7 | 420.5 |
2023 | UK Export Finance (UKEF 2023) facility | 289.4 | 288.9 |
| Other | 0.3 | 0.3 | |
Total (a) | 722.0 | 844.9 | |
| Consisting of: | |||
| Non-current portion of borrowings | 583.8 | 721.4 | |
| Current portion of borrowings | 138.2 | 123.5 | |
Total (a) | 722.0 | 844.9 |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| At (in $ millions) | Utilised | Unutilised | Total | Utilised | Unutilised | Total |
| Committed borrowing facilities | 728.0 | 757.6 | 1,485.6 | 852.6 | 857.6 | 1,710.2 |
| 2024 | 2023 | ||
| At (in $ millions) | 31 Dec | 31 Dec | |
| South Korean Export Credit Agency (ECA) facility | 110.6 | 135.2 | |
2021 | UK Export Finance (UKEF 2021) facility | 321.7 | 420.5 |
2023 | UK Export Finance (UKEF 2023) facility | 289.4 | 288.9 |
| Other | 0.3 | 0.3 | |
Total (a) | 722.0 | 844.9 | |
| Consisting of: | |||
| Non-current portion of borrowings | 583.8 | 721.4 | |
| Current portion of borrowings | 138.2 | 123.5 | |
Total (a) | 722.0 | 844.9 |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| At (in $ millions) | Utilised | Unutilised | Total | Utilised | Unutilised | Total |
| Committed borrowing facilities | 728.0 | 757.6 | 1,485.6 | 852.6 | 857.6 | 1,710.2 |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| At (in $ millions) | amount | amount |
| Financial assets | ||
| Restricted cash | 9.5 | 7.4 |
| Cash and cash equivalents (Note 22) | 575.3 | 750.9 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | 0.4 | 0.8 |
| Embedded derivatives | 136.6 | 58.5 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | \u2013 | 1.6 |
| Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
| Net trade receivables (Note 19) | 498.9 | 695.4 |
| Net non-current amounts due from associates and joint ventures (Note 17) | 31.2 | 34.9 |
| Net current amounts due from associates and joint ventures (Note 19) | 8.0 | 6.0 |
| Other financial receivables | 30.0 | 23.5 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | (6.1) | (1.2) |
| Embedded derivatives | (36.5) | (64.2) |
| Commodity derivatives | (0.4) | (0.1) |
| Contingent consideration | (0.5) | (1.2) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | (3.0) | (2.4) |
| Financial liabilities measured at amortised cost: | ||
| Trade payables (Note 29) | (378.9) | (348.0) |
| Lease liabilities (Note 27) | (454.9) | (458.3) |
| Current amounts due to associates and joint ventures (Note 29) | (12.4) | (7.4) |
| Borrowings (Note 26) | (722.0) | (844.9) |
| Other financial payables | (1.6) | (160.9) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest income from financial assets measured at amortised cost | 24.4 | 25.2 |
| Interest cost and fees from financial liabilities measured at amortised cost | (72.7) | (58.7) |
| Net fair value gains on financial assets measured at fair value through profit or loss | 77.7 | 41.5 |
| Net fair value gains/(losses) on financial liabilities measured at fair value through profit or loss | 23.2 | (29.5) |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Deposits: | ||
| Counterparties rated prime grade | 75.0 | 50.0 |
| Counterparties rated high grade | 130.0 | 65.0 |
| Counterparties rated upper-medium grade | 183.0 | 269.9 |
| Counterparties rated lower-medium grade | 26.6 | 146.6 |
| Counterparties rated non-investment grade | 0.7 | 2.9 |
| Total | 415.3 | 534.4 |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| At (in $ millions) | Assets | Liabilities | Total | Assets | Liabilities | Total |
| Non-current | ||||||
| Embedded derivatives | 62.9 | (9.3) | 53.6 | 29.5 | (30.7) | (1.2) |
| Commodity derivatives | \u2013 | (1.4) | (1.4) | \u2013 | (1.9) | (1.9) |
| Total | 62.9 | (10.7) | 52.2 | 29.5 | (32.6) | (3.1) |
| Current | ||||||
| Forward foreign exchange contracts | 0.4 | (6.1) | (5.7) | 0.8 | (1.2) | (0.4) |
| Embedded derivatives | 73.7 | (27.2) | 46.5 | 29.0 | (33.5) | (4.5) |
| Commodity derivatives | \u2013 | (2.0) | (2.0) | 1.6 | (0.6) | 1.0 |
| Total | 74.1 | (35.3) | 38.8 | 31.4 | (35.3) | (3.9) |
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 | 189.5 | \u2013 | (7.5) | \u2013 | (2.7) | \u2013 |
| Danish Krone | 1.3 | \u2013 | (1.2) | \u2013 | \u2013 | \u2013 |
| Euro | 204.2 | \u2013 | \u2013 | \u2013 | (2.3) | \u2013 |
| Norwegian Krone | 21.8 | \u2013 | (12.2) | \u2013 | 0.1 | \u2013 |
| Singapore Dollar | 29.4 | \u2013 | (3.7) | \u2013 | (0.2) | \u2013 |
| Australian Dollar | 36.8 | \u2013 | (4.7) | \u2013 | (0.6) | \u2013 |
| Total | 483.0 | \u2013 | (29.3) | \u2013 | (5.7) | \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 | 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 | |
| Australian Dollar | 32.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Total | 255.9 | \u2013 | (305.2) | \u2013 | (0.4) | \u2013 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| At year beginning | (0.8) | 3.8 |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
| Cash flow on commodity hedges | (0.8) | (6.4) |
| Amounts reclassified to the Consolidated Income Statement | (2.0) | 1.8 |
| Exchange differences | 0.3 | \u2013 |
| At year end | (3.3) | (0.8) |
Category | Description | Response |
| Performing | The counterparty has a low risk of default. No balances | An allowance for lifetime ECLs is recognised where |
| are aged greater than 30 days past due. | the impact is determined to be material. | |
Monitored | The counterparty has a low risk of default. Balances | The allowance for lifetime ECLs is increased where |
| aged greater than 30 days past due have arisen due | the impact is determined to be material. | |
| to ongoing commercial discussions associated with | ||
| the close-out of contractual requirements and are | ||
| not considered to be indicative of an increased risk | ||
| of default. | ||
In default | Balances are greater than 90 days past due with the | The asset is considered to be credit impaired and an |
| ageing not being as a result of ongoing commercial | allowance for the estimated incurred loss is | |
| discussions associated with the close-out of contractual | recognised where material. | |
| commitments, 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 | The gross receivable and associated allowance are |
| financial difficulty and the Group has no realistic | both derecognised. | |
| prospect of recovery of balances due. |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Performing | 467.1 | 672.2 |
| Monitored | 33.9 | 24.5 |
| In default | 21.6 | 23.0 |
| Gross carrying amount | 522.6 | 719.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 522.6 | 719.7 |
| Allowance for expected credit losses | (2.1) | (1.3) |
| Allowance for incurred credit impairments | (21.6) | (23.0) |
| Net carrying amount | 498.9 | 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 | 467.3 | 20.4 | 1.7 | 33.2 | 522.6 |
| Allowance for expected credit losses | (2.1) | \u2013 | \u2013 | \u2013 | (2.1) |
| Allowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (21.4) | (21.6) |
| Net carrying amount | 465.0 | 20.4 | 1.7 | 11.8 | 498.9 |
| 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 | 672.2 | 16.7 | 3.0 | 27.8 | 719.7 |
| Allowance for expected credit losses | (1.3) | \u2013 | \u2013 | \u2013 | (1.3) |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (23.0) | (23.0) |
| Net carrying amount | 670.9 | 16.7 | 3.0 | 4.8 | 695.4 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (1.3) | (2.0) |
| (Increase)/decrease in allowance | (0.8) | 0.7 |
| At year end | (2.1) | (1.3) |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairment | ||
| At year beginning | (23.0) | (4.4) |
| Increase in allowance | (0.4) | (20.1) |
| Utilisation of allowance | 1.5 | 1.4 |
| Unused amounts released during the year | \u2013 | 0.1 |
| Exchange differences | 0.3 | \u2013 |
| At year end | (21.6) | (23.0) |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 40.8 | 44.6 |
| Allowance for incurred credit impairments | (1.6) | (3.7) |
| Net carrying amount | 39.2 | 40.9 |
Current | More than 30 | More than 60 | More than 90 | Total | |
| (in $ millions) | days past due | days past due | days past due | ||
| Gross carrying amount | 36.2 | \u2013 | \u2013 | 4.6 | 40.8 |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
| Net carrying amount | 36.2 | \u2013 | \u2013 | 3.0 | 39.2 |
| 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 |
| Allowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
| Net carrying amount | 33.0 | \u2013 | 0.2 | 7.7 | 40.9 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairments | ||
| At year beginning | (3.7) | (3.7) |
| Utilisation of allowance | 0.1 | \u2013 |
| Reclassification following derecognition of investment in joint venture | 1.8 | \u2013 |
| Exchange differences | 0.2 | \u2013 |
| At year end | (1.6) | (3.7) |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| At | percentage | percentage |
| National energy companies | 29% | 30% |
| International energy companies | 13% | 29% |
| Independent energy companies | 58% | 41% |
| Total | 100% | 100% |
| 31 Dec | |
| At (in $ millions) | 2024 |
| Customer A | 98.9 |
| Customer B | 46.6 |
| Customer C | 28.9 |
| Customer D | 25.9 |
| Customer E | 24.2 |
| 31 Dec | |
| At (in $ millions) | 2023 |
| Customer A | 121.6 |
| Customer B | 73.4 |
| Customer C | 67.4 |
| Customer D | 45.6 |
| Customer E | 44.9 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
Borrowings (a) | 8.0 | 34.7 | 143.6 | 654.6 | 840.9 |
| Trade payables | 309.3 | 42.8 | 23.7 | 3.1 | 378.9 |
| Amounts due to associates and joint ventures | 12.4 | \u2013 | \u2013 | \u2013 | 12.4 |
| Lease liabilities | 21.9 | 40.0 | 188.5 | 253.4 | 503.8 |
| Total | 351.6 | 117.5 | 355.8 | 911.1 | 1,736.0 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
Borrowings (a) | 8.5 | 41.5 | 127.8 | 840.5 | 1,018.3 |
| Trade payables | 271.9 | 58.7 | 17.4 | \u2013 | 348.0 |
| Amounts 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 | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
| Net settled: | |||||
| Embedded derivatives | \u2013 | 3.3 | 22.8 | 12.0 | 38.1 |
| Commodity hedging | 0.3 | 0.4 | 1.3 | 1.4 | 3.4 |
| Gross settled: | |||||
| Foreign exchange forward contract payments | 489.2 | \u2013 | \u2013 | \u2013 | 489.2 |
| Foreign exchange forward contract receipts | (483.1) | \u2013 | \u2013 | \u2013 | (483.1) |
| Total | 6.4 | 3.7 | 24.1 | 13.4 | 47.6 |
| Less than | 3 months | ||||
| (in $ millions) | 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 |
Liabilities | Dividends | Equity | Other | Total | |||
| Lease | payable to | Treasury | Other | ||||
(in $ millions) | Borrowings | liabilities | shareholders | shares | equity | ||
| Balance at 1 January 2024 | 844.9 | 458.3 | \u2013 | (31.1) | (17.7) | (11.6) | 1,242.8 |
| Financing cash flows | |||||||
| Interest paid | (58.4) | (33.6) | \u2013 | \u2013 | (17.2) | (109.2) | |
| Net repayment of borrowings | (124.8) | \u2013 | \u2013 | \u2013 | \u2013 | (124.8) | |
| Payments related to lease liabilities | \u2013 | (189.6) | \u2013 | \u2013 | \u2013 | (189.6) | |
| Cost of share repurchases | \u2013 | \u2013 | \u2013 | (87.3) | \u2013 | \u2013 | (87.3) |
Dividends paid to shareholders of the parent company | \u2013 | \u2013 | (162.9) | \u2013 | \u2013 | \u2013 | (162.9) |
Amounts paid in relation to non- wholly owned subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | (6.4) | \u2013 | (6.4) |
| Total financing cash flows | (183.2) | (223.2) | (162.9) | (87.3) | (6.4) | (17.2) | (680.2) |
| Non-cash changes | |||||||
| Dividends declared | \u2013 | \u2013 | 163.1 | \u2013 | \u2013 | \u2013 | 163.1 |
| Non-cash movements in lease | |||||||
| liabilities | \u2013 | 195.3 | \u2013 | \u2013 | \u2013 | \u2013 | 195.3 |
| Non-cash movements in treasury | |||||||
| shares | \u2013 | \u2013 | \u2013 | 49.3 | (49.3) | \u2013 | \u2013 |
| Interest and fees | 60.3 | 34.7 | \u2013 | \u2013 | \u2013 | 6.2 | 101.2 |
| Exchange differences | \u2013 | (10.2) | (0.2) | \u2013 | \u2013 | \u2013 | (10.4) |
| Total non-cash changes | 60.3 | 219.8 | 162.9 | 49.3 | (49.3) | 6.2 | 449.2 |
| Balance at 31 December 2024 | 722.0 | 454.9 | \u2013 | (69.1) | (73.4) | (22.6) | 1,011.8 |
Liabilities | Dividends | Equity | Other | Total | |||
| 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) |
| Net proceeds from borrowings | 492.8 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | 492.8 |
| 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 |
| Non-cash movements in lease | |||||||
| liabilities | \u2013 | 335.6 | \u2013 | \u2013 | \u2013 | \u2013 | 335.6 |
| Non-cash movements in treasury | |||||||
| shares | \u2013 | \u2013 | \u2013 | 43.9 | (43.9) | \u2013 | \u2013 |
| Interest and fees | 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 |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| At (in $ millions) | 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 | 0.4 | \u2013 | \u2013 | 0.8 | \u2013 |
| Financial assets at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | 136.6 | \u2013 | \u2013 | 58.5 | \u2013 |
Financial assets at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 | \u2013 |
| Financial liabilities: | ||||||
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| derivative instruments | \u2013 | (6.1) | \u2013 | \u2013 | (1.2) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | (36.5) | \u2013 | \u2013 | (64.2) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| commodity derivatives | \u2013 | (0.4) | \u2013 | \u2013 | (0.1) | \u2013 |
Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | (3.0) | \u2013 | \u2013 | (2.4) | \u2013 |
Contingent consideration (a) | \u2013 | \u2013 | (0.5) | \u2013 | \u2013 | (1.2) |
| Balance at | Balance at | |||
| 1 January | Unused amounts | 31 December | ||
| (in $ millions) | 2024 | Utilisation | released | 2024 |
| Contingent consideration | 1.2 | (0.5) | (0.2) | 0.5 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Other | 1.0 | 1.1 |
| Total | 1.0 | 1.1 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Accruals | 788.8 | 885.6 |
| Trade payables | 378.9 | 348.0 |
| Current amounts due to associates and joint ventures | 12.4 | 7.4 |
| Accrued salaries and benefits | 150.7 | 132.2 |
| Withholding taxes | 32.8 | 23.3 |
| Other taxes payable | 58.0 | 88.8 |
| Other current liabilities | 7.6 | 198.6 |
| Total | 1,429.2 | 1,683.9 |
| Onerous | |||||
(in $ millions) | Claims | Decommissioning | fixed-price contracts | Other | Total |
| At 1 January 2023 | 19.5 | 6.1 | 85.7 | 23.4 | 134.7 |
| Additional provision in the year | 4.6 | 2.3 | 169.7 | 5.9 | 182.5 |
| Utilisation of provision | (2.1) | (1.9) | (170.8) | (6.1) | (180.9) |
| Unused amounts released during the year | (4.1) | \u2013 | (2.4) | (7.3) | (13.8) |
| Exchange differences | 0.5 | 0.1 | 1.7 | 0.3 | 2.6 |
| At 31 December 2023 | 18.4 | 6.6 | 83.9 | 16.2 | 125.1 |
| Additional provision in the year | 11.3 | 13.4 | 246.2 | 14.2 | 285.1 |
| Utilisation of provision | (2.5) | (5.8) | (274.0) | (2.6) | (284.9) |
| Unused amounts released during the year | (8.4) | \u2013 | (15.0) | (2.7) | (26.1) |
| Exchange differences | (3.0) | (0.2) | (2.4) | (1.5) | (7.1) |
| At 31 December 2024 | 15.8 | 14.0 | 38.7 | 23.6 | 92.1 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Consisting of: | ||
| Non-current provisions | 29.1 | 24.6 |
| Current provisions | 63.0 | 100.5 |
| Total | 92.1 | 125.1 |
| Onerous | |||||
(in $ millions) | Claims | Decommissioning | fixed-price contracts | Other | Total |
| At 1 January 2023 | 19.5 | 6.1 | 85.7 | 23.4 | 134.7 |
| Additional provision in the year | 4.6 | 2.3 | 169.7 | 5.9 | 182.5 |
| Utilisation of provision | (2.1) | (1.9) | (170.8) | (6.1) | (180.9) |
| Unused amounts released during the year | (4.1) | \u2013 | (2.4) | (7.3) | (13.8) |
| Exchange differences | 0.5 | 0.1 | 1.7 | 0.3 | 2.6 |
| At 31 December 2023 | 18.4 | 6.6 | 83.9 | 16.2 | 125.1 |
| Additional provision in the year | 11.3 | 13.4 | 246.2 | 14.2 | 285.1 |
| Utilisation of provision | (2.5) | (5.8) | (274.0) | (2.6) | (284.9) |
| Unused amounts released during the year | (8.4) | \u2013 | (15.0) | (2.7) | (26.1) |
| Exchange differences | (3.0) | (0.2) | (2.4) | (1.5) | (7.1) |
| At 31 December 2024 | 15.8 | 14.0 | 38.7 | 23.6 | 92.1 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Consisting of: | ||
| Non-current provisions | 29.1 | 24.6 |
| Current provisions | 63.0 | 100.5 |
| Total | 92.1 | 125.1 |
| Contingent liability | Contingent liability | |||
| recognised | not recognised | |||
(in $ millions) | 2024 | 2023 | 2024 | 2023 |
| At year beginning | 0.5 | 0.4 | 224.8 | 201.3 |
| Movement in contingent liabilities | \u2013 | \u2013 | 16.0 | 9.2 |
| Exchange differences | (0.1) | 0.1 | (51.0) | 14.3 |
| At year end | 0.4 | 0.5 | 189.8 | 224.8 |
| Contingent liability | Contingent liability | |||
| recognised | not recognised | |||
(in $ millions) | 2024 | 2023 | 2024 | 2023 |
| At year beginning | 0.5 | 0.4 | 224.8 | 201.3 |
| Movement in contingent liabilities | \u2013 | \u2013 | 16.0 | 9.2 |
| Exchange differences | (0.1) | 0.1 | (51.0) | 14.3 |
| At year end | 0.4 | 0.5 | 189.8 | 224.8 |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| At (in $ millions) | amount | amount |
| Financial assets | ||
| Restricted cash | 9.5 | 7.4 |
| Cash and cash equivalents (Note 22) | 575.3 | 750.9 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | 0.4 | 0.8 |
| Embedded derivatives | 136.6 | 58.5 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | \u2013 | 1.6 |
| Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
| Net trade receivables (Note 19) | 498.9 | 695.4 |
| Net non-current amounts due from associates and joint ventures (Note 17) | 31.2 | 34.9 |
| Net current amounts due from associates and joint ventures (Note 19) | 8.0 | 6.0 |
| Other financial receivables | 30.0 | 23.5 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | (6.1) | (1.2) |
| Embedded derivatives | (36.5) | (64.2) |
| Commodity derivatives | (0.4) | (0.1) |
| Contingent consideration | (0.5) | (1.2) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | (3.0) | (2.4) |
| Financial liabilities measured at amortised cost: | ||
| Trade payables (Note 29) | (378.9) | (348.0) |
| Lease liabilities (Note 27) | (454.9) | (458.3) |
| Current amounts due to associates and joint ventures (Note 29) | (12.4) | (7.4) |
| Borrowings (Note 26) | (722.0) | (844.9) |
| Other financial payables | (1.6) | (160.9) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest income from financial assets measured at amortised cost | 24.4 | 25.2 |
| Interest cost and fees from financial liabilities measured at amortised cost | (72.7) | (58.7) |
| Net fair value gains on financial assets measured at fair value through profit or loss | 77.7 | 41.5 |
| Net fair value gains/(losses) on financial liabilities measured at fair value through profit or loss | 23.2 | (29.5) |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Deposits: | ||
| Counterparties rated prime grade | 75.0 | 50.0 |
| Counterparties rated high grade | 130.0 | 65.0 |
| Counterparties rated upper-medium grade | 183.0 | 269.9 |
| Counterparties rated lower-medium grade | 26.6 | 146.6 |
| Counterparties rated non-investment grade | 0.7 | 2.9 |
| Total | 415.3 | 534.4 |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| At (in $ millions) | Assets | Liabilities | Total | Assets | Liabilities | Total |
| Non-current | ||||||
| Embedded derivatives | 62.9 | (9.3) | 53.6 | 29.5 | (30.7) | (1.2) |
| Commodity derivatives | \u2013 | (1.4) | (1.4) | \u2013 | (1.9) | (1.9) |
| Total | 62.9 | (10.7) | 52.2 | 29.5 | (32.6) | (3.1) |
| Current | ||||||
| Forward foreign exchange contracts | 0.4 | (6.1) | (5.7) | 0.8 | (1.2) | (0.4) |
| Embedded derivatives | 73.7 | (27.2) | 46.5 | 29.0 | (33.5) | (4.5) |
| Commodity derivatives | \u2013 | (2.0) | (2.0) | 1.6 | (0.6) | 1.0 |
| Total | 74.1 | (35.3) | 38.8 | 31.4 | (35.3) | (3.9) |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| At (in $ millions) | amount | amount |
| Financial assets | ||
| Restricted cash | 9.5 | 7.4 |
| Cash and cash equivalents (Note 22) | 575.3 | 750.9 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | 0.4 | 0.8 |
| Embedded derivatives | 136.6 | 58.5 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | \u2013 | 1.6 |
| Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
| Net trade receivables (Note 19) | 498.9 | 695.4 |
| Net non-current amounts due from associates and joint ventures (Note 17) | 31.2 | 34.9 |
| Net current amounts due from associates and joint ventures (Note 19) | 8.0 | 6.0 |
| Other financial receivables | 30.0 | 23.5 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | (6.1) | (1.2) |
| Embedded derivatives | (36.5) | (64.2) |
| Commodity derivatives | (0.4) | (0.1) |
| Contingent consideration | (0.5) | (1.2) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | (3.0) | (2.4) |
| Financial liabilities measured at amortised cost: | ||
| Trade payables (Note 29) | (378.9) | (348.0) |
| Lease liabilities (Note 27) | (454.9) | (458.3) |
| Current amounts due to associates and joint ventures (Note 29) | (12.4) | (7.4) |
| Borrowings (Note 26) | (722.0) | (844.9) |
| Other financial payables | (1.6) | (160.9) |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest income from financial assets measured at amortised cost | 24.4 | 25.2 |
| Interest cost and fees from financial liabilities measured at amortised cost | (72.7) | (58.7) |
| Net fair value gains on financial assets measured at fair value through profit or loss | 77.7 | 41.5 |
| Net fair value gains/(losses) on financial liabilities measured at fair value through profit or loss | 23.2 | (29.5) |
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 | 189.5 | \u2013 | (7.5) | \u2013 | (2.7) | \u2013 |
| Danish Krone | 1.3 | \u2013 | (1.2) | \u2013 | \u2013 | \u2013 |
| Euro | 204.2 | \u2013 | \u2013 | \u2013 | (2.3) | \u2013 |
| Norwegian Krone | 21.8 | \u2013 | (12.2) | \u2013 | 0.1 | \u2013 |
| Singapore Dollar | 29.4 | \u2013 | (3.7) | \u2013 | (0.2) | \u2013 |
| Australian Dollar | 36.8 | \u2013 | (4.7) | \u2013 | (0.6) | \u2013 |
| Total | 483.0 | \u2013 | (29.3) | \u2013 | (5.7) | \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 | 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 | |
| Australian Dollar | 32.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Total | 255.9 | \u2013 | (305.2) | \u2013 | (0.4) | \u2013 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| At year beginning | (0.8) | 3.8 |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
| Cash flow on commodity hedges | (0.8) | (6.4) |
| Amounts reclassified to the Consolidated Income Statement | (2.0) | 1.8 |
| Exchange differences | 0.3 | \u2013 |
| At year end | (3.3) | (0.8) |
Category | Description | Response |
| Performing | The counterparty has a low risk of default. No balances | An allowance for lifetime ECLs is recognised where |
| are aged greater than 30 days past due. | the impact is determined to be material. | |
Monitored | The counterparty has a low risk of default. Balances | The allowance for lifetime ECLs is increased where |
| aged greater than 30 days past due have arisen due | the impact is determined to be material. | |
| to ongoing commercial discussions associated with | ||
| the close-out of contractual requirements and are | ||
| not considered to be indicative of an increased risk | ||
| of default. | ||
In default | Balances are greater than 90 days past due with the | The asset is considered to be credit impaired and an |
| ageing not being as a result of ongoing commercial | allowance for the estimated incurred loss is | |
| discussions associated with the close-out of contractual | recognised where material. | |
| commitments, 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 | The gross receivable and associated allowance are |
| financial difficulty and the Group has no realistic | both derecognised. | |
| prospect of recovery of balances due. |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Performing | 467.1 | 672.2 |
| Monitored | 33.9 | 24.5 |
| In default | 21.6 | 23.0 |
| Gross carrying amount | 522.6 | 719.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 522.6 | 719.7 |
| Allowance for expected credit losses | (2.1) | (1.3) |
| Allowance for incurred credit impairments | (21.6) | (23.0) |
| Net carrying amount | 498.9 | 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 | 467.3 | 20.4 | 1.7 | 33.2 | 522.6 |
| Allowance for expected credit losses | (2.1) | \u2013 | \u2013 | \u2013 | (2.1) |
| Allowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (21.4) | (21.6) |
| Net carrying amount | 465.0 | 20.4 | 1.7 | 11.8 | 498.9 |
| 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 | 672.2 | 16.7 | 3.0 | 27.8 | 719.7 |
| Allowance for expected credit losses | (1.3) | \u2013 | \u2013 | \u2013 | (1.3) |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (23.0) | (23.0) |
| Net carrying amount | 670.9 | 16.7 | 3.0 | 4.8 | 695.4 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (1.3) | (2.0) |
| (Increase)/decrease in allowance | (0.8) | 0.7 |
| At year end | (2.1) | (1.3) |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairment | ||
| At year beginning | (23.0) | (4.4) |
| Increase in allowance | (0.4) | (20.1) |
| Utilisation of allowance | 1.5 | 1.4 |
| Unused amounts released during the year | \u2013 | 0.1 |
| Exchange differences | 0.3 | \u2013 |
| At year end | (21.6) | (23.0) |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 40.8 | 44.6 |
| Allowance for incurred credit impairments | (1.6) | (3.7) |
| Net carrying amount | 39.2 | 40.9 |
Current | More than 30 | More than 60 | More than 90 | Total | |
| (in $ millions) | days past due | days past due | days past due | ||
| Gross carrying amount | 36.2 | \u2013 | \u2013 | 4.6 | 40.8 |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
| Net carrying amount | 36.2 | \u2013 | \u2013 | 3.0 | 39.2 |
| 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 |
| Allowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
| Net carrying amount | 33.0 | \u2013 | 0.2 | 7.7 | 40.9 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairments | ||
| At year beginning | (3.7) | (3.7) |
| Utilisation of allowance | 0.1 | \u2013 |
| Reclassification following derecognition of investment in joint venture | 1.8 | \u2013 |
| Exchange differences | 0.2 | \u2013 |
| At year end | (1.6) | (3.7) |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| At | percentage | percentage |
| National energy companies | 29% | 30% |
| International energy companies | 13% | 29% |
| Independent energy companies | 58% | 41% |
| Total | 100% | 100% |
| 31 Dec | |
| At (in $ millions) | 2024 |
| Customer A | 98.9 |
| Customer B | 46.6 |
| Customer C | 28.9 |
| Customer D | 25.9 |
| Customer E | 24.2 |
| 31 Dec | |
| At (in $ millions) | 2023 |
| Customer A | 121.6 |
| Customer B | 73.4 |
| Customer C | 67.4 |
| Customer D | 45.6 |
| Customer E | 44.9 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
Borrowings (a) | 8.0 | 34.7 | 143.6 | 654.6 | 840.9 |
| Trade payables | 309.3 | 42.8 | 23.7 | 3.1 | 378.9 |
| Amounts due to associates and joint ventures | 12.4 | \u2013 | \u2013 | \u2013 | 12.4 |
| Lease liabilities | 21.9 | 40.0 | 188.5 | 253.4 | 503.8 |
| Total | 351.6 | 117.5 | 355.8 | 911.1 | 1,736.0 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
Borrowings (a) | 8.5 | 41.5 | 127.8 | 840.5 | 1,018.3 |
| Trade payables | 271.9 | 58.7 | 17.4 | \u2013 | 348.0 |
| Amounts 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 | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
| Net settled: | |||||
| Embedded derivatives | \u2013 | 3.3 | 22.8 | 12.0 | 38.1 |
| Commodity hedging | 0.3 | 0.4 | 1.3 | 1.4 | 3.4 |
| Gross settled: | |||||
| Foreign exchange forward contract payments | 489.2 | \u2013 | \u2013 | \u2013 | 489.2 |
| Foreign exchange forward contract receipts | (483.1) | \u2013 | \u2013 | \u2013 | (483.1) |
| Total | 6.4 | 3.7 | 24.1 | 13.4 | 47.6 |
| Less than | 3 months | ||||
| (in $ millions) | 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 |
Liabilities | Dividends | Equity | Other | Total | |||
| Lease | payable to | Treasury | Other | ||||
(in $ millions) | Borrowings | liabilities | shareholders | shares | equity | ||
| Balance at 1 January 2024 | 844.9 | 458.3 | \u2013 | (31.1) | (17.7) | (11.6) | 1,242.8 |
| Financing cash flows | |||||||
| Interest paid | (58.4) | (33.6) | \u2013 | \u2013 | (17.2) | (109.2) | |
| Net repayment of borrowings | (124.8) | \u2013 | \u2013 | \u2013 | \u2013 | (124.8) | |
| Payments related to lease liabilities | \u2013 | (189.6) | \u2013 | \u2013 | \u2013 | (189.6) | |
| Cost of share repurchases | \u2013 | \u2013 | \u2013 | (87.3) | \u2013 | \u2013 | (87.3) |
Dividends paid to shareholders of the parent company | \u2013 | \u2013 | (162.9) | \u2013 | \u2013 | \u2013 | (162.9) |
Amounts paid in relation to non- wholly owned subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | (6.4) | \u2013 | (6.4) |
| Total financing cash flows | (183.2) | (223.2) | (162.9) | (87.3) | (6.4) | (17.2) | (680.2) |
| Non-cash changes | |||||||
| Dividends declared | \u2013 | \u2013 | 163.1 | \u2013 | \u2013 | \u2013 | 163.1 |
| Non-cash movements in lease | |||||||
| liabilities | \u2013 | 195.3 | \u2013 | \u2013 | \u2013 | \u2013 | 195.3 |
| Non-cash movements in treasury | |||||||
| shares | \u2013 | \u2013 | \u2013 | 49.3 | (49.3) | \u2013 | \u2013 |
| Interest and fees | 60.3 | 34.7 | \u2013 | \u2013 | \u2013 | 6.2 | 101.2 |
| Exchange differences | \u2013 | (10.2) | (0.2) | \u2013 | \u2013 | \u2013 | (10.4) |
| Total non-cash changes | 60.3 | 219.8 | 162.9 | 49.3 | (49.3) | 6.2 | 449.2 |
| Balance at 31 December 2024 | 722.0 | 454.9 | \u2013 | (69.1) | (73.4) | (22.6) | 1,011.8 |
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 | 189.5 | \u2013 | (7.5) | \u2013 | (2.7) | \u2013 |
| Danish Krone | 1.3 | \u2013 | (1.2) | \u2013 | \u2013 | \u2013 |
| Euro | 204.2 | \u2013 | \u2013 | \u2013 | (2.3) | \u2013 |
| Norwegian Krone | 21.8 | \u2013 | (12.2) | \u2013 | 0.1 | \u2013 |
| Singapore Dollar | 29.4 | \u2013 | (3.7) | \u2013 | (0.2) | \u2013 |
| Australian Dollar | 36.8 | \u2013 | (4.7) | \u2013 | (0.6) | \u2013 |
| Total | 483.0 | \u2013 | (29.3) | \u2013 | (5.7) | \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 | 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 | |
| Australian Dollar | 32.3 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
| Total | 255.9 | \u2013 | (305.2) | \u2013 | (0.4) | \u2013 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| At year beginning | (0.8) | 3.8 |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
| Cash flow on commodity hedges | (0.8) | (6.4) |
| Amounts reclassified to the Consolidated Income Statement | (2.0) | 1.8 |
| Exchange differences | 0.3 | \u2013 |
| At year end | (3.3) | (0.8) |
Category | Description | Response |
| Performing | The counterparty has a low risk of default. No balances | An allowance for lifetime ECLs is recognised where |
| are aged greater than 30 days past due. | the impact is determined to be material. | |
Monitored | The counterparty has a low risk of default. Balances | The allowance for lifetime ECLs is increased where |
| aged greater than 30 days past due have arisen due | the impact is determined to be material. | |
| to ongoing commercial discussions associated with | ||
| the close-out of contractual requirements and are | ||
| not considered to be indicative of an increased risk | ||
| of default. | ||
In default | Balances are greater than 90 days past due with the | The asset is considered to be credit impaired and an |
| ageing not being as a result of ongoing commercial | allowance for the estimated incurred loss is | |
| discussions associated with the close-out of contractual | recognised where material. | |
| commitments, 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 | The gross receivable and associated allowance are |
| financial difficulty and the Group has no realistic | both derecognised. | |
| prospect of recovery of balances due. |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Performing | 467.1 | 672.2 |
| Monitored | 33.9 | 24.5 |
| In default | 21.6 | 23.0 |
| Gross carrying amount | 522.6 | 719.7 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 522.6 | 719.7 |
| Allowance for expected credit losses | (2.1) | (1.3) |
| Allowance for incurred credit impairments | (21.6) | (23.0) |
| Net carrying amount | 498.9 | 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 | 467.3 | 20.4 | 1.7 | 33.2 | 522.6 |
| Allowance for expected credit losses | (2.1) | \u2013 | \u2013 | \u2013 | (2.1) |
| Allowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (21.4) | (21.6) |
| Net carrying amount | 465.0 | 20.4 | 1.7 | 11.8 | 498.9 |
| 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 | 672.2 | 16.7 | 3.0 | 27.8 | 719.7 |
| Allowance for expected credit losses | (1.3) | \u2013 | \u2013 | \u2013 | (1.3) |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (23.0) | (23.0) |
| Net carrying amount | 670.9 | 16.7 | 3.0 | 4.8 | 695.4 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (1.3) | (2.0) |
| (Increase)/decrease in allowance | (0.8) | 0.7 |
| At year end | (2.1) | (1.3) |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairment | ||
| At year beginning | (23.0) | (4.4) |
| Increase in allowance | (0.4) | (20.1) |
| Utilisation of allowance | 1.5 | 1.4 |
| Unused amounts released during the year | \u2013 | 0.1 |
| Exchange differences | 0.3 | \u2013 |
| At year end | (21.6) | (23.0) |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 40.8 | 44.6 |
| Allowance for incurred credit impairments | (1.6) | (3.7) |
| Net carrying amount | 39.2 | 40.9 |
Current | More than 30 | More than 60 | More than 90 | Total | |
| (in $ millions) | days past due | days past due | days past due | ||
| Gross carrying amount | 36.2 | \u2013 | \u2013 | 4.6 | 40.8 |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
| Net carrying amount | 36.2 | \u2013 | \u2013 | 3.0 | 39.2 |
| 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 |
| Allowance for incurred credit impairments | (0.2) | \u2013 | \u2013 | (3.5) | (3.7) |
| Net carrying amount | 33.0 | \u2013 | 0.2 | 7.7 | 40.9 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairments | ||
| At year beginning | (3.7) | (3.7) |
| Utilisation of allowance | 0.1 | \u2013 |
| Reclassification following derecognition of investment in joint venture | 1.8 | \u2013 |
| Exchange differences | 0.2 | \u2013 |
| At year end | (1.6) | (3.7) |
| 2024 | 2023 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| At | percentage | percentage |
| National energy companies | 29% | 30% |
| International energy companies | 13% | 29% |
| Independent energy companies | 58% | 41% |
| Total | 100% | 100% |
| 31 Dec | |
| At (in $ millions) | 2024 |
| Customer A | 98.9 |
| Customer B | 46.6 |
| Customer C | 28.9 |
| Customer D | 25.9 |
| Customer E | 24.2 |
| 31 Dec | |
| At (in $ millions) | 2023 |
| Customer A | 121.6 |
| Customer B | 73.4 |
| Customer C | 67.4 |
| Customer D | 45.6 |
| Customer E | 44.9 |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (1.3) | (2.0) |
| (Increase)/decrease in allowance | (0.8) | 0.7 |
| At year end | (2.1) | (1.3) |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
Borrowings (a) | 8.0 | 34.7 | 143.6 | 654.6 | 840.9 |
| Trade payables | 309.3 | 42.8 | 23.7 | 3.1 | 378.9 |
| Amounts due to associates and joint ventures | 12.4 | \u2013 | \u2013 | \u2013 | 12.4 |
| Lease liabilities | 21.9 | 40.0 | 188.5 | 253.4 | 503.8 |
| Total | 351.6 | 117.5 | 355.8 | 911.1 | 1,736.0 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
Borrowings (a) | 8.5 | 41.5 | 127.8 | 840.5 | 1,018.3 |
| Trade payables | 271.9 | 58.7 | 17.4 | \u2013 | 348.0 |
| Amounts 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 | ||||
| (in $ millions) | 1 month | 1-3 months | to 1 year | 1-5 years | Total |
| Net settled: | |||||
| Embedded derivatives | \u2013 | 3.3 | 22.8 | 12.0 | 38.1 |
| Commodity hedging | 0.3 | 0.4 | 1.3 | 1.4 | 3.4 |
| Gross settled: | |||||
| Foreign exchange forward contract payments | 489.2 | \u2013 | \u2013 | \u2013 | 489.2 |
| Foreign exchange forward contract receipts | (483.1) | \u2013 | \u2013 | \u2013 | (483.1) |
| Total | 6.4 | 3.7 | 24.1 | 13.4 | 47.6 |
| Less than | 3 months | ||||
| (in $ millions) | 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 |
Liabilities | Dividends | Equity | Other | Total | |||
| Lease | payable to | Treasury | Other | ||||
(in $ millions) | Borrowings | liabilities | shareholders | shares | equity | ||
| Balance at 1 January 2024 | 844.9 | 458.3 | \u2013 | (31.1) | (17.7) | (11.6) | 1,242.8 |
| Financing cash flows | |||||||
| Interest paid | (58.4) | (33.6) | \u2013 | \u2013 | (17.2) | (109.2) | |
| Net repayment of borrowings | (124.8) | \u2013 | \u2013 | \u2013 | \u2013 | (124.8) | |
| Payments related to lease liabilities | \u2013 | (189.6) | \u2013 | \u2013 | \u2013 | (189.6) | |
| Cost of share repurchases | \u2013 | \u2013 | \u2013 | (87.3) | \u2013 | \u2013 | (87.3) |
Dividends paid to shareholders of the parent company | \u2013 | \u2013 | (162.9) | \u2013 | \u2013 | \u2013 | (162.9) |
Amounts paid in relation to non- wholly owned subsidiaries | \u2013 | \u2013 | \u2013 | \u2013 | (6.4) | \u2013 | (6.4) |
| Total financing cash flows | (183.2) | (223.2) | (162.9) | (87.3) | (6.4) | (17.2) | (680.2) |
| Non-cash changes | |||||||
| Dividends declared | \u2013 | \u2013 | 163.1 | \u2013 | \u2013 | \u2013 | 163.1 |
| Non-cash movements in lease | |||||||
| liabilities | \u2013 | 195.3 | \u2013 | \u2013 | \u2013 | \u2013 | 195.3 |
| Non-cash movements in treasury | |||||||
| shares | \u2013 | \u2013 | \u2013 | 49.3 | (49.3) | \u2013 | \u2013 |
| Interest and fees | 60.3 | 34.7 | \u2013 | \u2013 | \u2013 | 6.2 | 101.2 |
| Exchange differences | \u2013 | (10.2) | (0.2) | \u2013 | \u2013 | \u2013 | (10.4) |
| Total non-cash changes | 60.3 | 219.8 | 162.9 | 49.3 | (49.3) | 6.2 | 449.2 |
| Balance at 31 December 2024 | 722.0 | 454.9 | \u2013 | (69.1) | (73.4) | (22.6) | 1,011.8 |
| 2024 | 2024 | 2024 | 2023 | 2023 | 2023 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| At (in $ millions) | 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 | 0.4 | \u2013 | \u2013 | 0.8 | \u2013 |
| Financial assets at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | 136.6 | \u2013 | \u2013 | 58.5 | \u2013 |
Financial assets at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | \u2013 | \u2013 | \u2013 | 1.6 | \u2013 |
| Financial liabilities: | ||||||
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| derivative instruments | \u2013 | (6.1) | \u2013 | \u2013 | (1.2) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | (36.5) | \u2013 | \u2013 | (64.2) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| commodity derivatives | \u2013 | (0.4) | \u2013 | \u2013 | (0.1) | \u2013 |
Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | (3.0) | \u2013 | \u2013 | (2.4) | \u2013 |
Contingent consideration (a) | \u2013 | \u2013 | (0.5) | \u2013 | \u2013 | (1.2) |
| Balance at | Balance at | |||
| 1 January | Unused amounts | 31 December | ||
| (in $ millions) | 2024 | Utilisation | released | 2024 |
| Contingent consideration | 1.2 | (0.5) | (0.2) | 0.5 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec (a) | 31 Dec (a) |
Salaries and other short-term employee benefits (b) | 8.1 | 6.3 |
Share-based payments (c) | 1.1 | 0.7 |
Post-employment benefits (d) | 0.2 | 0.2 |
| Total | 9.4 | 7.2 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Net non-current receivables due from associates and joint ventures (Note 17) | 31.2 | 34.9 |
| Net trade receivables due from associates and joint ventures (Note 19) | 8.0 | 6.0 |
| Trade payables due to associates and joint ventures (Note 29) | (12.4) | (7.4) |
| Net receivables due from associates and joint ventures | 26.8 | 33.5 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec (a) | 31 Dec (a) |
Salaries and other short-term employee benefits (b) | 8.1 | 6.3 |
Share-based payments (c) | 1.1 | 0.7 |
Post-employment benefits (d) | 0.2 | 0.2 |
| Total | 9.4 | 7.2 |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Net non-current receivables due from associates and joint ventures (Note 17) | 31.2 | 34.9 |
| Net trade receivables due from associates and joint ventures (Note 19) | 8.0 | 6.0 |
| Trade payables due to associates and joint ventures (Note 29) | (12.4) | (7.4) |
| Net receivables due from associates and joint ventures | 26.8 | 33.5 |
| 2024 | 2023 | |
| For the year ended (in $ millions) | 31 Dec (a) | 31 Dec (a) |
Salaries and other short-term employee benefits (b) | 8.1 | 6.3 |
Share-based payments (c) | 1.1 | 0.7 |
Post-employment benefits (d) | 0.2 | 0.2 |
| Total | 9.4 | 7.2 |
| 2024 | 2023 | ||
| For the year ended (in $ millions) | 31 Dec | 31 Dec | |
| Expense arising from equity-settled share-based payment transactions: | |||
2018 | Long Term Incentive Plan | 1.4 | 2.4 |
2022 | Long Term Incentive Plan | 4.8 | 2.5 |
| Total | 6.2 | 4.9 |
| 2024 | 2023 | |
| For the year ended | 31 Dec | 31 Dec |
| Weighted average share price at grant date (in $) | 16.35 | 13.62 |
| TSR performance \u2013 Weighted average fair value at grant date (in $) | 9.79 | 7.49 |
| ROAIC performance \u2013 Weighted average fair value at grant date (in $) | 14.25 | 12.25 |
| CCR performance \u2013 Weighted average fair value at grant date (in $) | 14.25 | 12.25 |
| Expected volatility | 42% | 44% |
| Risk free rate | 3.17% | 4.00% |
| Dividend yield | 3.50% | 2.70% |
| (in %) | |
| Discount rate | 3.4 |
| (in %) | |
| Discount rate | 3.3 |
(in $ millions) | Discount rate | |
Sensitivity level | 0.25% increase | 0.25% decrease |
| Impact on the net defined benefit obligation | 0.3 | (0.3) |
| 2024 | 2023 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Defined benefit obligation | ||
| At year beginning | (8.4) | (7.3) |
| Amounts (charged)/credited to the Consolidated Income Statement: | ||
| Service costs | (0.8) | (0.7) |
| Past service credit | \u2013 | 0.9 |
| Interest costs | (0.3) | (0.3) |
| Sub-total | (1.1) | (0.1) |
| Remeasurement gains/(losses) recognised in Other Comprehensive Income: | ||
| Actuarial changes arising from changes in demographic assumptions | 0.6 | \u2013 |
| Actuarial changes arising from changes in financial assumptions | 0.2 | (0.5 ) |
| Experience adjustments | 0.1 | (0.1 ) |
| Sub-total | 0.9 | (0.6) |
| Benefits paid | \u2013 | \u2013 |
| Exchange differences | 0.5 | (0.4 ) |
| At year end | (8.1) | (8.4) |
| (in %) | |
| Discount rate | 3.4 |
| (in %) | |
| Discount rate | 3.3 |
(in $ millions) | Discount rate | |
Sensitivity level | 0.25% increase | 0.25% decrease |
| Impact on the net defined benefit obligation | 0.3 | (0.3) |
| 2024 | 2023 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Advances received from clients | 27.1 | 3.9 |
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 |
Acergy B.V. | Netherlands | Holding |
Acergy France S.A.S. | France | General Trading |
Acergy Holdings (Gibraltar) Limited (a) | Gibraltar | Special Purpose |
Aquarius Solutions Inc. | Canada | General Trading |
Astori Sp. z.o.o | Poland | General Trading |
Evolv Energies Limited (formerly Aurora Environmental Limited) | United Kingdom | General Trading |
Marinza S.A. (formerly ENMAR S.A.) | Mozambique | General Trading |
Nigerstar 7 FZE | Nigeria | General Trading |
Nigerstar 7 Limited | Nigeria | General Trading |
Ocean Geo Solutions, Inc. | US | General Trading |
Pelagic Nigeria Limited | Nigeria | Holding |
Pioneer Lining Technology Limited | United Kingdom | General Trading |
PT. Subsea 7 Manufaktur Indonesia | Indonesia | General Trading |
Seaway 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 Germany GmbH (formerly Seaway Offshore Cables GmbH) | Germany | 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 (formerly VOI Option 1-4 AS) | Norway | Vessel Owning |
Seaway 7 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 US Inc. (formerly SHL Contracting US Inc.) | US | General Trading |
Seaway 7 Vessels B.V. | Netherlands | Vessel Owning |
Seaway Aimery AS | Norway | Vessel Owning |
Seaway Albatross AS | Norway | Vessel Owning |
Seaway Alfa Lift AS (formerly OHT Alfa Lift AS) | Norway | Vessel Owning |
Seaway Eagle AS | Norway | Vessel Owning |
Seaway Falcon AS | Norway | Vessel Owning |
Seaway Hawk AS | Norway | Vessel 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 | Vessel Owning |
Seaway Moxie AS | Norway | Vessel Owning |
Seaway Offshore Cables Limited | United Kingdom | General Trading |
Seaway Osprey AS | Norway | Vessel Owning |
Seaway Phoenix AS | Norway | Vessel Owning |
Seaway Swan AS | Norway | Special Purpose |
Seaway Ventus 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 Stanislav Yudin Limited | Cyprus | Vessel 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 (Trinidad & Tobago) Limited | Trinidad & Tobago | Dormant |
Subsea 7 (UK Service Company) Limited (a) | United Kingdom | Corporate Service |
Subsea 7 (US) LLC | US | General Trading |
Subsea 7 Angola S.A.S. | France | Special Purpose |
Subsea 7 Asia Pacific Sdn Bhd | Malaysia | Special Purpose |
Subsea 7 Australia Contracting Pty Ltd | Australia | General Trading |
Subsea 7 Blue Space Limited | United Kingdom | General Trading |
Subsea 7 Blue Space Investments S.A.S. | France | General Trading |
Subsea 7 Canada Inc. | Canada | General Trading |
Subsea 7 Chartering (UK) Limited | United Kingdom | 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 France S.A.S. | France | General Trading |
Subsea 7 Engineering Limited | United Kingdom | General Trading |
Subsea 7 Finance (UK) PLC | United Kingdom | Special Purpose |
Subsea 7 Holding Inc. | Cayman Islands | Holding |
Subsea 7 Holding Norway AS | Norway | Holding |
Subsea 7 Holdings (UK) Limited | United Kingdom | Holding |
Subsea 7 Holdings (US) Inc. | US | Holding |
Subsea 7 International Contracting Limited | United Kingdom | General Trading |
Subsea 7 International Holdings (UK) Limited (a) | United Kingdom | Holding |
Subsea 7 i-Tech 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 (b) | 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 | Vessel Owning |
Subsea 7 Nigeria Limited | Nigeria | General Trading |
Subsea 7 NL B.V. | Netherlands | General Trading |
Subsea 7 Norway AS | Norway | General Trading |
Subsea 7 Offshore Resources (UK) Limited | United Kingdom | Vessel 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 Services (Singapore) Pte Limited | Singapore | General Trading |
Subsea 7 Servicos Offshore S.A. | Brazil | Holding |
Subsea 7 Shipping Limited (b) | Isle of Man | Vessel Owning |
Name | Registered in | Nature of business |
Subsea 7 Singapore Contracting Pte Limited | Singapore | General Trading |
Subsea 7 Treasury (UK) Limited | United Kingdom | Special Purpose |
Subsea 7 Vessel Owner AS | Norway | Vessel Owning |
Subsea 7 West Africa Contracting Limited | United Kingdom | General Trading |
Subsea Seven Doha Oil & Gas Services and Trading LLC | Qatar | General Trading |
Swagelining Limited | United Kingdom | General Trading |
Tartaruga Insurance Limited | Isle of Man | Special Purpose |
Thames International Enterprise Limited | United Kingdom | Special Purpose |
VOI Vessel 2 AS | Norway | Special Purpose |
Xodus Academy Limited | United Kingdom | General Trading |
Xodus DMCC | United Arab Emirates General Trading | |
Xodus Greenfuel Development Company Pty Ltd | Australia | Special Purpose |
Xodus Green Light Pty Limited | Australia | General Trading |
Xodus Group A/S | Norway | Dormant |
Xodus Group B.V. | Netherlands | General Trading |
Xodus Group Consultants Sdn. Bhd | Malaysia | General Trading |
Xodus Group Doha LLC | Qatar | General Trading |
Xodus Group (Holdings) Limited | United Kingdom | Holding |
Xodus Group Inc | US | General Trading |
Xodus Group Japan | Japan | General Trading |
Xodus Group Limited | United Kingdom | General Trading |
Xodus Group Pty Limited | Australia | General Trading |
ZNM Nigeria Limited | Nigeria | Dormant |