| Subsea and | ||||
| (in $ millions) | Conventional | Renewables | Corporate | Total |
| Selected financial information: | ||||
Revenue (a)/(b)/(c) | ||||
| Fixed-price contracts | 4,974.0 | 1,214.1 | 18.8 | 6,206.9 |
| Day-rate contracts | 785.6 | \u2013 | 93.8 | 879.4 |
5,759.6 | 1,214.1 | 112.6 | 7,086.3 | |
| Operating expenses | (4,868.8) | (1,096.6) | (46.0) | (6,011.4) |
| Share of net income of associates and joint ventures | 38.0 | \u2013 | \u2013 | 38.0 |
| Depreciation, mobilisation and amortisation charges | (540.1) | (119.6) | (19.5) | (679.2) |
| Impairment of goodwill | \u2013 | \u2013 | (17.6) | (17.6) |
Impairment of property, plant and equipment, intangible assets and right- of-use assets | (5.0) | (6.5) | (2.1) | (13.6) |
| Impairment of interests in associates and joint ventures | \u2013 | \u2013 | (1.7) | (1.7) |
| Net gain/(loss) on disposal of property, plant and equipment and maturity | ||||
| of lease liabilities | 2.6 | (0.2) | \u2013 | 2.4 |
| Reconciliation of net operating income/(loss) to income before taxes: | ||||
| Net operating income/(loss) | 762.0 | 75.3 | (66.6) | 770.7 |
| Finance income | 22.8 | |||
| Other gains and losses | (84.4) | |||
| Finance costs | (87.3) | |||
| Income before taxes | 621.8 | |||
A djusted EBITDA (d) | 1,304.5 | 201.6 | (25.7) | 1,480.4 |
A djusted EBITDA margin (d) | 22.6% | 16.6% | (22.8%) | 20.9% |
| 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 | |||
A djusted EBITDA (d) | 897.3 | 185.0 | 7.8 | 1,090.1 |
A djusted EBITDA margin (d) | 16.3% | 15.0% | 7.5% | 15.9% |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Norway | 1,664.6 | 1,591.0 |
| United Kingdom | 1,580.6 | 1,238.9 |
| Brazil | 1,539.7 | 1,366.6 |
| US | 672.7 | 514.8 |
| Netherlands | 366.2 | 158.7 |
| Australia | 317.1 | 473.7 |
| T\u00fcrkiye | 277.4 | 142.8 |
| Germany | 142.5 | 263.1 |
| Saudi Arabia | 130.2 | 219.0 |
| Angola | 122.6 | 198.0 |
| Singapore | 52.8 | 133.8 |
| Egypt | 48.8 | 41.4 |
| Trinidad & Tobago | 38.7 | 42.7 |
| Mexico | 36.7 | 6.7 |
| Taiwan | 34.0 | 289.1 |
| Other countries | 61.7 | 156.7 |
7,086.3 | 6,837.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| United Kingdom | 2,364.9 | 2,480.8 |
| Norway | 868.3 | 987.1 |
| Isle of Man | 641.1 | 581.4 |
| Netherlands | 416.6 | 400.8 |
| US | 122.3 | 170.1 |
| Brazil | 45.8 | 41.8 |
| France | 33.1 | 5.2 |
| Angola | 21.8 | 22.5 |
| Other countries | 37.7 | 126.2 |
4,551.6 | 4,815.9 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Norway | 1,664.6 | 1,591.0 |
| United Kingdom | 1,580.6 | 1,238.9 |
| Brazil | 1,539.7 | 1,366.6 |
| US | 672.7 | 514.8 |
| Netherlands | 366.2 | 158.7 |
| Australia | 317.1 | 473.7 |
| T\u00fcrkiye | 277.4 | 142.8 |
| Germany | 142.5 | 263.1 |
| Saudi Arabia | 130.2 | 219.0 |
| Angola | 122.6 | 198.0 |
| Singapore | 52.8 | 133.8 |
| Egypt | 48.8 | 41.4 |
| Trinidad & Tobago | 38.7 | 42.7 |
| Mexico | 36.7 | 6.7 |
| Taiwan | 34.0 | 289.1 |
| Other countries | 61.7 | 156.7 |
7,086.3 | 6,837.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| United Kingdom | 2,364.9 | 2,480.8 |
| Norway | 868.3 | 987.1 |
| Isle of Man | 641.1 | 581.4 |
| Netherlands | 416.6 | 400.8 |
| US | 122.3 | 170.1 |
| Brazil | 45.8 | 41.8 |
| France | 33.1 | 5.2 |
| Angola | 21.8 | 22.5 |
| Other countries | 37.7 | 126.2 |
4,551.6 | 4,815.9 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,630.9 | 1,603.3 |
| Lease expense for short-term leased assets | 804.5 | 791.5 |
| Lease expense for low-value leased assets | 0.4 | 1.2 |
| Variable lease amounts not included within lease liabilities | 4.1 | (0.3) |
| Depreciation of property, plant and equipment (Note 14) | 391.7 | 374.9 |
| Amortisation of right-of-use assets (Note 15) | 259.9 | 216.6 |
| Amortisation of intangible assets (Note 13) | 15.2 | 14.3 |
| Amortisation of mobilisation costs | 12.4 | 16.7 |
| Impairment of goodwill (Note 12) | 17.6 | 6.2 |
| Impairment of property, plant and equipment (Note 14) | 10.1 | 14.2 |
| Impairment of intangible assets (Note 13) | 2.1 | 1.6 |
| Impairment of right-of-use assets (Note 15) | 1.4 | \u2013 |
| Net (gain)/loss on disposal of property, plant and equipment and maturity of lease liabilities | (2.4) | 0.1 |
| Research and development costs | 12.8 | 13.5 |
| Auditor\u2019s remuneration | 4.9 | 4.3 |
| Net credit impairment (reversal)/charge for financial assets (Note 33) | (0.3) | 0.4 |
| Net (decrease)/increase in allowances for expected credit losses for financial assets | (1.5) | 1.2 |
| Net increase/(decrease) in allowances for expected credit losses for construction contract assets (Note 22) | \u2013 | (0.4) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 4.3 | 3.9 |
| Other assurance fees | 0.3 | 0.3 |
| Non-audit fees | 0.2 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.9 | 4.3 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,630.9 | 1,603.3 |
| Lease expense for short-term leased assets | 804.5 | 791.5 |
| Lease expense for low-value leased assets | 0.4 | 1.2 |
| Variable lease amounts not included within lease liabilities | 4.1 | (0.3) |
| Depreciation of property, plant and equipment (Note 14) | 391.7 | 374.9 |
| Amortisation of right-of-use assets (Note 15) | 259.9 | 216.6 |
| Amortisation of intangible assets (Note 13) | 15.2 | 14.3 |
| Amortisation of mobilisation costs | 12.4 | 16.7 |
| Impairment of goodwill (Note 12) | 17.6 | 6.2 |
| Impairment of property, plant and equipment (Note 14) | 10.1 | 14.2 |
| Impairment of intangible assets (Note 13) | 2.1 | 1.6 |
| Impairment of right-of-use assets (Note 15) | 1.4 | \u2013 |
| Net (gain)/loss on disposal of property, plant and equipment and maturity of lease liabilities | (2.4) | 0.1 |
| Research and development costs | 12.8 | 13.5 |
| Auditor\u2019s remuneration | 4.9 | 4.3 |
| Net credit impairment (reversal)/charge for financial assets (Note 33) | (0.3) | 0.4 |
| Net (decrease)/increase in allowances for expected credit losses for financial assets | (1.5) | 1.2 |
| Net increase/(decrease) in allowances for expected credit losses for construction contract assets (Note 22) | \u2013 | (0.4) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 4.3 | 3.9 |
| Other assurance fees | 0.3 | 0.3 |
| Non-audit fees | 0.2 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.9 | 4.3 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,630.9 | 1,603.3 |
| Lease expense for short-term leased assets | 804.5 | 791.5 |
| Lease expense for low-value leased assets | 0.4 | 1.2 |
| Variable lease amounts not included within lease liabilities | 4.1 | (0.3) |
| Depreciation of property, plant and equipment (Note 14) | 391.7 | 374.9 |
| Amortisation of right-of-use assets (Note 15) | 259.9 | 216.6 |
| Amortisation of intangible assets (Note 13) | 15.2 | 14.3 |
| Amortisation of mobilisation costs | 12.4 | 16.7 |
| Impairment of goodwill (Note 12) | 17.6 | 6.2 |
| Impairment of property, plant and equipment (Note 14) | 10.1 | 14.2 |
| Impairment of intangible assets (Note 13) | 2.1 | 1.6 |
| Impairment of right-of-use assets (Note 15) | 1.4 | \u2013 |
| Net (gain)/loss on disposal of property, plant and equipment and maturity of lease liabilities | (2.4) | 0.1 |
| Research and development costs | 12.8 | 13.5 |
| Auditor\u2019s remuneration | 4.9 | 4.3 |
| Net credit impairment (reversal)/charge for financial assets (Note 33) | (0.3) | 0.4 |
| Net (decrease)/increase in allowances for expected credit losses for financial assets | (1.5) | 1.2 |
| Net increase/(decrease) in allowances for expected credit losses for construction contract assets (Note 22) | \u2013 | (0.4) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 4.3 | 3.9 |
| Other assurance fees | 0.3 | 0.3 |
| Non-audit fees | 0.2 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.9 | 4.3 |
31 Dec 2025 | 31 Dec 2024 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,626.3 | \u2013 | 2,626.3 | 2,793.0 | \u2013 | 2,793.0 |
| Employee benefits | 1,430.5 | 2 00.4 | 1,630.9 | 1,418.4 | 184 .9 | 1,60 3.3 |
Lea se expense for short-term leased assets | 803. 3 | 1.2 | 804. 5 | 790 .4 | 1.1 | 791.5 |
| Lease expense for low-value leased assets | 0.3 | 0.1 | 0.4 | 1.1 | 0 . 1 | 1.2 |
| Variable lease amounts not included within | ||||||
| lease liabilities | 4.1 | \u2013 | 4.1 | (0.3) | \u2013 | (0.3 ) |
| Depreciation, amortisation and mobilisation | 638.0 | 41 .2 | 679.2 | 585.0 | 3 7.5 | 622.5 |
| Impairment of goodwill | 17.6 | \u2013 | 17.6 | 6. 2 | \u2013 | 6. 2 |
I mpairment of property, plant and equipment | 10.1 | \u2013 | 10.1 | 14 .2 | \u2013 | 14 .2 |
I mpairment of intangible assets | 2.1 | \u2013 | 2.1 | 1.6 | \u2013 | 1.6 |
| Impairment of right-of-use assets | 0.9 | 0.5 | 1.4 | |||
| Net (gain)/loss on disposal of property, plant | ||||||
| and equipment and maturity of lease liabilities | (2.4) | \u2013 | (2.4) | 0.1 | \u2013 | 0.1 |
Net credit impairment (reversal)/charge for financial assets | (0.5) | 0 .2 | (0.3) | 0.4 | \u2013 | 0.4 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | (1.5) | \u2013 | (1.5) | 1.2 | \u2013 | 1.2 |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | \u2013 | \u2013 | \u2013 | (0. 4) | \u2013 | (0.4 ) |
| Other expenses | 482.6 | 96.9 | 579.5 | 521.4 | 7 3.6 | 595.0 |
| Total | 6,011.4 | 3 40.5 | 6,351.9 | 6,132. 3 | 297. 2 | 6,429.5 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,630.9 | 1,603.3 |
| Lease expense for short-term leased assets | 804.5 | 791.5 |
| Lease expense for low-value leased assets | 0.4 | 1.2 |
| Variable lease amounts not included within lease liabilities | 4.1 | (0.3) |
| Depreciation of property, plant and equipment (Note 14) | 391.7 | 374.9 |
| Amortisation of right-of-use assets (Note 15) | 259.9 | 216.6 |
| Amortisation of intangible assets (Note 13) | 15.2 | 14.3 |
| Amortisation of mobilisation costs | 12.4 | 16.7 |
| Impairment of goodwill (Note 12) | 17.6 | 6.2 |
| Impairment of property, plant and equipment (Note 14) | 10.1 | 14.2 |
| Impairment of intangible assets (Note 13) | 2.1 | 1.6 |
| Impairment of right-of-use assets (Note 15) | 1.4 | \u2013 |
| Net (gain)/loss on disposal of property, plant and equipment and maturity of lease liabilities | (2.4) | 0.1 |
| Research and development costs | 12.8 | 13.5 |
| Auditor\u2019s remuneration | 4.9 | 4.3 |
| Net credit impairment (reversal)/charge for financial assets (Note 33) | (0.3) | 0.4 |
| Net (decrease)/increase in allowances for expected credit losses for financial assets | (1.5) | 1.2 |
| Net increase/(decrease) in allowances for expected credit losses for construction contract assets (Note 22) | \u2013 | (0.4) |
31 Dec 2025 | 31 Dec 2024 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,626.3 | \u2013 | 2,626.3 | 2,793.0 | \u2013 | 2,793.0 |
| Employee benefits | 1,430.5 | 2 00.4 | 1,630.9 | 1,418.4 | 184 .9 | 1,60 3.3 |
Lea se expense for short-term leased assets | 803. 3 | 1.2 | 804. 5 | 790 .4 | 1.1 | 791.5 |
| Lease expense for low-value leased assets | 0.3 | 0.1 | 0.4 | 1.1 | 0 . 1 | 1.2 |
| Variable lease amounts not included within | ||||||
| lease liabilities | 4.1 | \u2013 | 4.1 | (0.3) | \u2013 | (0.3 ) |
| Depreciation, amortisation and mobilisation | 638.0 | 41 .2 | 679.2 | 585.0 | 3 7.5 | 622.5 |
| Impairment of goodwill | 17.6 | \u2013 | 17.6 | 6. 2 | \u2013 | 6. 2 |
I mpairment of property, plant and equipment | 10.1 | \u2013 | 10.1 | 14 .2 | \u2013 | 14 .2 |
I mpairment of intangible assets | 2.1 | \u2013 | 2.1 | 1.6 | \u2013 | 1.6 |
| Impairment of right-of-use assets | 0.9 | 0.5 | 1.4 | |||
| Net (gain)/loss on disposal of property, plant | ||||||
| and equipment and maturity of lease liabilities | (2.4) | \u2013 | (2.4) | 0.1 | \u2013 | 0.1 |
Net credit impairment (reversal)/charge for financial assets | (0.5) | 0 .2 | (0.3) | 0.4 | \u2013 | 0.4 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | (1.5) | \u2013 | (1.5) | 1.2 | \u2013 | 1.2 |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | \u2013 | \u2013 | \u2013 | (0. 4) | \u2013 | (0.4 ) |
| Other expenses | 482.6 | 96.9 | 579.5 | 521.4 | 7 3.6 | 595.0 |
| Total | 6,011.4 | 3 40.5 | 6,351.9 | 6,132. 3 | 297. 2 | 6,429.5 |
| Other | |||
(in $ millions) | Software | intangibles | Total |
| Cost | |||
| At 1 January 2024 | 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 |
| Additions | 21.3 | 9.5 | 30.8 |
Reclassifications (a) | \u2013 | 4.1 | 4.1 |
| Exchange differences | 7.4 | 9.2 | 16.6 |
| At 31 December 2025 | 128.3 | 129.6 | 257.9 |
| Accumulated amortisation and impairment | |||
| At 1 January 2024 | 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 |
| Charge for the year | 5.5 | 9.7 | 15.2 |
| Impairments | 2.1 | \u2013 | 2.1 |
| Exchange differences | 2.8 | 7.3 | 10.1 |
| At 31 December 2025 | 44.2 | 102.0 | 146.2 |
| Carrying amount: | |||
| At 31 December 2024 | 65.8 | 21.8 | 87.6 |
| At 31 December 2025 | 84.1 | 27.6 | 111.7 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2024 | 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 |
| Additions | 81.0 | 157.9 | 10.7 | 15.3 | 264.9 |
| Acquisitions | \u2013 | \u2013 | \u2013 | 0.1 | 0.1 |
| Exchange differences | 40.0 | 36.9 | 22.9 | 7.8 | 107.6 |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (131.0) | \u2013 | \u2013 | \u2013 | (131.0) |
Reclassifications (a) | \u2013 | \u2013 | \u2013 | (4.1) | (4.1) |
| Disposals | (56.8) | (31.2) | (5.9) | (7.7) | (101.6) |
| At 31 December 2025 | 6,245.3 | 1,111.6 | 501.4 | 89.4 | 7,947.7 |
| Accumulated depreciation and impairment | |||||
| At 1 January 2024 | 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 |
| Charge for the year | 320.7 | 49.0 | 15.6 | 6.4 | 391.7 |
| Impairments | 3.0 | 7.1 | \u2013 | \u2013 | 10.1 |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (37.2) | \u2013 | \u2013 | \u2013 | (37.2) |
| Exchange differences | 26.6 | 28.6 | 11.7 | 4.6 | 71.5 |
| Eliminated on disposal | (56.8) | (31.2) | (5.4) | (6.2) | (99.6) |
| At 31 December 2025 | 2,966.6 | 829.2 | 329.6 | 62.1 | 4,187.5 |
| Carrying amount: | |||||
| At 31 December 2024 | 3,601.8 | 172.3 | 166.0 | 20.7 | 3,960.8 |
| At 31 December 2025 | 3,278.7 | 282.4 | 171.8 | 27.3 | 3,760.2 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2024 | 598.1 | 14 .8 | 14 9.1 | 2.2 | 764.2 |
Addi tions | 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 |
| Additions | 91.2 | 0.7 | 30.3 | 0.4 | 122.6 |
| Acquisitions | \u2013 | \u2013 | 1.3 | \u2013 | 1.3 |
| Exchange differences | 15.2 | 3.6 | (20.7) | 0.2 | (1.7) |
Rem easurements | 34.6 | 0 .6 | 9. 7 | \u2013 | 44.9 |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (39.4) | \u2013 | \u2013 | \u2013 | (39.4) |
| Disposals | (159.2) | (0.2) | (7.4) | (0.8) | (167.6) |
| At 31 December 2025 | 671.7 | 30.8 | 201.5 | 1.7 | 905.7 |
| Accumulated amortisation and impairment | |||||
| At 1 January 2024 | 258.9 | 12. 4 | 72.0 | 1.5 | 344.8 |
| Charge for the year | 184.5 | 4.7 | 26.7 | 0.7 | 216.6 |
Ex change 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 |
| Charge for the year | 225.4 | 5.1 | 29.1 | 0.3 | 259.9 |
| Impairments | \u2013 | \u2013 | 1.4 | \u2013 | 1.4 |
| Exchange differences | 11.9 | 2.1 | (29.8) | 0.3 | (15.5) |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (27.3) | \u2013 | \u2013 | \u2013 | (27.3) |
| Eliminated on disposal | (159.2) | (0.2) | (7.4) | (0.8) | (167.6) |
| At 31 December 2025 | 487.7 | 22.8 | 84.8 | 0.9 | 596.2 |
| Carrying amount: | |||||
| At 31 December 2024 | 292.4 | 10 .3 | 96. 8 | 0.8 | 400. 3 |
| At 31 December 2025 | 184.0 | 8.0 | 116.7 | 0.8 | 309.5 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Employee benefits | 1,630.9 | 1,603.3 |
| Lease expense for short-term leased assets | 804.5 | 791.5 |
| Lease expense for low-value leased assets | 0.4 | 1.2 |
| Variable lease amounts not included within lease liabilities | 4.1 | (0.3) |
| Depreciation of property, plant and equipment (Note 14) | 391.7 | 374.9 |
| Amortisation of right-of-use assets (Note 15) | 259.9 | 216.6 |
| Amortisation of intangible assets (Note 13) | 15.2 | 14.3 |
| Amortisation of mobilisation costs | 12.4 | 16.7 |
| Impairment of goodwill (Note 12) | 17.6 | 6.2 |
| Impairment of property, plant and equipment (Note 14) | 10.1 | 14.2 |
| Impairment of intangible assets (Note 13) | 2.1 | 1.6 |
| Impairment of right-of-use assets (Note 15) | 1.4 | \u2013 |
| Net (gain)/loss on disposal of property, plant and equipment and maturity of lease liabilities | (2.4) | 0.1 |
| Research and development costs | 12.8 | 13.5 |
| Auditor\u2019s remuneration | 4.9 | 4.3 |
| Net credit impairment (reversal)/charge for financial assets (Note 33) | (0.3) | 0.4 |
| Net (decrease)/increase in allowances for expected credit losses for financial assets | (1.5) | 1.2 |
| Net increase/(decrease) in allowances for expected credit losses for construction contract assets (Note 22) | \u2013 | (0.4) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 4.3 | 3.9 |
| Other assurance fees | 0.3 | 0.3 |
| Non-audit fees | 0.2 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.9 | 4.3 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Audit fees | 4.3 | 3.9 |
| Other assurance fees | 0.3 | 0.3 |
| Non-audit fees | 0.2 | \u2013 |
| Tax fees | 0.1 | 0.1 |
4.9 | 4.3 |
31 Dec 2025 | 31 Dec 2024 | |||||
| Operating | Administrative | Operating | Administrative | |||
| For the year ended (in $ millions) | expenses | expenses | Total expenses | expenses | expenses | Total expenses |
| Direct project-related costs, including | ||||||
| procurement | 2,626.3 | \u2013 | 2,626.3 | 2,793.0 | \u2013 | 2,793.0 |
| Employee benefits | 1,430.5 | 2 00.4 | 1,630.9 | 1,418.4 | 184 .9 | 1,60 3.3 |
Lea se expense for short-term leased assets | 803. 3 | 1.2 | 804. 5 | 790 .4 | 1.1 | 791.5 |
| Lease expense for low-value leased assets | 0.3 | 0.1 | 0.4 | 1.1 | 0 . 1 | 1.2 |
| Variable lease amounts not included within | ||||||
| lease liabilities | 4.1 | \u2013 | 4.1 | (0.3) | \u2013 | (0.3 ) |
| Depreciation, amortisation and mobilisation | 638.0 | 41 .2 | 679.2 | 585.0 | 3 7.5 | 622.5 |
| Impairment of goodwill | 17.6 | \u2013 | 17.6 | 6. 2 | \u2013 | 6. 2 |
I mpairment of property, plant and equipment | 10.1 | \u2013 | 10.1 | 14 .2 | \u2013 | 14 .2 |
I mpairment of intangible assets | 2.1 | \u2013 | 2.1 | 1.6 | \u2013 | 1.6 |
| Impairment of right-of-use assets | 0.9 | 0.5 | 1.4 | |||
| Net (gain)/loss on disposal of property, plant | ||||||
| and equipment and maturity of lease liabilities | (2.4) | \u2013 | (2.4) | 0.1 | \u2013 | 0.1 |
Net credit impairment (reversal)/charge for financial assets | (0.5) | 0 .2 | (0.3) | 0.4 | \u2013 | 0.4 |
Net increase/(decrease) in allowances for expected credit losses for financial assets | (1.5) | \u2013 | (1.5) | 1.2 | \u2013 | 1.2 |
| Net decrease in allowances for expected credit | ||||||
| losses for construction contract assets | \u2013 | \u2013 | \u2013 | (0. 4) | \u2013 | (0.4 ) |
| Other expenses | 482.6 | 96.9 | 579.5 | 521.4 | 7 3.6 | 595.0 |
| Total | 6,011.4 | 3 40.5 | 6,351.9 | 6,132. 3 | 297. 2 | 6,429.5 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
Fair value (losses)/gains on derivative financial instruments mandatorily measured at fair value through profit or loss | (0.8) | 0.4 |
| Net gains on business combinations post measurement periods | 0.7 | \u2013 |
| Remeasurement loss on business combination | \u2013 | (0.9) |
Net foreign currency exchange gains (a) | (84.3) | \u2013 |
| Total | (84.4) | (0.5) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 22.8 | 24.4 |
| Total finance income | 22.8 | 24.4 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 50.2 | 70.7 |
| Total borrowing costs | 50.2 | 70.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (4.9) | (6.6) |
45.3 | 64.1 | |
| Interest on lease liabilities | 26.8 | 34.7 |
| Transactional charges | 12.1 | 2.0 |
| Interest on tax liabilities | 3.1 | 0.4 |
| Total finance costs | 87.3 | 101.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 22.8 | 24.4 |
| Total finance income | 22.8 | 24.4 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 50.2 | 70.7 |
| Total borrowing costs | 50.2 | 70.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (4.9) | (6.6) |
45.3 | 64.1 | |
| Interest on lease liabilities | 26.8 | 34.7 |
| Transactional charges | 12.1 | 2.0 |
| Interest on tax liabilities | 3.1 | 0.4 |
| Total finance costs | 87.3 | 101.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 22.8 | 24.4 |
| Total finance income | 22.8 | 24.4 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 50.2 | 70.7 |
| Total borrowing costs | 50.2 | 70.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (4.9) | (6.6) |
45.3 | 64.1 | |
| Interest on lease liabilities | 26.8 | 34.7 |
| Transactional charges | 12.1 | 2.0 |
| Interest on tax liabilities | 3.1 | 0.4 |
| Total finance costs | 87.3 | 101.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 22.8 | 24.4 |
| Total finance income | 22.8 | 24.4 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 50.2 | 70.7 |
| Total borrowing costs | 50.2 | 70.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (4.9) | (6.6) |
45.3 | 64.1 | |
| Interest on lease liabilities | 26.8 | 34.7 |
| Transactional charges | 12.1 | 2.0 |
| Interest on tax liabilities | 3.1 | 0.4 |
| Total finance costs | 87.3 | 101.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 22.8 | 24.4 |
| Total finance income | 22.8 | 24.4 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 50.2 | 70.7 |
| Total borrowing costs | 50.2 | 70.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (4.9) | (6.6) |
45.3 | 64.1 | |
| Interest on lease liabilities | 26.8 | 34.7 |
| Transactional charges | 12.1 | 2.0 |
| Interest on tax liabilities | 3.1 | 0.4 |
| Total finance costs | 87.3 | 101.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest on financial assets measured at amortised cost | 22.8 | 24.4 |
| Total finance income | 22.8 | 24.4 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest and fees on financial liabilities measured at amortised cost | 50.2 | 70.7 |
| Total borrowing costs | 50.2 | 70.7 |
| Less: amounts capitalised and included in the cost of qualifying assets | (4.9) | (6.6) |
45.3 | 64.1 | |
| Interest on lease liabilities | 26.8 | 34.7 |
| Transactional charges | 12.1 | 2.0 |
| Interest on tax liabilities | 3.1 | 0.4 |
| Total finance costs | 87.3 | 101.2 |
| 2025 | 2024 | |
| 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 | 215.8 | 143.6 |
| Adjustments in respect of prior years | (4.3) | 7.5 |
| Total current tax | 211.5 | 151.1 |
| Deferred tax (credit)/charge for the year | (2.2) | 11.6 |
| Adjustments in respect of prior years | 8.3 | (11.1) |
| Total deferred tax charge | 6.1 | 0.5 |
| Total | 217.6 | 151.6 |
| 2025 | 2024 | |
| 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 | 2.0 | (2.2) |
| Income tax recognised directly in comprehensive income | 2.0 | (2.2) |
| Deferred tax on: | ||
| Remeasurement (loss)/gain on defined benefit pension scheme | (0.2) | 0.2 |
| Deferred tax recognised directly in comprehensive income | (0.2) | 0.2 |
| Total | 1.8 | (2.0) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Share-based payments | (1.0) | (0.6) |
| Total | (1.0) | (0.6) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Income before taxes | 621.8 | 368.2 |
| Tax at the blended tax rate of 23.87% (2024: 24.94%) | 148.4 | 91.8 |
| Effects of: | ||
| Different tax rates of subsidiaries operating in other jurisdictions | (8.4) | (11.0) |
| Non-qualifying depreciation | 1.3 | 1.0 |
| Net cost/(benefit) of tonnage tax regimes | 15.5 | (42.5) |
| Withholding taxes and unrelieved overseas taxes | 58.5 | 45.8 |
| Non-deductible legal and professional fees | 8.9 | \u2013 |
| Non-deductible expenses and non-taxable income | 9.7 | 8.0 |
| Tax effect of share of net income of associates and joint ventures | (8.3) | (8.6) |
| Movement in unprovided deferred tax | (22.3) | 59.8 |
| Revisions to uncertain tax treatments | 10.3 | 10.9 |
| Adjustments related to prior years | 4.0 | (3.6) |
| Taxation in the Consolidated Income Statement | 217.6 | 151.6 |
| Accrued | ||||||
| Property, | expenses | Share- | ||||
| plant and | and deferred | based | ||||
| (in $ millions) | equipment | income | payments | Tax losses | Other | Total |
| Balance at 1 January 2024 | (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 |
| (Charged)/credited to: | ||||||
| Consolidated Income Statement | (24.7) | 38.7 | 1.7 | (38.8) | 17.0 | (6.1) |
| Other comprehensive income | \u2013 | 0 .2 | \u2013 | \u2013 | \u2013 | 0.2 |
| Changes in equity | \u2013 | \u2013 | 1.0 | \u2013 | \u2013 | 1.0 |
| Balance sheet reclassifications | \u2013 | \u2013 | \u2013 | (3.9 ) | \u2013 | (3.9 ) |
Ex change differences | (1.6) | 2. 2 | 0.3 | 4.4 | (5.0) | 0. 3 |
B alance at 31 December 2025 | (54.3) | (16.5) | 4.3 | 64.2 | 0.1 | (2.2) |
| Net recognised | |||
| Deferred tax | Deferred tax | deferred tax | |
| (in $ millions) | asset | liability | asset/(liability) |
| Property, plant and equipment | 10.1 | (64.4) | (54.3) |
| Accrued expenses and deferred income | 68.4 | (84.9) | (16.5) |
| Share-based payments | 4.3 | \u2013 | 4.3 |
| Tax losses | 64.2 | \u2013 | 64.2 |
| Other | 4.9 | (4.8) | 0.1 |
| Total | 151.9 | (154.1) | (2.2) |
| Net recognised | |||
| Deferred tax | Deferred | deferred tax | |
| (in $ millions) | asset | tax 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 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Deferred tax assets | 119.3 | 93.6 |
| Deferred tax liabilities | (121.5) | (87.3) |
| Total | (2.2) | 6.3 |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | Without | ||
| (in $ millions) | years | years | years | limit | Total |
| Losses for which a deferred tax asset is recognised | \u2013 | \u2013 | \u2013 | 221.6 | 221.6 |
| Losses for which no deferred tax asset is recognised | 93.8 | 333.3 | 128.9 | 2,252.3 | 2,808.3 |
| Total | 93.8 | 333.3 | 128.9 | 2,473.9 | 3,029.9 |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | Without | ||
| (in $ millions) | years | years | years | 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 |
| Accrued | ||||||
| Property, | expenses | Share- | ||||
| plant and | and deferred | based | ||||
| (in $ millions) | equipment | income | payments | Tax losses | Other | Total |
| Balance at 1 January 2024 | (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 |
| (Charged)/credited to: | ||||||
| Consolidated Income Statement | (24.7) | 38.7 | 1.7 | (38.8) | 17.0 | (6.1) |
| Other comprehensive income | \u2013 | 0 .2 | \u2013 | \u2013 | \u2013 | 0.2 |
| Changes in equity | \u2013 | \u2013 | 1.0 | \u2013 | \u2013 | 1.0 |
| Balance sheet reclassifications | \u2013 | \u2013 | \u2013 | (3.9 ) | \u2013 | (3.9 ) |
Ex change differences | (1.6) | 2. 2 | 0.3 | 4.4 | (5.0) | 0. 3 |
B alance at 31 December 2025 | (54.3) | (16.5) | 4.3 | 64.2 | 0.1 | (2.2) |
| Net recognised | |||
| Deferred tax | Deferred tax | deferred tax | |
| (in $ millions) | asset | liability | asset/(liability) |
| Property, plant and equipment | 10.1 | (64.4) | (54.3) |
| Accrued expenses and deferred income | 68.4 | (84.9) | (16.5) |
| Share-based payments | 4.3 | \u2013 | 4.3 |
| Tax losses | 64.2 | \u2013 | 64.2 |
| Other | 4.9 | (4.8) | 0.1 |
| Total | 151.9 | (154.1) | (2.2) |
| Net recognised | |||
| Deferred tax | Deferred | deferred tax | |
| (in $ millions) | asset | tax 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 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Deferred tax assets | 119.3 | 93.6 |
| Deferred tax liabilities | (121.5) | (87.3) |
| Total | (2.2) | 6.3 |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | Without | ||
| (in $ millions) | years | years | years | limit | Total |
| Losses for which a deferred tax asset is recognised | \u2013 | \u2013 | \u2013 | 221.6 | 221.6 |
| Losses for which no deferred tax asset is recognised | 93.8 | 333.3 | 128.9 | 2,252.3 | 2,808.3 |
| Total | 93.8 | 333.3 | 128.9 | 2,473.9 | 3,029.9 |
| Expiring | Expiring in | Expiring in | |||
| within 5 | 6 to 10 | 11 to 20 | Without | ||
| (in $ millions) | years | years | years | 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 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Net income attributable to shareholders of the parent company | 411.4 | 201.4 |
| Earnings used in the calculation of diluted earnings per share | 411.4 | 201.4 |
| 2025 | 2024 | |
| 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 | 295,742,708 | 298,183,212 |
| Performance shares | 1,987,153 | 1,596,541 |
| Weighted average number of common shares used in the calculation of diluted earnings | ||
| per share | 297,729,861 | 299,779,753 |
| 2025 | 2024 | |
| For the year ended (in $ per share) | 31 Dec | 31 Dec |
| Basic earnings per share | 1.39 | 0.68 |
| Diluted earnings per share | 1.38 | 0.67 |
| 2025 | 2024 | |
| 31 Dec | 31 Dec | |
| For the year ended | Number of shares | Number of shares |
| Performance shares | 1,029,628 | 834,917 |
(in $ millions) | Total |
| Cost | |
| At 1 January 2024 | 2,462.0 |
| Exchange differences | (24.9) |
| At 31 December 2024 | 2,437.1 |
| Additions | 1.9 |
| Transfer to disposal group classified as held for sale (Note 20) | (15.4) |
| Exchange differences | 115.7 |
| At 31 December 2025 | 2,539.3 |
| Accumulated impairment | |
| At 1 January 2024 | 2,269.8 |
| Impairment charges | 6.2 |
| Exchange differences | (22.6) |
| At 31 December 2024 | 2,253.4 |
| Impairment charges | 17.6 |
| Exchange differences | 111.3 |
| At 31 December 2025 | 2,382.3 |
| Carrying amount | |
| At 31 December 2024 | 183.7 |
| At 31 December 2025 | 157.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| 4Subsea | 16.6 | 14.7 |
| Gulf of Mexico | 21.0 | 19.0 |
| Norway | 7.7 | 9.4 |
| Renewables | 89.8 | 105.3 |
| UK GIRM | 21.9 | 19.8 |
| Xodus | \u2013 | 15.5 |
| Total | 157.0 | 183.7 |
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 | (89.8) | \u2013 | \u2013 | (89.8) | \u2013 | (89.8) | (89.8) | \u2013 |
(in $ millions) | Total |
| Cost | |
| At 1 January 2024 | 2,462.0 |
| Exchange differences | (24.9) |
| At 31 December 2024 | 2,437.1 |
| Additions | 1.9 |
| Transfer to disposal group classified as held for sale (Note 20) | (15.4) |
| Exchange differences | 115.7 |
| At 31 December 2025 | 2,539.3 |
| Accumulated impairment | |
| At 1 January 2024 | 2,269.8 |
| Impairment charges | 6.2 |
| Exchange differences | (22.6) |
| At 31 December 2024 | 2,253.4 |
| Impairment charges | 17.6 |
| Exchange differences | 111.3 |
| At 31 December 2025 | 2,382.3 |
| Carrying amount | |
| At 31 December 2024 | 183.7 |
| At 31 December 2025 | 157.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| 4Subsea | 16.6 | 14.7 |
| Gulf of Mexico | 21.0 | 19.0 |
| Norway | 7.7 | 9.4 |
| Renewables | 89.8 | 105.3 |
| UK GIRM | 21.9 | 19.8 |
| Xodus | \u2013 | 15.5 |
| Total | 157.0 | 183.7 |
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 | (89.8) | \u2013 | \u2013 | (89.8) | \u2013 | (89.8) | (89.8) | \u2013 |
| Other | |||
(in $ millions) | Software | intangibles | Total |
| Cost | |||
| At 1 January 2024 | 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 |
| Additions | 21.3 | 9.5 | 30.8 |
Reclassifications (a) | \u2013 | 4.1 | 4.1 |
| Exchange differences | 7.4 | 9.2 | 16.6 |
| At 31 December 2025 | 128.3 | 129.6 | 257.9 |
| Accumulated amortisation and impairment | |||
| At 1 January 2024 | 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 |
| Charge for the year | 5.5 | 9.7 | 15.2 |
| Impairments | 2.1 | \u2013 | 2.1 |
| Exchange differences | 2.8 | 7.3 | 10.1 |
| At 31 December 2025 | 44.2 | 102.0 | 146.2 |
| Carrying amount: | |||
| At 31 December 2024 | 65.8 | 21.8 | 87.6 |
| At 31 December 2025 | 84.1 | 27.6 | 111.7 |
(in $ millions) | Total |
| Cost | |
| At 1 January 2024 | 2,462.0 |
| Exchange differences | (24.9) |
| At 31 December 2024 | 2,437.1 |
| Additions | 1.9 |
| Transfer to disposal group classified as held for sale (Note 20) | (15.4) |
| Exchange differences | 115.7 |
| At 31 December 2025 | 2,539.3 |
| Accumulated impairment | |
| At 1 January 2024 | 2,269.8 |
| Impairment charges | 6.2 |
| Exchange differences | (22.6) |
| At 31 December 2024 | 2,253.4 |
| Impairment charges | 17.6 |
| Exchange differences | 111.3 |
| At 31 December 2025 | 2,382.3 |
| Carrying amount | |
| At 31 December 2024 | 183.7 |
| At 31 December 2025 | 157.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| 4Subsea | 16.6 | 14.7 |
| Gulf of Mexico | 21.0 | 19.0 |
| Norway | 7.7 | 9.4 |
| Renewables | 89.8 | 105.3 |
| UK GIRM | 21.9 | 19.8 |
| Xodus | \u2013 | 15.5 |
| Total | 157.0 | 183.7 |
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 | (89.8) | \u2013 | \u2013 | (89.8) | \u2013 | (89.8) | (89.8) | \u2013 |
| Other | |||
(in $ millions) | Software | intangibles | Total |
| Cost | |||
| At 1 January 2024 | 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 |
| Additions | 21.3 | 9.5 | 30.8 |
Reclassifications (a) | \u2013 | 4.1 | 4.1 |
| Exchange differences | 7.4 | 9.2 | 16.6 |
| At 31 December 2025 | 128.3 | 129.6 | 257.9 |
| Accumulated amortisation and impairment | |||
| At 1 January 2024 | 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 |
| Charge for the year | 5.5 | 9.7 | 15.2 |
| Impairments | 2.1 | \u2013 | 2.1 |
| Exchange differences | 2.8 | 7.3 | 10.1 |
| At 31 December 2025 | 44.2 | 102.0 | 146.2 |
| Carrying amount: | |||
| At 31 December 2024 | 65.8 | 21.8 | 87.6 |
| At 31 December 2025 | 84.1 | 27.6 | 111.7 |
| Other | |||
(in $ millions) | Software | intangibles | Total |
| Cost | |||
| At 1 January 2024 | 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 |
| Additions | 21.3 | 9.5 | 30.8 |
Reclassifications (a) | \u2013 | 4.1 | 4.1 |
| Exchange differences | 7.4 | 9.2 | 16.6 |
| At 31 December 2025 | 128.3 | 129.6 | 257.9 |
| Accumulated amortisation and impairment | |||
| At 1 January 2024 | 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 |
| Charge for the year | 5.5 | 9.7 | 15.2 |
| Impairments | 2.1 | \u2013 | 2.1 |
| Exchange differences | 2.8 | 7.3 | 10.1 |
| At 31 December 2025 | 44.2 | 102.0 | 146.2 |
| Carrying amount: | |||
| At 31 December 2024 | 65.8 | 21.8 | 87.6 |
| At 31 December 2025 | 84.1 | 27.6 | 111.7 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2024 | 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 |
| Additions | 81.0 | 157.9 | 10.7 | 15.3 | 264.9 |
| Acquisitions | \u2013 | \u2013 | \u2013 | 0.1 | 0.1 |
| Exchange differences | 40.0 | 36.9 | 22.9 | 7.8 | 107.6 |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (131.0) | \u2013 | \u2013 | \u2013 | (131.0) |
Reclassifications (a) | \u2013 | \u2013 | \u2013 | (4.1) | (4.1) |
| Disposals | (56.8) | (31.2) | (5.9) | (7.7) | (101.6) |
| At 31 December 2025 | 6,245.3 | 1,111.6 | 501.4 | 89.4 | 7,947.7 |
| Accumulated depreciation and impairment | |||||
| At 1 January 2024 | 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 |
| Charge for the year | 320.7 | 49.0 | 15.6 | 6.4 | 391.7 |
| Impairments | 3.0 | 7.1 | \u2013 | \u2013 | 10.1 |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (37.2) | \u2013 | \u2013 | \u2013 | (37.2) |
| Exchange differences | 26.6 | 28.6 | 11.7 | 4.6 | 71.5 |
| Eliminated on disposal | (56.8) | (31.2) | (5.4) | (6.2) | (99.6) |
| At 31 December 2025 | 2,966.6 | 829.2 | 329.6 | 62.1 | 4,187.5 |
| Carrying amount: | |||||
| At 31 December 2024 | 3,601.8 | 172.3 | 166.0 | 20.7 | 3,960.8 |
| At 31 December 2025 | 3,278.7 | 282.4 | 171.8 | 27.3 | 3,760.2 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2024 | 598.1 | 14 .8 | 14 9.1 | 2.2 | 764.2 |
Addi tions | 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 |
| Additions | 91.2 | 0.7 | 30.3 | 0.4 | 122.6 |
| Acquisitions | \u2013 | \u2013 | 1.3 | \u2013 | 1.3 |
| Exchange differences | 15.2 | 3.6 | (20.7) | 0.2 | (1.7) |
Rem easurements | 34.6 | 0 .6 | 9. 7 | \u2013 | 44.9 |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (39.4) | \u2013 | \u2013 | \u2013 | (39.4) |
| Disposals | (159.2) | (0.2) | (7.4) | (0.8) | (167.6) |
| At 31 December 2025 | 671.7 | 30.8 | 201.5 | 1.7 | 905.7 |
| Accumulated amortisation and impairment | |||||
| At 1 January 2024 | 258.9 | 12. 4 | 72.0 | 1.5 | 344.8 |
| Charge for the year | 184.5 | 4.7 | 26.7 | 0.7 | 216.6 |
Ex change 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 |
| Charge for the year | 225.4 | 5.1 | 29.1 | 0.3 | 259.9 |
| Impairments | \u2013 | \u2013 | 1.4 | \u2013 | 1.4 |
| Exchange differences | 11.9 | 2.1 | (29.8) | 0.3 | (15.5) |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (27.3) | \u2013 | \u2013 | \u2013 | (27.3) |
| Eliminated on disposal | (159.2) | (0.2) | (7.4) | (0.8) | (167.6) |
| At 31 December 2025 | 487.7 | 22.8 | 84.8 | 0.9 | 596.2 |
| Carrying amount: | |||||
| At 31 December 2024 | 292.4 | 10 .3 | 96. 8 | 0.8 | 400. 3 |
| At 31 December 2025 | 184.0 | 8.0 | 116.7 | 0.8 | 309.5 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Maturity analysis \u2013 contractual undiscounted cash flows | ||
| Within one year | 192.3 | 250.4 |
| Years two to five inclusive | 155.2 | 219.7 |
| After five years | 45.9 | 33.7 |
| Total undiscounted lease liabilities | 393.4 | 503.8 |
| Effect of discounting | (43.6) | (48.9) |
| Discounted lease liabilities | 349.8 | 454.9 |
| Consisting of: | ||
| Non-current | 184.9 | 231.1 |
| Current | 164.9 | 223.8 |
| Total discounted lease liabilities | 349.8 | 454.9 |
| Operating | Land and | Other | |||
(in $ millions) | Vessels | equipment | buildings | assets | Total |
| Cost | |||||
| At 1 January 2024 | 598.1 | 14 .8 | 14 9.1 | 2.2 | 764.2 |
Addi tions | 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 |
| Additions | 91.2 | 0.7 | 30.3 | 0.4 | 122.6 |
| Acquisitions | \u2013 | \u2013 | 1.3 | \u2013 | 1.3 |
| Exchange differences | 15.2 | 3.6 | (20.7) | 0.2 | (1.7) |
Rem easurements | 34.6 | 0 .6 | 9. 7 | \u2013 | 44.9 |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (39.4) | \u2013 | \u2013 | \u2013 | (39.4) |
| Disposals | (159.2) | (0.2) | (7.4) | (0.8) | (167.6) |
| At 31 December 2025 | 671.7 | 30.8 | 201.5 | 1.7 | 905.7 |
| Accumulated amortisation and impairment | |||||
| At 1 January 2024 | 258.9 | 12. 4 | 72.0 | 1.5 | 344.8 |
| Charge for the year | 184.5 | 4.7 | 26.7 | 0.7 | 216.6 |
Ex change 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 |
| Charge for the year | 225.4 | 5.1 | 29.1 | 0.3 | 259.9 |
| Impairments | \u2013 | \u2013 | 1.4 | \u2013 | 1.4 |
| Exchange differences | 11.9 | 2.1 | (29.8) | 0.3 | (15.5) |
| Transfer to disposal group classified as held for sale | |||||
| (Note 20) | (27.3) | \u2013 | \u2013 | \u2013 | (27.3) |
| Eliminated on disposal | (159.2) | (0.2) | (7.4) | (0.8) | (167.6) |
| At 31 December 2025 | 487.7 | 22.8 | 84.8 | 0.9 | 596.2 |
| Carrying amount: | |||||
| At 31 December 2024 | 292.4 | 10 .3 | 96. 8 | 0.8 | 400. 3 |
| At 31 December 2025 | 184.0 | 8.0 | 116.7 | 0.8 | 309.5 |
| 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) | 2025 | 2024 |
| At year beginning | 367.2 | 342.0 |
Share of net income (a) | 38.0 | 38.0 |
| Impairments | (1.7) | \u2013 |
| Share of other comprehensive income/(loss) | 6.0 | (8.4) |
| Dividends received from associate | (41.2) | (3.4) |
| Net reclassification of investment balances | 0.4 | 0.3 |
| Exchange differences | 1.5 | (1.3) |
| At year end | 370.2 | 367.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Revenue | 3,826.0 | 3,897.0 |
| Net income | 325.1 | 358.3 |
| Other comprehensive income/(loss) | 60.0 | (84.0) |
| Total comprehensive income | 385.1 | 274.3 |
2025 | 2024 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Non-current assets | 3,322.2 | 3,353.8 |
| Current assets | 3,079.0 | 2,925.0 |
| Current liabilities | (2,556.0) | (2,377.0) |
| Non-current liabilities | (462.3) | (491.0) |
| Net assets | 3,382.9 | 3,410.8 |
| Total equity | (3,382.9) | (3,410.8) |
| Subsea7 Group\u2019s share of equity (10%) | 338.3 | 341.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| The Group\u2019s share of equity at year beginning | 341.0 | 317.0 |
| Net income attributable to the Group | 32.5 | 35.8 |
| Dividends received from associate | (41.2) | (3.4) |
| Other comprehensive income/(loss) attributable to the Group | 6.0 | (8.4) |
| Subsea7 Group\u2019s share of equity at year end | 338.3 | 341.0 |
Carrying amount of investment in associate at year end (a) | 339.6 | 342.3 |
| 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) | 2025 | 2024 |
| At year beginning | 367.2 | 342.0 |
Share of net income (a) | 38.0 | 38.0 |
| Impairments | (1.7) | \u2013 |
| Share of other comprehensive income/(loss) | 6.0 | (8.4) |
| Dividends received from associate | (41.2) | (3.4) |
| Net reclassification of investment balances | 0.4 | 0.3 |
| Exchange differences | 1.5 | (1.3) |
| At year end | 370.2 | 367.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Revenue | 3,826.0 | 3,897.0 |
| Net income | 325.1 | 358.3 |
| Other comprehensive income/(loss) | 60.0 | (84.0) |
| Total comprehensive income | 385.1 | 274.3 |
2025 | 2024 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Non-current assets | 3,322.2 | 3,353.8 |
| Current assets | 3,079.0 | 2,925.0 |
| Current liabilities | (2,556.0) | (2,377.0) |
| Non-current liabilities | (462.3) | (491.0) |
| Net assets | 3,382.9 | 3,410.8 |
| Total equity | (3,382.9) | (3,410.8) |
| Subsea7 Group\u2019s share of equity (10%) | 338.3 | 341.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| The Group\u2019s share of equity at year beginning | 341.0 | 317.0 |
| Net income attributable to the Group | 32.5 | 35.8 |
| Dividends received from associate | (41.2) | (3.4) |
| Other comprehensive income/(loss) attributable to the Group | 6.0 | (8.4) |
| Subsea7 Group\u2019s share of equity at year end | 338.3 | 341.0 |
Carrying amount of investment in associate at year end (a) | 339.6 | 342.3 |
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\u00f3\u0142ka z.o.o. | Poland | General Trading |
Daymark Canada Company | Canada | General Trading |
Daymark Energy Advisors Inc | US | General Trading |
Evolv Energies Limited (formerly Aurora Environmental Limited) | United Kingdom | General Trading |
Magellanic Offshore 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 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 Korea Co., Ltd (formerly Subsea 7 Korea Co., Ltd) | South Korea | General Trading |
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 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 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 |
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) LLC | 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 Investments S.A.S. | France | General Trading |
Subsea 7 Blue Space Limited | United Kingdom | 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 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 Brasil Ltda | Brazil | General Trading |
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 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 ROV UK Limited | United Kingdom | 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 |
Xodus Academy Limited | United Kingdom | General Trading |
Xodus DMCC | United Arab Emirates | General Trading |
Xodus Green Light Pty Limited | Australia | General Trading |
Xodus Greenfuel Development Company Pty Ltd | Australia | Special Purpose |
Xodus Group (Holdings) Limited | United Kingdom | Holding |
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 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) | 2025 | 2024 |
| At year beginning | 367.2 | 342.0 |
Share of net income (a) | 38.0 | 38.0 |
| Impairments | (1.7) | \u2013 |
| Share of other comprehensive income/(loss) | 6.0 | (8.4) |
| Dividends received from associate | (41.2) | (3.4) |
| Net reclassification of investment balances | 0.4 | 0.3 |
| Exchange differences | 1.5 | (1.3) |
| At year end | 370.2 | 367.2 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Revenue | 3,826.0 | 3,897.0 |
| Net income | 325.1 | 358.3 |
| Other comprehensive income/(loss) | 60.0 | (84.0) |
| Total comprehensive income | 385.1 | 274.3 |
2025 | 2024 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Non-current assets | 3,322.2 | 3,353.8 |
| Current assets | 3,079.0 | 2,925.0 |
| Current liabilities | (2,556.0) | (2,377.0) |
| Non-current liabilities | (462.3) | (491.0) |
| Net assets | 3,382.9 | 3,410.8 |
| Total equity | (3,382.9) | (3,410.8) |
| Subsea7 Group\u2019s share of equity (10%) | 338.3 | 341.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| The Group\u2019s share of equity at year beginning | 341.0 | 317.0 |
| Net income attributable to the Group | 32.5 | 35.8 |
| Dividends received from associate | (41.2) | (3.4) |
| Other comprehensive income/(loss) attributable to the Group | 6.0 | (8.4) |
| Subsea7 Group\u2019s share of equity at year end | 338.3 | 341.0 |
Carrying amount of investment in associate at year end (a) | 339.6 | 342.3 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Non-current amounts due from associates and joint ventures | 23.0 | 32.8 |
| Allowance for credit impairment | (1.6) | (1.6) |
21.4 | 31.2 | |
| Capitalised fees for long-term loan facilities | 1.3 | 1.7 |
| Deposits held by third parties | 1.0 | 0.9 |
| Other receivables | 34.1 | 15.3 |
| Total | 57.8 | 49.1 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Trade receivables | 681.7 | 522.6 |
| Allowance for expected credit losses | (1.0) | (2.1) |
| Allowance for credit impairment | (22.9) | (21.6) |
657.8 | 498.9 | |
| Current amounts due from associates and joint ventures | 12.8 | 8.0 |
| Other receivables | 26.6 | 34.0 |
| Advances to suppliers | 24.1 | 17.1 |
| Other taxes receivable | 115.0 | 105.8 |
| Total | 836.3 | 663.8 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Materials and non-critical spares | 18.3 | 18.1 |
| Consumables | 33.5 | 39.3 |
| Total | 51.8 | 57.4 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Total cost of inventory charged to the Consolidated Income Statement | 150.6 | 160.6 |
| Write-down of inventories charged to the Consolidated Income Statement | 3.8 | 1.3 |
| Reversal of provision for obsolescence credited to the Consolidated Income Statement | (0.5) | (0.2) |
| 2025 | |
| At (in $ millions) | 31 Dec |
| Assets | |
| Goodwill | 15.4 |
| Property, plant and equipment | 93.8 |
| Right-of-use assets | 12.1 |
| Inventories | 6.4 |
| Trade, other receivables, and construction contract \u2013 assets | 37.5 |
| Assets included in disposal group classified as held for sale | 165.2 |
| Liabilities | |
| Non-current lease liabilities | 5.4 |
| Current lease liabilities | 10.0 |
| Trade, other liabilities, and construction contract \u2013 liabilities | 35.0 |
| Liabilities included in disposal group classified as held for sale | 50.4 |
| 2025 | |
| At (in $ millions) | 31 Dec |
| Assets | |
| Goodwill | 15.4 |
| Property, plant and equipment | 93.8 |
| Right-of-use assets | 12.1 |
| Inventories | 6.4 |
| Trade, other receivables, and construction contract \u2013 assets | 37.5 |
| Assets included in disposal group classified as held for sale | 165.2 |
| Liabilities | |
| Non-current lease liabilities | 5.4 |
| Current lease liabilities | 10.0 |
| Trade, other liabilities, and construction contract \u2013 liabilities | 35.0 |
| Liabilities included in disposal group classified as held for sale | 50.4 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Unbilled revenue | 118.3 | 89.1 |
| Allowance for expected credit losses | (0.2) | (0.6) |
118.1 | 88.5 | |
| Prepaid expenses | 158.6 | 126.1 |
| Total | 276.7 | 214.6 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (0.6) | (0.2) |
| Decrease/(increase) in allowance | 0.4 | (0.4) |
| At year end | (0.2) | (0.6) |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Accruals | 858.9 | 788.8 |
| Trade payables | 337.1 | 378.9 |
| Current amounts due to associates and joint ventures | 51.4 | 12.4 |
| Accrued salaries and benefits | 176.1 | 150.7 |
| Withholding taxes | 23.4 | 32.8 |
| Other taxes payable | 39.9 | 58.0 |
| Other current liabilities | 15.1 | 7.6 |
| Total | 1,501.9 | 1,429.2 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Construction contracts \u2013 assets | 602.1 | 774.1 |
| Construction contracts \u2013 liabilities | (701.5) | (392.3) |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Revenue recognised which was included in construction contract liabilities at beginning of year | 348.2 | 362.9 |
| Revenue recognised from performance obligations satisfied in previous years | 103.7 | 113.6 |
| Expected year of execution | 2029 | ||||
(in $ millions) | 2026 | 2027 | 2028 | and beyond | Total |
| Subsea and Conventional | 5,687.5 | 3,752.2 | 1,908.1 | 338.7 | 11,686.5 |
| Renewables | 1,169.7 | 501.7 | 221.3 | 161.1 | 2,053.8 |
| Corporate | 28.6 | \u2013 | \u2013 | \u2013 | 28.6 |
| Total | 6,885.8 | 4,253.9 | 2,129.4 | 499.8 | 13,768.9 |
| 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 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Cash and cash equivalents | 969.7 | 575.3 |
| 2025 | 2025 | 2024 | 2024 | |
| 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 |
| 2025 | 2025 | 2024 | 2024 | |
| 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 | 299,600,000 | 599.2 |
| The issued common shares consist of: | ||||
| Common shares outstanding | 296,136,177 | 592.3 | 295,613,936 | 591.2 |
| Treasury shares at par value (Note 25) | 3,463,823 | 6.9 | 3,986,064 | 8.0 |
| Total | 299,600,000 | 599.2 | 299,600,000 | 599.2 |
| 2025 | 2024 | |||
| Number of | 2025 | Number of | 2024 | |
| shares | in $ millions | shares | in $ millions | |
| At year beginning | 3,986,064 | 69.1 | 3,839,804 | 31.1 |
| Shares repurchased | \u2013 | \u2013 | 5,172,092 | 87.3 |
| Shares reallocated relating to share-based payments | (522,241) | (8.9) | (331,560) | (2.6) |
| Shares cancelled | \u2013 | \u2013 | (4,694,272) | (46.7) |
| Balance at year end | 3,463,823 | 60.2 | 3,986,064 | 69.1 |
| 2025 | 2025 | 2024 | 2024 | |
| 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 |
| 2025 | 2025 | 2024 | 2024 | |
| 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 | 299,600,000 | 599.2 |
| The issued common shares consist of: | ||||
| Common shares outstanding | 296,136,177 | 592.3 | 295,613,936 | 591.2 |
| Treasury shares at par value (Note 25) | 3,463,823 | 6.9 | 3,986,064 | 8.0 |
| Total | 299,600,000 | 599.2 | 299,600,000 | 599.2 |
| 2025 | 2024 | |||
| Number of | 2025 | Number of | 2024 | |
| shares | in $ millions | shares | in $ millions | |
| At year beginning | 3,986,064 | 69.1 | 3,839,804 | 31.1 |
| Shares repurchased | \u2013 | \u2013 | 5,172,092 | 87.3 |
| Shares reallocated relating to share-based payments | (522,241) | (8.9) | (331,560) | (2.6) |
| Shares cancelled | \u2013 | \u2013 | (4,694,272) | (46.7) |
| Balance at year end | 3,463,823 | 60.2 | 3,986,064 | 69.1 |
| 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 | 95.0 |
| 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) | 2025 | 2024 |
| At year beginning | 44.6 | 34.1 |
| Share of net (loss)/income for the year | (7.2) | 15.2 |
| Reclassification of non-controlling interests to equity attributable to shareholders of Subsea 7 S.A. | \u2013 | (4.1) |
| Exchange differences | 1.1 | (0.6) |
| At year end | 38.5 | 44.6 |
| 2025 | 2024 | ||
| At (in $ millions) | 31 Dec | 31 Dec | |
| South Korean Export Credit Agency (ECA) facility | 86.0 | 110.6 | |
2021 | UK Export Finance (UKEF 2021) facility | 222.7 | 321.7 |
2023 | UK Export Finance (UKEF 2023) facility | 274.7 | 289.4 |
| Other | 0.3 | 0.3 | |
Total (a) | 583.7 | 722.0 | |
| Consisting of: | |||
| Non-current portion of borrowings | 402.4 | 583.8 | |
| Current portion of borrowings | 181.3 | 138.2 | |
Total (a) | 583.7 | 722.0 |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| At (in $ millions) | Utilised | Unutilised | Total | Utilised | Unutilised | Total |
| Committed borrowing facilities | 588.8 | 600.0 | 1,188.8 | 728.0 | 757.6 | 1,485.6 |
| 2025 | 2024 | ||
| At (in $ millions) | 31 Dec | 31 Dec | |
| South Korean Export Credit Agency (ECA) facility | 86.0 | 110.6 | |
2021 | UK Export Finance (UKEF 2021) facility | 222.7 | 321.7 |
2023 | UK Export Finance (UKEF 2023) facility | 274.7 | 289.4 |
| Other | 0.3 | 0.3 | |
Total (a) | 583.7 | 722.0 | |
| Consisting of: | |||
| Non-current portion of borrowings | 402.4 | 583.8 | |
| Current portion of borrowings | 181.3 | 138.2 | |
Total (a) | 583.7 | 722.0 |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | |
| At (in $ millions) | Utilised | Unutilised | Total | Utilised | Unutilised | Total |
| Committed borrowing facilities | 588.8 | 600.0 | 1,188.8 | 728.0 | 757.6 | 1,485.6 |
| 2025 | 2024 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| At (in $ millions) | amount | amount |
| Financial assets | ||
| Restricted cash | 6.0 | 9.5 |
| Cash and cash equivalents (Note 23) | 969.7 | 575.3 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | 3.5 | 0.4 |
| Embedded derivatives | 75.0 | 136.6 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
| Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
| Net trade receivables (Note 19) | 657.8 | 498.9 |
| Net non-current amounts due from associates and joint ventures (Note 17) | 21.4 | 31.2 |
| Net current amounts due from associates and joint ventures (Note 19) | 12.8 | 8.0 |
| Other financial receivables | 33.9 | 30.0 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | (3.0) | (6.1) |
| Embedded derivatives | (44.1) | (36.5) |
| Commodity derivatives | (1.3) | (0.4) |
| Contingent consideration | \u2013 | (0.5) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | (3.3) | (3.0) |
| Financial liabilities measured at amortised cost: | ||
| Trade payables (Note 30) | (337.1) | (378.9) |
| Lease liabilities (Note 28) | (349.8) | (454.9) |
| Current amounts due to associates and joint ventures (Note 30) | (51.4) | (12.4) |
| Borrowings (Note 27) | (583.7) | (722.0) |
| Other financial payables | (0.6) | (1.6) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest income from financial assets measured at amortised cost | 22.8 | 24.4 |
| Interest cost and fees from financial liabilities measured at amortised cost | (50.2) | (70.7) |
| Net fair value (losses)/gains on financial assets measured at fair value through profit or loss | (58.5) | 77.7 |
| Net fair value (losses)/gains on financial liabilities measured at fair value through profit or loss | (4.9) | 23.2 |
2025 | 2024 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Deposits: | ||
| Counterparties rated prime grade | 272.0 | 75.0 |
| Counterparties rated high grade | 95.0 | 130.0 |
| Counterparties rated upper-medium grade | 422.8 | 209.3 |
| Counterparties rated lower-medium grade | \u2013 | 0.3 |
| Counterparties rated non-investment grade | 77.7 | 0.7 |
| Total | 867.5 | 415.3 |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | ||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
| At (in $ millions) | Assets | Liabilities | Total | Assets | Liabilities | Total | |
| Non-current | |||||||
| Embedded derivatives | 22.9 | (18.5) | 4.4 | 62.9 | (9.3) | 53.6 | |
| Commodity derivatives | \u2013 | (3. 1) | (3.1) | \u2013 | (1.4) | (1.4) | |
| Total | 22.9 | (21.6) | 1.3 | 62.9 | (10.7) | 52.2 | |
| Current | |||||||
| Forward foreign exchange | contracts | 3.5 | (3.0) | 0.5 | 0.4 | (6.1) | (5.7) |
| Embedded derivatives | 52.1 | (25.6) | 26.5 | 73.7 | (27.2) | 46.5 | |
| Commodity derivatives | \u2013 | (1.5) | (1.5) | \u2013 | (2.0) | (2.0) | |
| Total | 55.6 | (30.1) | 25.5 | 74.1 | (35.3) | 38.8 |
Contracted amount by contract maturity | Fair value by contract maturity | |||||
Buy | Sell | Maturity | ||||
| (in $ millions) | < 1 year | 1\u20135 years | < 1 year | 1\u20135 years | < 1 year | 1\u20135 years |
| British pound sterling | 445.6 | \u2013 | (136.0) | \u2013 | 2.1 | \u2013 |
| Euro | 261.1 | \u2013 | (127.0) | \u2013 | (1.1) | \u2013 |
Nor wegian krone | 46.9 | \u2013 | (48.7) | \u2013 | (0.5) | \u2013 |
| Singapore dollar | 13.6 | \u2013 | (10.5) | \u2013 | 0.1 | \u2013 |
A ustralian dollar | 57.9 | \u2013 | (16.0) | \u2013 | (0.1) | \u2013 |
| Total | 825.1 | \u2013 | (338.2) | \u2013 | 0.5 | \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 | 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 | |
Si ngapore 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 |
2025 | 2024 | |
(in $ millions) | 31 Dec | 31 Dec |
| At year beginning | (3.3) | (0.8) |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
| Changes in cash flows on commodity hedges | (2.3) | (0.8) |
| Amounts reclassified to the Consolidated Income Statement | 0.4 | (2.0) |
| Exchange differences | (0.1) | 0.3 |
| At year end | (5.3) | (3.3) |
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 aged | The allowance for lifetime ECLs is increased where |
| greater than 30 days past due have arisen due to ongoing | the impact is determined to be material. | |
| commercial discussions associated with the close-out of | ||
| contractual requirements and are not considered to be | ||
| indicative of an increased risk of default. | ||
In default | Balances are greater than 90 days past due with the | 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. |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Performing | 617.6 | 467.1 |
| Monitored | 41.2 | 33.9 |
| In default | 22.9 | 21.6 |
| Gross carrying amount | 681.7 | 522.6 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 681.7 | 522.6 |
| Allowance for expected credit losses | (1.0) | (2.1) |
| Allowance for incurred credit impairments | (22.9) | (21.6) |
| Net carrying amount | 657.8 | 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 | 617.6 | 15.0 | 15.3 | 33.8 | 681.7 |
| Allowance for expected credit losses | (1.0) | \u2013 | \u2013 | \u2013 | (1.0 ) |
Al lowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (22.9) | ( 22.9) |
| Net carrying amount | 616.6 | 15.0 | 15.3 | 10.9 | 657.8 |
| 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 |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (2.1) | (1.3) |
| Decrease/(increase) in allowance | 1.1 | (0.8) |
| At year end | (1.0) | (2.1) |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairment | ||
| At year beginning | (21.6) | (23.0) |
| Increase in allowance | (0.2) | (0.4) |
| Utilisation of allowance | \u2013 | 1.5 |
| Unused amounts released during the year | 0.5 | \u2013 |
| Exchange differences | (1.6) | 0.3 |
| At year end | (22.9) | (21.6) |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 35.8 | 40.8 |
| Allowance for incurred credit impairments | (1.6) | (1.6) |
| Net carrying amount | 34.2 | 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 | 31.5 | \u2013 | 0.2 | 4.1 | 35.8 |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
| Net carrying amount | 31.5 | \u2013 | 0.2 | 2.5 | 34.2 |
| 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 | 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 |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairments | ||
| At year beginning | (1.6) | (3.7) |
| Utilisation of allowance | \u2013 | 0.1 |
| Reclassification following derecognition of investment in joint venture | \u2013 | 1.8 |
| Exchange differences | \u2013 | 0.2 |
| At year end | (1.6) | (1.6) |
| 2025 | 2024 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| At | percentage | percentage |
| National energy companies | 38% | 29% |
| International energy companies | 11% | 13% |
| Independent energy companies | 51% | 58% |
| Total | 100% | 100% |
| 31 Dec | |
| At (in $ millions) | 2025 |
| Customer A | 204.5 |
| Customer B | 109.8 |
| Customer C | 36.7 |
| Customer D | 32.8 |
| Customer E | 31.1 |
| 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 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 years | Total |
Borrowings (a) | 22.0 | 27.4 | 157.9 | 438.5 | 645.8 |
| Trade payables | 270.3 | 44.6 | 22.2 | \u2013 | 337.1 |
| Amounts due to associates and joint ventures | 51.4 | \u2013 | \u2013 | \u2013 | 51.4 |
| Lease liabilities | 21.7 | 46.9 | 123.7 | 201.1 | 393.4 |
| Total | 365.4 | 118.9 | 303.8 | 639.6 | 1,427.7 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 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 |
Amoun ts 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\u20133 months | to 1 year | 1\u20135 years | Total |
| Net settled: | |||||
| Embedded derivatives | \u2013 | 1.7 | 23.5 | 21.1 | 46.3 |
| Commodity hedging | 0.1 | 0.1 | 1.3 | 3.1 | 4.6 |
| Gross settled: | |||||
| Foreign exchange forward contract payments | 292.7 | 1 69.4 | 133.2 | \u2013 | 595.3 |
| Foreign exchange forward contract receipts | (291.3) | (168.8) | (132.2) | \u2013 | (592.3) |
| Total | 1.5 | 2.4 | 25.8 | 24.2 | 53.9 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 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 |
Liabilities | Dividends | Equity | Other | Total | ||||||
Lease | as | payable to | Treasury | ea | 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 | \u2013 | (17.2) | (109.2) | |||
| Net proceeds from borrowings | (124.8) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (124.8) | |||
| Payments related to lease liabilities | \u2013 | (189.6) | \u2013 | \u2013 | \u2013 | \u2013 | (189.6) | |||
Cos t 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\u2013 | 162.9) | |||
Acquisition of shares in non-wholly- owned subsidiary | \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 | es | 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 |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| 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 | 3 .5 | \u2013 | \u2013 | 0. 4 | \u2013 |
Fin ancial assets at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | 7 5.0 | \u2013 | \u2013 | 136.6 | \u2013 |
| Financial liabilities: | ||||||
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| derivative instruments | \u2013 | (3.0) | \u2013 | \u2013 | ( 6 .1) | \u2013 |
Fin ancial liabilities at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | (44.1) | \u2013 | \u2013 | ( 36.5) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| commodity derivatives | \u2013 | (1.3) | \u2013 | \u2013 | (0. 4) | \u2013 |
Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | (3. 3) | \u2013 | \u2013 | ( 3.0 ) | \u2013 |
Con tingent consideration (a) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.5) |
| Balance at | Balance at | |||
| 1 January | Unused amounts | 31 December | ||
| (in $ millions) | 2025 | Utilisation | released | 2025 |
| Contingent consideration | 0.5 | (0 .2 ) | (0.3 ) | \u2013 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Other | 1.0 | 1.0 |
| Total | 1.0 | 1.0 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Accruals | 858.9 | 788.8 |
| Trade payables | 337.1 | 378.9 |
| Current amounts due to associates and joint ventures | 51.4 | 12.4 |
| Accrued salaries and benefits | 176.1 | 150.7 |
| Withholding taxes | 23.4 | 32.8 |
| Other taxes payable | 39.9 | 58.0 |
| Other current liabilities | 15.1 | 7.6 |
| Total | 1,501.9 | 1,429.2 |
| Onerous | |||||
(in $ millions) | Claims | Decommissioning | fixed-price contracts | Other | Total |
| At 1 January 2024 | 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 |
| Additional provision in the year | 4.8 | 3.7 | 13.3 | 10.4 | 32.2 |
| Utilisation of provision | (4.3) | (3.1) | (26.7) | (9.4) | (43.5) |
| Unused amounts released during the year | (2.5) | (4.5) | (0.7) | (4.5) | (12.2) |
| Unwinding of discount rate | \u2013 | 2.5 | \u2013 | \u2013 | 2.5 |
| Exchange differences | 1.5 | 0.6 | 3.8 | 0.9 | 6.8 |
| At 31 December 2025 | 15.3 | 13.2 | 28.4 | 21.0 | 77.9 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Consisting of: | ||
| Non-current provisions | 22.1 | 29.1 |
| Current provisions | 55.8 | 63.0 |
| Total | 77.9 | 92.1 |
| Onerous | |||||
(in $ millions) | Claims | Decommissioning | fixed-price contracts | Other | Total |
| At 1 January 2024 | 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 |
| Additional provision in the year | 4.8 | 3.7 | 13.3 | 10.4 | 32.2 |
| Utilisation of provision | (4.3) | (3.1) | (26.7) | (9.4) | (43.5) |
| Unused amounts released during the year | (2.5) | (4.5) | (0.7) | (4.5) | (12.2) |
| Unwinding of discount rate | \u2013 | 2.5 | \u2013 | \u2013 | 2.5 |
| Exchange differences | 1.5 | 0.6 | 3.8 | 0.9 | 6.8 |
| At 31 December 2025 | 15.3 | 13.2 | 28.4 | 21.0 | 77.9 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Consisting of: | ||
| Non-current provisions | 22.1 | 29.1 |
| Current provisions | 55.8 | 63.0 |
| Total | 77.9 | 92.1 |
| Contingent liability | Contingent liability | |||
| recognised | not recognised | |||
(in $ millions) | 2025 | 2024 | 2025 | 2024 |
| At year beginning | 0.4 | 0.5 | 189.8 | 224.8 |
| Movement in contingent liabilities | (0.4) | \u2013 | 13.8 | 16.0 |
| Exchange differences | \u2013 | (0.1) | 25.5 | (51.0) |
| At year end | \u2013 | 0.4 | 229.1 | 189.8 |
| Contingent liability | Contingent liability | |||
| recognised | not recognised | |||
(in $ millions) | 2025 | 2024 | 2025 | 2024 |
| At year beginning | 0.4 | 0.5 | 189.8 | 224.8 |
| Movement in contingent liabilities | (0.4) | \u2013 | 13.8 | 16.0 |
| Exchange differences | \u2013 | (0.1) | 25.5 | (51.0) |
| At year end | \u2013 | 0.4 | 229.1 | 189.8 |
| 2025 | 2024 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| At (in $ millions) | amount | amount |
| Financial assets | ||
| Restricted cash | 6.0 | 9.5 |
| Cash and cash equivalents (Note 23) | 969.7 | 575.3 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | 3.5 | 0.4 |
| Embedded derivatives | 75.0 | 136.6 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
| Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
| Net trade receivables (Note 19) | 657.8 | 498.9 |
| Net non-current amounts due from associates and joint ventures (Note 17) | 21.4 | 31.2 |
| Net current amounts due from associates and joint ventures (Note 19) | 12.8 | 8.0 |
| Other financial receivables | 33.9 | 30.0 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | (3.0) | (6.1) |
| Embedded derivatives | (44.1) | (36.5) |
| Commodity derivatives | (1.3) | (0.4) |
| Contingent consideration | \u2013 | (0.5) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | (3.3) | (3.0) |
| Financial liabilities measured at amortised cost: | ||
| Trade payables (Note 30) | (337.1) | (378.9) |
| Lease liabilities (Note 28) | (349.8) | (454.9) |
| Current amounts due to associates and joint ventures (Note 30) | (51.4) | (12.4) |
| Borrowings (Note 27) | (583.7) | (722.0) |
| Other financial payables | (0.6) | (1.6) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest income from financial assets measured at amortised cost | 22.8 | 24.4 |
| Interest cost and fees from financial liabilities measured at amortised cost | (50.2) | (70.7) |
| Net fair value (losses)/gains on financial assets measured at fair value through profit or loss | (58.5) | 77.7 |
| Net fair value (losses)/gains on financial liabilities measured at fair value through profit or loss | (4.9) | 23.2 |
| 2025 | 2024 | |
| 31 Dec | 31 Dec | |
| Carrying | Carrying | |
| At (in $ millions) | amount | amount |
| Financial assets | ||
| Restricted cash | 6.0 | 9.5 |
| Cash and cash equivalents (Note 23) | 969.7 | 575.3 |
| Financial assets mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | 3.5 | 0.4 |
| Embedded derivatives | 75.0 | 136.6 |
| Financial assets elected to be measured at fair value through other comprehensive income: | ||
| Other financial assets \u2013 financial investments | 1.1 | 1.1 |
| Financial assets measured at amortised cost: | ||
| Net trade receivables (Note 19) | 657.8 | 498.9 |
| Net non-current amounts due from associates and joint ventures (Note 17) | 21.4 | 31.2 |
| Net current amounts due from associates and joint ventures (Note 19) | 12.8 | 8.0 |
| Other financial receivables | 33.9 | 30.0 |
| Financial liabilities | ||
| Financial liabilities mandatorily measured at fair value through profit or loss: | ||
| Foreign exchange forward contracts | (3.0) | (6.1) |
| Embedded derivatives | (44.1) | (36.5) |
| Commodity derivatives | (1.3) | (0.4) |
| Contingent consideration | \u2013 | (0.5) |
| Financial liabilities elected to be measured at fair value through other comprehensive income: | ||
| Commodity derivatives | (3.3) | (3.0) |
| Financial liabilities measured at amortised cost: | ||
| Trade payables (Note 30) | (337.1) | (378.9) |
| Lease liabilities (Note 28) | (349.8) | (454.9) |
| Current amounts due to associates and joint ventures (Note 30) | (51.4) | (12.4) |
| Borrowings (Note 27) | (583.7) | (722.0) |
| Other financial payables | (0.6) | (1.6) |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec | 31 Dec |
| Interest income from financial assets measured at amortised cost | 22.8 | 24.4 |
| Interest cost and fees from financial liabilities measured at amortised cost | (50.2) | (70.7) |
| Net fair value (losses)/gains on financial assets measured at fair value through profit or loss | (58.5) | 77.7 |
| Net fair value (losses)/gains on financial liabilities measured at fair value through profit or loss | (4.9) | 23.2 |
2025 | 2024 | |
At (in $ millions) | 31 Dec | 31 Dec |
| Deposits: | ||
| Counterparties rated prime grade | 272.0 | 75.0 |
| Counterparties rated high grade | 95.0 | 130.0 |
| Counterparties rated upper-medium grade | 422.8 | 209.3 |
| Counterparties rated lower-medium grade | \u2013 | 0.3 |
| Counterparties rated non-investment grade | 77.7 | 0.7 |
| Total | 867.5 | 415.3 |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | ||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
| At (in $ millions) | Assets | Liabilities | Total | Assets | Liabilities | Total | |
| Non-current | |||||||
| Embedded derivatives | 22.9 | (18.5) | 4.4 | 62.9 | (9.3) | 53.6 | |
| Commodity derivatives | \u2013 | (3. 1) | (3.1) | \u2013 | (1.4) | (1.4) | |
| Total | 22.9 | (21.6) | 1.3 | 62.9 | (10.7) | 52.2 | |
| Current | |||||||
| Forward foreign exchange | contracts | 3.5 | (3.0) | 0.5 | 0.4 | (6.1) | (5.7) |
| Embedded derivatives | 52.1 | (25.6) | 26.5 | 73.7 | (27.2) | 46.5 | |
| Commodity derivatives | \u2013 | (1.5) | (1.5) | \u2013 | (2.0) | (2.0) | |
| Total | 55.6 | (30.1) | 25.5 | 74.1 | (35.3) | 38.8 |
| 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | 31 Dec | ||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | ||
| At (in $ millions) | Assets | Liabilities | Total | Assets | Liabilities | Total | |
| Non-current | |||||||
| Embedded derivatives | 22.9 | (18.5) | 4.4 | 62.9 | (9.3) | 53.6 | |
| Commodity derivatives | \u2013 | (3. 1) | (3.1) | \u2013 | (1.4) | (1.4) | |
| Total | 22.9 | (21.6) | 1.3 | 62.9 | (10.7) | 52.2 | |
| Current | |||||||
| Forward foreign exchange | contracts | 3.5 | (3.0) | 0.5 | 0.4 | (6.1) | (5.7) |
| Embedded derivatives | 52.1 | (25.6) | 26.5 | 73.7 | (27.2) | 46.5 | |
| Commodity derivatives | \u2013 | (1.5) | (1.5) | \u2013 | (2.0) | (2.0) | |
| Total | 55.6 | (30.1) | 25.5 | 74.1 | (35.3) | 38.8 |
2025 | 2024 | |
(in $ millions) | 31 Dec | 31 Dec |
| At year beginning | (3.3) | (0.8) |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
| Changes in cash flows on commodity hedges | (2.3) | (0.8) |
| Amounts reclassified to the Consolidated Income Statement | 0.4 | (2.0) |
| Exchange differences | (0.1) | 0.3 |
| At year end | (5.3) | (3.3) |
Contracted amount by contract maturity | Fair value by contract maturity | |||||
Buy | Sell | Maturity | ||||
| (in $ millions) | < 1 year | 1\u20135 years | < 1 year | 1\u20135 years | < 1 year | 1\u20135 years |
| British pound sterling | 445.6 | \u2013 | (136.0) | \u2013 | 2.1 | \u2013 |
| Euro | 261.1 | \u2013 | (127.0) | \u2013 | (1.1) | \u2013 |
Nor wegian krone | 46.9 | \u2013 | (48.7) | \u2013 | (0.5) | \u2013 |
| Singapore dollar | 13.6 | \u2013 | (10.5) | \u2013 | 0.1 | \u2013 |
A ustralian dollar | 57.9 | \u2013 | (16.0) | \u2013 | (0.1) | \u2013 |
| Total | 825.1 | \u2013 | (338.2) | \u2013 | 0.5 | \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 | 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 | |
Si ngapore 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 |
2025 | 2024 | |
(in $ millions) | 31 Dec | 31 Dec |
| At year beginning | (3.3) | (0.8) |
| (Losses)/gains on the effective portion of derivative financial | ||
| instruments deferred to equity: | ||
| Changes in cash flows on commodity hedges | (2.3) | (0.8) |
| Amounts reclassified to the Consolidated Income Statement | 0.4 | (2.0) |
| Exchange differences | (0.1) | 0.3 |
| At year end | (5.3) | (3.3) |
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 aged | The allowance for lifetime ECLs is increased where |
| greater than 30 days past due have arisen due to ongoing | the impact is determined to be material. | |
| commercial discussions associated with the close-out of | ||
| contractual requirements and are not considered to be | ||
| indicative of an increased risk of default. | ||
In default | Balances are greater than 90 days past due with the | 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. |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Performing | 617.6 | 467.1 |
| Monitored | 41.2 | 33.9 |
| In default | 22.9 | 21.6 |
| Gross carrying amount | 681.7 | 522.6 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 681.7 | 522.6 |
| Allowance for expected credit losses | (1.0) | (2.1) |
| Allowance for incurred credit impairments | (22.9) | (21.6) |
| Net carrying amount | 657.8 | 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 | 617.6 | 15.0 | 15.3 | 33.8 | 681.7 |
| Allowance for expected credit losses | (1.0) | \u2013 | \u2013 | \u2013 | (1.0 ) |
Al lowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (22.9) | ( 22.9) |
| Net carrying amount | 616.6 | 15.0 | 15.3 | 10.9 | 657.8 |
| 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 |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (2.1) | (1.3) |
| Decrease/(increase) in allowance | 1.1 | (0.8) |
| At year end | (1.0) | (2.1) |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairment | ||
| At year beginning | (21.6) | (23.0) |
| Increase in allowance | (0.2) | (0.4) |
| Utilisation of allowance | \u2013 | 1.5 |
| Unused amounts released during the year | 0.5 | \u2013 |
| Exchange differences | (1.6) | 0.3 |
| At year end | (22.9) | (21.6) |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 35.8 | 40.8 |
| Allowance for incurred credit impairments | (1.6) | (1.6) |
| Net carrying amount | 34.2 | 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 | 31.5 | \u2013 | 0.2 | 4.1 | 35.8 |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
| Net carrying amount | 31.5 | \u2013 | 0.2 | 2.5 | 34.2 |
| 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 | 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 |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairments | ||
| At year beginning | (1.6) | (3.7) |
| Utilisation of allowance | \u2013 | 0.1 |
| Reclassification following derecognition of investment in joint venture | \u2013 | 1.8 |
| Exchange differences | \u2013 | 0.2 |
| At year end | (1.6) | (1.6) |
| 2025 | 2024 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| At | percentage | percentage |
| National energy companies | 38% | 29% |
| International energy companies | 11% | 13% |
| Independent energy companies | 51% | 58% |
| Total | 100% | 100% |
| 31 Dec | |
| At (in $ millions) | 2025 |
| Customer A | 204.5 |
| Customer B | 109.8 |
| Customer C | 36.7 |
| Customer D | 32.8 |
| Customer E | 31.1 |
| 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 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 years | Total |
Borrowings (a) | 22.0 | 27.4 | 157.9 | 438.5 | 645.8 |
| Trade payables | 270.3 | 44.6 | 22.2 | \u2013 | 337.1 |
| Amounts due to associates and joint ventures | 51.4 | \u2013 | \u2013 | \u2013 | 51.4 |
| Lease liabilities | 21.7 | 46.9 | 123.7 | 201.1 | 393.4 |
| Total | 365.4 | 118.9 | 303.8 | 639.6 | 1,427.7 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 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 |
Amoun ts 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\u20133 months | to 1 year | 1\u20135 years | Total |
| Net settled: | |||||
| Embedded derivatives | \u2013 | 1.7 | 23.5 | 21.1 | 46.3 |
| Commodity hedging | 0.1 | 0.1 | 1.3 | 3.1 | 4.6 |
| Gross settled: | |||||
| Foreign exchange forward contract payments | 292.7 | 1 69.4 | 133.2 | \u2013 | 595.3 |
| Foreign exchange forward contract receipts | (291.3) | (168.8) | (132.2) | \u2013 | (592.3) |
| Total | 1.5 | 2.4 | 25.8 | 24.2 | 53.9 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 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 |
Contracted amount by contract maturity | Fair value by contract maturity | |||||
Buy | Sell | Maturity | ||||
| (in $ millions) | < 1 year | 1\u20135 years | < 1 year | 1\u20135 years | < 1 year | 1\u20135 years |
| British pound sterling | 445.6 | \u2013 | (136.0) | \u2013 | 2.1 | \u2013 |
| Euro | 261.1 | \u2013 | (127.0) | \u2013 | (1.1) | \u2013 |
Nor wegian krone | 46.9 | \u2013 | (48.7) | \u2013 | (0.5) | \u2013 |
| Singapore dollar | 13.6 | \u2013 | (10.5) | \u2013 | 0.1 | \u2013 |
A ustralian dollar | 57.9 | \u2013 | (16.0) | \u2013 | (0.1) | \u2013 |
| Total | 825.1 | \u2013 | (338.2) | \u2013 | 0.5 | \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 | 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 | |
Si ngapore 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 |
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 aged | The allowance for lifetime ECLs is increased where |
| greater than 30 days past due have arisen due to ongoing | the impact is determined to be material. | |
| commercial discussions associated with the close-out of | ||
| contractual requirements and are not considered to be | ||
| indicative of an increased risk of default. | ||
In default | Balances are greater than 90 days past due with the | 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. |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Performing | 617.6 | 467.1 |
| Monitored | 41.2 | 33.9 |
| In default | 22.9 | 21.6 |
| Gross carrying amount | 681.7 | 522.6 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 681.7 | 522.6 |
| Allowance for expected credit losses | (1.0) | (2.1) |
| Allowance for incurred credit impairments | (22.9) | (21.6) |
| Net carrying amount | 657.8 | 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 | 617.6 | 15.0 | 15.3 | 33.8 | 681.7 |
| Allowance for expected credit losses | (1.0) | \u2013 | \u2013 | \u2013 | (1.0 ) |
Al lowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (22.9) | ( 22.9) |
| Net carrying amount | 616.6 | 15.0 | 15.3 | 10.9 | 657.8 |
| 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 |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (2.1) | (1.3) |
| Decrease/(increase) in allowance | 1.1 | (0.8) |
| At year end | (1.0) | (2.1) |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairment | ||
| At year beginning | (21.6) | (23.0) |
| Increase in allowance | (0.2) | (0.4) |
| Utilisation of allowance | \u2013 | 1.5 |
| Unused amounts released during the year | 0.5 | \u2013 |
| Exchange differences | (1.6) | 0.3 |
| At year end | (22.9) | (21.6) |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Gross carrying amount | 35.8 | 40.8 |
| Allowance for incurred credit impairments | (1.6) | (1.6) |
| Net carrying amount | 34.2 | 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 | 31.5 | \u2013 | 0.2 | 4.1 | 35.8 |
| Allowance for incurred credit impairments | \u2013 | \u2013 | \u2013 | (1.6) | (1.6) |
| Net carrying amount | 31.5 | \u2013 | 0.2 | 2.5 | 34.2 |
| 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 | 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 |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for credit impairments | ||
| At year beginning | (1.6) | (3.7) |
| Utilisation of allowance | \u2013 | 0.1 |
| Reclassification following derecognition of investment in joint venture | \u2013 | 1.8 |
| Exchange differences | \u2013 | 0.2 |
| At year end | (1.6) | (1.6) |
| 2025 | 2024 | |
| 31 Dec | 31 Dec | |
| Category | Category | |
| At | percentage | percentage |
| National energy companies | 38% | 29% |
| International energy companies | 11% | 13% |
| Independent energy companies | 51% | 58% |
| Total | 100% | 100% |
| 31 Dec | |
| At (in $ millions) | 2025 |
| Customer A | 204.5 |
| Customer B | 109.8 |
| Customer C | 36.7 |
| Customer D | 32.8 |
| Customer E | 31.1 |
| 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 |
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 aged | The allowance for lifetime ECLs is increased where |
| greater than 30 days past due have arisen due to ongoing | the impact is determined to be material. | |
| commercial discussions associated with the close-out of | ||
| contractual requirements and are not considered to be | ||
| indicative of an increased risk of default. | ||
In default | Balances are greater than 90 days past due with the | 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. |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Performing | 617.6 | 467.1 |
| Monitored | 41.2 | 33.9 |
| In default | 22.9 | 21.6 |
| Gross carrying amount | 681.7 | 522.6 |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Allowance for expected credit losses | ||
| At year beginning | (2.1) | (1.3) |
| Decrease/(increase) in allowance | 1.1 | (0.8) |
| At year end | (1.0) | (2.1) |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 years | Total |
Borrowings (a) | 22.0 | 27.4 | 157.9 | 438.5 | 645.8 |
| Trade payables | 270.3 | 44.6 | 22.2 | \u2013 | 337.1 |
| Amounts due to associates and joint ventures | 51.4 | \u2013 | \u2013 | \u2013 | 51.4 |
| Lease liabilities | 21.7 | 46.9 | 123.7 | 201.1 | 393.4 |
| Total | 365.4 | 118.9 | 303.8 | 639.6 | 1,427.7 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 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 |
Amoun ts 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\u20133 months | to 1 year | 1\u20135 years | Total |
| Net settled: | |||||
| Embedded derivatives | \u2013 | 1.7 | 23.5 | 21.1 | 46.3 |
| Commodity hedging | 0.1 | 0.1 | 1.3 | 3.1 | 4.6 |
| Gross settled: | |||||
| Foreign exchange forward contract payments | 292.7 | 1 69.4 | 133.2 | \u2013 | 595.3 |
| Foreign exchange forward contract receipts | (291.3) | (168.8) | (132.2) | \u2013 | (592.3) |
| Total | 1.5 | 2.4 | 25.8 | 24.2 | 53.9 |
| Less than | 3 months | ||||
| (in $ millions) | 1 month | 1\u20133 months | to 1 year | 1\u20135 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 |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| 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 | 3 .5 | \u2013 | \u2013 | 0. 4 | \u2013 |
Fin ancial assets at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | 7 5.0 | \u2013 | \u2013 | 136.6 | \u2013 |
| Financial liabilities: | ||||||
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| derivative instruments | \u2013 | (3.0) | \u2013 | \u2013 | ( 6 .1) | \u2013 |
Fin ancial liabilities at fair value through profit or loss \u2013 | ||||||
| embedded derivatives | \u2013 | (44.1) | \u2013 | \u2013 | ( 36.5) | \u2013 |
| Financial liabilities at fair value through profit or loss \u2013 | ||||||
| commodity derivatives | \u2013 | (1.3) | \u2013 | \u2013 | (0. 4) | \u2013 |
Financial liabilities at fair value through other comprehensive income \u2013 commodity derivatives | \u2013 | (3. 3) | \u2013 | \u2013 | ( 3.0 ) | \u2013 |
Con tingent consideration (a) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (0.5) |
| Balance at | Balance at | |||
| 1 January | Unused amounts | 31 December | ||
| (in $ millions) | 2025 | Utilisation | released | 2025 |
| Contingent consideration | 0.5 | (0 .2 ) | (0.3 ) | \u2013 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec (a) | 31 Dec (a) |
Salaries and other short-term employee benefits (b) | 9.7 | 8.1 |
Share-based payments (c) | 2.3 | 1.1 |
Post-employment benefits (d) | 0.3 | 0.2 |
| Total | 12.3 | 9.4 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Net non-current receivables due from associates and joint ventures (Note 17) | 21.4 | 31.2 |
| Net trade receivables due from associates and joint ventures (Note 19) | 12.8 | 8.0 |
| Trade payables due to associates and joint ventures (Note 30) | (51.4) | (12.4) |
| Net (payables to)/receivables from associates and joint ventures | (17.2) | 26.8 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec (a) | 31 Dec (a) |
Salaries and other short-term employee benefits (b) | 9.7 | 8.1 |
Share-based payments (c) | 2.3 | 1.1 |
Post-employment benefits (d) | 0.3 | 0.2 |
| Total | 12.3 | 9.4 |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Net non-current receivables due from associates and joint ventures (Note 17) | 21.4 | 31.2 |
| Net trade receivables due from associates and joint ventures (Note 19) | 12.8 | 8.0 |
| Trade payables due to associates and joint ventures (Note 30) | (51.4) | (12.4) |
| Net (payables to)/receivables from associates and joint ventures | (17.2) | 26.8 |
| 2025 | 2024 | |
| For the year ended (in $ millions) | 31 Dec (a) | 31 Dec (a) |
Salaries and other short-term employee benefits (b) | 9.7 | 8.1 |
Share-based payments (c) | 2.3 | 1.1 |
Post-employment benefits (d) | 0.3 | 0.2 |
| Total | 12.3 | 9.4 |
| 2025 | 2024 | ||
| For the year ended (in $ millions) | 31 Dec | 31 Dec | |
| Expense arising from equity-settled share-based payment transactions: | |||
2018 | Long Term Incentive Plan | 0.6 | 1.4 |
2022 | Long Term Incentive Plan | 8.1 | 4.8 |
| Total | 8.7 | 6.2 |
| 2025 | 2024 | |
| For the year ended | 31 Dec | 31 Dec |
| Weighted average share price at grant date (in $) | 20.78 | 16.35 |
| TSR performance \u2013 Weighted average fair value at grant date (in $) | 10.73 | 9.79 |
| ROAIC performance \u2013 Weighted average fair value at grant date (in $) | 16.97 | 14.25 |
| CCR performance \u2013 Weighted average fair value at grant date (in $) | 16.97 | 14.25 |
| Expected volatility | 35% | 42% |
| Risk-free rate | 3.79% | 3.17% |
| Dividend yield | 5.2% | 3.50% |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Defined benefit obligation | ||
| At year beginning | (8.1) | (8.4) |
| Amounts charged to the Consolidated Income Statement: | ||
| Service costs | (0.8) | (0.8) |
| Past service costs | (3.0) | \u2013 |
| Interest costs | (0.3) | (0.3) |
| Sub-total | (4.1) | (1.1) |
| Remeasurement (losses)/gains recognised in Other Comprehensive Income: | ||
| Actuarial changes arising from changes in demographic assumptions | (1.5) | 0.6 |
| Actuarial changes arising from changes in financial assumptions | 1.1 | 0.2 |
| Experience adjustments | (0.2) | 0.1 |
| Sub-total | (0.6) | 0.9 |
| Benefits paid | 0.4 | \u2013 |
| Exchange differences | (1.4) | 0.5 |
| At year end | (13.8) | (8.1) |
| 2025 | 2024 | |
| (in %) | 31 Dec | 31 Dec |
| Discount rate | 4.0 | 3.4 |
(in $ millions) | Discount rate | |
Sensitivity level | 0.25% increase | 0.25% decrease |
| Impact on the net defined benefit obligation | 0.4 | (0.4) |
| 2025 | 2024 | |
| (in $ millions) | 31 Dec | 31 Dec |
| Defined benefit obligation | ||
| At year beginning | (8.1) | (8.4) |
| Amounts charged to the Consolidated Income Statement: | ||
| Service costs | (0.8) | (0.8) |
| Past service costs | (3.0) | \u2013 |
| Interest costs | (0.3) | (0.3) |
| Sub-total | (4.1) | (1.1) |
| Remeasurement (losses)/gains recognised in Other Comprehensive Income: | ||
| Actuarial changes arising from changes in demographic assumptions | (1.5) | 0.6 |
| Actuarial changes arising from changes in financial assumptions | 1.1 | 0.2 |
| Experience adjustments | (0.2) | 0.1 |
| Sub-total | (0.6) | 0.9 |
| Benefits paid | 0.4 | \u2013 |
| Exchange differences | (1.4) | 0.5 |
| At year end | (13.8) | (8.1) |
| 2025 | 2024 | |
| (in %) | 31 Dec | 31 Dec |
| Discount rate | 4.0 | 3.4 |
(in $ millions) | Discount rate | |
Sensitivity level | 0.25% increase | 0.25% decrease |
| Impact on the net defined benefit obligation | 0.4 | (0.4) |
| 2025 | 2024 | |
| At (in $ millions) | 31 Dec | 31 Dec |
| Advances received from clients | 18.6 | 27.1 |
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\u00f3\u0142ka z.o.o. | Poland | General Trading |
Daymark Canada Company | Canada | General Trading |
Daymark Energy Advisors Inc | US | General Trading |
Evolv Energies Limited (formerly Aurora Environmental Limited) | United Kingdom | General Trading |
Magellanic Offshore 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 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 Korea Co., Ltd (formerly Subsea 7 Korea Co., Ltd) | South Korea | General Trading |
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 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 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 |
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) LLC | 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 Investments S.A.S. | France | General Trading |
Subsea 7 Blue Space Limited | United Kingdom | 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 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 Brasil Ltda | Brazil | General Trading |
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 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 ROV UK Limited | United Kingdom | 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 |
Xodus Academy Limited | United Kingdom | General Trading |
Xodus DMCC | United Arab Emirates | General Trading |
Xodus Green Light Pty Limited | Australia | General Trading |
Xodus Greenfuel Development Company Pty Ltd | Australia | Special Purpose |
Xodus Group (Holdings) Limited | United Kingdom | Holding |
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 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 |