All amounts are in NOK million unless otherwise stated
NOTE 1General information
Odfjell Technology Ltd ('the Company') and its subsidiaries (together 'the Group') provide well services, operations (mainly related to drilling) and projects & engineering services.
Odfjell Technology, a limited liability company, is incorporated in Bermuda. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. Odfjell Technology Ltd's head office is at Prime View, Prime Four Business Park, Kingswells, Aberdeen, AB15 8PU, United Kingdom and the Company is tax resident in the United Kingdom.
The consolidated financial statements including notes for Odfjell Technology Ltd for the year 2025 were approved by the Board on 20 April 2026.
The consolidated financial statements including notes for Odfjell Technology Ltd for the year 2025 were approved by the Board on 20 April 2026.
NOTE 2Basis for preparing the consolidated financial statements
The consolidated financial statements of the Group for the year ended 31 December 2025 comply with IFRS\u00ae Accounting Standards as endorsed by the EU.
The consolidated financial statements ended 31\u00a0December\u00a02025 comprise the income statement, statement of comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and note disclosures.
In the Group\u2019s view, factors that could cause actual results to differ materially from the outlook contained in these financial statements are the following: volatile oil and gas prices, global political changes regarding energy composition, competition within the oil and gas services industry, changes in clients spending budgets and developments in the financial and fiscal markets.
The Group's refinancing risk is low, with a bond loan maturing in September 2028 and a rolling credit facility of USD 50 available until the same quarter.
Taking all relevant risk factors into consideration, the Board has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foreseeable future. Hence, the Group has adopted the going concern basis in preparing its consolidated financial statements.
The consolidated financial statements have been prepared under the historical cost convention, except for derivative financial instruments, debt and equity financial assets, plan assets in defined benefit pension plans and contingent considerations that have been measured at fair value.
The preparation of financial statements in conformity with Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where the assumptions and estimates are significant to the consolidated financial statements are disclosed in each relevant note.
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries.
Subsidiaries are all entities over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The subsidiaries are listed in Note 30.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies.
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset.
Items included in the separate financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The Consolidated Financial Statements are presented in NOK (in million), which is the Group\u2019s presentation currency.
Foreign currency transactions are translated into the functional currency using the monthly exchange rates for the month the transactions are recognised.
Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Foreign exchange gains and losses are presented in the income statement within \u2018other financial items\u2019.
The results and financial position of all the Group's entities that have a functional currency different from the presentation currency (NOK) are translated into the presentation currency as follows:
\u25aaAssets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
\u25aaIncome and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
\u25aaAll resulting exchange differences are recognised in other comprehensive income.
| \n \n | \n\n Average rate | \n\n Average rate | \n\n Closing rate | \n\n Closing rate | \n
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
| \n USD | \n\n 10.3981 | \n\n 10.7481 | \n\n 10.0791 | \n\n 11.3534 | \n
| \n GBP | \n\n 13.6887 | \n\n 13.7382 | \n\n 13.5721 | \n\n 14.2249 | \n
| \n EUR | \n\n 11.7246 | \n\n 11.6300 | \n\n 11.8430 | \n\n 11.7950 | \n
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification.
An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, when it is held primarily for the purpose of trading, when it is expected to be realised within twelve months after the reporting period, or when it is cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when it is expected to be settled in the normal operating cycle, when it is held primarily for the purpose of trading, when it is due to be settled within twelve months after the reporting period, or when there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.\u00a0
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The statement of cash flows is prepared under the indirect method. Cash and cash equivalents include cash, bank deposits and other monetary instruments with maturity of less than three months at the date of purchase.
The consolidated financial statements of the Group for the year ended 31 December 2025 comply with IFRS\u00ae Accounting Standards as endorsed by the EU.
In the Group\u2019s view, factors that could cause actual results to differ materially from the outlook contained in these financial statements are the following: volatile oil and gas prices, global political changes regarding energy composition, competition within the oil and gas services industry, changes in clients spending budgets and developments in the financial and fiscal markets.
The Group's refinancing risk is low, with a bond loan maturing in September 2028 and a rolling credit facility of USD 50 available until the same quarter.
Taking all relevant risk factors into consideration, the Board has a reasonable expectation that the Group has adequate resources to continue its operational existence for the foreseeable future. Hence, the Group has adopted the going concern basis in preparing its consolidated financial statements.
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries.
Subsidiaries are all entities over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. The subsidiaries are listed in Note 30.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies.
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset.
Foreign currency transactions are translated into the functional currency using the monthly exchange rates for the month the transactions are recognised.
Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Foreign exchange gains and losses are presented in the income statement within \u2018other financial items\u2019.
The results and financial position of all the Group's entities that have a functional currency different from the presentation currency (NOK) are translated into the presentation currency as follows:
\u25aaAssets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
\u25aaIncome and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
\u25aaAll resulting exchange differences are recognised in other comprehensive income.
| \n \n | \n\n Average rate | \n\n Average rate | \n\n Closing rate | \n\n Closing rate | \n
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
| \n USD | \n\n 10.3981 | \n\n 10.7481 | \n\n 10.0791 | \n\n 11.3534 | \n
| \n GBP | \n\n 13.6887 | \n\n 13.7382 | \n\n 13.5721 | \n\n 14.2249 | \n
| \n EUR | \n\n 11.7246 | \n\n 11.6300 | \n\n 11.8430 | \n\n 11.7950 | \n
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification.
An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, when it is held primarily for the purpose of trading, when it is expected to be realised within twelve months after the reporting period, or when it is cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when it is expected to be settled in the normal operating cycle, when it is held primarily for the purpose of trading, when it is due to be settled within twelve months after the reporting period, or when there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.\u00a0
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The statement of cash flows is prepared under the indirect method. Cash and cash equivalents include cash, bank deposits and other monetary instruments with maturity of less than three months at the date of purchase.
NOTE 4Operating and geographic segment information
Operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board.
Revenue is measured based on the consideration specified in a contract with a client and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over rendered services to the client.
The Group has, as a practical expedient in IFRS 15, recognised the incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that the entity otherwise would have recognised is one year or less.
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. The Group has only operating leases as a lessor. Rental income is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. The lease term may vary from contract to contract, and only includes the non-cancellable period of the contract with the addition of optional renewable periods if the lessee is reasonably certain to extend. None of the existing contracts have optional periods included in the lease term. The lease term is reassessed when options to extend are exercised.
There is estimation uncertainty in the Group's revenue recognition related to bonus and other variable considerations. The Group estimate these variable fees using a most likely amount approach on a contract by contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of success in each case. Variable consideration is included in revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved.
Refer to Note 4 - Operating and geographic segment information for a description of services provided by the segments.
Revenue for the rental services are recognised according to IFRS 16 Leases and is accounted for on a straight-line basis over the lease terms.
Services related to contracts with clients are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client. Revenue is based on the transaction price in the contracts with clients, which is a combination of fees for equipment used, personnel on board and other pricing elements. Payment of the transaction price is usually due on a monthly basis. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Services are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client.
Revenue is based on the transaction price in the contracts with clients. The main part of the transaction price is fixed day rates, which can vary depending on the phase of contract. Payment of the day rate based transaction price is usually due on a monthly basis. Some contracts may contain milestone payments or prepayment for maintenance services not yet performed. Refer to Note\u00a013 - Contract balances.
The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Some of the contracts include fees for variable or conditional service fee arrangements, such as bonuses for meeting or exceeding certain performance targets. The Group estimate these variable fees using a most likely amount approach, see further description above under the \"Significant estimation uncertainty\" paragraph.
The transaction prices in the contracts are mainly based on rates per hour, but the Business Area may from time to time have some lump sum projects. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
NOTE 8Income Taxes
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Property, plant and equipment comprise mainly of well services equipment and machinery, and equipment. Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes purchase price, any directly attributable costs of bringing the asset to working condition and borrowing costs.
Depreciation is calculated on a straight-line basis over the useful life of the asset or component. The depreciable amount equals historical cost less residual value. Items of property, plant and equipment with components that have substantially different useful lives are treated separately for depreciation purposes.
Subsequent costs for day-to-day repairs and maintenance are expensed as incurred.
The cost of modernisation and rebuilding projects is included in the asset\u2019s carrying amount when it is probable that the Group will derive future financial benefits and the cost of the item can be measured reliably. The carrying amount of the replaced part is written off. Modernisation and rebuilding projects are depreciated over the remaining useful life of the related assets.
The useful lives of assets and the depreciation methods are reviewed periodically in order to ensure that the method and period of depreciation are consistent with the expected pattern of financial benefits from the asset. Management uses knowledge of the oil industry and the estimated market development, as well as expected technological development, as basis for determining useful life. The evaluation includes effects of the climate change and the shift to renewable energy sources.
When assets are sold or retired, their cost and accumulated depreciation and accumulated impairment loss are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement as other gains and losses.
Residual values for property, plant and equipment are estimated to be zero.
All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Value in use represents the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
Non-financial assets, other than goodwill, that have suffered an impairment, are reviewed for reversal of the impairment whenever events or changes in circumstances indicate that the impairment loss recognised in prior periods may no longer exist or may have decreased.
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:
\u25aaThe technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\u25aaIts intention to complete and its ability and intention to use or sell the asset
\u25aaHow the asset will generate future economic benefits
\u25aaThe availability of resources to complete the asset
\u25aaThe ability to measure reliably the expenditure during development
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Derivatives are valued at fair value through profit or loss unless designated as hedges.
The Group has applied the practical expedient under IFRS\u00a09 and are measuring the initial recognition of trade receivables at the transaction price determined under IFRS\u00a015.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are transferred. Realised gains and losses arising from financial assets not designated for hedging, are recognised in the income statement as financial item in the period they occur.
The Group\u2019s financial liabilities include trade and other payables, as well as borrowings.
The loans and borrowings category is the most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process. Refer to further information in Note 16 - Interest-bearing borrowings.
The Group measures financial instruments such as derivatives, at fair value at each balance sheet date.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described below, based on the lowest level input that is significant to the fair value measurement as a whole.
The tables below analyse financial instruments carried at fair value, by valuation method, based on the lowest level input that is significant to the fair value measurement as a whole. The different levels have been defined as follows:
\u25aaLevel 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
\u25aaLevel 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
\u25aaLevel 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). For short-term assets and liabilities at level 3, the value is approximately equal to the carrying amount. As the time horizon is due in short-term, future cash flows are not discounted.
Level 2 derivatives held at fair value through profit or loss and hedging derivatives comprise interest rate swaps. Interest rate swaps are fair valued using forward rates extracted from observable yield curves. Interest rate swaps are recognised according to mark-to-market reports from external financial institutions.
A contract asset is the right to consideration in exchange for goods or services transferred to the client. If the Group performs by transferring goods or services to a client before the client pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.
For costs to fulfil contracts where the Group operates as a lessor, the Group has chosen to apply the guidance in IFRS 15 by analogy.
A contract liability is the obligation to transfer goods or services to a client for which the Group has received consideration (or an amount of consideration is due) from the client. If a client pays consideration before the Group transfers goods or services to the client, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).
Borrowings are financial liabilities recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Fees related to revolving credit facilities are amortised on a straight-line basis over the period which the credit facility is available.
This note relates to the Group as a lessee only.
The Group leases various offices, workshops and warehouses. Rental contracts are typically made for fixed periods of 6 months to 10 years, but may have extension or termination options. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.
The lease payments are discounted using the lessee\u2019s incremental borrowing rate. To determine the incremental borrowing rate, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Right-of-use assets are measured at cost, comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and any restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and smaller items of office equipment.
The Group has occupational pension plans in several countries. The pension plans are measured and presented according to International Accounting Standards 19.
The Group has contractual pension agreement (CPA) schemes in Norway established in multi-employer plans. These multi-employer plans are defined benefit plans, but the Group does not have access to the necessary information for the accounting years 2025 and 2024 required to account for these plans as defined benefit plans, and the plans are therefore accounted for as defined contribution plans.
A number of the Norwegian subsidiaries in the Group are required to have a civil service pension scheme according to the Norwegian Act relating to mandatory occupational pensions. These subsidiaries have pension schemes in accordance with the requirements in this Act.
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively.
Derivatives are recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured on a continuous basis at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of highly probable forecast transactions (cash-flow hedges). At the date of the hedging transaction, the Group's documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:
\u25aaThere is an economic relationship\u2019 between the hedged item and the hedging instrument.
\u25aaThe effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u25aaThe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
\u25aaThe effective portion of the gain or loss on the cash flow hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
\u25aaAmounts recognised directly in other comprehensive income are reclassified as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement.
Derivatives are only used for economic hedging purposes and not as speculative investments.
The Group assesses, on a forward-looking basis, the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
A provision is recognised when an obligation exists (legal or constructive) as a result of a past event, it is probable that an economic settlement will be required as a consequence of the obligation, and a reliable estimate can be made of the amount of the obligation.
The best estimate of the expenditure required to settle the obligation is recognised as a provision. When the effect is material, the provision is discounted using a market-based pre-tax discount rate.
Contingent liabilities and contingent assets are not recognised. Contingent liabilities are disclosed, unless the possibility of an economic settlement as a consequence of the obligation is remote. Contingent assets are disclosed where an economic settlement as a consequence of the asset is probable.
Associates are accounted for using the equity method. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.
The Group has a long-term equity settled incentive share option programme, in which the employee receives remuneration in the form of share-based payment for services rendered.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details below.
The basic earnings per share are calculated as the ratio of the profit for the year that is due to the shareholders of the parent divided by the weighted average number of common shares outstanding.
When calculating the diluted earnings per share, the profit that is attributable to the common shareholders of the parent and the weighted average number of common shares outstanding are adjusted for all the dilution effects relating to share options.
Foreign currency transactions are translated into the functional currency using the monthly exchange rates for the month the transactions are recognised.
Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Foreign exchange gains and losses are presented in the income statement within \u2018other financial items\u2019.
The results and financial position of all the Group's entities that have a functional currency different from the presentation currency (NOK) are translated into the presentation currency as follows:
\u25aaAssets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
\u25aaIncome and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
\u25aaAll resulting exchange differences are recognised in other comprehensive income.
| \n \n | \n\n Average rate | \n\n Average rate | \n\n Closing rate | \n\n Closing rate | \n
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
| \n USD | \n\n 10.3981 | \n\n 10.7481 | \n\n 10.0791 | \n\n 11.3534 | \n
| \n GBP | \n\n 13.6887 | \n\n 13.7382 | \n\n 13.5721 | \n\n 14.2249 | \n
| \n EUR | \n\n 11.7246 | \n\n 11.6300 | \n\n 11.8430 | \n\n 11.7950 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) included in finance costs | \n\n (4.6) | \n\n (31.0) | \n
Foreign currency transactions are translated into the functional currency using the monthly exchange rates for the month the transactions are recognised.
Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.
Foreign exchange gains and losses are presented in the income statement within \u2018other financial items\u2019.
The results and financial position of all the Group's entities that have a functional currency different from the presentation currency (NOK) are translated into the presentation currency as follows:
\u25aaAssets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet
\u25aaIncome and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and
\u25aaAll resulting exchange differences are recognised in other comprehensive income.
| \n \n | \n\n Average rate | \n\n Average rate | \n\n Closing rate | \n\n Closing rate | \n
|---|---|---|---|---|
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
| \n USD | \n\n 10.3981 | \n\n 10.7481 | \n\n 10.0791 | \n\n 11.3534 | \n
| \n GBP | \n\n 13.6887 | \n\n 13.7382 | \n\n 13.5721 | \n\n 14.2249 | \n
| \n EUR | \n\n 11.7246 | \n\n 11.6300 | \n\n 11.8430 | \n\n 11.7950 | \n
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification.
An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, when it is held primarily for the purpose of trading, when it is expected to be realised within twelve months after the reporting period, or when it is cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when it is expected to be settled in the normal operating cycle, when it is held primarily for the purpose of trading, when it is due to be settled within twelve months after the reporting period, or when there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.\u00a0
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification.
An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, when it is held primarily for the purpose of trading, when it is expected to be realised within twelve months after the reporting period, or when it is cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when it is expected to be settled in the normal operating cycle, when it is held primarily for the purpose of trading, when it is due to be settled within twelve months after the reporting period, or when there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.\u00a0
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification.
An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, when it is held primarily for the purpose of trading, when it is expected to be realised within twelve months after the reporting period, or when it is cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when it is expected to be settled in the normal operating cycle, when it is held primarily for the purpose of trading, when it is due to be settled within twelve months after the reporting period, or when there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.\u00a0
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification.
An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, when it is held primarily for the purpose of trading, when it is expected to be realised within twelve months after the reporting period, or when it is cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.
All other assets are classified as non-current.
A liability is current when it is expected to be settled in the normal operating cycle, when it is held primarily for the purpose of trading, when it is due to be settled within twelve months after the reporting period, or when there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.\u00a0
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The statement of cash flows is prepared under the indirect method. Cash and cash equivalents include cash, bank deposits and other monetary instruments with maturity of less than three months at the date of purchase.
The statement of cash flows is prepared under the indirect method. Cash and cash equivalents include cash, bank deposits and other monetary instruments with maturity of less than three months at the date of purchase.
NOTE 3Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors such as interest rates, foreign exchange rates and other factors which are outside the Group\u2019s control. The resulting estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below.
\u25aaRevenue recognition (Note 5 - Revenue)
\u25aaEstimation of trade receivable impairment losses (Note 23 - Credit risk)
\u25aaRecognition of deferred tax asset for carried forward tax losses (Note 8 - Income Taxes)
\u25aaProvisions and contingent liabilities (Note 27 - Contingencies)
There is estimation uncertainty in the Group's revenue recognition related to bonus and other variable considerations. The Group estimate these variable fees using a most likely amount approach on a contract by contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of success in each case. Variable consideration is included in revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved.
Odfjell Offshore Ltd, a subsidiary of Odfjell Technology Ltd, was registered as a Norwegian Registered Foreign Company on 8 March 2016 after migration of the company on 26 January 2016. As from this date the company has been taxable for income to Norway. In 2017, the company filed for a tax deduction, of approximately NOK 2.3 billion, on redemption of its 40% shares in Deep Sea Metro Ltd. A total of NOK 1.3 billion of this loss has been utilised through Group contributions received from other Norwegian entities within the Odfjell Drilling Ltd Group in the period 2017 to 2021.
21 December 2022 Odfjell Offshore Ltd received a tax ruling from the Norwegian Tax Authorities where the tax loss of on the realisation of shares in 2017 was denied on the basis of the anti-avoidance rule developed as tax case law. Odfjell Offshore Ltd appealed the administrative tax ruling to Hordaland District Court, which was litigated at the beginning of December 2024. The court issued a verdict on 23\u00a0January\u00a02025 in favour of the Norwegian Tax Authorities. The verdict was appealed to Gulating Court of Appeal, and litigated in the first week of March 2026.
On 17 April 2026, the Gulating Court of Appeal issued a verdict in favour of Odfjell Offshore Ltd. The Norwegian Tax Authority may appeal the ruling within one month, after which a ruling on whether the application to appeal is granted would be expected in around six to eight weeks.
Following the favourable ruling from the Gulating Court of Appeal, the Group\u2019s best judgement is that the tax case will ultimately be concluded in favour of Odfjell Offshore Ltd, even in the event of a further appeal.
The Group made an upfront payment 1 February 2023 of NOK 307 million in taxes and interest for the financial years 2017 through to 2021. The amount was financed and refunded from Odfjell Drilling Ltd, as it is covered by the letter of indemnity issued 1 March 2022 to Odfjell Technology Ltd. Odfjell Drilling Ltd will hold the Company indemnified in respect of any liability that may occur in relation to the ongoing Odfjell Offshore Ltd tax case for the financial years 2017 through to 2021. This includes financing of prepayments to the Norwegian Tax Authorities, and funds for legal proceedings. Reflecting the expectation of repayment upon final conclusion of the tax case, a non-current tax asset of NOK 307 million and a corresponding liability of repayment to Odfjell Drilling Ltd of NOK 307 million has been recognised.
Based on the tax ruling in December 2022, the income taxes could no longer be offset by Odfjell Offshore's tax losses carried forward, and the Group has made income tax payments for 2022 and the following tax years. As the Group\u2019s best judgement is that the tax case will ultimately be resolved in favour of Odfjell Offshore Ltd, the Group has recognised a deferred tax asset equal to the expected tax refund. For the financial years 2022-2025 this accumulates to NOK 137 million which is presented as deferred tax asset at 31 December 2025.
Management exercises judgement in determining the impairment loss related to the trade receivables.
Included in the Trade receivables as at 31\u00a0December\u00a02025 and 31\u00a0December\u00a02024 the Group has an outstanding amount of EUR 4 million (NOK 47 million) towards clients in Iran.
The Group's activities in Iran ceased prior to reinforcement of US sanctions early November 2018. No payments have been received after this date, due to no current efficient bank channels out of Iran. The Iranian clients are working on improving the liquidity situation and finding appropriate payment routes. The Group's Iranian clients have previously demonstrated that they prioritise supplier payments, and although delayed, they have historically paid their outstanding balances.
An impairment loss of EUR 0.9 million (NOK 10 million) has been accrued for, related to these trade receivables as at 31\u00a0December\u00a02025.
The Group is of the opinion that the receivable from Iran is still likely to be received despite the conflict in Iran occurring after year end, as it does not affect the process we are currently undertaking to recover the amounts. It is possible that the collection process will be further delayed due to the conflict, but the foundation for collection is in place. The Group will continue to monitor the progress closely going forward.
NOTE 3Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors such as interest rates, foreign exchange rates and other factors which are outside the Group\u2019s control. The resulting estimates will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below.
\u25aaRevenue recognition (Note 5 - Revenue)
\u25aaEstimation of trade receivable impairment losses (Note 23 - Credit risk)
\u25aaRecognition of deferred tax asset for carried forward tax losses (Note 8 - Income Taxes)
\u25aaProvisions and contingent liabilities (Note 27 - Contingencies)
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below.
\u25aaRevenue recognition (Note 5 - Revenue)
\u25aaEstimation of trade receivable impairment losses (Note 23 - Credit risk)
\u25aaRecognition of deferred tax asset for carried forward tax losses (Note 8 - Income Taxes)
\u25aaProvisions and contingent liabilities (Note 27 - Contingencies)
NOTE 4Operating and geographic segment information
Operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board.
NOTE 4Operating and geographic segment information
Operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board.
Management has determined the operating segments based on the information reviewed by the Board for the purposes of allocating resources and assessing performance. Well Services, Operations and Project & Engineering have been determined as the operating segments.
The segment provides casing and tubular running services (both automated and conventional), drilling tool and tubular rental services, specialist well intervention products and services for exploration wells and for production purposes.
The main service offering of the segment is production drilling and well completion on clients' rigs. Other types of services offered are slot recovery, plug and abandonment, work-overs and maintenance activities, as well as rig installation services. In this segment, the Group offers platform drilling services on both fixed production platforms and on floating production platforms with subsea BOP, along with the management of and performance of the same services on jack-up rigs.
The segment offers engineering and integrity services, ranging from design and engineering to building supervision, project management and operational support for units in operation, new build projects, Renewal Survey / SPS recertification projects and yard stays.
| \n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n\n Corporate / GBS | \n\n Consolidated | \n|||||
|---|---|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n External segment revenue | \n\n 1,942.9 | \n\n 1,891.5 | \n\n 2,707.2 | \n\n 2,605.2 | \n\n 661.4 | \n\n 662.1 | \n\n 221.9 | \n\n 268.1 | \n\n 5,533.4 | \n\n 5,426.9 | \n
| \n Total revenue | \n\n 1,942.9 | \n\n 1,891.5 | \n\n 2,707.2 | \n\n 2,605.2 | \n\n 661.4 | \n\n 662.1 | \n\n 221.9 | \n\n 268.1 | \n\n 5,533.4 | \n\n 5,426.9 | \n
| \n Other gains and losses | \n\n 42.3 | \n\n 22.3 | \n\n \n | \n\n - | \n\n \n | \n\n - | \n\n 0.2 | \n\n 10.0 | \n\n 42.5 | \n\n 32.3 | \n
| \n EBITDA | \n\n 605.6 | \n\n 628.3 | \n\n 200.6 | \n\n 146.1 | \n\n 80.4 | \n\n 89.9 | \n\n (86.1) | \n\n (39.2) | \n\n 800.6 | \n\n 825.1 | \n
| \n Depreciation and impairment | \n\n (238.9) | \n\n (288.8) | \n\n (4.1) | \n\n (3.2) | \n\n (5.9) | \n\n (6.0) | \n\n (40.7) | \n\n (36.4) | \n\n (289.6) | \n\n (334.3) | \n
| \n EBIT | \n\n 366.7 | \n\n 339.5 | \n\n 196.5 | \n\n 142.9 | \n\n 74.5 | \n\n 83.9 | \n\n (126.8) | \n\n (75.6) | \n\n 510.9 | \n\n 490.7 | \n
| \n Share of profit (loss) from joint ventures and associates | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (19.5) | \n\n 2.2 | \n
| \n Net financial items | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n (114.3) | \n\n (197.7) | \n
| \n Profit / (loss) before tax - Consolidated Group | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n 377.2 | \n\n 295.2 | \n
Corporate / GBS covers overhead costs in the Group as well as Global Business Services (GBS). The GBS services are provided to segments within the Group as well as to the Odfjell Drilling Group and the Odfjell Oceanwind Group.
| \n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n\n Corporate / GBS | \n\n Consolidated | \n|||||
|---|---|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Norway | \n\n 976.4 | \n\n 892.4 | \n\n 1,784.4 | \n\n 1,661.7 | \n\n 557.9 | \n\n 558.7 | \n\n 219.6 | \n\n 265.9 | \n\n 3,538.2 | \n\n 3,378.7 | \n
| \n UK | \n\n 194.7 | \n\n 205.1 | \n\n 848.2 | \n\n 898.6 | \n\n 94.2 | \n\n 97.1 | \n\n 1.5 | \n\n 1.7 | \n\n 1,138.6 | \n\n 1,202.5 | \n
| \n Europe - other countries | \n\n 262.3 | \n\n 245.3 | \n\n 0.3 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 262.7 | \n\n 245.3 | \n
| \n Kuwait | \n\n 199.5 | \n\n 158.4 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 199.5 | \n\n 158.4 | \n
| \n Malaysia | \n\n 60.5 | \n\n 105.9 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 60.5 | \n\n 105.9 | \n
| \n Asia - other countries | \n\n 197.3 | \n\n 200.8 | \n\n 73.4 | \n\n - | \n\n 9.3 | \n\n 6.3 | \n\n 0.8 | \n\n 0.6 | \n\n 280.8 | \n\n 207.7 | \n
| \n Other geographical markets | \n\n 52.2 | \n\n 83.4 | \n\n 1.0 | \n\n 44.9 | \n\n - | \n\n \n | \n\n - | \n\n - | \n\n 53.1 | \n\n 128.4 | \n
| \n Total operating revenue | \n\n 1,942.9 | \n\n 1,891.5 | \n\n 2,707.2 | \n\n 2,605.2 | \n\n 661.4 | \n\n 662.1 | \n\n 221.9 | \n\n 268.1 | \n\n 5,533.4 | \n\n 5,426.9 | \n
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n UK | \n\n 94.7 | \n\n 69.4 | \n
| \n Norway | \n\n 343.3 | \n\n 343.4 | \n
| \n United Arab Emirates | \n\n 1,106.8 | \n\n 1,076.1 | \n
| \n Other | \n\n 41.7 | \n\n 62.3 | \n
| \n Total non-current operating assets * | \n\n 1,586.4 | \n\n 1,551.3 | \n
| \n\n | \n
Non-current operating assets in the United Arab Emirates are mainly related to the Well Services segment and primarily consist of well service equipment and related patents.
NOTE 5Revenue
Revenue is measured based on the consideration specified in a contract with a client and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over rendered services to the client.
The Group has, as a practical expedient in IFRS 15, recognised the incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that the entity otherwise would have recognised is one year or less.
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. The Group has only operating leases as a lessor. Rental income is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. The lease term may vary from contract to contract, and only includes the non-cancellable period of the contract with the addition of optional renewable periods if the lessee is reasonably certain to extend. None of the existing contracts have optional periods included in the lease term. The lease term is reassessed when options to extend are exercised.
There is estimation uncertainty in the Group's revenue recognition related to bonus and other variable considerations. The Group estimate these variable fees using a most likely amount approach on a contract by contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of success in each case. Variable consideration is included in revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved.
Refer to Note 4 - Operating and geographic segment information for a description of services provided by the segments.
Revenue for the rental services are recognised according to IFRS 16 Leases and is accounted for on a straight-line basis over the lease terms.
Services related to contracts with clients are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client. Revenue is based on the transaction price in the contracts with clients, which is a combination of fees for equipment used, personnel on board and other pricing elements. Payment of the transaction price is usually due on a monthly basis. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Services are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client.
Revenue is based on the transaction price in the contracts with clients. The main part of the transaction price is fixed day rates, which can vary depending on the phase of contract. Payment of the day rate based transaction price is usually due on a monthly basis. Some contracts may contain milestone payments or prepayment for maintenance services not yet performed. Refer to Note\u00a013 - Contract balances.
The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Some of the contracts include fees for variable or conditional service fee arrangements, such as bonuses for meeting or exceeding certain performance targets. The Group estimate these variable fees using a most likely amount approach, see further description above under the \"Significant estimation uncertainty\" paragraph.
The transaction prices in the contracts are mainly based on rates per hour, but the Business Area may from time to time have some lump sum projects. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Revenue from contracts with clients | \n\n 5,055.0 | \n\n 4,906.8 | \n
| \n Lease component in Well Services contracts | \n\n 477.7 | \n\n 519.6 | \n
| \n Other operating revenue | \n\n 0.7 | \n\n 0.5 | \n
| \n Operating revenue | \n\n 5,533.4 | \n\n 5,426.9 | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Customer 1 - (all segments) | \n\n\n | \n\n 850.0 | \n\n 915.6 | \n
| \n Customer 2 - (all segments) | \n\n \n | \n\n 850.3 | \n\n 680.6 | \n
Amounts allocated to performance obligations that are to be completed under existing client contracts are set out as service elements in the following table.
The firm contract backlog does not include variable consideration which is constrained. The services provided under these contracts will be billed based on time incurred and at day rates according to contract.
Some Well Services contracts are for periods of one year or less and are billed based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.
| \n NOK million | \n\n Future minimum lease payments | \n\n Performance obligations | \n\n Total firm backlog | \n
|---|---|---|---|
| \n Within one year | \n\n 155 | \n\n 2,801 | \n\n 2,956 | \n
| \n Between one and two years | \n\n 12 | \n\n 1,893 | \n\n 1,905 | \n
| \n Between two and three years | \n\n - | \n\n 1,290 | \n\n 1,290 | \n
| \n Between three and four years | \n\n - | \n\n 323 | \n\n 323 | \n
| \n Between four and five years | \n\n - | \n\n 91 | \n\n 91 | \n
| \n After five years | \n\n - | \n\n 176 | \n\n 176 | \n
| \n Total | \n\n 167 | \n\n 6,575 | \n\n 6,742 | \n
NOTE 13Contract balances
A contract asset is the right to consideration in exchange for goods or services transferred to the client. If the Group performs by transferring goods or services to a client before the client pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.
For costs to fulfil contracts where the Group operates as a lessor, the Group has chosen to apply the guidance in IFRS 15 by analogy.
A contract liability is the obligation to transfer goods or services to a client for which the Group has received consideration (or an amount of consideration is due) from the client. If a client pays consideration before the Group transfers goods or services to the client, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Contract assets | \n\n - | \n\n - | \n
| \n Contract liabilities | \n\n 154.9 | \n\n 116.0 | \n
The contract liabilities are related to the Operations and Well Services segment as well as GBS. The increase from 2024 to 2025 is mainly related to the GBS contract with Odfjell Drilling.
The contract liabilities as at 31 December 2025 will be recognised as revenue over an estimated period up to 5\u00a0years.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Revenue recognised from amounts included in contract liabilities at the beginning of the year | \n\n 86.8 | \n\n 44.9 | \n
| \n Revenue recognised from performance obligations satisfied in the previous years | \n\n 1.5 | \n\n 1.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Asset recognised at 31 December from costs incurred to fulfil a contract | \n\n 5.7 | \n\n 10.0 | \n
| \n Amortisation recognised as cost of providing services during the period | \n\n 1.7 | \n\n 0.3 | \n
The Group has recognised assets for costs incurred to fulfil a contract with clients. The assets are presented within other current assets in the balance sheet. The asset is amortised on a straight-line basis over the term of the specific contract it relates to, consistent with the pattern of recognition of the associated revenue.
NOTE 5Revenue
Revenue is measured based on the consideration specified in a contract with a client and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over rendered services to the client.
The Group has, as a practical expedient in IFRS 15, recognised the incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that the entity otherwise would have recognised is one year or less.
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. The Group has only operating leases as a lessor. Rental income is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. The lease term may vary from contract to contract, and only includes the non-cancellable period of the contract with the addition of optional renewable periods if the lessee is reasonably certain to extend. None of the existing contracts have optional periods included in the lease term. The lease term is reassessed when options to extend are exercised.
There is estimation uncertainty in the Group's revenue recognition related to bonus and other variable considerations. The Group estimate these variable fees using a most likely amount approach on a contract by contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of success in each case. Variable consideration is included in revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved.
Refer to Note 4 - Operating and geographic segment information for a description of services provided by the segments.
Revenue for the rental services are recognised according to IFRS 16 Leases and is accounted for on a straight-line basis over the lease terms.
Services related to contracts with clients are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client. Revenue is based on the transaction price in the contracts with clients, which is a combination of fees for equipment used, personnel on board and other pricing elements. Payment of the transaction price is usually due on a monthly basis. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Services are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client.
Revenue is based on the transaction price in the contracts with clients. The main part of the transaction price is fixed day rates, which can vary depending on the phase of contract. Payment of the day rate based transaction price is usually due on a monthly basis. Some contracts may contain milestone payments or prepayment for maintenance services not yet performed. Refer to Note\u00a013 - Contract balances.
The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Some of the contracts include fees for variable or conditional service fee arrangements, such as bonuses for meeting or exceeding certain performance targets. The Group estimate these variable fees using a most likely amount approach, see further description above under the \"Significant estimation uncertainty\" paragraph.
The transaction prices in the contracts are mainly based on rates per hour, but the Business Area may from time to time have some lump sum projects. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Revenue from contracts with clients | \n\n 5,055.0 | \n\n 4,906.8 | \n
| \n Lease component in Well Services contracts | \n\n 477.7 | \n\n 519.6 | \n
| \n Other operating revenue | \n\n 0.7 | \n\n 0.5 | \n
| \n Operating revenue | \n\n 5,533.4 | \n\n 5,426.9 | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Customer 1 - (all segments) | \n\n\n | \n\n 850.0 | \n\n 915.6 | \n
| \n Customer 2 - (all segments) | \n\n \n | \n\n 850.3 | \n\n 680.6 | \n
Amounts allocated to performance obligations that are to be completed under existing client contracts are set out as service elements in the following table.
The firm contract backlog does not include variable consideration which is constrained. The services provided under these contracts will be billed based on time incurred and at day rates according to contract.
Some Well Services contracts are for periods of one year or less and are billed based on time incurred. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed.
| \n NOK million | \n\n Future minimum lease payments | \n\n Performance obligations | \n\n Total firm backlog | \n
|---|---|---|---|
| \n Within one year | \n\n 155 | \n\n 2,801 | \n\n 2,956 | \n
| \n Between one and two years | \n\n 12 | \n\n 1,893 | \n\n 1,905 | \n
| \n Between two and three years | \n\n - | \n\n 1,290 | \n\n 1,290 | \n
| \n Between three and four years | \n\n - | \n\n 323 | \n\n 323 | \n
| \n Between four and five years | \n\n - | \n\n 91 | \n\n 91 | \n
| \n After five years | \n\n - | \n\n 176 | \n\n 176 | \n
| \n Total | \n\n 167 | \n\n 6,575 | \n\n 6,742 | \n
NOTE 13Contract balances
A contract asset is the right to consideration in exchange for goods or services transferred to the client. If the Group performs by transferring goods or services to a client before the client pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.
For costs to fulfil contracts where the Group operates as a lessor, the Group has chosen to apply the guidance in IFRS 15 by analogy.
A contract liability is the obligation to transfer goods or services to a client for which the Group has received consideration (or an amount of consideration is due) from the client. If a client pays consideration before the Group transfers goods or services to the client, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Contract assets | \n\n - | \n\n - | \n
| \n Contract liabilities | \n\n 154.9 | \n\n 116.0 | \n
The contract liabilities are related to the Operations and Well Services segment as well as GBS. The increase from 2024 to 2025 is mainly related to the GBS contract with Odfjell Drilling.
The contract liabilities as at 31 December 2025 will be recognised as revenue over an estimated period up to 5\u00a0years.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Revenue recognised from amounts included in contract liabilities at the beginning of the year | \n\n 86.8 | \n\n 44.9 | \n
| \n Revenue recognised from performance obligations satisfied in the previous years | \n\n 1.5 | \n\n 1.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Asset recognised at 31 December from costs incurred to fulfil a contract | \n\n 5.7 | \n\n 10.0 | \n
| \n Amortisation recognised as cost of providing services during the period | \n\n 1.7 | \n\n 0.3 | \n
The Group has recognised assets for costs incurred to fulfil a contract with clients. The assets are presented within other current assets in the balance sheet. The asset is amortised on a straight-line basis over the term of the specific contract it relates to, consistent with the pattern of recognition of the associated revenue.
Revenue is measured based on the consideration specified in a contract with a client and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control over rendered services to the client.
The Group has, as a practical expedient in IFRS 15, recognised the incremental costs of obtaining a contract as an expense when incurred if the amortisation period of the asset that the entity otherwise would have recognised is one year or less.
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. The Group has only operating leases as a lessor. Rental income is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. The lease term may vary from contract to contract, and only includes the non-cancellable period of the contract with the addition of optional renewable periods if the lessee is reasonably certain to extend. None of the existing contracts have optional periods included in the lease term. The lease term is reassessed when options to extend are exercised.
There is estimation uncertainty in the Group's revenue recognition related to bonus and other variable considerations. The Group estimate these variable fees using a most likely amount approach on a contract by contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of success in each case. Variable consideration is included in revenue only to the extent that it is highly probable that the amount will not be subject to significant reversal when the uncertainty is resolved.
Refer to Note 4 - Operating and geographic segment information for a description of services provided by the segments.
Revenue for the rental services are recognised according to IFRS 16 Leases and is accounted for on a straight-line basis over the lease terms.
Services related to contracts with clients are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client. Revenue is based on the transaction price in the contracts with clients, which is a combination of fees for equipment used, personnel on board and other pricing elements. Payment of the transaction price is usually due on a monthly basis. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Services are provided as a series of distinct services that are substantially the same and have the same pattern of transfer to the client.
Revenue is based on the transaction price in the contracts with clients. The main part of the transaction price is fixed day rates, which can vary depending on the phase of contract. Payment of the day rate based transaction price is usually due on a monthly basis. Some contracts may contain milestone payments or prepayment for maintenance services not yet performed. Refer to Note\u00a013 - Contract balances.
The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
Some of the contracts include fees for variable or conditional service fee arrangements, such as bonuses for meeting or exceeding certain performance targets. The Group estimate these variable fees using a most likely amount approach, see further description above under the \"Significant estimation uncertainty\" paragraph.
The transaction prices in the contracts are mainly based on rates per hour, but the Business Area may from time to time have some lump sum projects. The Group generally recognise revenue over time because of the continuous transfer of control to the client. The period for recognising revenue is generally equal to the contract period.
A contract asset is the right to consideration in exchange for goods or services transferred to the client. If the Group performs by transferring goods or services to a client before the client pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.
For costs to fulfil contracts where the Group operates as a lessor, the Group has chosen to apply the guidance in IFRS 15 by analogy.
A contract liability is the obligation to transfer goods or services to a client for which the Group has received consideration (or an amount of consideration is due) from the client. If a client pays consideration before the Group transfers goods or services to the client, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.
NOTE 6Personnel Expenses
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Salaries and wages | \n\n \n | \n\n 2,459.1 | \n\n 2,401.0 | \n
| \n Employer's national insurance contributions | \n\n \n | \n\n 343.5 | \n\n 342.3 | \n
| \n Pension expenses | \n\n\n | \n\n 170.1 | \n\n 167.8 | \n
| \n Cost of share-based option plan | \n\n\n | \n\n 3.3 | \n\n 6.0 | \n
| \n Other benefits and personnel expenses | \n\n \n | \n\n 140.6 | \n\n 137.2 | \n
| \n Hired personnel | \n\n \n | \n\n 303.6 | \n\n 343.9 | \n
| \n Capitalised personnel expenses | \n\n \n | \n\n (0.6) | \n\n (10.2) | \n
| \n Amortised personnel expenses | \n\n \n | \n\n 1.7 | \n\n 0.3 | \n
| \n Total personnel expenses | \n\n \n | \n\n 3,421.4 | \n\n 3,388.3 | \n
NOTE 18Post-employment benefits
The Group has occupational pension plans in several countries. The pension plans are measured and presented according to International Accounting Standards 19.
The Group has funded defined benefit pension schemes in four Norwegian companies covering a total of 16 active members and 25 pensioners as at 31 December 2025 (23 active members and 22 pensioners as at 31 December 2024). The scheme entitles employees to defined future benefits. These are mainly dependent on the number of years of service, the salary level at pensionable age and the size of benefits paid by the national insurance. The liabilities are covered through an insurance company.
Mortality index used in actuarial calculations is K2013.
In addition to the pension obligations that arise from the funded defined benefit plans, the Group\u2019s Norwegian companies have unfunded defined benefit obligations related to pensions and early retirement pensions. The early retirement pensions entitle staff to benefits (about NOK 130,000 a year) from the company from the age of 62 until they are eligible for a national insurance pension when reaching the age of 67, if they retire and meet requirement to receive CPA (see below).
The Group has contractual pension agreement (CPA) schemes in Norway established in multi-employer plans. These multi-employer plans are defined benefit plans, but the Group does not have access to the necessary information for the accounting years 2025 and 2024 required to account for these plans as defined benefit plans, and the plans are therefore accounted for as defined contribution plans.
A number of the Norwegian subsidiaries in the Group are required to have a civil service pension scheme according to the Norwegian Act relating to mandatory occupational pensions. These subsidiaries have pension schemes in accordance with the requirements in this Act.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Present value of funded obligations | \n\n 141.0 | \n\n 154.3 | \n
| \n Fair value of plan assets | \n\n 133.1 | \n\n 136.8 | \n
| \n Deficit of funded plans | \n\n 7.9 | \n\n 17.5 | \n
| \n Present value of unfunded obligations | \n\n 29.4 | \n\n 28.9 | \n
| \n Total deficit of defined benefit pension plans | \n\n 37.3 | \n\n 46.4 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Pension expenses (-net gain) from defined benefit scheme included in personnel expenses | \n\n 8.5 | \n\n 8.5 | \n
| \n Pension expenses from defined contribution schemes | \n\n 129.6 | \n\n 124.8 | \n
| \n Pension expenses from multi-employer plans accounted for as defined contribution schemes | \n\n 32.0 | \n\n 34.5 | \n
| \n Total pension expenses included in personnel expenses | \n\n 170.1 | \n\n 167.8 | \n
| \n \n | \n\n Present value of obligation | \n\n Fair value of plan assets | \n\n Total | \n\n Present value of obligation | \n\n Fair value of plan assets | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n At 1 January | \n\n 183.2 | \n\n (136.8) | \n\n 46.4 | \n\n 171.9 | \n\n (123.6) | \n\n 48.3 | \n
| \n Current service cost | \n\n 8.1 | \n\n - | \n\n 8.1 | \n\n 8.2 | \n\n - | \n\n 8.2 | \n
| \n Interest expense/ (income) | \n\n 6.2 | \n\n (2.4) | \n\n 3.7 | \n\n 6.3 | \n\n (4.4) | \n\n 1.8 | \n
| \n Total amount recognised in profit or loss | \n\n 14.3 | \n\n (2.4) | \n\n 11.9 | \n\n 14.4 | \n\n (4.4) | \n\n 10.0 | \n
| \n Re-measurements: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u25aaGain from change in discount rate | \n\n (15.7) | \n\n - | \n\n (15.7) | \n\n 11.1 | \n\n - | \n\n 11.1 | \n
| \n \u25aaGain / (loss) from change in other financial assumptions | \n\n 16.0 | \n\n (0.5) | \n\n 15.5 | \n\n (11.7) | \n\n 0.5 | \n\n (11.1) | \n
| \n \u25aaExperience (gains)/loss | \n\n (17.5) | \n\n 10.0 | \n\n (7.4) | \n\n 5.3 | \n\n (1.3) | \n\n 3.9 | \n
| \n \u25aaInvestment management cost | \n\n - | \n\n 1.1 | \n\n 1.1 | \n\n - | \n\n 1.2 | \n\n 1.2 | \n
| \n Total amount recognised in other comprehensive income | \n\n (17.2) | \n\n 10.6 | \n\n (6.5) | \n\n 4.7 | \n\n 0.4 | \n\n 5.1 | \n
| \n Contributions: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u25aaEmployers | \n\n (1.2) | \n\n (8.3) | \n\n (9.4) | \n\n (1.7) | \n\n (12.3) | \n\n (14.0) | \n
| \n Payments from plans: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n \u25aaBenefit payments | \n\n (8.8) | \n\n 3.7 | \n\n (5.0) | \n\n (6.2) | \n\n 3.2 | \n\n (3.0) | \n
| \n At 31 December | \n\n 170.4 | \n\n (133.1) | \n\n 37.3 | \n\n 183.2 | \n\n (136.8) | \n\n 46.4 | \n
Estimated premium payments to funded defined benefit obligations in 2026 amounts to about NOK 10 million.
| \n \n | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Discount rate | \n\n 4.00% | \n\n 3.30% | \n
| \n Salary growth rate | \n\n 4.00% | \n\n 3.50% | \n
| \n Expected growth in G (base social security amount) | \n\n 3.75% | \n\n 3.25% | \n
| \n Pension growth rate | \n\n 2.7%-3.75% | \n\n 1.9%-3.25% | \n
Refer to Note 6 - Personnel expenses for further information regarding personnel expenses.
| \n \n | \n\n Change in assumption by: | \n\n Impact on Present value of obligation: | \n\n Change in assumption by: | \n\n Impact on Present value of obligation: | \n||
|---|---|---|---|---|---|---|
| \n \n | \n\n 31.12.2025 | \n\n 31.12.2024 | \n\n 31.12.2025 | \n\n 31.12.2024 | \n||
| \n Discount rate | \n\n +0.5% | \n\n (10.0) | \n\n (11.1) | \n\n -0.5% | \n\n 11.0 | \n\n 12.3 | \n
| \n Salary growth rate | \n\n +0.5% | \n\n 2.6 | \n\n 3.7 | \n\n -0.5% | \n\n (2.5) | \n\n (3.5) | \n
| \n Pension growth rate | \n\n +0.5% | \n\n 7.9 | \n\n 8.5 | \n\n -0.5% | \n\n (7.3) | \n\n (7.8) | \n
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
NOTE 6Personnel Expenses
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Salaries and wages | \n\n \n | \n\n 2,459.1 | \n\n 2,401.0 | \n
| \n Employer's national insurance contributions | \n\n \n | \n\n 343.5 | \n\n 342.3 | \n
| \n Pension expenses | \n\n\n | \n\n 170.1 | \n\n 167.8 | \n
| \n Cost of share-based option plan | \n\n\n | \n\n 3.3 | \n\n 6.0 | \n
| \n Other benefits and personnel expenses | \n\n \n | \n\n 140.6 | \n\n 137.2 | \n
| \n Hired personnel | \n\n \n | \n\n 303.6 | \n\n 343.9 | \n
| \n Capitalised personnel expenses | \n\n \n | \n\n (0.6) | \n\n (10.2) | \n
| \n Amortised personnel expenses | \n\n \n | \n\n 1.7 | \n\n 0.3 | \n
| \n Total personnel expenses | \n\n \n | \n\n 3,421.4 | \n\n 3,388.3 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Annual average no. of employees | \n\n 2,411 | \n\n 2,486 | \n
| \n No. of employees at 31 December | \n\n 2,383 | \n\n 2,570 | \n
NOTE 7Combined items, income statement
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Gain arising from disposal in interest in associates | \n\n\n | \n\n - | \n\n 10.0 | \n
| \n Net gain on disposal of tangible fixed assets | \n\n \n | \n\n 42.3 | \n\n 22.3 | \n
| \n Other gains and losses | \n\n \n | \n\n 0.2 | \n\n - | \n
| \n Other gains and losses | \n\n \n | \n\n 42.5 | \n\n 32.3 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Hired services | \n\n 195.2 | \n\n 84.5 | \n
| \n Hired equipment | \n\n 136.6 | \n\n 134.1 | \n
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Insurance | \n\n 6.0 | \n\n 6.4 | \n
| \n Freight and transport | \n\n 87.4 | \n\n 73.2 | \n
| \n Premises facility expenses | \n\n 76.6 | \n\n 82.6 | \n
| \n Travel and course expenses | \n\n 125.9 | \n\n 136.4 | \n
| \n Other operating and administrative expenses | \n\n 105.8 | \n\n 108.3 | \n
| \n Total other operating expenses | \n\n 1,354.0 | \n\n 1,245.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Expenses that do not meet EU-Taxonomy definition for OPEX | \n\n (231.1) | \n\n (210.8) | \n
| \n Expenses relating to short-term leases (Note 17) | \n\n 136.6 | \n\n 129.8 | \n
| \n Personnel expenses (Note 6) related to innovation and business development | \n\n - | \n\n 1.4 | \n
| \n Total OPEX in EU-Taxonomy reporting | \n\n 526.0 | \n\n 540.8 | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Interest expenses borrowings | \n\n \n | \n\n 97.2 | \n\n 115.6 | \n
| \n Amortised transaction costs borrowings* | \n\n\n | \n\n 4.4 | \n\n 49.0 | \n
| \n Interest expenses lease liabilities | \n\n\n | \n\n 15.0 | \n\n 15.9 | \n
| \n Other interest expenses | \n\n \n | \n\n 7.3 | \n\n 4.0 | \n
| \n Total interest expenses | \n\n \n | \n\n 124.0 | \n\n 184.5 | \n
| \n\n | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) | \n\n (4.6) | \n\n (31.0) | \n
| \n Other financial expenses | \n\n (0.3) | \n\n (3.5) | \n
| \n Total other financial items | \n\n (4.9) | \n\n (34.6) | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Annual average no. of employees | \n\n 2,411 | \n\n 2,486 | \n
| \n No. of employees at 31 December | \n\n 2,383 | \n\n 2,570 | \n
NOTE 7Combined items, income statement
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Gain arising from disposal in interest in associates | \n\n\n | \n\n - | \n\n 10.0 | \n
| \n Net gain on disposal of tangible fixed assets | \n\n \n | \n\n 42.3 | \n\n 22.3 | \n
| \n Other gains and losses | \n\n \n | \n\n 0.2 | \n\n - | \n
| \n Other gains and losses | \n\n \n | \n\n 42.5 | \n\n 32.3 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Hired services | \n\n 195.2 | \n\n 84.5 | \n
| \n Hired equipment | \n\n 136.6 | \n\n 134.1 | \n
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Insurance | \n\n 6.0 | \n\n 6.4 | \n
| \n Freight and transport | \n\n 87.4 | \n\n 73.2 | \n
| \n Premises facility expenses | \n\n 76.6 | \n\n 82.6 | \n
| \n Travel and course expenses | \n\n 125.9 | \n\n 136.4 | \n
| \n Other operating and administrative expenses | \n\n 105.8 | \n\n 108.3 | \n
| \n Total other operating expenses | \n\n 1,354.0 | \n\n 1,245.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Expenses that do not meet EU-Taxonomy definition for OPEX | \n\n (231.1) | \n\n (210.8) | \n
| \n Expenses relating to short-term leases (Note 17) | \n\n 136.6 | \n\n 129.8 | \n
| \n Personnel expenses (Note 6) related to innovation and business development | \n\n - | \n\n 1.4 | \n
| \n Total OPEX in EU-Taxonomy reporting | \n\n 526.0 | \n\n 540.8 | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Interest expenses borrowings | \n\n \n | \n\n 97.2 | \n\n 115.6 | \n
| \n Amortised transaction costs borrowings* | \n\n\n | \n\n 4.4 | \n\n 49.0 | \n
| \n Interest expenses lease liabilities | \n\n\n | \n\n 15.0 | \n\n 15.9 | \n
| \n Other interest expenses | \n\n \n | \n\n 7.3 | \n\n 4.0 | \n
| \n Total interest expenses | \n\n \n | \n\n 124.0 | \n\n 184.5 | \n
| \n\n | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) | \n\n (4.6) | \n\n (31.0) | \n
| \n Other financial expenses | \n\n (0.3) | \n\n (3.5) | \n
| \n Total other financial items | \n\n (4.9) | \n\n (34.6) | \n
NOTE 7Combined items, income statement
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Gain arising from disposal in interest in associates | \n\n\n | \n\n - | \n\n 10.0 | \n
| \n Net gain on disposal of tangible fixed assets | \n\n \n | \n\n 42.3 | \n\n 22.3 | \n
| \n Other gains and losses | \n\n \n | \n\n 0.2 | \n\n - | \n
| \n Other gains and losses | \n\n \n | \n\n 42.5 | \n\n 32.3 | \n
NOTE 7Combined items, income statement
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Gain arising from disposal in interest in associates | \n\n\n | \n\n - | \n\n 10.0 | \n
| \n Net gain on disposal of tangible fixed assets | \n\n \n | \n\n 42.3 | \n\n 22.3 | \n
| \n Other gains and losses | \n\n \n | \n\n 0.2 | \n\n - | \n
| \n Other gains and losses | \n\n \n | \n\n 42.5 | \n\n 32.3 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Hired services | \n\n 195.2 | \n\n 84.5 | \n
| \n Hired equipment | \n\n 136.6 | \n\n 134.1 | \n
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Insurance | \n\n 6.0 | \n\n 6.4 | \n
| \n Freight and transport | \n\n 87.4 | \n\n 73.2 | \n
| \n Premises facility expenses | \n\n 76.6 | \n\n 82.6 | \n
| \n Travel and course expenses | \n\n 125.9 | \n\n 136.4 | \n
| \n Other operating and administrative expenses | \n\n 105.8 | \n\n 108.3 | \n
| \n Total other operating expenses | \n\n 1,354.0 | \n\n 1,245.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Expenses that do not meet EU-Taxonomy definition for OPEX | \n\n (231.1) | \n\n (210.8) | \n
| \n Expenses relating to short-term leases (Note 17) | \n\n 136.6 | \n\n 129.8 | \n
| \n Personnel expenses (Note 6) related to innovation and business development | \n\n - | \n\n 1.4 | \n
| \n Total OPEX in EU-Taxonomy reporting | \n\n 526.0 | \n\n 540.8 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Hired services | \n\n 195.2 | \n\n 84.5 | \n
| \n Hired equipment | \n\n 136.6 | \n\n 134.1 | \n
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Insurance | \n\n 6.0 | \n\n 6.4 | \n
| \n Freight and transport | \n\n 87.4 | \n\n 73.2 | \n
| \n Premises facility expenses | \n\n 76.6 | \n\n 82.6 | \n
| \n Travel and course expenses | \n\n 125.9 | \n\n 136.4 | \n
| \n Other operating and administrative expenses | \n\n 105.8 | \n\n 108.3 | \n
| \n Total other operating expenses | \n\n 1,354.0 | \n\n 1,245.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Repair and maintenance, inspection, tools, fixtures and fittings | \n\n 620.4 | \n\n 620.5 | \n
| \n Expenses that do not meet EU-Taxonomy definition for OPEX | \n\n (231.1) | \n\n (210.8) | \n
| \n Expenses relating to short-term leases (Note 17) | \n\n 136.6 | \n\n 129.8 | \n
| \n Personnel expenses (Note 6) related to innovation and business development | \n\n - | \n\n 1.4 | \n
| \n Total OPEX in EU-Taxonomy reporting | \n\n 526.0 | \n\n 540.8 | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Interest expenses borrowings | \n\n \n | \n\n 97.2 | \n\n 115.6 | \n
| \n Amortised transaction costs borrowings* | \n\n\n | \n\n 4.4 | \n\n 49.0 | \n
| \n Interest expenses lease liabilities | \n\n\n | \n\n 15.0 | \n\n 15.9 | \n
| \n Other interest expenses | \n\n \n | \n\n 7.3 | \n\n 4.0 | \n
| \n Total interest expenses | \n\n \n | \n\n 124.0 | \n\n 184.5 | \n
| \n\n | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Interest expenses borrowings | \n\n \n | \n\n 97.2 | \n\n 115.6 | \n
| \n Amortised transaction costs borrowings* | \n\n\n | \n\n 4.4 | \n\n 49.0 | \n
| \n Interest expenses lease liabilities | \n\n\n | \n\n 15.0 | \n\n 15.9 | \n
| \n Other interest expenses | \n\n \n | \n\n 7.3 | \n\n 4.0 | \n
| \n Total interest expenses | \n\n \n | \n\n 124.0 | \n\n 184.5 | \n
| \n\n | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Interest expenses borrowings | \n\n \n | \n\n 97.2 | \n\n 115.6 | \n
| \n Amortised transaction costs borrowings* | \n\n\n | \n\n 4.4 | \n\n 49.0 | \n
| \n Interest expenses lease liabilities | \n\n\n | \n\n 15.0 | \n\n 15.9 | \n
| \n Other interest expenses | \n\n \n | \n\n 7.3 | \n\n 4.0 | \n
| \n Total interest expenses | \n\n \n | \n\n 124.0 | \n\n 184.5 | \n
| \n\n | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Interest expenses borrowings | \n\n \n | \n\n 97.2 | \n\n 115.6 | \n
| \n Amortised transaction costs borrowings* | \n\n\n | \n\n 4.4 | \n\n 49.0 | \n
| \n Interest expenses lease liabilities | \n\n\n | \n\n 15.0 | \n\n 15.9 | \n
| \n Other interest expenses | \n\n \n | \n\n 7.3 | \n\n 4.0 | \n
| \n Total interest expenses | \n\n \n | \n\n 124.0 | \n\n 184.5 | \n
| \n\n | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) | \n\n (4.6) | \n\n (31.0) | \n
| \n Other financial expenses | \n\n (0.3) | \n\n (3.5) | \n
| \n Total other financial items | \n\n (4.9) | \n\n (34.6) | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Interest expenses borrowings | \n\n \n | \n\n 97.2 | \n\n 115.6 | \n
| \n Amortised transaction costs borrowings* | \n\n\n | \n\n 4.4 | \n\n 49.0 | \n
| \n Interest expenses lease liabilities | \n\n\n | \n\n 15.0 | \n\n 15.9 | \n
| \n Other interest expenses | \n\n \n | \n\n 7.3 | \n\n 4.0 | \n
| \n Total interest expenses | \n\n \n | \n\n 124.0 | \n\n 184.5 | \n
| \n\n | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) | \n\n (4.6) | \n\n (31.0) | \n
| \n Other financial expenses | \n\n (0.3) | \n\n (3.5) | \n
| \n Total other financial items | \n\n (4.9) | \n\n (34.6) | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) | \n\n (4.6) | \n\n (31.0) | \n
| \n Other financial expenses | \n\n (0.3) | \n\n (3.5) | \n
| \n Total other financial items | \n\n (4.9) | \n\n (34.6) | \n
NOTE 8Income Taxes
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
NOTE 8Income Taxes
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
Odfjell Offshore Ltd, a subsidiary of Odfjell Technology Ltd, was registered as a Norwegian Registered Foreign Company on 8 March 2016 after migration of the company on 26 January 2016. As from this date the company has been taxable for income to Norway. In 2017, the company filed for a tax deduction, of approximately NOK 2.3 billion, on redemption of its 40% shares in Deep Sea Metro Ltd. A total of NOK 1.3 billion of this loss has been utilised through Group contributions received from other Norwegian entities within the Odfjell Drilling Ltd Group in the period 2017 to 2021.
21 December 2022 Odfjell Offshore Ltd received a tax ruling from the Norwegian Tax Authorities where the tax loss of on the realisation of shares in 2017 was denied on the basis of the anti-avoidance rule developed as tax case law. Odfjell Offshore Ltd appealed the administrative tax ruling to Hordaland District Court, which was litigated at the beginning of December 2024. The court issued a verdict on 23\u00a0January\u00a02025 in favour of the Norwegian Tax Authorities. The verdict was appealed to Gulating Court of Appeal, and litigated in the first week of March 2026.
On 17 April 2026, the Gulating Court of Appeal issued a verdict in favour of Odfjell Offshore Ltd. The Norwegian Tax Authority may appeal the ruling within one month, after which a ruling on whether the application to appeal is granted would be expected in around six to eight weeks.
Following the favourable ruling from the Gulating Court of Appeal, the Group\u2019s best judgement is that the tax case will ultimately be concluded in favour of Odfjell Offshore Ltd, even in the event of a further appeal.
The Group made an upfront payment 1 February 2023 of NOK 307 million in taxes and interest for the financial years 2017 through to 2021. The amount was financed and refunded from Odfjell Drilling Ltd, as it is covered by the letter of indemnity issued 1 March 2022 to Odfjell Technology Ltd. Odfjell Drilling Ltd will hold the Company indemnified in respect of any liability that may occur in relation to the ongoing Odfjell Offshore Ltd tax case for the financial years 2017 through to 2021. This includes financing of prepayments to the Norwegian Tax Authorities, and funds for legal proceedings. Reflecting the expectation of repayment upon final conclusion of the tax case, a non-current tax asset of NOK 307 million and a corresponding liability of repayment to Odfjell Drilling Ltd of NOK 307 million has been recognised.
Based on the tax ruling in December 2022, the income taxes could no longer be offset by Odfjell Offshore's tax losses carried forward, and the Group has made income tax payments for 2022 and the following tax years. As the Group\u2019s best judgement is that the tax case will ultimately be resolved in favour of Odfjell Offshore Ltd, the Group has recognised a deferred tax asset equal to the expected tax refund. For the financial years 2022-2025 this accumulates to NOK 137 million which is presented as deferred tax asset at 31 December 2025.
The Group is within the scope of the OECD Pillar Two model rules, however it is not expected to come into effect for the Group until 2027 at the earliest, due to the revenue thresholds in the rules. Since the Pillar Two legislation was not effective at the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to the International Accounting Standards 12 issued in May 2023. Under the legislation, the Group will be liable to pay a top-up tax for the difference between their global effective tax rate (GloBE) effective tax rate per jurisdiction and the 15% minimum rate.
The Group is in the process of assessing its exposure to the Pillar Two legislation for when it comes into effect. Due to the complexities in applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation is not yet reasonably estimable.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Profit before income tax expense | \n\n 377.2 | \n\n 295.2 | \n
| \n Tax calculated at domestic tax rates applicable to profits in respective countries* | \n\n (43.3) | \n\n (37.3) | \n
| \n Change unrecognised tax losses | \n\n 19.0 | \n\n 34.3 | \n
| \n Effect of adjustments recognised related to prior periods | \n\n 0.4 | \n\n (3.1) | \n
| \n Effect of net non-taxable income / (expenses) | \n\n (25.2) | \n\n (35.9) | \n
| \n Income tax expense | \n\n (49.2) | \n\n (42.0) | \n
| \n\n | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Current tax on profits for the year | \n\n (73.3) | \n\n (87.5) | \n
| \n Deferred tax expense (benefit) | \n\n 24.1 | \n\n 45.5 | \n
| \n Total income tax expense | \n\n (49.2) | \n\n (42.0) | \n
| \n Effective tax rate | \n\n 13.0 % | \n\n 14.2 % | \n
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Unused tax losses for which no deferred tax asset has been recognised | \n\n 364.8 | \n\n 448.0 | \n
| \n Potential tax benefit | \n\n 80.0 | \n\n 99.1 | \n
The Group has an unrecognised tax asset of NOK 80 million related to tax losses carried forward, of which NOK 70 million is related to the challenged tax loss incurred by Odfjell Offshore Ltd as explained above.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Unrecognised tax asset as at 01.01 | \n\n 99.1 | \n\n 133.2 | \n
| \n Unrecognised tax losses current year | \n\n 7.5 | \n\n - | \n
| \n Utilisation of unrecognised tax losses | \n\n (26.5) | \n\n (34.3) | \n
| \n Effect of changes in tax rates | \n\n - | \n\n 0.1 | \n
| \n Currency translation differences | \n\n (0.2) | \n\n 0.2 | \n
| \n Unrecognised tax asset as at 31.12 | \n\n 80.0 | \n\n 99.1 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net deferred tax assets/(deferred tax liabilities) at 01.01 | \n\n 123.9 | \n\n 89.9 | \n
| \n Addition through acquisition | \n\n - | \n\n (13.0) | \n
| \n Income statement charge | \n\n 24.1 | \n\n 45.5 | \n
| \n Change in deferred tax on other comprehensive income | \n\n 0.5 | \n\n 1.8 | \n
| \n Currency translation differences | \n\n (0.1) | \n\n (0.3) | \n
| \n Net deferred tax assets/(deferred tax liabilities) at 31.12 | \n\n 148.4 | \n\n 123.9 | \n
| \n NOK million | \n\n Tax losses | \n\n Current assets | \n\n Net pension | \n\n Fixed assets | \n\n Lease liabilities | \n\n Total | \n\n Deferred tax liabilities offset in deferred tax assets | \n\n Net book value of deferred tax asset | \n
|---|---|---|---|---|---|---|---|---|
| \n Opening balance 01.01.2024 | \n\n 76.6 | \n\n 0.0 | \n\n 10.6 | \n\n 0.5 | \n\n 36.4 | \n\n 124.2 | \n\n (31.0) | \n\n 93.3 | \n
| \n Addition through acquisition | \n\n 0.3 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 0.3 | \n\n \n | \n\n \n | \n
| \n Income statement charge | \n\n 34.0 | \n\n 3.0 | \n\n (1.5) | \n\n (0.5) | \n\n 2.7 | \n\n 37.7 | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n - | \n\n - | \n\n 1.1 | \n\n - | \n\n - | \n\n 1.1 | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n 0.0 | \n\n 0.1 | \n\n (0.0) | \n\n - | \n\n 1.3 | \n\n 1.4 | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2024 | \n\n 110.9 | \n\n 3.1 | \n\n 10.2 | \n\n - | \n\n 40.4 | \n\n 164.6 | \n\n (38.5) | \n\n 126.1 | \n
| \n Income statement charge | \n\n 26.6 | \n\n (1.2) | \n\n (0.6) | \n\n - | \n\n 5.0 | \n\n 29.8 | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n - | \n\n - | \n\n (1.4) | \n\n - | \n\n - | \n\n (1.4) | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n - | \n\n (0.1) | \n\n - | \n\n - | \n\n (1.2) | \n\n (1.3) | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2025 | \n\n 137.5 | \n\n 1.7 | \n\n 8.2 | \n\n - | \n\n 44.2 | \n\n 191.7 | \n\n (42.7) | \n\n 149.0 | \n
| \n NOK million | \n\n Current assets | \n\n Fixed and Intangible assets | \n\n Right-of-use Assets | \n\n Total | \n\n Deferred tax liabilities offset in deferred tax assets | \n\n Net book value of deferred tax liability | \n
|---|---|---|---|---|---|---|
| \n Opening balance 01.01.2024 | \n\n (4.8) | \n\n - | \n\n (29.5) | \n\n (34.4) | \n\n 31.0 | \n\n (3.4) | \n
| \n Addition through acquisition | \n\n (0.1) | \n\n (13.2) | \n\n - | \n\n (13.3) | \n\n \n | \n\n \n | \n
| \n Income statement charge | \n\n (2.3) | \n\n 12.8 | \n\n (2.7) | \n\n 7.8 | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n 0.7 | \n\n - | \n\n - | \n\n 0.7 | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n (0.1) | \n\n (0.4) | \n\n (1.2) | \n\n (1.7) | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2024 | \n\n (6.6) | \n\n (0.8) | \n\n (33.4) | \n\n (40.8) | \n\n 38.5 | \n\n (2.2) | \n
| \n Income statement charge | \n\n 0.4 | \n\n (2.2) | \n\n (3.8) | \n\n (5.7) | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n 2.0 | \n\n - | \n\n - | \n\n 2.0 | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n 0.1 | \n\n 0.1 | \n\n 1.1 | \n\n 1.2 | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2025 | \n\n (4.2) | \n\n (2.9) | \n\n (36.1) | \n\n (43.3) | \n\n 42.7 | \n\n (0.6) | \n
| \n \n | \n\n Before tax | \n\n Tax (charge)/ credit | \n\n After tax | \n\n Before tax | \n\n Tax (charge)/ credit | \n\n After tax | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n Actuarial loss on post employment benefit obligations | \n\n 6.5 | \n\n (1.4) | \n\n 5.1 | \n\n (5.1) | \n\n 1.1 | \n\n (4.0) | \n
| \n Deferred tax related to cash flow hedging instruments under hedge accounting | \n\n (7.8) | \n\n 2.0 | \n\n (5.9) | \n\n (2.8) | \n\n 0.7 | \n\n (2.1) | \n
| \n Other comprehensive income | \n\n (1.3) | \n\n 0.5 | \n\n (0.8) | \n\n (7.9) | \n\n 1.8 | \n\n (6.1) | \n
| \n Deferred tax | \n\n \n | \n\n 0.5 | \n\n \n | \n\n \n | \n\n 1.8 | \n\n \n | \n
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Unused tax losses for which no deferred tax asset has been recognised | \n\n 364.8 | \n\n 448.0 | \n
| \n Potential tax benefit | \n\n 80.0 | \n\n 99.1 | \n
The Group has an unrecognised tax asset of NOK 80 million related to tax losses carried forward, of which NOK 70 million is related to the challenged tax loss incurred by Odfjell Offshore Ltd as explained above.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Unrecognised tax asset as at 01.01 | \n\n 99.1 | \n\n 133.2 | \n
| \n Unrecognised tax losses current year | \n\n 7.5 | \n\n - | \n
| \n Utilisation of unrecognised tax losses | \n\n (26.5) | \n\n (34.3) | \n
| \n Effect of changes in tax rates | \n\n - | \n\n 0.1 | \n
| \n Currency translation differences | \n\n (0.2) | \n\n 0.2 | \n
| \n Unrecognised tax asset as at 31.12 | \n\n 80.0 | \n\n 99.1 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net deferred tax assets/(deferred tax liabilities) at 01.01 | \n\n 123.9 | \n\n 89.9 | \n
| \n Addition through acquisition | \n\n - | \n\n (13.0) | \n
| \n Income statement charge | \n\n 24.1 | \n\n 45.5 | \n
| \n Change in deferred tax on other comprehensive income | \n\n 0.5 | \n\n 1.8 | \n
| \n Currency translation differences | \n\n (0.1) | \n\n (0.3) | \n
| \n Net deferred tax assets/(deferred tax liabilities) at 31.12 | \n\n 148.4 | \n\n 123.9 | \n
| \n NOK million | \n\n Tax losses | \n\n Current assets | \n\n Net pension | \n\n Fixed assets | \n\n Lease liabilities | \n\n Total | \n\n Deferred tax liabilities offset in deferred tax assets | \n\n Net book value of deferred tax asset | \n
|---|---|---|---|---|---|---|---|---|
| \n Opening balance 01.01.2024 | \n\n 76.6 | \n\n 0.0 | \n\n 10.6 | \n\n 0.5 | \n\n 36.4 | \n\n 124.2 | \n\n (31.0) | \n\n 93.3 | \n
| \n Addition through acquisition | \n\n 0.3 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 0.3 | \n\n \n | \n\n \n | \n
| \n Income statement charge | \n\n 34.0 | \n\n 3.0 | \n\n (1.5) | \n\n (0.5) | \n\n 2.7 | \n\n 37.7 | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n - | \n\n - | \n\n 1.1 | \n\n - | \n\n - | \n\n 1.1 | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n 0.0 | \n\n 0.1 | \n\n (0.0) | \n\n - | \n\n 1.3 | \n\n 1.4 | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2024 | \n\n 110.9 | \n\n 3.1 | \n\n 10.2 | \n\n - | \n\n 40.4 | \n\n 164.6 | \n\n (38.5) | \n\n 126.1 | \n
| \n Income statement charge | \n\n 26.6 | \n\n (1.2) | \n\n (0.6) | \n\n - | \n\n 5.0 | \n\n 29.8 | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n - | \n\n - | \n\n (1.4) | \n\n - | \n\n - | \n\n (1.4) | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n - | \n\n (0.1) | \n\n - | \n\n - | \n\n (1.2) | \n\n (1.3) | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2025 | \n\n 137.5 | \n\n 1.7 | \n\n 8.2 | \n\n - | \n\n 44.2 | \n\n 191.7 | \n\n (42.7) | \n\n 149.0 | \n
| \n NOK million | \n\n Current assets | \n\n Fixed and Intangible assets | \n\n Right-of-use Assets | \n\n Total | \n\n Deferred tax liabilities offset in deferred tax assets | \n\n Net book value of deferred tax liability | \n
|---|---|---|---|---|---|---|
| \n Opening balance 01.01.2024 | \n\n (4.8) | \n\n - | \n\n (29.5) | \n\n (34.4) | \n\n 31.0 | \n\n (3.4) | \n
| \n Addition through acquisition | \n\n (0.1) | \n\n (13.2) | \n\n - | \n\n (13.3) | \n\n \n | \n\n \n | \n
| \n Income statement charge | \n\n (2.3) | \n\n 12.8 | \n\n (2.7) | \n\n 7.8 | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n 0.7 | \n\n - | \n\n - | \n\n 0.7 | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n (0.1) | \n\n (0.4) | \n\n (1.2) | \n\n (1.7) | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2024 | \n\n (6.6) | \n\n (0.8) | \n\n (33.4) | \n\n (40.8) | \n\n 38.5 | \n\n (2.2) | \n
| \n Income statement charge | \n\n 0.4 | \n\n (2.2) | \n\n (3.8) | \n\n (5.7) | \n\n \n | \n\n \n | \n
| \n Change in deferred tax on other comprehensive income | \n\n 2.0 | \n\n - | \n\n - | \n\n 2.0 | \n\n \n | \n\n \n | \n
| \n Currency translation differences | \n\n 0.1 | \n\n 0.1 | \n\n 1.1 | \n\n 1.2 | \n\n \n | \n\n \n | \n
| \n Closing balance 31.12.2025 | \n\n (4.2) | \n\n (2.9) | \n\n (36.1) | \n\n (43.3) | \n\n 42.7 | \n\n (0.6) | \n
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.
NOTE 9Tangible fixed assets
Property, plant and equipment comprise mainly of well services equipment and machinery, and equipment. Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes purchase price, any directly attributable costs of bringing the asset to working condition and borrowing costs.
Depreciation is calculated on a straight-line basis over the useful life of the asset or component. The depreciable amount equals historical cost less residual value. Items of property, plant and equipment with components that have substantially different useful lives are treated separately for depreciation purposes.
Subsequent costs for day-to-day repairs and maintenance are expensed as incurred.
The cost of modernisation and rebuilding projects is included in the asset\u2019s carrying amount when it is probable that the Group will derive future financial benefits and the cost of the item can be measured reliably. The carrying amount of the replaced part is written off. Modernisation and rebuilding projects are depreciated over the remaining useful life of the related assets.
The useful lives of assets and the depreciation methods are reviewed periodically in order to ensure that the method and period of depreciation are consistent with the expected pattern of financial benefits from the asset. Management uses knowledge of the oil industry and the estimated market development, as well as expected technological development, as basis for determining useful life. The evaluation includes effects of the climate change and the shift to renewable energy sources.
When assets are sold or retired, their cost and accumulated depreciation and accumulated impairment loss are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement as other gains and losses.
Residual values for property, plant and equipment are estimated to be zero.
All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Value in use represents the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
Non-financial assets, other than goodwill, that have suffered an impairment, are reviewed for reversal of the impairment whenever events or changes in circumstances indicate that the impairment loss recognised in prior periods may no longer exist or may have decreased.
For more information about Right-of-use assets, refer to Note 17 - Leases.
Refer to Note 28 for information about capital commitments.
Well Service equipment contain assets used in contracts with clients that contain a lease component.
The Group has not identified any impairment indicators, nor any indicators for reversal of impairment as at 31\u00a0December\u00a02025.
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n Operating drilling equipment | \n\n Other fixed assets | \n\n Right-of-use assets | \n\n Total fixed assets | \n\n Operating drilling equipment | \n\n Other fixed assets | \n\n Right-of-use assets | \n\n Total fixed assets | \n
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January | \n\n 4,952.9 | \n\n 223.6 | \n\n 285.5 | \n\n 5,462.0 | \n\n 4,286.8 | \n\n 215.1 | \n\n 226.7 | \n\n 4,728.6 | \n
| \n Additions | \n\n 355.2 | \n\n 28.8 | \n\n 55.9 | \n\n 439.9 | \n\n 301.4 | \n\n 13.6 | \n\n 46.6 | \n\n 361.6 | \n
| \n Additions through acquisition | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 0.0 | \n\n - | \n\n 0.0 | \n
| \n Disposals | \n\n (466.2) | \n\n (1.4) | \n\n (42.4) | \n\n (510.0) | \n\n (106.8) | \n\n - | \n\n - | \n\n (106.8) | \n
| \n Currency translation differences | \n\n (526.4) | \n\n (9.0) | \n\n (11.9) | \n\n (547.3) | \n\n 471.4 | \n\n (5.1) | \n\n 12.3 | \n\n 478.6 | \n
| \n Cost as at 31 December | \n\n 4,315.5 | \n\n 242.0 | \n\n 287.1 | \n\n 4,844.6 | \n\n 4,952.9 | \n\n 223.6 | \n\n 285.5 | \n\n 5,462.0 | \n
| \n Accumulated depreciation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January | \n\n (3,953.3) | \n\n (172.7) | \n\n (124.4) | \n\n (4,250.3) | \n\n (3,439.8) | \n\n (165.5) | \n\n (82.4) | \n\n (3,687.7) | \n
| \n Depreciation | \n\n (192.1) | \n\n (16.3) | \n\n (39.1) | \n\n (247.5) | \n\n (248.0) | \n\n (14.8) | \n\n (36.0) | \n\n (298.9) | \n
| \n Disposals | \n\n 464.6 | \n\n 1.4 | \n\n 32.0 | \n\n 498.0 | \n\n 105.2 | \n\n 13.8 | \n\n - | \n\n 119.0 | \n
| \n Currency translation differences | \n\n 409.6 | \n\n 6.8 | \n\n 6.4 | \n\n 422.7 | \n\n (370.6) | \n\n (6.2) | \n\n (5.9) | \n\n (382.7) | \n
| \n As at 31 December | \n\n (3,271.2) | \n\n (180.8) | \n\n (125.1) | \n\n (3,577.1) | \n\n (3,953.3) | \n\n (172.7) | \n\n (124.4) | \n\n (4,250.3) | \n
| \n Net book value at 31 December | \n\n 1,044.3 | \n\n 61.2 | \n\n 162.0 | \n\n 1,267.4 | \n\n 999.6 | \n\n 50.9 | \n\n 161.2 | \n\n 1,211.7 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Additions fixed asset including right-of-use assets | \n\n\n | \n\n 439.9 | \n\n 361.6 | \n
| \n Additions intangible assets (excluding goodwill) | \n\n\n | \n\n 30.2 | \n\n 87.6 | \n
| \n Total CAPEX in EU-Taxonomy reporting | \n\n \n | \n\n 470.1 | \n\n 449.2 | \n
NOTE 9Tangible fixed assets
Property, plant and equipment comprise mainly of well services equipment and machinery, and equipment. Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes purchase price, any directly attributable costs of bringing the asset to working condition and borrowing costs.
Depreciation is calculated on a straight-line basis over the useful life of the asset or component. The depreciable amount equals historical cost less residual value. Items of property, plant and equipment with components that have substantially different useful lives are treated separately for depreciation purposes.
Subsequent costs for day-to-day repairs and maintenance are expensed as incurred.
The cost of modernisation and rebuilding projects is included in the asset\u2019s carrying amount when it is probable that the Group will derive future financial benefits and the cost of the item can be measured reliably. The carrying amount of the replaced part is written off. Modernisation and rebuilding projects are depreciated over the remaining useful life of the related assets.
The useful lives of assets and the depreciation methods are reviewed periodically in order to ensure that the method and period of depreciation are consistent with the expected pattern of financial benefits from the asset. Management uses knowledge of the oil industry and the estimated market development, as well as expected technological development, as basis for determining useful life. The evaluation includes effects of the climate change and the shift to renewable energy sources.
When assets are sold or retired, their cost and accumulated depreciation and accumulated impairment loss are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement as other gains and losses.
Residual values for property, plant and equipment are estimated to be zero.
All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Value in use represents the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
Non-financial assets, other than goodwill, that have suffered an impairment, are reviewed for reversal of the impairment whenever events or changes in circumstances indicate that the impairment loss recognised in prior periods may no longer exist or may have decreased.
For more information about Right-of-use assets, refer to Note 17 - Leases.
Refer to Note 28 for information about capital commitments.
Well Service equipment contain assets used in contracts with clients that contain a lease component.
The Group has not identified any impairment indicators, nor any indicators for reversal of impairment as at 31\u00a0December\u00a02025.
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n Operating drilling equipment | \n\n Other fixed assets | \n\n Right-of-use assets | \n\n Total fixed assets | \n\n Operating drilling equipment | \n\n Other fixed assets | \n\n Right-of-use assets | \n\n Total fixed assets | \n
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January | \n\n 4,952.9 | \n\n 223.6 | \n\n 285.5 | \n\n 5,462.0 | \n\n 4,286.8 | \n\n 215.1 | \n\n 226.7 | \n\n 4,728.6 | \n
| \n Additions | \n\n 355.2 | \n\n 28.8 | \n\n 55.9 | \n\n 439.9 | \n\n 301.4 | \n\n 13.6 | \n\n 46.6 | \n\n 361.6 | \n
| \n Additions through acquisition | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 0.0 | \n\n - | \n\n 0.0 | \n
| \n Disposals | \n\n (466.2) | \n\n (1.4) | \n\n (42.4) | \n\n (510.0) | \n\n (106.8) | \n\n - | \n\n - | \n\n (106.8) | \n
| \n Currency translation differences | \n\n (526.4) | \n\n (9.0) | \n\n (11.9) | \n\n (547.3) | \n\n 471.4 | \n\n (5.1) | \n\n 12.3 | \n\n 478.6 | \n
| \n Cost as at 31 December | \n\n 4,315.5 | \n\n 242.0 | \n\n 287.1 | \n\n 4,844.6 | \n\n 4,952.9 | \n\n 223.6 | \n\n 285.5 | \n\n 5,462.0 | \n
| \n Accumulated depreciation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January | \n\n (3,953.3) | \n\n (172.7) | \n\n (124.4) | \n\n (4,250.3) | \n\n (3,439.8) | \n\n (165.5) | \n\n (82.4) | \n\n (3,687.7) | \n
| \n Depreciation | \n\n (192.1) | \n\n (16.3) | \n\n (39.1) | \n\n (247.5) | \n\n (248.0) | \n\n (14.8) | \n\n (36.0) | \n\n (298.9) | \n
| \n Disposals | \n\n 464.6 | \n\n 1.4 | \n\n 32.0 | \n\n 498.0 | \n\n 105.2 | \n\n 13.8 | \n\n - | \n\n 119.0 | \n
| \n Currency translation differences | \n\n 409.6 | \n\n 6.8 | \n\n 6.4 | \n\n 422.7 | \n\n (370.6) | \n\n (6.2) | \n\n (5.9) | \n\n (382.7) | \n
| \n As at 31 December | \n\n (3,271.2) | \n\n (180.8) | \n\n (125.1) | \n\n (3,577.1) | \n\n (3,953.3) | \n\n (172.7) | \n\n (124.4) | \n\n (4,250.3) | \n
| \n Net book value at 31 December | \n\n 1,044.3 | \n\n 61.2 | \n\n 162.0 | \n\n 1,267.4 | \n\n 999.6 | \n\n 50.9 | \n\n 161.2 | \n\n 1,211.7 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n NOK million | \n\n Note | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Additions fixed asset including right-of-use assets | \n\n\n | \n\n 439.9 | \n\n 361.6 | \n
| \n Additions intangible assets (excluding goodwill) | \n\n\n | \n\n 30.2 | \n\n 87.6 | \n
| \n Total CAPEX in EU-Taxonomy reporting | \n\n \n | \n\n 470.1 | \n\n 449.2 | \n
NOTE 10Intangible assets
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group's interest and net fair value of the net identifiable assets, liabilities and contingent liabilities of the acquired entity and the fair value of non-controlling interest in the acquired entity.
Software assets are stated at their historical cost less any accumulated amortisation and any accumulated impairment losses. Historical cost includes the purchase price and any directly attributable costs of bringing the asset to working condition.
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:
\u25aaThe technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\u25aaIts intention to complete and its ability and intention to use or sell the asset
\u25aaHow the asset will generate future economic benefits
\u25aaThe availability of resources to complete the asset
\u25aaThe ability to measure reliably the expenditure during development
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
The carrying amount of internally developed assets includes development expenses incurred in connection with developing a new drill-hole cleaning tool. The technology has been patented. The Group have documented that the new technology met the criteria for recognition in the balance sheet. The tool is part of Well Services product line and is expected to generate future cash flow to support the book value as at 31\u00a0December 2025.
The developed assets are amortised using a straight-line method over an estimated lifetime of 10 years.
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Additions | \n\n - | \n\n 21.4 | \n\n 8.4 | \n\n 0.3 | \n\n 30.2 | \n
| \n Disposals | \n\n - | \n\n (12.3) | \n\n - | \n\n - | \n\n (12.3) | \n
| \n Currency translation differences | \n\n (1.1) | \n\n (0.1) | \n\n (9.0) | \n\n (2.6) | \n\n (12.9) | \n
| \n Cost as at 31 December 2025 | \n\n 155.6 | \n\n 189.2 | \n\n 78.7 | \n\n 21.2 | \n\n 444.7 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Amortisation | \n\n - | \n\n (27.2) | \n\n (12.4) | \n\n (2.5) | \n\n (42.1) | \n
| \n Disposals | \n\n - | \n\n 12.3 | \n\n - | \n\n - | \n\n 12.3 | \n
| \n Currency translation differences | \n\n - | \n\n 0.0 | \n\n 2.4 | \n\n 1.7 | \n\n 4.1 | \n
| \n As at 31 December 2025 | \n\n - | \n\n (82.5) | \n\n (28.3) | \n\n (15.0) | \n\n (125.8) | \n
| \n Net book value at 31 December 2025 | \n\n 155.6 | \n\n 106.7 | \n\n 50.4 | \n\n 6.2 | \n\n 319.0 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n 132.8 | \n\n 287.2 | \n\n 21.5 | \n\n 20.5 | \n\n 461.9 | \n
| \n Additions | \n\n - | \n\n 34.1 | \n\n - | \n\n 0.6 | \n\n 34.8 | \n
| \n Additions through acquisition | \n\n 22.6 | \n\n 1.5 | \n\n 51.3 | \n\n - | \n\n 75.4 | \n
| \n Disposals | \n\n - | \n\n (142.8) | \n\n - | \n\n - | \n\n (142.8) | \n
| \n Currency translation differences | \n\n 1.4 | \n\n 0.1 | \n\n 6.5 | \n\n 2.4 | \n\n 10.4 | \n
| \n Cost as at 31 December 2024 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n - | \n\n (185.6) | \n\n (8.8) | \n\n (10.2) | \n\n (204.6) | \n
| \n Amortisation | \n\n - | \n\n (24.7) | \n\n (8.0) | \n\n (2.7) | \n\n (35.4) | \n
| \n Disposals | \n\n - | \n\n 142.8 | \n\n - | \n\n - | \n\n 142.8 | \n
| \n Currency translation differences | \n\n - | \n\n (0.0) | \n\n (1.5) | \n\n (1.3) | \n\n (2.8) | \n
| \n As at 31 December 2024 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Net book value at 31 December 2024 | \n\n 156.7 | \n\n 112.6 | \n\n 61.0 | \n\n 9.3 | \n\n 339.6 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
The carrying value of goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.
| \n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n\n Total | \n||||
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n At 1 January | \n\n 60.3 | \n\n 36.4 | \n\n 86.7 | \n\n 86.7 | \n\n 9.7 | \n\n 9.7 | \n\n 156.7 | \n\n 132.8 | \n
| \n Acquisition of subsidiary | \n\n - | \n\n 22.6 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 22.6 | \n
| \n Translation differences | \n\n (1.1) | \n\n 1.4 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n (1.1) | \n\n 1.4 | \n
| \n Net book value at 31 December | \n\n 59.2 | \n\n 60.3 | \n\n 86.7 | \n\n 86.7 | \n\n 9.7 | \n\n 9.7 | \n\n 155.6 | \n\n 156.7 | \n
The recoverable amount of the CGUs has been determined based on value-in-use calculations. These calculations use pre-tax cash flow projections based on prognoses made by management covering a five-year period. The prognosis for the EBITDA margin in 2026 and the following years is based on past performance and expectations of market development. The weighted average growth rates used are consistent with the forecasts included in industry reports. The discount rates used are pre-tax weighted average cost of capital and reflect specific risks relating to the relevant operating segments.
| \n \n | \n\n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n|||
|---|---|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n EBITDA margin in prognosis period | \n\n \n | \n\n 30% - 39% | \n\n 33% | \n\n 7% - 10% | \n\n 8.0 % | \n\n 12% | \n\n 15% - 16% | \n
| \n Growth rate year 6 and forward | \n\n \n | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n
| \n Weighted Average Cost of Capital, pre-tax | \n\n \n | \n\n 11% | \n\n 12% | \n\n 10% | \n\n 9% | \n\n 10% | \n\n 10% | \n
Impairment tests performed for goodwill for respective CGUs do not indicate any impairment as per 31.12.2025.
The Group has performed sensitivity analysis for the goodwill impairment test by reducing operating income by one, five and ten percent and EBITDA margin by one, five and ten percentage points respectively for each of the segments.
Reducing EBITDA margin by ten percentage points (or to zero EBITDA margin for Operations) indicated an impairment write-down of NOK 87 million in the Operations segment.
None of the other scenarios indicated any impairment write-down of goodwill as at 31 December 2025.
Property, plant and equipment comprise mainly of well services equipment and machinery, and equipment. Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes purchase price, any directly attributable costs of bringing the asset to working condition and borrowing costs.
Depreciation is calculated on a straight-line basis over the useful life of the asset or component. The depreciable amount equals historical cost less residual value. Items of property, plant and equipment with components that have substantially different useful lives are treated separately for depreciation purposes.
Subsequent costs for day-to-day repairs and maintenance are expensed as incurred.
The cost of modernisation and rebuilding projects is included in the asset\u2019s carrying amount when it is probable that the Group will derive future financial benefits and the cost of the item can be measured reliably. The carrying amount of the replaced part is written off. Modernisation and rebuilding projects are depreciated over the remaining useful life of the related assets.
The useful lives of assets and the depreciation methods are reviewed periodically in order to ensure that the method and period of depreciation are consistent with the expected pattern of financial benefits from the asset. Management uses knowledge of the oil industry and the estimated market development, as well as expected technological development, as basis for determining useful life. The evaluation includes effects of the climate change and the shift to renewable energy sources.
When assets are sold or retired, their cost and accumulated depreciation and accumulated impairment loss are eliminated from the accounts and any gain or loss resulting from their disposal is included in the income statement as other gains and losses.
Residual values for property, plant and equipment are estimated to be zero.
All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Value in use represents the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
Non-financial assets, other than goodwill, that have suffered an impairment, are reviewed for reversal of the impairment whenever events or changes in circumstances indicate that the impairment loss recognised in prior periods may no longer exist or may have decreased.
Depreciation is calculated on a straight-line basis over the useful life of the asset or component. The depreciable amount equals historical cost less residual value. Items of property, plant and equipment with components that have substantially different useful lives are treated separately for depreciation purposes.
The useful lives of assets and the depreciation methods are reviewed periodically in order to ensure that the method and period of depreciation are consistent with the expected pattern of financial benefits from the asset. Management uses knowledge of the oil industry and the estimated market development, as well as expected technological development, as basis for determining useful life. The evaluation includes effects of the climate change and the shift to renewable energy sources.
Residual values for property, plant and equipment are estimated to be zero.
Subsequent costs for day-to-day repairs and maintenance are expensed as incurred.
The cost of modernisation and rebuilding projects is included in the asset\u2019s carrying amount when it is probable that the Group will derive future financial benefits and the cost of the item can be measured reliably. The carrying amount of the replaced part is written off. Modernisation and rebuilding projects are depreciated over the remaining useful life of the related assets.
All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Value in use represents the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n Operating drilling equipment | \n\n Other fixed assets | \n\n Right-of-use assets | \n\n Total fixed assets | \n\n Operating drilling equipment | \n\n Other fixed assets | \n\n Right-of-use assets | \n\n Total fixed assets | \n
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January | \n\n 4,952.9 | \n\n 223.6 | \n\n 285.5 | \n\n 5,462.0 | \n\n 4,286.8 | \n\n 215.1 | \n\n 226.7 | \n\n 4,728.6 | \n
| \n Additions | \n\n 355.2 | \n\n 28.8 | \n\n 55.9 | \n\n 439.9 | \n\n 301.4 | \n\n 13.6 | \n\n 46.6 | \n\n 361.6 | \n
| \n Additions through acquisition | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 0.0 | \n\n - | \n\n 0.0 | \n
| \n Disposals | \n\n (466.2) | \n\n (1.4) | \n\n (42.4) | \n\n (510.0) | \n\n (106.8) | \n\n - | \n\n - | \n\n (106.8) | \n
| \n Currency translation differences | \n\n (526.4) | \n\n (9.0) | \n\n (11.9) | \n\n (547.3) | \n\n 471.4 | \n\n (5.1) | \n\n 12.3 | \n\n 478.6 | \n
| \n Cost as at 31 December | \n\n 4,315.5 | \n\n 242.0 | \n\n 287.1 | \n\n 4,844.6 | \n\n 4,952.9 | \n\n 223.6 | \n\n 285.5 | \n\n 5,462.0 | \n
| \n Accumulated depreciation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January | \n\n (3,953.3) | \n\n (172.7) | \n\n (124.4) | \n\n (4,250.3) | \n\n (3,439.8) | \n\n (165.5) | \n\n (82.4) | \n\n (3,687.7) | \n
| \n Depreciation | \n\n (192.1) | \n\n (16.3) | \n\n (39.1) | \n\n (247.5) | \n\n (248.0) | \n\n (14.8) | \n\n (36.0) | \n\n (298.9) | \n
| \n Disposals | \n\n 464.6 | \n\n 1.4 | \n\n 32.0 | \n\n 498.0 | \n\n 105.2 | \n\n 13.8 | \n\n - | \n\n 119.0 | \n
| \n Currency translation differences | \n\n 409.6 | \n\n 6.8 | \n\n 6.4 | \n\n 422.7 | \n\n (370.6) | \n\n (6.2) | \n\n (5.9) | \n\n (382.7) | \n
| \n As at 31 December | \n\n (3,271.2) | \n\n (180.8) | \n\n (125.1) | \n\n (3,577.1) | \n\n (3,953.3) | \n\n (172.7) | \n\n (124.4) | \n\n (4,250.3) | \n
| \n Net book value at 31 December | \n\n 1,044.3 | \n\n 61.2 | \n\n 162.0 | \n\n 1,267.4 | \n\n 999.6 | \n\n 50.9 | \n\n 161.2 | \n\n 1,211.7 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Value in use represents the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
All non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use.
For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units (CGUs)). Value in use represents the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life.
Non-financial assets, other than goodwill, that have suffered an impairment, are reviewed for reversal of the impairment whenever events or changes in circumstances indicate that the impairment loss recognised in prior periods may no longer exist or may have decreased.
NOTE 10Intangible assets
The carrying amount of internally developed assets includes development expenses incurred in connection with developing a new drill-hole cleaning tool. The technology has been patented. The Group have documented that the new technology met the criteria for recognition in the balance sheet. The tool is part of Well Services product line and is expected to generate future cash flow to support the book value as at 31\u00a0December 2025.
The developed assets are amortised using a straight-line method over an estimated lifetime of 10 years.
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Additions | \n\n - | \n\n 21.4 | \n\n 8.4 | \n\n 0.3 | \n\n 30.2 | \n
| \n Disposals | \n\n - | \n\n (12.3) | \n\n - | \n\n - | \n\n (12.3) | \n
| \n Currency translation differences | \n\n (1.1) | \n\n (0.1) | \n\n (9.0) | \n\n (2.6) | \n\n (12.9) | \n
| \n Cost as at 31 December 2025 | \n\n 155.6 | \n\n 189.2 | \n\n 78.7 | \n\n 21.2 | \n\n 444.7 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Amortisation | \n\n - | \n\n (27.2) | \n\n (12.4) | \n\n (2.5) | \n\n (42.1) | \n
| \n Disposals | \n\n - | \n\n 12.3 | \n\n - | \n\n - | \n\n 12.3 | \n
| \n Currency translation differences | \n\n - | \n\n 0.0 | \n\n 2.4 | \n\n 1.7 | \n\n 4.1 | \n
| \n As at 31 December 2025 | \n\n - | \n\n (82.5) | \n\n (28.3) | \n\n (15.0) | \n\n (125.8) | \n
| \n Net book value at 31 December 2025 | \n\n 155.6 | \n\n 106.7 | \n\n 50.4 | \n\n 6.2 | \n\n 319.0 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n 132.8 | \n\n 287.2 | \n\n 21.5 | \n\n 20.5 | \n\n 461.9 | \n
| \n Additions | \n\n - | \n\n 34.1 | \n\n - | \n\n 0.6 | \n\n 34.8 | \n
| \n Additions through acquisition | \n\n 22.6 | \n\n 1.5 | \n\n 51.3 | \n\n - | \n\n 75.4 | \n
| \n Disposals | \n\n - | \n\n (142.8) | \n\n - | \n\n - | \n\n (142.8) | \n
| \n Currency translation differences | \n\n 1.4 | \n\n 0.1 | \n\n 6.5 | \n\n 2.4 | \n\n 10.4 | \n
| \n Cost as at 31 December 2024 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n - | \n\n (185.6) | \n\n (8.8) | \n\n (10.2) | \n\n (204.6) | \n
| \n Amortisation | \n\n - | \n\n (24.7) | \n\n (8.0) | \n\n (2.7) | \n\n (35.4) | \n
| \n Disposals | \n\n - | \n\n 142.8 | \n\n - | \n\n - | \n\n 142.8 | \n
| \n Currency translation differences | \n\n - | \n\n (0.0) | \n\n (1.5) | \n\n (1.3) | \n\n (2.8) | \n
| \n As at 31 December 2024 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Net book value at 31 December 2024 | \n\n 156.7 | \n\n 112.6 | \n\n 61.0 | \n\n 9.3 | \n\n 339.6 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
| \n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n\n Total | \n||||
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n At 1 January | \n\n 60.3 | \n\n 36.4 | \n\n 86.7 | \n\n 86.7 | \n\n 9.7 | \n\n 9.7 | \n\n 156.7 | \n\n 132.8 | \n
| \n Acquisition of subsidiary | \n\n - | \n\n 22.6 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 22.6 | \n
| \n Translation differences | \n\n (1.1) | \n\n 1.4 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n (1.1) | \n\n 1.4 | \n
| \n Net book value at 31 December | \n\n 59.2 | \n\n 60.3 | \n\n 86.7 | \n\n 86.7 | \n\n 9.7 | \n\n 9.7 | \n\n 155.6 | \n\n 156.7 | \n
| \n \n | \n\n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n|||
|---|---|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n EBITDA margin in prognosis period | \n\n \n | \n\n 30% - 39% | \n\n 33% | \n\n 7% - 10% | \n\n 8.0 % | \n\n 12% | \n\n 15% - 16% | \n
| \n Growth rate year 6 and forward | \n\n \n | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n
| \n Weighted Average Cost of Capital, pre-tax | \n\n \n | \n\n 11% | \n\n 12% | \n\n 10% | \n\n 9% | \n\n 10% | \n\n 10% | \n
The Group has performed sensitivity analysis for the goodwill impairment test by reducing operating income by one, five and ten percent and EBITDA margin by one, five and ten percentage points respectively for each of the segments.
Reducing EBITDA margin by ten percentage points (or to zero EBITDA margin for Operations) indicated an impairment write-down of NOK 87 million in the Operations segment.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
| \n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n\n Total | \n||||
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n At 1 January | \n\n 60.3 | \n\n 36.4 | \n\n 86.7 | \n\n 86.7 | \n\n 9.7 | \n\n 9.7 | \n\n 156.7 | \n\n 132.8 | \n
| \n Acquisition of subsidiary | \n\n - | \n\n 22.6 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 22.6 | \n
| \n Translation differences | \n\n (1.1) | \n\n 1.4 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n (1.1) | \n\n 1.4 | \n
| \n Net book value at 31 December | \n\n 59.2 | \n\n 60.3 | \n\n 86.7 | \n\n 86.7 | \n\n 9.7 | \n\n 9.7 | \n\n 155.6 | \n\n 156.7 | \n
| \n \n | \n\n \n | \n\n Well Services | \n\n Operations | \n\n Projects & Engineering | \n|||
|---|---|---|---|---|---|---|---|
| \n \n | \n\n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n EBITDA margin in prognosis period | \n\n \n | \n\n 30% - 39% | \n\n 33% | \n\n 7% - 10% | \n\n 8.0 % | \n\n 12% | \n\n 15% - 16% | \n
| \n Growth rate year 6 and forward | \n\n \n | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n\n 0.0% | \n
| \n Weighted Average Cost of Capital, pre-tax | \n\n \n | \n\n 11% | \n\n 12% | \n\n 10% | \n\n 9% | \n\n 10% | \n\n 10% | \n
The Group has performed sensitivity analysis for the goodwill impairment test by reducing operating income by one, five and ten percent and EBITDA margin by one, five and ten percentage points respectively for each of the segments.
Reducing EBITDA margin by ten percentage points (or to zero EBITDA margin for Operations) indicated an impairment write-down of NOK 87 million in the Operations segment.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment.
The carrying amount of internally developed assets includes development expenses incurred in connection with developing a new drill-hole cleaning tool. The technology has been patented. The Group have documented that the new technology met the criteria for recognition in the balance sheet. The tool is part of Well Services product line and is expected to generate future cash flow to support the book value as at 31\u00a0December 2025.
The developed assets are amortised using a straight-line method over an estimated lifetime of 10 years.
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Additions | \n\n - | \n\n 21.4 | \n\n 8.4 | \n\n 0.3 | \n\n 30.2 | \n
| \n Disposals | \n\n - | \n\n (12.3) | \n\n - | \n\n - | \n\n (12.3) | \n
| \n Currency translation differences | \n\n (1.1) | \n\n (0.1) | \n\n (9.0) | \n\n (2.6) | \n\n (12.9) | \n
| \n Cost as at 31 December 2025 | \n\n 155.6 | \n\n 189.2 | \n\n 78.7 | \n\n 21.2 | \n\n 444.7 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Amortisation | \n\n - | \n\n (27.2) | \n\n (12.4) | \n\n (2.5) | \n\n (42.1) | \n
| \n Disposals | \n\n - | \n\n 12.3 | \n\n - | \n\n - | \n\n 12.3 | \n
| \n Currency translation differences | \n\n - | \n\n 0.0 | \n\n 2.4 | \n\n 1.7 | \n\n 4.1 | \n
| \n As at 31 December 2025 | \n\n - | \n\n (82.5) | \n\n (28.3) | \n\n (15.0) | \n\n (125.8) | \n
| \n Net book value at 31 December 2025 | \n\n 155.6 | \n\n 106.7 | \n\n 50.4 | \n\n 6.2 | \n\n 319.0 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n 132.8 | \n\n 287.2 | \n\n 21.5 | \n\n 20.5 | \n\n 461.9 | \n
| \n Additions | \n\n - | \n\n 34.1 | \n\n - | \n\n 0.6 | \n\n 34.8 | \n
| \n Additions through acquisition | \n\n 22.6 | \n\n 1.5 | \n\n 51.3 | \n\n - | \n\n 75.4 | \n
| \n Disposals | \n\n - | \n\n (142.8) | \n\n - | \n\n - | \n\n (142.8) | \n
| \n Currency translation differences | \n\n 1.4 | \n\n 0.1 | \n\n 6.5 | \n\n 2.4 | \n\n 10.4 | \n
| \n Cost as at 31 December 2024 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n - | \n\n (185.6) | \n\n (8.8) | \n\n (10.2) | \n\n (204.6) | \n
| \n Amortisation | \n\n - | \n\n (24.7) | \n\n (8.0) | \n\n (2.7) | \n\n (35.4) | \n
| \n Disposals | \n\n - | \n\n 142.8 | \n\n - | \n\n - | \n\n 142.8 | \n
| \n Currency translation differences | \n\n - | \n\n (0.0) | \n\n (1.5) | \n\n (1.3) | \n\n (2.8) | \n
| \n As at 31 December 2024 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Net book value at 31 December 2024 | \n\n 156.7 | \n\n 112.6 | \n\n 61.0 | \n\n 9.3 | \n\n 339.6 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:
\u25aaThe technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\u25aaIts intention to complete and its ability and intention to use or sell the asset
\u25aaHow the asset will generate future economic benefits
\u25aaThe availability of resources to complete the asset
\u25aaThe ability to measure reliably the expenditure during development
The carrying amount of internally developed assets includes development expenses incurred in connection with developing a new drill-hole cleaning tool. The technology has been patented. The Group have documented that the new technology met the criteria for recognition in the balance sheet. The tool is part of Well Services product line and is expected to generate future cash flow to support the book value as at 31\u00a0December 2025.
The developed assets are amortised using a straight-line method over an estimated lifetime of 10 years.
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Additions | \n\n - | \n\n 21.4 | \n\n 8.4 | \n\n 0.3 | \n\n 30.2 | \n
| \n Disposals | \n\n - | \n\n (12.3) | \n\n - | \n\n - | \n\n (12.3) | \n
| \n Currency translation differences | \n\n (1.1) | \n\n (0.1) | \n\n (9.0) | \n\n (2.6) | \n\n (12.9) | \n
| \n Cost as at 31 December 2025 | \n\n 155.6 | \n\n 189.2 | \n\n 78.7 | \n\n 21.2 | \n\n 444.7 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2025 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Amortisation | \n\n - | \n\n (27.2) | \n\n (12.4) | \n\n (2.5) | \n\n (42.1) | \n
| \n Disposals | \n\n - | \n\n 12.3 | \n\n - | \n\n - | \n\n 12.3 | \n
| \n Currency translation differences | \n\n - | \n\n 0.0 | \n\n 2.4 | \n\n 1.7 | \n\n 4.1 | \n
| \n As at 31 December 2025 | \n\n - | \n\n (82.5) | \n\n (28.3) | \n\n (15.0) | \n\n (125.8) | \n
| \n Net book value at 31 December 2025 | \n\n 155.6 | \n\n 106.7 | \n\n 50.4 | \n\n 6.2 | \n\n 319.0 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n NOK million | \n\n Goodwill | \n\n Software | \n\n Patents, trademarks and other rights | \n\n Internally developed assets | \n\n Total intangible assets | \n
|---|---|---|---|---|---|
| \n Cost | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n 132.8 | \n\n 287.2 | \n\n 21.5 | \n\n 20.5 | \n\n 461.9 | \n
| \n Additions | \n\n - | \n\n 34.1 | \n\n - | \n\n 0.6 | \n\n 34.8 | \n
| \n Additions through acquisition | \n\n 22.6 | \n\n 1.5 | \n\n 51.3 | \n\n - | \n\n 75.4 | \n
| \n Disposals | \n\n - | \n\n (142.8) | \n\n - | \n\n - | \n\n (142.8) | \n
| \n Currency translation differences | \n\n 1.4 | \n\n 0.1 | \n\n 6.5 | \n\n 2.4 | \n\n 10.4 | \n
| \n Cost as at 31 December 2024 | \n\n 156.7 | \n\n 180.1 | \n\n 79.3 | \n\n 23.5 | \n\n 439.6 | \n
| \n Accumulated amortisation and impairment | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n At 1 January 2024 | \n\n - | \n\n (185.6) | \n\n (8.8) | \n\n (10.2) | \n\n (204.6) | \n
| \n Amortisation | \n\n - | \n\n (24.7) | \n\n (8.0) | \n\n (2.7) | \n\n (35.4) | \n
| \n Disposals | \n\n - | \n\n 142.8 | \n\n - | \n\n - | \n\n 142.8 | \n
| \n Currency translation differences | \n\n - | \n\n (0.0) | \n\n (1.5) | \n\n (1.3) | \n\n (2.8) | \n
| \n As at 31 December 2024 | \n\n - | \n\n (67.5) | \n\n (18.3) | \n\n (14.2) | \n\n (100.0) | \n
| \n Net book value at 31 December 2024 | \n\n 156.7 | \n\n 112.6 | \n\n 61.0 | \n\n 9.3 | \n\n 339.6 | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
| \n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n\n\n | \n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:
\u25aaThe technical feasibility of completing the intangible asset so that the asset will be available for use or sale
\u25aaIts intention to complete and its ability and intention to use or sell the asset
\u25aaHow the asset will generate future economic benefits
\u25aaThe availability of resources to complete the asset
\u25aaThe ability to measure reliably the expenditure during development
NOTE 11Other assets
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Deposits | \n\n 62.3 | \n\n 56.2 | \n
| \n Overfunding pension liabilities | \n\n 1.2 | \n\n 0.5 | \n
| \n Other non-current receivables | \n\n 4.8 | \n\n 6.8 | \n
| \n Total other non-current assets | \n\n 68.3 | \n\n 63.6 | \n
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Prepaid expenses | \n\n \n | \n\n 70.6 | \n\n 78.2 | \n
| \n Assets from contract costs | \n\n\n | \n\n 5.7 | \n\n 10.0 | \n
| \n Income tax receivables | \n\n \n | \n\n 30.3 | \n\n 25.7 | \n
| \n Value Added Tax (VAT) receivables | \n\n \n | \n\n 28.0 | \n\n 24.5 | \n
| \n Other current receivables | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Total other current receivables and assets | \n\n \n | \n\n 246.5 | \n\n 192.1 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Asset recognised at 31 December from costs incurred to fulfil a contract | \n\n 5.7 | \n\n 10.0 | \n
| \n Amortisation recognised as cost of providing services during the period | \n\n 1.7 | \n\n 0.3 | \n
NOTE 11Other assets
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Prepaid expenses | \n\n \n | \n\n 70.6 | \n\n 78.2 | \n
| \n Assets from contract costs | \n\n\n | \n\n 5.7 | \n\n 10.0 | \n
| \n Income tax receivables | \n\n \n | \n\n 30.3 | \n\n 25.7 | \n
| \n Value Added Tax (VAT) receivables | \n\n \n | \n\n 28.0 | \n\n 24.5 | \n
| \n Other current receivables | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Total other current receivables and assets | \n\n \n | \n\n 246.5 | \n\n 192.1 | \n
NOTE 11Other assets
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Deposits | \n\n 62.3 | \n\n 56.2 | \n
| \n Overfunding pension liabilities | \n\n 1.2 | \n\n 0.5 | \n
| \n Other non-current receivables | \n\n 4.8 | \n\n 6.8 | \n
| \n Total other non-current assets | \n\n 68.3 | \n\n 63.6 | \n
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Prepaid expenses | \n\n \n | \n\n 70.6 | \n\n 78.2 | \n
| \n Assets from contract costs | \n\n\n | \n\n 5.7 | \n\n 10.0 | \n
| \n Income tax receivables | \n\n \n | \n\n 30.3 | \n\n 25.7 | \n
| \n Value Added Tax (VAT) receivables | \n\n \n | \n\n 28.0 | \n\n 24.5 | \n
| \n Other current receivables | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Total other current receivables and assets | \n\n \n | \n\n 246.5 | \n\n 192.1 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Asset recognised at 31 December from costs incurred to fulfil a contract | \n\n 5.7 | \n\n 10.0 | \n
| \n Amortisation recognised as cost of providing services during the period | \n\n 1.7 | \n\n 0.3 | \n
NOTE 12Financial assets and liabilities
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Derivatives are valued at fair value through profit or loss unless designated as hedges.
The Group has applied the practical expedient under IFRS\u00a09 and are measuring the initial recognition of trade receivables at the transaction price determined under IFRS\u00a015.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are transferred. Realised gains and losses arising from financial assets not designated for hedging, are recognised in the income statement as financial item in the period they occur.
The Group\u2019s financial liabilities include trade and other payables, as well as borrowings.
The loans and borrowings category is the most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process. Refer to further information in Note 16 - Interest-bearing borrowings.
The Group measures financial instruments such as derivatives, at fair value at each balance sheet date.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described below, based on the lowest level input that is significant to the fair value measurement as a whole.
The tables below analyse financial instruments carried at fair value, by valuation method, based on the lowest level input that is significant to the fair value measurement as a whole. The different levels have been defined as follows:
\u25aaLevel 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
\u25aaLevel 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
\u25aaLevel 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). For short-term assets and liabilities at level 3, the value is approximately equal to the carrying amount. As the time horizon is due in short-term, future cash flows are not discounted.
Level 2 derivatives held at fair value through profit or loss and hedging derivatives comprise interest rate swaps. Interest rate swaps are fair valued using forward rates extracted from observable yield curves. Interest rate swaps are recognised according to mark-to-market reports from external financial institutions.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Financial assets at fair value through profit or loss | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Derivatives designated as hedging instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n - Interest rate swaps - Other non-current assets | \n\n\n | \n\n 2 | \n\n 1.1 | \n\n 8.9 | \n
| \n Other financial assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other non-current receivables | \n\n\n | \n\n \n | \n\n 67.1 | \n\n 63.1 | \n
| \n Trade receivables | \n\n\n | \n\n \n | \n\n 1,093.1 | \n\n 1,203.8 | \n
| \n Other current receivables and assets | \n\n\n | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Cash and cash equivalents | \n\n\n | \n\n \n | \n\n 697.6 | \n\n 576.2 | \n
| \n Total financial assets | \n\n \n | \n\n \n | \n\n 1,971.0 | \n\n 1,905.6 | \n
The fair value of financial assets and liabilities at amortised cost is not materially different from their carrying amount.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Other financial liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Non-current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 1,388.9 | \n\n 1,082.1 | \n
| \n Non-current lease liabilities | \n\n\n | \n\n \n | \n\n 139.5 | \n\n 139.6 | \n
| \n Other non-current payables | \n\n \n | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n Current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 5.2 | \n\n 3.1 | \n
| \n Current lease liabilities | \n\n\n | \n\n \n | \n\n 55.3 | \n\n 48.7 | \n
| \n Trade payables | \n\n \n | \n\n \n | \n\n 297.6 | \n\n 361.4 | \n
| \n Other current payables | \n\n\n | \n\n \n | \n\n 416.8 | \n\n 374.6 | \n
| \n Total financial liabilities | \n\n \n | \n\n \n | \n\n 2,326.3 | \n\n 2,057.8 | \n
NOTE 16Interest-bearing borrowings
Borrowings are financial liabilities recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Fees related to revolving credit facilities are amortised on a straight-line basis over the period which the credit facility is available.
| \n \n | \n\n Non-current | \n\n Current | \n\n Total | \n\n Non-current | \n\n Current | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n Bond loan | \n\n 1,100.0 | \n\n - | \n\n 1,100.0 | \n\n 1,100.0 | \n\n - | \n\n 1,100.0 | \n
| \n Bank borrowings (RCF) | \n\n 302.4 | \n\n - | \n\n 302.4 | \n\n - | \n\n - | \n\n - | \n
| \n Transaction cost, unamortised | \n\n (13.4) | \n\n - | \n\n (13.4) | \n\n (17.9) | \n\n - | \n\n (17.9) | \n
| \n Accrued interest expenses | \n\n - | \n\n 5.2 | \n\n 5.2 | \n\n - | \n\n 3.1 | \n\n 3.1 | \n
| \n Carrying amounts interest-bearing borrowings | \n\n 1,388.9 | \n\n 5.2 | \n\n 1,394.1 | \n\n 1,082.1 | \n\n 3.1 | \n\n 1,085.2 | \n
| \n \n | \n\n Non-current | \n\n Current | \n\n Total | \n\n Non-current | \n\n Current | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n Carrying amount as at 1 January | \n\n 1,082.1 | \n\n 3.1 | \n\n 1,085.2 | \n\n 1,088.6 | \n\n 10.3 | \n\n 1,098.9 | \n
| \n Cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n New borrowings | \n\n 312.5 | \n\n - | \n\n 312.5 | \n\n 891.3 | \n\n - | \n\n 891.3 | \n
| \n Paid transaction costs related to new borrowings | \n\n (3.6) | \n\n - | \n\n (3.6) | \n\n (15.4) | \n\n - | \n\n (15.4) | \n
| \n Repayment borrowings | \n\n - | \n\n - | \n\n - | \n\n (891.3) | \n\n - | \n\n (891.3) | \n
| \n Paid call premium settlement | \n\n - | \n\n - | \n\n - | \n\n (33.6) | \n\n - | \n\n (33.6) | \n
| \n Paid transaction costs related to repayment of borrowings | \n\n - | \n\n - | \n\n - | \n\n (0.2) | \n\n - | \n\n (0.2) | \n
| \n Non-cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Reclassified * | \n\n 3.6 | \n\n - | \n\n 3.6 | \n\n - | \n\n - | \n\n - | \n
| \n Change in transaction cost, unamortised | \n\n 4.4 | \n\n - | \n\n 4.4 | \n\n 42.7 | \n\n 2.7 | \n\n 45.3 | \n
| \n Change in accrued interest cost | \n\n - | \n\n 2.2 | \n\n 2.2 | \n\n - | \n\n (9.9) | \n\n (9.9) | \n
| \n Change due to currency revaluation | \n\n (10.1) | \n\n - | \n\n (10.1) | \n\n - | \n\n - | \n\n - | \n
| \n Carrying amount as at 31 December | \n\n 1,388.9 | \n\n 5.2 | \n\n 1,394.1 | \n\n 1,082.1 | \n\n 3.1 | \n\n 1,085.2 | \n
| \n\n | \n
In September 2024 the Company successfully placed a new NOK 1,100 million senior secured bond issue with a tenor of 4\u00a0years. The new bond issue carries an interest rate of 3 months NIBOR + 3.50% per annum with quarterly interest payments. Proceeds from the bond issue were used to call the Company\u2019s outstanding NOK 1,100 million senior secured bond issue with maturity 23 February 2026 in full. In September 2024 the Company also entered into a new USD 50 million Super Senior Revolving Credit Facility Agreement ('SSRCF') which replaced the old USD 25 million credit facility.
The NOK 1,100 million senior secured bonds mature in September 2028. There are no instalments before final maturity.
The Group has at 31 December 2025 drawn USD 30 million, equal to NOK 302 million, on the USD 50 million Revolving Credit Facility Agreement (RCF)'. The RCF is available until final maturity date of the facility which is in August 2028.
The Group has NOK 202 million (the USD 20 million on the revolving credit facility) in available undrawn facilities as per 31\u00a0December\u00a02025.
The Odfjell Technology Group is compliant with all financial covenants as at 31\u00a0December\u00a02025.
The borrowing facilities in the Group include the following main covenants:
The Group shall maintain minimum liquidity of USD 15 million (including undrawn amounts under the RCF), of which minimum USD 5 million in cash and cash equivalents.
Leverage ratio (refer to definition in Definitions Of Alternative Performance Measures) shall not exceed 4.00:1:00.
The ratio of current assets to current liabilities shall at all times be a minimum 1.00:1.00.
Dividend payments are subject to compliance with the incurrence test. The incurrence test implies that the leverage ratio shall not exceed 1.50:1:00. In addition, there is a requirement of minimum liquidity of USD 25 million (including undrawn amounts under the RCF), of which minimum USD 15 million in cash and cash equivalents.
The Group shall maintain minimum liquidity of the higher of USD 15 million and 10% of the interest bearing debt (excluding lease liabilities), in each case of which minimum USD 5 million shall be free and unrestricted cash.
Leverage ratio (net interest bearing debt to EBITDA) shall not exceed 3.75:1:00.
The ratio of current assets to current liabilities shall at all times be a minimum 1.00:1.00.
NOTE 21Liquidity risk
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, and to have sufficient cash or cash equivalents at any time to be able to finance its operations and investments in accordance with the Group's strategic plan.
With regular forecasts and liquidity analysis updates, the Group will ensure sufficient available liquidity to fulfil its duties at loan maturity, without unacceptable loss or risk of damaging the Group\u2019s reputation.
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through credit facilities, and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit lines available.
The Group\u2019s cash flow forecasting is performed by Group Finance. Group Finance monitors rolling forecasts of the Group\u2019s liquidity requirements, to ensure it has sufficient cash to meet operational needs at all times, so that the Group does not breach borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes into consideration the Group\u2019s debt financing plans and covenant compliance.
The Group held cash and cash equivalents amounting to NOK 613 million in addition to available drawing facilities of NOK 202 million at the end of 2025. This is deemed to be sufficient funding for the Group\u2019s current activity levels and committed capital expenditures during 2026.
The liquidity risk is connected with the market risk and the re-contracting risk for the segments. The management continuously focuses on securing new profitable contracts to generate sufficient cash flow from operations, hence reducing the liquidity risk going forward.
Operating in more than 20 jurisdictions the Group do from time to time receive enquiries from authorities about compliance related matters. Refer to Note 27 - Contingencies regarding the decision in the First Tier Tribunal that ruled in favour of His Majesty's Revenue and Customs (HMRC). The Group has per 31 December 2025 not received any formal material assessment which is not disclosed in the financial statements.
The Group's refinancing risk is low, with a bond loan maturing in September 2028 and a rolling credit facility of USD 50 available until the same quarter.
The amounts disclosed in the table are the contractual non-discounted cash flows. The table includes estimated interest payments for drawn facilities at the balance sheet date, based on the remaining period at the end of the reporting period to the contractual maturity date. The estimated interest payments include payments based on forward rates for the interest rate swaps.
| \n 31.12.2025 - NOK million | \n\n Less than 6 months | \n\n 6-12 months | \n\n Between 1 and 2 years | \n\n Between 2 and 5 years | \n\n Over 5 years | \n\n Total contractual cash flows | \n\n Carrying amount | \n
|---|---|---|---|---|---|---|---|
| \n Interest-bearing borrowings | \n\n 54.2 | \n\n 55.2 | \n\n 110.2 | \n\n 1,479.0 | \n\n - | \n\n 1,698.5 | \n\n 1,394.1 | \n
| \n Lease liabilities | \n\n 33.2 | \n\n 33.2 | \n\n 57.7 | \n\n 108.3 | \n\n 38.6 | \n\n 271.0 | \n\n 194.8 | \n
| \n Trade payables | \n\n 297.6 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 297.6 | \n\n 297.6 | \n
| \n Other current payables | \n\n 416.8 | \n\n - | \n\n 17.6 | \n\n - | \n\n - | \n\n 434.4 | \n\n 434.4 | \n
| \n 31.12.2024 - NOK million | \n\n Less than 6 months | \n\n 6-12 months | \n\n Between 1 and 2 years | \n\n Between 2 and 5 years | \n\n Over 5 years | \n\n Total contractual cash flows | \n\n Carrying amount | \n
|---|---|---|---|---|---|---|---|
| \n Interest-bearing borrowings | \n\n 50.2 | \n\n 50.6 | \n\n 93.5 | \n\n 1,259.8 | \n\n - | \n\n 1,454.0 | \n\n 1,085.2 | \n
| \n Lease liabilities | \n\n 23.6 | \n\n 25.0 | \n\n 50.2 | \n\n 98.1 | \n\n 35.3 | \n\n 232.3 | \n\n 188.2 | \n
| \n Trade payables | \n\n 351.5 | \n\n 9.9 | \n\n - | \n\n - | \n\n - | \n\n 361.4 | \n\n 361.4 | \n
| \n Other current payables | \n\n 366.0 | \n\n 8.6 | \n\n - | \n\n - | \n\n - | \n\n 374.6 | \n\n 374.6 | \n
NOTE 22Market risk
Market risk is the risk of a change in market prices and demand, as well as changes in currency exchange rates and interest levels.
The oil services market has experienced positive development in recent years. However, recent fluctuations in oil prices and supply imbalances have led to a levelling off in market growth.
The focus on alternative energy sources and the overall future mix of energy remains strong. While the transition to greener energy sources is expected to shape the energy market in the coming decades, the continued need for oil and gas exploration and production remains evident.
The global oil services industry is expected to remain robust. Although the emphasis on alternative energy will persist, oil and gas will continue to play a critical role in the energy mix for years to come. Meeting the demands of global economic growth and rising energy consumption will require continued investment in the oil and gas sector to ensure a stable supply.
Odfjell Technology has solid backlog, leveraging its strong operational track record, solid client relationships, and healthy balance sheet.
Well Services operates in a competitive market; however, demand for our products is expected to remain strong over the long-term. With favourable market fundamentals, Well Services is well positioned to pursue growth opportunities that deliver strong cash flow and sustainable margins.
The market for our Operations services has remained stable over the past decade. We have built a strong presence in the North Sea, underpinned by efficient operations and solid client relationships, which we intend to further capitalise on. Additionally, we see opportunities to expand our Operations activities into new regions.
The Projects & Engineering market remains stable, supported by our strong position within modification, maintenance and asset integrity services. Near-term activity is expected to be softer, reflecting lower special periodic survey scope and continued operator focus on cost discipline. We remain well positioned to capture opportunities over the medium to long- term, both within traditional offshore services and selected energy transition projects.
The Group has developed risk assessments for climate-related risks which are also incorporated into the double materiality assessment. More detail on these risks can be found in the Sustainability Statement.
The most significant transition risks can be summarised as follows:
\u25aaAccess to capital as shift toward low-carbon portfolios from banks and investors, potentially increasing financing costs.
\u25aaTalent retention and attraction, perception of oil and gas as a declining industry may impact our ability to recruit and retain skilled employees.
\u25aaMarket shifts, including changes in client preferences and demand reduction for fossil fuel-related services pose revenue risks.
The most significant physical risks can be summarised as follows:
\u25aaExtreme weather events, such as increased severity of storms, high winds and wave heights, may disrupt operations, logistics and personnel transfer, increasing operating costs.
\u25aaTemperature rises and heat stress, as we experience higher temperatures in certain regions we operate in, may affect worker safety and operational efficiency and costs.
\u25aaSupply chain vulnerability in cases of climate-related disruptions in global supply chains could lead to delays in critical equipment and raw materials as well as an increase in costs.
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively.
Derivatives are recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured on a continuous basis at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of highly probable forecast transactions (cash-flow hedges). At the date of the hedging transaction, the Group's documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:
\u25aaThere is an economic relationship\u2019 between the hedged item and the hedging instrument.
\u25aaThe effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u25aaThe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
\u25aaThe effective portion of the gain or loss on the cash flow hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
\u25aaAmounts recognised directly in other comprehensive income are reclassified as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement.
Derivatives are only used for economic hedging purposes and not as speculative investments.
Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Non-current assets | \n\n \n | \n\n \n | \n
| \n Interest rate swaps - cash flow hedges under hedge accounting | \n\n 1.1 | \n\n 8.9 | \n
| \n Total non-current derivative financial instruments asset | \n\n 1.1 | \n\n 8.9 | \n
The Group's hedging reserves are disclosed in Note 25 - Other reserves.
| \n NOK million | \n\n Interest rate swaps | \n\n Total hedge reserves | \n
|---|---|---|
| \n Opening balance 1 January 2024 | \n\n 11.7 | \n\n 11.7 | \n
| \n Change in fair value of hedging instruments recognised in Other Comprehensive Income (OCI) | \n\n (12.6) | \n\n (12.6) | \n
| \n Reclassified from OCI to profit or loss | \n\n 9.8 | \n\n 9.8 | \n
| \n Closing balance 31 December 2024 | \n\n 8.9 | \n\n 8.9 | \n
| \n Change in fair value of hedging instruments recognised in OCI | \n\n 1.0 | \n\n 1.0 | \n
| \n Reclassified from OCI to profit or loss | \n\n (8.8) | \n\n (8.8) | \n
| \n Closing balance 31 December 2025 | \n\n 1.1 | \n\n 1.1 | \n
The consolidated material subsidiaries' reporting and functional currencies are NOK, USD, GBP and EUR.
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to USD and NOK. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is exposed to risks due to fluctuations in exchange rates as the client contracts are denominated in multiple currencies with cost mainly in local currency, while capital expenditure is in USD.
The Group seeks to minimise these risks through natural hedging by balancing the currency in and out flow and will use financial hedging instruments if required.
The Group\u2019s exposure to foreign currency risk at the end of the reporting period, expressed in NOK, was as follows:
| \n NOK million | \n\n USD | \n\n NOK | \n\n GBP | \n\n EUR | \n
|---|---|---|---|---|
| \n Cash and cash equivalents * | \n\n 359.0 | \n\n 29.9 | \n\n (48.0) | \n\n (1.5) | \n
| \n Trade receivables | \n\n 42.9 | \n\n 22.5 | \n\n 5.6 | \n\n 56.0 | \n
| \n Interest-bearing borrowings | \n\n (304.9) | \n\n - | \n\n - | \n\n - | \n
| \n Lease liabilities | \n\n - | \n\n - | \n\n - | \n\n (3.9) | \n
| \n Trade payables | \n\n (22.2) | \n\n (33.5) | \n\n (7.3) | \n\n (7.9) | \n
| \n Other payables | \n\n (7.4) | \n\n (0.5) | \n\n (34.2) | \n\n (2.2) | \n
| \n\n | \n
| \n NOK million | \n\n USD | \n\n NOK | \n\n GBP | \n\n EUR | \n
|---|---|---|---|---|
| \n Cash and cash equivalents * | \n\n 11.1 | \n\n 3.4 | \n\n (8.8) | \n\n (7.2) | \n
| \n Trade receivables | \n\n 53.7 | \n\n 0.7 | \n\n 2.0 | \n\n 83.6 | \n
| \n Lease liabilities | \n\n - | \n\n - | \n\n - | \n\n (6.5) | \n
| \n Trade payables | \n\n (39.7) | \n\n (7.3) | \n\n (1.3) | \n\n (12.0) | \n
| \n Other current payables | \n\n (4.8) | \n\n (0.3) | \n\n (0.9) | \n\n (0.2) | \n
| \n\n | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) included in finance costs | \n\n (4.6) | \n\n (31.0) | \n
The Group's profit or loss is primarily exposed to changes in USD/NOK exchange rates.
The sensitivity shown in the table below is calculated based on USD balances in companies with NOK as functional currency, and NOK balances in companies with USD as functional currency.
| \n Sensitivity to changes in USD/NOK exchange rates | \n\n USD is strengthened by 20 % against NOK | \n\n USD is weakened by 20 % against NOK | \n\n USD is strengthened by 10 % against NOK | \n\n USD is weakened by 10 % against NOK | \n||||
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Cash and cash equivalents | \n\n 50.7 | \n\n 0.0 | \n\n (50.7) | \n\n (0.0) | \n\n 25.4 | \n\n 0.0 | \n\n (25.4) | \n\n (0.0) | \n
| \n Interest-bearing borrowings | \n\n (61.0) | \n\n - | \n\n 61.0 | \n\n - | \n\n (30.5) | \n\n - | \n\n 30.5 | \n\n - | \n
| \n Current receivables | \n\n 0.4 | \n\n 5.8 | \n\n 0.2 | \n\n (5.8) | \n\n 0.2 | \n\n 2.9 | \n\n (0.0) | \n\n (2.9) | \n
| \n Current liabilities | \n\n 2.9 | \n\n 0.7 | \n\n (2.9) | \n\n (0.7) | \n\n 1.5 | \n\n 0.3 | \n\n (1.5) | \n\n (0.3) | \n
| \n Net effect on profit before tax | \n\n (6.8) | \n\n 6.5 | \n\n 7.5 | \n\n (6.5) | \n\n (3.5) | \n\n 3.2 | \n\n 3.6 | \n\n (3.2) | \n
The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's borrowing debt obligations at floating interest rates. The Group evaluates the share of interest rate hedging based on assessment of the Group\u2019s total interest rate risk and currently has a combination of fixed and floating interest rates in order to limit exposure. The Board is on regular basis considering the interest payment hedging of the external financing and mandate administration to execute necessary changes.
Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate loans.
The Group had 2 interest rate swap agreements at 31 December 2025. Quoted mark-to-market values from financial institutions have been used to determine their value of the swap agreements at the end of the year. The instruments were documented as cash flow hedges and changes in fair value were recognised in other comprehensive income (cash flow hedging).
Including interest rate swaps entered into, the fixed-rate portion of the Group\u2019s interest bearing debt per 31 December 2025 is approximately 27%.
The swap contracts require settlement of net interest receivable or payable. The settlement dates does not materially deviate from the dates on which interest is payable on the underlying debt.
Weighted average interest rate at 31 December 2025 was about 6.8% including the effect of interest rate hedging.
Estimated fair value calculations from external financial institutions have been used to determine the fair value of the swap agreement at the end of the year.
The Group monitors its interest rate exposure on a dynamic basis. The Group calculates the impact on profit and loss of a defined interest rate shift.
| \n NOK million | \n\n Interest | \n\n Notional amount | \n\n Maturity date | \n\n Hedge ratio | \n\n Weighted average hedged rate | \n\n Carrying amount 31.12.2025 | \n\n Carrying amount 31.12.2024 | \n
|---|---|---|---|---|---|---|---|
| \n Cash flow hedges under hedge accounting | \n\n NOK Nibor | \n\n 275.0 | \n\n 2026 | \n\n 1:1 | \n\n 2.0700% | \n\n 0.9 | \n\n 6.9 | \n
| \n Cash flow hedges under hedge accounting | \n\n NOK Nibor | \n\n 110.0 | \n\n 2026 | \n\n 1:1 | \n\n 2.6140% | \n\n 0.3 | \n\n 2.1 | \n
| \n NOK million | \n\n 31.12.2025 | \n\n % of total loans | \n\n 31.12.2024 | \n\n % of total loans | \n
|---|---|---|---|---|
| \n Variable rate borrowings - NOK NIBOR | \n\n 715.0 | \n\n 51% | \n\n 715.0 | \n\n 65% | \n
| \n Variable rate borrowings - USD secured overnight financing rate | \n\n 302.4 | \n\n 22% | \n\n - | \n\n 0% | \n
| \n Fixed rate borrowings - repricing or maturity dates: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Less than 1 year | \n\n 385.0 | \n\n 27% | \n\n - | \n\n 0% | \n
| \n 1-5 years | \n\n - | \n\n 0% | \n\n 385.0 | \n\n 35% | \n
| \n Later than 5 years | \n\n - | \n\n 0% | \n\n - | \n\n 0% | \n
| \n Total contractual amounts | \n\n 1,402.4 | \n\n 100% | \n\n 1,100.0 | \n\n 100% | \n
The result of the calculation on sensitivities returns the following expected values (incl. interest rate swaps entered into as at 31\u00a0December):
\u25aaIf interest rate is increased by 1.0%, the effect would be an increase in financing costs of NOK 10 million for the next 12\u00a0months as at 31 December 2025.
NOTE 23Credit risk
The Group operates in three core Business Areas: Well Services, Operations and Projects & Engineering.
The market for the Group\u2019s services is the offshore oil and gas industry, and the clients consist primarily of major integrated oil companies, independent oil and gas producers and government owned oil companies. The Group performs ongoing credit evaluations of the clients and generally does not request material collateral.
With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, other receivables and certain derivatives instruments receivable amount, the Group\u2019s exposure to credit risk arises from default of the counter-party, with a maximum exposure equal to the carrying amount of these instruments. However, the Group believes this risk is limited as the counter-parties mainly have a high credit quality.
During 2025, the Group has continued its focus on credit risk in general, related to the uncertain conditions in some geographical markets. The maximum exposure regarding trade receivables is the carrying amount of NOK 1,116\u00a0million.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group does not have any contract assets at 31 December 2025.
Management exercises judgement in determining the impairment loss related to the trade receivables.
Included in the Trade receivables as at 31\u00a0December\u00a02025 and 31\u00a0December\u00a02024 the Group has an outstanding amount of EUR 4 million (NOK 47 million) towards clients in Iran.
| \n \n | \n\n Expected loss rate | \n\n Gross amount | \n\n Loss allowance | \n\n Net amount | \n
|---|---|---|---|---|
| \n NOK million | \n\n \n | \n\n 31.12.2025 | \n\n 31.12.2025 | \n\n 31.12.2025 | \n
| \n Not due | \n\n 0.0% | \n\n 864.6 | \n\n - | \n\n 864.6 | \n
| \n 0 to 3 months | \n\n 0.0% | \n\n 166.0 | \n\n - | \n\n 166.0 | \n
| \n 3 to 6 months | \n\n 0.0% | \n\n 20.1 | \n\n - | \n\n 20.1 | \n
| \n Over 6 months | \n\n 35.4% | \n\n 65.7 | \n\n (23.2) | \n\n 42.5 | \n
| \n Total | \n\n \n | \n\n 1,116.4 | \n\n (23.2) | \n\n 1,093.1 | \n
| \n \n | \n\n Expected loss rate | \n\n Gross amount | \n\n Loss allowance | \n\n Net amount | \n
|---|---|---|---|---|
| \n NOK million | \n\n \n | \n\n 31.12.2024 | \n\n 31.12.2024 | \n\n 31.12.2024 | \n
| \n Not due | \n\n 0.0% | \n\n 969.8 | \n\n - | \n\n 969.8 | \n
| \n 0 to 3 months | \n\n 0.0% | \n\n 129.7 | \n\n - | \n\n 129.7 | \n
| \n 3 to 6 months | \n\n 2.1% | \n\n 19.5 | \n\n (0.4) | \n\n 19.1 | \n
| \n Over 6 months | \n\n 19.4% | \n\n 105.7 | \n\n (20.5) | \n\n 85.2 | \n
| \n Total | \n\n \n | \n\n 1,224.8 | \n\n (20.9) | \n\n 1,203.8 | \n
| \n \n | \n\n Trade receivables | \n\n Trade receivables | \n
|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
| \n Loss allowance as at 1 January | \n\n 20.9 | \n\n 17.8 | \n
| \n Utilised | \n\n (0.2) | \n\n - | \n
| \n Released provision | \n\n - | \n\n (2.9) | \n
| \n New provisions | \n\n 4.6 | \n\n 2.7 | \n
| \n Addition through acquisition | \n\n - | \n\n 1.5 | \n
| \n Translation differences | \n\n (2.0) | \n\n 1.8 | \n
| \n Loss allowance as at 31 December | \n\n 23.2 | \n\n 20.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net gain (loss) related to trade receivables | \n\n (4.6) | \n\n 0.2 | \n
NOTE 26Securities and mortgages
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Non-current liabilities - contractual amounts | \n\n 1,402.4 | \n\n 1,100.0 | \n
| \n Current liabilities | \n\n 5.2 | \n\n 3.1 | \n
| \n Total | \n\n 1,407.6 | \n\n 1,103.1 | \n
As security for the loans, substantially all the assets of Odfjell Technology Ltd, and its subsidiaries have been pledged in favour of the lenders.
The Group has a long-term equity settled incentive share option programme, in which the employee receives remuneration in the form of share-based payment for services rendered.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details below.
That cost is recognised in personnel expenses together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
27 June 2022, the Company implemented a long-term incentive plan. A total of 1,995,000 options have been awarded to certain of its employees at strike prices ranging from NOK 22.31 to NOK 24.13 per share.
During 2025, a total of 770,000 options have been exercised The Company elected to settle the exercised options in cash due to the small amount in context of a share capital increase process. For all outstanding options, the Company continues to have the right to settle in equity and intends to do so.
The options can only be exercised in three equal tranches, with vesting periods of one, two and three years. The options may be exercised during the subsequent year. Any options not exercised in the first two tranches can be rolled forward to the next tranches. In 2025, the roll forward of the remaining 1,225,000 unexercised options granted in June 2022 were extended by two years and the expiry date was set to 4 July 2027. Any options not exercised by the end of period (Q3 2027) will be terminated.
| \n Overview of outstanding options: | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Outstanding options 1.1 | \n\n 1,995,000 | \n\n 1,995,000 | \n
| \n Options exercised | \n\n (770,000) | \n\n - | \n
| \n Outstanding options 31.12 | \n\n 1,225,000 | \n\n 1,995,000 | \n
| \n Of which exercisable | \n\n 1,225,000 | \n\n 1,330,000 | \n
In March 2026, 300,000 share options were exercised by Jone Torstensen, the previous CFO. The Company chose to settle these with a cash payment.
The fair value of the options has been calculated using Black & Scholes option-pricing model. The average fair value of the options granted in 2022 is NOK 9.07. The total cost of the share option plan is calculated based on the fair value of the 1,995,000 options granted. The total cost equals approximately NOK 18 million and was recognised over the period until August 2025.
The calculations related to the 1,995,000 options granted in 2022 were based on the following assumptions:
\u25aaThe share price on the grant dates were set to the stock exchange price on the grant dates (27 June 2022, 15\u00a0August\u00a02022 and 1 September 2022). The strike price per options were a weighted average of NOK 22.75. The expected price volatility of the Company's shares was set to 55% based on historical volatility adjusted for expected changes. The expiry date was set to 4 July 2025, 22 August 2025 and 8 September 2025. The expected dividend yield was set to 0%. The risk-free interest rate was set to 3.67%
The cost of the amendment in 2025 (extended expiry date) was calculated to NOK 0.2 million and was expensed in 2025.
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Derivatives are valued at fair value through profit or loss unless designated as hedges.
The Group has applied the practical expedient under IFRS\u00a09 and are measuring the initial recognition of trade receivables at the transaction price determined under IFRS\u00a015.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are transferred. Realised gains and losses arising from financial assets not designated for hedging, are recognised in the income statement as financial item in the period they occur.
The Group\u2019s financial liabilities include trade and other payables, as well as borrowings.
The loans and borrowings category is the most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process. Refer to further information in Note 16 - Interest-bearing borrowings.
The Group measures financial instruments such as derivatives, at fair value at each balance sheet date.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described below, based on the lowest level input that is significant to the fair value measurement as a whole.
The tables below analyse financial instruments carried at fair value, by valuation method, based on the lowest level input that is significant to the fair value measurement as a whole. The different levels have been defined as follows:
\u25aaLevel 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities
\u25aaLevel 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)
\u25aaLevel 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). For short-term assets and liabilities at level 3, the value is approximately equal to the carrying amount. As the time horizon is due in short-term, future cash flows are not discounted.
Level 2 derivatives held at fair value through profit or loss and hedging derivatives comprise interest rate swaps. Interest rate swaps are fair valued using forward rates extracted from observable yield curves. Interest rate swaps are recognised according to mark-to-market reports from external financial institutions.
Borrowings are financial liabilities recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Fees related to revolving credit facilities are amortised on a straight-line basis over the period which the credit facility is available.
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively.
Derivatives are recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured on a continuous basis at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of highly probable forecast transactions (cash-flow hedges). At the date of the hedging transaction, the Group's documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:
\u25aaThere is an economic relationship\u2019 between the hedged item and the hedging instrument.
\u25aaThe effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u25aaThe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
\u25aaThe effective portion of the gain or loss on the cash flow hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
\u25aaAmounts recognised directly in other comprehensive income are reclassified as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement.
Derivatives are only used for economic hedging purposes and not as speculative investments.
Derivatives are valued at fair value through profit or loss unless designated as hedges.
The Group has applied the practical expedient under IFRS\u00a09 and are measuring the initial recognition of trade receivables at the transaction price determined under IFRS\u00a015.
The Group\u2019s financial liabilities include trade and other payables, as well as borrowings.
Derivatives are valued at fair value through profit or loss unless designated as hedges.
The Group has applied the practical expedient under IFRS\u00a09 and are measuring the initial recognition of trade receivables at the transaction price determined under IFRS\u00a015.
The Group\u2019s financial liabilities include trade and other payables, as well as borrowings.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Financial assets at fair value through profit or loss | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Derivatives designated as hedging instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n - Interest rate swaps - Other non-current assets | \n\n\n | \n\n 2 | \n\n 1.1 | \n\n 8.9 | \n
| \n Other financial assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other non-current receivables | \n\n\n | \n\n \n | \n\n 67.1 | \n\n 63.1 | \n
| \n Trade receivables | \n\n\n | \n\n \n | \n\n 1,093.1 | \n\n 1,203.8 | \n
| \n Other current receivables and assets | \n\n\n | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Cash and cash equivalents | \n\n\n | \n\n \n | \n\n 697.6 | \n\n 576.2 | \n
| \n Total financial assets | \n\n \n | \n\n \n | \n\n 1,971.0 | \n\n 1,905.6 | \n
The fair value of financial assets and liabilities at amortised cost is not materially different from their carrying amount.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Other financial liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Non-current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 1,388.9 | \n\n 1,082.1 | \n
| \n Non-current lease liabilities | \n\n\n | \n\n \n | \n\n 139.5 | \n\n 139.6 | \n
| \n Other non-current payables | \n\n \n | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n Current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 5.2 | \n\n 3.1 | \n
| \n Current lease liabilities | \n\n\n | \n\n \n | \n\n 55.3 | \n\n 48.7 | \n
| \n Trade payables | \n\n \n | \n\n \n | \n\n 297.6 | \n\n 361.4 | \n
| \n Other current payables | \n\n\n | \n\n \n | \n\n 416.8 | \n\n 374.6 | \n
| \n Total financial liabilities | \n\n \n | \n\n \n | \n\n 2,326.3 | \n\n 2,057.8 | \n
Derivatives are valued at fair value through profit or loss unless designated as hedges.
The Group has applied the practical expedient under IFRS\u00a09 and are measuring the initial recognition of trade receivables at the transaction price determined under IFRS\u00a015.
Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are transferred. Realised gains and losses arising from financial assets not designated for hedging, are recognised in the income statement as financial item in the period they occur.
The Group\u2019s financial liabilities include trade and other payables, as well as borrowings.
The loans and borrowings category is the most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process. Refer to further information in Note 16 - Interest-bearing borrowings.
Borrowings are financial liabilities recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Fees related to revolving credit facilities are amortised on a straight-line basis over the period which the credit facility is available.
NOTE 16Interest-bearing borrowings
Borrowings are financial liabilities recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Fees related to revolving credit facilities are amortised on a straight-line basis over the period which the credit facility is available.
| \n \n | \n\n Non-current | \n\n Current | \n\n Total | \n\n Non-current | \n\n Current | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n Bond loan | \n\n 1,100.0 | \n\n - | \n\n 1,100.0 | \n\n 1,100.0 | \n\n - | \n\n 1,100.0 | \n
| \n Bank borrowings (RCF) | \n\n 302.4 | \n\n - | \n\n 302.4 | \n\n - | \n\n - | \n\n - | \n
| \n Transaction cost, unamortised | \n\n (13.4) | \n\n - | \n\n (13.4) | \n\n (17.9) | \n\n - | \n\n (17.9) | \n
| \n Accrued interest expenses | \n\n - | \n\n 5.2 | \n\n 5.2 | \n\n - | \n\n 3.1 | \n\n 3.1 | \n
| \n Carrying amounts interest-bearing borrowings | \n\n 1,388.9 | \n\n 5.2 | \n\n 1,394.1 | \n\n 1,082.1 | \n\n 3.1 | \n\n 1,085.2 | \n
| \n \n | \n\n Non-current | \n\n Current | \n\n Total | \n\n Non-current | \n\n Current | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n Carrying amount as at 1 January | \n\n 1,082.1 | \n\n 3.1 | \n\n 1,085.2 | \n\n 1,088.6 | \n\n 10.3 | \n\n 1,098.9 | \n
| \n Cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n New borrowings | \n\n 312.5 | \n\n - | \n\n 312.5 | \n\n 891.3 | \n\n - | \n\n 891.3 | \n
| \n Paid transaction costs related to new borrowings | \n\n (3.6) | \n\n - | \n\n (3.6) | \n\n (15.4) | \n\n - | \n\n (15.4) | \n
| \n Repayment borrowings | \n\n - | \n\n - | \n\n - | \n\n (891.3) | \n\n - | \n\n (891.3) | \n
| \n Paid call premium settlement | \n\n - | \n\n - | \n\n - | \n\n (33.6) | \n\n - | \n\n (33.6) | \n
| \n Paid transaction costs related to repayment of borrowings | \n\n - | \n\n - | \n\n - | \n\n (0.2) | \n\n - | \n\n (0.2) | \n
| \n Non-cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Reclassified * | \n\n 3.6 | \n\n - | \n\n 3.6 | \n\n - | \n\n - | \n\n - | \n
| \n Change in transaction cost, unamortised | \n\n 4.4 | \n\n - | \n\n 4.4 | \n\n 42.7 | \n\n 2.7 | \n\n 45.3 | \n
| \n Change in accrued interest cost | \n\n - | \n\n 2.2 | \n\n 2.2 | \n\n - | \n\n (9.9) | \n\n (9.9) | \n
| \n Change due to currency revaluation | \n\n (10.1) | \n\n - | \n\n (10.1) | \n\n - | \n\n - | \n\n - | \n
| \n Carrying amount as at 31 December | \n\n 1,388.9 | \n\n 5.2 | \n\n 1,394.1 | \n\n 1,082.1 | \n\n 3.1 | \n\n 1,085.2 | \n
| \n\n | \n
In September 2024 the Company successfully placed a new NOK 1,100 million senior secured bond issue with a tenor of 4\u00a0years. The new bond issue carries an interest rate of 3 months NIBOR + 3.50% per annum with quarterly interest payments. Proceeds from the bond issue were used to call the Company\u2019s outstanding NOK 1,100 million senior secured bond issue with maturity 23 February 2026 in full. In September 2024 the Company also entered into a new USD 50 million Super Senior Revolving Credit Facility Agreement ('SSRCF') which replaced the old USD 25 million credit facility.
The NOK 1,100 million senior secured bonds mature in September 2028. There are no instalments before final maturity.
The Group has at 31 December 2025 drawn USD 30 million, equal to NOK 302 million, on the USD 50 million Revolving Credit Facility Agreement (RCF)'. The RCF is available until final maturity date of the facility which is in August 2028.
The Group has NOK 202 million (the USD 20 million on the revolving credit facility) in available undrawn facilities as per 31\u00a0December\u00a02025.
The Odfjell Technology Group is compliant with all financial covenants as at 31\u00a0December\u00a02025.
The borrowing facilities in the Group include the following main covenants:
The Group shall maintain minimum liquidity of USD 15 million (including undrawn amounts under the RCF), of which minimum USD 5 million in cash and cash equivalents.
Leverage ratio (refer to definition in Definitions Of Alternative Performance Measures) shall not exceed 4.00:1:00.
The ratio of current assets to current liabilities shall at all times be a minimum 1.00:1.00.
Dividend payments are subject to compliance with the incurrence test. The incurrence test implies that the leverage ratio shall not exceed 1.50:1:00. In addition, there is a requirement of minimum liquidity of USD 25 million (including undrawn amounts under the RCF), of which minimum USD 15 million in cash and cash equivalents.
The Group shall maintain minimum liquidity of the higher of USD 15 million and 10% of the interest bearing debt (excluding lease liabilities), in each case of which minimum USD 5 million shall be free and unrestricted cash.
Leverage ratio (net interest bearing debt to EBITDA) shall not exceed 3.75:1:00.
The ratio of current assets to current liabilities shall at all times be a minimum 1.00:1.00.
Borrowings are financial liabilities recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.
Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Fees related to revolving credit facilities are amortised on a straight-line basis over the period which the credit facility is available.
The Group measures financial instruments such as derivatives, at fair value at each balance sheet date.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described below, based on the lowest level input that is significant to the fair value measurement as a whole.
Level 2 derivatives held at fair value through profit or loss and hedging derivatives comprise interest rate swaps. Interest rate swaps are fair valued using forward rates extracted from observable yield curves. Interest rate swaps are recognised according to mark-to-market reports from external financial institutions.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Financial assets at fair value through profit or loss | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Derivatives designated as hedging instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n - Interest rate swaps - Other non-current assets | \n\n\n | \n\n 2 | \n\n 1.1 | \n\n 8.9 | \n
| \n Other financial assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other non-current receivables | \n\n\n | \n\n \n | \n\n 67.1 | \n\n 63.1 | \n
| \n Trade receivables | \n\n\n | \n\n \n | \n\n 1,093.1 | \n\n 1,203.8 | \n
| \n Other current receivables and assets | \n\n\n | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Cash and cash equivalents | \n\n\n | \n\n \n | \n\n 697.6 | \n\n 576.2 | \n
| \n Total financial assets | \n\n \n | \n\n \n | \n\n 1,971.0 | \n\n 1,905.6 | \n
The fair value of financial assets and liabilities at amortised cost is not materially different from their carrying amount.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Other financial liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Non-current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 1,388.9 | \n\n 1,082.1 | \n
| \n Non-current lease liabilities | \n\n\n | \n\n \n | \n\n 139.5 | \n\n 139.6 | \n
| \n Other non-current payables | \n\n \n | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n Current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 5.2 | \n\n 3.1 | \n
| \n Current lease liabilities | \n\n\n | \n\n \n | \n\n 55.3 | \n\n 48.7 | \n
| \n Trade payables | \n\n \n | \n\n \n | \n\n 297.6 | \n\n 361.4 | \n
| \n Other current payables | \n\n\n | \n\n \n | \n\n 416.8 | \n\n 374.6 | \n
| \n Total financial liabilities | \n\n \n | \n\n \n | \n\n 2,326.3 | \n\n 2,057.8 | \n
The Group has a long-term equity settled incentive share option programme, in which the employee receives remuneration in the form of share-based payment for services rendered.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details below.
That cost is recognised in personnel expenses together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
27 June 2022, the Company implemented a long-term incentive plan. A total of 1,995,000 options have been awarded to certain of its employees at strike prices ranging from NOK 22.31 to NOK 24.13 per share.
During 2025, a total of 770,000 options have been exercised The Company elected to settle the exercised options in cash due to the small amount in context of a share capital increase process. For all outstanding options, the Company continues to have the right to settle in equity and intends to do so.
The options can only be exercised in three equal tranches, with vesting periods of one, two and three years. The options may be exercised during the subsequent year. Any options not exercised in the first two tranches can be rolled forward to the next tranches. In 2025, the roll forward of the remaining 1,225,000 unexercised options granted in June 2022 were extended by two years and the expiry date was set to 4 July 2027. Any options not exercised by the end of period (Q3 2027) will be terminated.
| \n Overview of outstanding options: | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Outstanding options 1.1 | \n\n 1,995,000 | \n\n 1,995,000 | \n
| \n Options exercised | \n\n (770,000) | \n\n - | \n
| \n Outstanding options 31.12 | \n\n 1,225,000 | \n\n 1,995,000 | \n
| \n Of which exercisable | \n\n 1,225,000 | \n\n 1,330,000 | \n
In March 2026, 300,000 share options were exercised by Jone Torstensen, the previous CFO. The Company chose to settle these with a cash payment.
The fair value of the options has been calculated using Black & Scholes option-pricing model. The average fair value of the options granted in 2022 is NOK 9.07. The total cost of the share option plan is calculated based on the fair value of the 1,995,000 options granted. The total cost equals approximately NOK 18 million and was recognised over the period until August 2025.
The calculations related to the 1,995,000 options granted in 2022 were based on the following assumptions:
\u25aaThe share price on the grant dates were set to the stock exchange price on the grant dates (27 June 2022, 15\u00a0August\u00a02022 and 1 September 2022). The strike price per options were a weighted average of NOK 22.75. The expected price volatility of the Company's shares was set to 55% based on historical volatility adjusted for expected changes. The expiry date was set to 4 July 2025, 22 August 2025 and 8 September 2025. The expected dividend yield was set to 0%. The risk-free interest rate was set to 3.67%
The cost of the amendment in 2025 (extended expiry date) was calculated to NOK 0.2 million and was expensed in 2025.
The Group measures financial instruments such as derivatives, at fair value at each balance sheet date.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described below, based on the lowest level input that is significant to the fair value measurement as a whole.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Financial assets at fair value through profit or loss | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Derivatives designated as hedging instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n - Interest rate swaps - Other non-current assets | \n\n\n | \n\n 2 | \n\n 1.1 | \n\n 8.9 | \n
| \n Other financial assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other non-current receivables | \n\n\n | \n\n \n | \n\n 67.1 | \n\n 63.1 | \n
| \n Trade receivables | \n\n\n | \n\n \n | \n\n 1,093.1 | \n\n 1,203.8 | \n
| \n Other current receivables and assets | \n\n\n | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Cash and cash equivalents | \n\n\n | \n\n \n | \n\n 697.6 | \n\n 576.2 | \n
| \n Total financial assets | \n\n \n | \n\n \n | \n\n 1,971.0 | \n\n 1,905.6 | \n
The fair value of financial assets and liabilities at amortised cost is not materially different from their carrying amount.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Other financial liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Non-current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 1,388.9 | \n\n 1,082.1 | \n
| \n Non-current lease liabilities | \n\n\n | \n\n \n | \n\n 139.5 | \n\n 139.6 | \n
| \n Other non-current payables | \n\n \n | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n Current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 5.2 | \n\n 3.1 | \n
| \n Current lease liabilities | \n\n\n | \n\n \n | \n\n 55.3 | \n\n 48.7 | \n
| \n Trade payables | \n\n \n | \n\n \n | \n\n 297.6 | \n\n 361.4 | \n
| \n Other current payables | \n\n\n | \n\n \n | \n\n 416.8 | \n\n 374.6 | \n
| \n Total financial liabilities | \n\n \n | \n\n \n | \n\n 2,326.3 | \n\n 2,057.8 | \n
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Financial assets at fair value through profit or loss | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Derivatives designated as hedging instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n - Interest rate swaps - Other non-current assets | \n\n\n | \n\n 2 | \n\n 1.1 | \n\n 8.9 | \n
| \n Other financial assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other non-current receivables | \n\n\n | \n\n \n | \n\n 67.1 | \n\n 63.1 | \n
| \n Trade receivables | \n\n\n | \n\n \n | \n\n 1,093.1 | \n\n 1,203.8 | \n
| \n Other current receivables and assets | \n\n\n | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Cash and cash equivalents | \n\n\n | \n\n \n | \n\n 697.6 | \n\n 576.2 | \n
| \n Total financial assets | \n\n \n | \n\n \n | \n\n 1,971.0 | \n\n 1,905.6 | \n
The fair value of financial assets and liabilities at amortised cost is not materially different from their carrying amount.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Other financial liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Non-current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 1,388.9 | \n\n 1,082.1 | \n
| \n Non-current lease liabilities | \n\n\n | \n\n \n | \n\n 139.5 | \n\n 139.6 | \n
| \n Other non-current payables | \n\n \n | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n Current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 5.2 | \n\n 3.1 | \n
| \n Current lease liabilities | \n\n\n | \n\n \n | \n\n 55.3 | \n\n 48.7 | \n
| \n Trade payables | \n\n \n | \n\n \n | \n\n 297.6 | \n\n 361.4 | \n
| \n Other current payables | \n\n\n | \n\n \n | \n\n 416.8 | \n\n 374.6 | \n
| \n Total financial liabilities | \n\n \n | \n\n \n | \n\n 2,326.3 | \n\n 2,057.8 | \n
The Group has a long-term equity settled incentive share option programme, in which the employee receives remuneration in the form of share-based payment for services rendered.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details below.
That cost is recognised in personnel expenses together with a corresponding increase in equity, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
27 June 2022, the Company implemented a long-term incentive plan. A total of 1,995,000 options have been awarded to certain of its employees at strike prices ranging from NOK 22.31 to NOK 24.13 per share.
During 2025, a total of 770,000 options have been exercised The Company elected to settle the exercised options in cash due to the small amount in context of a share capital increase process. For all outstanding options, the Company continues to have the right to settle in equity and intends to do so.
The options can only be exercised in three equal tranches, with vesting periods of one, two and three years. The options may be exercised during the subsequent year. Any options not exercised in the first two tranches can be rolled forward to the next tranches. In 2025, the roll forward of the remaining 1,225,000 unexercised options granted in June 2022 were extended by two years and the expiry date was set to 4 July 2027. Any options not exercised by the end of period (Q3 2027) will be terminated.
| \n Overview of outstanding options: | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Outstanding options 1.1 | \n\n 1,995,000 | \n\n 1,995,000 | \n
| \n Options exercised | \n\n (770,000) | \n\n - | \n
| \n Outstanding options 31.12 | \n\n 1,225,000 | \n\n 1,995,000 | \n
| \n Of which exercisable | \n\n 1,225,000 | \n\n 1,330,000 | \n
In March 2026, 300,000 share options were exercised by Jone Torstensen, the previous CFO. The Company chose to settle these with a cash payment.
The fair value of the options has been calculated using Black & Scholes option-pricing model. The average fair value of the options granted in 2022 is NOK 9.07. The total cost of the share option plan is calculated based on the fair value of the 1,995,000 options granted. The total cost equals approximately NOK 18 million and was recognised over the period until August 2025.
The calculations related to the 1,995,000 options granted in 2022 were based on the following assumptions:
\u25aaThe share price on the grant dates were set to the stock exchange price on the grant dates (27 June 2022, 15\u00a0August\u00a02022 and 1 September 2022). The strike price per options were a weighted average of NOK 22.75. The expected price volatility of the Company's shares was set to 55% based on historical volatility adjusted for expected changes. The expiry date was set to 4 July 2025, 22 August 2025 and 8 September 2025. The expected dividend yield was set to 0%. The risk-free interest rate was set to 3.67%
The cost of the amendment in 2025 (extended expiry date) was calculated to NOK 0.2 million and was expensed in 2025.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Financial assets at fair value through profit or loss | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Derivatives designated as hedging instruments | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n - Interest rate swaps - Other non-current assets | \n\n\n | \n\n 2 | \n\n 1.1 | \n\n 8.9 | \n
| \n Other financial assets | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Other non-current receivables | \n\n\n | \n\n \n | \n\n 67.1 | \n\n 63.1 | \n
| \n Trade receivables | \n\n\n | \n\n \n | \n\n 1,093.1 | \n\n 1,203.8 | \n
| \n Other current receivables and assets | \n\n\n | \n\n \n | \n\n 112.0 | \n\n 53.7 | \n
| \n Cash and cash equivalents | \n\n\n | \n\n \n | \n\n 697.6 | \n\n 576.2 | \n
| \n Total financial assets | \n\n \n | \n\n \n | \n\n 1,971.0 | \n\n 1,905.6 | \n
NOTE 14Trade receivables
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Trade receivables | \n\n \n | \n\n 622.2 | \n\n 767.8 | \n
| \n Earned, not yet invoiced operating revenues | \n\n \n | \n\n 494.2 | \n\n 457.0 | \n
| \n Loss allowance | \n\n\n | \n\n (23.2) | \n\n (20.9) | \n
| \n Trade receivables - net | \n\n \n | \n\n 1,093.1 | \n\n 1,203.8 | \n
For information about currencies, ageing and loss allowance, refer to Note 23 - Credit risk.
The Group assesses, on a forward-looking basis, the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
| \n NOK million | \n\n Note | \n\n Level | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|---|
| \n Other financial liabilities | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Non-current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 1,388.9 | \n\n 1,082.1 | \n
| \n Non-current lease liabilities | \n\n\n | \n\n \n | \n\n 139.5 | \n\n 139.6 | \n
| \n Other non-current payables | \n\n \n | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n Current interest-bearing borrowings | \n\n\n | \n\n \n | \n\n 5.2 | \n\n 3.1 | \n
| \n Current lease liabilities | \n\n\n | \n\n \n | \n\n 55.3 | \n\n 48.7 | \n
| \n Trade payables | \n\n \n | \n\n \n | \n\n 297.6 | \n\n 361.4 | \n
| \n Other current payables | \n\n\n | \n\n \n | \n\n 416.8 | \n\n 374.6 | \n
| \n Total financial liabilities | \n\n \n | \n\n \n | \n\n 2,326.3 | \n\n 2,057.8 | \n
NOTE 13Contract balances
A contract asset is the right to consideration in exchange for goods or services transferred to the client. If the Group performs by transferring goods or services to a client before the client pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.
For costs to fulfil contracts where the Group operates as a lessor, the Group has chosen to apply the guidance in IFRS 15 by analogy.
A contract liability is the obligation to transfer goods or services to a client for which the Group has received consideration (or an amount of consideration is due) from the client. If a client pays consideration before the Group transfers goods or services to the client, a contract liability is recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs under the contract.
Contract liabilities are classified as current liabilities as they are expected to be settled in the normal operating cycle.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Contract assets | \n\n - | \n\n - | \n
| \n Contract liabilities | \n\n 154.9 | \n\n 116.0 | \n
The contract liabilities are related to the Operations and Well Services segment as well as GBS. The increase from 2024 to 2025 is mainly related to the GBS contract with Odfjell Drilling.
The contract liabilities as at 31 December 2025 will be recognised as revenue over an estimated period up to 5\u00a0years.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Revenue recognised from amounts included in contract liabilities at the beginning of the year | \n\n 86.8 | \n\n 44.9 | \n
| \n Revenue recognised from performance obligations satisfied in the previous years | \n\n 1.5 | \n\n 1.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Asset recognised at 31 December from costs incurred to fulfil a contract | \n\n 5.7 | \n\n 10.0 | \n
| \n Amortisation recognised as cost of providing services during the period | \n\n 1.7 | \n\n 0.3 | \n
The Group has recognised assets for costs incurred to fulfil a contract with clients. The assets are presented within other current assets in the balance sheet. The asset is amortised on a straight-line basis over the term of the specific contract it relates to, consistent with the pattern of recognition of the associated revenue.
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage of time is required before payment of the consideration is due).
The Group assesses, on a forward-looking basis, the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
NOTE 15Cash and cash equivalents
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Cash in bank | \n\n 613.2 | \n\n 487.2 | \n
| \n Restricted bank deposits * | \n\n 84.4 | \n\n 88.9 | \n
| \n Total cash and cash equivalents | \n\n 697.6 | \n\n 576.2 | \n
| \n\n | \n\n\n | \n\n\n | \n
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Cash in bank | \n\n 613.2 | \n\n 487.2 | \n
| \n Restricted bank deposits * | \n\n 84.4 | \n\n 88.9 | \n
| \n Total cash and cash equivalents | \n\n 697.6 | \n\n 576.2 | \n
| \n\n | \n\n\n | \n\n\n | \n
NOTE 17Leases
This note relates to the Group as a lessee only.
The Group leases various offices, workshops and warehouses. Rental contracts are typically made for fixed periods of 6 months to 10 years, but may have extension or termination options. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.
The lease payments are discounted using the lessee\u2019s incremental borrowing rate. To determine the incremental borrowing rate, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Right-of-use assets are measured at cost, comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and any restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and smaller items of office equipment.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Non-current | \n\n 139.5 | \n\n 139.6 | \n
| \n Current | \n\n 55.3 | \n\n 48.7 | \n
| \n Total | \n\n 194.8 | \n\n 188.2 | \n
| \n \n | \n\n Non-current | \n\n Current | \n\n Total | \n\n Non-current | \n\n Current | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n Carrying amount as at 1 January | \n\n 139.6 | \n\n 48.7 | \n\n 188.2 | \n\n 132.6 | \n\n 37.0 | \n\n 169.6 | \n
| \n Cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Payments for the principal portion of the lease liability | \n\n - | \n\n (35.3) | \n\n (35.3) | \n\n - | \n\n (39.3) | \n\n (39.3) | \n
| \n Payments for the interest portion of the lease liability | \n\n - | \n\n (15.8) | \n\n (15.8) | \n\n - | \n\n (12.2) | \n\n (12.2) | \n
| \n Non-cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n New lease liabilities recognised in the year | \n\n 56.2 | \n\n - | \n\n 56.2 | \n\n 47.5 | \n\n - | \n\n 47.5 | \n
| \n Disposals | \n\n - | \n\n (7.1) | \n\n (7.1) | \n\n - | \n\n - | \n\n - | \n
| \n Interest expense on lease liabilities | \n\n 15.0 | \n\n - | \n\n 15.0 | \n\n 15.9 | \n\n - | \n\n 15.9 | \n
| \n Reclassified to current portion of lease liabilities | \n\n (66.5) | \n\n 66.5 | \n\n - | \n\n (61.4) | \n\n 61.4 | \n\n - | \n
| \n Currency exchange differences | \n\n (4.8) | \n\n (1.5) | \n\n (6.3) | \n\n 5.1 | \n\n 1.8 | \n\n 6.8 | \n
| \n Carrying amount as at 31 December | \n\n 139.5 | \n\n 55.3 | \n\n 194.8 | \n\n 139.6 | \n\n 48.7 | \n\n 188.2 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Expenses relating to short-term leases | \n\n 136.6 | \n\n 129.8 | \n
| \n Expenses relating to low value items | \n\n - | \n\n 4.3 | \n
Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group's operations.
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).
Most extension options have not been included in the lease liability, because the Group could replace the asset without significant cost of business disruption, or because the Group is not certain it would need the asset in the option period.
As at 31 December 2025, potential future cash outflows of NOK 241 million (not discounted) have not been included in the lease liability because it is not reasonably certain that these leases will be extended (or not terminated).
This note relates to the Group as a lessee only.
The Group leases various offices, workshops and warehouses. Rental contracts are typically made for fixed periods of 6 months to 10 years, but may have extension or termination options. Management exercises judgement in determining whether these extension and termination options are reasonably certain to be exercised. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices.
The lease payments are discounted using the lessee\u2019s incremental borrowing rate. To determine the incremental borrowing rate, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Right-of-use assets are measured at cost, comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and any restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and smaller items of office equipment.
| \n \n | \n\n Non-current | \n\n Current | \n\n Total | \n\n Non-current | \n\n Current | \n\n Total | \n
|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n\n 2024 | \n
| \n Carrying amount as at 1 January | \n\n 139.6 | \n\n 48.7 | \n\n 188.2 | \n\n 132.6 | \n\n 37.0 | \n\n 169.6 | \n
| \n Cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Payments for the principal portion of the lease liability | \n\n - | \n\n (35.3) | \n\n (35.3) | \n\n - | \n\n (39.3) | \n\n (39.3) | \n
| \n Payments for the interest portion of the lease liability | \n\n - | \n\n (15.8) | \n\n (15.8) | \n\n - | \n\n (12.2) | \n\n (12.2) | \n
| \n Non-cash flows: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n New lease liabilities recognised in the year | \n\n 56.2 | \n\n - | \n\n 56.2 | \n\n 47.5 | \n\n - | \n\n 47.5 | \n
| \n Disposals | \n\n - | \n\n (7.1) | \n\n (7.1) | \n\n - | \n\n - | \n\n - | \n
| \n Interest expense on lease liabilities | \n\n 15.0 | \n\n - | \n\n 15.0 | \n\n 15.9 | \n\n - | \n\n 15.9 | \n
| \n Reclassified to current portion of lease liabilities | \n\n (66.5) | \n\n 66.5 | \n\n - | \n\n (61.4) | \n\n 61.4 | \n\n - | \n
| \n Currency exchange differences | \n\n (4.8) | \n\n (1.5) | \n\n (6.3) | \n\n 5.1 | \n\n 1.8 | \n\n 6.8 | \n
| \n Carrying amount as at 31 December | \n\n 139.5 | \n\n 55.3 | \n\n 194.8 | \n\n 139.6 | \n\n 48.7 | \n\n 188.2 | \n
The Group has occupational pension plans in several countries. The pension plans are measured and presented according to International Accounting Standards 19.
The Group has contractual pension agreement (CPA) schemes in Norway established in multi-employer plans. These multi-employer plans are defined benefit plans, but the Group does not have access to the necessary information for the accounting years 2025 and 2024 required to account for these plans as defined benefit plans, and the plans are therefore accounted for as defined contribution plans.
A number of the Norwegian subsidiaries in the Group are required to have a civil service pension scheme according to the Norwegian Act relating to mandatory occupational pensions. These subsidiaries have pension schemes in accordance with the requirements in this Act.
NOTE 19Other liabilities
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Non-current payable Odfjell Drilling | \n\n\n | \n\n - | \n\n 32.0 | \n
| \n Earn-out liability | \n\n \n | \n\n 17.6 | \n\n 16.5 | \n
| \n Dilapidation provisions | \n\n \n | \n\n 5.4 | \n\n - | \n
| \n Total other non-current liabilities | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Contract liabilities | \n\n\n | \n\n 154.9 | \n\n 116.0 | \n
| \n Social security and other taxes | \n\n \n | \n\n 195.3 | \n\n 189.0 | \n
| \n Accrued salaries, holiday pay and employee bonus provisions | \n\n \n | \n\n 288.2 | \n\n 248.5 | \n
| \n Earn-out liability | \n\n \n | \n\n 12.7 | \n\n 19.0 | \n
| \n Other payables and financial liabilities | \n\n \n | \n\n 2.2 | \n\n 10.4 | \n
| \n Other accrued expenses | \n\n \n | \n\n 113.7 | \n\n 96.7 | \n
| \n Total other current liabilities | \n\n \n | \n\n 767.0 | \n\n 679.5 | \n
The earn-out liabilities listed in the tables above relates to the acquisition of McGarian TDC Ltd in 2024.
Refer to Note 27 - Contingencies for further information about accounting policy for provisions and accruals, as well as significant judgement applied and estimation uncertainty.
NOTE 19Other liabilities
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Non-current payable Odfjell Drilling | \n\n\n | \n\n - | \n\n 32.0 | \n
| \n Earn-out liability | \n\n \n | \n\n 17.6 | \n\n 16.5 | \n
| \n Dilapidation provisions | \n\n \n | \n\n 5.4 | \n\n - | \n
| \n Total other non-current liabilities | \n\n \n | \n\n 23.0 | \n\n 48.5 | \n
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Contract liabilities | \n\n\n | \n\n 154.9 | \n\n 116.0 | \n
| \n Social security and other taxes | \n\n \n | \n\n 195.3 | \n\n 189.0 | \n
| \n Accrued salaries, holiday pay and employee bonus provisions | \n\n \n | \n\n 288.2 | \n\n 248.5 | \n
| \n Earn-out liability | \n\n \n | \n\n 12.7 | \n\n 19.0 | \n
| \n Other payables and financial liabilities | \n\n \n | \n\n 2.2 | \n\n 10.4 | \n
| \n Other accrued expenses | \n\n \n | \n\n 113.7 | \n\n 96.7 | \n
| \n Total other current liabilities | \n\n \n | \n\n 767.0 | \n\n 679.5 | \n
The earn-out liabilities listed in the tables above relates to the acquisition of McGarian TDC Ltd in 2024.
Refer to Note 27 - Contingencies for further information about accounting policy for provisions and accruals, as well as significant judgement applied and estimation uncertainty.
| \n NOK million | \n\n Note | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|---|
| \n Contract liabilities | \n\n\n | \n\n 154.9 | \n\n 116.0 | \n
| \n Social security and other taxes | \n\n \n | \n\n 195.3 | \n\n 189.0 | \n
| \n Accrued salaries, holiday pay and employee bonus provisions | \n\n \n | \n\n 288.2 | \n\n 248.5 | \n
| \n Earn-out liability | \n\n \n | \n\n 12.7 | \n\n 19.0 | \n
| \n Other payables and financial liabilities | \n\n \n | \n\n 2.2 | \n\n 10.4 | \n
| \n Other accrued expenses | \n\n \n | \n\n 113.7 | \n\n 96.7 | \n
| \n Total other current liabilities | \n\n \n | \n\n 767.0 | \n\n 679.5 | \n
NOTE 20Financial risk management
The primary objective of the Group's capital management is to ensure that it maintains required capital ratios and liquidity available to support the Business Areas. Capital management should be such that the capital structure is sufficiently robust to withstand prolonged adverse conditions in significant risk factors, such as long-term down-cycles in our markets and unfavourable conditions in financial markets. Capital management also comprises securing the company to be in compliance with covenants on interest bearing debt. Reference is made to Note 16 - Interest-bearing borrowings which discloses information about covenants on long-term interest bearing liabilities.
The Group will manage the capital structure and make adjustments to it, to maintain an optimal structure adapted to current economic conditions. In order to maintain or adjust the capital structure, the Group may adjust dividend payments, buy treasury shares, return capital to shareholders or issue new shares.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Equity | \n\n 1,265.5 | \n\n 1,375.1 | \n
| \n Total assets | \n\n 4,355.1 | \n\n 4,176.9 | \n
| \n Equity ratio | \n\n 29% | \n\n 33% | \n
| \n Cash and cash equivalents excl. restricted capital | \n\n 613.2 | \n\n 487.2 | \n
| \n Available drawing facilities | \n\n 201.6 | \n\n 567.7 | \n
| \n Total available liquidity | \n\n 814.8 | \n\n 1,054.9 | \n
The Group's policy regarding the liquidity management has three main objectives:
\u25aaMatching of surplus funds against borrowing requirements
\u25aaSecure a high level of liquidity (a targeted minimum of two months operating expenses) in order to meet future plans of the Group
\u25aaLimitation of credit risks
Accordingly, investments may only be made in securities with a rating of Investment grade, BAA (Moodys), BBB- (Standard and Poors and Fitch IBCA) or better.
A list of counter-party exposure limits is reported to the Board of Odfjell Technology on a yearly basis.
The following instruments are allowed for short-term placements;
\u25aaDeposits in banks
\u25aaLoans to companies/institutions/funds (like fixed or floating rate bonds, senior or subordinated debt)
\u25aaCertificates
\u25aaMoney-market funds
The Group's policy is to have a positive working capital.
The Group is exposed to a range of financial risks: liquidity risk, market risk (including currency risk, interest rate risk, and price risk), and credit risk.
The financial risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. To some extent, the Group uses derivative financial instruments to reduce certain risk exposures.
Risk management is carried out on a Group level. The Group identifies, evaluates and hedges financial risks in close co-operation with the Group's operational units. The Board of Odfjell Technology Ltd has established principles for risk management of foreign exchange risk, interest rate risk and use of derivative financial instruments.
The primary objective of the Group's capital management is to ensure that it maintains required capital ratios and liquidity available to support the Business Areas. Capital management should be such that the capital structure is sufficiently robust to withstand prolonged adverse conditions in significant risk factors, such as long-term down-cycles in our markets and unfavourable conditions in financial markets. Capital management also comprises securing the company to be in compliance with covenants on interest bearing debt. Reference is made to Note 16 - Interest-bearing borrowings which discloses information about covenants on long-term interest bearing liabilities.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Equity | \n\n 1,265.5 | \n\n 1,375.1 | \n
| \n Total assets | \n\n 4,355.1 | \n\n 4,176.9 | \n
| \n Equity ratio | \n\n 29% | \n\n 33% | \n
| \n Cash and cash equivalents excl. restricted capital | \n\n 613.2 | \n\n 487.2 | \n
| \n Available drawing facilities | \n\n 201.6 | \n\n 567.7 | \n
| \n Total available liquidity | \n\n 814.8 | \n\n 1,054.9 | \n
The Group's policy regarding the liquidity management has three main objectives:
\u25aaMatching of surplus funds against borrowing requirements
\u25aaSecure a high level of liquidity (a targeted minimum of two months operating expenses) in order to meet future plans of the Group
\u25aaLimitation of credit risks
Accordingly, investments may only be made in securities with a rating of Investment grade, BAA (Moodys), BBB- (Standard and Poors and Fitch IBCA) or better.
A list of counter-party exposure limits is reported to the Board of Odfjell Technology on a yearly basis.
The following instruments are allowed for short-term placements;
\u25aaDeposits in banks
\u25aaLoans to companies/institutions/funds (like fixed or floating rate bonds, senior or subordinated debt)
\u25aaCertificates
\u25aaMoney-market funds
The Group's policy is to have a positive working capital.
NOTE 21Liquidity risk
The Group's objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, and to have sufficient cash or cash equivalents at any time to be able to finance its operations and investments in accordance with the Group's strategic plan.
With regular forecasts and liquidity analysis updates, the Group will ensure sufficient available liquidity to fulfil its duties at loan maturity, without unacceptable loss or risk of damaging the Group\u2019s reputation.
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through credit facilities, and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit lines available.
The Group\u2019s cash flow forecasting is performed by Group Finance. Group Finance monitors rolling forecasts of the Group\u2019s liquidity requirements, to ensure it has sufficient cash to meet operational needs at all times, so that the Group does not breach borrowing limits or covenants on any of its borrowing facilities. Such forecasting takes into consideration the Group\u2019s debt financing plans and covenant compliance.
The Group held cash and cash equivalents amounting to NOK 613 million in addition to available drawing facilities of NOK 202 million at the end of 2025. This is deemed to be sufficient funding for the Group\u2019s current activity levels and committed capital expenditures during 2026.
The liquidity risk is connected with the market risk and the re-contracting risk for the segments. The management continuously focuses on securing new profitable contracts to generate sufficient cash flow from operations, hence reducing the liquidity risk going forward.
Operating in more than 20 jurisdictions the Group do from time to time receive enquiries from authorities about compliance related matters. Refer to Note 27 - Contingencies regarding the decision in the First Tier Tribunal that ruled in favour of His Majesty's Revenue and Customs (HMRC). The Group has per 31 December 2025 not received any formal material assessment which is not disclosed in the financial statements.
The Group's refinancing risk is low, with a bond loan maturing in September 2028 and a rolling credit facility of USD 50 available until the same quarter.
The amounts disclosed in the table are the contractual non-discounted cash flows. The table includes estimated interest payments for drawn facilities at the balance sheet date, based on the remaining period at the end of the reporting period to the contractual maturity date. The estimated interest payments include payments based on forward rates for the interest rate swaps.
| \n 31.12.2025 - NOK million | \n\n Less than 6 months | \n\n 6-12 months | \n\n Between 1 and 2 years | \n\n Between 2 and 5 years | \n\n Over 5 years | \n\n Total contractual cash flows | \n\n Carrying amount | \n
|---|---|---|---|---|---|---|---|
| \n Interest-bearing borrowings | \n\n 54.2 | \n\n 55.2 | \n\n 110.2 | \n\n 1,479.0 | \n\n - | \n\n 1,698.5 | \n\n 1,394.1 | \n
| \n Lease liabilities | \n\n 33.2 | \n\n 33.2 | \n\n 57.7 | \n\n 108.3 | \n\n 38.6 | \n\n 271.0 | \n\n 194.8 | \n
| \n Trade payables | \n\n 297.6 | \n\n - | \n\n - | \n\n - | \n\n - | \n\n 297.6 | \n\n 297.6 | \n
| \n Other current payables | \n\n 416.8 | \n\n - | \n\n 17.6 | \n\n - | \n\n - | \n\n 434.4 | \n\n 434.4 | \n
| \n 31.12.2024 - NOK million | \n\n Less than 6 months | \n\n 6-12 months | \n\n Between 1 and 2 years | \n\n Between 2 and 5 years | \n\n Over 5 years | \n\n Total contractual cash flows | \n\n Carrying amount | \n
|---|---|---|---|---|---|---|---|
| \n Interest-bearing borrowings | \n\n 50.2 | \n\n 50.6 | \n\n 93.5 | \n\n 1,259.8 | \n\n - | \n\n 1,454.0 | \n\n 1,085.2 | \n
| \n Lease liabilities | \n\n 23.6 | \n\n 25.0 | \n\n 50.2 | \n\n 98.1 | \n\n 35.3 | \n\n 232.3 | \n\n 188.2 | \n
| \n Trade payables | \n\n 351.5 | \n\n 9.9 | \n\n - | \n\n - | \n\n - | \n\n 361.4 | \n\n 361.4 | \n
| \n Other current payables | \n\n 366.0 | \n\n 8.6 | \n\n - | \n\n - | \n\n - | \n\n 374.6 | \n\n 374.6 | \n
NOTE 22Market risk
Market risk is the risk of a change in market prices and demand, as well as changes in currency exchange rates and interest levels.
The oil services market has experienced positive development in recent years. However, recent fluctuations in oil prices and supply imbalances have led to a levelling off in market growth.
The focus on alternative energy sources and the overall future mix of energy remains strong. While the transition to greener energy sources is expected to shape the energy market in the coming decades, the continued need for oil and gas exploration and production remains evident.
The global oil services industry is expected to remain robust. Although the emphasis on alternative energy will persist, oil and gas will continue to play a critical role in the energy mix for years to come. Meeting the demands of global economic growth and rising energy consumption will require continued investment in the oil and gas sector to ensure a stable supply.
Odfjell Technology has solid backlog, leveraging its strong operational track record, solid client relationships, and healthy balance sheet.
Well Services operates in a competitive market; however, demand for our products is expected to remain strong over the long-term. With favourable market fundamentals, Well Services is well positioned to pursue growth opportunities that deliver strong cash flow and sustainable margins.
The market for our Operations services has remained stable over the past decade. We have built a strong presence in the North Sea, underpinned by efficient operations and solid client relationships, which we intend to further capitalise on. Additionally, we see opportunities to expand our Operations activities into new regions.
The Projects & Engineering market remains stable, supported by our strong position within modification, maintenance and asset integrity services. Near-term activity is expected to be softer, reflecting lower special periodic survey scope and continued operator focus on cost discipline. We remain well positioned to capture opportunities over the medium to long- term, both within traditional offshore services and selected energy transition projects.
The Group has developed risk assessments for climate-related risks which are also incorporated into the double materiality assessment. More detail on these risks can be found in the Sustainability Statement.
The most significant transition risks can be summarised as follows:
\u25aaAccess to capital as shift toward low-carbon portfolios from banks and investors, potentially increasing financing costs.
\u25aaTalent retention and attraction, perception of oil and gas as a declining industry may impact our ability to recruit and retain skilled employees.
\u25aaMarket shifts, including changes in client preferences and demand reduction for fossil fuel-related services pose revenue risks.
The most significant physical risks can be summarised as follows:
\u25aaExtreme weather events, such as increased severity of storms, high winds and wave heights, may disrupt operations, logistics and personnel transfer, increasing operating costs.
\u25aaTemperature rises and heat stress, as we experience higher temperatures in certain regions we operate in, may affect worker safety and operational efficiency and costs.
\u25aaSupply chain vulnerability in cases of climate-related disruptions in global supply chains could lead to delays in critical equipment and raw materials as well as an increase in costs.
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively.
Derivatives are recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured on a continuous basis at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of highly probable forecast transactions (cash-flow hedges). At the date of the hedging transaction, the Group's documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:
\u25aaThere is an economic relationship\u2019 between the hedged item and the hedging instrument.
\u25aaThe effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u25aaThe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
\u25aaThe effective portion of the gain or loss on the cash flow hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
\u25aaAmounts recognised directly in other comprehensive income are reclassified as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement.
Derivatives are only used for economic hedging purposes and not as speculative investments.
Derivatives are presented as current assets or liabilities to the extent they are expected to be settled within 12 months after the end of the reporting period.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Non-current assets | \n\n \n | \n\n \n | \n
| \n Interest rate swaps - cash flow hedges under hedge accounting | \n\n 1.1 | \n\n 8.9 | \n
| \n Total non-current derivative financial instruments asset | \n\n 1.1 | \n\n 8.9 | \n
The Group's hedging reserves are disclosed in Note 25 - Other reserves.
| \n NOK million | \n\n Interest rate swaps | \n\n Total hedge reserves | \n
|---|---|---|
| \n Opening balance 1 January 2024 | \n\n 11.7 | \n\n 11.7 | \n
| \n Change in fair value of hedging instruments recognised in Other Comprehensive Income (OCI) | \n\n (12.6) | \n\n (12.6) | \n
| \n Reclassified from OCI to profit or loss | \n\n 9.8 | \n\n 9.8 | \n
| \n Closing balance 31 December 2024 | \n\n 8.9 | \n\n 8.9 | \n
| \n Change in fair value of hedging instruments recognised in OCI | \n\n 1.0 | \n\n 1.0 | \n
| \n Reclassified from OCI to profit or loss | \n\n (8.8) | \n\n (8.8) | \n
| \n Closing balance 31 December 2025 | \n\n 1.1 | \n\n 1.1 | \n
The consolidated material subsidiaries' reporting and functional currencies are NOK, USD, GBP and EUR.
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to USD and NOK. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is exposed to risks due to fluctuations in exchange rates as the client contracts are denominated in multiple currencies with cost mainly in local currency, while capital expenditure is in USD.
The Group seeks to minimise these risks through natural hedging by balancing the currency in and out flow and will use financial hedging instruments if required.
The Group\u2019s exposure to foreign currency risk at the end of the reporting period, expressed in NOK, was as follows:
| \n NOK million | \n\n USD | \n\n NOK | \n\n GBP | \n\n EUR | \n
|---|---|---|---|---|
| \n Cash and cash equivalents * | \n\n 359.0 | \n\n 29.9 | \n\n (48.0) | \n\n (1.5) | \n
| \n Trade receivables | \n\n 42.9 | \n\n 22.5 | \n\n 5.6 | \n\n 56.0 | \n
| \n Interest-bearing borrowings | \n\n (304.9) | \n\n - | \n\n - | \n\n - | \n
| \n Lease liabilities | \n\n - | \n\n - | \n\n - | \n\n (3.9) | \n
| \n Trade payables | \n\n (22.2) | \n\n (33.5) | \n\n (7.3) | \n\n (7.9) | \n
| \n Other payables | \n\n (7.4) | \n\n (0.5) | \n\n (34.2) | \n\n (2.2) | \n
| \n\n | \n
| \n NOK million | \n\n USD | \n\n NOK | \n\n GBP | \n\n EUR | \n
|---|---|---|---|---|
| \n Cash and cash equivalents * | \n\n 11.1 | \n\n 3.4 | \n\n (8.8) | \n\n (7.2) | \n
| \n Trade receivables | \n\n 53.7 | \n\n 0.7 | \n\n 2.0 | \n\n 83.6 | \n
| \n Lease liabilities | \n\n - | \n\n - | \n\n - | \n\n (6.5) | \n
| \n Trade payables | \n\n (39.7) | \n\n (7.3) | \n\n (1.3) | \n\n (12.0) | \n
| \n Other current payables | \n\n (4.8) | \n\n (0.3) | \n\n (0.9) | \n\n (0.2) | \n
| \n\n | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net currency gain / (loss) included in finance costs | \n\n (4.6) | \n\n (31.0) | \n
The Group's profit or loss is primarily exposed to changes in USD/NOK exchange rates.
The sensitivity shown in the table below is calculated based on USD balances in companies with NOK as functional currency, and NOK balances in companies with USD as functional currency.
| \n Sensitivity to changes in USD/NOK exchange rates | \n\n USD is strengthened by 20 % against NOK | \n\n USD is weakened by 20 % against NOK | \n\n USD is strengthened by 10 % against NOK | \n\n USD is weakened by 10 % against NOK | \n||||
|---|---|---|---|---|---|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n\n 2024 | \n
| \n Cash and cash equivalents | \n\n 50.7 | \n\n 0.0 | \n\n (50.7) | \n\n (0.0) | \n\n 25.4 | \n\n 0.0 | \n\n (25.4) | \n\n (0.0) | \n
| \n Interest-bearing borrowings | \n\n (61.0) | \n\n - | \n\n 61.0 | \n\n - | \n\n (30.5) | \n\n - | \n\n 30.5 | \n\n - | \n
| \n Current receivables | \n\n 0.4 | \n\n 5.8 | \n\n 0.2 | \n\n (5.8) | \n\n 0.2 | \n\n 2.9 | \n\n (0.0) | \n\n (2.9) | \n
| \n Current liabilities | \n\n 2.9 | \n\n 0.7 | \n\n (2.9) | \n\n (0.7) | \n\n 1.5 | \n\n 0.3 | \n\n (1.5) | \n\n (0.3) | \n
| \n Net effect on profit before tax | \n\n (6.8) | \n\n 6.5 | \n\n 7.5 | \n\n (6.5) | \n\n (3.5) | \n\n 3.2 | \n\n 3.6 | \n\n (3.2) | \n
The Group's exposure to the risk of changes in market interest rates relates primarily to the Group's borrowing debt obligations at floating interest rates. The Group evaluates the share of interest rate hedging based on assessment of the Group\u2019s total interest rate risk and currently has a combination of fixed and floating interest rates in order to limit exposure. The Board is on regular basis considering the interest payment hedging of the external financing and mandate administration to execute necessary changes.
Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. This will effectively result in recognising interest expense at a fixed interest rate for the hedged floating rate loans.
The Group had 2 interest rate swap agreements at 31 December 2025. Quoted mark-to-market values from financial institutions have been used to determine their value of the swap agreements at the end of the year. The instruments were documented as cash flow hedges and changes in fair value were recognised in other comprehensive income (cash flow hedging).
Including interest rate swaps entered into, the fixed-rate portion of the Group\u2019s interest bearing debt per 31 December 2025 is approximately 27%.
The swap contracts require settlement of net interest receivable or payable. The settlement dates does not materially deviate from the dates on which interest is payable on the underlying debt.
Weighted average interest rate at 31 December 2025 was about 6.8% including the effect of interest rate hedging.
Estimated fair value calculations from external financial institutions have been used to determine the fair value of the swap agreement at the end of the year.
The Group monitors its interest rate exposure on a dynamic basis. The Group calculates the impact on profit and loss of a defined interest rate shift.
| \n NOK million | \n\n Interest | \n\n Notional amount | \n\n Maturity date | \n\n Hedge ratio | \n\n Weighted average hedged rate | \n\n Carrying amount 31.12.2025 | \n\n Carrying amount 31.12.2024 | \n
|---|---|---|---|---|---|---|---|
| \n Cash flow hedges under hedge accounting | \n\n NOK Nibor | \n\n 275.0 | \n\n 2026 | \n\n 1:1 | \n\n 2.0700% | \n\n 0.9 | \n\n 6.9 | \n
| \n Cash flow hedges under hedge accounting | \n\n NOK Nibor | \n\n 110.0 | \n\n 2026 | \n\n 1:1 | \n\n 2.6140% | \n\n 0.3 | \n\n 2.1 | \n
| \n NOK million | \n\n 31.12.2025 | \n\n % of total loans | \n\n 31.12.2024 | \n\n % of total loans | \n
|---|---|---|---|---|
| \n Variable rate borrowings - NOK NIBOR | \n\n 715.0 | \n\n 51% | \n\n 715.0 | \n\n 65% | \n
| \n Variable rate borrowings - USD secured overnight financing rate | \n\n 302.4 | \n\n 22% | \n\n - | \n\n 0% | \n
| \n Fixed rate borrowings - repricing or maturity dates: | \n\n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Less than 1 year | \n\n 385.0 | \n\n 27% | \n\n - | \n\n 0% | \n
| \n 1-5 years | \n\n - | \n\n 0% | \n\n 385.0 | \n\n 35% | \n
| \n Later than 5 years | \n\n - | \n\n 0% | \n\n - | \n\n 0% | \n
| \n Total contractual amounts | \n\n 1,402.4 | \n\n 100% | \n\n 1,100.0 | \n\n 100% | \n
The result of the calculation on sensitivities returns the following expected values (incl. interest rate swaps entered into as at 31\u00a0December):
\u25aaIf interest rate is increased by 1.0%, the effect would be an increase in financing costs of NOK 10 million for the next 12\u00a0months as at 31 December 2025.
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively.
Derivatives are recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured on a continuous basis at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of highly probable forecast transactions (cash-flow hedges). At the date of the hedging transaction, the Group's documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:
\u25aaThere is an economic relationship\u2019 between the hedged item and the hedging instrument.
\u25aaThe effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u25aaThe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
\u25aaThe effective portion of the gain or loss on the cash flow hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
\u25aaAmounts recognised directly in other comprehensive income are reclassified as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement.
Derivatives are only used for economic hedging purposes and not as speculative investments.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Non-current assets | \n\n \n | \n\n \n | \n
| \n Interest rate swaps - cash flow hedges under hedge accounting | \n\n 1.1 | \n\n 8.9 | \n
| \n Total non-current derivative financial instruments asset | \n\n 1.1 | \n\n 8.9 | \n
The Group's hedging reserves are disclosed in Note 25 - Other reserves.
| \n NOK million | \n\n Interest rate swaps | \n\n Total hedge reserves | \n
|---|---|---|
| \n Opening balance 1 January 2024 | \n\n 11.7 | \n\n 11.7 | \n
| \n Change in fair value of hedging instruments recognised in Other Comprehensive Income (OCI) | \n\n (12.6) | \n\n (12.6) | \n
| \n Reclassified from OCI to profit or loss | \n\n 9.8 | \n\n 9.8 | \n
| \n Closing balance 31 December 2024 | \n\n 8.9 | \n\n 8.9 | \n
| \n Change in fair value of hedging instruments recognised in OCI | \n\n 1.0 | \n\n 1.0 | \n
| \n Reclassified from OCI to profit or loss | \n\n (8.8) | \n\n (8.8) | \n
| \n Closing balance 31 December 2025 | \n\n 1.1 | \n\n 1.1 | \n
| \n NOK million | \n\n Interest | \n\n Notional amount | \n\n Maturity date | \n\n Hedge ratio | \n\n Weighted average hedged rate | \n\n Carrying amount 31.12.2025 | \n\n Carrying amount 31.12.2024 | \n
|---|---|---|---|---|---|---|---|
| \n Cash flow hedges under hedge accounting | \n\n NOK Nibor | \n\n 275.0 | \n\n 2026 | \n\n 1:1 | \n\n 2.0700% | \n\n 0.9 | \n\n 6.9 | \n
| \n Cash flow hedges under hedge accounting | \n\n NOK Nibor | \n\n 110.0 | \n\n 2026 | \n\n 1:1 | \n\n 2.6140% | \n\n 0.3 | \n\n 2.1 | \n
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively.
Derivatives are recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured on a continuous basis at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of highly probable forecast transactions (cash-flow hedges). At the date of the hedging transaction, the Group's documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:
\u25aaThere is an economic relationship\u2019 between the hedged item and the hedging instrument.
\u25aaThe effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u25aaThe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
\u25aaThe effective portion of the gain or loss on the cash flow hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
\u25aaAmounts recognised directly in other comprehensive income are reclassified as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement.
Derivatives are only used for economic hedging purposes and not as speculative investments.
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks, respectively.
Derivatives are recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured on a continuous basis at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as hedges of highly probable forecast transactions (cash-flow hedges). At the date of the hedging transaction, the Group's documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all the following effectiveness requirements:
\u25aaThere is an economic relationship\u2019 between the hedged item and the hedging instrument.
\u25aaThe effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship.
\u25aaThe hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
\u25aaThe effective portion of the gain or loss on the cash flow hedging instrument is recognised in other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the income statement. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.
\u25aaAmounts recognised directly in other comprehensive income are reclassified as income or expense in the income statement in the period when the hedged liability or planned transaction will affect the income statement.
Derivatives are only used for economic hedging purposes and not as speculative investments.
NOTE 23Credit risk
The Group operates in three core Business Areas: Well Services, Operations and Projects & Engineering.
The market for the Group\u2019s services is the offshore oil and gas industry, and the clients consist primarily of major integrated oil companies, independent oil and gas producers and government owned oil companies. The Group performs ongoing credit evaluations of the clients and generally does not request material collateral.
With respect to credit risk arising from other financial assets of the Group, which comprise cash and cash equivalents, other receivables and certain derivatives instruments receivable amount, the Group\u2019s exposure to credit risk arises from default of the counter-party, with a maximum exposure equal to the carrying amount of these instruments. However, the Group believes this risk is limited as the counter-parties mainly have a high credit quality.
During 2025, the Group has continued its focus on credit risk in general, related to the uncertain conditions in some geographical markets. The maximum exposure regarding trade receivables is the carrying amount of NOK 1,116\u00a0million.
To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The Group does not have any contract assets at 31 December 2025.
Management exercises judgement in determining the impairment loss related to the trade receivables.
Included in the Trade receivables as at 31\u00a0December\u00a02025 and 31\u00a0December\u00a02024 the Group has an outstanding amount of EUR 4 million (NOK 47 million) towards clients in Iran.
| \n \n | \n\n Expected loss rate | \n\n Gross amount | \n\n Loss allowance | \n\n Net amount | \n
|---|---|---|---|---|
| \n NOK million | \n\n \n | \n\n 31.12.2025 | \n\n 31.12.2025 | \n\n 31.12.2025 | \n
| \n Not due | \n\n 0.0% | \n\n 864.6 | \n\n - | \n\n 864.6 | \n
| \n 0 to 3 months | \n\n 0.0% | \n\n 166.0 | \n\n - | \n\n 166.0 | \n
| \n 3 to 6 months | \n\n 0.0% | \n\n 20.1 | \n\n - | \n\n 20.1 | \n
| \n Over 6 months | \n\n 35.4% | \n\n 65.7 | \n\n (23.2) | \n\n 42.5 | \n
| \n Total | \n\n \n | \n\n 1,116.4 | \n\n (23.2) | \n\n 1,093.1 | \n
| \n \n | \n\n Expected loss rate | \n\n Gross amount | \n\n Loss allowance | \n\n Net amount | \n
|---|---|---|---|---|
| \n NOK million | \n\n \n | \n\n 31.12.2024 | \n\n 31.12.2024 | \n\n 31.12.2024 | \n
| \n Not due | \n\n 0.0% | \n\n 969.8 | \n\n - | \n\n 969.8 | \n
| \n 0 to 3 months | \n\n 0.0% | \n\n 129.7 | \n\n - | \n\n 129.7 | \n
| \n 3 to 6 months | \n\n 2.1% | \n\n 19.5 | \n\n (0.4) | \n\n 19.1 | \n
| \n Over 6 months | \n\n 19.4% | \n\n 105.7 | \n\n (20.5) | \n\n 85.2 | \n
| \n Total | \n\n \n | \n\n 1,224.8 | \n\n (20.9) | \n\n 1,203.8 | \n
| \n \n | \n\n Trade receivables | \n\n Trade receivables | \n
|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
| \n Loss allowance as at 1 January | \n\n 20.9 | \n\n 17.8 | \n
| \n Utilised | \n\n (0.2) | \n\n - | \n
| \n Released provision | \n\n - | \n\n (2.9) | \n
| \n New provisions | \n\n 4.6 | \n\n 2.7 | \n
| \n Addition through acquisition | \n\n - | \n\n 1.5 | \n
| \n Translation differences | \n\n (2.0) | \n\n 1.8 | \n
| \n Loss allowance as at 31 December | \n\n 23.2 | \n\n 20.9 | \n
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Net gain (loss) related to trade receivables | \n\n (4.6) | \n\n 0.2 | \n
| \n \n | \n\n Trade receivables | \n\n Trade receivables | \n
|---|---|---|
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
| \n Loss allowance as at 1 January | \n\n 20.9 | \n\n 17.8 | \n
| \n Utilised | \n\n (0.2) | \n\n - | \n
| \n Released provision | \n\n - | \n\n (2.9) | \n
| \n New provisions | \n\n 4.6 | \n\n 2.7 | \n
| \n Addition through acquisition | \n\n - | \n\n 1.5 | \n
| \n Translation differences | \n\n (2.0) | \n\n 1.8 | \n
| \n Loss allowance as at 31 December | \n\n 23.2 | \n\n 20.9 | \n
NOTE 24Share capital and shareholder information
| \n Listed shares | \n\n No. of shares | \n\n Nominal value | \n\n Share capital - USD thousand | \n
|---|---|---|---|
| \n Common shares issued as at 31 December 2025 | \n\n 39,463,867 | \n\n USD 0.01 | \n\n 394.6 | \n
Authorised, not issued shares was 5,536,133 as at 31 December 2025. All issued shares are fully paid. No shares are held by entities in the Group.
| \n Largest common shareholders at 31 December 2025 | \n\n Account type | \n\n Holding | \n\n % of shares | \n
|---|---|---|---|
| \n Odfjell Technology Holding Ltd | \n\n Ordinary | \n\n 23,825,396 | \n\n 60.37% | \n
| \n SPACE AS | \n\n Ordinary | \n\n 1,010,256 | \n\n 2.56% | \n
| \n BNP Paribas | \n\n Nominee | \n\n 1,009,851 | \n\n 2.56% | \n
| \n Avanza Bank AB | \n\n Nominee | \n\n 654,604 | \n\n 1.66% | \n
| \n BNP Paribas | \n\n Nominee | \n\n 647,249 | \n\n 1.64% | \n
| \n Kontrari AS | \n\n Ordinary | \n\n 600,000 | \n\n 1.52% | \n
| \n Interactive Brokers LLC | \n\n Nominee | \n\n 525,256 | \n\n 1.33% | \n
| \n Citibank, N.A. | \n\n Nominee | \n\n 491,556 | \n\n 1.25% | \n
| \n VARDE NORGE AS | \n\n Ordinary | \n\n 465,000 | \n\n 1.18% | \n
| \n NORDNET LIVSFORSIKRING AS | \n\n Ordinary | \n\n 454,293 | \n\n 1.15% | \n
| \n Nordnet Bank AB | \n\n Nominee | \n\n 387,230 | \n\n 0.98% | \n
| \n Goldman Sachs & Co. LLC | \n\n Nominee | \n\n 335,868 | \n\n 0.85% | \n
| \n VERDIPAPIRFONDET DNB SMB | \n\n Ordinary | \n\n 322,659 | \n\n 0.82% | \n
| \n GEMSCO AS | \n\n Ordinary | \n\n 300,000 | \n\n 0.76% | \n
| \n Brown Brothers Harriman & Co. | \n\n Nominee | \n\n 298,196 | \n\n 0.76% | \n
| \n OPEK INVEST AS | \n\n Ordinary | \n\n 280,000 | \n\n 0.71% | \n
| \n WENAASGRUPPEN AS | \n\n Ordinary | \n\n 280,000 | \n\n 0.71% | \n
| \n AS CLIPPER | \n\n Ordinary | \n\n 249,758 | \n\n 0.63% | \n
| \n SKANDINAVISKA ENSKILDA BANKEN AB | \n\n Ordinary | \n\n 241,552 | \n\n 0.61% | \n
| \n State Street Bank and Trust Comp | \n\n Nominee | \n\n 210,151 | \n\n 0.53% | \n
| \n Total 20 largest common shareholders | \n\n \n | \n\n 32,588,875 | \n\n 82.58% | \n
| \n Other common shareholders | \n\n \n | \n\n 6,874,992 | \n\n 17.42% | \n
| \n Total common shareholders | \n\n \n | \n\n 39,463,867 | \n\n 100.00% | \n
The Company has only one class of ordinary shares. Each common share in the Company carries one vote, and all common shares carry equal rights, including the right to participate in General Meetings. All shareholders are treated on an equal basis.
The Company\u2019s common shares are freely transferable in Norway, provided\u00a0however, that the Bye-laws\u00a0include a right for the Board to decline to register a transfer of any share in the register of members, (or if\u00a0required, refuse to direct any registrar appointed by the Company to transfer any interest in a share) where such transfer would result in 50% or more of the Company's shares or votes being held, controlled or owned directly or indirectly by individuals or legal persons resident for tax purposes in Norway (or, alternatively, such shares or votes being effectively connected to a Norwegian business activity).
13 February 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to approximately NOK 60 million. The dividend was paid in March 2025.
15 May 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to approximately NOK\u00a060\u00a0million with a payment in June 2025.
20 August 2025, a dividend distribution of NOK 1.52 per share was approved, and NOK 60 million was paid in September 2025.
6 November 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to NOK\u00a060\u00a0million with payment in November 2025.
In total Odfjell Technology Ltd Group paid cash dividend of NOK 6.08 per share, equal to approximately NOK\u00a0240\u00a0million.
NOTE 24Share capital and shareholder information
| \n Listed shares | \n\n No. of shares | \n\n Nominal value | \n\n Share capital - USD thousand | \n
|---|---|---|---|
| \n Common shares issued as at 31 December 2025 | \n\n 39,463,867 | \n\n USD 0.01 | \n\n 394.6 | \n
Authorised, not issued shares was 5,536,133 as at 31 December 2025. All issued shares are fully paid. No shares are held by entities in the Group.
| \n Largest common shareholders at 31 December 2025 | \n\n Account type | \n\n Holding | \n\n % of shares | \n
|---|---|---|---|
| \n Odfjell Technology Holding Ltd | \n\n Ordinary | \n\n 23,825,396 | \n\n 60.37% | \n
| \n SPACE AS | \n\n Ordinary | \n\n 1,010,256 | \n\n 2.56% | \n
| \n BNP Paribas | \n\n Nominee | \n\n 1,009,851 | \n\n 2.56% | \n
| \n Avanza Bank AB | \n\n Nominee | \n\n 654,604 | \n\n 1.66% | \n
| \n BNP Paribas | \n\n Nominee | \n\n 647,249 | \n\n 1.64% | \n
| \n Kontrari AS | \n\n Ordinary | \n\n 600,000 | \n\n 1.52% | \n
| \n Interactive Brokers LLC | \n\n Nominee | \n\n 525,256 | \n\n 1.33% | \n
| \n Citibank, N.A. | \n\n Nominee | \n\n 491,556 | \n\n 1.25% | \n
| \n VARDE NORGE AS | \n\n Ordinary | \n\n 465,000 | \n\n 1.18% | \n
| \n NORDNET LIVSFORSIKRING AS | \n\n Ordinary | \n\n 454,293 | \n\n 1.15% | \n
| \n Nordnet Bank AB | \n\n Nominee | \n\n 387,230 | \n\n 0.98% | \n
| \n Goldman Sachs & Co. LLC | \n\n Nominee | \n\n 335,868 | \n\n 0.85% | \n
| \n VERDIPAPIRFONDET DNB SMB | \n\n Ordinary | \n\n 322,659 | \n\n 0.82% | \n
| \n GEMSCO AS | \n\n Ordinary | \n\n 300,000 | \n\n 0.76% | \n
| \n Brown Brothers Harriman & Co. | \n\n Nominee | \n\n 298,196 | \n\n 0.76% | \n
| \n OPEK INVEST AS | \n\n Ordinary | \n\n 280,000 | \n\n 0.71% | \n
| \n WENAASGRUPPEN AS | \n\n Ordinary | \n\n 280,000 | \n\n 0.71% | \n
| \n AS CLIPPER | \n\n Ordinary | \n\n 249,758 | \n\n 0.63% | \n
| \n SKANDINAVISKA ENSKILDA BANKEN AB | \n\n Ordinary | \n\n 241,552 | \n\n 0.61% | \n
| \n State Street Bank and Trust Comp | \n\n Nominee | \n\n 210,151 | \n\n 0.53% | \n
| \n Total 20 largest common shareholders | \n\n \n | \n\n 32,588,875 | \n\n 82.58% | \n
| \n Other common shareholders | \n\n \n | \n\n 6,874,992 | \n\n 17.42% | \n
| \n Total common shareholders | \n\n \n | \n\n 39,463,867 | \n\n 100.00% | \n
The Company has only one class of ordinary shares. Each common share in the Company carries one vote, and all common shares carry equal rights, including the right to participate in General Meetings. All shareholders are treated on an equal basis.
The Company\u2019s common shares are freely transferable in Norway, provided\u00a0however, that the Bye-laws\u00a0include a right for the Board to decline to register a transfer of any share in the register of members, (or if\u00a0required, refuse to direct any registrar appointed by the Company to transfer any interest in a share) where such transfer would result in 50% or more of the Company's shares or votes being held, controlled or owned directly or indirectly by individuals or legal persons resident for tax purposes in Norway (or, alternatively, such shares or votes being effectively connected to a Norwegian business activity).
13 February 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to approximately NOK 60 million. The dividend was paid in March 2025.
15 May 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to approximately NOK\u00a060\u00a0million with a payment in June 2025.
20 August 2025, a dividend distribution of NOK 1.52 per share was approved, and NOK 60 million was paid in September 2025.
6 November 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to NOK\u00a060\u00a0million with payment in November 2025.
In total Odfjell Technology Ltd Group paid cash dividend of NOK 6.08 per share, equal to approximately NOK\u00a0240\u00a0million.
NOTE 25Other reserves
| \n NOK million | \n\n Note | \n\n Cash flow hedges | \n\n Translation differences | \n\n Share-Option plan | \n\n Total | \n
|---|---|---|---|---|---|
| \n At 1 January 2024 | \n\n \n | \n\n 8.8 | \n\n 844.4 | \n\n 8.9 | \n\n 862.1 | \n
| \n Change in fair value of hedging instruments recognised in OCI | \n\n\n | \n\n (12.6) | \n\n - | \n\n - | \n\n (12.6) | \n
| \n Reclassified from OCI to profit or loss | \n\n\n | \n\n 9.8 | \n\n - | \n\n - | \n\n 9.8 | \n
| \n Deferred tax related to hedging instruments | \n\n \n | \n\n 0.7 | \n\n - | \n\n - | \n\n 0.7 | \n
| \n Currency translation difference | \n\n \n | \n\n - | \n\n 210.5 | \n\n - | \n\n 210.5 | \n
| \n Cost of share-based option plan | \n\n\n | \n\n - | \n\n - | \n\n 6.0 | \n\n 6.0 | \n
| \n At 31 December 2024 | \n\n \n | \n\n 6.7 | \n\n 1,054.9 | \n\n 14.9 | \n\n 1,076.5 | \n
| \n Change in fair value of hedging instruments recognised in OCI | \n\n\n | \n\n 1.0 | \n\n - | \n\n - | \n\n 1.0 | \n
| \n Reclassified from OCI to profit or loss | \n\n\n | \n\n (8.8) | \n\n - | \n\n - | \n\n (8.8) | \n
| \n Deferred tax related to hedging instruments | \n\n \n | \n\n 2.0 | \n\n - | \n\n - | \n\n 2.0 | \n
| \n Currency translation difference | \n\n \n | \n\n - | \n\n (176.1) | \n\n - | \n\n (176.1) | \n
| \n Cost of share-based option plan | \n\n\n | \n\n - | \n\n - | \n\n 3.3 | \n\n 3.3 | \n
| \n Exercised share-based option plan | \n\n \n | \n\n - | \n\n - | \n\n (24.2) | \n\n (24.2) | \n
| \n At 31 December 2025 | \n\n \n | \n\n 0.8 | \n\n 878.8 | \n\n (5.9) | \n\n 873.7 | \n
13 February 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to approximately NOK 60 million. The dividend was paid in March 2025.
15 May 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to approximately NOK\u00a060\u00a0million with a payment in June 2025.
20 August 2025, a dividend distribution of NOK 1.52 per share was approved, and NOK 60 million was paid in September 2025.
6 November 2025, the Board approved a dividend distribution of NOK 1.52 per share, equal to NOK\u00a060\u00a0million with payment in November 2025.
NOTE 25Other reserves
| \n NOK million | \n\n Note | \n\n Cash flow hedges | \n\n Translation differences | \n\n Share-Option plan | \n\n Total | \n
|---|---|---|---|---|---|
| \n At 1 January 2024 | \n\n \n | \n\n 8.8 | \n\n 844.4 | \n\n 8.9 | \n\n 862.1 | \n
| \n Change in fair value of hedging instruments recognised in OCI | \n\n\n | \n\n (12.6) | \n\n - | \n\n - | \n\n (12.6) | \n
| \n Reclassified from OCI to profit or loss | \n\n\n | \n\n 9.8 | \n\n - | \n\n - | \n\n 9.8 | \n
| \n Deferred tax related to hedging instruments | \n\n \n | \n\n 0.7 | \n\n - | \n\n - | \n\n 0.7 | \n
| \n Currency translation difference | \n\n \n | \n\n - | \n\n 210.5 | \n\n - | \n\n 210.5 | \n
| \n Cost of share-based option plan | \n\n\n | \n\n - | \n\n - | \n\n 6.0 | \n\n 6.0 | \n
| \n At 31 December 2024 | \n\n \n | \n\n 6.7 | \n\n 1,054.9 | \n\n 14.9 | \n\n 1,076.5 | \n
| \n Change in fair value of hedging instruments recognised in OCI | \n\n\n | \n\n 1.0 | \n\n - | \n\n - | \n\n 1.0 | \n
| \n Reclassified from OCI to profit or loss | \n\n\n | \n\n (8.8) | \n\n - | \n\n - | \n\n (8.8) | \n
| \n Deferred tax related to hedging instruments | \n\n \n | \n\n 2.0 | \n\n - | \n\n - | \n\n 2.0 | \n
| \n Currency translation difference | \n\n \n | \n\n - | \n\n (176.1) | \n\n - | \n\n (176.1) | \n
| \n Cost of share-based option plan | \n\n\n | \n\n - | \n\n - | \n\n 3.3 | \n\n 3.3 | \n
| \n Exercised share-based option plan | \n\n \n | \n\n - | \n\n - | \n\n (24.2) | \n\n (24.2) | \n
| \n At 31 December 2025 | \n\n \n | \n\n 0.8 | \n\n 878.8 | \n\n (5.9) | \n\n 873.7 | \n
NOTE 26Securities and mortgages
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Non-current liabilities - contractual amounts | \n\n 1,402.4 | \n\n 1,100.0 | \n
| \n Current liabilities | \n\n 5.2 | \n\n 3.1 | \n
| \n Total | \n\n 1,407.6 | \n\n 1,103.1 | \n
As security for the loans, substantially all the assets of Odfjell Technology Ltd, and its subsidiaries have been pledged in favour of the lenders.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Property, plant and equipment | \n\n 1,267.4 | \n\n 1,211.7 | \n
| \n Spare parts | \n\n 96.2 | \n\n 60.7 | \n
| \n Receivables and contract assets | \n\n 1,339.7 | \n\n 1,396.0 | \n
| \n Bank deposits | \n\n 697.6 | \n\n 576.2 | \n
| \n Total | \n\n 3,400.9 | \n\n 3,244.4 | \n
NOTE 27Contingencies
A provision is recognised when an obligation exists (legal or constructive) as a result of a past event, it is probable that an economic settlement will be required as a consequence of the obligation, and a reliable estimate can be made of the amount of the obligation.
The best estimate of the expenditure required to settle the obligation is recognised as a provision. When the effect is material, the provision is discounted using a market-based pre-tax discount rate.
A provision for restructuring costs is recognised when a constructive obligation arises. Such an obligation is assumed to have arisen when the restructuring plan is approved and the implementation of the plan has begun, or its main features are announced to those affected by it.
Contingent liabilities and contingent assets are not recognised. Contingent liabilities are disclosed, unless the possibility of an economic settlement as a consequence of the obligation is remote. Contingent assets are disclosed where an economic settlement as a consequence of the asset is probable.
The Group may from time to time be subject to various legal proceedings, disputes and claims including regulatory discussions related to the Group\u2019s business, investments etc., of which the outcomes are subject to significant uncertainty. Management applies significant judgement when evaluating the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to accrue for a matter that has not been previously accrued for because it was not considered probable, or a reasonable estimate could not be made, or increase or decrease an amount accrued for a matter in previous reporting periods.
A Group subsidiary is subject to challenges by HMRC on the historical application of National Insurance Contributions (\u201cNICs\u201d) to workers in the UK Continental Shelf. 1 October 2021, a decision was issued by HMRC against Odfjell Technology (UK) Ltd (OT UK) (Previously Odfjell Drilling (UK) Ltd) in respect of the historic application of NICs. OT UK appealed against the decision to the First Tier Tribunal, and this was heard at the end of October 2024. The decision in that appeal ruled in favour of HMRC in January 2025. OT UK has appealed this to the Upper Tribunal and no payment has been made to HMRC pending the outcome of further appeals. In addition, OT UK has commenced a parallel Judicial Review of the original HMRC decision.
Management, taking into consideration advice from independent legal and tax specialists, believes that the most probable outcome is that no outflow of resources embodying economic benefits will be required to settle the obligation, and accordingly, no provision has been recognised. The potential exposure to OT UK in relation to NICs and interest should it be unsuccessful in defending its position is approximately NOK 365\u00a0million.
Refer to Note 8 - Income Taxes for information about the Odfjell Offshore Ltd tax case.
There are no other material contingencies to be disclosed as at 31 December 2025.
NOTE 28Commitments
Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows:
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Well Service equipment | \n\n 140.4 | \n\n 144.9 | \n
| \n Total | \n\n 140.4 | \n\n 144.9 | \n
NOTE 27Contingencies
A provision is recognised when an obligation exists (legal or constructive) as a result of a past event, it is probable that an economic settlement will be required as a consequence of the obligation, and a reliable estimate can be made of the amount of the obligation.
The best estimate of the expenditure required to settle the obligation is recognised as a provision. When the effect is material, the provision is discounted using a market-based pre-tax discount rate.
A provision for restructuring costs is recognised when a constructive obligation arises. Such an obligation is assumed to have arisen when the restructuring plan is approved and the implementation of the plan has begun, or its main features are announced to those affected by it.
Contingent liabilities and contingent assets are not recognised. Contingent liabilities are disclosed, unless the possibility of an economic settlement as a consequence of the obligation is remote. Contingent assets are disclosed where an economic settlement as a consequence of the asset is probable.
The Group may from time to time be subject to various legal proceedings, disputes and claims including regulatory discussions related to the Group\u2019s business, investments etc., of which the outcomes are subject to significant uncertainty. Management applies significant judgement when evaluating the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to accrue for a matter that has not been previously accrued for because it was not considered probable, or a reasonable estimate could not be made, or increase or decrease an amount accrued for a matter in previous reporting periods.
A Group subsidiary is subject to challenges by HMRC on the historical application of National Insurance Contributions (\u201cNICs\u201d) to workers in the UK Continental Shelf. 1 October 2021, a decision was issued by HMRC against Odfjell Technology (UK) Ltd (OT UK) (Previously Odfjell Drilling (UK) Ltd) in respect of the historic application of NICs. OT UK appealed against the decision to the First Tier Tribunal, and this was heard at the end of October 2024. The decision in that appeal ruled in favour of HMRC in January 2025. OT UK has appealed this to the Upper Tribunal and no payment has been made to HMRC pending the outcome of further appeals. In addition, OT UK has commenced a parallel Judicial Review of the original HMRC decision.
Management, taking into consideration advice from independent legal and tax specialists, believes that the most probable outcome is that no outflow of resources embodying economic benefits will be required to settle the obligation, and accordingly, no provision has been recognised. The potential exposure to OT UK in relation to NICs and interest should it be unsuccessful in defending its position is approximately NOK 365\u00a0million.
Refer to Note 8 - Income Taxes for information about the Odfjell Offshore Ltd tax case.
There are no other material contingencies to be disclosed as at 31 December 2025.
NOTE 27Contingencies
A provision is recognised when an obligation exists (legal or constructive) as a result of a past event, it is probable that an economic settlement will be required as a consequence of the obligation, and a reliable estimate can be made of the amount of the obligation.
The best estimate of the expenditure required to settle the obligation is recognised as a provision. When the effect is material, the provision is discounted using a market-based pre-tax discount rate.
A provision for restructuring costs is recognised when a constructive obligation arises. Such an obligation is assumed to have arisen when the restructuring plan is approved and the implementation of the plan has begun, or its main features are announced to those affected by it.
Contingent liabilities and contingent assets are not recognised. Contingent liabilities are disclosed, unless the possibility of an economic settlement as a consequence of the obligation is remote. Contingent assets are disclosed where an economic settlement as a consequence of the asset is probable.
The Group may from time to time be subject to various legal proceedings, disputes and claims including regulatory discussions related to the Group\u2019s business, investments etc., of which the outcomes are subject to significant uncertainty. Management applies significant judgement when evaluating the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to accrue for a matter that has not been previously accrued for because it was not considered probable, or a reasonable estimate could not be made, or increase or decrease an amount accrued for a matter in previous reporting periods.
A Group subsidiary is subject to challenges by HMRC on the historical application of National Insurance Contributions (\u201cNICs\u201d) to workers in the UK Continental Shelf. 1 October 2021, a decision was issued by HMRC against Odfjell Technology (UK) Ltd (OT UK) (Previously Odfjell Drilling (UK) Ltd) in respect of the historic application of NICs. OT UK appealed against the decision to the First Tier Tribunal, and this was heard at the end of October 2024. The decision in that appeal ruled in favour of HMRC in January 2025. OT UK has appealed this to the Upper Tribunal and no payment has been made to HMRC pending the outcome of further appeals. In addition, OT UK has commenced a parallel Judicial Review of the original HMRC decision.
Management, taking into consideration advice from independent legal and tax specialists, believes that the most probable outcome is that no outflow of resources embodying economic benefits will be required to settle the obligation, and accordingly, no provision has been recognised. The potential exposure to OT UK in relation to NICs and interest should it be unsuccessful in defending its position is approximately NOK 365\u00a0million.
Refer to Note 8 - Income Taxes for information about the Odfjell Offshore Ltd tax case.
There are no other material contingencies to be disclosed as at 31 December 2025.
NOTE 27Contingencies
A provision is recognised when an obligation exists (legal or constructive) as a result of a past event, it is probable that an economic settlement will be required as a consequence of the obligation, and a reliable estimate can be made of the amount of the obligation.
The best estimate of the expenditure required to settle the obligation is recognised as a provision. When the effect is material, the provision is discounted using a market-based pre-tax discount rate.
A provision for restructuring costs is recognised when a constructive obligation arises. Such an obligation is assumed to have arisen when the restructuring plan is approved and the implementation of the plan has begun, or its main features are announced to those affected by it.
Contingent liabilities and contingent assets are not recognised. Contingent liabilities are disclosed, unless the possibility of an economic settlement as a consequence of the obligation is remote. Contingent assets are disclosed where an economic settlement as a consequence of the asset is probable.
The Group may from time to time be subject to various legal proceedings, disputes and claims including regulatory discussions related to the Group\u2019s business, investments etc., of which the outcomes are subject to significant uncertainty. Management applies significant judgement when evaluating the degree of probability of an unfavourable outcome and the ability to make a reasonable estimate of the amount of loss. Unanticipated events or changes in these factors may require the Group to accrue for a matter that has not been previously accrued for because it was not considered probable, or a reasonable estimate could not be made, or increase or decrease an amount accrued for a matter in previous reporting periods.
A Group subsidiary is subject to challenges by HMRC on the historical application of National Insurance Contributions (\u201cNICs\u201d) to workers in the UK Continental Shelf. 1 October 2021, a decision was issued by HMRC against Odfjell Technology (UK) Ltd (OT UK) (Previously Odfjell Drilling (UK) Ltd) in respect of the historic application of NICs. OT UK appealed against the decision to the First Tier Tribunal, and this was heard at the end of October 2024. The decision in that appeal ruled in favour of HMRC in January 2025. OT UK has appealed this to the Upper Tribunal and no payment has been made to HMRC pending the outcome of further appeals. In addition, OT UK has commenced a parallel Judicial Review of the original HMRC decision.
Management, taking into consideration advice from independent legal and tax specialists, believes that the most probable outcome is that no outflow of resources embodying economic benefits will be required to settle the obligation, and accordingly, no provision has been recognised. The potential exposure to OT UK in relation to NICs and interest should it be unsuccessful in defending its position is approximately NOK 365\u00a0million.
Refer to Note 8 - Income Taxes for information about the Odfjell Offshore Ltd tax case.
There are no other material contingencies to be disclosed as at 31 December 2025.
A provision is recognised when an obligation exists (legal or constructive) as a result of a past event, it is probable that an economic settlement will be required as a consequence of the obligation, and a reliable estimate can be made of the amount of the obligation.
The best estimate of the expenditure required to settle the obligation is recognised as a provision. When the effect is material, the provision is discounted using a market-based pre-tax discount rate.
Contingent liabilities and contingent assets are not recognised. Contingent liabilities are disclosed, unless the possibility of an economic settlement as a consequence of the obligation is remote. Contingent assets are disclosed where an economic settlement as a consequence of the asset is probable.
NOTE 28Commitments
Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows:
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Well Service equipment | \n\n 140.4 | \n\n 144.9 | \n
| \n Total | \n\n 140.4 | \n\n 144.9 | \n
NOTE 29Subsidiaries
| \n Name of entity | \n\n Country of incorporation | \n\n Principal place of business | \n\n Functional currency | \n\n Ownership 2025 | \n\n Ownership 2024 | \n\n Principal activities | \n
|---|---|---|---|---|---|---|
| \n Odfjell Technology Invest Ltd. | \n\n Bermuda | \n\n United Arab Emirates | \n\n USD | \n\n 100 | \n\n 100 | \n\n Holding company / Well services equipment owner | \n
| \n Odfjell Well Services II Ltd. | \n\n Bermuda | \n\n Kurdistan | \n\n USD | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Services (Thailand) FLC | \n\n Thailand | \n\n Thailand | \n\n THB | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services Cooperatief U.A. | \n\n Netherlands | \n\n Europe | \n\n EUR | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services SRL | \n\n Romania | \n\n Europe | \n\n RON | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Arabia Drilling Services LLC | \n\n Saudi Arabia | \n\n Saudi Arabia | \n\n USD | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Technology Deep Sea Management DMCC | \n\n United Arab Emirates | \n\n United Arab Emirates | \n\n USD | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Service (UK) Ltd. | \n\n Scotland | \n\n UK | \n\n GBP | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services Norway AS | \n\n Norway | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services AS | \n\n Norway | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Energy (Malaysia) SDN BHD | \n\n Malaysia | \n\n Malaysia | \n\n MYR | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services (Malaysia) SDN BHD | \n\n Malaysia | \n\n Malaysia | \n\n MYR | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services (Namibia) (Pty) Ltd | \n\n Namibia | \n\n Namibia | \n\n USD | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services Ltd. | \n\n British Virgin Islands | \n\n United Arab Emirates | \n\n USD | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n McGarian TDC Limited | \n\n Scotland | \n\n UK | \n\n GBP | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Well Services Ltda | \n\n Brazil | \n\n Brazil | \n\n BRL | \n\n - | \n\n 100 | \n\n No activity. Liquidated in 2025 | \n
| \n OT Brazil Ltda | \n\n Brazil | \n\n Brazil | \n\n BRL | \n\n 100 | \n\n - | \n\n Well services | \n
| \n Odfjell Well Services US Holding LLC | \n\n USA | \n\n USA | \n\n USD | \n\n 100 | \n\n 100 | \n\n Holding company | \n
| \n Odfjell Well Services US LLC | \n\n USA | \n\n USA | \n\n USD | \n\n 100 | \n\n 100 | \n\n Sales office | \n
| \n Odfjell Technology Well Services US LLC | \n\n USA | \n\n USA | \n\n USD | \n\n 100 | \n\n - | \n\n Well services | \n
| \n Odfjell Technology Indonesia | \n\n Indonesia | \n\n Indonesia | \n\n IDR | \n\n 100 | \n\n 100 | \n\n Well services | \n
| \n Odfjell Platform Drilling AS | \n\n Norway | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Holding company / Operations, Projects & Engineering | \n
| \n Odfjell Operations AS | \n\n Norway | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Operations | \n
| \n Odfjell Technology (UK) Ltd. | \n\n Scotland | \n\n UK | \n\n GBP | \n\n 100 | \n\n 100 | \n\n Operations | \n
| \n Odfjell Offshore Ltd. | \n\n Bermuda | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Operations | \n
| \n Odfjell Engineering AS | \n\n Norway | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Projects & Engineering | \n
| \n Odfjell Energy Crewing AS | \n\n Norway | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Offshore crewing rig inspection and installation services | \n
| \n Odfjell Technology AS | \n\n Norway | \n\n Norway | \n\n NOK | \n\n 100 | \n\n 100 | \n\n Group Business Services | \n
| \n Odfjell Drilling Philippines Corporation | \n\n Philippines | \n\n Philippines | \n\n PHP | \n\n 100 | \n\n 100 | \n\n Group Business Services | \n
NOTE 30Investments in associates
Associates are accounted for using the equity method. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.
21 March 2025, the Group made a strategic equity investment of NOK 40 million for a 10% shareholding in Reelwell AS. A further NOK 2 million was paid in direct transaction costs. Odfjell Technology have through board representation and a cooperation agreement a significant influence in Reelwell AS, and Reelwell AS is therefore considered to be an associate. As an investment in associate the Group will recognise the investment using the equity method.
The purchase price allocation of the NOK 42 million investment identified NOK 31 million (net of deferred tax) in excess values related to technology based intangible assets, and a goodwill of NOK 10 million.
Odfjell Technology have an owning interest of 18.8%, and have through shareholder agreements and board representation significant influence in Odfjell Oceanwind AS, and the company is therefore considered to be an associate. As an investment in associate the Group recognise the investment using the equity method.
| \n Company | \n\n Acquisition/ formation date | \n\n Registered office | \n\n Principal place of business | \n\n Voting and owning interest 31.12.2025 | \n\n Voting and owning interest 31.12.2024 | \n
|---|---|---|---|---|---|
| \n Odfjell Oceanwind AS | \n\n 2020 | \n\n Norway | \n\n Norway | \n\n 18.8% | \n\n 18.8% | \n
| \n Reelwell AS | \n\n 2025 | \n\n Norway | \n\n Norway | \n\n 10.0% | \n\n NA | \n
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n\n Total | \n\n Odfjell Oceanwind AS | \n\n Total | \n
| \n Book value as at 1.1. | \n\n 87.1 | \n\n - | \n\n 87.1 | \n\n 75.0 | \n\n 75.0 | \n
| \n Investments | \n\n - | \n\n 42.0 | \n\n 42.0 | \n\n - | \n\n - | \n
| \n Share of profit after tax* | \n\n (14.1) | \n\n (2.9) | \n\n (17.0) | \n\n 2.2 | \n\n 2.2 | \n
| \n Amortisation of excess value | \n\n - | \n\n (2.4) | \n\n (2.4) | \n\n \n | \n\n - | \n
| \n Gain arising from disposal in interest | \n\n - | \n\n - | \n\n - | \n\n 10.0 | \n\n 10.0 | \n
| \n Book value as at 31.12 | \n\n 73.0 | \n\n 36.6 | \n\n 109.7 | \n\n 87.1 | \n\n 87.1 | \n
| \n\n | \n
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n\n Total | \n\n Odfjell Oceanwind AS | \n\n Total | \n
| \n The company's share of equity | \n\n 62.1 | \n\n (2.0) | \n\n 60.1 | \n\n 76.0 | \n\n 76.0 | \n
| \n Goodwill and excess value | \n\n 11.9 | \n\n 38.7 | \n\n 50.5 | \n\n 11.9 | \n\n 11.9 | \n
| \n Eliminations | \n\n (1.0) | \n\n - | \n\n (1.0) | \n\n (0.7) | \n\n (0.7) | \n
| \n Book value as at 31.12 | \n\n 73.0 | \n\n 36.6 | \n\n 109.7 | \n\n 87.1 | \n\n 87.1 | \n
Neither Odfjell Oceanwind AS, nor Reelwell AS have observable market values in the form of market price or similar.
Odfjell Oceanwind\u00a0is a provider of\u00a0designs,\u00a0technologies and solutions\u00a0for\u00a0floating offshore wind projects, and also develops projects based on these products and provides services to own and third party owned projects.
Reelwell AS is a technology company specialising in well construction and intervention solutions. Its flagship product, the DualLink digital pipe system integrates real-time telemetry and wellbore power, providing improved operational control.
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n
|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n
| \n Total revenue | \n\n 35.1 | \n\n 71.0 | \n\n 53.2 | \n
| \n Other gains and losses | \n\n - | \n\n 33.7 | \n\n - | \n
| \n Total operating expenses | \n\n (101.4) | \n\n (90.4) | \n\n (95.9) | \n
| \n Share of profit or loss from joint ventures | \n\n (17.5) | \n\n (1.4) | \n\n - | \n
| \n Net financial items | \n\n 9.7 | \n\n 13.1 | \n\n (1.6) | \n
| \n Net profit | \n\n (74.1) | \n\n 26.0 | \n\n (44.2) | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Current assets | \n\n 173.4 | \n\n 331.9 | \n\n 4.7 | \n
| \n \u25aawhereof cash and cash equivalents | \n\n 154.6 | \n\n 62.8 | \n\n 11.5 | \n
| \n Non-current assets | \n\n 257.1 | \n\n 114.5 | \n\n 20.9 | \n
| \n Current liabilities | \n\n 31.7 | \n\n 41.6 | \n\n 47.3 | \n
| \n \u25aawhereof current financial liabilities | \n\n 24.1 | \n\n 15.9 | \n\n 18.4 | \n
| \n Non-current liabilities | \n\n 67.9 | \n\n - | \n\n - | \n
| \n \u25aawhereof non-current financial liabilities | \n\n - | \n\n - | \n\n - | \n
| \n Equity | \n\n 330.9 | \n\n 404.8 | \n\n (20.4) | \n
| \n\n | \n
NOTE 30Investments in associates
Associates are accounted for using the equity method. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.
21 March 2025, the Group made a strategic equity investment of NOK 40 million for a 10% shareholding in Reelwell AS. A further NOK 2 million was paid in direct transaction costs. Odfjell Technology have through board representation and a cooperation agreement a significant influence in Reelwell AS, and Reelwell AS is therefore considered to be an associate. As an investment in associate the Group will recognise the investment using the equity method.
The purchase price allocation of the NOK 42 million investment identified NOK 31 million (net of deferred tax) in excess values related to technology based intangible assets, and a goodwill of NOK 10 million.
Odfjell Technology have an owning interest of 18.8%, and have through shareholder agreements and board representation significant influence in Odfjell Oceanwind AS, and the company is therefore considered to be an associate. As an investment in associate the Group recognise the investment using the equity method.
| \n Company | \n\n Acquisition/ formation date | \n\n Registered office | \n\n Principal place of business | \n\n Voting and owning interest 31.12.2025 | \n\n Voting and owning interest 31.12.2024 | \n
|---|---|---|---|---|---|
| \n Odfjell Oceanwind AS | \n\n 2020 | \n\n Norway | \n\n Norway | \n\n 18.8% | \n\n 18.8% | \n
| \n Reelwell AS | \n\n 2025 | \n\n Norway | \n\n Norway | \n\n 10.0% | \n\n NA | \n
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n\n Total | \n\n Odfjell Oceanwind AS | \n\n Total | \n
| \n Book value as at 1.1. | \n\n 87.1 | \n\n - | \n\n 87.1 | \n\n 75.0 | \n\n 75.0 | \n
| \n Investments | \n\n - | \n\n 42.0 | \n\n 42.0 | \n\n - | \n\n - | \n
| \n Share of profit after tax* | \n\n (14.1) | \n\n (2.9) | \n\n (17.0) | \n\n 2.2 | \n\n 2.2 | \n
| \n Amortisation of excess value | \n\n - | \n\n (2.4) | \n\n (2.4) | \n\n \n | \n\n - | \n
| \n Gain arising from disposal in interest | \n\n - | \n\n - | \n\n - | \n\n 10.0 | \n\n 10.0 | \n
| \n Book value as at 31.12 | \n\n 73.0 | \n\n 36.6 | \n\n 109.7 | \n\n 87.1 | \n\n 87.1 | \n
| \n\n | \n
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n\n Total | \n\n Odfjell Oceanwind AS | \n\n Total | \n
| \n The company's share of equity | \n\n 62.1 | \n\n (2.0) | \n\n 60.1 | \n\n 76.0 | \n\n 76.0 | \n
| \n Goodwill and excess value | \n\n 11.9 | \n\n 38.7 | \n\n 50.5 | \n\n 11.9 | \n\n 11.9 | \n
| \n Eliminations | \n\n (1.0) | \n\n - | \n\n (1.0) | \n\n (0.7) | \n\n (0.7) | \n
| \n Book value as at 31.12 | \n\n 73.0 | \n\n 36.6 | \n\n 109.7 | \n\n 87.1 | \n\n 87.1 | \n
Neither Odfjell Oceanwind AS, nor Reelwell AS have observable market values in the form of market price or similar.
Odfjell Oceanwind\u00a0is a provider of\u00a0designs,\u00a0technologies and solutions\u00a0for\u00a0floating offshore wind projects, and also develops projects based on these products and provides services to own and third party owned projects.
Reelwell AS is a technology company specialising in well construction and intervention solutions. Its flagship product, the DualLink digital pipe system integrates real-time telemetry and wellbore power, providing improved operational control.
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n
|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n
| \n Total revenue | \n\n 35.1 | \n\n 71.0 | \n\n 53.2 | \n
| \n Other gains and losses | \n\n - | \n\n 33.7 | \n\n - | \n
| \n Total operating expenses | \n\n (101.4) | \n\n (90.4) | \n\n (95.9) | \n
| \n Share of profit or loss from joint ventures | \n\n (17.5) | \n\n (1.4) | \n\n - | \n
| \n Net financial items | \n\n 9.7 | \n\n 13.1 | \n\n (1.6) | \n
| \n Net profit | \n\n (74.1) | \n\n 26.0 | \n\n (44.2) | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Current assets | \n\n 173.4 | \n\n 331.9 | \n\n 4.7 | \n
| \n \u25aawhereof cash and cash equivalents | \n\n 154.6 | \n\n 62.8 | \n\n 11.5 | \n
| \n Non-current assets | \n\n 257.1 | \n\n 114.5 | \n\n 20.9 | \n
| \n Current liabilities | \n\n 31.7 | \n\n 41.6 | \n\n 47.3 | \n
| \n \u25aawhereof current financial liabilities | \n\n 24.1 | \n\n 15.9 | \n\n 18.4 | \n
| \n Non-current liabilities | \n\n 67.9 | \n\n - | \n\n - | \n
| \n \u25aawhereof non-current financial liabilities | \n\n - | \n\n - | \n\n - | \n
| \n Equity | \n\n 330.9 | \n\n 404.8 | \n\n (20.4) | \n
| \n\n | \n
NOTE 30Investments in associates
Associates are accounted for using the equity method. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.
21 March 2025, the Group made a strategic equity investment of NOK 40 million for a 10% shareholding in Reelwell AS. A further NOK 2 million was paid in direct transaction costs. Odfjell Technology have through board representation and a cooperation agreement a significant influence in Reelwell AS, and Reelwell AS is therefore considered to be an associate. As an investment in associate the Group will recognise the investment using the equity method.
The purchase price allocation of the NOK 42 million investment identified NOK 31 million (net of deferred tax) in excess values related to technology based intangible assets, and a goodwill of NOK 10 million.
Odfjell Technology have an owning interest of 18.8%, and have through shareholder agreements and board representation significant influence in Odfjell Oceanwind AS, and the company is therefore considered to be an associate. As an investment in associate the Group recognise the investment using the equity method.
| \n Company | \n\n Acquisition/ formation date | \n\n Registered office | \n\n Principal place of business | \n\n Voting and owning interest 31.12.2025 | \n\n Voting and owning interest 31.12.2024 | \n
|---|---|---|---|---|---|
| \n Odfjell Oceanwind AS | \n\n 2020 | \n\n Norway | \n\n Norway | \n\n 18.8% | \n\n 18.8% | \n
| \n Reelwell AS | \n\n 2025 | \n\n Norway | \n\n Norway | \n\n 10.0% | \n\n NA | \n
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n\n Total | \n\n Odfjell Oceanwind AS | \n\n Total | \n
| \n Book value as at 1.1. | \n\n 87.1 | \n\n - | \n\n 87.1 | \n\n 75.0 | \n\n 75.0 | \n
| \n Investments | \n\n - | \n\n 42.0 | \n\n 42.0 | \n\n - | \n\n - | \n
| \n Share of profit after tax* | \n\n (14.1) | \n\n (2.9) | \n\n (17.0) | \n\n 2.2 | \n\n 2.2 | \n
| \n Amortisation of excess value | \n\n - | \n\n (2.4) | \n\n (2.4) | \n\n \n | \n\n - | \n
| \n Gain arising from disposal in interest | \n\n - | \n\n - | \n\n - | \n\n 10.0 | \n\n 10.0 | \n
| \n Book value as at 31.12 | \n\n 73.0 | \n\n 36.6 | \n\n 109.7 | \n\n 87.1 | \n\n 87.1 | \n
| \n\n | \n
| \n \n | \n\n 2025 | \n\n 2025 | \n\n 2025 | \n\n 2024 | \n\n 2024 | \n
|---|---|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n\n Total | \n\n Odfjell Oceanwind AS | \n\n Total | \n
| \n The company's share of equity | \n\n 62.1 | \n\n (2.0) | \n\n 60.1 | \n\n 76.0 | \n\n 76.0 | \n
| \n Goodwill and excess value | \n\n 11.9 | \n\n 38.7 | \n\n 50.5 | \n\n 11.9 | \n\n 11.9 | \n
| \n Eliminations | \n\n (1.0) | \n\n - | \n\n (1.0) | \n\n (0.7) | \n\n (0.7) | \n
| \n Book value as at 31.12 | \n\n 73.0 | \n\n 36.6 | \n\n 109.7 | \n\n 87.1 | \n\n 87.1 | \n
Neither Odfjell Oceanwind AS, nor Reelwell AS have observable market values in the form of market price or similar.
Odfjell Oceanwind\u00a0is a provider of\u00a0designs,\u00a0technologies and solutions\u00a0for\u00a0floating offshore wind projects, and also develops projects based on these products and provides services to own and third party owned projects.
Reelwell AS is a technology company specialising in well construction and intervention solutions. Its flagship product, the DualLink digital pipe system integrates real-time telemetry and wellbore power, providing improved operational control.
| \n \n | \n\n 2025 | \n\n 2024 | \n\n 2025 | \n
|---|---|---|---|
| \n NOK million | \n\n Odfjell Oceanwind AS | \n\n Odfjell Oceanwind AS | \n\n Reelwell AS | \n
| \n Total revenue | \n\n 35.1 | \n\n 71.0 | \n\n 53.2 | \n
| \n Other gains and losses | \n\n - | \n\n 33.7 | \n\n - | \n
| \n Total operating expenses | \n\n (101.4) | \n\n (90.4) | \n\n (95.9) | \n
| \n Share of profit or loss from joint ventures | \n\n (17.5) | \n\n (1.4) | \n\n - | \n
| \n Net financial items | \n\n 9.7 | \n\n 13.1 | \n\n (1.6) | \n
| \n Net profit | \n\n (74.1) | \n\n 26.0 | \n\n (44.2) | \n
| \n \n | \n\n \n | \n\n \n | \n\n \n | \n
| \n Current assets | \n\n 173.4 | \n\n 331.9 | \n\n 4.7 | \n
| \n \u25aawhereof cash and cash equivalents | \n\n 154.6 | \n\n 62.8 | \n\n 11.5 | \n
| \n Non-current assets | \n\n 257.1 | \n\n 114.5 | \n\n 20.9 | \n
| \n Current liabilities | \n\n 31.7 | \n\n 41.6 | \n\n 47.3 | \n
| \n \u25aawhereof current financial liabilities | \n\n 24.1 | \n\n 15.9 | \n\n 18.4 | \n
| \n Non-current liabilities | \n\n 67.9 | \n\n - | \n\n - | \n
| \n \u25aawhereof non-current financial liabilities | \n\n - | \n\n - | \n\n - | \n
| \n Equity | \n\n 330.9 | \n\n 404.8 | \n\n (20.4) | \n
| \n\n | \n
Associates are accounted for using the equity method. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.
Associates are accounted for using the equity method. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor's share of the profit or loss of the investee after the date of acquisition.
NOTE 31Related parties - transactions, receivables, liabilities and commitments
| \n NOK million | \n\n Relation | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Odfjell Oceanwind AS | \n\n Associated company | \n\n 36.0 | \n\n 40.4 | \n
| \n Reelwell AS | \n\n Associated company | \n\n 12.4 | \n\n - | \n
| \n Companies within the Odfjell Drilling Ltd. Group | \n\n Related to main shareholder | \n\n 850.0 | \n\n 915.6 | \n
Sales of services include casing and rental services, engineering services, personnel hire, administration services and business support.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Well Services | \n\n 328.0 | \n\n 386.0 | \n
| \n Operations | \n\n 115.2 | \n\n 88.3 | \n
| \n Projects & Engineering | \n\n 236.5 | \n\n 214.9 | \n
| \n Corporate / GBS | \n\n 218.8 | \n\n 266.7 | \n
| \n Total operating revenue to related parties | \n\n 898.5 | \n\n 955.9 | \n
| \n NOK million | \n\n Relation | \n\n 2025 | \n\n 2024 | \n
|---|---|---|---|
| \n Odfjell Oceanwind AS | \n\n Associated company | \n\n 0.3 | \n\n 0.4 | \n
| \n Reelwell AS * | \n\n Associated company | \n\n 48.2 | \n\n - | \n
| \n Companies within the Odfjell Drilling Ltd. Group | \n\n Related to main shareholder | \n\n 33.3 | \n\n 31.1 | \n
| \n Total operating expenses to related parties | \n\n \n | \n\n 81.8 | \n\n 31.5 | \n
| \n\n | \n
As a part of the day-to-day running of the business, the Group have the following receivables and liabilities towards companies in the Odfjell Drilling Ltd Group (ODL). All receivables and liabilities have less than one year maturity, except for the contract liability of NOK 72 million which we expect to recognise as revenue during the next 5 years, in line with providing services to ODL.
| \n NOK million | \n\n 31.12.2025 | \n\n 31.12.2024 | \n
|---|---|---|
| \n Trade receivables | \n\n 99.8 | \n\n 126.7 | \n
| \n Other current receivables | \n\n 3.1 | \n\n 2.8 | \n
| \n Trade payables | \n\n (3.3) | \n\n (2.6) | \n
| \n Other current payables | \n\n (1.8) | \n\n (10.0) | \n
| \n Contract liability | \n\n (72.0) | \n\n - | \n
| \n Other non-current payables * | \n\n - | \n\n (32.0) | \n
| \n Net receivables related parties | \n\n 25.7 | \n\n 85.0 | \n
| \n\n | \n
Refer to Note 8 - Income taxes for information about the NOK 307 million non-current liability to Odfjell Drilling Ltd of (not included in the table above).
Chair of the Board, Helene Odfjell, controls Odfjell Technology Holding Ltd., which owns 60.37% of the common shares.
Victor Vadaneaux (Director) controls 16,563 (0.04%) of the common shares in the Company as per 31 December 2025.
NOTE 32Remuneration to the Board of Directors, key executive management and auditor
| \n NOK thousands | \n\n \n | \n\n Salary | \n\n Bonus | \n\n Other remuneration | \n\n Pension premium | \n\n Expense share-based payments | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Simen Lieungh | \n\n CEO - Odfjell Technology AS | \n\n 7,141 | \n\n 4,200 | \n\n 299 | \n\n 170 | \n\n 1,418 | \n\n 13,227 | \n
| \n Jone Torstensen | \n\n CFO - Odfjell Technology AS | \n\n 3,454 | \n\n 2,000 | \n\n 268 | \n\n 175 | \n\n 473 | \n\n 6,369 | \n
| \n Diane Stephen | \n\n General Manager - Odfjell Technology Ltd | \n\n 1,242 | \n\n 185 | \n\n 63 | \n\n 55 | \n\n - | \n\n 1,544 | \n
| \n Total | \n\n \n | \n\n 11,837 | \n\n 6,385 | \n\n 629 | \n\n 399 | \n\n 1,891 | \n\n 21,141 | \n
The amounts listed as Salary, Bonus, and Other remuneration in the table above represent cash payments in 2025. Refer to the Executive Remuneration Report for bonuses earned in 2025.
Amounts listed as Pension premium and Expense share-based payments relates to the expense accounted for as personnel expenses in the respective year.
For details regarding incentive share option programme, refer to the Executive Remuneration Report and Note 33 - Share-based payments.
| \n NOK thousands | \n\n \n | \n\n Salary | \n\n Bonus | \n\n Other remuneration | \n\n Pension premium | \n\n Expense share-based payments | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Simen Lieungh | \n\n CEO - Odfjell Technology AS | \n\n 6,757 | \n\n 6,000 | \n\n 288 | \n\n 138 | \n\n 2,675 | \n\n 15,858 | \n
| \n Jone Torstensen | \n\n CFO - Odfjell Technology AS | \n\n 3,272 | \n\n 3,000 | \n\n 237 | \n\n 142 | \n\n 892 | \n\n 7,542 | \n
| \n Diane Stephen | \n\n General Manager - Odfjell Technology Ltd | \n\n 1,211 | \n\n 223 | \n\n 63 | \n\n 55 | \n\n - | \n\n 1,552 | \n
| \n Total | \n\n \n | \n\n 11,240 | \n\n 9,223 | \n\n 588 | \n\n 335 | \n\n 3,566 | \n\n 24,952 | \n
| \n NOK thousands | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Helene Odfjell | \n\n 807 | \n\n 800 | \n
| \n Susanne Munch Thore | \n\n 342 | \n\n 475 | \n
| \n Alasdair Shiach | \n\n 429 | \n\n 425 | \n
| \n Victor Vadaneaux | \n\n 378 | \n\n 375 | \n
| \n Harald Thorstein | \n\n 131 | \n\n - | \n
| \n Total remuneration to Board of non-executive directors | \n\n 2,087 | \n\n 2,075 | \n
NOTE 32Remuneration to the Board of Directors, key executive management and auditor
| \n NOK thousands | \n\n \n | \n\n Salary | \n\n Bonus | \n\n Other remuneration | \n\n Pension premium | \n\n Expense share-based payments | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Simen Lieungh | \n\n CEO - Odfjell Technology AS | \n\n 7,141 | \n\n 4,200 | \n\n 299 | \n\n 170 | \n\n 1,418 | \n\n 13,227 | \n
| \n Jone Torstensen | \n\n CFO - Odfjell Technology AS | \n\n 3,454 | \n\n 2,000 | \n\n 268 | \n\n 175 | \n\n 473 | \n\n 6,369 | \n
| \n Diane Stephen | \n\n General Manager - Odfjell Technology Ltd | \n\n 1,242 | \n\n 185 | \n\n 63 | \n\n 55 | \n\n - | \n\n 1,544 | \n
| \n Total | \n\n \n | \n\n 11,837 | \n\n 6,385 | \n\n 629 | \n\n 399 | \n\n 1,891 | \n\n 21,141 | \n
The amounts listed as Salary, Bonus, and Other remuneration in the table above represent cash payments in 2025. Refer to the Executive Remuneration Report for bonuses earned in 2025.
Amounts listed as Pension premium and Expense share-based payments relates to the expense accounted for as personnel expenses in the respective year.
For details regarding incentive share option programme, refer to the Executive Remuneration Report and Note 33 - Share-based payments.
| \n NOK thousands | \n\n \n | \n\n Salary | \n\n Bonus | \n\n Other remuneration | \n\n Pension premium | \n\n Expense share-based payments | \n\n Total | \n
|---|---|---|---|---|---|---|---|
| \n Simen Lieungh | \n\n CEO - Odfjell Technology AS | \n\n 6,757 | \n\n 6,000 | \n\n 288 | \n\n 138 | \n\n 2,675 | \n\n 15,858 | \n
| \n Jone Torstensen | \n\n CFO - Odfjell Technology AS | \n\n 3,272 | \n\n 3,000 | \n\n 237 | \n\n 142 | \n\n 892 | \n\n 7,542 | \n
| \n Diane Stephen | \n\n General Manager - Odfjell Technology Ltd | \n\n 1,211 | \n\n 223 | \n\n 63 | \n\n 55 | \n\n - | \n\n 1,552 | \n
| \n Total | \n\n \n | \n\n 11,240 | \n\n 9,223 | \n\n 588 | \n\n 335 | \n\n 3,566 | \n\n 24,952 | \n
| \n NOK thousands | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Helene Odfjell | \n\n 807 | \n\n 800 | \n
| \n Susanne Munch Thore | \n\n 342 | \n\n 475 | \n
| \n Alasdair Shiach | \n\n 429 | \n\n 425 | \n
| \n Victor Vadaneaux | \n\n 378 | \n\n 375 | \n
| \n Harald Thorstein | \n\n 131 | \n\n - | \n
| \n Total remuneration to Board of non-executive directors | \n\n 2,087 | \n\n 2,075 | \n
| \n NOK thousands | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Audit (incl. technical assistance with financial statements) | \n\n 3,938 | \n\n 2,716 | \n
| \n Total remuneration to the Group's auditor | \n\n 3,938 | \n\n 2,716 | \n
All listed fees are net of VAT.
NOTE 33Share-based payments
The Group has a long-term equity settled incentive share option programme, in which the employee receives remuneration in the form of share-based payment for services rendered.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details below.
27 June 2022, the Company implemented a long-term incentive plan. A total of 1,995,000 options have been awarded to certain of its employees at strike prices ranging from NOK 22.31 to NOK 24.13 per share.
During 2025, a total of 770,000 options have been exercised The Company elected to settle the exercised options in cash due to the small amount in context of a share capital increase process. For all outstanding options, the Company continues to have the right to settle in equity and intends to do so.
The options can only be exercised in three equal tranches, with vesting periods of one, two and three years. The options may be exercised during the subsequent year. Any options not exercised in the first two tranches can be rolled forward to the next tranches. In 2025, the roll forward of the remaining 1,225,000 unexercised options granted in June 2022 were extended by two years and the expiry date was set to 4 July 2027. Any options not exercised by the end of period (Q3 2027) will be terminated.
| \n Overview of outstanding options: | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Outstanding options 1.1 | \n\n 1,995,000 | \n\n 1,995,000 | \n
| \n Options exercised | \n\n (770,000) | \n\n - | \n
| \n Outstanding options 31.12 | \n\n 1,225,000 | \n\n 1,995,000 | \n
| \n Of which exercisable | \n\n 1,225,000 | \n\n 1,330,000 | \n
In March 2026, 300,000 share options were exercised by Jone Torstensen, the previous CFO. The Company chose to settle these with a cash payment.
The fair value of the options has been calculated using Black & Scholes option-pricing model. The average fair value of the options granted in 2022 is NOK 9.07. The total cost of the share option plan is calculated based on the fair value of the 1,995,000 options granted. The total cost equals approximately NOK 18 million and was recognised over the period until August 2025.
The calculations related to the 1,995,000 options granted in 2022 were based on the following assumptions:
\u25aaThe share price on the grant dates were set to the stock exchange price on the grant dates (27 June 2022, 15\u00a0August\u00a02022 and 1 September 2022). The strike price per options were a weighted average of NOK 22.75. The expected price volatility of the Company's shares was set to 55% based on historical volatility adjusted for expected changes. The expiry date was set to 4 July 2025, 22 August 2025 and 8 September 2025. The expected dividend yield was set to 0%. The risk-free interest rate was set to 3.67%
The cost of the amendment in 2025 (extended expiry date) was calculated to NOK 0.2 million and was expensed in 2025.
The Group has a long-term equity settled incentive share option programme, in which the employee receives remuneration in the form of share-based payment for services rendered.
The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model, further details below.
NOTE 34Earnings per share
The basic earnings per share are calculated as the ratio of the profit for the year that is due to the shareholders of the parent divided by the weighted average number of common shares outstanding.
When calculating the diluted earnings per share, the profit that is attributable to the common shareholders of the parent and the weighted average number of common shares outstanding are adjusted for all the dilution effects relating to share options.
The Company has a share option plan for common shares with 1,225,000 outstanding options at 31 December 2025 (1,995,000 outstanding options at 31 December 2024), see further description in Note 33 - Share-based payments.
As shown in the tables below; the options affected the diluted number of shares in 2025 and 2024.
In March 2026, 300,000 share options were exercised under the Company\u2019s share\u2011based incentive programme. The Company chose to settle these with a cash payment. The options were outstanding at the reporting date but were exercised only after year\u2011end. Since the exercise occurred after the reporting period, it does not impact earnings per share for 2025. Had the options been exercised before 31 December 2025, they would have increased diluted EPS to 8.20.
| \n NOK million | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Profit/(loss) due to owners of the parent | \n\n 328.0 | \n\n 253.2 | \n
| \n Diluted profit/(loss) for the period due to owners of the parent | \n\n 328.0 | \n\n 253.2 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Weighted average number of common shares in issue | \n\n 39,463,867 | \n\n 39,463,867 | \n
| \n Effects of dilutive potential common shares: | \n\n \n | \n\n \n | \n
| \n Share option plan | \n\n 686,875 | \n\n 1,133,391 | \n
| \n Diluted average number of shares outstanding | \n\n 40,150,742 | \n\n 40,597,258 | \n
| \n \n | \n\n 2025 | \n\n 2024 | \n
|---|---|---|
| \n Basic earnings per share | \n\n 8.31 | \n\n 6.42 | \n
| \n Diluted earnings per share | \n\n 8.17 | \n\n 6.24 | \n
The basic earnings per share are calculated as the ratio of the profit for the year that is due to the shareholders of the parent divided by the weighted average number of common shares outstanding.
When calculating the diluted earnings per share, the profit that is attributable to the common shareholders of the parent and the weighted average number of common shares outstanding are adjusted for all the dilution effects relating to share options.
NOTE 35Events after the reporting period
Odfjell Technology Ltd has entered into agreements to acquire a 70% ownership stake in Kaseum Holdings Ltd and Razor Oiltools Ltd, two complementary businesses supporting lightweight intervention and P&A. The transaction will strengthen Odfjell Technology\u2019s position in high-margin, technology-led intervention services and support the Group\u2019s long-term strategic direction. The transaction implies a total enterprise value of GBP 38.5 million for 100% of Kaseum and Razor combined. Cash consideration paid at closing amounts to approximately NOK 472 million, reflecting the 70% initial ownership. The remaining 30% will be valued using an earnings-based formula agreed in advance, applying fixed multiples to the results at the time of exercise, adjusted for net debt and working capital. The transaction was competed 9 March\u00a02026.
The initial accounting for the business combination under IFRS 3 is incomplete at the date of authorisation of these financial statements. In particular, the identification and measurement of identifiable intangible assets, as well as the determination of the fair values of certain assets acquired and liabilities assumed, are still in progress.
| \n NOK million | \n\n \n | \n
|---|---|
| \n Assets | \n\n \n | \n
| \n Property, plant and equipment | \n\n 81.5 | \n
| \n Intangible assets (technology, patents and brand name) | \n\n 263.0 | \n
| \n Trade receivable | \n\n 58.4 | \n
| \n Other current assets | \n\n 64.3 | \n
| \n Cash and cash equivalents | \n\n 147.8 | \n
| \n Total identifiable assets | \n\n 615.1 | \n
| \n Liabilities | \n\n \n | \n
| \n Deferred tax liabilities | \n\n (81.0) | \n
| \n Trade payables | \n\n (11.3) | \n
| \n Other current liabilities | \n\n (6.0) | \n
| \n Total identifiable liabilities | \n\n (98.3) | \n
| \n Net identifiable assets and liabilities at fair value | \n\n 516.8 | \n
| \n Goodwill arising on acquisition | \n\n 110.5 | \n
Goodwill mainly relates to expected synergies, workforce, future profitability and strategic benefits.
26 February 2026, the Company successfully completed a tap issue of NOK 600 million in the senior secured bonds due 16\u00a0September\u00a02028. The total outstanding amount after the tap issue is NOK 1,700 million. The bonds were issued at a price of 102.90% of par, implying a spread of approximately 225bps. Net proceeds from the tap issue was used to finance the acquisition of 70% of the shares in Kaseum Holdings Limited and Razor Oiltools Limited, refinance existing debt, and general corporate purposes.
25 February 2026, the Board of Directors approved a dividend distribution of 1.52 NOK per share, equal to NOK 60 million with a payment in March 2026.
Subsequent to the reporting date, geopolitical tensions in the Middle East escalated into an armed conflict involving Iran, the United States, Israel, and other regional actors. As the conflict arose after year-end, it is classified as a non-adjusting subsequent event. While the Group does not expect the event to affect the amounts recognised in these financial statements, it has increased uncertainty relating to future market conditions, supply chains, logistics, and customer activity in parts of the region.
Based on information currently available, the Group believes there is a risk of a slight near-term reduction in activity levels in Kuwait, Qatar and the Kingdom of Saudi Arabia as customers and operations adjust to the heightened regional uncertainty. At present, the Group has not identified equivalent effects on its operations in other countries. Over a longer period, any sustained disruption to global oil supply could influence drilling activity and investment patterns more broadly, which may create both risks and opportunities for the Group as a service provider to the oil and gas industry. However, the situation remains fluid, and any prolonged escalation could affect future operational performance, supply chain stability, project timing, and overall market conditions. The Group continues to monitor developments closely, but it is not currently possible to quantify the financial effects with sufficient reliability.
The Group is of the opinion that the receivable from Iran is still likely to be received despite the conflict in Iran occurring after year end, as it does not affect the process we are currently undertaking to recover the amounts. It is possible that the collection process will be further delayed due to the conflict, but the foundation for collection is in place. The Group will continue to monitor the progress closely going forward. Refer to Note 23 - Credit risk for further information about the Iran receivable.
Refer to Note 8 - Income Taxes for information about the judgment issued by the Gulating Court of Appeal on 17 April 2026 in the Odfjell Offshore Ltd. tax case.