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"s10_notes__6__11": {
"value": "Note 1 Eidesvik Offshore ASA (the Company) and its subsidiaries (collectively the Group) offer services within the maritime sector. The Group operates in several segments where the main segments are seismic, subsea and platform supply vessel services. The Group\u2019s vessels are located across large parts of the world. Eidesvik Offshore ASA is a public limited company registered in Norway and headquartered at Langev\u00e5g in B\u00f8mlo municipality. Eidesvik Offshore ASA is listed at the Oslo Stock Exchange and is subject to the provisions of the Public Limited Liability Companies Act with regards to limitations in shareholders\u2019 liability to the Company\u2019s creditors. The annual accounts were submitted by the Board on 23 April 2024, and approved for publication. The General Meeting approves the final annual accounts and is authorised to require changes to the accounts before it is approved. All amounts are presented in Norwegian kroner (NOK) and are rounded to the nearest thousand unless otherwise specified. Information on the ultimate parent company is presented in Note 23.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__16": {
"value": "Eidesvik Offshore ASA (the Company) and its subsidiaries (collectively the Group) offer services within the maritime sector. The Group operates in several segments where the main segments are seismic, subsea and platform supply vessel services. The Group\u2019s vessels are located across large parts of the world.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__5": {
"value": "Eidesvik Offshore ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__6": {
"value": "public limited company",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__9": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__8": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__7": {
"value": "Langev\u00e5g in B\u00f8mlo municipality",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
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"s10_notes__6__10": {
"value": "Langev\u00e5g",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s10_notes__6__13-1": {
"value": "Overview of Group relations: Company Reg. office Owner share Eidesvik Offshore Holding AS B\u00f8mlo 100% Eidesvik Shipping Investments AS B\u00f8mlo 100% Eidesvik Shipping AS B\u00f8mlo 100% Eidesvik AS B\u00f8mlo 100% Eidesvik MPSV AS B\u00f8mlo 100% Eidesvik Shipping International AS B\u00f8mlo 100% Eidesvik Subsea Vessels AS B\u00f8mlo 100% Eidesvik Management AS B\u00f8mlo 100% Eidesvik Maritime AS B\u00f8mlo 100% Eidesvik Neptun II AS B\u00f8mlo 82.52% Eidesvik Supply AS B\u00f8mlo 100% Hordaland Maritime Milj\u00f8selskap AS B\u00f8mlo 91% Norsk Rederihelsetjeneste AS B\u00f8mlo 100% Eidesvik Shipping II AS B\u00f8mlo 100% Eidesvik UK LTD UK 100% Eidesvik Reach AS B\u00f8mlo 50.1%Joint Ventures: Eidesvik Seven AS B\u00f8mlo 50% Eidesvik Seven Chartering AS B\u00f8mlo 50% Please refer to Note 7 for further information. In addition, the Group owns the following shares: Simsea Holding AS Haugesund 10.4% Bleivik Eiendom AS Haugesund 22.6% Eidesvik Ghana Ltd. Ghana 49% The total book value of these amounts to MNOK 3.7 and is not considered material. Please refer to Note 7 for further information.2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) Subsidiaries Subsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. b) Joint ventures The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.NOTE 7 \u2013 INVESTMENTS IN JOINT VENTURES AND ASSOCIATED COMPANIES WITH MINORITY INTERESTS (NOK thousands) The Eidesvik Offshore ASA Group has the following investments in joint ventures: Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2022 2023 31.12.2023 Shipping Eidesvik Seven AS Norway company 50.0 % 121 439 270 121 709 Eidesvik Seven Shipping Chartering AS Norway company 50.0 % 16 443 -5 247 11 196 Total 137 882 -4 977 132 905 Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2021 2022 31.12.2022 Shipping Eidesvik Seven AS Norway company 50.0 % 132 157 -10 718 121 439 Eidesvik Seven Shipping Chartering AS Norway company 50.0 % 15 368 1 075 16 443 Total 147 526 -9 644 137 882 Eidesvik Seven AS and Eidesvik Seven Chartering AS are classified as joint ventures, as Subsea 7 Norge AS and Eidesvik each own 50% of the shares in the company. Eidesvik Shipping AS is indirectly guarantor for 50% of the debt in Eidesvik Seven AS. Summary of financial information for the joint ventures: 2023: 2023 Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 513 330 511 911 1 419 760 243 417 269 913 200 746 69 167 Eidesvik Seven 73 925 0 73 925 18 377 22 388 51 537 0 51 537 Chartering AS Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the share items year Eidesvik Seven AS 35 417 33 942 14 849 110 18 664 -18 553 0 539 270 Eidesvik Seven 104 595 -11 194 0 788 87 701 0 -10 493 Chartering AS -5 247 -4 977 2022: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 504 647 485 355 19 292 9 341 471 242 877 261 770 255 589 6 182 Eidesvik Seven 54 726 0 54 726 31 323 32 886 21 839 0 21 839 Chartering AS Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the year share items Eidesvik Seven AS 31 290 29 801 37 851 87 13 473 -13 387 0 -21 437 -10 718 Eidesvik Seven 107 790 2 546 0 394 18 376 650 2 272 Chartering AS 1 075 -9 644Associated companies The group has the following investments in these individual associated companies: 2023: Entity Country Industry Ownership/ Book value voting share 31.12.2023 Norway Training 10,37 % 0 Simsea Holding AS Norway Real estate 22,59 % 3 685 Bleivik Eiendom AS Ghana Shipping 49,00 % 15 Eidesvik Ghana Ltd. 3 700 2022: Entity Country Industry Ownership/ Book value voting share 31.12.2022 Norway Training 10,37 % 0 Simsea Holding AS Norway Real estate 22,59 % 3 118 Bleivik Eiendom AS Ghana Shipping 49,00 % 0 Eidesvik Ghana Ltd. 3 118 The investments are valued by the equity method. Subsidiaries with substantial minority interests The Group has, per 31 December 2023, two subsidiaries where there are substantial minority interests. Of companies with minority interests, only the companies below are considered material. 2023: Entity Country Minority interests (%) Minority share of profit/loss Norway 49,90 % 16 793 Eidesvik Reach AS* Norway 17,48 % 948 Eidesvik Neptun AS** Norway 17,48 % 740 Eidesvik Neptun II AS 18 481 2022: Entity Country Minority interests (%) Minority share of profit/loss Norway 25,25 % 54 738 Eidesvik Neptun AS Norway 25,25 % 5 942 Eidesvik Neptun II AS 60 680 *Eidesvik established an entity, Eidesvik Reach AS, in Q1 2023 together with Reach Subsea ASA where Eidesvik has the controlling interest. Eidesvik shall at all times be chair of the board (with casting vote in the event of a tie), Unanimous shareholder decisions focues on protective rights for the shareholders. This entity acquired the IMR vessel Edda Sun, now named Viking Reach. The vessel entered into a 6- year contract with Reach Subsea ASA on 1 April 2023. **The Group purchased 7.77% of the minority shares in Eidesvik Neptun AS before Eidesvik Neptun AS was closed in November 2023. Summary of financial information for subsidiaries with substantial minority interests: 2023: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank 384 364 330 575 53 789 29 827 225 018 159 346 149 405 9 941 Eidesvik Reach AS 3 260 0 3 260 3 046 3 053 207 0 207 Eidesvik Neptun II AS Entity RevenuEBITDA Depr. / Financial Financial Net Taxes Profit/loss e impairment income expenses financial for the year items 100 583 59 768 17 987 6 337 14 465 -8 128 0 33 654 Eidesvik Reach AS* 0 -187 0 4 064 20 4 044 0 3 857 Eidesvik Neptun AS ** 348 286 0 2 793 125 2 668 11 2 965 Eidesvik Neptun II AS 2022: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank 298 519 0 298 519 29 149 250 136 48 383 0 48 383 Eidesvik Neptun AS 83 693 0 83 693 51 715 88 83 605 0 83 605 Eidesvik Neptun II AS Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year 395 021 368 005 0 1 096 152 340 -151 244 0 216 761 Eidesvik Neptun AS 157 396 2 071 0 545 57 488 0 2 558 Eidesvik Neptun II AS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__12-1": {
"value": "Overview of Group relations: Company Reg. office Owner share Eidesvik Offshore Holding AS B\u00f8mlo 100% Eidesvik Shipping Investments AS B\u00f8mlo 100% Eidesvik Shipping AS B\u00f8mlo 100% Eidesvik AS B\u00f8mlo 100% Eidesvik MPSV AS B\u00f8mlo 100% Eidesvik Shipping International AS B\u00f8mlo 100% Eidesvik Subsea Vessels AS B\u00f8mlo 100% Eidesvik Management AS B\u00f8mlo 100% Eidesvik Maritime AS B\u00f8mlo 100% Eidesvik Neptun II AS B\u00f8mlo 82.52% Eidesvik Supply AS B\u00f8mlo 100% Hordaland Maritime Milj\u00f8selskap AS B\u00f8mlo 91% Norsk Rederihelsetjeneste AS B\u00f8mlo 100% Eidesvik Shipping II AS B\u00f8mlo 100% Eidesvik UK LTD UK 100% Eidesvik Reach AS B\u00f8mlo 50.1%2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) Subsidiaries Subsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. Subsidiaries with substantial minority interests The Group has, per 31 December 2023, two subsidiaries where there are substantial minority interests. Of companies with minority interests, only the companies below are considered material. 2023: Entity Country Minority interests (%) Minority share of profit/loss Norway 49,90 % 16 793 Eidesvik Reach AS* Norway 17,48 % 948 Eidesvik Neptun AS** Norway 17,48 % 740 Eidesvik Neptun II AS 18 481 2022: Entity Country Minority interests (%) Minority share of profit/loss Norway 25,25 % 54 738 Eidesvik Neptun AS Norway 25,25 % 5 942 Eidesvik Neptun II AS 60 680 *Eidesvik established an entity, Eidesvik Reach AS, in Q1 2023 together with Reach Subsea ASA where Eidesvik has the controlling interest. Eidesvik shall at all times be chair of the board (with casting vote in the event of a tie), Unanimous shareholder decisions focues on protective rights for the shareholders. This entity acquired the IMR vessel Edda Sun, now named Viking Reach. The vessel entered into a 6- year contract with Reach Subsea ASA on 1 April 2023. **The Group purchased 7.77% of the minority shares in Eidesvik Neptun AS before Eidesvik Neptun AS was closed in November 2023. Summary of financial information for subsidiaries with substantial minority interests: 2023: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank 384 364 330 575 53 789 29 827 225 018 159 346 149 405 9 941 Eidesvik Reach AS 3 260 0 3 260 3 046 3 053 207 0 207 Eidesvik Neptun II AS Entity RevenuEBITDA Depr. / Financial Financial Net Taxes Profit/loss e impairment income expenses financial for the year items 100 583 59 768 17 987 6 337 14 465 -8 128 0 33 654 Eidesvik Reach AS* 0 -187 0 4 064 20 4 044 0 3 857 Eidesvik Neptun AS ** 348 286 0 2 793 125 2 668 11 2 965 Eidesvik Neptun II AS 2022: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank 298 519 0 298 519 29 149 250 136 48 383 0 48 383 Eidesvik Neptun AS 83 693 0 83 693 51 715 88 83 605 0 83 605 Eidesvik Neptun II AS Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year 395 021 368 005 0 1 096 152 340 -151 244 0 216 761 Eidesvik Neptun AS 157 396 2 071 0 545 57 488 0 2 558 Eidesvik Neptun II AS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__14-1": {
"value": "Joint Ventures: Eidesvik Seven AS B\u00f8mlo 50% Eidesvik Seven Chartering AS B\u00f8mlo 50% Please refer to Note 7 for further information.b) Joint ventures The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.NOTE 7 \u2013 INVESTMENTS IN JOINT VENTURES AND ASSOCIATED COMPANIES WITH MINORITY INTERESTS (NOK thousands) The Eidesvik Offshore ASA Group has the following investments in joint ventures: Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2022 2023 31.12.2023 Shipping Eidesvik Seven AS Norway company 50.0 % 121 439 270 121 709 Eidesvik Seven Shipping Chartering AS Norway company 50.0 % 16 443 -5 247 11 196 Total 137 882 -4 977 132 905 Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2021 2022 31.12.2022 Shipping Eidesvik Seven AS Norway company 50.0 % 132 157 -10 718 121 439 Eidesvik Seven Shipping Chartering AS Norway company 50.0 % 15 368 1 075 16 443 Total 147 526 -9 644 137 882 Eidesvik Seven AS and Eidesvik Seven Chartering AS are classified as joint ventures, as Subsea 7 Norge AS and Eidesvik each own 50% of the shares in the company. Eidesvik Shipping AS is indirectly guarantor for 50% of the debt in Eidesvik Seven AS. Summary of financial information for the joint ventures: 2023: 2023 Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 513 330 511 911 1 419 760 243 417 269 913 200 746 69 167 Eidesvik Seven 73 925 0 73 925 18 377 22 388 51 537 0 51 537 Chartering AS Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the share items year Eidesvik Seven AS 35 417 33 942 14 849 110 18 664 -18 553 0 539 270 Eidesvik Seven 104 595 -11 194 0 788 87 701 0 -10 493 Chartering AS -5 247 -4 977 2022: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 504 647 485 355 19 292 9 341 471 242 877 261 770 255 589 6 182 Eidesvik Seven 54 726 0 54 726 31 323 32 886 21 839 0 21 839 Chartering AS Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the year share items Eidesvik Seven AS 31 290 29 801 37 851 87 13 473 -13 387 0 -21 437 -10 718 Eidesvik Seven 107 790 2 546 0 394 18 376 650 2 272 Chartering AS 1 075 -9 644",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__15-1": {
"value": "In addition, the Group owns the following shares: Simsea Holding AS Haugesund 10.4% Bleivik Eiendom AS Haugesund 22.6% Eidesvik Ghana Ltd. Ghana 49% The total book value of these amounts to MNOK 3.7 and is not considered material. Please refer to Note 7 for further information.Associated companies The group has the following investments in these individual associated companies: 2023: Entity Country Industry Ownership/ Book value voting share 31.12.2023 Norway Training 10,37 % 0 Simsea Holding AS Norway Real estate 22,59 % 3 685 Bleivik Eiendom AS Ghana Shipping 49,00 % 15 Eidesvik Ghana Ltd. 3 700 2022: Entity Country Industry Ownership/ Book value voting share 31.12.2022 Norway Training 10,37 % 0 Simsea Holding AS Norway Real estate 22,59 % 3 118 Bleivik Eiendom AS Ghana Shipping 49,00 % 0 Eidesvik Ghana Ltd. 3 118 The investments are valued by the equity method.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__17-1": {
"value": "NOTE 2 \u2013 ACCOUNTING PRINCIPLES The material information about accounting principles used in the preparation of the consolidated accounts are described below. These principles are applied in the same way in all periods presented, unless otherwise stated in the description. 2.1 Main principles The consolidated accounts of the Eidesvik Offshore Group (\u201cthe Group\u201d) have been prepared in accordance with recognition, measurement and presentation principles consistent with IFRS\u00ae Accounting Standards as adopted by the EU (\u201cIFRS\u201d). Cash flow statements are prepared according to the direct method. Received interest is classified under operating activities, while paid interest and dividend are classified under financing activities. 2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) Subsidiaries Subsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. b) Joint ventures The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities. c) Non-controlling interests Non-controlling interests\u2019 (minority interests) share of the equity is shown on a separate line in the Group\u2019s equity. Non-controlling interests include the minority share of the capitalised value of subsidiaries, including the share of identifiable added value at the time of acquisition of a subsidiary. 2.3 Segment Information The Group\u2019s reporting format is divided in business segments as this is reflecting the key areas for the business. The primary operating segments are divided into Supply vessels (PSV), Subsea/Wind, Seismic and SG&A/other. All four seismic vessels were sold in 2023, and this segment will be eliminated going forward. As the joint ventures are significant with regard to the core activities, gross figures from underlying companies are included in segment information with the proportional values according to ownership. 2.4 Conversion of foreign currencies a) Functional currency and presentation currency The accounts of the individual entities in the Group are measured in the currency mainly used in the economic area where the entity operates (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional currency and the presentation currency of the parent company. b) Transactions and balance sheet items Transactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d. 2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur. 2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 2.7 Assets held for sale Non-current assets held for sale consist of vessels that have been decided to be disposed of, by sale or otherwise. Non-current assets classified as held for sale are measured at the lower of their previous carrying amount and their fair value less costs of disposal. Any excess of the carrying amount over the fair value less cost of disposal is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale. 2.8 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Refer to Note 2.23 and 12 for further information. 2.9 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line. 2.10 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 22 for an overview of the Group\u2019s derivatives at 31.12.2023. 2.11 Accounts receivable Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For subsequent measurements, accounts receivable is assessed at amortised cost determined by using the effective interest method, less provision for expected loss. The Group has chosen to apply the practical simplification approach to calculate losses on accounts receivable. The group has established a provision model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The group has historical had minor losses on trade receivables. See Notes 3 and 14. 2.12 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity. 2.13 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects. 2.14 Accounts payable Payables are measured at fair value at the first recognition. 2.15 Loans Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognised at amortised cost using the effective interest method. Interest expense is recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the redemption value is recognised over the term of the loan. When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a continuation of the old loan or as a new loan. (see Note 8). 2.16 Revenue recognition principles Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and discounts. Revenue is recognised as follows: Time charters The Group\u2019s vessels are being contracted on time charters (TC). This means that the charter is agreed as a lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The time charter lapses in periods when the vessel is not operational (is \u201coff hire\u201d). In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra crew, sale of provisions and coverage of other operating expenses. When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the vessel is returned. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental revenue arising 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. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. 2.17 Government grants Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction (under \u201cpayroll expenses\u201d). 2.18 Dividends Disbursements of dividends to the Company\u2019s shareholders are classified as debt from the date when the dividend is determined by the general meeting. 2.19 Events after the balance sheet date New information after the balance sheet date on the Company\u2019s financial position on that date has been considered in the annual accounts. Subsequent events that do not affect the Company\u2019s financial position on the balance sheet date, but will affect it in the future, are reported if they are significant. 2.20 Earnings per share accruing to the parent company\u2019s shareholders The calculation of earnings per share is based on the majority share of net profit, using the number of shares at the end of the period. Diluted earnings per share is equal to basic earnings per share. 2.21 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. 2.22 Changes in accounting policies The accounting principles applied are consistent with the principles used in previous periods, and no changes in accounting principles had material effect on the Group\u2019s accounts.Assessment of fair value IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by level, with the following level classification for measuring fair value: Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions) The following balance sheet items represent financial instruments at fair value: Balance sheet item: Level Cash and cash equivalents 1 Derivatives 2 Derivatives are recognised on the basis of valuations from the counterparty (mark to market). Debts to credit institutions with floating interest rates are recognised at amortised cost, and are valued at approximate fair value. Fixed-rate loans (CIRR) are recorded at amortised cost, and the estimated value is described in Note 22. The fair value of fixed-rate loans is calculated by discounting the difference between the fixed rate and the market rate at year-end, with a duration equal to the term of the loan. The Group did not have any fixed-rate loans at 31 December 2023. Cost is considered equivalent to fair value for the equity investments discussed in Note 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__18": {
"value": "2.1 Main principles The consolidated accounts of the Eidesvik Offshore Group (\u201cthe Group\u201d) have been prepared in accordance with recognition, measurement and presentation principles consistent with IFRS\u00ae Accounting Standards as adopted by the EU (\u201cIFRS\u201d). Cash flow statements are prepared according to the direct method. Received interest is classified under operating activities, while paid interest and dividend are classified under financing activities.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__19": {
"value": "Cash flow statements are prepared according to the direct method. Received interest is classified under operating activities, while paid interest and dividend are classified under financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__23": {
"value": "2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) Subsidiaries Subsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__22-1": {
"value": "2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. c) Non-controlling interests Non-controlling interests\u2019 (minority interests) share of the equity is shown on a separate line in the Group\u2019s equity. Non-controlling interests include the minority share of the capitalised value of subsidiaries, including the share of identifiable added value at the time of acquisition of a subsidiary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__21-1": {
"value": "2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. b) Joint ventures The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__20": {
"value": "2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) Subsidiaries Subsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. b) Joint ventures The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities. c) Non-controlling interests Non-controlling interests\u2019 (minority interests) share of the equity is shown on a separate line in the Group\u2019s equity. Non-controlling interests include the minority share of the capitalised value of subsidiaries, including the share of identifiable added value at the time of acquisition of a subsidiary.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__26-1": {
"value": "b) Joint ventures The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.NOTE 7 \u2013 INVESTMENTS IN JOINT VENTURES AND ASSOCIATED COMPANIES WITH MINORITY INTERESTS (NOK thousands) The Eidesvik Offshore ASA Group has the following investments in joint ventures: Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2022 2023 31.12.2023 Shipping Eidesvik Seven AS Norway company 50.0 % 121 439 270 121 709 Eidesvik Seven Shipping Chartering AS Norway company 50.0 % 16 443 -5 247 11 196 Total 137 882 -4 977 132 905 Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2021 2022 31.12.2022 Shipping Eidesvik Seven AS Norway company 50.0 % 132 157 -10 718 121 439 Eidesvik Seven Shipping Chartering AS Norway company 50.0 % 15 368 1 075 16 443 Total 147 526 -9 644 137 882 Eidesvik Seven AS and Eidesvik Seven Chartering AS are classified as joint ventures, as Subsea 7 Norge AS and Eidesvik each own 50% of the shares in the company. Eidesvik Shipping AS is indirectly guarantor for 50% of the debt in Eidesvik Seven AS. Summary of financial information for the joint ventures: 2023: 2023 Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 513 330 511 911 1 419 760 243 417 269 913 200 746 69 167 Eidesvik Seven 73 925 0 73 925 18 377 22 388 51 537 0 51 537 Chartering AS Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the share items year Eidesvik Seven AS 35 417 33 942 14 849 110 18 664 -18 553 0 539 270 Eidesvik Seven 104 595 -11 194 0 788 87 701 0 -10 493 Chartering AS -5 247 -4 977 2022: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 504 647 485 355 19 292 9 341 471 242 877 261 770 255 589 6 182 Eidesvik Seven 54 726 0 54 726 31 323 32 886 21 839 0 21 839 Chartering AS Entity Revenue EBITDA Depr. / Financial Financial Net Taxes Profit/loss Group impairment income expenses financial for the year share items Eidesvik Seven AS 31 290 29 801 37 851 87 13 473 -13 387 0 -21 437 -10 718 Eidesvik Seven 107 790 2 546 0 394 18 376 650 2 272 Chartering AS 1 075 -9 644Associated companies The group has the following investments in these individual associated companies: 2023: Entity Country Industry Ownership/ Book value voting share 31.12.2023 Norway Training 10,37 % 0 Simsea Holding AS Norway Real estate 22,59 % 3 685 Bleivik Eiendom AS Ghana Shipping 49,00 % 15 Eidesvik Ghana Ltd. 3 700 2022: Entity Country Industry Ownership/ Book value voting share 31.12.2022 Norway Training 10,37 % 0 Simsea Holding AS Norway Real estate 22,59 % 3 118 Bleivik Eiendom AS Ghana Shipping 49,00 % 0 Eidesvik Ghana Ltd. 3 118 The investments are valued by the equity method.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__31": {
"value": "2.3 Segment Information The Group\u2019s reporting format is divided in business segments as this is reflecting the key areas for the business. The primary operating segments are divided into Supply vessels (PSV), Subsea/Wind, Seismic and SG&A/other. All four seismic vessels were sold in 2023, and this segment will be eliminated going forward. As the joint ventures are significant with regard to the core activities, gross figures from underlying companies are included in segment information with the proportional values according to ownership. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__30-1": {
"value": "2.3 Segment Information The Group\u2019s reporting format is divided in business segments as this is reflecting the key areas for the business. The primary operating segments are divided into Supply vessels (PSV), Subsea/Wind, Seismic and SG&A/other. All four seismic vessels were sold in 2023, and this segment will be eliminated going forward. As the joint ventures are significant with regard to the core activities, gross figures from underlying companies are included in segment information with the proportional values according to ownership. NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Wind c. Seismic d. Other The Supply segment delivers services to the offshore oil industry. The vessels deliver supplies to rigs, and function as part of the rig\u2019s emergency preparedness. The Subsea/Offshore Wind segment delivers shipping services for subsea work for the oil industry. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction. Several of the Company\u2019s subsea vessels meet the requirements in the Offshore Wind market, and one vessel is currently chartered in this market. Regarding the Seismic segment, the Group sold all four vessels during 2023. This segment will be eliminated going forward. Other represent the SG&A that mainly provide corporate, management and crew services. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. Operating segments (NOK thousands) Supply Subsea / Offshore Seismic Other Consolidated Wind Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment result Operating income (IFRS 15) 224 821 200 642 149 568 128 123 0 0 28 567 24 083 402 956 352 849 Bareboat income (IFRS 16) 165 023 103 215 133 931 164 554 11 257 28 206 0 0 310 211 295 975 Operating income from JV * (IFRS 15) 0 0 37 229 38 250 0 0 0 0 37 229 38 250 Bareboat income from JV * (IFRS 16) 0 0 13 941 15 645 0 0 0 0 13 941 15 645 Gain/loss on sale / Other 0 0 0 269 723 21 574 0 37 618 0 59 192 269 723 Total operating income 389 844 303 857 334 669 616 296 32 831 28 206 66 185 24 083 823 529 972 442 Operating expenses 233 286 210 783 136 287 141 448 7 562 18 975 61 656 53 128 438 791 424 334 Operating expenses share from JV * 0 0 39 796 37 783 0 0 0 0 39 796 37 783 Total operating expenses 233 286 210 783 176 083 179 231 7 562 18 975 61 656 53 128 478 587 462 117 Depreciation 95 851 84 192 58 658 38 916 0 14 026 5 444 5 773 160 983 142 907 Depreciations share from JV * 0 0 21 837 18 925 0 0 0 0 21 837 18 925 Impairment on assets /reversal impairment -317 100 -188 726 -54 207 -36 564 -37 755 16 053 0 0 -409 062 -209 237 Impairment on assets /reversal impairment share from JV * 0 0 -14 413 0 0 0 0 0 -14 413 0 Total depreciation -221 249 -104 534 11 876 21 277 -37 755 30 079 5 444 5 773 -240 654 -47 405 Operating profit incl. share of the JVs * 377 807 197 608 146 710 415 788 63 024 -20 848 -915 -34 818 585 595 557 730 Net finance items and tax in JV* 0 0 -8 926 -6 831 0 0 0 0 -8 926 -6 831 Impairment JV ** 0 0 0 0 0 0 0 0 0 0 Share of profit from associated companies 0 0 0 0 0 0 567 523 567 523 Operating profit 377 807 197 608 137 784 408 958 63 024 -20 848 -348 -34 295 577 236 551 423 Net financial items -44 025 -144 639 Tax costs 11 -49 Profit/loss for the year 533 222 406 736 In 2023, the Supply segment had a reversal of MNOK 317.1, the Subsea/Offshore Wind segment had a reversal of MNOK 54.2, and the Seismic segment had a reversal impairment of MNOK 37.7. In 2022, the Supply segment had a reversal of previous impairment of MNOK 188.7, the Subsea/Offshore Wind segment had a reversal of previous impairment of MNOK 36.6, and the Seismic segment had an impairment of MNOK 16.1. *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, versus equity method in the consolidated statement of profit/loss for shares in joint ventures. No changes in other principles. Refer to Note 7. (NOK thousands) Subsea / Offshore Supply Wind Seismic Other Consolidated Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment assets 1 156 186 856 357 687 139 363 751 0 14 686 241 055 230 033 2 084 380 1 464 804 Proportion of assets in JV* 0 0 293 630 279 687 0 0 0 0 293 630 279 687 Unallocated assets (cash) 0 0 0 0 0 0 0 0 498 825 655 653 Assets held for sale 0 0 0 0 0 80 695 0 0 0 80 695 Total consolidated assets 1 156 186 856 357 687 139 363 751 0 95 381 241 055 230 033 2 583 205 2 201 153 Assets incl. share of JV* 1 156 186 856 357 980 769 643 438 0 95 381 241 055 230 033 2 876 834 2 480 839 Segment current liabilities (excl. mortgage debt) -13 742 -14 509 -9 523 -18 357 0 -2 267 -207 790 -182 779 -231 055 -217 911 Proportion of debts from JV* 0 0 -160 725 -141 805 0 0 0 0 -160 725 -141 805 Segment mortgage debt and other long-term liabilities -497 389 -644 941 -301 089 -201 219 0 -291 845 -70 921 57 294 -869 400 -1 080 711 Total liabilities incl. share of JV* -511 131 -659 449 -471 338 -361 380 0 -294 112 -278 712 -125 485 -1 261 180 -1 440 427 Investments in non-current assets (excl. periodic maintenance) 61 517 14 615 332 500 29 235 0 1 416 0 0 394 017 45 266 Gross sales of non-current assets 0 0 0 944 093 118 458 0 0 0 118 458 944 093 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. The sale of Viking Neptun in November 2022 significantly reduced the debt in the Subsea/Offshore Wind segment. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Operating segments Supply Subsea / Offshore Wind Seismic 2023 2022 2023 2022 2023 2022 Customer 1 110 454 89 764 Customer 2 139 540 193 333 Customer 3 103 451 Customer 4 167 286 71 341 Customer 5 207 181 Customer 6 87 596 Customer 7 76 523 Total operating income large customers 383 349 264 674 301 501 296 945 0 0 Secondary segments are not reported. The Supply, Subsea/Offshore Wind and Seismic business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Wind segment operate in various parts of the world, this is mainly a consequence of the customer\u2019s preferred areas of operation, not necessarily a decision on a geographical focus area. Presenting geographical areas for this segment is considered misleading. For the Supply segment, all operations in 2022 and 2023 are in just one geographical area defined as Europe. Secondary segmentations is therefore omitted. Refer to Note 21 for maturity for future lease income.",
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"s10_notes__6__34": {
"value": "2.4 Conversion of foreign currencies a) Functional currency and presentation currency The accounts of the individual entities in the Group are measured in the currency mainly used in the economic area where the entity operates (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional currency and the presentation currency of the parent company. b) Transactions and balance sheet items Transactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__33": {
"value": "2.4 Conversion of foreign currencies a) Functional currency and presentation currency The accounts of the individual entities in the Group are measured in the currency mainly used in the economic area where the entity operates (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional currency and the presentation currency of the parent company. b) Transactions and balance sheet items Transactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__32-1": {
"value": "2.4 Conversion of foreign currencies a) Functional currency and presentation currency The accounts of the individual entities in the Group are measured in the currency mainly used in the economic area where the entity operates (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional currency and the presentation currency of the parent company. b) Transactions and balance sheet items Transactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d. a) Market risk (i) Currency risk (see also Note 23) The Group operates internationally and is exposed to fluctuations in exchange rates for several currencies. Currency risk arises from future transactions, and relates to booked assets and liabilities. To manage the currency risk from future commercial transactions and booked assets and liabilities, the Group uses currency derivatives. The Group is particularly exposed to fluctuations in USD, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with loans and currency forward contracts in the same currency. At December 31, 2023, the Group\u2019s long-term liabilities were divided between 84% NOK and 16% USD, where USD liabilities are related to the vessel Viking Reach. At December 31, 2022 it was 73% NOK and 27% USD. The Group\u2019s exposure to USD on the balance sheet date is shown in table below, and is significantly reduced due to the sale of Viking Neptun in 2022. The table below shows estimated change in net profit before tax in million NOK if the USD rate against NOK had been 50 \u00f8re higher/lower at December 31, 2023. +50 \u00f8re -50 \u00f8re Agio/disagio -5,1 5,1 Profit/loss for the year -5,1 5,1 Translation difference, shares 0,0 0,0 Total comprehensive income -5,1 5,1 (ii) Interest rate risk (see also Note 23) The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of December 31, 2023, the Group did not have any fixed rate loans. The interest rate risk is managed by use of interest derivatives (swaps and caps) within guidelines from the Board. The effect of a change in interest rates is simulated in order to support decisions on fixed rate contracts. The simulation illustrates the cash effect of a change in interest rate based on the size of the loan and the level of current interest rate hedging. An increase of 1 percentage point in the interest rate, all else being equal, would decrease net profit before tax by approximately MNOK 3.2.NOTE 25 - EXCHANGE RATES Average Exchange rate Average Exchange rate exchange rate 31.12.2023 exchange rate 31.12.2022 2023 2022 Euro 11,4206 11,2405 10,1040 10,5138 US dollar 10,5647 10,1724 9,6245 9,8573 Exchange rates from the Norwegian Central Bank\u2019s website. ",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__42-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.NOTE 12 \u2013 TANGIBLE FIXED ASSETS (NOK thousands) 2023: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2023 37 414 3 594 40 598 81 606 4 647 450 354 548 5 001 998 0 5 083 603 Addition 0 0 0 0 341 658 52 303 393 961 0 393 961 Disposal 0 0 -101 -101 -1 186 518 -61 500 -1 248 018 0 -1 248 119 31 December 2023 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Accumulated depreciation and impairments 1 January 2023 19 804 3 494 39 760 63 059 3 567 818 290 704 3 858 522 0 3 921 581 Depreciation in the year 180 0 112 292 103 939 48 969 152 908 0 153 200 Impairment for the year 0 0 0 0 0 0 0 0 0 Reversal of previous impairment for the year 0 0 0 0 -409 062 0 -409 062 0 -409 062 Disposals 0 0 -101 -101 -1 068 067 -61 493 -1 129 560 0 -1 129 661 31 December 2023 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Book value 17 429 100 726 18 255 1 607 963 67 171 1 675 133 0 1 693 388 2022: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2022 37 414 3 594 42 559 83 567 5 890 541 359 633 6 250 174 0 6 333 741 Addition 0 0 372 372 45 266 56 183 101 448 0 101 821 Disposal 0 0 -2 700 -2 700 -1 288 357 -61 268 -1 349 625 0 -1 352 325 31 December 2022 37 414 3 594 40 231 81 239 4 647 450 354 548 5 001 998 0 5 083 236 Accumulated depreciation and impairments 1 January 2022 19 624 3 494 39 926 63 044 4 034 132 285 076 4 319 208 0 4 382 251 Depreciation in the year 180 0 93 273 87 156 49 978 137 134 0 137 407 Impairment for the year 0 0 0 0 16 053 0 16 053 0 16 053 Reversal of previous impairment for the year 0 0 0 0 -225 290 0 -225 290 0 -225 290 Disposals 0 0 -625 -625 -344 232 -44 350 -388 582 0 -389 208 31 December 2022 19 804 3 494 39 393 62 692 3 567 819 290 704 3 858 522 0 3 921 214 Book value 17 610 100 837 18 547 1 079 631 63 844 1 143 474 0 1 162 022 (*) right-of-use assets TNOK 76 541 and depreciation TNOK 7 784 is not included in the table above. Refer to note 21 IFRS 16, Lease. Please refer to Note 20 for information on mortgaged assets. Refer to Note 2, point 2.5, for details of depreciation periods for vessels and lumping together of components. The Group\u2019s four seismic vessels, Viking Vanquish, Veritas Viking, Vantage and Viking Vision, were sold during 2023. The sales generated gains of MNOK 21.6. The Group completed the sale of the subsea/wind vessel Viking Neptun in November 2022, and the sale generated a gain of MNOK 269.7. All four seismic vessels were previous the completed sales classified as held-for-sale. In determining whether the decisions of sale of the vessels were assessed as discontinued operations or asset held for sale, the Group concluded that the seismic operations was not a major line of business. The assessment made was based on the fact that the seismic operation\u2019s representative share of the Group\u2019s total revenue was not viewed as significant (4% for 2022). Consistently discontinued operations was not applicable, and the vessels were classified as asset held for sale in accordance with IFRS 5. Property/port facilities include plots/land valued at MNOK 17.5 (MNOK 17.7) which are not depreciated. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as improved market conditions in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter end during 2023. Based on these tests, Eidesvik recognized reversals of previous impairment of MNOK 409.1 during 2023 (MNOK 209.2 in net reversal in 2022). Of this, MNOK 54.2 was related to one subsea/wind vessel (MNOK 36.6), MNOK 317.1 was related to four PSVs (MNOK 188.6), and MNOK 37.8 was related to two seismic vessels (MNOK -16.0). In addition, the JV vessel Seven Viking had a reversal of previous impairment of MNOK 28.8. The Group monitors the presence of impairment indicators during the periodical financial reporting, and thus may update its assessments of impairments to reflect further changes in the underlying market assumptions. Broker estimates are not used as an approximate sales value on the balance sheet date as there are few observed sales for some of the vessels the Group owns. For the assessment of value in use, expected future cash flows are used, discounted to net present value using a discount rate before taxes reflecting the market-based time value of money, as well as risk specific to the asset. The value in use is calculated using three scenarios, base, high and low case, weighted 60%, 20% and 20%, respectively. The discount rate Is derived from a weighted average cost of capital (WACC) for market players. The average WACC used in the calculations per 31 December 2023, is 10.4% (9.2%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2023 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. In 2023, the subsea/wind segment had a reversal impairment of MNOK 54.2 (recoverable amount MNOK 510.8), and the supply segment had a reversal of MNOK 317.1 (MNOK 1 207.5). In 2022, net reversal of previous impairments of MNOK 209.2 was charged.Sensitivity There is significant uncertainty associated with the assumptions for the value in use calculations. The calculation is based on firm contracts and market prospects which are considered to be good in both segments in the short and medium term. The expected future earnings used in the calculations are implicitly adjusted for utilisation rate adapted to this general market view. Therefore, sensitivity calculations have also been performed for the value in use calculations and the amounts post any reversals of previous impairments, in order to highlight the uncertainty in the calculations. Reasonable possible changes may be increased discounting rate and/or decreased revenue (by changes in utilisation and/or charter rate), and these key assumptions are analysed both separately and in conjunction with each other. Base case is basis for the sensitivity analysis. If the utilisation rate for the consolidated fleet is assumed to be reduced by 5 percentage points on uncontracted revenue, this would indicate impairments of total MNOK 39 related to four PSV\u2019s. If the WACC assumed had increased to 11.0%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total MNOK 56 related to four PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. Eidesvik has already invested in hybrid battery solutions for the majority of its fleet. For further green fuels and technologies to reduce CO2 equivalent emission for the fleet the Group continues to investigate this together with our customers and suppliers. Furthermore, possibilities for public funding are explored. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. At the moment, Emission Trading System (ETS) for offshore vessels from 2027 is only applicable for ships above 5000GT. EU will by end of 2026 decide if ETS will apply for offshore vessels above 400GT. Eidesvik do not currently own any vessels above 5000GT. Any increased cost in relation to ETS will have to be passed on to the end customer. EU has already confirmed that in case the responsibility for the purchase of the fuel and/or the operation of the ship is assumed by an entity other than the shipping company pursuant to a contractual arrangement, the shipping company is entitled to reimbursement from that entity for the costs arising from the surrendering of allowances. For the Group\u2019s long term sustainability goals of 50% reduction in CO2 in 2030, and climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.23 c). ",
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"s10_notes__6__41-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.2.8 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Refer to Note 2.23 and 12 for further information.NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2023 2022 Technical operation of vessels 96 678 89 742 Insurance 11 272 13 774 Communication costs 7 723 6 726 Administrative costs 5 136 11 668 Other operating expenses 120 809 121 910 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit and other office costs. Auditor: (NOK thousands) 2023 2022 Statutory audit 1 839 1 772 Tax advice 0 48 Other audit services 232 316 Other operating expenses 2 070 2 136 The auditor\u2019s fees are presented excluding VAT.NOTE 12 \u2013 TANGIBLE FIXED ASSETS (NOK thousands) 2023: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2023 37 414 3 594 40 598 81 606 4 647 450 354 548 5 001 998 0 5 083 603 Addition 0 0 0 0 341 658 52 303 393 961 0 393 961 Disposal 0 0 -101 -101 -1 186 518 -61 500 -1 248 018 0 -1 248 119 31 December 2023 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Accumulated depreciation and impairments 1 January 2023 19 804 3 494 39 760 63 059 3 567 818 290 704 3 858 522 0 3 921 581 Depreciation in the year 180 0 112 292 103 939 48 969 152 908 0 153 200 Impairment for the year 0 0 0 0 0 0 0 0 0 Reversal of previous impairment for the year 0 0 0 0 -409 062 0 -409 062 0 -409 062 Disposals 0 0 -101 -101 -1 068 067 -61 493 -1 129 560 0 -1 129 661 31 December 2023 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Book value 17 429 100 726 18 255 1 607 963 67 171 1 675 133 0 1 693 388 2022: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2022 37 414 3 594 42 559 83 567 5 890 541 359 633 6 250 174 0 6 333 741 Addition 0 0 372 372 45 266 56 183 101 448 0 101 821 Disposal 0 0 -2 700 -2 700 -1 288 357 -61 268 -1 349 625 0 -1 352 325 31 December 2022 37 414 3 594 40 231 81 239 4 647 450 354 548 5 001 998 0 5 083 236 Accumulated depreciation and impairments 1 January 2022 19 624 3 494 39 926 63 044 4 034 132 285 076 4 319 208 0 4 382 251 Depreciation in the year 180 0 93 273 87 156 49 978 137 134 0 137 407 Impairment for the year 0 0 0 0 16 053 0 16 053 0 16 053 Reversal of previous impairment for the year 0 0 0 0 -225 290 0 -225 290 0 -225 290 Disposals 0 0 -625 -625 -344 232 -44 350 -388 582 0 -389 208 31 December 2022 19 804 3 494 39 393 62 692 3 567 819 290 704 3 858 522 0 3 921 214 Book value 17 610 100 837 18 547 1 079 631 63 844 1 143 474 0 1 162 022 (*) right-of-use assets TNOK 76 541 and depreciation TNOK 7 784 is not included in the table above. Refer to note 21 IFRS 16, Lease. Please refer to Note 20 for information on mortgaged assets. Refer to Note 2, point 2.5, for details of depreciation periods for vessels and lumping together of components. The Group\u2019s four seismic vessels, Viking Vanquish, Veritas Viking, Vantage and Viking Vision, were sold during 2023. The sales generated gains of MNOK 21.6. The Group completed the sale of the subsea/wind vessel Viking Neptun in November 2022, and the sale generated a gain of MNOK 269.7. All four seismic vessels were previous the completed sales classified as held-for-sale. In determining whether the decisions of sale of the vessels were assessed as discontinued operations or asset held for sale, the Group concluded that the seismic operations was not a major line of business. The assessment made was based on the fact that the seismic operation\u2019s representative share of the Group\u2019s total revenue was not viewed as significant (4% for 2022). Consistently discontinued operations was not applicable, and the vessels were classified as asset held for sale in accordance with IFRS 5. Property/port facilities include plots/land valued at MNOK 17.5 (MNOK 17.7) which are not depreciated. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as improved market conditions in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter end during 2023. Based on these tests, Eidesvik recognized reversals of previous impairment of MNOK 409.1 during 2023 (MNOK 209.2 in net reversal in 2022). Of this, MNOK 54.2 was related to one subsea/wind vessel (MNOK 36.6), MNOK 317.1 was related to four PSVs (MNOK 188.6), and MNOK 37.8 was related to two seismic vessels (MNOK -16.0). In addition, the JV vessel Seven Viking had a reversal of previous impairment of MNOK 28.8. The Group monitors the presence of impairment indicators during the periodical financial reporting, and thus may update its assessments of impairments to reflect further changes in the underlying market assumptions. Broker estimates are not used as an approximate sales value on the balance sheet date as there are few observed sales for some of the vessels the Group owns. For the assessment of value in use, expected future cash flows are used, discounted to net present value using a discount rate before taxes reflecting the market-based time value of money, as well as risk specific to the asset. The value in use is calculated using three scenarios, base, high and low case, weighted 60%, 20% and 20%, respectively. The discount rate Is derived from a weighted average cost of capital (WACC) for market players. The average WACC used in the calculations per 31 December 2023, is 10.4% (9.2%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2023 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. In 2023, the subsea/wind segment had a reversal impairment of MNOK 54.2 (recoverable amount MNOK 510.8), and the supply segment had a reversal of MNOK 317.1 (MNOK 1 207.5). In 2022, net reversal of previous impairments of MNOK 209.2 was charged.Sensitivity There is significant uncertainty associated with the assumptions for the value in use calculations. The calculation is based on firm contracts and market prospects which are considered to be good in both segments in the short and medium term. The expected future earnings used in the calculations are implicitly adjusted for utilisation rate adapted to this general market view. Therefore, sensitivity calculations have also been performed for the value in use calculations and the amounts post any reversals of previous impairments, in order to highlight the uncertainty in the calculations. Reasonable possible changes may be increased discounting rate and/or decreased revenue (by changes in utilisation and/or charter rate), and these key assumptions are analysed both separately and in conjunction with each other. Base case is basis for the sensitivity analysis. If the utilisation rate for the consolidated fleet is assumed to be reduced by 5 percentage points on uncontracted revenue, this would indicate impairments of total MNOK 39 related to four PSV\u2019s. If the WACC assumed had increased to 11.0%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total MNOK 56 related to four PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. Eidesvik has already invested in hybrid battery solutions for the majority of its fleet. For further green fuels and technologies to reduce CO2 equivalent emission for the fleet the Group continues to investigate this together with our customers and suppliers. Furthermore, possibilities for public funding are explored. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. At the moment, Emission Trading System (ETS) for offshore vessels from 2027 is only applicable for ships above 5000GT. EU will by end of 2026 decide if ETS will apply for offshore vessels above 400GT. Eidesvik do not currently own any vessels above 5000GT. Any increased cost in relation to ETS will have to be passed on to the end customer. EU has already confirmed that in case the responsibility for the purchase of the fuel and/or the operation of the ship is assumed by an entity other than the shipping company pursuant to a contractual arrangement, the shipping company is entitled to reimbursement from that entity for the costs arising from the surrendering of allowances. For the Group\u2019s long term sustainability goals of 50% reduction in CO2 in 2030, and climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.23 c). NOTE 21 - LEASES (NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1 January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1 January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 784 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 280 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 032 76 541 Lower of remaining lease term or economic life 9 years 6-38 months 6.5 years Right-of-use assets Buildings Vehicles Total Acquisition cost 1 January 2022 64 048 386 64 434 Addition of right-of-use assets 10 010 626 10 636 Disposals 0 -86 -86 Acquisition cost 31 December 2022 74 058 926 74 984 Accumulated depreciation and impairment Accumulated depreciation 1 January 2022 13 547 386 13 933 Depreciation 2022 5 411 152 5 563 Accumulated depreciation and impairment 31 December 2022 18 958 538 19 496 Carrying amount of right-of-use assets 31 December 2022 55 101 388 55 489 10 18-50 Lower of remaining lease term or economic life years months Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 7 822 122 4 432 12 375 1-2 years 7 822 74 4 432 12 328 2-3 years 7 822 74 4 432 12 328 3-4 years 7 822 12 4 432 12 266 4-5 years 7 822 0 4 292 12 113 More than 5 years 28 083 0 6 374 34 457 Total undiscounted lease liabilities at December 31, 2023 67 191 282 28 395 95 868 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2023 57 793 397 0 58 190 New lease liabilities recognised in the year 2 203 0 23 405 25 608 Payments -7 822 -153 -1 790 -9 765 Interest expense on lease liabilities 2 872 16 650 3 538 Total lease liabilities at 31 December 2023 55 046 260 22 265 77 572 Current lease liabilities 5 058 140 2 803 8 000 Non-current lease liabilities 49 987 121 19 463 69 571 Total cash flow for leases 9 765 The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2024, below. Contract expiry, Contract expiry, charterer's Vessels, consolidated Contract type Customer fixed option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Wintershall October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2025 April, 2030 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Wintershall January, 2025 January, 2026 Viking Wind Power Time charter Siemens January, 2027 June, 2027 Gamesa Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March. 2032 Contract expiry, Contract expiry, charterer's Vesssel in joint venture Contract type Customer fixed option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 22 April 2024, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 717 000 1 to 5 years 1 231 000 After 5 years 27 000 Future minimum lease 1 975 000 The Group has operating lease contract on its vessels representing income. The leases have terms of between 12 and 62 months. As payments from the lessee to the Group is determined based on the fixed day rate agreed in the contract, no portion of the payments varies other than the passage of time.",
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"s10_notes__6__40-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.8 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Refer to Note 2.23 and 12 for further information.",
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"s10_notes__6__39-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__38": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__37-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.NOTE 12 \u2013 TANGIBLE FIXED ASSETS (NOK thousands) 2023: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2023 37 414 3 594 40 598 81 606 4 647 450 354 548 5 001 998 0 5 083 603 Addition 0 0 0 0 341 658 52 303 393 961 0 393 961 Disposal 0 0 -101 -101 -1 186 518 -61 500 -1 248 018 0 -1 248 119 31 December 2023 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Accumulated depreciation and impairments 1 January 2023 19 804 3 494 39 760 63 059 3 567 818 290 704 3 858 522 0 3 921 581 Depreciation in the year 180 0 112 292 103 939 48 969 152 908 0 153 200 Impairment for the year 0 0 0 0 0 0 0 0 0 Reversal of previous impairment for the year 0 0 0 0 -409 062 0 -409 062 0 -409 062 Disposals 0 0 -101 -101 -1 068 067 -61 493 -1 129 560 0 -1 129 661 31 December 2023 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Book value 17 429 100 726 18 255 1 607 963 67 171 1 675 133 0 1 693 388 2022: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2022 37 414 3 594 42 559 83 567 5 890 541 359 633 6 250 174 0 6 333 741 Addition 0 0 372 372 45 266 56 183 101 448 0 101 821 Disposal 0 0 -2 700 -2 700 -1 288 357 -61 268 -1 349 625 0 -1 352 325 31 December 2022 37 414 3 594 40 231 81 239 4 647 450 354 548 5 001 998 0 5 083 236 Accumulated depreciation and impairments 1 January 2022 19 624 3 494 39 926 63 044 4 034 132 285 076 4 319 208 0 4 382 251 Depreciation in the year 180 0 93 273 87 156 49 978 137 134 0 137 407 Impairment for the year 0 0 0 0 16 053 0 16 053 0 16 053 Reversal of previous impairment for the year 0 0 0 0 -225 290 0 -225 290 0 -225 290 Disposals 0 0 -625 -625 -344 232 -44 350 -388 582 0 -389 208 31 December 2022 19 804 3 494 39 393 62 692 3 567 819 290 704 3 858 522 0 3 921 214 Book value 17 610 100 837 18 547 1 079 631 63 844 1 143 474 0 1 162 022 (*) right-of-use assets TNOK 76 541 and depreciation TNOK 7 784 is not included in the table above. Refer to note 21 IFRS 16, Lease. Please refer to Note 20 for information on mortgaged assets. Refer to Note 2, point 2.5, for details of depreciation periods for vessels and lumping together of components. The Group\u2019s four seismic vessels, Viking Vanquish, Veritas Viking, Vantage and Viking Vision, were sold during 2023. The sales generated gains of MNOK 21.6. The Group completed the sale of the subsea/wind vessel Viking Neptun in November 2022, and the sale generated a gain of MNOK 269.7. All four seismic vessels were previous the completed sales classified as held-for-sale. In determining whether the decisions of sale of the vessels were assessed as discontinued operations or asset held for sale, the Group concluded that the seismic operations was not a major line of business. The assessment made was based on the fact that the seismic operation\u2019s representative share of the Group\u2019s total revenue was not viewed as significant (4% for 2022). Consistently discontinued operations was not applicable, and the vessels were classified as asset held for sale in accordance with IFRS 5. Property/port facilities include plots/land valued at MNOK 17.5 (MNOK 17.7) which are not depreciated. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as improved market conditions in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter end during 2023. Based on these tests, Eidesvik recognized reversals of previous impairment of MNOK 409.1 during 2023 (MNOK 209.2 in net reversal in 2022). Of this, MNOK 54.2 was related to one subsea/wind vessel (MNOK 36.6), MNOK 317.1 was related to four PSVs (MNOK 188.6), and MNOK 37.8 was related to two seismic vessels (MNOK -16.0). In addition, the JV vessel Seven Viking had a reversal of previous impairment of MNOK 28.8. The Group monitors the presence of impairment indicators during the periodical financial reporting, and thus may update its assessments of impairments to reflect further changes in the underlying market assumptions. Broker estimates are not used as an approximate sales value on the balance sheet date as there are few observed sales for some of the vessels the Group owns. For the assessment of value in use, expected future cash flows are used, discounted to net present value using a discount rate before taxes reflecting the market-based time value of money, as well as risk specific to the asset. The value in use is calculated using three scenarios, base, high and low case, weighted 60%, 20% and 20%, respectively. The discount rate Is derived from a weighted average cost of capital (WACC) for market players. The average WACC used in the calculations per 31 December 2023, is 10.4% (9.2%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2023 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. In 2023, the subsea/wind segment had a reversal impairment of MNOK 54.2 (recoverable amount MNOK 510.8), and the supply segment had a reversal of MNOK 317.1 (MNOK 1 207.5). In 2022, net reversal of previous impairments of MNOK 209.2 was charged.Sensitivity There is significant uncertainty associated with the assumptions for the value in use calculations. The calculation is based on firm contracts and market prospects which are considered to be good in both segments in the short and medium term. The expected future earnings used in the calculations are implicitly adjusted for utilisation rate adapted to this general market view. Therefore, sensitivity calculations have also been performed for the value in use calculations and the amounts post any reversals of previous impairments, in order to highlight the uncertainty in the calculations. Reasonable possible changes may be increased discounting rate and/or decreased revenue (by changes in utilisation and/or charter rate), and these key assumptions are analysed both separately and in conjunction with each other. Base case is basis for the sensitivity analysis. If the utilisation rate for the consolidated fleet is assumed to be reduced by 5 percentage points on uncontracted revenue, this would indicate impairments of total MNOK 39 related to four PSV\u2019s. If the WACC assumed had increased to 11.0%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total MNOK 56 related to four PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. Eidesvik has already invested in hybrid battery solutions for the majority of its fleet. For further green fuels and technologies to reduce CO2 equivalent emission for the fleet the Group continues to investigate this together with our customers and suppliers. Furthermore, possibilities for public funding are explored. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. At the moment, Emission Trading System (ETS) for offshore vessels from 2027 is only applicable for ships above 5000GT. EU will by end of 2026 decide if ETS will apply for offshore vessels above 400GT. Eidesvik do not currently own any vessels above 5000GT. Any increased cost in relation to ETS will have to be passed on to the end customer. EU has already confirmed that in case the responsibility for the purchase of the fuel and/or the operation of the ship is assumed by an entity other than the shipping company pursuant to a contractual arrangement, the shipping company is entitled to reimbursement from that entity for the costs arising from the surrendering of allowances. For the Group\u2019s long term sustainability goals of 50% reduction in CO2 in 2030, and climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.23 c). NOTE 21 - LEASES (NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1 January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1 January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 784 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 280 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 032 76 541 Lower of remaining lease term or economic life 9 years 6-38 months 6.5 years Right-of-use assets Buildings Vehicles Total Acquisition cost 1 January 2022 64 048 386 64 434 Addition of right-of-use assets 10 010 626 10 636 Disposals 0 -86 -86 Acquisition cost 31 December 2022 74 058 926 74 984 Accumulated depreciation and impairment Accumulated depreciation 1 January 2022 13 547 386 13 933 Depreciation 2022 5 411 152 5 563 Accumulated depreciation and impairment 31 December 2022 18 958 538 19 496 Carrying amount of right-of-use assets 31 December 2022 55 101 388 55 489 10 18-50 Lower of remaining lease term or economic life years months Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 7 822 122 4 432 12 375 1-2 years 7 822 74 4 432 12 328 2-3 years 7 822 74 4 432 12 328 3-4 years 7 822 12 4 432 12 266 4-5 years 7 822 0 4 292 12 113 More than 5 years 28 083 0 6 374 34 457 Total undiscounted lease liabilities at December 31, 2023 67 191 282 28 395 95 868 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2023 57 793 397 0 58 190 New lease liabilities recognised in the year 2 203 0 23 405 25 608 Payments -7 822 -153 -1 790 -9 765 Interest expense on lease liabilities 2 872 16 650 3 538 Total lease liabilities at 31 December 2023 55 046 260 22 265 77 572 Current lease liabilities 5 058 140 2 803 8 000 Non-current lease liabilities 49 987 121 19 463 69 571 Total cash flow for leases 9 765 The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2024, below. Contract expiry, Contract expiry, charterer's Vessels, consolidated Contract type Customer fixed option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Wintershall October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2025 April, 2030 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Wintershall January, 2025 January, 2026 Viking Wind Power Time charter Siemens January, 2027 June, 2027 Gamesa Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March. 2032 Contract expiry, Contract expiry, charterer's Vesssel in joint venture Contract type Customer fixed option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 22 April 2024, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 717 000 1 to 5 years 1 231 000 After 5 years 27 000 Future minimum lease 1 975 000 The Group has operating lease contract on its vessels representing income. The leases have terms of between 12 and 62 months. As payments from the lessee to the Group is determined based on the fixed day rate agreed in the contract, no portion of the payments varies other than the passage of time.",
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"s10_notes__6__36-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.2.8 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Refer to Note 2.23 and 12 for further information.",
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"s10_notes__6__35-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30 years Property/fixtures 5-20 years Equipment 3-5 years Periodic maintenance 30-60 months Port facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.2.8 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Refer to Note 2.23 and 12 for further information.NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2023 2022 Technical operation of vessels 96 678 89 742 Insurance 11 272 13 774 Communication costs 7 723 6 726 Administrative costs 5 136 11 668 Other operating expenses 120 809 121 910 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit and other office costs. Auditor: (NOK thousands) 2023 2022 Statutory audit 1 839 1 772 Tax advice 0 48 Other audit services 232 316 Other operating expenses 2 070 2 136 The auditor\u2019s fees are presented excluding VAT.NOTE 11 \u2013 PAYROLL EXPENSES AND NUMBER OF EMPLOYEES (NOK thousands) 2023 2022 Payroll after net pay refund 198 630 181 989 Social security costs 55 001 49 494 Defined benefit pension (see Note 18) 279 275 Contribution pension 11 278 12 402 Hired personnel 23 707 29 273 Other personnel costs 29 088 28 992 Total personnel costs 317 983 302 425 Salaries and payroll tax are shown after deduction for the reimbursement scheme for seafarers. The average number of full-time equivalents was: 406 372 Number of employees at end of year: 416 389 In 2023, NOK 39,814 thousand (NOK 41,581 thousand in 2022) was received in connection with the reimbursement scheme for Norwegian seafarers. In 2023, NOK 2,935 thousand (NOK 3,013 thousand in 2022) was received from Stiftelsen Norsk Maritim Kompetanse. All received refunds are presented as a reduction of payroll expenses.NOTE 12 \u2013 TANGIBLE FIXED ASSETS (NOK thousands) 2023: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2023 37 414 3 594 40 598 81 606 4 647 450 354 548 5 001 998 0 5 083 603 Addition 0 0 0 0 341 658 52 303 393 961 0 393 961 Disposal 0 0 -101 -101 -1 186 518 -61 500 -1 248 018 0 -1 248 119 31 December 2023 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Accumulated depreciation and impairments 1 January 2023 19 804 3 494 39 760 63 059 3 567 818 290 704 3 858 522 0 3 921 581 Depreciation in the year 180 0 112 292 103 939 48 969 152 908 0 153 200 Impairment for the year 0 0 0 0 0 0 0 0 0 Reversal of previous impairment for the year 0 0 0 0 -409 062 0 -409 062 0 -409 062 Disposals 0 0 -101 -101 -1 068 067 -61 493 -1 129 560 0 -1 129 661 31 December 2023 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Book value 17 429 100 726 18 255 1 607 963 67 171 1 675 133 0 1 693 388 2022: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2022 37 414 3 594 42 559 83 567 5 890 541 359 633 6 250 174 0 6 333 741 Addition 0 0 372 372 45 266 56 183 101 448 0 101 821 Disposal 0 0 -2 700 -2 700 -1 288 357 -61 268 -1 349 625 0 -1 352 325 31 December 2022 37 414 3 594 40 231 81 239 4 647 450 354 548 5 001 998 0 5 083 236 Accumulated depreciation and impairments 1 January 2022 19 624 3 494 39 926 63 044 4 034 132 285 076 4 319 208 0 4 382 251 Depreciation in the year 180 0 93 273 87 156 49 978 137 134 0 137 407 Impairment for the year 0 0 0 0 16 053 0 16 053 0 16 053 Reversal of previous impairment for the year 0 0 0 0 -225 290 0 -225 290 0 -225 290 Disposals 0 0 -625 -625 -344 232 -44 350 -388 582 0 -389 208 31 December 2022 19 804 3 494 39 393 62 692 3 567 819 290 704 3 858 522 0 3 921 214 Book value 17 610 100 837 18 547 1 079 631 63 844 1 143 474 0 1 162 022 (*) right-of-use assets TNOK 76 541 and depreciation TNOK 7 784 is not included in the table above. Refer to note 21 IFRS 16, Lease. Please refer to Note 20 for information on mortgaged assets. Refer to Note 2, point 2.5, for details of depreciation periods for vessels and lumping together of components. The Group\u2019s four seismic vessels, Viking Vanquish, Veritas Viking, Vantage and Viking Vision, were sold during 2023. The sales generated gains of MNOK 21.6. The Group completed the sale of the subsea/wind vessel Viking Neptun in November 2022, and the sale generated a gain of MNOK 269.7. All four seismic vessels were previous the completed sales classified as held-for-sale. In determining whether the decisions of sale of the vessels were assessed as discontinued operations or asset held for sale, the Group concluded that the seismic operations was not a major line of business. The assessment made was based on the fact that the seismic operation\u2019s representative share of the Group\u2019s total revenue was not viewed as significant (4% for 2022). Consistently discontinued operations was not applicable, and the vessels were classified as asset held for sale in accordance with IFRS 5. Property/port facilities include plots/land valued at MNOK 17.5 (MNOK 17.7) which are not depreciated. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as improved market conditions in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter end during 2023. Based on these tests, Eidesvik recognized reversals of previous impairment of MNOK 409.1 during 2023 (MNOK 209.2 in net reversal in 2022). Of this, MNOK 54.2 was related to one subsea/wind vessel (MNOK 36.6), MNOK 317.1 was related to four PSVs (MNOK 188.6), and MNOK 37.8 was related to two seismic vessels (MNOK -16.0). In addition, the JV vessel Seven Viking had a reversal of previous impairment of MNOK 28.8. The Group monitors the presence of impairment indicators during the periodical financial reporting, and thus may update its assessments of impairments to reflect further changes in the underlying market assumptions. Broker estimates are not used as an approximate sales value on the balance sheet date as there are few observed sales for some of the vessels the Group owns. For the assessment of value in use, expected future cash flows are used, discounted to net present value using a discount rate before taxes reflecting the market-based time value of money, as well as risk specific to the asset. The value in use is calculated using three scenarios, base, high and low case, weighted 60%, 20% and 20%, respectively. The discount rate Is derived from a weighted average cost of capital (WACC) for market players. The average WACC used in the calculations per 31 December 2023, is 10.4% (9.2%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2023 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. In 2023, the subsea/wind segment had a reversal impairment of MNOK 54.2 (recoverable amount MNOK 510.8), and the supply segment had a reversal of MNOK 317.1 (MNOK 1 207.5). In 2022, net reversal of previous impairments of MNOK 209.2 was charged.Sensitivity There is significant uncertainty associated with the assumptions for the value in use calculations. The calculation is based on firm contracts and market prospects which are considered to be good in both segments in the short and medium term. The expected future earnings used in the calculations are implicitly adjusted for utilisation rate adapted to this general market view. Therefore, sensitivity calculations have also been performed for the value in use calculations and the amounts post any reversals of previous impairments, in order to highlight the uncertainty in the calculations. Reasonable possible changes may be increased discounting rate and/or decreased revenue (by changes in utilisation and/or charter rate), and these key assumptions are analysed both separately and in conjunction with each other. Base case is basis for the sensitivity analysis. If the utilisation rate for the consolidated fleet is assumed to be reduced by 5 percentage points on uncontracted revenue, this would indicate impairments of total MNOK 39 related to four PSV\u2019s. If the WACC assumed had increased to 11.0%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total MNOK 56 related to four PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. Eidesvik has already invested in hybrid battery solutions for the majority of its fleet. For further green fuels and technologies to reduce CO2 equivalent emission for the fleet the Group continues to investigate this together with our customers and suppliers. Furthermore, possibilities for public funding are explored. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. At the moment, Emission Trading System (ETS) for offshore vessels from 2027 is only applicable for ships above 5000GT. EU will by end of 2026 decide if ETS will apply for offshore vessels above 400GT. Eidesvik do not currently own any vessels above 5000GT. Any increased cost in relation to ETS will have to be passed on to the end customer. EU has already confirmed that in case the responsibility for the purchase of the fuel and/or the operation of the ship is assumed by an entity other than the shipping company pursuant to a contractual arrangement, the shipping company is entitled to reimbursement from that entity for the costs arising from the surrendering of allowances. For the Group\u2019s long term sustainability goals of 50% reduction in CO2 in 2030, and climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.23 c). NOTE 21 - LEASES (NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1 January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1 January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 784 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 280 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 032 76 541 Lower of remaining lease term or economic life 9 years 6-38 months 6.5 years Right-of-use assets Buildings Vehicles Total Acquisition cost 1 January 2022 64 048 386 64 434 Addition of right-of-use assets 10 010 626 10 636 Disposals 0 -86 -86 Acquisition cost 31 December 2022 74 058 926 74 984 Accumulated depreciation and impairment Accumulated depreciation 1 January 2022 13 547 386 13 933 Depreciation 2022 5 411 152 5 563 Accumulated depreciation and impairment 31 December 2022 18 958 538 19 496 Carrying amount of right-of-use assets 31 December 2022 55 101 388 55 489 10 18-50 Lower of remaining lease term or economic life years months Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 7 822 122 4 432 12 375 1-2 years 7 822 74 4 432 12 328 2-3 years 7 822 74 4 432 12 328 3-4 years 7 822 12 4 432 12 266 4-5 years 7 822 0 4 292 12 113 More than 5 years 28 083 0 6 374 34 457 Total undiscounted lease liabilities at December 31, 2023 67 191 282 28 395 95 868 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2023 57 793 397 0 58 190 New lease liabilities recognised in the year 2 203 0 23 405 25 608 Payments -7 822 -153 -1 790 -9 765 Interest expense on lease liabilities 2 872 16 650 3 538 Total lease liabilities at 31 December 2023 55 046 260 22 265 77 572 Current lease liabilities 5 058 140 2 803 8 000 Non-current lease liabilities 49 987 121 19 463 69 571 Total cash flow for leases 9 765 The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2024, below. Contract expiry, Contract expiry, charterer's Vessels, consolidated Contract type Customer fixed option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Wintershall October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2025 April, 2030 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Wintershall January, 2025 January, 2026 Viking Wind Power Time charter Siemens January, 2027 June, 2027 Gamesa Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March. 2032 Contract expiry, Contract expiry, charterer's Vesssel in joint venture Contract type Customer fixed option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 22 April 2024, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 717 000 1 to 5 years 1 231 000 After 5 years 27 000 Future minimum lease 1 975 000 The Group has operating lease contract on its vessels representing income. The leases have terms of between 12 and 62 months. As payments from the lessee to the Group is determined based on the fixed day rate agreed in the contract, no portion of the payments varies other than the passage of time.",
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"s10_notes__6__43": {
"value": "At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__50": {
"value": "2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__46-1": {
"value": "2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognized right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the assets. The remaining depreciation periods are as follows: Buildings 4-9 years Vehicles 6-38 months Equipment ~7 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.NOTE 21 - LEASES (NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1 January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1 January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 784 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 280 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 032 76 541 Lower of remaining lease term or economic life 9 years 6-38 months 6.5 years Right-of-use assets Buildings Vehicles Total Acquisition cost 1 January 2022 64 048 386 64 434 Addition of right-of-use assets 10 010 626 10 636 Disposals 0 -86 -86 Acquisition cost 31 December 2022 74 058 926 74 984 Accumulated depreciation and impairment Accumulated depreciation 1 January 2022 13 547 386 13 933 Depreciation 2022 5 411 152 5 563 Accumulated depreciation and impairment 31 December 2022 18 958 538 19 496 Carrying amount of right-of-use assets 31 December 2022 55 101 388 55 489 10 18-50 Lower of remaining lease term or economic life years months Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 7 822 122 4 432 12 375 1-2 years 7 822 74 4 432 12 328 2-3 years 7 822 74 4 432 12 328 3-4 years 7 822 12 4 432 12 266 4-5 years 7 822 0 4 292 12 113 More than 5 years 28 083 0 6 374 34 457 Total undiscounted lease liabilities at December 31, 2023 67 191 282 28 395 95 868 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2023 57 793 397 0 58 190 New lease liabilities recognised in the year 2 203 0 23 405 25 608 Payments -7 822 -153 -1 790 -9 765 Interest expense on lease liabilities 2 872 16 650 3 538 Total lease liabilities at 31 December 2023 55 046 260 22 265 77 572 Current lease liabilities 5 058 140 2 803 8 000 Non-current lease liabilities 49 987 121 19 463 69 571 Total cash flow for leases 9 765 The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2024, below. Contract expiry, Contract expiry, charterer's Vessels, consolidated Contract type Customer fixed option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Wintershall October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2025 April, 2030 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Wintershall January, 2025 January, 2026 Viking Wind Power Time charter Siemens January, 2027 June, 2027 Gamesa Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March. 2032 Contract expiry, Contract expiry, charterer's Vesssel in joint venture Contract type Customer fixed option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 22 April 2024, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 717 000 1 to 5 years 1 231 000 After 5 years 27 000 Future minimum lease 1 975 000 The Group has operating lease contract on its vessels representing income. The leases have terms of between 12 and 62 months. As payments from the lessee to the Group is determined based on the fixed day rate agreed in the contract, no portion of the payments varies other than the passage of time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__52": {
"value": "2.7 Assets held for sale Non-current assets held for sale consist of vessels that have been decided to be disposed of, by sale or otherwise. Non-current assets classified as held for sale are measured at the lower of their previous carrying amount and their fair value less costs of disposal. Any excess of the carrying amount over the fair value less cost of disposal is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__56": {
"value": "2.8 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. Refer to Note 2.23 and 12 for further information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__60-1": {
"value": "2.9 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line. 2.16 Revenue recognition principles Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and discounts. Revenue is recognised as follows: Time charters The Group\u2019s vessels are being contracted on time charters (TC). This means that the charter is agreed as a lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The time charter lapses in periods when the vessel is not operational (is \u201coff hire\u201d). In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra crew, sale of provisions and coverage of other operating expenses. When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the vessel is returned. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental revenue arising 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. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__59-1": {
"value": "2.9 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line. NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2023 2022 Sale of ancillary equipment 37 314 0 Reversal of previous write-downs related to receivables 14 012 14 102 from JVs Other income 51 326 14 102 Other income of MNOK 14.0 (14.1) is related to the reversal of previous impairments on repayments received against the claim against Oceanic Seismic Vessels AS, see Note 13. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__58-1": {
"value": "2.9 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line. 2.17 Government grants Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction (under \u201cpayroll expenses\u201d).NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2023 2022 Sale of ancillary equipment 37 314 0 Reversal of previous write-downs related to receivables 14 012 14 102 from JVs Other income 51 326 14 102 Other income of MNOK 14.0 (14.1) is related to the reversal of previous impairments on repayments received against the claim against Oceanic Seismic Vessels AS, see Note 13. NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2023 2022 Technical operation of vessels 96 678 89 742 Insurance 11 272 13 774 Communication costs 7 723 6 726 Administrative costs 5 136 11 668 Other operating expenses 120 809 121 910 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit and other office costs. Auditor: (NOK thousands) 2023 2022 Statutory audit 1 839 1 772 Tax advice 0 48 Other audit services 232 316 Other operating expenses 2 070 2 136 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__65": {
"value": "2.10 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 22 for an overview of the Group\u2019s derivatives at 31.12.2023.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__64-1": {
"value": "2.10 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 22 for an overview of the Group\u2019s derivatives at 31.12.2023.NOTE 22 - FINANCIAL INSTRUMENTS (NOK thousands) Capitalised financial assets and liabilities Capitalised value equals fair value, except for loans. For details of fair value loans, see the section on \u201cInterest\u201d below. The Group does not practise hedge accounting, financial derivatives held for financial hedging which are recorded at fair value. 31.12.2023 31.12.2022 Assets Market-based shares for trading 9 9 Currency derivatives 1 637 0 Interest derivatives 15 758 62 180 Accounts receivable (Note 14) 227 545 141 759 Cash and cash equivalents (Note 16) 498 825 655 653 Other long term receivables, OSEV 20 912 39 769 Total 764 686 899 370 Liabilities Loans (Note 20) 805 506 1 139 476 Total 805 506 1 139 476 Currency The Group has entered into currency derivative contracts as part of the management of the Group\u2019s currency exposure. At December 31, 2023 Currency sold Amount Maturity Exchange rate Fair value (MTM) (average) Currency derivatives Currency futures for the sale of current cash flow EUR 3 000 2024 11,7718 1 637 1 637 3 000 The Group had no currency derivatives per 31 December 2022. All currency futures are recorded at fair value. Interest The Group has the following fixed rate agreements: At December 31, 2023 Fair value Annual downscaling (incl. accrued before maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Cap NOK 1,00 % 01.07.2025 150 000 8 008 None Cap NOK 1,00 % 15.07.2025 150 000 7 750 None Unhedged 505 506 Total liabilities, hedged and unhedged 805 506 15 758 At December 31, 2022 Fair value Annual downscaling (incl. accrued before maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Fixed rate loan NOK 3,36 % 27.03.2024 132 329 Variable Fixed rate loan NOK 3,41 % 13.09.2024 148 146 Variable Cap NOK 1,00 % 01.07.2025 150 000 8 993 None Cap NOK 1,00 % 15.07.2025 150 000 9 092 None Cap USD 1,00 % 01.07.2025 246 433 22 154 None Cap USD 1,00 % 15.07.2025 246 433 21 942 None Unhedged 66 135 Total liabilities, hedged and unhedged 1 139 476 62 180 The Group has in Q1 2023 unwinded the two caps in USD. At 31 December 2023, 37%% (94%) of the Group\u2019s loans were at fixed interest or swap/cap. The Group did not have any fixed-rate loans at 31 December 2023. See Note 20 for information on long-term loans. Other information No financial assets have been reclassified such that the valuation method has been changed from amortised cost to fair value, or vice versa. For assessment of fair value (MTM), see Note 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__63": {
"value": "2.10 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 22 for an overview of the Group\u2019s derivatives at 31.12.2023.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__62": {
"value": "2.10 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 22 for an overview of the Group\u2019s derivatives at 31.12.2023.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__61": {
"value": "2.10 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 22 for an overview of the Group\u2019s derivatives at 31.12.2023.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__68": {
"value": "2.11 Accounts receivable Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For subsequent measurements, accounts receivable is assessed at amortised cost determined by using the effective interest method, less provision for expected loss. The Group has chosen to apply the practical simplification approach to calculate losses on accounts receivable. The group has established a provision model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The group has historical had minor losses on trade receivables. See Notes 3 and 14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__67-1": {
"value": "2.11 Accounts receivable Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For subsequent measurements, accounts receivable is assessed at amortised cost determined by using the effective interest method, less provision for expected loss. The Group has chosen to apply the practical simplification approach to calculate losses on accounts receivable. The group has established a provision model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The group has historical had minor losses on trade receivables. See Notes 3 and 14.NOTE 14 \u2013 ACCOUNTS RECEIVABLE (NOK thousands) 31.12.2023 31.12.2022 Accounts receivable 181 533 124 211 Accounts receivable related parties/joint ventures 46 012 16 019 Provision for losses 0 1 529 Total accounts receivable 227 545 141 759 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: (NOK thousands) 31.12.2023 31.12.2022 0-3 months 49 971 10 242 3-6 months 0 328 6 months < 0 3 287 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2023 31.12.2022 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 47 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 46 318 16 447 USD 0 15 710 NOK 181 226 109 601 Total accounts receivable 227 545 141 759 Net change in provisions for impairment of accounts receivable: 31.12.2023 31.12.2022 At January 1 1 529 6 845 Provision for impairment of receivables 0 -6 845 Accounts receivable recorded as loss during the year -1 529 -1 529 At December 31 0 1 529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__66-1": {
"value": "2.11 Accounts receivable Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For subsequent measurements, accounts receivable is assessed at amortised cost determined by using the effective interest method, less provision for expected loss. The Group has chosen to apply the practical simplification approach to calculate losses on accounts receivable. The group has established a provision model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The group has historical had minor losses on trade receivables. See Notes 3 and 14.(b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2023 2022 Group 1 210 924 138 779 Group 2 16 547 357 Group 3 73 2 623 Total 227 545 141 759 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness The Group has significant long-term receivables from a company in the Global Seismic Shipping AS group that was sold in January 2020. These receivables are posted in the accounts at a significantly lower value due to provisions for counterparty risk from the company\u2019s charterer. The recorded value of the receivables was measured for revenue recognition in 2017 at less than the nominal value. This was in accordance with observable sales of securities issued by the same counterparty. The credit risk on the receivables is considered to be lower, and indications of changes in the valuation of these are assessed continuously. The impairment of the long-term receivables has been reversed to reflect the repayments received. See Notes 5 and 13 for further information. Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. NOTE 14 \u2013 ACCOUNTS RECEIVABLE (NOK thousands) 31.12.2023 31.12.2022 Accounts receivable 181 533 124 211 Accounts receivable related parties/joint ventures 46 012 16 019 Provision for losses 0 1 529 Total accounts receivable 227 545 141 759 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: (NOK thousands) 31.12.2023 31.12.2022 0-3 months 49 971 10 242 3-6 months 0 328 6 months < 0 3 287 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2023 31.12.2022 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 47 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 46 318 16 447 USD 0 15 710 NOK 181 226 109 601 Total accounts receivable 227 545 141 759 Net change in provisions for impairment of accounts receivable: 31.12.2023 31.12.2022 At January 1 1 529 6 845 Provision for impairment of receivables 0 -6 845 Accounts receivable recorded as loss during the year -1 529 -1 529 At December 31 0 1 529",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__70": {
"value": "2.12 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__69-1": {
"value": "2.12 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity. NOTE 16 - CASH AND CASH EQUIVALENTS Of total cash and cash equivalents at 31 December 2023, of MNOK 498.8 (MNOK 655.7 at 31 December 2022), were MNOK 9.3 (7.2) restricted tax funds and MNOK 82.7 (62.7) funding restricted for use towards Eidesvik\u2019s joint development projects with multiple partners for the development of green ammonia as a fuel source.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__73": {
"value": "2.13 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__72-1": {
"value": "2.13 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects.NOTE 17 - SHARE CAPITAL AND PREMIUM Changes in paid share capital: Number of shares Share capital 2023 2022 2023 2022 Ordinary shares Opening balance 62 150 62 150 3 108 3 108 Share issue 10 833 0 542 0 At December 31 72 983 62 150 3 649 3 108 Nominal value per share in Eidesvik Offshore ASA is NOK 0.05 (5 \u00f8re). The 20 largest shareholders in Eidesvik Offshore ASA as at December 31, 2023: Number Ownership Shareholder Country of shares share EIDESVIK INVEST AS NORWAY 43 684 833 59,86 % JAKOB HATTELAND HOLDING AS NORWAY 3 459 341 4,74 % HELG\u00d8 FORVALTNING NORWAY 1 698 886 2,33 % NORWAY VINGTOR INVEST AS 1 684 719 2,31 % STANGELAND HOLDING AS NORWAY 1 300 000 1,78 % BERGTOR INVESTERING AS NORWAY 1 256 401 1,72 % CAIANO INVEST AS NORWAY 1 224 176 1,68 % DUNVOLD INVEST AS NORWAY 1 105 500 1,51 % SKANDINAVISKA ENSKILDA BANKEN AB SWEDEN 708 035 0,97 % HELG\u00d8 INVEST AS NORWAY 612 500 0,84 % SILBERG, JOHNNY NORWAY 600 000 0,82 % M EIDESVIK OG S\u00d8NNER AS NORWAY 582 265 0,80 % HELLAND AS NORWAY 557 309 0,76 % MYKLEBUST, EINAR NORWAY 431 339 0,59 % OLAVS HOLDING AS NORWAY 400 000 0,55 % NORDNET LIVSFORSIKRING AS NORWAY 354 224 0,49 % L\u00d8VLID, ARNE NORWAY 273 392 0,37 % LGJ INVEST AS NORWAY 250 000 0,34 % SMEDASUNDET AS NORWAY 248 787 0,34 % HANNESTAD, KARL CHRISTIAN NORWAY 230 950 0,32 % Others 12 320 676 16,88 % Total 72 983 333 100,00 % The Company had 2,477 shareholders as at 31 December 2023, and a foreign owner share of 3.14%. See also Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__71-1": {
"value": "2.13 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects.NOTE 17 - SHARE CAPITAL AND PREMIUM Changes in paid share capital: Number of shares Share capital 2023 2022 2023 2022 Ordinary shares Opening balance 62 150 62 150 3 108 3 108 Share issue 10 833 0 542 0 At December 31 72 983 62 150 3 649 3 108 Nominal value per share in Eidesvik Offshore ASA is NOK 0.05 (5 \u00f8re). The 20 largest shareholders in Eidesvik Offshore ASA as at December 31, 2023: Number Ownership Shareholder Country of shares share EIDESVIK INVEST AS NORWAY 43 684 833 59,86 % JAKOB HATTELAND HOLDING AS NORWAY 3 459 341 4,74 % HELG\u00d8 FORVALTNING NORWAY 1 698 886 2,33 % NORWAY VINGTOR INVEST AS 1 684 719 2,31 % STANGELAND HOLDING AS NORWAY 1 300 000 1,78 % BERGTOR INVESTERING AS NORWAY 1 256 401 1,72 % CAIANO INVEST AS NORWAY 1 224 176 1,68 % DUNVOLD INVEST AS NORWAY 1 105 500 1,51 % SKANDINAVISKA ENSKILDA BANKEN AB SWEDEN 708 035 0,97 % HELG\u00d8 INVEST AS NORWAY 612 500 0,84 % SILBERG, JOHNNY NORWAY 600 000 0,82 % M EIDESVIK OG S\u00d8NNER AS NORWAY 582 265 0,80 % HELLAND AS NORWAY 557 309 0,76 % MYKLEBUST, EINAR NORWAY 431 339 0,59 % OLAVS HOLDING AS NORWAY 400 000 0,55 % NORDNET LIVSFORSIKRING AS NORWAY 354 224 0,49 % L\u00d8VLID, ARNE NORWAY 273 392 0,37 % LGJ INVEST AS NORWAY 250 000 0,34 % SMEDASUNDET AS NORWAY 248 787 0,34 % HANNESTAD, KARL CHRISTIAN NORWAY 230 950 0,32 % Others 12 320 676 16,88 % Total 72 983 333 100,00 % The Company had 2,477 shareholders as at 31 December 2023, and a foreign owner share of 3.14%. See also Note 23. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__75": {
"value": "2.14 Accounts payable Payables are measured at fair value at the first recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__74-1": {
"value": "2.14 Accounts payable Payables are measured at fair value at the first recognition.NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2023 31.12.2022 Public taxes and charges 36 880 27 501 Salaries and holiday pay 42 072 35 280 Accrued expenses 34 457 57 524 Prepaid funding for ammonia projects 63 276 57 401 Total other current liabilities 176 685 177 707 Accrued expenses are mainly related to provisions for accrued operating costs, prepayment from customers and docking/average adjustment. Prepaid funding for ammonia projects is related to received EU funding. Please see the extraction from the Group\u2019s ESG report on page 16 for information of Eidesvik\u2019s work to reduce emissions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__77": {
"value": "2.15 Loans Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognised at amortised cost using the effective interest method. Interest expense is recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the redemption value is recognised over the term of the loan. When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a continuation of the old loan or as a new loan. (see Note 8).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__76-1": {
"value": "2.15 Loans Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognised at amortised cost using the effective interest method. Interest expense is recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the redemption value is recognised over the term of the loan. When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a continuation of the old loan or as a new loan. (see Note 8).NOTE 20 - LONG-TERM LIABILITIES (NOK thousands) Book value (NOK thousands) 31.12.2023 31.12.2022 Mortgage (NOK) 677 000 827 958 Mortgage (USD) 128 506 311 518 Other loan 1 161 1 099 Capitalised establishment costs -7 027 -1 471 Total interest-bearing long-term liabilities 799 640 1 139 103 Total long-term liabilities 799 640 1 139 103 Short-term portion of long-term liabilities -121 192 -983 569 Liabilities related to Assets held for sale 0 -112 365 Total long-term liabilities excl. first year\u2019s repayment 678 448 43 169 Short-term loans First year\u2019s repayment of long-term liabilities 121 192 983 569 Accrued interest 2 265 5 965 Total 123 457 989 534 Liabilities related to Assets held for sale 0 112 365 Total 0 112 365 Book value of liabilities in currency NOK 671 134 827 585 USD 128 506 311 518 Total 799 640 1 139 103 Amortisation profile on long-term liabilities at 31 December 2023: 2024 121 192 2025 121 192 2026 121 192 2027 411 334 Later 30 597 Total repayments 805 506 Amortisation profile on long-term liabilities at 31 December 2022*: Pre refinancing in Q1 Post refinancing in Q1 2023 2023 2023 1 095 934 452 500 2024 43 542 85 000 2025 0 85 000 2026 0 516 976 1 139 476 Total repayments 1 139 476 *Liabilities related to Assets held for sale became due and payable at the time of completion of the sale. Of total liabilities, MNOK 805.5 are secured against mortgages in vessels recorded at MNOK 1,675.1. For an assessment of the fair value of long-term liabilities, see Notes 3. Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing lease short-term lease long-term liabilities debt liabilities debt At January 1, 2023 989 534 4 217 112 365 43 168 53 973 1 203 257 Net repayment of debt/new debt -1 005 760 -7 844 -128 806 767 197 0 -375 214 Interest paid -59 911 -5 965 0 0 0 0 -65 876 Cash flow from financing -59 911 -1 011 725 -7 844 -128 806 767 197 0 -441 091 Exchange rate effects 22 191 0 0 -4 859 0 17 333 Capitalisation costs 0 0 0 -5 556 0 -5 556 Interest accrued but not paid 2 265 0 0 0 0 2 265 Other changes 121 192 11 628 16 441 -121 502 15 598 43 357 At December 31, 2023 123 457 4 217 0 678 448 69 571 879 477 Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing long-lease short-term lease term debt liabilities debt liabilities At January 1, 2022 94 379 3 256 840 666 1 044 199 51 147 2 033 646 Repayment of debt -89 797 -4 890 -876 124 0 0 -970 811 Interest paid -83 335 -7 674 0 0 0 0 -91 009 Cash flow from financing -83 335 -97 471 -4 890 -876 124 0 0 -1 061 821 Exchange rate effects 36 703 0 96 056 0 0 132 759 Capitalisation costs 0 0 0 4 127 0 4 127 Interest accrued but not paid 5 965 0 0 0 0 5 965 Other changes 949 958 5 851 51 768 -1 005 158 2 827 5 246 At December 31, 2022 989 534 4 217 112 365 43 168 53 973 1 203 258 *Liabilities related to Assets Held for sale The Group refinanced its 100% owned fleet twice during 2023, and the debt is reclassified from current to non-current debt. Both loan renewals were considered to be new loans due to significant changes in conditions, and for the second one also change in lender. On 13 December 2023, Eidesvik announced that it had agreed on a term sheet with Sparebanken Vest to replace the Company\u2019s existing term loan facility for its wholly owned fleet of 8 vessels. The transaction was completed on 20 December 2023, and the new improved terms for the financing became effective. The new debt of NOK 677 million will mature on 20 December 2027, and has an amortization profile of seven years. The most important financial covenants related to the financing per 31 December 2023, were: \u2022 Minimum free liquidity the lower of NOK 80 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt) (borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest and which owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The most important financial covenants related to the financing of Viking Reach per 31 December 2023, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). \u2022 Positive working capital (current assets less current liabilities, excluding instalments and current portion of long term debt)(in the company). \u2022 Minimum book equity of NOK 160 million (in the company). \u2022 Equity ratio of 35% (in the company). No companies in the Group were in breach of any covenants at 31 December 2023, or during 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__78-1": {
"value": "2.16 Revenue recognition principles Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and discounts. Revenue is recognised as follows: Time charters The Group\u2019s vessels are being contracted on time charters (TC). This means that the charter is agreed as a lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The time charter lapses in periods when the vessel is not operational (is \u201coff hire\u201d). In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra crew, sale of provisions and coverage of other operating expenses. When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the vessel is returned. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental revenue arising 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. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Wind c. Seismic d. Other The Supply segment delivers services to the offshore oil industry. The vessels deliver supplies to rigs, and function as part of the rig\u2019s emergency preparedness. The Subsea/Offshore Wind segment delivers shipping services for subsea work for the oil industry. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction. Several of the Company\u2019s subsea vessels meet the requirements in the Offshore Wind market, and one vessel is currently chartered in this market. Regarding the Seismic segment, the Group sold all four vessels during 2023. This segment will be eliminated going forward. Other represent the SG&A that mainly provide corporate, management and crew services. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. Operating segments (NOK thousands) Supply Subsea / Offshore Seismic Other Consolidated Wind Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment result Operating income (IFRS 15) 224 821 200 642 149 568 128 123 0 0 28 567 24 083 402 956 352 849 Bareboat income (IFRS 16) 165 023 103 215 133 931 164 554 11 257 28 206 0 0 310 211 295 975 Operating income from JV * (IFRS 15) 0 0 37 229 38 250 0 0 0 0 37 229 38 250 Bareboat income from JV * (IFRS 16) 0 0 13 941 15 645 0 0 0 0 13 941 15 645 Gain/loss on sale / Other 0 0 0 269 723 21 574 0 37 618 0 59 192 269 723 Total operating income 389 844 303 857 334 669 616 296 32 831 28 206 66 185 24 083 823 529 972 442 Operating expenses 233 286 210 783 136 287 141 448 7 562 18 975 61 656 53 128 438 791 424 334 Operating expenses share from JV * 0 0 39 796 37 783 0 0 0 0 39 796 37 783 Total operating expenses 233 286 210 783 176 083 179 231 7 562 18 975 61 656 53 128 478 587 462 117 Depreciation 95 851 84 192 58 658 38 916 0 14 026 5 444 5 773 160 983 142 907 Depreciations share from JV * 0 0 21 837 18 925 0 0 0 0 21 837 18 925 Impairment on assets /reversal impairment -317 100 -188 726 -54 207 -36 564 -37 755 16 053 0 0 -409 062 -209 237 Impairment on assets /reversal impairment share from JV * 0 0 -14 413 0 0 0 0 0 -14 413 0 Total depreciation -221 249 -104 534 11 876 21 277 -37 755 30 079 5 444 5 773 -240 654 -47 405 Operating profit incl. share of the JVs * 377 807 197 608 146 710 415 788 63 024 -20 848 -915 -34 818 585 595 557 730 Net finance items and tax in JV* 0 0 -8 926 -6 831 0 0 0 0 -8 926 -6 831 Impairment JV ** 0 0 0 0 0 0 0 0 0 0 Share of profit from associated companies 0 0 0 0 0 0 567 523 567 523 Operating profit 377 807 197 608 137 784 408 958 63 024 -20 848 -348 -34 295 577 236 551 423 Net financial items -44 025 -144 639 Tax costs 11 -49 Profit/loss for the year 533 222 406 736 In 2023, the Supply segment had a reversal of MNOK 317.1, the Subsea/Offshore Wind segment had a reversal of MNOK 54.2, and the Seismic segment had a reversal impairment of MNOK 37.7. In 2022, the Supply segment had a reversal of previous impairment of MNOK 188.7, the Subsea/Offshore Wind segment had a reversal of previous impairment of MNOK 36.6, and the Seismic segment had an impairment of MNOK 16.1. *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, versus equity method in the consolidated statement of profit/loss for shares in joint ventures. No changes in other principles. Refer to Note 7. (NOK thousands) Subsea / Offshore Supply Wind Seismic Other Consolidated Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment assets 1 156 186 856 357 687 139 363 751 0 14 686 241 055 230 033 2 084 380 1 464 804 Proportion of assets in JV* 0 0 293 630 279 687 0 0 0 0 293 630 279 687 Unallocated assets (cash) 0 0 0 0 0 0 0 0 498 825 655 653 Assets held for sale 0 0 0 0 0 80 695 0 0 0 80 695 Total consolidated assets 1 156 186 856 357 687 139 363 751 0 95 381 241 055 230 033 2 583 205 2 201 153 Assets incl. share of JV* 1 156 186 856 357 980 769 643 438 0 95 381 241 055 230 033 2 876 834 2 480 839 Segment current liabilities (excl. mortgage debt) -13 742 -14 509 -9 523 -18 357 0 -2 267 -207 790 -182 779 -231 055 -217 911 Proportion of debts from JV* 0 0 -160 725 -141 805 0 0 0 0 -160 725 -141 805 Segment mortgage debt and other long-term liabilities -497 389 -644 941 -301 089 -201 219 0 -291 845 -70 921 57 294 -869 400 -1 080 711 Total liabilities incl. share of JV* -511 131 -659 449 -471 338 -361 380 0 -294 112 -278 712 -125 485 -1 261 180 -1 440 427 Investments in non-current assets (excl. periodic maintenance) 61 517 14 615 332 500 29 235 0 1 416 0 0 394 017 45 266 Gross sales of non-current assets 0 0 0 944 093 118 458 0 0 0 118 458 944 093 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. The sale of Viking Neptun in November 2022 significantly reduced the debt in the Subsea/Offshore Wind segment. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Operating segments Supply Subsea / Offshore Wind Seismic 2023 2022 2023 2022 2023 2022 Customer 1 110 454 89 764 Customer 2 139 540 193 333 Customer 3 103 451 Customer 4 167 286 71 341 Customer 5 207 181 Customer 6 87 596 Customer 7 76 523 Total operating income large customers 383 349 264 674 301 501 296 945 0 0 Secondary segments are not reported. The Supply, Subsea/Offshore Wind and Seismic business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Wind segment operate in various parts of the world, this is mainly a consequence of the customer\u2019s preferred areas of operation, not necessarily a decision on a geographical focus area. Presenting geographical areas for this segment is considered misleading. For the Supply segment, all operations in 2022 and 2023 are in just one geographical area defined as Europe. Secondary segmentations is therefore omitted. Refer to Note 21 for maturity for future lease income.NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2023 2022 Sale of ancillary equipment 37 314 0 Reversal of previous write-downs related to receivables 14 012 14 102 from JVs Other income 51 326 14 102 Other income of MNOK 14.0 (14.1) is related to the reversal of previous impairments on repayments received against the claim against Oceanic Seismic Vessels AS, see Note 13. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__81": {
"value": "2.17 Government grants Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction (under \u201cpayroll expenses\u201d).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__83": {
"value": "2.18 Dividends Disbursements of dividends to the Company\u2019s shareholders are classified as debt from the date when the dividend is determined by the general meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__82-1": {
"value": "2.18 Dividends Disbursements of dividends to the Company\u2019s shareholders are classified as debt from the date when the dividend is determined by the general meeting. No dividends were paid in 2023. The Board will propose a dividend of NOK 0.25per share for the Annual General Meeting 30 May 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__85-1": {
"value": "2.19 Events after the balance sheet date New information after the balance sheet date on the Company\u2019s financial position on that date has been considered in the annual accounts. Subsequent events that do not affect the Company\u2019s financial position on the balance sheet date, but will affect it in the future, are reported if they are significant.2.22 Changes in accounting policies The accounting principles applied are consistent with the principles used in previous periods, and no changes in accounting principles had material effect on the Group\u2019s accounts.2.23 Significant accounting estimates and matters associated with uncertainty in estimates The management reviews estimates on an ongoing basis, based on both history and experience, but also from consultations with experts, trend analyses, and other methods which are considered relevant for each estimate. Estimates and assessments that could have a significant effect on the accounts are described below. a) Vessels - Economic life/useful life The level of depreciation depends on the estimated economic life of the vessels. The estimate is based on history and experience related to the vessels which are included in the Group. The Group\u2019s main strategy is to keep the vessels until they are scrapped. However, there are ongoing evaluations where the main strategy can be deviated from when financial conditions dictate. The estimate is reviewed each year. A change in the estimate will affect depreciation in future periods. - Residual value at the end of economic life The level of depreciation depends on the estimated residual value on the balance sheet date. Expected residual value is based on the knowledge of scrap values for vessels. The scrap value is dependent on steel prices. The estimate of scrap value is subject to annual review. - Impairment/reversal of previous impairment On the balance sheet date, the Group has made an assessment of whether there are indications that vessels may need to be impaired, or previous impairments may need to be reversed. When indications for impairment exist, the recoverable amount for the vessel is estimated, and the value of the vessel is written down to the recoverable amount. If indications for reversal of previous impairment exist, the recoverable amount for the vessel is estimated, and previous impairments are reversed limited to lower of the recoverable amount for the vessel and the amount equal to the previous impairments for the vessel. Refer to Note 12 for more details on the principles, estimates and matters associated with uncertainty in the estimate that have been applied. b) Long-term receivables Under other non-current receivables, the Group recorded in 2017 a receivable of MUSD 27.5 (total MNOK 235). The 2017 accounts assumed that the receivables from Global Seismic Shipping AS had a value of 45% of par. Consequently, in the accounts as at December 31, 2017, these receivables were written down by 55%. No changes have been made to this as of December 31, 2023. If the reason for the impairment lapses at a later time, and the lapse can be tied to an event taking place after the impairment is recognised, the previous impairment is reversed. This evaluation has to be made each quarter based on an overall assessment. Refer to Note 13 for a more detailed description/analysis. As the repayments are repaid, the impaired part of the payment is recorded as other income and/or a reduction in financial expenses. c) Climate and Regulatory Risks In preparing the financial statement, the Group, has considered the impact of regulatory changes, in particular in the context of climate change risks. The considerations did not impact our the Company\u2019s judgement and estimates in the current year. Climate risk is also considered in estimates that include the use of future cashflows. The most important key assumptions and sources of uncertainties identified for future cashflows are in connection with climate and regulatory risks are: \u2022 Useful life of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the useful life of the current fleet. \u2022 Residual value of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the residual value of the current fleet. \u2022 Cash flow from operations, to the extent the effect of a regulatory change can be estimated and is applicable this has been included in the future estimated cash flows \u2022 Short term and long- term investments, the Company has estimated investments needed in the next 5 years to be in compliance with known regulatory changes. Eidesvik has been a frontrunner in adopting new technologies that reduces emissions. By the end of 2023 83% of the fleet has hybrid fuel solutions and the company achieved 19% year on year reduction in tons CO2equivalent reduction per day. Refer to Note 12 for more information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__84-1": {
"value": "2.19 Events after the balance sheet date New information after the balance sheet date on the Company\u2019s financial position on that date has been considered in the annual accounts. Subsequent events that do not affect the Company\u2019s financial position on the balance sheet date, but will affect it in the future, are reported if they are significant.NOTE 26 \u2013 SUBSEQUENT EVENTS AND OTHER INFORMATION Newbuild low emission vessel for the subsea and offshore wind markets Eidesvik announced that it together with Agalas has entered into an agreement to build a new Construction Support Vessel (CSV). The newbuild will be equipped to perform inspection, maintenance and repair (IMR) work. The vessel will be owned by an entity to be named Eidesvik Agalas AS, where Eidesvik will be the majority owner with 50.1%. The remaining shares will be owned by Northern Norway shipowners Agalas. Planned delivery for the vessel is early 2026, with an estimated build cost of EUR 81.5 million. In addition, Eidesvik Agalas AS has been granted options for 4 additional vessels. Financing is a combination of equity from both shareholders and around 70% non-recourse debt financing from Sparebank 1 Nord-Norge and Eksfin. Eidesvik\u2019s share of equity will come from cash on hand. Upon completion the vessel is scheduled to commence on a 3 to 5-year time charter with Reach Subsea. Eidsvik will have full management of the vessel. New contracts Eidesvik signed early February 2024 a three-year extension to its ship management agreement with Dredging, Environmental and Marine Engineering NV (\u201cDEME\u201d) for the CSV Viking Neptun, with a two-year option for further extension. Aker BP ASA has declared an option to extend the contract for the supply vessel Viking Lady. The contract extension runs from February 2025 in direct continuation of the current contract, extending the firm period to February 2026. Dividend proposal At the annual general meeting on 30 May 2024, the Board of Directors will propose that shareholders approve a cash dividend of NOK 0.25 per share, equating to approximately NOK 18.2 million. The EIOF share will trade ex dividend on 31 May 2024. Full repayment of OSEV receivables Reference is made to Note 13 and the long-term receivables. 100% of the nominal value was paid to Eidesvik on 4 April 2024. This will result in reversal of previous impairments on repayments received, whereof approximately MNOK 14 will be booked as other income and approximately MNOK 10 will be booked as reduction in financial expenses in 2024. Total effect of MNOK approximately 24 on the profit/loss before tax. The instalment received in March 2024 will be booked in Q1 2024, and the repayment of the remaining outstanding nominal value will be booked in Q2 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__91": {
"value": "2.21 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__90": {
"value": "2.21 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__89": {
"value": "2.21 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__88-1": {
"value": "2.21 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. NOTE 9 \u2013 TAX (NOK thousands) 2023 (NOK thousands) 2022 Tax cost Norway and abroad -11 49 Tax costs -11 49 Fixed asset reserve 74 193 48 067 Profit and loss account -12 066 -15 483 Pension liabilities -189 417 Loss carried forward -602 403 -840 253 * Total temporary differences -540 464 -807 251 Recognised deferred tax assets 0 0 Applied tax rate 22 % 22 % Deferred tax assets are not recognised in the balance sheet due to uncertainty as to when such assets may be realised. Tax payable Tax payable for the year subject to the tonnage tax regime 0 0 Other corporation tax payable, Norway and abroad -11 49 Total tax payable -11 49 Explanation of taxes in the income statement: Profit/loss before taxes 533 211 406 784 Calculated 22%/22% tax 117 306 89 493 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -117 317 -89 444 Calculated tax for the year -11 49 The Group\u2019s effective tax rate 0 % 0 % * Temporary differences are estimated based on preliminary tax assessments. The tonnage tax, which is determined based on the vessel`s net weight, is booked as other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__87-1": {
"value": "2.21 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. NOTE 9 \u2013 TAX (NOK thousands) 2023 (NOK thousands) 2022 Tax cost Norway and abroad -11 49 Tax costs -11 49 Fixed asset reserve 74 193 48 067 Profit and loss account -12 066 -15 483 Pension liabilities -189 417 Loss carried forward -602 403 -840 253 * Total temporary differences -540 464 -807 251 Recognised deferred tax assets 0 0 Applied tax rate 22 % 22 % Deferred tax assets are not recognised in the balance sheet due to uncertainty as to when such assets may be realised. Tax payable Tax payable for the year subject to the tonnage tax regime 0 0 Other corporation tax payable, Norway and abroad -11 49 Total tax payable -11 49 Explanation of taxes in the income statement: Profit/loss before taxes 533 211 406 784 Calculated 22%/22% tax 117 306 89 493 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -117 317 -89 444 Calculated tax for the year -11 49 The Group\u2019s effective tax rate 0 % 0 % * Temporary differences are estimated based on preliminary tax assessments. The tonnage tax, which is determined based on the vessel`s net weight, is booked as other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__86-1": {
"value": "2.21 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. NOTE 9 \u2013 TAX (NOK thousands) 2023 (NOK thousands) 2022 Tax cost Norway and abroad -11 49 Tax costs -11 49 Fixed asset reserve 74 193 48 067 Profit and loss account -12 066 -15 483 Pension liabilities -189 417 Loss carried forward -602 403 -840 253 * Total temporary differences -540 464 -807 251 Recognised deferred tax assets 0 0 Applied tax rate 22 % 22 % Deferred tax assets are not recognised in the balance sheet due to uncertainty as to when such assets may be realised. Tax payable Tax payable for the year subject to the tonnage tax regime 0 0 Other corporation tax payable, Norway and abroad -11 49 Total tax payable -11 49 Explanation of taxes in the income statement: Profit/loss before taxes 533 211 406 784 Calculated 22%/22% tax 117 306 89 493 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -117 317 -89 444 Calculated tax for the year -11 49 The Group\u2019s effective tax rate 0 % 0 % * Temporary differences are estimated based on preliminary tax assessments. The tonnage tax, which is determined based on the vessel`s net weight, is booked as other operating expenses.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__93": {
"value": "2.22 Changes in accounting policies The accounting principles applied are consistent with the principles used in previous periods, and no changes in accounting principles had material effect on the Group\u2019s accounts.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__92": {
"value": "2.22 Changes in accounting policies The accounting principles applied are consistent with the principles used in previous periods, and no changes in accounting principles had material effect on the Group\u2019s accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__95": {
"value": "2.23 Significant accounting estimates and matters associated with uncertainty in estimates The management reviews estimates on an ongoing basis, based on both history and experience, but also from consultations with experts, trend analyses, and other methods which are considered relevant for each estimate. Estimates and assessments that could have a significant effect on the accounts are described below. a) Vessels - Economic life/useful life The level of depreciation depends on the estimated economic life of the vessels. The estimate is based on history and experience related to the vessels which are included in the Group. The Group\u2019s main strategy is to keep the vessels until they are scrapped. However, there are ongoing evaluations where the main strategy can be deviated from when financial conditions dictate. The estimate is reviewed each year. A change in the estimate will affect depreciation in future periods. - Residual value at the end of economic life The level of depreciation depends on the estimated residual value on the balance sheet date. Expected residual value is based on the knowledge of scrap values for vessels. The scrap value is dependent on steel prices. The estimate of scrap value is subject to annual review. - Impairment/reversal of previous impairment On the balance sheet date, the Group has made an assessment of whether there are indications that vessels may need to be impaired, or previous impairments may need to be reversed. When indications for impairment exist, the recoverable amount for the vessel is estimated, and the value of the vessel is written down to the recoverable amount. If indications for reversal of previous impairment exist, the recoverable amount for the vessel is estimated, and previous impairments are reversed limited to lower of the recoverable amount for the vessel and the amount equal to the previous impairments for the vessel. Refer to Note 12 for more details on the principles, estimates and matters associated with uncertainty in the estimate that have been applied. b) Long-term receivables Under other non-current receivables, the Group recorded in 2017 a receivable of MUSD 27.5 (total MNOK 235). The 2017 accounts assumed that the receivables from Global Seismic Shipping AS had a value of 45% of par. Consequently, in the accounts as at December 31, 2017, these receivables were written down by 55%. No changes have been made to this as of December 31, 2023. If the reason for the impairment lapses at a later time, and the lapse can be tied to an event taking place after the impairment is recognised, the previous impairment is reversed. This evaluation has to be made each quarter based on an overall assessment. Refer to Note 13 for a more detailed description/analysis. As the repayments are repaid, the impaired part of the payment is recorded as other income and/or a reduction in financial expenses. c) Climate and Regulatory Risks In preparing the financial statement, the Group, has considered the impact of regulatory changes, in particular in the context of climate change risks. The considerations did not impact our the Company\u2019s judgement and estimates in the current year. Climate risk is also considered in estimates that include the use of future cashflows. The most important key assumptions and sources of uncertainties identified for future cashflows are in connection with climate and regulatory risks are: \u2022 Useful life of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the useful life of the current fleet. \u2022 Residual value of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the residual value of the current fleet. \u2022 Cash flow from operations, to the extent the effect of a regulatory change can be estimated and is applicable this has been included in the future estimated cash flows \u2022 Short term and long- term investments, the Company has estimated investments needed in the next 5 years to be in compliance with known regulatory changes. Eidesvik has been a frontrunner in adopting new technologies that reduces emissions. By the end of 2023 83% of the fleet has hybrid fuel solutions and the company achieved 19% year on year reduction in tons CO2equivalent reduction per day. Refer to Note 12 for more information.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__98-1": {
"value": "NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 23) The Group operates internationally and is exposed to fluctuations in exchange rates for several currencies. Currency risk arises from future transactions, and relates to booked assets and liabilities. To manage the currency risk from future commercial transactions and booked assets and liabilities, the Group uses currency derivatives. The Group is particularly exposed to fluctuations in USD, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with loans and currency forward contracts in the same currency. At December 31, 2023, the Group\u2019s long-term liabilities were divided between 84% NOK and 16% USD, where USD liabilities are related to the vessel Viking Reach. At December 31, 2022 it was 73% NOK and 27% USD. The Group\u2019s exposure to USD on the balance sheet date is shown in table below, and is significantly reduced due to the sale of Viking Neptun in 2022. The table below shows estimated change in net profit before tax in million NOK if the USD rate against NOK had been 50 \u00f8re higher/lower at December 31, 2023. +50 \u00f8re -50 \u00f8re Agio/disagio -5,1 5,1 Profit/loss for the year -5,1 5,1 Translation difference, shares 0,0 0,0 Total comprehensive income -5,1 5,1 (ii) Interest rate risk (see also Note 23) The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of December 31, 2023, the Group did not have any fixed rate loans. The interest rate risk is managed by use of interest derivatives (swaps and caps) within guidelines from the Board. The effect of a change in interest rates is simulated in order to support decisions on fixed rate contracts. The simulation illustrates the cash effect of a change in interest rate based on the size of the loan and the level of current interest rate hedging. An increase of 1 percentage point in the interest rate, all else being equal, would decrease net profit before tax by approximately MNOK 3.2. (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2023 2022 Group 1 210 924 138 779 Group 2 16 547 357 Group 3 73 2 623 Total 227 545 141 759 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness The Group has significant long-term receivables from a company in the Global Seismic Shipping AS group that was sold in January 2020. These receivables are posted in the accounts at a significantly lower value due to provisions for counterparty risk from the company\u2019s charterer. The recorded value of the receivables was measured for revenue recognition in 2017 at less than the nominal value. This was in accordance with observable sales of securities issued by the same counterparty. The credit risk on the receivables is considered to be lower, and indications of changes in the valuation of these are assessed continuously. The impairment of the long-term receivables has been reversed to reflect the repayments received. See Notes 5 and 13 for further information. Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The liquidity position is assessed as satisfactory as long-term financing is in place till December 20, 2027. In addition, all vessels are on term contracts securing cash flow going forward. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at December 31, 2023, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at December 31, 2023. Maturity statement for capitalised liabilities, December 31, 2023: 2024 2025 2026 2027 2028 Later Loans 121 192 121 192 121 192 411 334 30 597 0 Accrued interest 2 265 0 0 0 0 0 Derivatives -14 267 -3 129 0 0 0 0 Accounts payable 44 100 0 0 0 0 0 Other current liabilities 176 915 0 0 0 0 0 Subtotal debt items excl. market value derivatives 330 204 118 063 121 192 411 334 30 597 0 Estimated interest Interest payments on existing loans 64 307 54 003 43 697 33 393 708 0 Adjustment incurred 31.12.2022 -2 265 0 0 0 0 0 Subtotal assumed interest 62 042 54 003 43 697 33 393 708 0 Leases Leases (Note 22) 12 375 12 328 12 328 12 266 12 113 34 457 Total contractual commitments falling due 404 622 184 394 177 217 456 994 43 418 34 457 Maturity statement for capitalised liabilities, December 31, 2022: 2023 2024 2025 2026 2027 Later Loans* 1 095 934 43 542 0 0 0 0 Accrued interest 5 965 0 0 0 0 0 Derivatives -17 766 -17 766 -8 883 0 0 0 Accounts payable 30 022 0 0 0 0 0 Other current liabilities 177 707 0 0 0 0 0 Subtotal debt items excl. market value derivatives 1 291 862 25 776 -8 883 0 0 0 Estimated interest Interest payments on existing loans 68 027 1 550 0 0 0 0 Adjustment incurred 31.12.2022 -5 965 0 0 0 0 0 Subtotal assumed interest 62 062 1 550 0 0 0 0 Leases Leases (Note 22) 7 687 7 656 7 608 7 608 7 546 34 467 Total contractual commitments falling due 1 361 611 34 981 -1 275 7 608 7 546 34 467 *Liabilities related to Assets held for sale became due and payable at the time of completion of the sale. Risk management of capital A primary goal for the Group is to secure long-term financing of its assets. In 2023, the Group refinanced its main part of debt twice. First in March 2023, and secondly in December 2023. The main reason for the second refinancing was the opportunity for a substantially better refinancing on all terms. New debt maturity is in December 2027. Please see Note 20 for further information. Assessment of fair value IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by level, with the following level classification for measuring fair value: Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions) The following balance sheet items represent financial instruments at fair value: Balance sheet item: Level Cash and cash equivalents 1 Derivatives 2 Derivatives are recognised on the basis of valuations from the counterparty (mark to market). Debts to credit institutions with floating interest rates are recognised at amortised cost, and are valued at approximate fair value. Fixed-rate loans (CIRR) are recorded at amortised cost, and the estimated value is described in Note 22. The fair value of fixed-rate loans is calculated by discounting the difference between the fixed rate and the market rate at year-end, with a duration equal to the term of the loan. The Group did not have any fixed-rate loans at 31 December 2023. Cost is considered equivalent to fair value for the equity investments discussed in Note 7. NOTE 22 - FINANCIAL INSTRUMENTS (NOK thousands) Capitalised financial assets and liabilities Capitalised value equals fair value, except for loans. For details of fair value loans, see the section on \u201cInterest\u201d below. The Group does not practise hedge accounting, financial derivatives held for financial hedging which are recorded at fair value. 31.12.2023 31.12.2022 Assets Market-based shares for trading 9 9 Currency derivatives 1 637 0 Interest derivatives 15 758 62 180 Accounts receivable (Note 14) 227 545 141 759 Cash and cash equivalents (Note 16) 498 825 655 653 Other long term receivables, OSEV 20 912 39 769 Total 764 686 899 370 Liabilities Loans (Note 20) 805 506 1 139 476 Total 805 506 1 139 476 Currency The Group has entered into currency derivative contracts as part of the management of the Group\u2019s currency exposure. At December 31, 2023 Currency sold Amount Maturity Exchange rate Fair value (MTM) (average) Currency derivatives Currency futures for the sale of current cash flow EUR 3 000 2024 11,7718 1 637 1 637 3 000 The Group had no currency derivatives per 31 December 2022. All currency futures are recorded at fair value. Interest The Group has the following fixed rate agreements: At December 31, 2023 Fair value Annual downscaling (incl. accrued before maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Cap NOK 1,00 % 01.07.2025 150 000 8 008 None Cap NOK 1,00 % 15.07.2025 150 000 7 750 None Unhedged 505 506 Total liabilities, hedged and unhedged 805 506 15 758 At December 31, 2022 Fair value Annual downscaling (incl. accrued before maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Fixed rate loan NOK 3,36 % 27.03.2024 132 329 Variable Fixed rate loan NOK 3,41 % 13.09.2024 148 146 Variable Cap NOK 1,00 % 01.07.2025 150 000 8 993 None Cap NOK 1,00 % 15.07.2025 150 000 9 092 None Cap USD 1,00 % 01.07.2025 246 433 22 154 None Cap USD 1,00 % 15.07.2025 246 433 21 942 None Unhedged 66 135 Total liabilities, hedged and unhedged 1 139 476 62 180 The Group has in Q1 2023 unwinded the two caps in USD. At 31 December 2023, 37%% (94%) of the Group\u2019s loans were at fixed interest or swap/cap. The Group did not have any fixed-rate loans at 31 December 2023. See Note 20 for information on long-term loans. Other information No financial assets have been reclassified such that the valuation method has been changed from amortised cost to fair value, or vice versa. For assessment of fair value (MTM), see Note 3.",
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"s10_notes__6__97": {
"value": "NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 23) The Group operates internationally and is exposed to fluctuations in exchange rates for several currencies. Currency risk arises from future transactions, and relates to booked assets and liabilities. To manage the currency risk from future commercial transactions and booked assets and liabilities, the Group uses currency derivatives. The Group is particularly exposed to fluctuations in USD, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with loans and currency forward contracts in the same currency. At December 31, 2023, the Group\u2019s long-term liabilities were divided between 84% NOK and 16% USD, where USD liabilities are related to the vessel Viking Reach. At December 31, 2022 it was 73% NOK and 27% USD. The Group\u2019s exposure to USD on the balance sheet date is shown in table below, and is significantly reduced due to the sale of Viking Neptun in 2022. The table below shows estimated change in net profit before tax in million NOK if the USD rate against NOK had been 50 \u00f8re higher/lower at December 31, 2023. +50 \u00f8re -50 \u00f8re Agio/disagio -5,1 5,1 Profit/loss for the year -5,1 5,1 Translation difference, shares 0,0 0,0 Total comprehensive income -5,1 5,1 (ii) Interest rate risk (see also Note 23) The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of December 31, 2023, the Group did not have any fixed rate loans. The interest rate risk is managed by use of interest derivatives (swaps and caps) within guidelines from the Board. The effect of a change in interest rates is simulated in order to support decisions on fixed rate contracts. The simulation illustrates the cash effect of a change in interest rate based on the size of the loan and the level of current interest rate hedging. An increase of 1 percentage point in the interest rate, all else being equal, would decrease net profit before tax by approximately MNOK 3.2. (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2023 2022 Group 1 210 924 138 779 Group 2 16 547 357 Group 3 73 2 623 Total 227 545 141 759 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness The Group has significant long-term receivables from a company in the Global Seismic Shipping AS group that was sold in January 2020. These receivables are posted in the accounts at a significantly lower value due to provisions for counterparty risk from the company\u2019s charterer. The recorded value of the receivables was measured for revenue recognition in 2017 at less than the nominal value. This was in accordance with observable sales of securities issued by the same counterparty. The credit risk on the receivables is considered to be lower, and indications of changes in the valuation of these are assessed continuously. The impairment of the long-term receivables has been reversed to reflect the repayments received. See Notes 5 and 13 for further information. Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The liquidity position is assessed as satisfactory as long-term financing is in place till December 20, 2027. In addition, all vessels are on term contracts securing cash flow going forward. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at December 31, 2023, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at December 31, 2023. Maturity statement for capitalised liabilities, December 31, 2023: 2024 2025 2026 2027 2028 Later Loans 121 192 121 192 121 192 411 334 30 597 0 Accrued interest 2 265 0 0 0 0 0 Derivatives -14 267 -3 129 0 0 0 0 Accounts payable 44 100 0 0 0 0 0 Other current liabilities 176 915 0 0 0 0 0 Subtotal debt items excl. market value derivatives 330 204 118 063 121 192 411 334 30 597 0 Estimated interest Interest payments on existing loans 64 307 54 003 43 697 33 393 708 0 Adjustment incurred 31.12.2022 -2 265 0 0 0 0 0 Subtotal assumed interest 62 042 54 003 43 697 33 393 708 0 Leases Leases (Note 22) 12 375 12 328 12 328 12 266 12 113 34 457 Total contractual commitments falling due 404 622 184 394 177 217 456 994 43 418 34 457 Maturity statement for capitalised liabilities, December 31, 2022: 2023 2024 2025 2026 2027 Later Loans* 1 095 934 43 542 0 0 0 0 Accrued interest 5 965 0 0 0 0 0 Derivatives -17 766 -17 766 -8 883 0 0 0 Accounts payable 30 022 0 0 0 0 0 Other current liabilities 177 707 0 0 0 0 0 Subtotal debt items excl. market value derivatives 1 291 862 25 776 -8 883 0 0 0 Estimated interest Interest payments on existing loans 68 027 1 550 0 0 0 0 Adjustment incurred 31.12.2022 -5 965 0 0 0 0 0 Subtotal assumed interest 62 062 1 550 0 0 0 0 Leases Leases (Note 22) 7 687 7 656 7 608 7 608 7 546 34 467 Total contractual commitments falling due 1 361 611 34 981 -1 275 7 608 7 546 34 467 *Liabilities related to Assets held for sale became due and payable at the time of completion of the sale. Risk management of capital A primary goal for the Group is to secure long-term financing of its assets. In 2023, the Group refinanced its main part of debt twice. First in March 2023, and secondly in December 2023. The main reason for the second refinancing was the opportunity for a substantially better refinancing on all terms. New debt maturity is in December 2027. Please see Note 20 for further information. Assessment of fair value IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by level, with the following level classification for measuring fair value: Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions) The following balance sheet items represent financial instruments at fair value: Balance sheet item: Level Cash and cash equivalents 1 Derivatives 2 Derivatives are recognised on the basis of valuations from the counterparty (mark to market). Debts to credit institutions with floating interest rates are recognised at amortised cost, and are valued at approximate fair value. Fixed-rate loans (CIRR) are recorded at amortised cost, and the estimated value is described in Note 22. The fair value of fixed-rate loans is calculated by discounting the difference between the fixed rate and the market rate at year-end, with a duration equal to the term of the loan. The Group did not have any fixed-rate loans at 31 December 2023. Cost is considered equivalent to fair value for the equity investments discussed in Note 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__99-1": {
"value": "Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board.Risk management of capital A primary goal for the Group is to secure long-term financing of its assets. In 2023, the Group refinanced its main part of debt twice. First in March 2023, and secondly in December 2023. The main reason for the second refinancing was the opportunity for a substantially better refinancing on all terms. New debt maturity is in December 2027. Please see Note 20 for further information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__101": {
"value": "a) Market risk (i) Currency risk (see also Note 23) The Group operates internationally and is exposed to fluctuations in exchange rates for several currencies. Currency risk arises from future transactions, and relates to booked assets and liabilities. To manage the currency risk from future commercial transactions and booked assets and liabilities, the Group uses currency derivatives. The Group is particularly exposed to fluctuations in USD, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with loans and currency forward contracts in the same currency. At December 31, 2023, the Group\u2019s long-term liabilities were divided between 84% NOK and 16% USD, where USD liabilities are related to the vessel Viking Reach. At December 31, 2022 it was 73% NOK and 27% USD. The Group\u2019s exposure to USD on the balance sheet date is shown in table below, and is significantly reduced due to the sale of Viking Neptun in 2022. The table below shows estimated change in net profit before tax in million NOK if the USD rate against NOK had been 50 \u00f8re higher/lower at December 31, 2023. +50 \u00f8re -50 \u00f8re Agio/disagio -5,1 5,1 Profit/loss for the year -5,1 5,1 Translation difference, shares 0,0 0,0 Total comprehensive income -5,1 5,1 (ii) Interest rate risk (see also Note 23) The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of December 31, 2023, the Group did not have any fixed rate loans. The interest rate risk is managed by use of interest derivatives (swaps and caps) within guidelines from the Board. The effect of a change in interest rates is simulated in order to support decisions on fixed rate contracts. The simulation illustrates the cash effect of a change in interest rate based on the size of the loan and the level of current interest rate hedging. An increase of 1 percentage point in the interest rate, all else being equal, would decrease net profit before tax by approximately MNOK 3.2.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__103": {
"value": "(b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2023 2022 Group 1 210 924 138 779 Group 2 16 547 357 Group 3 73 2 623 Total 227 545 141 759 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness The Group has significant long-term receivables from a company in the Global Seismic Shipping AS group that was sold in January 2020. These receivables are posted in the accounts at a significantly lower value due to provisions for counterparty risk from the company\u2019s charterer. The recorded value of the receivables was measured for revenue recognition in 2017 at less than the nominal value. This was in accordance with observable sales of securities issued by the same counterparty. The credit risk on the receivables is considered to be lower, and indications of changes in the valuation of these are assessed continuously. The impairment of the long-term receivables has been reversed to reflect the repayments received. See Notes 5 and 13 for further information. Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__104": {
"value": "(c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The liquidity position is assessed as satisfactory as long-term financing is in place till December 20, 2027. In addition, all vessels are on term contracts securing cash flow going forward. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at December 31, 2023, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at December 31, 2023. Maturity statement for capitalised liabilities, December 31, 2023: 2024 2025 2026 2027 2028 Later Loans 121 192 121 192 121 192 411 334 30 597 0 Accrued interest 2 265 0 0 0 0 0 Derivatives -14 267 -3 129 0 0 0 0 Accounts payable 44 100 0 0 0 0 0 Other current liabilities 176 915 0 0 0 0 0 Subtotal debt items excl. market value derivatives 330 204 118 063 121 192 411 334 30 597 0 Estimated interest Interest payments on existing loans 64 307 54 003 43 697 33 393 708 0 Adjustment incurred 31.12.2022 -2 265 0 0 0 0 0 Subtotal assumed interest 62 042 54 003 43 697 33 393 708 0 Leases Leases (Note 22) 12 375 12 328 12 328 12 266 12 113 34 457 Total contractual commitments falling due 404 622 184 394 177 217 456 994 43 418 34 457 Maturity statement for capitalised liabilities, December 31, 2022: 2023 2024 2025 2026 2027 Later Loans* 1 095 934 43 542 0 0 0 0 Accrued interest 5 965 0 0 0 0 0 Derivatives -17 766 -17 766 -8 883 0 0 0 Accounts payable 30 022 0 0 0 0 0 Other current liabilities 177 707 0 0 0 0 0 Subtotal debt items excl. market value derivatives 1 291 862 25 776 -8 883 0 0 0 Estimated interest Interest payments on existing loans 68 027 1 550 0 0 0 0 Adjustment incurred 31.12.2022 -5 965 0 0 0 0 0 Subtotal assumed interest 62 062 1 550 0 0 0 0 Leases Leases (Note 22) 7 687 7 656 7 608 7 608 7 546 34 467 Total contractual commitments falling due 1 361 611 34 981 -1 275 7 608 7 546 34 467 *Liabilities related to Assets held for sale became due and payable at the time of completion of the sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__108": {
"value": "Assessment of fair value IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by level, with the following level classification for measuring fair value: Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions) The following balance sheet items represent financial instruments at fair value: Balance sheet item: Level Cash and cash equivalents 1 Derivatives 2 Derivatives are recognised on the basis of valuations from the counterparty (mark to market). Debts to credit institutions with floating interest rates are recognised at amortised cost, and are valued at approximate fair value. Fixed-rate loans (CIRR) are recorded at amortised cost, and the estimated value is described in Note 22. The fair value of fixed-rate loans is calculated by discounting the difference between the fixed rate and the market rate at year-end, with a duration equal to the term of the loan. The Group did not have any fixed-rate loans at 31 December 2023. Cost is considered equivalent to fair value for the equity investments discussed in Note 7. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__107": {
"value": "Assessment of fair value IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by level, with the following level classification for measuring fair value: Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions) The following balance sheet items represent financial instruments at fair value: Balance sheet item: Level Cash and cash equivalents 1 Derivatives 2 Derivatives are recognised on the basis of valuations from the counterparty (mark to market). Debts to credit institutions with floating interest rates are recognised at amortised cost, and are valued at approximate fair value. Fixed-rate loans (CIRR) are recorded at amortised cost, and the estimated value is described in Note 22. The fair value of fixed-rate loans is calculated by discounting the difference between the fixed rate and the market rate at year-end, with a duration equal to the term of the loan. The Group did not have any fixed-rate loans at 31 December 2023. Cost is considered equivalent to fair value for the equity investments discussed in Note 7. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__114": {
"value": "NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Wind c. Seismic d. Other The Supply segment delivers services to the offshore oil industry. The vessels deliver supplies to rigs, and function as part of the rig\u2019s emergency preparedness. The Subsea/Offshore Wind segment delivers shipping services for subsea work for the oil industry. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction. Several of the Company\u2019s subsea vessels meet the requirements in the Offshore Wind market, and one vessel is currently chartered in this market. Regarding the Seismic segment, the Group sold all four vessels during 2023. This segment will be eliminated going forward. Other represent the SG&A that mainly provide corporate, management and crew services. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. Operating segments (NOK thousands) Supply Subsea / Offshore Seismic Other Consolidated Wind Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment result Operating income (IFRS 15) 224 821 200 642 149 568 128 123 0 0 28 567 24 083 402 956 352 849 Bareboat income (IFRS 16) 165 023 103 215 133 931 164 554 11 257 28 206 0 0 310 211 295 975 Operating income from JV * (IFRS 15) 0 0 37 229 38 250 0 0 0 0 37 229 38 250 Bareboat income from JV * (IFRS 16) 0 0 13 941 15 645 0 0 0 0 13 941 15 645 Gain/loss on sale / Other 0 0 0 269 723 21 574 0 37 618 0 59 192 269 723 Total operating income 389 844 303 857 334 669 616 296 32 831 28 206 66 185 24 083 823 529 972 442 Operating expenses 233 286 210 783 136 287 141 448 7 562 18 975 61 656 53 128 438 791 424 334 Operating expenses share from JV * 0 0 39 796 37 783 0 0 0 0 39 796 37 783 Total operating expenses 233 286 210 783 176 083 179 231 7 562 18 975 61 656 53 128 478 587 462 117 Depreciation 95 851 84 192 58 658 38 916 0 14 026 5 444 5 773 160 983 142 907 Depreciations share from JV * 0 0 21 837 18 925 0 0 0 0 21 837 18 925 Impairment on assets /reversal impairment -317 100 -188 726 -54 207 -36 564 -37 755 16 053 0 0 -409 062 -209 237 Impairment on assets /reversal impairment share from JV * 0 0 -14 413 0 0 0 0 0 -14 413 0 Total depreciation -221 249 -104 534 11 876 21 277 -37 755 30 079 5 444 5 773 -240 654 -47 405 Operating profit incl. share of the JVs * 377 807 197 608 146 710 415 788 63 024 -20 848 -915 -34 818 585 595 557 730 Net finance items and tax in JV* 0 0 -8 926 -6 831 0 0 0 0 -8 926 -6 831 Impairment JV ** 0 0 0 0 0 0 0 0 0 0 Share of profit from associated companies 0 0 0 0 0 0 567 523 567 523 Operating profit 377 807 197 608 137 784 408 958 63 024 -20 848 -348 -34 295 577 236 551 423 Net financial items -44 025 -144 639 Tax costs 11 -49 Profit/loss for the year 533 222 406 736 In 2023, the Supply segment had a reversal of MNOK 317.1, the Subsea/Offshore Wind segment had a reversal of MNOK 54.2, and the Seismic segment had a reversal impairment of MNOK 37.7. In 2022, the Supply segment had a reversal of previous impairment of MNOK 188.7, the Subsea/Offshore Wind segment had a reversal of previous impairment of MNOK 36.6, and the Seismic segment had an impairment of MNOK 16.1. *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, versus equity method in the consolidated statement of profit/loss for shares in joint ventures. No changes in other principles. Refer to Note 7. (NOK thousands) Subsea / Offshore Supply Wind Seismic Other Consolidated Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment assets 1 156 186 856 357 687 139 363 751 0 14 686 241 055 230 033 2 084 380 1 464 804 Proportion of assets in JV* 0 0 293 630 279 687 0 0 0 0 293 630 279 687 Unallocated assets (cash) 0 0 0 0 0 0 0 0 498 825 655 653 Assets held for sale 0 0 0 0 0 80 695 0 0 0 80 695 Total consolidated assets 1 156 186 856 357 687 139 363 751 0 95 381 241 055 230 033 2 583 205 2 201 153 Assets incl. share of JV* 1 156 186 856 357 980 769 643 438 0 95 381 241 055 230 033 2 876 834 2 480 839 Segment current liabilities (excl. mortgage debt) -13 742 -14 509 -9 523 -18 357 0 -2 267 -207 790 -182 779 -231 055 -217 911 Proportion of debts from JV* 0 0 -160 725 -141 805 0 0 0 0 -160 725 -141 805 Segment mortgage debt and other long-term liabilities -497 389 -644 941 -301 089 -201 219 0 -291 845 -70 921 57 294 -869 400 -1 080 711 Total liabilities incl. share of JV* -511 131 -659 449 -471 338 -361 380 0 -294 112 -278 712 -125 485 -1 261 180 -1 440 427 Investments in non-current assets (excl. periodic maintenance) 61 517 14 615 332 500 29 235 0 1 416 0 0 394 017 45 266 Gross sales of non-current assets 0 0 0 944 093 118 458 0 0 0 118 458 944 093 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. The sale of Viking Neptun in November 2022 significantly reduced the debt in the Subsea/Offshore Wind segment. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Operating segments Supply Subsea / Offshore Wind Seismic 2023 2022 2023 2022 2023 2022 Customer 1 110 454 89 764 Customer 2 139 540 193 333 Customer 3 103 451 Customer 4 167 286 71 341 Customer 5 207 181 Customer 6 87 596 Customer 7 76 523 Total operating income large customers 383 349 264 674 301 501 296 945 0 0 Secondary segments are not reported. The Supply, Subsea/Offshore Wind and Seismic business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Wind segment operate in various parts of the world, this is mainly a consequence of the customer\u2019s preferred areas of operation, not necessarily a decision on a geographical focus area. Presenting geographical areas for this segment is considered misleading. For the Supply segment, all operations in 2022 and 2023 are in just one geographical area defined as Europe. Secondary segmentations is therefore omitted. Refer to Note 21 for maturity for future lease income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__113-1": {
"value": "NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Wind c. Seismic d. Other The Supply segment delivers services to the offshore oil industry. The vessels deliver supplies to rigs, and function as part of the rig\u2019s emergency preparedness. The Subsea/Offshore Wind segment delivers shipping services for subsea work for the oil industry. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction. Several of the Company\u2019s subsea vessels meet the requirements in the Offshore Wind market, and one vessel is currently chartered in this market. Regarding the Seismic segment, the Group sold all four vessels during 2023. This segment will be eliminated going forward. Other represent the SG&A that mainly provide corporate, management and crew services. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. Operating segments (NOK thousands) Supply Subsea / Offshore Seismic Other Consolidated Wind Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment result Operating income (IFRS 15) 224 821 200 642 149 568 128 123 0 0 28 567 24 083 402 956 352 849 Bareboat income (IFRS 16) 165 023 103 215 133 931 164 554 11 257 28 206 0 0 310 211 295 975 Operating income from JV * (IFRS 15) 0 0 37 229 38 250 0 0 0 0 37 229 38 250 Bareboat income from JV * (IFRS 16) 0 0 13 941 15 645 0 0 0 0 13 941 15 645 Gain/loss on sale / Other 0 0 0 269 723 21 574 0 37 618 0 59 192 269 723 Total operating income 389 844 303 857 334 669 616 296 32 831 28 206 66 185 24 083 823 529 972 442 Operating expenses 233 286 210 783 136 287 141 448 7 562 18 975 61 656 53 128 438 791 424 334 Operating expenses share from JV * 0 0 39 796 37 783 0 0 0 0 39 796 37 783 Total operating expenses 233 286 210 783 176 083 179 231 7 562 18 975 61 656 53 128 478 587 462 117 Depreciation 95 851 84 192 58 658 38 916 0 14 026 5 444 5 773 160 983 142 907 Depreciations share from JV * 0 0 21 837 18 925 0 0 0 0 21 837 18 925 Impairment on assets /reversal impairment -317 100 -188 726 -54 207 -36 564 -37 755 16 053 0 0 -409 062 -209 237 Impairment on assets /reversal impairment share from JV * 0 0 -14 413 0 0 0 0 0 -14 413 0 Total depreciation -221 249 -104 534 11 876 21 277 -37 755 30 079 5 444 5 773 -240 654 -47 405 Operating profit incl. share of the JVs * 377 807 197 608 146 710 415 788 63 024 -20 848 -915 -34 818 585 595 557 730 Net finance items and tax in JV* 0 0 -8 926 -6 831 0 0 0 0 -8 926 -6 831 Impairment JV ** 0 0 0 0 0 0 0 0 0 0 Share of profit from associated companies 0 0 0 0 0 0 567 523 567 523 Operating profit 377 807 197 608 137 784 408 958 63 024 -20 848 -348 -34 295 577 236 551 423 Net financial items -44 025 -144 639 Tax costs 11 -49 Profit/loss for the year 533 222 406 736 In 2023, the Supply segment had a reversal of MNOK 317.1, the Subsea/Offshore Wind segment had a reversal of MNOK 54.2, and the Seismic segment had a reversal impairment of MNOK 37.7. In 2022, the Supply segment had a reversal of previous impairment of MNOK 188.7, the Subsea/Offshore Wind segment had a reversal of previous impairment of MNOK 36.6, and the Seismic segment had an impairment of MNOK 16.1. *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, versus equity method in the consolidated statement of profit/loss for shares in joint ventures. No changes in other principles. Refer to Note 7. (NOK thousands) Subsea / Offshore Supply Wind Seismic Other Consolidated Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment assets 1 156 186 856 357 687 139 363 751 0 14 686 241 055 230 033 2 084 380 1 464 804 Proportion of assets in JV* 0 0 293 630 279 687 0 0 0 0 293 630 279 687 Unallocated assets (cash) 0 0 0 0 0 0 0 0 498 825 655 653 Assets held for sale 0 0 0 0 0 80 695 0 0 0 80 695 Total consolidated assets 1 156 186 856 357 687 139 363 751 0 95 381 241 055 230 033 2 583 205 2 201 153 Assets incl. share of JV* 1 156 186 856 357 980 769 643 438 0 95 381 241 055 230 033 2 876 834 2 480 839 Segment current liabilities (excl. mortgage debt) -13 742 -14 509 -9 523 -18 357 0 -2 267 -207 790 -182 779 -231 055 -217 911 Proportion of debts from JV* 0 0 -160 725 -141 805 0 0 0 0 -160 725 -141 805 Segment mortgage debt and other long-term liabilities -497 389 -644 941 -301 089 -201 219 0 -291 845 -70 921 57 294 -869 400 -1 080 711 Total liabilities incl. share of JV* -511 131 -659 449 -471 338 -361 380 0 -294 112 -278 712 -125 485 -1 261 180 -1 440 427 Investments in non-current assets (excl. periodic maintenance) 61 517 14 615 332 500 29 235 0 1 416 0 0 394 017 45 266 Gross sales of non-current assets 0 0 0 944 093 118 458 0 0 0 118 458 944 093 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. The sale of Viking Neptun in November 2022 significantly reduced the debt in the Subsea/Offshore Wind segment. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Operating segments Supply Subsea / Offshore Wind Seismic 2023 2022 2023 2022 2023 2022 Customer 1 110 454 89 764 Customer 2 139 540 193 333 Customer 3 103 451 Customer 4 167 286 71 341 Customer 5 207 181 Customer 6 87 596 Customer 7 76 523 Total operating income large customers 383 349 264 674 301 501 296 945 0 0 Secondary segments are not reported. The Supply, Subsea/Offshore Wind and Seismic business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Wind segment operate in various parts of the world, this is mainly a consequence of the customer\u2019s preferred areas of operation, not necessarily a decision on a geographical focus area. Presenting geographical areas for this segment is considered misleading. For the Supply segment, all operations in 2022 and 2023 are in just one geographical area defined as Europe. Secondary segmentations is therefore omitted. Refer to Note 21 for maturity for future lease income.Subsidiaries with substantial minority interests The Group has, per 31 December 2023, two subsidiaries where there are substantial minority interests. Of companies with minority interests, only the companies below are considered material. 2023: Entity Country Minority interests (%) Minority share of profit/loss Norway 49,90 % 16 793 Eidesvik Reach AS* Norway 17,48 % 948 Eidesvik Neptun AS** Norway 17,48 % 740 Eidesvik Neptun II AS 18 481 2022: Entity Country Minority interests (%) Minority share of profit/loss Norway 25,25 % 54 738 Eidesvik Neptun AS Norway 25,25 % 5 942 Eidesvik Neptun II AS 60 680 *Eidesvik established an entity, Eidesvik Reach AS, in Q1 2023 together with Reach Subsea ASA where Eidesvik has the controlling interest. Eidesvik shall at all times be chair of the board (with casting vote in the event of a tie), Unanimous shareholder decisions focues on protective rights for the shareholders. This entity acquired the IMR vessel Edda Sun, now named Viking Reach. The vessel entered into a 6- year contract with Reach Subsea ASA on 1 April 2023. **The Group purchased 7.77% of the minority shares in Eidesvik Neptun AS before Eidesvik Neptun AS was closed in November 2023. Summary of financial information for subsidiaries with substantial minority interests: 2023: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank 384 364 330 575 53 789 29 827 225 018 159 346 149 405 9 941 Eidesvik Reach AS 3 260 0 3 260 3 046 3 053 207 0 207 Eidesvik Neptun II AS Entity RevenuEBITDA Depr. / Financial Financial Net Taxes Profit/loss e impairment income expenses financial for the year items 100 583 59 768 17 987 6 337 14 465 -8 128 0 33 654 Eidesvik Reach AS* 0 -187 0 4 064 20 4 044 0 3 857 Eidesvik Neptun AS ** 348 286 0 2 793 125 2 668 11 2 965 Eidesvik Neptun II AS 2022: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank 298 519 0 298 519 29 149 250 136 48 383 0 48 383 Eidesvik Neptun AS 83 693 0 83 693 51 715 88 83 605 0 83 605 Eidesvik Neptun II AS Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year 395 021 368 005 0 1 096 152 340 -151 244 0 216 761 Eidesvik Neptun AS 157 396 2 071 0 545 57 488 0 2 558 Eidesvik Neptun II ASNOTE 12 \u2013 TANGIBLE FIXED ASSETS (NOK thousands) 2023: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2023 37 414 3 594 40 598 81 606 4 647 450 354 548 5 001 998 0 5 083 603 Addition 0 0 0 0 341 658 52 303 393 961 0 393 961 Disposal 0 0 -101 -101 -1 186 518 -61 500 -1 248 018 0 -1 248 119 31 December 2023 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Accumulated depreciation and impairments 1 January 2023 19 804 3 494 39 760 63 059 3 567 818 290 704 3 858 522 0 3 921 581 Depreciation in the year 180 0 112 292 103 939 48 969 152 908 0 153 200 Impairment for the year 0 0 0 0 0 0 0 0 0 Reversal of previous impairment for the year 0 0 0 0 -409 062 0 -409 062 0 -409 062 Disposals 0 0 -101 -101 -1 068 067 -61 493 -1 129 560 0 -1 129 661 31 December 2023 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Book value 17 429 100 726 18 255 1 607 963 67 171 1 675 133 0 1 693 388 2022: Periodic Port Operating Total other maintenancTotal New build Property facilities equipment fixed assets Vessels e vessels contracts Total (*) Acquisition cost 1 January 2022 37 414 3 594 42 559 83 567 5 890 541 359 633 6 250 174 0 6 333 741 Addition 0 0 372 372 45 266 56 183 101 448 0 101 821 Disposal 0 0 -2 700 -2 700 -1 288 357 -61 268 -1 349 625 0 -1 352 325 31 December 2022 37 414 3 594 40 231 81 239 4 647 450 354 548 5 001 998 0 5 083 236 Accumulated depreciation and impairments 1 January 2022 19 624 3 494 39 926 63 044 4 034 132 285 076 4 319 208 0 4 382 251 Depreciation in the year 180 0 93 273 87 156 49 978 137 134 0 137 407 Impairment for the year 0 0 0 0 16 053 0 16 053 0 16 053 Reversal of previous impairment for the year 0 0 0 0 -225 290 0 -225 290 0 -225 290 Disposals 0 0 -625 -625 -344 232 -44 350 -388 582 0 -389 208 31 December 2022 19 804 3 494 39 393 62 692 3 567 819 290 704 3 858 522 0 3 921 214 Book value 17 610 100 837 18 547 1 079 631 63 844 1 143 474 0 1 162 022 (*) right-of-use assets TNOK 76 541 and depreciation TNOK 7 784 is not included in the table above. Refer to note 21 IFRS 16, Lease. Please refer to Note 20 for information on mortgaged assets. Refer to Note 2, point 2.5, for details of depreciation periods for vessels and lumping together of components. The Group\u2019s four seismic vessels, Viking Vanquish, Veritas Viking, Vantage and Viking Vision, were sold during 2023. The sales generated gains of MNOK 21.6. The Group completed the sale of the subsea/wind vessel Viking Neptun in November 2022, and the sale generated a gain of MNOK 269.7. All four seismic vessels were previous the completed sales classified as held-for-sale. In determining whether the decisions of sale of the vessels were assessed as discontinued operations or asset held for sale, the Group concluded that the seismic operations was not a major line of business. The assessment made was based on the fact that the seismic operation\u2019s representative share of the Group\u2019s total revenue was not viewed as significant (4% for 2022). Consistently discontinued operations was not applicable, and the vessels were classified as asset held for sale in accordance with IFRS 5. Property/port facilities include plots/land valued at MNOK 17.5 (MNOK 17.7) which are not depreciated. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as improved market conditions in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter end during 2023. Based on these tests, Eidesvik recognized reversals of previous impairment of MNOK 409.1 during 2023 (MNOK 209.2 in net reversal in 2022). Of this, MNOK 54.2 was related to one subsea/wind vessel (MNOK 36.6), MNOK 317.1 was related to four PSVs (MNOK 188.6), and MNOK 37.8 was related to two seismic vessels (MNOK -16.0). In addition, the JV vessel Seven Viking had a reversal of previous impairment of MNOK 28.8. The Group monitors the presence of impairment indicators during the periodical financial reporting, and thus may update its assessments of impairments to reflect further changes in the underlying market assumptions. Broker estimates are not used as an approximate sales value on the balance sheet date as there are few observed sales for some of the vessels the Group owns. For the assessment of value in use, expected future cash flows are used, discounted to net present value using a discount rate before taxes reflecting the market-based time value of money, as well as risk specific to the asset. The value in use is calculated using three scenarios, base, high and low case, weighted 60%, 20% and 20%, respectively. The discount rate Is derived from a weighted average cost of capital (WACC) for market players. The average WACC used in the calculations per 31 December 2023, is 10.4% (9.2%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2023 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. In 2023, the subsea/wind segment had a reversal impairment of MNOK 54.2 (recoverable amount MNOK 510.8), and the supply segment had a reversal of MNOK 317.1 (MNOK 1 207.5). In 2022, net reversal of previous impairments of MNOK 209.2 was charged.Sensitivity There is significant uncertainty associated with the assumptions for the value in use calculations. The calculation is based on firm contracts and market prospects which are considered to be good in both segments in the short and medium term. The expected future earnings used in the calculations are implicitly adjusted for utilisation rate adapted to this general market view. Therefore, sensitivity calculations have also been performed for the value in use calculations and the amounts post any reversals of previous impairments, in order to highlight the uncertainty in the calculations. Reasonable possible changes may be increased discounting rate and/or decreased revenue (by changes in utilisation and/or charter rate), and these key assumptions are analysed both separately and in conjunction with each other. Base case is basis for the sensitivity analysis. If the utilisation rate for the consolidated fleet is assumed to be reduced by 5 percentage points on uncontracted revenue, this would indicate impairments of total MNOK 39 related to four PSV\u2019s. If the WACC assumed had increased to 11.0%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total MNOK 56 related to four PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. Eidesvik has already invested in hybrid battery solutions for the majority of its fleet. For further green fuels and technologies to reduce CO2 equivalent emission for the fleet the Group continues to investigate this together with our customers and suppliers. Furthermore, possibilities for public funding are explored. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. At the moment, Emission Trading System (ETS) for offshore vessels from 2027 is only applicable for ships above 5000GT. EU will by end of 2026 decide if ETS will apply for offshore vessels above 400GT. Eidesvik do not currently own any vessels above 5000GT. Any increased cost in relation to ETS will have to be passed on to the end customer. EU has already confirmed that in case the responsibility for the purchase of the fuel and/or the operation of the ship is assumed by an entity other than the shipping company pursuant to a contractual arrangement, the shipping company is entitled to reimbursement from that entity for the costs arising from the surrendering of allowances. For the Group\u2019s long term sustainability goals of 50% reduction in CO2 in 2030, and climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.23 c). ",
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"s10_notes__6__112-1": {
"value": "NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Wind c. Seismic d. Other The Supply segment delivers services to the offshore oil industry. The vessels deliver supplies to rigs, and function as part of the rig\u2019s emergency preparedness. The Subsea/Offshore Wind segment delivers shipping services for subsea work for the oil industry. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction. Several of the Company\u2019s subsea vessels meet the requirements in the Offshore Wind market, and one vessel is currently chartered in this market. Regarding the Seismic segment, the Group sold all four vessels during 2023. This segment will be eliminated going forward. Other represent the SG&A that mainly provide corporate, management and crew services. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. Operating segments (NOK thousands) Supply Subsea / Offshore Seismic Other Consolidated Wind Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment result Operating income (IFRS 15) 224 821 200 642 149 568 128 123 0 0 28 567 24 083 402 956 352 849 Bareboat income (IFRS 16) 165 023 103 215 133 931 164 554 11 257 28 206 0 0 310 211 295 975 Operating income from JV * (IFRS 15) 0 0 37 229 38 250 0 0 0 0 37 229 38 250 Bareboat income from JV * (IFRS 16) 0 0 13 941 15 645 0 0 0 0 13 941 15 645 Gain/loss on sale / Other 0 0 0 269 723 21 574 0 37 618 0 59 192 269 723 Total operating income 389 844 303 857 334 669 616 296 32 831 28 206 66 185 24 083 823 529 972 442 Operating expenses 233 286 210 783 136 287 141 448 7 562 18 975 61 656 53 128 438 791 424 334 Operating expenses share from JV * 0 0 39 796 37 783 0 0 0 0 39 796 37 783 Total operating expenses 233 286 210 783 176 083 179 231 7 562 18 975 61 656 53 128 478 587 462 117 Depreciation 95 851 84 192 58 658 38 916 0 14 026 5 444 5 773 160 983 142 907 Depreciations share from JV * 0 0 21 837 18 925 0 0 0 0 21 837 18 925 Impairment on assets /reversal impairment -317 100 -188 726 -54 207 -36 564 -37 755 16 053 0 0 -409 062 -209 237 Impairment on assets /reversal impairment share from JV * 0 0 -14 413 0 0 0 0 0 -14 413 0 Total depreciation -221 249 -104 534 11 876 21 277 -37 755 30 079 5 444 5 773 -240 654 -47 405 Operating profit incl. share of the JVs * 377 807 197 608 146 710 415 788 63 024 -20 848 -915 -34 818 585 595 557 730 Net finance items and tax in JV* 0 0 -8 926 -6 831 0 0 0 0 -8 926 -6 831 Impairment JV ** 0 0 0 0 0 0 0 0 0 0 Share of profit from associated companies 0 0 0 0 0 0 567 523 567 523 Operating profit 377 807 197 608 137 784 408 958 63 024 -20 848 -348 -34 295 577 236 551 423 Net financial items -44 025 -144 639 Tax costs 11 -49 Profit/loss for the year 533 222 406 736 In 2023, the Supply segment had a reversal of MNOK 317.1, the Subsea/Offshore Wind segment had a reversal of MNOK 54.2, and the Seismic segment had a reversal impairment of MNOK 37.7. In 2022, the Supply segment had a reversal of previous impairment of MNOK 188.7, the Subsea/Offshore Wind segment had a reversal of previous impairment of MNOK 36.6, and the Seismic segment had an impairment of MNOK 16.1. *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, versus equity method in the consolidated statement of profit/loss for shares in joint ventures. No changes in other principles. Refer to Note 7. (NOK thousands) Subsea / Offshore Supply Wind Seismic Other Consolidated Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment assets 1 156 186 856 357 687 139 363 751 0 14 686 241 055 230 033 2 084 380 1 464 804 Proportion of assets in JV* 0 0 293 630 279 687 0 0 0 0 293 630 279 687 Unallocated assets (cash) 0 0 0 0 0 0 0 0 498 825 655 653 Assets held for sale 0 0 0 0 0 80 695 0 0 0 80 695 Total consolidated assets 1 156 186 856 357 687 139 363 751 0 95 381 241 055 230 033 2 583 205 2 201 153 Assets incl. share of JV* 1 156 186 856 357 980 769 643 438 0 95 381 241 055 230 033 2 876 834 2 480 839 Segment current liabilities (excl. mortgage debt) -13 742 -14 509 -9 523 -18 357 0 -2 267 -207 790 -182 779 -231 055 -217 911 Proportion of debts from JV* 0 0 -160 725 -141 805 0 0 0 0 -160 725 -141 805 Segment mortgage debt and other long-term liabilities -497 389 -644 941 -301 089 -201 219 0 -291 845 -70 921 57 294 -869 400 -1 080 711 Total liabilities incl. share of JV* -511 131 -659 449 -471 338 -361 380 0 -294 112 -278 712 -125 485 -1 261 180 -1 440 427 Investments in non-current assets (excl. periodic maintenance) 61 517 14 615 332 500 29 235 0 1 416 0 0 394 017 45 266 Gross sales of non-current assets 0 0 0 944 093 118 458 0 0 0 118 458 944 093 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. The sale of Viking Neptun in November 2022 significantly reduced the debt in the Subsea/Offshore Wind segment. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Operating segments Supply Subsea / Offshore Wind Seismic 2023 2022 2023 2022 2023 2022 Customer 1 110 454 89 764 Customer 2 139 540 193 333 Customer 3 103 451 Customer 4 167 286 71 341 Customer 5 207 181 Customer 6 87 596 Customer 7 76 523 Total operating income large customers 383 349 264 674 301 501 296 945 0 0 Secondary segments are not reported. The Supply, Subsea/Offshore Wind and Seismic business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Wind segment operate in various parts of the world, this is mainly a consequence of the customer\u2019s preferred areas of operation, not necessarily a decision on a geographical focus area. Presenting geographical areas for this segment is considered misleading. For the Supply segment, all operations in 2022 and 2023 are in just one geographical area defined as Europe. Secondary segmentations is therefore omitted. Refer to Note 21 for maturity for future lease income.NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2023 2022 Sale of ancillary equipment 37 314 0 Reversal of previous write-downs related to receivables 14 012 14 102 from JVs Other income 51 326 14 102 Other income of MNOK 14.0 (14.1) is related to the reversal of previous impairments on repayments received against the claim against Oceanic Seismic Vessels AS, see Note 13. ",
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"s10_notes__6__111": {
"value": "NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Wind c. Seismic d. Other The Supply segment delivers services to the offshore oil industry. The vessels deliver supplies to rigs, and function as part of the rig\u2019s emergency preparedness. The Subsea/Offshore Wind segment delivers shipping services for subsea work for the oil industry. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction. Several of the Company\u2019s subsea vessels meet the requirements in the Offshore Wind market, and one vessel is currently chartered in this market. Regarding the Seismic segment, the Group sold all four vessels during 2023. This segment will be eliminated going forward. Other represent the SG&A that mainly provide corporate, management and crew services. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. Operating segments (NOK thousands) Supply Subsea / Offshore Seismic Other Consolidated Wind Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment result Operating income (IFRS 15) 224 821 200 642 149 568 128 123 0 0 28 567 24 083 402 956 352 849 Bareboat income (IFRS 16) 165 023 103 215 133 931 164 554 11 257 28 206 0 0 310 211 295 975 Operating income from JV * (IFRS 15) 0 0 37 229 38 250 0 0 0 0 37 229 38 250 Bareboat income from JV * (IFRS 16) 0 0 13 941 15 645 0 0 0 0 13 941 15 645 Gain/loss on sale / Other 0 0 0 269 723 21 574 0 37 618 0 59 192 269 723 Total operating income 389 844 303 857 334 669 616 296 32 831 28 206 66 185 24 083 823 529 972 442 Operating expenses 233 286 210 783 136 287 141 448 7 562 18 975 61 656 53 128 438 791 424 334 Operating expenses share from JV * 0 0 39 796 37 783 0 0 0 0 39 796 37 783 Total operating expenses 233 286 210 783 176 083 179 231 7 562 18 975 61 656 53 128 478 587 462 117 Depreciation 95 851 84 192 58 658 38 916 0 14 026 5 444 5 773 160 983 142 907 Depreciations share from JV * 0 0 21 837 18 925 0 0 0 0 21 837 18 925 Impairment on assets /reversal impairment -317 100 -188 726 -54 207 -36 564 -37 755 16 053 0 0 -409 062 -209 237 Impairment on assets /reversal impairment share from JV * 0 0 -14 413 0 0 0 0 0 -14 413 0 Total depreciation -221 249 -104 534 11 876 21 277 -37 755 30 079 5 444 5 773 -240 654 -47 405 Operating profit incl. share of the JVs * 377 807 197 608 146 710 415 788 63 024 -20 848 -915 -34 818 585 595 557 730 Net finance items and tax in JV* 0 0 -8 926 -6 831 0 0 0 0 -8 926 -6 831 Impairment JV ** 0 0 0 0 0 0 0 0 0 0 Share of profit from associated companies 0 0 0 0 0 0 567 523 567 523 Operating profit 377 807 197 608 137 784 408 958 63 024 -20 848 -348 -34 295 577 236 551 423 Net financial items -44 025 -144 639 Tax costs 11 -49 Profit/loss for the year 533 222 406 736 In 2023, the Supply segment had a reversal of MNOK 317.1, the Subsea/Offshore Wind segment had a reversal of MNOK 54.2, and the Seismic segment had a reversal impairment of MNOK 37.7. In 2022, the Supply segment had a reversal of previous impairment of MNOK 188.7, the Subsea/Offshore Wind segment had a reversal of previous impairment of MNOK 36.6, and the Seismic segment had an impairment of MNOK 16.1. *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, versus equity method in the consolidated statement of profit/loss for shares in joint ventures. No changes in other principles. Refer to Note 7. (NOK thousands) Subsea / Offshore Supply Wind Seismic Other Consolidated Operating segments 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Segment assets 1 156 186 856 357 687 139 363 751 0 14 686 241 055 230 033 2 084 380 1 464 804 Proportion of assets in JV* 0 0 293 630 279 687 0 0 0 0 293 630 279 687 Unallocated assets (cash) 0 0 0 0 0 0 0 0 498 825 655 653 Assets held for sale 0 0 0 0 0 80 695 0 0 0 80 695 Total consolidated assets 1 156 186 856 357 687 139 363 751 0 95 381 241 055 230 033 2 583 205 2 201 153 Assets incl. share of JV* 1 156 186 856 357 980 769 643 438 0 95 381 241 055 230 033 2 876 834 2 480 839 Segment current liabilities (excl. mortgage debt) -13 742 -14 509 -9 523 -18 357 0 -2 267 -207 790 -182 779 -231 055 -217 911 Proportion of debts from JV* 0 0 -160 725 -141 805 0 0 0 0 -160 725 -141 805 Segment mortgage debt and other long-term liabilities -497 389 -644 941 -301 089 -201 219 0 -291 845 -70 921 57 294 -869 400 -1 080 711 Total liabilities incl. share of JV* -511 131 -659 449 -471 338 -361 380 0 -294 112 -278 712 -125 485 -1 261 180 -1 440 427 Investments in non-current assets (excl. periodic maintenance) 61 517 14 615 332 500 29 235 0 1 416 0 0 394 017 45 266 Gross sales of non-current assets 0 0 0 944 093 118 458 0 0 0 118 458 944 093 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. The sale of Viking Neptun in November 2022 significantly reduced the debt in the Subsea/Offshore Wind segment. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Operating segments Supply Subsea / Offshore Wind Seismic 2023 2022 2023 2022 2023 2022 Customer 1 110 454 89 764 Customer 2 139 540 193 333 Customer 3 103 451 Customer 4 167 286 71 341 Customer 5 207 181 Customer 6 87 596 Customer 7 76 523 Total operating income large customers 383 349 264 674 301 501 296 945 0 0 Secondary segments are not reported. The Supply, Subsea/Offshore Wind and Seismic business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Wind segment operate in various parts of the world, this is mainly a consequence of the customer\u2019s preferred areas of operation, not necessarily a decision on a geographical focus area. Presenting geographical areas for this segment is considered misleading. For the Supply segment, all operations in 2022 and 2023 are in just one geographical area defined as Europe. Secondary segmentations is therefore omitted. Refer to Note 21 for maturity for future lease income.",
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},
"s10_notes__6__123": {
"value": "NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2023 2022 Technical operation of vessels 96 678 89 742 Insurance 11 272 13 774 Communication costs 7 723 6 726 Administrative costs 5 136 11 668 Other operating expenses 120 809 121 910 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit and other office costs. Auditor: (NOK thousands) 2023 2022 Statutory audit 1 839 1 772 Tax advice 0 48 Other audit services 232 316 Other operating expenses 2 070 2 136 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__120": {
"value": "NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2023 2022 Technical operation of vessels 96 678 89 742 Insurance 11 272 13 774 Communication costs 7 723 6 726 Administrative costs 5 136 11 668 Other operating expenses 120 809 121 910 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit and other office costs. Auditor: (NOK thousands) 2023 2022 Statutory audit 1 839 1 772 Tax advice 0 48 Other audit services 232 316 Other operating expenses 2 070 2 136 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__124": {
"value": "Auditor: (NOK thousands) 2023 2022 Statutory audit 1 839 1 772 Tax advice 0 48 Other audit services 232 316 Other operating expenses 2 070 2 136 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__135": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2023 2022 Interest income 19 657 10 831 Other financial income 15 3 590 Total financial income 19 671 14 421 Interest expense on loans -81 041 -86 166 Other interest expenses -503 -277 Interest cost - lease liabilities -3 646 -3 783 Reversal of previous write-downs of receivables 10 447 7 247 Other financial expenses -583 -10 865 Total financial expenses -75 326 -93 844 Change in market value on interest instruments 10 860 51 142 Net currency gains (losses) -867 -115 995 Value change on currency futures recognised at fair value via 1 637 -363 profit/loss Total currency gain/loss 771 -116 358 Net financial items -44 025 -144 639 Net currency loss in 2022 is mainly related to the delivery of Viking Neptun and the corresponding repayment of debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__134": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2023 2022 Interest income 19 657 10 831 Other financial income 15 3 590 Total financial income 19 671 14 421 Interest expense on loans -81 041 -86 166 Other interest expenses -503 -277 Interest cost - lease liabilities -3 646 -3 783 Reversal of previous write-downs of receivables 10 447 7 247 Other financial expenses -583 -10 865 Total financial expenses -75 326 -93 844 Change in market value on interest instruments 10 860 51 142 Net currency gains (losses) -867 -115 995 Value change on currency futures recognised at fair value via 1 637 -363 profit/loss Total currency gain/loss 771 -116 358 Net financial items -44 025 -144 639 Net currency loss in 2022 is mainly related to the delivery of Viking Neptun and the corresponding repayment of debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__133": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2023 2022 Interest income 19 657 10 831 Other financial income 15 3 590 Total financial income 19 671 14 421 Interest expense on loans -81 041 -86 166 Other interest expenses -503 -277 Interest cost - lease liabilities -3 646 -3 783 Reversal of previous write-downs of receivables 10 447 7 247 Other financial expenses -583 -10 865 Total financial expenses -75 326 -93 844 Change in market value on interest instruments 10 860 51 142 Net currency gains (losses) -867 -115 995 Value change on currency futures recognised at fair value via 1 637 -363 profit/loss Total currency gain/loss 771 -116 358 Net financial items -44 025 -144 639 Net currency loss in 2022 is mainly related to the delivery of Viking Neptun and the corresponding repayment of debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__132": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2023 2022 Interest income 19 657 10 831 Other financial income 15 3 590 Total financial income 19 671 14 421 Interest expense on loans -81 041 -86 166 Other interest expenses -503 -277 Interest cost - lease liabilities -3 646 -3 783 Reversal of previous write-downs of receivables 10 447 7 247 Other financial expenses -583 -10 865 Total financial expenses -75 326 -93 844 Change in market value on interest instruments 10 860 51 142 Net currency gains (losses) -867 -115 995 Value change on currency futures recognised at fair value via 1 637 -363 profit/loss Total currency gain/loss 771 -116 358 Net financial items -44 025 -144 639 Net currency loss in 2022 is mainly related to the delivery of Viking Neptun and the corresponding repayment of debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__131": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2023 2022 Interest income 19 657 10 831 Other financial income 15 3 590 Total financial income 19 671 14 421 Interest expense on loans -81 041 -86 166 Other interest expenses -503 -277 Interest cost - lease liabilities -3 646 -3 783 Reversal of previous write-downs of receivables 10 447 7 247 Other financial expenses -583 -10 865 Total financial expenses -75 326 -93 844 Change in market value on interest instruments 10 860 51 142 Net currency gains (losses) -867 -115 995 Value change on currency futures recognised at fair value via 1 637 -363 profit/loss Total currency gain/loss 771 -116 358 Net financial items -44 025 -144 639 Net currency loss in 2022 is mainly related to the delivery of Viking Neptun and the corresponding repayment of debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__139": {
"value": "NOTE 10 \u2013 EARNINGS PER SHARE (NOK thousands) 2023 2022 Profit/loss for the year attributable to the majority 514 742 346 056 shareholders Number of issued ordinary shares (thousands) 72 983 62 150 Number of issued ordinary shares (thousands) 72 983 62 150 Earnings per share 7,05 5,57 Diluted earnings per share 7,05 5,57 No dividends were paid in 2023. The Board will propose a dividend of NOK 0.25per share for the Annual General Meeting 30 May 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__141": {
"value": "0.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s10_notes__6__143": {
"value": "NOTE 11 \u2013 PAYROLL EXPENSES AND NUMBER OF EMPLOYEES (NOK thousands) 2023 2022 Payroll after net pay refund 198 630 181 989 Social security costs 55 001 49 494 Defined benefit pension (see Note 18) 279 275 Contribution pension 11 278 12 402 Hired personnel 23 707 29 273 Other personnel costs 29 088 28 992 Total personnel costs 317 983 302 425 Salaries and payroll tax are shown after deduction for the reimbursement scheme for seafarers. The average number of full-time equivalents was: 406 372 Number of employees at end of year: 416 389 In 2023, NOK 39,814 thousand (NOK 41,581 thousand in 2022) was received in connection with the reimbursement scheme for Norwegian seafarers. In 2023, NOK 2,935 thousand (NOK 3,013 thousand in 2022) was received from Stiftelsen Norsk Maritim Kompetanse. All received refunds are presented as a reduction of payroll expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__142-1": {
"value": "NOTE 11 \u2013 PAYROLL EXPENSES AND NUMBER OF EMPLOYEES (NOK thousands) 2023 2022 Payroll after net pay refund 198 630 181 989 Social security costs 55 001 49 494 Defined benefit pension (see Note 18) 279 275 Contribution pension 11 278 12 402 Hired personnel 23 707 29 273 Other personnel costs 29 088 28 992 Total personnel costs 317 983 302 425 Salaries and payroll tax are shown after deduction for the reimbursement scheme for seafarers. The average number of full-time equivalents was: 406 372 Number of employees at end of year: 416 389 In 2023, NOK 39,814 thousand (NOK 41,581 thousand in 2022) was received in connection with the reimbursement scheme for Norwegian seafarers. In 2023, NOK 2,935 thousand (NOK 3,013 thousand in 2022) was received from Stiftelsen Norsk Maritim Kompetanse. All received refunds are presented as a reduction of payroll expenses.NOTE 18 - PENSIONS AND OTHER LONG-TERM EMPLOYEE BENEFITS The Company is required to have an occupational pension scheme under the Mandatory Occupational Pensions Act. The Company\u2019s pension schemes satisfy the requirements of this Act. Defined benefit pensionThis pension scheme was replaced by a defined contribution scheme for all employees, except for former CEO. The estimated payment into the defined benefit scheme in 2024 is NOK 0 thousand. Capitalised liability is determined as follows: (NOK thousands) 2023 2022 Net present value of accrued defined benefit pension liabilities in fund based schemes 4 767 3 899 Fair value of pension funds -4 579 -4 317 Net capitalised pension liability/(fund) December 31 189 -417 Changes in defined benefit pension liability during the year: 2023 2022 Pension liability January 1 3 899 3 519 Net present value of pension contribution of the year 258 248 Interest expenses 121 71 Payroll tax on employer\u2019s contribution -40 -63 Benefits paid 528 124 Pension liability December 31 4 767 3 899 Change in fair value of pension funds: 2023 2022 Pension funds January 1 4 317 3 801 Expected return on pension funds 100 44 Actuarial (gains)/losses -119 22 Payroll tax on employer\u2019s contribution -40 -63 Employer\u2019s contribution 320 513 Pension funds December 31 4 579 4 317 Total cost included in net profit: 2023 2022 Cost of pension contribution for the period 219 214 Interest expenses 7 4 Expected return on pension funds -17 -10 Administrative costs 38 36 Payroll tax on pension costs 32 31 Total, included in payroll expenses (Note 11) 279 275 Estimate deviations due to changes in actuarial assumptions included in other income and costs (OCI): 2023 2022 Changes in the discount rate -60 -527 Changes in other financial assumptions DBO 66 -27 Changes in other DBO 589 651 Changes in other - pension funds -4 -46 Funds and interest guarantees 57 51 Estimate deviation losses/(gains) against OCI* 647 102 *Estimate deviation losses/(gains) against OCI was incorrectly booked as a gain in 2022, in addition to a wrong correction for estimate deviation losses/(gains) against OCI in 2021. Both are reversed in 2023, and hence the NOK 647 thousand is not reconciable to the accounts. The pension funds are placed in various investments through external insurance companies. They manage all transactions for the pension schemes. Breakdown into investment categories: 2023 2022 Shares 13 % 12 % Bonds 54 % 51 % Real estate 11 % 10 % Money market 12 % 14 % Other 10 % 13 % To calculate pension costs and net pension liabilities, the following assumptions are used: 2023 2022 Discount rate 3,10 % 3,00 % Rate of compensation increase 3,50 % 3,50 % Increase of social security base amount (G) 3,25 % 3,25 % Rate of pension increase 1,80 % 1,50 % Payroll tax rate 14,10 % 14,10 % The discount rate is based on interest on covered bonds (OMF), whereas this was previously based on the government bond rate. Mortality table K2013 BE is used as a basis for mortality. Sensitivity of the calculation of pension liability to changes in the assumptions: The table below shows an estimate of potential effects of a change in certain assumptions for defined benefit pension schemes in Norway. Change in amount Discount rate Rate of pension increase Inflation 1,00 % -1,00 % 1,00 % -1,00 % 1,00 % -1,00 % Total Pension liability PBO 4 192 5 457 5 459 4 180 4 192 5 457 Pension cost for period SCC - - - - - - Active members Pension liability PBO - - - - - - Pension cost for period SCC - - - - - - Pensioners Pension liability PBO 4 192 5 457 5 459 4 180 4 192 5 457 Risk assessment Through the defined benefit schemes, the Group is affected by a number of risks arising from uncertainty in assumptions and future developments. The key risks are described here: Life expectancy The Group has undertaken to pay pensions to the employee for the remainder of their lives. So an increase in life expectancy among the members will lead to an increase in the liability for the Company. Return risk The Group is affected by a reduction in the actual return on the pension funds. This will lead to an increase in the liability for the Company, as the return on the funds will not be sufficient to meet the obligation. Inflation and wage increase risk The Group\u2019s pension liability carries risk associated with both inflation and wage growth, although wage development is closely linked to inflation. Higher inflation and wage growth than assumed in the pension estimates will lead to a larger liability for the Group. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__151": {
"value": "NOTE 13 \u2013 OTHER LONG-TERM RECEIVABLES (NOK thousands) (NOK thousands) 31.12.2023 31.12.2022 Long-term receivables, OSEV 20 912 39 769 Total other long-term receivables 20 912 39 769 Long-term receivables, OSEV, are related to the company Oceanic Seismic Vessels AS (subsidiary of Global Seismic Shipping AS, \"GSS\"), regarding the reorganisation of shares in the company and the establishment of GSS (sold in January 2020), as well as the receipt of receivables against the same companies from CGG as part-settlement for the amendment in the contract for Viking Vanquish in 2017. The nominal value as at 31 December 2023, was MUSD 4.45 (MUSD 8.45 as at 31 December 2022), but the value recognised in the accounts is substantially lower due to provisions for counterparty risk with the company\u2019s charterer. In 2023 repayments were paid in accordance with the agreed plan, and write-downs on the payments received were reversed (see Note 5 and Note 8). See Note 26 for further information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__150-1": {
"value": "NOTE 13 \u2013 OTHER LONG-TERM RECEIVABLES (NOK thousands) (NOK thousands) 31.12.2023 31.12.2022 Long-term receivables, OSEV 20 912 39 769 Total other long-term receivables 20 912 39 769 Long-term receivables, OSEV, are related to the company Oceanic Seismic Vessels AS (subsidiary of Global Seismic Shipping AS, \"GSS\"), regarding the reorganisation of shares in the company and the establishment of GSS (sold in January 2020), as well as the receipt of receivables against the same companies from CGG as part-settlement for the amendment in the contract for Viking Vanquish in 2017. The nominal value as at 31 December 2023, was MUSD 4.45 (MUSD 8.45 as at 31 December 2022), but the value recognised in the accounts is substantially lower due to provisions for counterparty risk with the company\u2019s charterer. In 2023 repayments were paid in accordance with the agreed plan, and write-downs on the payments received were reversed (see Note 5 and Note 8). See Note 26 for further information.NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2023 31.12.2022 Inventories (bunkers, lube oil, slop chest) 2 113 17 756 Other shares 34 34 VAT receivable 2 637 2 534 Insurance settlement receivable 2 469 20 983 Accrued unbilled income 881 0 Net payroll 13 578 13 427 Prepaid expenses 13 187 16 011 Security for guarantee 10 000 10 000 Total other current assets 44 898 80 744 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__154-1": {
"value": "NOTE 14 \u2013 ACCOUNTS RECEIVABLE (NOK thousands) 31.12.2023 31.12.2022 Accounts receivable 181 533 124 211 Accounts receivable related parties/joint ventures 46 012 16 019 Provision for losses 0 1 529 Total accounts receivable 227 545 141 759 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: (NOK thousands) 31.12.2023 31.12.2022 0-3 months 49 971 10 242 3-6 months 0 328 6 months < 0 3 287 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2023 31.12.2022 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 47 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 46 318 16 447 USD 0 15 710 NOK 181 226 109 601 Total accounts receivable 227 545 141 759 Net change in provisions for impairment of accounts receivable: 31.12.2023 31.12.2022 At January 1 1 529 6 845 Provision for impairment of receivables 0 -6 845 Accounts receivable recorded as loss during the year -1 529 -1 529 At December 31 0 1 529NOTE 23 - TRANSACTIONS WITH RELATED PARTIES (NOK thousands) The Group has some transactions with related parties, concerning crew hire, management services for vessel operations, business and accounting services and leasing of offices. All transactions are based on the arm\u2019s length principle. 2023 2022 Lease of offices from AS Langev\u00e5g Senter -9 109 -8 477 Lease of other office services to AS Langev\u00e5g Senter 40 0 Lease of offices to Evik AS 663 678 Lease of apartment from Evik AS -92 -82 Lease of offices to B\u00f8mmelfjord AS 829 773 Sale of other services to Eidesvik Invest AS 74 11 Lease of offices and other services to Signatur Management AS 759 952 Purchase of office services from Signatur Management AS -24 -22 Lease of stockroom and other services from Klubben Eiendom AS -902 -549 Sale of office services and lease of apartment to B\u00f8mlo Skipservice AS 43 7 Purchase of technical and layup services from B\u00f8mlo Skipservice AS -1 319 -6 636 Sale of crew and management services to Eidesvik Seven Chartering AS 107 632 94 356 Sale of management services to Eidesvik Seven AS 41 533 1 420 The balance sheet includes the following amounts resulting from transactions with related parties: 31.12.2023 31.12.2022 Accounts receivable 46 012 16 019 Other current assets (see also note 15) 0 0 Accounts payable -68 -359 Total 45 944 15 659 Shares owned/controlled by Board members/senior executives: 2023 2022 Eidesvik Invest AS (1) 43 684 833 37 200 000 Kristine Elisabeth Skeie 191 666 25 000 John Egil Stangeland 30 000 30 000 Bj\u00f8rg Marit Eknes 25 000 25 000 Gitte Gard Talmo 7 690 500 Helga Cotgrove 5 800 0 Lauritz Eidesvik 200 200 (1) Eidesvik Invest AS is 55%-controlled by B\u00f8mmelfjord AS, where Borgny Eidesvik holds 20% of the shares (A-shares), and Lauritz Eidesvik holds 20% of the shares (B-shares). The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Lars Eidesvik indirectly holds 20% of the shares. The Eidesvik Offshore ASA Group is a subsidiary of Eidesvik Invest AS, which is a subsidiary of the ultimate parent company B\u00f8mmelfjord AS. Remuneration to senior executives: 2023 Base salary Bonus Other Pension costs CEO Gitte Talmo 2 331 701 326 120 COO Arve Nilsen 1 638 400 179 118 CFO Helga Cotgrove 1 864 604 189 125 Former CEO Jan Fredrik Meling 0 0 1 345 499 Total 2023 5 833 1 704 2 039 862 Pension 2022 Base salary Bonus Other costs CEO Gitte Talmo 2 128 770 315 147 COO Arve Nilsen 1 350 312 215 122 CFO Helga Cotgrove 519 180 52 35 Former CEO Jan Fredrik Meling 252 0 1 493 414 Former COO Jan Lodden 1 127 0 56 62 Former CFO Tore Byberg 1 179 0 105 56 Total 2022 6 555 1 261 2 236 837 The Company has published a separate Report on Remuneration to the Board of Directors, CEO and Senior Executives, available for download from the Company\u2019s website. In accordance to the company renumeration policy, a bonus scheme is established for CEO and senior executives. Bonus scheme is based on company targets (75%) and individual targets (25%). Maximum bonus is 35% of annual salary. The Board of Directors may temporarily deviate from any part of the guidelines if deemed necessary to protect the long term interest and financial capacity of the Company or safeguard the viability of the company. The CEO has a mutual notice period of 6 months and is entitled to 6 months of severance pay on certain terms per December 31, 2023. Former CEO, Jan Fredrik Meling, retired from his position on 31 December 2021. Gitte Gard Talmo replaced Meling effective from 1 January 2022. Meling has received 60% of his salary in 2023 and 2022. His pension cost has been covered by Eidesvik Offshore ASA in 2023 and 2022. Remuneration of the Board 2023 2022 Arne Austreid 555 319 300 303 Borgny Eidesvik 255 243 Lars Eidesvik 255 243 John Egil Stangeland 285 263 Lauritz Eidesvik 255 243 Kristine Elisabeth Skeie 318 177 Bj\u00f8rg Marit Eknes 138 46 Johnny Olson 74 112 Tore Hettervik 38 0 Petter L\u00f8nning 0 248 Kolbein Rege 0 126 Synne Syrrist 0 85 B\u00f8rre Lindanger 2 473 2 407 The Board Remuneration Annual Change 2.67% Board remuneration is decided by the General Meeting. Disbursements for 2023 are remuneration for the previous year, 2022. 2023 remuneration will be decided on the next Annual General Meeting. Arne Austreid, Bj\u00f8rg Marit Eknes and Tore Hettervik were, respectively, elected as chair of the board, board member and employee representative for the board in 2021. Johnny Olson were, respectively, elected as employee representative for the board in 2022. From AGM 2019, the employees have had one employee representative in the Board, and one deputy employee representative. The total remuneration for these two representatives are equal to a original Board Member, and the split is originally 70/30 between the two employee representatives, depending on the number of meetings the deputy employee representative has attended. The employee representatives rotate on a yearly basis, from July to July. Nomination Committee 2023 2022 45 30 Per \u00c5ge Hauge 13 20 Ellen Hatteland* 30 20 Kjetil Eidesvik 18 0 Kristine Klaveness* 0 20 Lauritz Eidesvik** 30 20 Kolbein Rege** * At the Annual General Meeting in 2022, Kristine Klaveness replaced Ellen Hatteland in the Nomination Committee. ** This compensation is included in the table for remuneration of the board. Remuneration is decided by the General Meeting. Disbursements for 2023 are remuneration for the previous year, 2022. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__158": {
"value": "NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2023 31.12.2022 Inventories (bunkers, lube oil, slop chest) 2 113 17 756 Other shares 34 34 VAT receivable 2 637 2 534 Insurance settlement receivable 2 469 20 983 Accrued unbilled income 881 0 Net payroll 13 578 13 427 Prepaid expenses 13 187 16 011 Security for guarantee 10 000 10 000 Total other current assets 44 898 80 744 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s10_notes__6__157": {
"value": "NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2023 31.12.2022 Inventories (bunkers, lube oil, slop chest) 2 113 17 756 Other shares 34 34 VAT receivable 2 637 2 534 Insurance settlement receivable 2 469 20 983 Accrued unbilled income 881 0 Net payroll 13 578 13 427 Prepaid expenses 13 187 16 011 Security for guarantee 10 000 10 000 Total other current assets 44 898 80 744 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__156": {
"value": "NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2023 31.12.2022 Inventories (bunkers, lube oil, slop chest) 2 113 17 756 Other shares 34 34 VAT receivable 2 637 2 534 Insurance settlement receivable 2 469 20 983 Accrued unbilled income 881 0 Net payroll 13 578 13 427 Prepaid expenses 13 187 16 011 Security for guarantee 10 000 10 000 Total other current assets 44 898 80 744 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s10_notes__6__160": {
"value": "NOTE 16 - CASH AND CASH EQUIVALENTS Of total cash and cash equivalents at 31 December 2023, of MNOK 498.8 (MNOK 655.7 at 31 December 2022), were MNOK 9.3 (7.2) restricted tax funds and MNOK 82.7 (62.7) funding restricted for use towards Eidesvik\u2019s joint development projects with multiple partners for the development of green ammonia as a fuel source.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__168": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2023 31.12.2022 Public taxes and charges 36 880 27 501 Salaries and holiday pay 42 072 35 280 Accrued expenses 34 457 57 524 Prepaid funding for ammonia projects 63 276 57 401 Total other current liabilities 176 685 177 707 Accrued expenses are mainly related to provisions for accrued operating costs, prepayment from customers and docking/average adjustment. Prepaid funding for ammonia projects is related to received EU funding. Please see the extraction from the Group\u2019s ESG report on page 16 for information of Eidesvik\u2019s work to reduce emissions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__167": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2023 31.12.2022 Public taxes and charges 36 880 27 501 Salaries and holiday pay 42 072 35 280 Accrued expenses 34 457 57 524 Prepaid funding for ammonia projects 63 276 57 401 Total other current liabilities 176 685 177 707 Accrued expenses are mainly related to provisions for accrued operating costs, prepayment from customers and docking/average adjustment. Prepaid funding for ammonia projects is related to received EU funding. Please see the extraction from the Group\u2019s ESG report on page 16 for information of Eidesvik\u2019s work to reduce emissions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__166": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2023 31.12.2022 Public taxes and charges 36 880 27 501 Salaries and holiday pay 42 072 35 280 Accrued expenses 34 457 57 524 Prepaid funding for ammonia projects 63 276 57 401 Total other current liabilities 176 685 177 707 Accrued expenses are mainly related to provisions for accrued operating costs, prepayment from customers and docking/average adjustment. Prepaid funding for ammonia projects is related to received EU funding. Please see the extraction from the Group\u2019s ESG report on page 16 for information of Eidesvik\u2019s work to reduce emissions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__165": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2023 31.12.2022 Public taxes and charges 36 880 27 501 Salaries and holiday pay 42 072 35 280 Accrued expenses 34 457 57 524 Prepaid funding for ammonia projects 63 276 57 401 Total other current liabilities 176 685 177 707 Accrued expenses are mainly related to provisions for accrued operating costs, prepayment from customers and docking/average adjustment. Prepaid funding for ammonia projects is related to received EU funding. Please see the extraction from the Group\u2019s ESG report on page 16 for information of Eidesvik\u2019s work to reduce emissions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__164": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2023 31.12.2022 Public taxes and charges 36 880 27 501 Salaries and holiday pay 42 072 35 280 Accrued expenses 34 457 57 524 Prepaid funding for ammonia projects 63 276 57 401 Total other current liabilities 176 685 177 707 Accrued expenses are mainly related to provisions for accrued operating costs, prepayment from customers and docking/average adjustment. Prepaid funding for ammonia projects is related to received EU funding. Please see the extraction from the Group\u2019s ESG report on page 16 for information of Eidesvik\u2019s work to reduce emissions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__173": {
"value": "NOTE 20 - LONG-TERM LIABILITIES (NOK thousands) Book value (NOK thousands) 31.12.2023 31.12.2022 Mortgage (NOK) 677 000 827 958 Mortgage (USD) 128 506 311 518 Other loan 1 161 1 099 Capitalised establishment costs -7 027 -1 471 Total interest-bearing long-term liabilities 799 640 1 139 103 Total long-term liabilities 799 640 1 139 103 Short-term portion of long-term liabilities -121 192 -983 569 Liabilities related to Assets held for sale 0 -112 365 Total long-term liabilities excl. first year\u2019s repayment 678 448 43 169 Short-term loans First year\u2019s repayment of long-term liabilities 121 192 983 569 Accrued interest 2 265 5 965 Total 123 457 989 534 Liabilities related to Assets held for sale 0 112 365 Total 0 112 365 Book value of liabilities in currency NOK 671 134 827 585 USD 128 506 311 518 Total 799 640 1 139 103 Amortisation profile on long-term liabilities at 31 December 2023: 2024 121 192 2025 121 192 2026 121 192 2027 411 334 Later 30 597 Total repayments 805 506 Amortisation profile on long-term liabilities at 31 December 2022*: Pre refinancing in Q1 Post refinancing in Q1 2023 2023 2023 1 095 934 452 500 2024 43 542 85 000 2025 0 85 000 2026 0 516 976 1 139 476 Total repayments 1 139 476 *Liabilities related to Assets held for sale became due and payable at the time of completion of the sale. Of total liabilities, MNOK 805.5 are secured against mortgages in vessels recorded at MNOK 1,675.1. For an assessment of the fair value of long-term liabilities, see Notes 3. Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing lease short-term lease long-term liabilities debt liabilities debt At January 1, 2023 989 534 4 217 112 365 43 168 53 973 1 203 257 Net repayment of debt/new debt -1 005 760 -7 844 -128 806 767 197 0 -375 214 Interest paid -59 911 -5 965 0 0 0 0 -65 876 Cash flow from financing -59 911 -1 011 725 -7 844 -128 806 767 197 0 -441 091 Exchange rate effects 22 191 0 0 -4 859 0 17 333 Capitalisation costs 0 0 0 -5 556 0 -5 556 Interest accrued but not paid 2 265 0 0 0 0 2 265 Other changes 121 192 11 628 16 441 -121 502 15 598 43 357 At December 31, 2023 123 457 4 217 0 678 448 69 571 879 477 Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing long-lease short-term lease term debt liabilities debt liabilities At January 1, 2022 94 379 3 256 840 666 1 044 199 51 147 2 033 646 Repayment of debt -89 797 -4 890 -876 124 0 0 -970 811 Interest paid -83 335 -7 674 0 0 0 0 -91 009 Cash flow from financing -83 335 -97 471 -4 890 -876 124 0 0 -1 061 821 Exchange rate effects 36 703 0 96 056 0 0 132 759 Capitalisation costs 0 0 0 4 127 0 4 127 Interest accrued but not paid 5 965 0 0 0 0 5 965 Other changes 949 958 5 851 51 768 -1 005 158 2 827 5 246 At December 31, 2022 989 534 4 217 112 365 43 168 53 973 1 203 258 *Liabilities related to Assets Held for sale The Group refinanced its 100% owned fleet twice during 2023, and the debt is reclassified from current to non-current debt. Both loan renewals were considered to be new loans due to significant changes in conditions, and for the second one also change in lender. On 13 December 2023, Eidesvik announced that it had agreed on a term sheet with Sparebanken Vest to replace the Company\u2019s existing term loan facility for its wholly owned fleet of 8 vessels. The transaction was completed on 20 December 2023, and the new improved terms for the financing became effective. The new debt of NOK 677 million will mature on 20 December 2027, and has an amortization profile of seven years. The most important financial covenants related to the financing per 31 December 2023, were: \u2022 Minimum free liquidity the lower of NOK 80 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt) (borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest and which owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The most important financial covenants related to the financing of Viking Reach per 31 December 2023, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). \u2022 Positive working capital (current assets less current liabilities, excluding instalments and current portion of long term debt)(in the company). \u2022 Minimum book equity of NOK 160 million (in the company). \u2022 Equity ratio of 35% (in the company). No companies in the Group were in breach of any covenants at 31 December 2023, or during 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__172": {
"value": "NOTE 20 - LONG-TERM LIABILITIES (NOK thousands) Book value (NOK thousands) 31.12.2023 31.12.2022 Mortgage (NOK) 677 000 827 958 Mortgage (USD) 128 506 311 518 Other loan 1 161 1 099 Capitalised establishment costs -7 027 -1 471 Total interest-bearing long-term liabilities 799 640 1 139 103 Total long-term liabilities 799 640 1 139 103 Short-term portion of long-term liabilities -121 192 -983 569 Liabilities related to Assets held for sale 0 -112 365 Total long-term liabilities excl. first year\u2019s repayment 678 448 43 169 Short-term loans First year\u2019s repayment of long-term liabilities 121 192 983 569 Accrued interest 2 265 5 965 Total 123 457 989 534 Liabilities related to Assets held for sale 0 112 365 Total 0 112 365 Book value of liabilities in currency NOK 671 134 827 585 USD 128 506 311 518 Total 799 640 1 139 103 Amortisation profile on long-term liabilities at 31 December 2023: 2024 121 192 2025 121 192 2026 121 192 2027 411 334 Later 30 597 Total repayments 805 506 Amortisation profile on long-term liabilities at 31 December 2022*: Pre refinancing in Q1 Post refinancing in Q1 2023 2023 2023 1 095 934 452 500 2024 43 542 85 000 2025 0 85 000 2026 0 516 976 1 139 476 Total repayments 1 139 476 *Liabilities related to Assets held for sale became due and payable at the time of completion of the sale. Of total liabilities, MNOK 805.5 are secured against mortgages in vessels recorded at MNOK 1,675.1. For an assessment of the fair value of long-term liabilities, see Notes 3. Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing lease short-term lease long-term liabilities debt liabilities debt At January 1, 2023 989 534 4 217 112 365 43 168 53 973 1 203 257 Net repayment of debt/new debt -1 005 760 -7 844 -128 806 767 197 0 -375 214 Interest paid -59 911 -5 965 0 0 0 0 -65 876 Cash flow from financing -59 911 -1 011 725 -7 844 -128 806 767 197 0 -441 091 Exchange rate effects 22 191 0 0 -4 859 0 17 333 Capitalisation costs 0 0 0 -5 556 0 -5 556 Interest accrued but not paid 2 265 0 0 0 0 2 265 Other changes 121 192 11 628 16 441 -121 502 15 598 43 357 At December 31, 2023 123 457 4 217 0 678 448 69 571 879 477 Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing long-lease short-term lease term debt liabilities debt liabilities At January 1, 2022 94 379 3 256 840 666 1 044 199 51 147 2 033 646 Repayment of debt -89 797 -4 890 -876 124 0 0 -970 811 Interest paid -83 335 -7 674 0 0 0 0 -91 009 Cash flow from financing -83 335 -97 471 -4 890 -876 124 0 0 -1 061 821 Exchange rate effects 36 703 0 96 056 0 0 132 759 Capitalisation costs 0 0 0 4 127 0 4 127 Interest accrued but not paid 5 965 0 0 0 0 5 965 Other changes 949 958 5 851 51 768 -1 005 158 2 827 5 246 At December 31, 2022 989 534 4 217 112 365 43 168 53 973 1 203 258 *Liabilities related to Assets Held for sale The Group refinanced its 100% owned fleet twice during 2023, and the debt is reclassified from current to non-current debt. Both loan renewals were considered to be new loans due to significant changes in conditions, and for the second one also change in lender. On 13 December 2023, Eidesvik announced that it had agreed on a term sheet with Sparebanken Vest to replace the Company\u2019s existing term loan facility for its wholly owned fleet of 8 vessels. The transaction was completed on 20 December 2023, and the new improved terms for the financing became effective. The new debt of NOK 677 million will mature on 20 December 2027, and has an amortization profile of seven years. The most important financial covenants related to the financing per 31 December 2023, were: \u2022 Minimum free liquidity the lower of NOK 80 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt) (borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest and which owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The most important financial covenants related to the financing of Viking Reach per 31 December 2023, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). \u2022 Positive working capital (current assets less current liabilities, excluding instalments and current portion of long term debt)(in the company). \u2022 Minimum book equity of NOK 160 million (in the company). \u2022 Equity ratio of 35% (in the company). No companies in the Group were in breach of any covenants at 31 December 2023, or during 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__171": {
"value": "NOTE 20 - LONG-TERM LIABILITIES (NOK thousands) Book value (NOK thousands) 31.12.2023 31.12.2022 Mortgage (NOK) 677 000 827 958 Mortgage (USD) 128 506 311 518 Other loan 1 161 1 099 Capitalised establishment costs -7 027 -1 471 Total interest-bearing long-term liabilities 799 640 1 139 103 Total long-term liabilities 799 640 1 139 103 Short-term portion of long-term liabilities -121 192 -983 569 Liabilities related to Assets held for sale 0 -112 365 Total long-term liabilities excl. first year\u2019s repayment 678 448 43 169 Short-term loans First year\u2019s repayment of long-term liabilities 121 192 983 569 Accrued interest 2 265 5 965 Total 123 457 989 534 Liabilities related to Assets held for sale 0 112 365 Total 0 112 365 Book value of liabilities in currency NOK 671 134 827 585 USD 128 506 311 518 Total 799 640 1 139 103 Amortisation profile on long-term liabilities at 31 December 2023: 2024 121 192 2025 121 192 2026 121 192 2027 411 334 Later 30 597 Total repayments 805 506 Amortisation profile on long-term liabilities at 31 December 2022*: Pre refinancing in Q1 Post refinancing in Q1 2023 2023 2023 1 095 934 452 500 2024 43 542 85 000 2025 0 85 000 2026 0 516 976 1 139 476 Total repayments 1 139 476 *Liabilities related to Assets held for sale became due and payable at the time of completion of the sale. Of total liabilities, MNOK 805.5 are secured against mortgages in vessels recorded at MNOK 1,675.1. For an assessment of the fair value of long-term liabilities, see Notes 3. Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing lease short-term lease long-term liabilities debt liabilities debt At January 1, 2023 989 534 4 217 112 365 43 168 53 973 1 203 257 Net repayment of debt/new debt -1 005 760 -7 844 -128 806 767 197 0 -375 214 Interest paid -59 911 -5 965 0 0 0 0 -65 876 Cash flow from financing -59 911 -1 011 725 -7 844 -128 806 767 197 0 -441 091 Exchange rate effects 22 191 0 0 -4 859 0 17 333 Capitalisation costs 0 0 0 -5 556 0 -5 556 Interest accrued but not paid 2 265 0 0 0 0 2 265 Other changes 121 192 11 628 16 441 -121 502 15 598 43 357 At December 31, 2023 123 457 4 217 0 678 448 69 571 879 477 Change in liabilities Interest Interest-Assets held Interest-Non-current Total expenses bearing Current for sale* bearing long-lease short-term lease term debt liabilities debt liabilities At January 1, 2022 94 379 3 256 840 666 1 044 199 51 147 2 033 646 Repayment of debt -89 797 -4 890 -876 124 0 0 -970 811 Interest paid -83 335 -7 674 0 0 0 0 -91 009 Cash flow from financing -83 335 -97 471 -4 890 -876 124 0 0 -1 061 821 Exchange rate effects 36 703 0 96 056 0 0 132 759 Capitalisation costs 0 0 0 4 127 0 4 127 Interest accrued but not paid 5 965 0 0 0 0 5 965 Other changes 949 958 5 851 51 768 -1 005 158 2 827 5 246 At December 31, 2022 989 534 4 217 112 365 43 168 53 973 1 203 258 *Liabilities related to Assets Held for sale The Group refinanced its 100% owned fleet twice during 2023, and the debt is reclassified from current to non-current debt. Both loan renewals were considered to be new loans due to significant changes in conditions, and for the second one also change in lender. On 13 December 2023, Eidesvik announced that it had agreed on a term sheet with Sparebanken Vest to replace the Company\u2019s existing term loan facility for its wholly owned fleet of 8 vessels. The transaction was completed on 20 December 2023, and the new improved terms for the financing became effective. The new debt of NOK 677 million will mature on 20 December 2027, and has an amortization profile of seven years. The most important financial covenants related to the financing per 31 December 2023, were: \u2022 Minimum free liquidity the lower of NOK 80 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt) (borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest and which owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The most important financial covenants related to the financing of Viking Reach per 31 December 2023, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). \u2022 Positive working capital (current assets less current liabilities, excluding instalments and current portion of long term debt)(in the company). \u2022 Minimum book equity of NOK 160 million (in the company). \u2022 Equity ratio of 35% (in the company). No companies in the Group were in breach of any covenants at 31 December 2023, or during 2023.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__178": {
"value": "NOTE 22 - FINANCIAL INSTRUMENTS (NOK thousands) Capitalised financial assets and liabilities Capitalised value equals fair value, except for loans. For details of fair value loans, see the section on \u201cInterest\u201d below. The Group does not practise hedge accounting, financial derivatives held for financial hedging which are recorded at fair value. 31.12.2023 31.12.2022 Assets Market-based shares for trading 9 9 Currency derivatives 1 637 0 Interest derivatives 15 758 62 180 Accounts receivable (Note 14) 227 545 141 759 Cash and cash equivalents (Note 16) 498 825 655 653 Other long term receivables, OSEV 20 912 39 769 Total 764 686 899 370 Liabilities Loans (Note 20) 805 506 1 139 476 Total 805 506 1 139 476 Currency The Group has entered into currency derivative contracts as part of the management of the Group\u2019s currency exposure. At December 31, 2023 Currency sold Amount Maturity Exchange rate Fair value (MTM) (average) Currency derivatives Currency futures for the sale of current cash flow EUR 3 000 2024 11,7718 1 637 1 637 3 000 The Group had no currency derivatives per 31 December 2022. All currency futures are recorded at fair value. Interest The Group has the following fixed rate agreements: At December 31, 2023 Fair value Annual downscaling (incl. accrued before maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Cap NOK 1,00 % 01.07.2025 150 000 8 008 None Cap NOK 1,00 % 15.07.2025 150 000 7 750 None Unhedged 505 506 Total liabilities, hedged and unhedged 805 506 15 758 At December 31, 2022 Fair value Annual downscaling (incl. accrued before maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Fixed rate loan NOK 3,36 % 27.03.2024 132 329 Variable Fixed rate loan NOK 3,41 % 13.09.2024 148 146 Variable Cap NOK 1,00 % 01.07.2025 150 000 8 993 None Cap NOK 1,00 % 15.07.2025 150 000 9 092 None Cap USD 1,00 % 01.07.2025 246 433 22 154 None Cap USD 1,00 % 15.07.2025 246 433 21 942 None Unhedged 66 135 Total liabilities, hedged and unhedged 1 139 476 62 180 The Group has in Q1 2023 unwinded the two caps in USD. At 31 December 2023, 37%% (94%) of the Group\u2019s loans were at fixed interest or swap/cap. The Group did not have any fixed-rate loans at 31 December 2023. See Note 20 for information on long-term loans. Other information No financial assets have been reclassified such that the valuation method has been changed from amortised cost to fair value, or vice versa. For assessment of fair value (MTM), see Note 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__182": {
"value": "NOTE 23 - TRANSACTIONS WITH RELATED PARTIES (NOK thousands) The Group has some transactions with related parties, concerning crew hire, management services for vessel operations, business and accounting services and leasing of offices. All transactions are based on the arm\u2019s length principle. 2023 2022 Lease of offices from AS Langev\u00e5g Senter -9 109 -8 477 Lease of other office services to AS Langev\u00e5g Senter 40 0 Lease of offices to Evik AS 663 678 Lease of apartment from Evik AS -92 -82 Lease of offices to B\u00f8mmelfjord AS 829 773 Sale of other services to Eidesvik Invest AS 74 11 Lease of offices and other services to Signatur Management AS 759 952 Purchase of office services from Signatur Management AS -24 -22 Lease of stockroom and other services from Klubben Eiendom AS -902 -549 Sale of office services and lease of apartment to B\u00f8mlo Skipservice AS 43 7 Purchase of technical and layup services from B\u00f8mlo Skipservice AS -1 319 -6 636 Sale of crew and management services to Eidesvik Seven Chartering AS 107 632 94 356 Sale of management services to Eidesvik Seven AS 41 533 1 420 The balance sheet includes the following amounts resulting from transactions with related parties: 31.12.2023 31.12.2022 Accounts receivable 46 012 16 019 Other current assets (see also note 15) 0 0 Accounts payable -68 -359 Total 45 944 15 659 Shares owned/controlled by Board members/senior executives: 2023 2022 Eidesvik Invest AS (1) 43 684 833 37 200 000 Kristine Elisabeth Skeie 191 666 25 000 John Egil Stangeland 30 000 30 000 Bj\u00f8rg Marit Eknes 25 000 25 000 Gitte Gard Talmo 7 690 500 Helga Cotgrove 5 800 0 Lauritz Eidesvik 200 200 (1) Eidesvik Invest AS is 55%-controlled by B\u00f8mmelfjord AS, where Borgny Eidesvik holds 20% of the shares (A-shares), and Lauritz Eidesvik holds 20% of the shares (B-shares). The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Lars Eidesvik indirectly holds 20% of the shares. The Eidesvik Offshore ASA Group is a subsidiary of Eidesvik Invest AS, which is a subsidiary of the ultimate parent company B\u00f8mmelfjord AS. Remuneration to senior executives: 2023 Base salary Bonus Other Pension costs CEO Gitte Talmo 2 331 701 326 120 COO Arve Nilsen 1 638 400 179 118 CFO Helga Cotgrove 1 864 604 189 125 Former CEO Jan Fredrik Meling 0 0 1 345 499 Total 2023 5 833 1 704 2 039 862 Pension 2022 Base salary Bonus Other costs CEO Gitte Talmo 2 128 770 315 147 COO Arve Nilsen 1 350 312 215 122 CFO Helga Cotgrove 519 180 52 35 Former CEO Jan Fredrik Meling 252 0 1 493 414 Former COO Jan Lodden 1 127 0 56 62 Former CFO Tore Byberg 1 179 0 105 56 Total 2022 6 555 1 261 2 236 837 The Company has published a separate Report on Remuneration to the Board of Directors, CEO and Senior Executives, available for download from the Company\u2019s website. In accordance to the company renumeration policy, a bonus scheme is established for CEO and senior executives. Bonus scheme is based on company targets (75%) and individual targets (25%). Maximum bonus is 35% of annual salary. The Board of Directors may temporarily deviate from any part of the guidelines if deemed necessary to protect the long term interest and financial capacity of the Company or safeguard the viability of the company. The CEO has a mutual notice period of 6 months and is entitled to 6 months of severance pay on certain terms per December 31, 2023. Former CEO, Jan Fredrik Meling, retired from his position on 31 December 2021. Gitte Gard Talmo replaced Meling effective from 1 January 2022. Meling has received 60% of his salary in 2023 and 2022. His pension cost has been covered by Eidesvik Offshore ASA in 2023 and 2022. Remuneration of the Board 2023 2022 Arne Austreid 555 319 300 303 Borgny Eidesvik 255 243 Lars Eidesvik 255 243 John Egil Stangeland 285 263 Lauritz Eidesvik 255 243 Kristine Elisabeth Skeie 318 177 Bj\u00f8rg Marit Eknes 138 46 Johnny Olson 74 112 Tore Hettervik 38 0 Petter L\u00f8nning 0 248 Kolbein Rege 0 126 Synne Syrrist 0 85 B\u00f8rre Lindanger 2 473 2 407 The Board Remuneration Annual Change 2.67% Board remuneration is decided by the General Meeting. Disbursements for 2023 are remuneration for the previous year, 2022. 2023 remuneration will be decided on the next Annual General Meeting. Arne Austreid, Bj\u00f8rg Marit Eknes and Tore Hettervik were, respectively, elected as chair of the board, board member and employee representative for the board in 2021. Johnny Olson were, respectively, elected as employee representative for the board in 2022. From AGM 2019, the employees have had one employee representative in the Board, and one deputy employee representative. The total remuneration for these two representatives are equal to a original Board Member, and the split is originally 70/30 between the two employee representatives, depending on the number of meetings the deputy employee representative has attended. The employee representatives rotate on a yearly basis, from July to July. Nomination Committee 2023 2022 45 30 Per \u00c5ge Hauge 13 20 Ellen Hatteland* 30 20 Kjetil Eidesvik 18 0 Kristine Klaveness* 0 20 Lauritz Eidesvik** 30 20 Kolbein Rege** * At the Annual General Meeting in 2022, Kristine Klaveness replaced Ellen Hatteland in the Nomination Committee. ** This compensation is included in the table for remuneration of the board. Remuneration is decided by the General Meeting. Disbursements for 2023 are remuneration for the previous year, 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__184": {
"value": "B\u00f8mmelfjord AS",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__183": {
"value": "Eidesvik Invest AS",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s10_notes__6__185": {
"value": "NOTE 24 - LIABILITIES AND UNEXPECTED EVENTS The Company has no framework agreements or other liabilities per 31 December 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}