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"value": "Langev\u00e5g in B\u00f8mlo municipality",
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"entity": "scheme:5967007LIEEXZXFOMO31",
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"f0__s7__6__16": {
"value": "The annual accounts were submitted by the Board on 8 April 2025, 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",
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"f0__s7__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 92.23% 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% Eidesvik Agalas AS Harstad 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. Associated companies: Bleivik Eiendom AS Haugesund 22.6% Eidesvik Ghana Ltd. Ghana 49% The total book value of these amounts to NOK 4.2 million and is not considered material.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 SUBSIDIARIES WITH SUBSTANTIAL 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 31.12.2023 2024 31.12.2024 Norway Shipping 50,0 % Eidesvik Seven AS company 121 709 -2 162 119 545 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 11 196 2 547 13 744 Total 132 905 385 133 289 Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2022 2023 31.12.2023 Norway Shipping 50,0 % Eidesvik Seven AS company 121 439 270 121 709 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 16 443 -5 247 11 196 Total 137 882 -4 977 132 905 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: 2024: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 478 285 467 637 10 648 113 239 092 239 194 0 239 194 Eidesvik Seven 67 271 0 67 271 42 398 27 338 39 933 0 39 933 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 61 628 59 793 44 378 52 19 792 -19 740 0 -4 325 -2 162 Eidesvik Seven 148 681 4 067 0 973 91 882 0 4 950 Chartering AS 2 547 385 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 year share items 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 No other comprehensive income in 2024 or 2023 for the JVs. Subsidiaries with substantial minority interests The Group has, per 31 December 2024, two subsidiaries where there are substantial minority interests. Of companies with minority interests, only the companies below are considered material. 2024: Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS Norway 49,90 % 14 406 Eidesvik Agalas AS * Norway 49,90 % 6 576 20 983 2023: Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS ** Norway 49,90 % 16 793 16 793 *Eidesvik established an entity, Eidesvik Agalas AS, in Q1 2024 together with Agalas Energy II Holding AS 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 has entered into an agreement to build a new Constrution Support Vessel (CSV) with estimated delivery early 2026. Upon completion the vessel is scheduled to commence on a 5 -year time charter with Reach Subsea. Eidsvik will have full management of the vessel. **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. Summary of financial information for subsidiaries with substantial minority interests: 2024: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Agalas AS 404 091 398 489 5 602 5 300 250 708 153 383 146 192 7 191 Eidesvik Reach AS 407 995 359 941 48 054 14 080 253 888 154 107 133 042 21 065 Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Agalas AS 0 -308 0 14 2 230 -2 216 0 -2 524 Eidesvik Reach AS 134 044 80 623 27 959 2 061 25 855 -23 793 0 28 871 2023 Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Reach AS 384 364 330 575 53 789 29 827 225 018 159 346 149 405 9 941 Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Reach AS 100 583 59 768 17 987 6 337 14 465 -8 128 0 33 654",
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"f0__s7__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 92.23% 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% Eidesvik Agalas AS Harstad 50.1%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 2024, two subsidiaries where there are substantial minority interests. Of companies with minority interests, only the companies below are considered material. 2024: Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS Norway 49,90 % 14 406 Eidesvik Agalas AS * Norway 49,90 % 6 576 20 983 2023: Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS ** Norway 49,90 % 16 793 16 793 *Eidesvik established an entity, Eidesvik Agalas AS, in Q1 2024 together with Agalas Energy II Holding AS 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 has entered into an agreement to build a new Constrution Support Vessel (CSV) with estimated delivery early 2026. Upon completion the vessel is scheduled to commence on a 5 -year time charter with Reach Subsea. Eidsvik will have full management of the vessel. **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. Summary of financial information for subsidiaries with substantial minority interests: 2024: Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Agalas AS 404 091 398 489 5 602 5 300 250 708 153 383 146 192 7 191 Eidesvik Reach AS 407 995 359 941 48 054 14 080 253 888 154 107 133 042 21 065 Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Agalas AS 0 -308 0 14 2 230 -2 216 0 -2 524 Eidesvik Reach AS 134 044 80 623 27 959 2 061 25 855 -23 793 0 28 871 2023 Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Reach AS 384 364 330 575 53 789 29 827 225 018 159 346 149 405 9 941 Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Reach AS 100 583 59 768 17 987 6 337 14 465 -8 128 0 33 654",
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"f0__s7__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.(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 31.12.2023 2024 31.12.2024 Norway Shipping 50,0 % Eidesvik Seven AS company 121 709 -2 162 119 545 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 11 196 2 547 13 744 Total 132 905 385 133 289 Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2022 2023 31.12.2023 Norway Shipping 50,0 % Eidesvik Seven AS company 121 439 270 121 709 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 16 443 -5 247 11 196 Total 137 882 -4 977 132 905 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: 2024: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 478 285 467 637 10 648 113 239 092 239 194 0 239 194 Eidesvik Seven 67 271 0 67 271 42 398 27 338 39 933 0 39 933 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 61 628 59 793 44 378 52 19 792 -19 740 0 -4 325 -2 162 Eidesvik Seven 148 681 4 067 0 973 91 882 0 4 950 Chartering AS 2 547 385 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 year share items 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 No other comprehensive income in 2024 or 2023 for the JVs.",
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"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/Offshore renewables and SG&A/other. All four seismic vessels were sold in 2023, and the segment was eliminated. 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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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 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. 2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line. 2.9 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 December 2024. 2.10 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. 2.11 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. 2.12 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. 2.13 Accounts payable Payables are measured at fair value at the first recognition. 2.14 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. In terest 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). 2.15 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 th e carrying amount of the leased asset and recognised over the lease term on the same b asis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. 2.16 Government grants Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction (under \u201cpayroll expenses\u201d). 2.17 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. 2.18 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. 2.19 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. 2.20 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 gro ss 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. 2.21 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. The Group is about to start the consideration of the effect of the implementation of IFRS 18 from 1 January 2027.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 Amortised cost 2 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. The Group did not have any fixed-rate loans at year end 2024 or 2023.",
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"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.",
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"f0__s7__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).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__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.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__23-1": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__22-1": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__21": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__24": {
"value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__28-1": {
"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 SUBSIDIARIES WITH SUBSTANTIAL 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 31.12.2023 2024 31.12.2024 Norway Shipping 50,0 % Eidesvik Seven AS company 121 709 -2 162 119 545 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 11 196 2 547 13 744 Total 132 905 385 133 289 Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2022 2023 31.12.2023 Norway Shipping 50,0 % Eidesvik Seven AS company 121 439 270 121 709 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 16 443 -5 247 11 196 Total 137 882 -4 977 132 905 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: 2024: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 478 285 467 637 10 648 113 239 092 239 194 0 239 194 Eidesvik Seven 67 271 0 67 271 42 398 27 338 39 933 0 39 933 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 61 628 59 793 44 378 52 19 792 -19 740 0 -4 325 -2 162 Eidesvik Seven 148 681 4 067 0 973 91 882 0 4 950 Chartering AS 2 547 385 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 year share items 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 No other comprehensive income in 2024 or 2023 for the JVs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__26": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__33": {
"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/Offshore renewables and SG&A/other. All four seismic vessels were sold in 2023, and the segment was eliminated. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__32-1": {
"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/Offshore renewables and SG&A/other. All four seismic vessels were sold in 2023, and the segment was eliminated. 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 Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. 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 Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment result Operating income (IFRS 15) 251 353 224 821 166 033 149 568 23 456 28 567 440 842 402 956 Bareboat income (IFRS 16) 167 832 165 023 150 726 133 931 15 730 11 257 334 288 310 211 Operating income from JV * (IFRS 15) 0 0 43 361 37 229 0 0 43 361 37 229 Bareboat income from JV * (IFRS 16) 0 0 30 814 13 941 0 0 30 814 13 941 Gain/loss on sale / Other 0 0 0 0 0 59 192 0 59 192 Total operating income 419 185 389 844 390 934 334 669 39 186 99 016 849 305 823 529 Personnell expenses 166 754 153 439 98 105 86 883 77 097 77 661 341 956 317 983 Other operating expenses ** 86 909 79 847 57 554 49 403 -15 452 -8 441 129 011 120 809 Personnell expenses share from JV* 0 0 33 681 30 707 33 681 30 707 Other operating expenses share from JV * 0 0 8 488 9 089 0 0 8 488 9 089 Total operating expenses 253 663 233 286 197 828 176 082 61 645 69 220 513 136 478 588 Depreciation 103 396 95 851 70 315 58 658 6 990 6 474 180 701 160 983 Depreciations share from JV * 0 0 22 189 21 837 0 0 22 189 21 837 Impairment on assets / reversal impairment 0 -317 100 0 -54 207 0 -37 755 0 -409 062 Impairment on assets / reversal impairment share from JV * 0 0 0 -14 413 0 0 0 -14 413 Total depreciation 103 396 -221 249 92 504 11 876 6 990 -31 281 202 890 -240 654 Operating result incl. share of the JVs * 62 126 377 807 100 601 146 711 -29 449 61 077 133 278 585 595 Net finance items and tax in JV * 0 0 -9 429 -8 926 0 0 -9 429 -8 926 Share of profit from associated companies 0 0 0 0 454 567 454 567 Operating result 62 126 377 807 91 172 137 785 -28 995 61 644 124 304 577 235 Net financial items -18 316 -44 025 Tax costs -2 295 11 Net result for the year 103 690 533 222 In 2023, the Supply segment had a reversal of NOK 317.1 million, the Subsea/Offshore Renewables segment had a reversal of NOK 54.2 million, and the Seismic segment had a reversal impairment of NOK 37.7 million. *) 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, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. (NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 408 217 2 084 380 Proportion of assets in JV* 0 0 272 853 293 630 0 0 272 853 293 630 Unallocated assets (cash) 0 0 0 0 0 0 395 843 498 825 Total consolidated assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 804 060 2 583 205 Assets incl. share of JV* 1 101 135 1 156 186 1 410 612 980 769 169 322 241 055 3 076 912 2 876 834 Segment current liabilities (excl. mortgage debt) -17 235 -13 742 -17 971 -9 523 -187 272 -207 790 -222 479 -231 055 Proportion of debts from JV* 0 0 -139 563 -160 725 0 0 -139 563 -160 725 Segment mortgage debt and other non-current liabilities -420 290 -497 389 -400 472 -301 089 -66 946 -70 921 -887 708 -869 400 Total liabilities incl. share of JV* -437 525 -659 449 -558 007 -361 380 -254 218 -125 485 -1 249 750 -1 261 180 Investments in non-current assets 59 815 61 517 511 312 332 500 0 0 571 127 394 017 Gross sales of non-current assets 0 0 0 0 0 118 458 0 118 458 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. 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. Supply Subsea / Offshore Renewables Operating segments 2024 2023 2024 2023 Customer 1 113 389 110 454 Customer 2 130 677 139 540 Customer 3 138 791 103 451 Customer 4 162 493 167 286 Customer 5 91 973 87 596 Customer 6 123 297 76 523 Total operating income large customers 416 467 383 349 344 152 301 501 Secondary segments are not reported. The Supply and Subsea/Offshore Renewables business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Renewables segment operate in various parts of the world, this is mainly a consequence of the customer's 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 2023 and 2024 are in ju st one geographical area defined as Europe. Secondary segmentations is therefore omitted. The performance obligations for time charter income is satisfied over time, hence the group have not any contract assets or contract liabilities, as of 31 December 2024. Refer to Note 21 for maturity for future lease income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__36": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__35": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__34-1": {
"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 normally uses currency derivatives. As of year end 2024 the Group had none ongoing currency derivatives. The Group is particularly exposed to fluctuations in EUR, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with currency forward contracts in the same currency. On 31 December 2024, the Group\u2019s long-term liabilities were divided between 69% NOK, 14% USD and 17% EUR. On 31 December 2023 it was 84% NOK and 16% USD. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2024. +50 \u00f8re -50 \u00f8re Agio/disagio -8.5 8.5 Profit/loss for the year -8.5 8.5 Translation difference, shares 0,0 0,0 Total comprehensive income -8.5 8.5 (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 31 December 2024, the Group did not have any fixed rate loans (none per 31 December 2023). The interest rate risk is managed by use of interest derivatives (as 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 NOK 4.8 million (5.3 million for 2023).NOTE 25 - EXCHANGE RATES Exchange rate Exchange rate Average exchange Average exchange 31.12.2024 rate 2024 rate 2023 31.12.2023 Euro 11.6276 11.7950 11.4206 11.2405 US dollar 10.7433 11.3534 10.5647 10.1724 Exchange rates from the Norwegian Central Bank\u2019s website.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__46-1": {
"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.2.7 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 12 \u2013 TANGIBLE FIXED ASSETS 2024: Total other Vessels Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets maintenance vessels contracts Total (*) Acquisition cost 1 January 2024 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Addition 0 0 1 589 1 589 65 037 106 667 171 704 412 044 585 336 31 December 2024 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Accumulated depreciation and impairments 1 January 2024 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Depreciation in the year 180 0 193 373 118 645 51 202 169 847 0 170 220 31 December 2024 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Book value 17 249 100 2 121 19 470 1 554 355 122 636 1 676 989 412 044 2 108 504 2023: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels maintenance 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 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 (*) Right-of-use asset NOK 69.8 million and depreciation NOK 10.5 million is not included in the table above. Refer to Note 21, IFRS 16 Lease. Property/port facilities include plots/land valued at MNOK 16.9 (MNOK 16.9) which are not depreciated. 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 NOK 21.6 million. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction is the new build contract for a Construction Support Vessel (CSV) collaboration with Norwegian shipowner Agalas. The newbuild will be equipped to perform inspection, maintenance and repair (IMR) work. The vessel will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The vessel is being built at Sefine shipyard in Turkey and is scheduled to be delivered in the first part of 2026 when it will commence directly on a charter with Reach Subsea. Borrowing cost has been capitalised according to IAS 23 in 2024.Please see note 8 for information regarding capitalised borrowing cost. 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 change 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 ends during 2024. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. In 2023, Eidesvik recognized reversals of previous impairment of NOK 409.1 million. Of this, NOK 54.2 million was related to one subsea/offshore renewable vessel, NOK 317.1 million was related to four PSVs, and NOK 37.8 million was related to two seismic vessels. 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 WACC used in the calculations per 31 December 2024, is 10.3% (10.4%). 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 ca pital structure in comparable companies with similar assets in a normal situation. Equit y 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 2024 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 utili sation 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%. The Group had no reversal of previous impairments in 2024. In 2023, the subsea/offshore renewable segment had a reversal of previous impairment of NOK 54.2 million (recoverable amount NOK 510.8 million), and the supply segment had a reversal of NOK 317.1 million (NOK 1 207.5 million). 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 not indicate impairments. If the WACC assumed had increased to 11.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 13 million related to two 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. Eidesvik has a long history of investigating new fuels and technologies, in collaboration with our clients and suppliers. Our continuous work to develop feasible approaches for largescale climate emission reductions in our fleet commenced at full speed in 2024 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2024 Eidesvik announced the construction of a state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned by an entity to be named Eidsvik Agalas AS, with Eidesvik retaining a majority stake of 50.1%. The remaining shares will be owned by Northern Norway shipowners Agalas. 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. 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 2.22 c).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__44-1": {
"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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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 2024: Total other Vessels Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets maintenance vessels contracts Total (*) Acquisition cost 1 January 2024 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Addition 0 0 1 589 1 589 65 037 106 667 171 704 412 044 585 336 31 December 2024 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Accumulated depreciation and impairments 1 January 2024 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Depreciation in the year 180 0 193 373 118 645 51 202 169 847 0 170 220 31 December 2024 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Book value 17 249 100 2 121 19 470 1 554 355 122 636 1 676 989 412 044 2 108 504 2023: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels maintenance 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 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 (*) Right-of-use asset NOK 69.8 million and depreciation NOK 10.5 million is not included in the table above. Refer to Note 21, IFRS 16 Lease. Property/port facilities include plots/land valued at MNOK 16.9 (MNOK 16.9) which are not depreciated. 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 NOK 21.6 million. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction is the new build contract for a Construction Support Vessel (CSV) collaboration with Norwegian shipowner Agalas. The newbuild will be equipped to perform inspection, maintenance and repair (IMR) work. The vessel will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The vessel is being built at Sefine shipyard in Turkey and is scheduled to be delivered in the first part of 2026 when it will commence directly on a charter with Reach Subsea. Borrowing cost has been capitalised according to IAS 23 in 2024.Please see note 8 for information regarding capitalised borrowing cost. 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 change 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 ends during 2024. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. In 2023, Eidesvik recognized reversals of previous impairment of NOK 409.1 million. Of this, NOK 54.2 million was related to one subsea/offshore renewable vessel, NOK 317.1 million was related to four PSVs, and NOK 37.8 million was related to two seismic vessels. 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 WACC used in the calculations per 31 December 2024, is 10.3% (10.4%). 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 ca pital structure in comparable companies with similar assets in a normal situation. Equit y 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 2024 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 utili sation 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%. The Group had no reversal of previous impairments in 2024. In 2023, the subsea/offshore renewable segment had a reversal of previous impairment of NOK 54.2 million (recoverable amount NOK 510.8 million), and the supply segment had a reversal of NOK 317.1 million (NOK 1 207.5 million). 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 not indicate impairments. If the WACC assumed had increased to 11.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 13 million related to two 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. Eidesvik has a long history of investigating new fuels and technologies, in collaboration with our clients and suppliers. Our continuous work to develop feasible approaches for largescale climate emission reductions in our fleet commenced at full speed in 2024 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2024 Eidesvik announced the construction of a state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned by an entity to be named Eidsvik Agalas AS, with Eidesvik retaining a majority stake of 50.1%. The remaining shares will be owned by Northern Norway shipowners Agalas. 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. 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 2.22 c).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__43-1": {
"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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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 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) 2024 2023 Technical operation of vessels 91 505 80 430 Insurance 12 180 11 272 Communication costs 7 803 7 723 Administrative costs 17 524 21 384 Other operating expenses 129 011 120 809 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 , office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2024 2023 Statutory audit 1 904 1 839 Other financial audit 0 0 Tax advice 0 0 Other audit services 211 232 Total audit 2 115 2 070 The auditor\u2019s fees are presented excluding VAT.NOTE 12 \u2013 TANGIBLE FIXED ASSETS 2024: Total other Vessels Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets maintenance vessels contracts Total (*) Acquisition cost 1 January 2024 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Addition 0 0 1 589 1 589 65 037 106 667 171 704 412 044 585 336 31 December 2024 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Accumulated depreciation and impairments 1 January 2024 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Depreciation in the year 180 0 193 373 118 645 51 202 169 847 0 170 220 31 December 2024 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Book value 17 249 100 2 121 19 470 1 554 355 122 636 1 676 989 412 044 2 108 504 2023: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels maintenance 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 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 (*) Right-of-use asset NOK 69.8 million and depreciation NOK 10.5 million is not included in the table above. Refer to Note 21, IFRS 16 Lease. Property/port facilities include plots/land valued at MNOK 16.9 (MNOK 16.9) which are not depreciated. 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 NOK 21.6 million. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction is the new build contract for a Construction Support Vessel (CSV) collaboration with Norwegian shipowner Agalas. The newbuild will be equipped to perform inspection, maintenance and repair (IMR) work. The vessel will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The vessel is being built at Sefine shipyard in Turkey and is scheduled to be delivered in the first part of 2026 when it will commence directly on a charter with Reach Subsea. Borrowing cost has been capitalised according to IAS 23 in 2024.Please see note 8 for information regarding capitalised borrowing cost. 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 change 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 ends during 2024. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. In 2023, Eidesvik recognized reversals of previous impairment of NOK 409.1 million. Of this, NOK 54.2 million was related to one subsea/offshore renewable vessel, NOK 317.1 million was related to four PSVs, and NOK 37.8 million was related to two seismic vessels. 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 WACC used in the calculations per 31 December 2024, is 10.3% (10.4%). 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 ca pital structure in comparable companies with similar assets in a normal situation. Equit y 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 2024 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 utili sation 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%. The Group had no reversal of previous impairments in 2024. In 2023, the subsea/offshore renewable segment had a reversal of previous impairment of NOK 54.2 million (recoverable amount NOK 510.8 million), and the supply segment had a reversal of NOK 317.1 million (NOK 1 207.5 million). 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 not indicate impairments. If the WACC assumed had increased to 11.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 13 million related to two 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. Eidesvik has a long history of investigating new fuels and technologies, in collaboration with our clients and suppliers. Our continuous work to develop feasible approaches for largescale climate emission reductions in our fleet commenced at full speed in 2024 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2024 Eidesvik announced the construction of a state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned by an entity to be named Eidsvik Agalas AS, with Eidesvik retaining a majority stake of 50.1%. The remaining shares will be owned by Northern Norway shipowners Agalas. 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. 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 2.22 c).NOTE 21 - LEASES (NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2024 76 261 926 26 634 103 821 Addition of right-of-use assets 3 364 343 0 3 707 Acquisition cost 31 December 2024 79 625 1 269 26 634 107 528 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2024 25 002 677 1 601 27 279 Depreciation 2024 6 476 141 3 864 10 481 Accumulated depreciation and impairment 31 December 2024 31 478 818 5 465 37 760 Carrying amount of right-of-use assets 31 December 2024 48 148 452 21 184 69 790 Lower of remaining lease term or economic life 2-8 years 26-34 months 5.5 years Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Disposals 0 0 0 0 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1st January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 783 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 279 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 034 76 542 Lower of remaining lease term or economic life 2-9 years 6-36 months 6.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 371 141 4 433 12 945 1 year 8 362 141 4 433 12 936 2 year 8 263 55 4 433 12 751 3 year 7 592 0 4 292 11 884 4 year 7 592 0 4 192 11 784 5 year 7 592 0 2 182 9 774 6 year 7 592 0 0 7 592 7 year 7 592 0 0 7 592 8 year 7 592 0 0 7 592 Total undiscounted lease liabilities at 31 December 2024 70 548 337 23 965 94 850 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2024 55 046 260 22 265 77 571 New lease liabilities recognised in the year 3 364 197 3 561 Payments -8 392 -145 -4 510 -13 047 Interest expense on lease liabilities 2 761 14 1 585 4 360 Total lease liabilities at 31 December 2024 52 779 326 19 340 72 458 Current lease liabilities 5 888 133 3 028 9 049 Non-current lease liabilities 46 904 193 16 312 63 409 Total cash flow for leases 13 047 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Harbour Energy October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Harbour Energy January, 2026 Viking Wind Power Time charter Siemens Gamesa January, 2027 June, 2027 Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March, 2032 NB #71 Time charter Reach Subsea 5 years after delivery 2 years after firm period Contract expiry, Vesssel in joint venture Contract type Customer fixed Contract expiry, charterer's option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 8 April 2025, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 730 000 1 to 5 years 1 590 000 After 5 years 224 000 Future minimum lease 2 544 000 The newbuild announced in February 2025 is not included. The Group has operating lease contract on its vessels representing income. All of the vessels is subject to operating leases. The leases have terms of between 10 and 64 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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"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.2.7 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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"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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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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"f0__s7__6__40": {
"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.",
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"f0__s7__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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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 2024: Total other Vessels Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets maintenance vessels contracts Total (*) Acquisition cost 1 January 2024 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Addition 0 0 1 589 1 589 65 037 106 667 171 704 412 044 585 336 31 December 2024 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Accumulated depreciation and impairments 1 January 2024 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Depreciation in the year 180 0 193 373 118 645 51 202 169 847 0 170 220 31 December 2024 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Book value 17 249 100 2 121 19 470 1 554 355 122 636 1 676 989 412 044 2 108 504 2023: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels maintenance 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 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 (*) Right-of-use asset NOK 69.8 million and depreciation NOK 10.5 million is not included in the table above. Refer to Note 21, IFRS 16 Lease. Property/port facilities include plots/land valued at MNOK 16.9 (MNOK 16.9) which are not depreciated. 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 NOK 21.6 million. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction is the new build contract for a Construction Support Vessel (CSV) collaboration with Norwegian shipowner Agalas. The newbuild will be equipped to perform inspection, maintenance and repair (IMR) work. The vessel will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The vessel is being built at Sefine shipyard in Turkey and is scheduled to be delivered in the first part of 2026 when it will commence directly on a charter with Reach Subsea. Borrowing cost has been capitalised according to IAS 23 in 2024.Please see note 8 for information regarding capitalised borrowing cost. 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 change 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 ends during 2024. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. In 2023, Eidesvik recognized reversals of previous impairment of NOK 409.1 million. Of this, NOK 54.2 million was related to one subsea/offshore renewable vessel, NOK 317.1 million was related to four PSVs, and NOK 37.8 million was related to two seismic vessels. 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 WACC used in the calculations per 31 December 2024, is 10.3% (10.4%). 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 ca pital structure in comparable companies with similar assets in a normal situation. Equit y 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 2024 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 utili sation 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%. The Group had no reversal of previous impairments in 2024. In 2023, the subsea/offshore renewable segment had a reversal of previous impairment of NOK 54.2 million (recoverable amount NOK 510.8 million), and the supply segment had a reversal of NOK 317.1 million (NOK 1 207.5 million). 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 not indicate impairments. If the WACC assumed had increased to 11.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 13 million related to two 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. Eidesvik has a long history of investigating new fuels and technologies, in collaboration with our clients and suppliers. Our continuous work to develop feasible approaches for largescale climate emission reductions in our fleet commenced at full speed in 2024 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2024 Eidesvik announced the construction of a state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned by an entity to be named Eidsvik Agalas AS, with Eidesvik retaining a majority stake of 50.1%. The remaining shares will be owned by Northern Norway shipowners Agalas. 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. 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 2.22 c).NOTE 21 - LEASES (NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2024 76 261 926 26 634 103 821 Addition of right-of-use assets 3 364 343 0 3 707 Acquisition cost 31 December 2024 79 625 1 269 26 634 107 528 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2024 25 002 677 1 601 27 279 Depreciation 2024 6 476 141 3 864 10 481 Accumulated depreciation and impairment 31 December 2024 31 478 818 5 465 37 760 Carrying amount of right-of-use assets 31 December 2024 48 148 452 21 184 69 790 Lower of remaining lease term or economic life 2-8 years 26-34 months 5.5 years Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Disposals 0 0 0 0 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1st January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 783 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 279 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 034 76 542 Lower of remaining lease term or economic life 2-9 years 6-36 months 6.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 371 141 4 433 12 945 1 year 8 362 141 4 433 12 936 2 year 8 263 55 4 433 12 751 3 year 7 592 0 4 292 11 884 4 year 7 592 0 4 192 11 784 5 year 7 592 0 2 182 9 774 6 year 7 592 0 0 7 592 7 year 7 592 0 0 7 592 8 year 7 592 0 0 7 592 Total undiscounted lease liabilities at 31 December 2024 70 548 337 23 965 94 850 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2024 55 046 260 22 265 77 571 New lease liabilities recognised in the year 3 364 197 3 561 Payments -8 392 -145 -4 510 -13 047 Interest expense on lease liabilities 2 761 14 1 585 4 360 Total lease liabilities at 31 December 2024 52 779 326 19 340 72 458 Current lease liabilities 5 888 133 3 028 9 049 Non-current lease liabilities 46 904 193 16 312 63 409 Total cash flow for leases 13 047 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Harbour Energy October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Harbour Energy January, 2026 Viking Wind Power Time charter Siemens Gamesa January, 2027 June, 2027 Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March, 2032 NB #71 Time charter Reach Subsea 5 years after delivery 2 years after firm period Contract expiry, Vesssel in joint venture Contract type Customer fixed Contract expiry, charterer's option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 8 April 2025, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 730 000 1 to 5 years 1 590 000 After 5 years 224 000 Future minimum lease 2 544 000 The newbuild announced in February 2025 is not included. The Group has operating lease contract on its vessels representing income. All of the vessels is subject to operating leases. The leases have terms of between 10 and 64 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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"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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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 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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"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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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 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) 2024 2023 Technical operation of vessels 91 505 80 430 Insurance 12 180 11 272 Communication costs 7 803 7 723 Administrative costs 17 524 21 384 Other operating expenses 129 011 120 809 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 , office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2024 2023 Statutory audit 1 904 1 839 Other financial audit 0 0 Tax advice 0 0 Other audit services 211 232 Total audit 2 115 2 070 The auditor\u2019s fees are presented excluding VAT.NOTE 11 \u2013 PAYROLL EXPENSES AND NUMBER OF EMPLOYEES (NOK thousands) 2024 2023 Payroll after net pay refund 214 938 198 630 Social security costs 56 266 55 001 Defined benefit pension (see Note 18) 0 279 Contribution pension 13 718 11 278 Hired personnel 24 422 23 707 Other personnel costs 32 612 29 088 Total personnel costs 341 956 317 983 Salaries and payroll tax are shown after deduction for the reimbursement scheme for seafarers. The average number of full-time equivalents was: 432 406 Number of employees at end of year: 437 416In 2024, NOK 43,320 thousand (NOK 39,814 thousand in 2023) was received in connection with the reimbursement scheme for Norwegian seafarers. In 2024, NOK 2,583 thousand (NOK 2,935 thousand in 2023) was received from Stiftelsen Norsk Maritim Kompetanse.All received refunds are presented as a reduction of payroll expenses.NOTE 12 \u2013 TANGIBLE FIXED ASSETS 2024: Total other Vessels Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets maintenance vessels contracts Total (*) Acquisition cost 1 January 2024 37 414 3 594 40 497 81 505 3 802 590 345 351 4 147 941 0 4 229 446 Addition 0 0 1 589 1 589 65 037 106 667 171 704 412 044 585 336 31 December 2024 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Accumulated depreciation and impairments 1 January 2024 19 985 3 494 39 772 63 251 2 194 628 278 180 2 472 807 0 2 536 058 Depreciation in the year 180 0 193 373 118 645 51 202 169 847 0 170 220 31 December 2024 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Book value 17 249 100 2 121 19 470 1 554 355 122 636 1 676 989 412 044 2 108 504 2023: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels maintenance 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 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 (*) Right-of-use asset NOK 69.8 million and depreciation NOK 10.5 million is not included in the table above. Refer to Note 21, IFRS 16 Lease. Property/port facilities include plots/land valued at MNOK 16.9 (MNOK 16.9) which are not depreciated. 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 NOK 21.6 million. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction is the new build contract for a Construction Support Vessel (CSV) collaboration with Norwegian shipowner Agalas. The newbuild will be equipped to perform inspection, maintenance and repair (IMR) work. The vessel will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The vessel is being built at Sefine shipyard in Turkey and is scheduled to be delivered in the first part of 2026 when it will commence directly on a charter with Reach Subsea. Borrowing cost has been capitalised according to IAS 23 in 2024.Please see note 8 for information regarding capitalised borrowing cost. 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 change 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 ends during 2024. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. In 2023, Eidesvik recognized reversals of previous impairment of NOK 409.1 million. Of this, NOK 54.2 million was related to one subsea/offshore renewable vessel, NOK 317.1 million was related to four PSVs, and NOK 37.8 million was related to two seismic vessels. 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 WACC used in the calculations per 31 December 2024, is 10.3% (10.4%). 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 ca pital structure in comparable companies with similar assets in a normal situation. Equit y 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 2024 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 utili sation 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%. The Group had no reversal of previous impairments in 2024. In 2023, the subsea/offshore renewable segment had a reversal of previous impairment of NOK 54.2 million (recoverable amount NOK 510.8 million), and the supply segment had a reversal of NOK 317.1 million (NOK 1 207.5 million). 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 not indicate impairments. If the WACC assumed had increased to 11.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 13 million related to two 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. Eidesvik has a long history of investigating new fuels and technologies, in collaboration with our clients and suppliers. Our continuous work to develop feasible approaches for largescale climate emission reductions in our fleet commenced at full speed in 2024 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2024 Eidesvik announced the construction of a state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned by an entity to be named Eidsvik Agalas AS, with Eidesvik retaining a majority stake of 50.1%. The remaining shares will be owned by Northern Norway shipowners Agalas. 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. 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 2.22 c).NOTE 21 - LEASES (NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2024 76 261 926 26 634 103 821 Addition of right-of-use assets 3 364 343 0 3 707 Acquisition cost 31 December 2024 79 625 1 269 26 634 107 528 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2024 25 002 677 1 601 27 279 Depreciation 2024 6 476 141 3 864 10 481 Accumulated depreciation and impairment 31 December 2024 31 478 818 5 465 37 760 Carrying amount of right-of-use assets 31 December 2024 48 148 452 21 184 69 790 Lower of remaining lease term or economic life 2-8 years 26-34 months 5.5 years Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Disposals 0 0 0 0 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1st January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 783 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 279 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 034 76 542 Lower of remaining lease term or economic life 2-9 years 6-36 months 6.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 371 141 4 433 12 945 1 year 8 362 141 4 433 12 936 2 year 8 263 55 4 433 12 751 3 year 7 592 0 4 292 11 884 4 year 7 592 0 4 192 11 784 5 year 7 592 0 2 182 9 774 6 year 7 592 0 0 7 592 7 year 7 592 0 0 7 592 8 year 7 592 0 0 7 592 Total undiscounted lease liabilities at 31 December 2024 70 548 337 23 965 94 850 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2024 55 046 260 22 265 77 571 New lease liabilities recognised in the year 3 364 197 3 561 Payments -8 392 -145 -4 510 -13 047 Interest expense on lease liabilities 2 761 14 1 585 4 360 Total lease liabilities at 31 December 2024 52 779 326 19 340 72 458 Current lease liabilities 5 888 133 3 028 9 049 Non-current lease liabilities 46 904 193 16 312 63 409 Total cash flow for leases 13 047 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Harbour Energy October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Harbour Energy January, 2026 Viking Wind Power Time charter Siemens Gamesa January, 2027 June, 2027 Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March, 2032 NB #71 Time charter Reach Subsea 5 years after delivery 2 years after firm period Contract expiry, Vesssel in joint venture Contract type Customer fixed Contract expiry, charterer's option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 8 April 2025, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 730 000 1 to 5 years 1 590 000 After 5 years 224 000 Future minimum lease 2 544 000 The newbuild announced in February 2025 is not included. The Group has operating lease contract on its vessels representing income. All of the vessels is subject to operating leases. The leases have terms of between 10 and 64 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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"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.",
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"f0__s7__6__53": {
"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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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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"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 2-8 years Vehicles 26-34 months Equipment ~5.5 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 Gro up 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 interes t 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 1st of January 2024 76 261 926 26 634 103 821 Addition of right-of-use assets 3 364 343 0 3 707 Acquisition cost 31 December 2024 79 625 1 269 26 634 107 528 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2024 25 002 677 1 601 27 279 Depreciation 2024 6 476 141 3 864 10 481 Accumulated depreciation and impairment 31 December 2024 31 478 818 5 465 37 760 Carrying amount of right-of-use assets 31 December 2024 48 148 452 21 184 69 790 Lower of remaining lease term or economic life 2-8 years 26-34 months 5.5 years Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2023 74 058 926 0 74 984 Addition of right-of-use assets 2 203 0 26 634 28 837 Disposals 0 0 0 0 Acquisition cost 31 December 2023 76 261 926 26 634 103 821 Accumulated depreciation and impairment Accumulated depreciation 1st January 2023 18 958 538 0 19 496 Depreciation 2023 6 044 139 1 601 7 783 Accumulated depreciation and impairment 31 December 2023 25 002 677 1 601 27 279 Carrying amount of right-of-use assets 31 December 2023 51 260 250 25 034 76 542 Lower of remaining lease term or economic life 2-9 years 6-36 months 6.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 371 141 4 433 12 945 1 year 8 362 141 4 433 12 936 2 year 8 263 55 4 433 12 751 3 year 7 592 0 4 292 11 884 4 year 7 592 0 4 192 11 784 5 year 7 592 0 2 182 9 774 6 year 7 592 0 0 7 592 7 year 7 592 0 0 7 592 8 year 7 592 0 0 7 592 Total undiscounted lease liabilities at 31 December 2024 70 548 337 23 965 94 850 Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2024 55 046 260 22 265 77 571 New lease liabilities recognised in the year 3 364 197 3 561 Payments -8 392 -145 -4 510 -13 047 Interest expense on lease liabilities 2 761 14 1 585 4 360 Total lease liabilities at 31 December 2024 52 779 326 19 340 72 458 Current lease liabilities 5 888 133 3 028 9 049 Non-current lease liabilities 46 904 193 16 312 63 409 Total cash flow for leases 13 047 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2026 February, 2031 Viking Queen Time charter Harbour Energy October, 2025 April, 2027 Viking Avant Time charter Equinor December, 2025 December, 2028 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP December, 2025 Viking Princess Time charter Harbour Energy January, 2026 Viking Wind Power Time charter Siemens Gamesa January, 2027 June, 2027 Subsea Viking Time charter Van Oord March, 2028 August, 2028 Viking Reach Time charter Reach Subsea March, 2029 March, 2032 NB #71 Time charter Reach Subsea 5 years after delivery 2 years after firm period Contract expiry, Vesssel in joint venture Contract type Customer fixed Contract expiry, charterer's option Seven Viking Time charter Subsea 7 November, 2025 December, 2026 Future lease terms as at 8 April 2025, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 730 000 1 to 5 years 1 590 000 After 5 years 224 000 Future minimum lease 2 544 000 The newbuild announced in February 2025 is not included. The Group has operating lease contract on its vessels representing income. All of the vessels is subject to operating leases. The leases have terms of between 10 and 64 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__58": {
"value": "2.7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__63-1": {
"value": "2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line.2.15 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 th e carrying amount of the leased asset and recognised over the lease term on the same b asis 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__62-1": {
"value": "2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line.NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2024 2023 Sale of ancillary equipment 406 37 314 Reversal of previous write-downs related to receivables 15 324 14 012 from JVs Other income 15 730 51 326 NOK 15.3 million (NOK 14.0 million) is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS, see Note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__61-1": {
"value": "2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line.2.16 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) 2024 2023 Sale of ancillary equipment 406 37 314 Reversal of previous write-downs related to receivables 15 324 14 012 from JVs Other income 15 730 51 326 NOK 15.3 million (NOK 14.0 million) is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS, see Note 13.NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2024 2023 Technical operation of vessels 91 505 80 430 Insurance 12 180 11 272 Communication costs 7 803 7 723 Administrative costs 17 524 21 384 Other operating expenses 129 011 120 809 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 , office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2024 2023 Statutory audit 1 904 1 839 Other financial audit 0 0 Tax advice 0 0 Other audit services 211 232 Total audit 2 115 2 070 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__68-1": {
"value": "2.9 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 December 2024. 2.10 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 14.2.11 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. 2.14 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. In terest 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__67-1": {
"value": "2.9 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 December 2024. NOTE 22 \u2013 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. (NOK thousands) Category 31.12.2024 31.12.2023 Assets Market-based shares for trading FVTPL 9 9 Currency derivatives FVTPL 0 1 637 Interest derivatives FVTPL 8 093 15 758 Accounts receivable (Note 14) FVTPL 171 792 227 545 Cash and cash equivalents (Note 16) FVTPL 395 843 498 825 Other long term receivables, OSEV (Note 13) FVTPL 0 20 912 Total 575 738 764 685 Liabilities Loans (Note 20) Amortised cost 842 584 805 506 Total 842 584 805 506 Currency The Group had no currency derivatives per 31 December 2024. 31 December 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 All currency futures are recorded at fair value. Interest The Group has the following interest derivatives: 31 December 2024: Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Cap NOK 1,00 % 01.07.2025 150 000 4 076 None Cap NOK 1,00 % 15.07.2025 150 000 4 017 None Unhedged 542 584 Total liabilities, hedged and unhedged 842 584 8 093 31 December 2023: Annual downscaling Fair value (incl. before accrued 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 31 December 2024, 36% (37%) of the Group\u2019s loans were hedged with interest cap. The Group did not have any fixed-rate loans at 31 December 2024 or 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__66": {
"value": "2.9 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 December 2024. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__65": {
"value": "2.9 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 December 2024. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__64": {
"value": "2.9 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 December 2024. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__71": {
"value": "2.10 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__70-1": {
"value": "2.10 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) 31.12.2024 31.12.2023 Accounts receivable 151 455 181 533 Accounts receivable related parties/joint ventures 20 338 46 012 Total accounts receivable 171 792 227 545 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: 0-3 months 12 157 49 971 3-6 months 0 0 6 months < 0 0 Total overdue accounts receivable 12 157 49 971 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2024 31.12.2023 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 0 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 33 949 46 318 USD -9 946 0 NOK 147 789 181 226 Total accounts receivable 171 792 227 545 Net change in provisions for impairment of accounts receivable: 31.12.2024 31.12.2023 At 1st of January 0 1 529 Provision for impairment of receivables 0 0 Accounts receivable recorded as loss during the year 0 -1 529 At 31 December 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__69-1": {
"value": "2.10 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 2024 2023 Group 1 170 170 210 924 Group 2 1 601 16 547 Group 3 22 73 Total 171 792 227 545 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness 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) 31.12.2024 31.12.2023 Accounts receivable 151 455 181 533 Accounts receivable related parties/joint ventures 20 338 46 012 Total accounts receivable 171 792 227 545 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: 0-3 months 12 157 49 971 3-6 months 0 0 6 months < 0 0 Total overdue accounts receivable 12 157 49 971 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2024 31.12.2023 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 0 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 33 949 46 318 USD -9 946 0 NOK 147 789 181 226 Total accounts receivable 171 792 227 545 Net change in provisions for impairment of accounts receivable: 31.12.2024 31.12.2023 At 1st of January 0 1 529 Provision for impairment of receivables 0 0 Accounts receivable recorded as loss during the year 0 -1 529 At 31 December 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__74": {
"value": "2.11 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__73-1": {
"value": "2.11 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 2024, of NOK 395.8 million (NOK 498.8 million at 31 December 2023), were NOK 11.0 million (NOK 9.3 million) restricted tax funds and NOK 60.4 million (NOK 82.7 million) funding restricted for use towards Eidesvik\u2019s joint development projects w ith multiple partners for the development of green ammonia as a fuel source.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__78": {
"value": "2.12 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__77-1": {
"value": "2.12 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: (NOK thousands) Number of shares Share capital 2024 2023 2024 2023 Ordinary shares Opening balance 72 983 62 150 3 649 3 108 Share issue 0 10 833 0 542 At 31 December 72 983 72 983 3 649 3 649 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, 2024: 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 % CAIANO INVEST AS NORWAY 1 786 409 2,45 % HELG\u00d8 FORVALTNING NORWAY 1 698 886 2,33 % VINGTOR INVEST AS NORWAY 1 684 719 2,31 % STANGELAND HOLDING AS NORWAY 1 300 000 1,78 % M EIDESVIK OG S\u00d8NNER AS NORWAY 1 257 402 1,72 % BERGTOR INVESTERING AS NORWAY 1 256 401 1,72 % DUNVOLD INVEST AS NORWAY 1 158 457 1,59 % MYKLEBUST, EINAR NORWAY 808 623 1,11 % HELG\u00d8 INVEST AS NORWAY 612 500 0,84 % CARNEGIE INVESTMENT BANK AB SWEDEN 608 035 0,83 % HELLAND AS NORWAY 557 309 0,76 % \u00d8STLANDSKE PENSJONISTBOLIGER AS NORWAY 375 697 0,51 % NORDNET LIVSFORSIKRING AS NORWAY 318 842 0,44 % EIDESVIK, BERIT INGEBJ\u00d8RG NORWAY 297 594 0,41 % L\u00d8VLID, ARNE NORWAY 275 342 0,38 % CALIFORNIA INVEST AS NORWAY 260 000 0,36 % SMEDASUNDET AS NORWAY 253 787 0,35 % LGJ INVEST AS NORWAY 250 000 0,34 % Others 11 079 156 15,18 % Total 72 983 333 100,00 % The Company had 2,272 shareholders as of 31 December 2024, and a foreign owner share of 2.13%. See also Note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__76-1": {
"value": "2.12 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: (NOK thousands) Number of shares Share capital 2024 2023 2024 2023 Ordinary shares Opening balance 72 983 62 150 3 649 3 108 Share issue 0 10 833 0 542 At 31 December 72 983 72 983 3 649 3 649 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, 2024: 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 % CAIANO INVEST AS NORWAY 1 786 409 2,45 % HELG\u00d8 FORVALTNING NORWAY 1 698 886 2,33 % VINGTOR INVEST AS NORWAY 1 684 719 2,31 % STANGELAND HOLDING AS NORWAY 1 300 000 1,78 % M EIDESVIK OG S\u00d8NNER AS NORWAY 1 257 402 1,72 % BERGTOR INVESTERING AS NORWAY 1 256 401 1,72 % DUNVOLD INVEST AS NORWAY 1 158 457 1,59 % MYKLEBUST, EINAR NORWAY 808 623 1,11 % HELG\u00d8 INVEST AS NORWAY 612 500 0,84 % CARNEGIE INVESTMENT BANK AB SWEDEN 608 035 0,83 % HELLAND AS NORWAY 557 309 0,76 % \u00d8STLANDSKE PENSJONISTBOLIGER AS NORWAY 375 697 0,51 % NORDNET LIVSFORSIKRING AS NORWAY 318 842 0,44 % EIDESVIK, BERIT INGEBJ\u00d8RG NORWAY 297 594 0,41 % L\u00d8VLID, ARNE NORWAY 275 342 0,38 % CALIFORNIA INVEST AS NORWAY 260 000 0,36 % SMEDASUNDET AS NORWAY 253 787 0,35 % LGJ INVEST AS NORWAY 250 000 0,34 % Others 11 079 156 15,18 % Total 72 983 333 100,00 % The Company had 2,272 shareholders as of 31 December 2024, and a foreign owner share of 2.13%. See also Note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__80": {
"value": "2.13 Accounts payable Payables are measured at fair value at the first recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__79-1": {
"value": "2.13 Accounts payable Payables are measured at fair value at the first recognition.NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2024 31.12.2023 Public taxes and charges 38 950 36 880 Salaries and holiday pay 39 837 42 072 Accrued expenses 45 402 34 457 Prepaid funding for ammonia projects 45 154 63 276 Total other current liabilities 169 343 176 685 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. The funds are booked as current liabilities, and these liabilities are reduced towards project costs as they incur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__82": {
"value": "2.14 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. In terest 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__81-1": {
"value": "2.14 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. In terest 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 Book value (NOK thousands) 31.12.2024 31.12.2023 Mortgage (NOK) 580 286 677 000 Mortgage (USD) 116 106 128 506 Construction loan (EUR) 146 192 0 Other loan 1 242 1 161 Capitalised establishment costs -21 822 -7 027 Total interest-bearing long-term liabilities 822 004 799 640 Total long-term liabilities 822 004 799 640 Short-term portion of long-term liabilities -124 033 -121 192 Total long-term liabilities excl. first year\u2019s repayment 697 971 678 448 Short-term loans First year\u2019s repayment of long-term liabilities 124 033 121 192 Accrued interest 1 988 2 265 Total 126 021 123 457 Book value of liabilities in currency NOK 559 706 671 134 USD 116 106 128 506 EUR 146 192 0 Total 822 004 799 640 Amortisation profile on long-term liabilities at 31 December 2024: 2025 124 033 2026 124 033 2027 124 033 2028 130 863 Later 193 429 Total repayments 696 392 A construction loan was drawn in December 2024 and is not included in the table above. This loan will be replaced by a mortgage loan at the time of delivery of the vessel. 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 Of total liabilities, NOK 696.4 million are secured against mortgages in vessels recorded at NOK 1,677.0 million. For an assessment of the fair value of long-term liabilities, see Note 3. Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 0 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 - 146 192 0 15 886 New debt 0 0 0 0 Interest paid -62 363 -2 265 0 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 0 146 192 0 -48 743 Exchange rate effects 0 0 0 12 078 0 12 078 Capitalisation costs 0 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 0 1 988 Other changes 124 033 10 162 0 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 - 697 971 63 409 896 450 Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale* long-term liabilities liabilities debt debt At 1 January 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 -375 213 New debt 0 0 0 0 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 -441 089 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 31 December 2023 123 457 8 001 0 678 448 69 571 879 478 *Liabilities related to Assets Held for sale The facility with Sparebanken Vest was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 580.3 million (677.0 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2024, were: \u2022 Minimum free liquidity the higher 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). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long -term USD loan in connection with the acquisition of the vessel in 2023. 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 loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 116.1 million per 31 December 2024 (128.5 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2024, 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). Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2024, or during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__86-1": {
"value": "2.15 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 th e carrying amount of the leased asset and recognised over the lease term on the same b asis 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 Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. 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 Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment result Operating income (IFRS 15) 251 353 224 821 166 033 149 568 23 456 28 567 440 842 402 956 Bareboat income (IFRS 16) 167 832 165 023 150 726 133 931 15 730 11 257 334 288 310 211 Operating income from JV * (IFRS 15) 0 0 43 361 37 229 0 0 43 361 37 229 Bareboat income from JV * (IFRS 16) 0 0 30 814 13 941 0 0 30 814 13 941 Gain/loss on sale / Other 0 0 0 0 0 59 192 0 59 192 Total operating income 419 185 389 844 390 934 334 669 39 186 99 016 849 305 823 529 Personnell expenses 166 754 153 439 98 105 86 883 77 097 77 661 341 956 317 983 Other operating expenses ** 86 909 79 847 57 554 49 403 -15 452 -8 441 129 011 120 809 Personnell expenses share from JV* 0 0 33 681 30 707 33 681 30 707 Other operating expenses share from JV * 0 0 8 488 9 089 0 0 8 488 9 089 Total operating expenses 253 663 233 286 197 828 176 082 61 645 69 220 513 136 478 588 Depreciation 103 396 95 851 70 315 58 658 6 990 6 474 180 701 160 983 Depreciations share from JV * 0 0 22 189 21 837 0 0 22 189 21 837 Impairment on assets / reversal impairment 0 -317 100 0 -54 207 0 -37 755 0 -409 062 Impairment on assets / reversal impairment share from JV * 0 0 0 -14 413 0 0 0 -14 413 Total depreciation 103 396 -221 249 92 504 11 876 6 990 -31 281 202 890 -240 654 Operating result incl. share of the JVs * 62 126 377 807 100 601 146 711 -29 449 61 077 133 278 585 595 Net finance items and tax in JV * 0 0 -9 429 -8 926 0 0 -9 429 -8 926 Share of profit from associated companies 0 0 0 0 454 567 454 567 Operating result 62 126 377 807 91 172 137 785 -28 995 61 644 124 304 577 235 Net financial items -18 316 -44 025 Tax costs -2 295 11 Net result for the year 103 690 533 222 In 2023, the Supply segment had a reversal of NOK 317.1 million, the Subsea/Offshore Renewables segment had a reversal of NOK 54.2 million, and the Seismic segment had a reversal impairment of NOK 37.7 million. *) 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, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. (NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 408 217 2 084 380 Proportion of assets in JV* 0 0 272 853 293 630 0 0 272 853 293 630 Unallocated assets (cash) 0 0 0 0 0 0 395 843 498 825 Total consolidated assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 804 060 2 583 205 Assets incl. share of JV* 1 101 135 1 156 186 1 410 612 980 769 169 322 241 055 3 076 912 2 876 834 Segment current liabilities (excl. mortgage debt) -17 235 -13 742 -17 971 -9 523 -187 272 -207 790 -222 479 -231 055 Proportion of debts from JV* 0 0 -139 563 -160 725 0 0 -139 563 -160 725 Segment mortgage debt and other non-current liabilities -420 290 -497 389 -400 472 -301 089 -66 946 -70 921 -887 708 -869 400 Total liabilities incl. share of JV* -437 525 -659 449 -558 007 -361 380 -254 218 -125 485 -1 249 750 -1 261 180 Investments in non-current assets 59 815 61 517 511 312 332 500 0 0 571 127 394 017 Gross sales of non-current assets 0 0 0 0 0 118 458 0 118 458 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. 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. Supply Subsea / Offshore Renewables Operating segments 2024 2023 2024 2023 Customer 1 113 389 110 454 Customer 2 130 677 139 540 Customer 3 138 791 103 451 Customer 4 162 493 167 286 Customer 5 91 973 87 596 Customer 6 123 297 76 523 Total operating income large customers 416 467 383 349 344 152 301 501 Secondary segments are not reported. The Supply and Subsea/Offshore Renewables business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Renewables segment operate in various parts of the world, this is mainly a consequence of the customer's 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 2023 and 2024 are in ju st one geographical area defined as Europe. Secondary segmentations is therefore omitted. The performance obligations for time charter income is satisfied over time, hence the group have not any contract assets or contract liabilities, as of 31 December 2024. Refer to Note 21 for maturity for future lease income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__84-1": {
"value": "2.15 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 th e carrying amount of the leased asset and recognised over the lease term on the same b asis 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 Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. 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 Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment result Operating income (IFRS 15) 251 353 224 821 166 033 149 568 23 456 28 567 440 842 402 956 Bareboat income (IFRS 16) 167 832 165 023 150 726 133 931 15 730 11 257 334 288 310 211 Operating income from JV * (IFRS 15) 0 0 43 361 37 229 0 0 43 361 37 229 Bareboat income from JV * (IFRS 16) 0 0 30 814 13 941 0 0 30 814 13 941 Gain/loss on sale / Other 0 0 0 0 0 59 192 0 59 192 Total operating income 419 185 389 844 390 934 334 669 39 186 99 016 849 305 823 529 Personnell expenses 166 754 153 439 98 105 86 883 77 097 77 661 341 956 317 983 Other operating expenses ** 86 909 79 847 57 554 49 403 -15 452 -8 441 129 011 120 809 Personnell expenses share from JV* 0 0 33 681 30 707 33 681 30 707 Other operating expenses share from JV * 0 0 8 488 9 089 0 0 8 488 9 089 Total operating expenses 253 663 233 286 197 828 176 082 61 645 69 220 513 136 478 588 Depreciation 103 396 95 851 70 315 58 658 6 990 6 474 180 701 160 983 Depreciations share from JV * 0 0 22 189 21 837 0 0 22 189 21 837 Impairment on assets / reversal impairment 0 -317 100 0 -54 207 0 -37 755 0 -409 062 Impairment on assets / reversal impairment share from JV * 0 0 0 -14 413 0 0 0 -14 413 Total depreciation 103 396 -221 249 92 504 11 876 6 990 -31 281 202 890 -240 654 Operating result incl. share of the JVs * 62 126 377 807 100 601 146 711 -29 449 61 077 133 278 585 595 Net finance items and tax in JV * 0 0 -9 429 -8 926 0 0 -9 429 -8 926 Share of profit from associated companies 0 0 0 0 454 567 454 567 Operating result 62 126 377 807 91 172 137 785 -28 995 61 644 124 304 577 235 Net financial items -18 316 -44 025 Tax costs -2 295 11 Net result for the year 103 690 533 222 In 2023, the Supply segment had a reversal of NOK 317.1 million, the Subsea/Offshore Renewables segment had a reversal of NOK 54.2 million, and the Seismic segment had a reversal impairment of NOK 37.7 million. *) 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, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. (NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 408 217 2 084 380 Proportion of assets in JV* 0 0 272 853 293 630 0 0 272 853 293 630 Unallocated assets (cash) 0 0 0 0 0 0 395 843 498 825 Total consolidated assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 804 060 2 583 205 Assets incl. share of JV* 1 101 135 1 156 186 1 410 612 980 769 169 322 241 055 3 076 912 2 876 834 Segment current liabilities (excl. mortgage debt) -17 235 -13 742 -17 971 -9 523 -187 272 -207 790 -222 479 -231 055 Proportion of debts from JV* 0 0 -139 563 -160 725 0 0 -139 563 -160 725 Segment mortgage debt and other non-current liabilities -420 290 -497 389 -400 472 -301 089 -66 946 -70 921 -887 708 -869 400 Total liabilities incl. share of JV* -437 525 -659 449 -558 007 -361 380 -254 218 -125 485 -1 249 750 -1 261 180 Investments in non-current assets 59 815 61 517 511 312 332 500 0 0 571 127 394 017 Gross sales of non-current assets 0 0 0 0 0 118 458 0 118 458 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. 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. Supply Subsea / Offshore Renewables Operating segments 2024 2023 2024 2023 Customer 1 113 389 110 454 Customer 2 130 677 139 540 Customer 3 138 791 103 451 Customer 4 162 493 167 286 Customer 5 91 973 87 596 Customer 6 123 297 76 523 Total operating income large customers 416 467 383 349 344 152 301 501 Secondary segments are not reported. The Supply and Subsea/Offshore Renewables business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Renewables segment operate in various parts of the world, this is mainly a consequence of the customer's 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 2023 and 2024 are in ju st one geographical area defined as Europe. Secondary segmentations is therefore omitted. The performance obligations for time charter income is satisfied over time, hence the group have not any contract assets or contract liabilities, as of 31 December 2024. Refer to Note 21 for maturity for future lease income.NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2024 2023 Sale of ancillary equipment 406 37 314 Reversal of previous write-downs related to receivables 15 324 14 012 from JVs Other income 15 730 51 326 NOK 15.3 million (NOK 14.0 million) is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS, see Note 13.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__88": {
"value": "2.16 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__90": {
"value": "2.17 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__89-1": {
"value": "2.17 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.NOTE 10 \u2013 EARNINGS PER SHARE (NOK thousands) 2024 2023 Profit/loss for the year attributable to the majority 82 743 514 742 shareholders Number of issued ordinary shares (thousands) 72 983 72 983 Number of issued ordinary shares (thousands) 72 983 72 983 Earnings per share 1,13 7,05 Diluted earnings per share 1,13 7,05 Dividend of NOK 18.3 million was paid in 2024. The Board has not proposed any payment of dividends in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__91-1": {
"value": "2.18 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 together with Agalas and Reach Subsea 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 2/3 by an entity owned by Eidesvik and the Northern Norway shipowners Agalas, controlled by Eidesvik, and 1/3 by Reach Subsea. Planned delivery for the vessel is spring 2027. Financing is a combination of equity from the 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 5-year time charter with Reach Subsea with options for two extensions of one year each. Eidesvik will have full management of the vessel. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__92": {
"value": "2.19 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__98": {
"value": "2.20 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 gro ss 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__97": {
"value": "2.20 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 gro ss 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__96": {
"value": "2.20 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 gro ss 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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__95-1": {
"value": "2.20 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 gro ss 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) 2024 2023 Tax cost Norway and abroad 2 295 -11 Tax costs 2 295 -11 Fixed asset reserve 69 920 74 193 Profit and loss account -9 653 -12 066 Pension liabilities 0 -189 Loss carried forward -605 836 -602 403 Interest deduction carried forward -2 326 -2 997 * Total temporary differences -547 895 -543 461 Recognised deferred tax assets -2 295 0 Applied tax rate 22 % 22 % Deferred tax -2 295 -2 295 Applied tax rate 22 % 22 % Tax payable Tax payable for the year subject to the tonnage tax regime 0 0 Other corporation tax payable, Norway and abroad 0 -11 Total tax payable 0 -11 Explanation of taxes in the income statement: Profit/loss before taxes 105 985 533 211 Calculated 22%/22% tax 23 317 117 306 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -21 022 -117 317 Calculated tax for the year 2 295 -11 The Group\u2019s effective tax rate 2 % 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__94-1": {
"value": "2.20 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 gro ss 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) 2024 2023 Tax cost Norway and abroad 2 295 -11 Tax costs 2 295 -11 Fixed asset reserve 69 920 74 193 Profit and loss account -9 653 -12 066 Pension liabilities 0 -189 Loss carried forward -605 836 -602 403 Interest deduction carried forward -2 326 -2 997 * Total temporary differences -547 895 -543 461 Recognised deferred tax assets -2 295 0 Applied tax rate 22 % 22 % Deferred tax -2 295 -2 295 Applied tax rate 22 % 22 % Tax payable Tax payable for the year subject to the tonnage tax regime 0 0 Other corporation tax payable, Norway and abroad 0 -11 Total tax payable 0 -11 Explanation of taxes in the income statement: Profit/loss before taxes 105 985 533 211 Calculated 22%/22% tax 23 317 117 306 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -21 022 -117 317 Calculated tax for the year 2 295 -11 The Group\u2019s effective tax rate 2 % 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__93-1": {
"value": "2.20 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 gro ss 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) 2024 2023 Tax cost Norway and abroad 2 295 -11 Tax costs 2 295 -11 Fixed asset reserve 69 920 74 193 Profit and loss account -9 653 -12 066 Pension liabilities 0 -189 Loss carried forward -605 836 -602 403 Interest deduction carried forward -2 326 -2 997 * Total temporary differences -547 895 -543 461 Recognised deferred tax assets -2 295 0 Applied tax rate 22 % 22 % Deferred tax -2 295 -2 295 Applied tax rate 22 % 22 % Tax payable Tax payable for the year subject to the tonnage tax regime 0 0 Other corporation tax payable, Norway and abroad 0 -11 Total tax payable 0 -11 Explanation of taxes in the income statement: Profit/loss before taxes 105 985 533 211 Calculated 22%/22% tax 23 317 117 306 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -21 022 -117 317 Calculated tax for the year 2 295 -11 The Group\u2019s effective tax rate 2 % 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:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__100": {
"value": "2.21 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. The Group is about to start the consideration of the effect of the implementation of IFRS 18 from 1 January 2027.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__99": {
"value": "2.21 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. The Group is about to start the consideration of the effect of the implementation of IFRS 18 from 1 January 2027.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__102": {
"value": "2.22 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) Subsidiaries with major minority interest For subsidiaries with major minority interest, Eidesvik shall at all times be chair of the board (with casting vote in the event of a tie). Unanimous shareholder decisions focus on protective rights for the shareholders. Refer to Note 7 for further information. 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 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. In 2021, Eidesvik and the technology group W\u00e4rtsil\u00e4 signed a landmark cooperation agreement aimed at converting an offshore supply vessel to operate with ammonia-fuelled combustion engines. An order for the engine and fuel gas system was placed in July 2024. In February 2024, Eidesvik, together with Northern Norway shipowners Agalas, ordered a newbuild low emission vessel for the subsea and offshore wind markets. The newbuild will be able to operate on methanol. By the end of 2024 85% of the fleet has hybrid fuel solutions and the company achieved 7% year on year reduction in tons CO2 equivalent reduction per day. Refer to Note 12 for more information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__101": {
"value": "2.22 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) Subsidiaries with major minority interest For subsidiaries with major minority interest, Eidesvik shall at all times be chair of the board (with casting vote in the event of a tie). Unanimous shareholder decisions focus on protective rights for the shareholders. Refer to Note 7 for further information. 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 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. In 2021, Eidesvik and the technology group W\u00e4rtsil\u00e4 signed a landmark cooperation agreement aimed at converting an offshore supply vessel to operate with ammonia-fuelled combustion engines. An order for the engine and fuel gas system was placed in July 2024. In February 2024, Eidesvik, together with Northern Norway shipowners Agalas, ordered a newbuild low emission vessel for the subsea and offshore wind markets. The newbuild will be able to operate on methanol. By the end of 2024 85% of the fleet has hybrid fuel solutions and the company achieved 7% year on year reduction in tons CO2 equivalent reduction per day. Refer to Note 12 for more information.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__104-1": {
"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 posit ions 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 normally uses currency derivatives. As of year end 2024 the Group had none ongoing currency derivatives. The Group is particularly exposed to fluctuations in EUR, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with currency forward contracts in the same currency. On 31 December 2024, the Group\u2019s long-term liabilities were divided between 69% NOK, 14% USD and 17% EUR. On 31 December 2023 it was 84% NOK and 16% USD. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2024. +50 \u00f8re -50 \u00f8re Agio/disagio -8.5 8.5 Profit/loss for the year -8.5 8.5 Translation difference, shares 0,0 0,0 Total comprehensive income -8.5 8.5 (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 31 December 2024, the Group did not have any fixed rate loans (none per 31 December 2023). The interest rate risk is managed by use of interest derivatives (as 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 NOK 4.8 million (5.3 million for 2023). (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 2024 2023 Group 1 170 170 210 924 Group 2 1 601 16 547 Group 3 22 73 Total 171 792 227 545 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness 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 current liquidity position of the Group is assessed as satisfactory for the next 12 months. 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 31 December 2024, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2024. Maturity statement for capitalised liabilities, 31 December 2024 2025 2026 2027 2028 2029 Later Loans 124 033 124 033 124 033 130 863 96 714 96 714 Accrued interest 1 988 0 0 0 0 0 Derivatives -8 093 0 0 0 0 0 Accounts payable 42 099 0 0 0 0 0 Other current liabilities 169 343 0 0 0 0 0 Subtotal debt items excl. market value derivatives 329 369 124 033 124 033 130 863 96 714 96 714 Estimated interest Interest payments on existing loans 47 695 38 552 29 410 19 070 11 393 4 382 Adjustment incurred 31 December 2024 -1 988 0 0 0 0 0 Subtotal assumed interest 45 707 38 552 29 410 19 070 11 393 4 382 Leases Leases (Note 21) 12 944 12 935 12 750 11 883 11 783 32 801 Total contractual commitments falling due 388 020 175 521 166 194 161 816 119 890 133 897 Maturity statement for capitalised liabilities, 31 December 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 457Risk 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. This facility was further amended in Q4 2024, where the maturit was amended to December 2030 (previous 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 Amortised cost 2 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. The Group did not have any fixed-rate loans at year end 2024 or 2023.NOTE 22 \u2013 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. (NOK thousands) Category 31.12.2024 31.12.2023 Assets Market-based shares for trading FVTPL 9 9 Currency derivatives FVTPL 0 1 637 Interest derivatives FVTPL 8 093 15 758 Accounts receivable (Note 14) FVTPL 171 792 227 545 Cash and cash equivalents (Note 16) FVTPL 395 843 498 825 Other long term receivables, OSEV (Note 13) FVTPL 0 20 912 Total 575 738 764 685 Liabilities Loans (Note 20) Amortised cost 842 584 805 506 Total 842 584 805 506 Currency The Group had no currency derivatives per 31 December 2024. 31 December 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 All currency futures are recorded at fair value. Interest The Group has the following interest derivatives: 31 December 2024: Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Cap NOK 1,00 % 01.07.2025 150 000 4 076 None Cap NOK 1,00 % 15.07.2025 150 000 4 017 None Unhedged 542 584 Total liabilities, hedged and unhedged 842 584 8 093 31 December 2023: Annual downscaling Fair value (incl. before accrued 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 31 December 2024, 36% (37%) of the Group\u2019s loans were hedged with interest cap. The Group did not have any fixed-rate loans at 31 December 2024 or 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:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__103": {
"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 posit ions 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 normally uses currency derivatives. As of year end 2024 the Group had none ongoing currency derivatives. The Group is particularly exposed to fluctuations in EUR, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with currency forward contracts in the same currency. On 31 December 2024, the Group\u2019s long-term liabilities were divided between 69% NOK, 14% USD and 17% EUR. On 31 December 2023 it was 84% NOK and 16% USD. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2024. +50 \u00f8re -50 \u00f8re Agio/disagio -8.5 8.5 Profit/loss for the year -8.5 8.5 Translation difference, shares 0,0 0,0 Total comprehensive income -8.5 8.5 (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 31 December 2024, the Group did not have any fixed rate loans (none per 31 December 2023). The interest rate risk is managed by use of interest derivatives (as 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 NOK 4.8 million (5.3 million for 2023). (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 2024 2023 Group 1 170 170 210 924 Group 2 1 601 16 547 Group 3 22 73 Total 171 792 227 545 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness 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 current liquidity position of the Group is assessed as satisfactory for the next 12 months. 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 31 December 2024, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2024. Maturity statement for capitalised liabilities, 31 December 2024 2025 2026 2027 2028 2029 Later Loans 124 033 124 033 124 033 130 863 96 714 96 714 Accrued interest 1 988 0 0 0 0 0 Derivatives -8 093 0 0 0 0 0 Accounts payable 42 099 0 0 0 0 0 Other current liabilities 169 343 0 0 0 0 0 Subtotal debt items excl. market value derivatives 329 369 124 033 124 033 130 863 96 714 96 714 Estimated interest Interest payments on existing loans 47 695 38 552 29 410 19 070 11 393 4 382 Adjustment incurred 31 December 2024 -1 988 0 0 0 0 0 Subtotal assumed interest 45 707 38 552 29 410 19 070 11 393 4 382 Leases Leases (Note 21) 12 944 12 935 12 750 11 883 11 783 32 801 Total contractual commitments falling due 388 020 175 521 166 194 161 816 119 890 133 897 Maturity statement for capitalised liabilities, 31 December 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 457Risk 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. This facility was further amended in Q4 2024, where the maturit was amended to December 2030 (previous 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 Amortised cost 2 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. The Group did not have any fixed-rate loans at year end 2024 or 2023.",
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"f0__s7__6__105-1": {
"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 posit ions 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. This facility was further amended in Q4 2024, where the maturit was amended to December 2030 (previous December 2027). Please see Note 20 for further information.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__107": {
"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 normally uses currency derivatives. As of year end 2024 the Group had none ongoing currency derivatives. The Group is particularly exposed to fluctuations in EUR, as it has considerable charter income but low operating costs in this currency. It seeks to reduce fluctuations with currency forward contracts in the same currency. On 31 December 2024, the Group\u2019s long-term liabilities were divided between 69% NOK, 14% USD and 17% EUR. On 31 December 2023 it was 84% NOK and 16% USD. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2024. +50 \u00f8re -50 \u00f8re Agio/disagio -8.5 8.5 Profit/loss for the year -8.5 8.5 Translation difference, shares 0,0 0,0 Total comprehensive income -8.5 8.5 (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 31 December 2024, the Group did not have any fixed rate loans (none per 31 December 2023). The interest rate risk is managed by use of interest derivatives (as 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 NOK 4.8 million (5.3 million for 2023).",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__109": {
"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 2024 2023 Group 1 170 170 210 924 Group 2 1 601 16 547 Group 3 22 73 Total 171 792 227 545 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness 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": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__110": {
"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 current liquidity position of the Group is assessed as satisfactory for the next 12 months. 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 31 December 2024, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2024. Maturity statement for capitalised liabilities, 31 December 2024 2025 2026 2027 2028 2029 Later Loans 124 033 124 033 124 033 130 863 96 714 96 714 Accrued interest 1 988 0 0 0 0 0 Derivatives -8 093 0 0 0 0 0 Accounts payable 42 099 0 0 0 0 0 Other current liabilities 169 343 0 0 0 0 0 Subtotal debt items excl. market value derivatives 329 369 124 033 124 033 130 863 96 714 96 714 Estimated interest Interest payments on existing loans 47 695 38 552 29 410 19 070 11 393 4 382 Adjustment incurred 31 December 2024 -1 988 0 0 0 0 0 Subtotal assumed interest 45 707 38 552 29 410 19 070 11 393 4 382 Leases Leases (Note 21) 12 944 12 935 12 750 11 883 11 783 32 801 Total contractual commitments falling due 388 020 175 521 166 194 161 816 119 890 133 897 Maturity statement for capitalised liabilities, 31 December 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__114": {
"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 Amortised cost 2 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. The Group did not have any fixed-rate loans at year end 2024 or 2023.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__113": {
"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 Amortised cost 2 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. The Group did not have any fixed-rate loans at year end 2024 or 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s7__6__119": {
"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 Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. 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 Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment result Operating income (IFRS 15) 251 353 224 821 166 033 149 568 23 456 28 567 440 842 402 956 Bareboat income (IFRS 16) 167 832 165 023 150 726 133 931 15 730 11 257 334 288 310 211 Operating income from JV * (IFRS 15) 0 0 43 361 37 229 0 0 43 361 37 229 Bareboat income from JV * (IFRS 16) 0 0 30 814 13 941 0 0 30 814 13 941 Gain/loss on sale / Other 0 0 0 0 0 59 192 0 59 192 Total operating income 419 185 389 844 390 934 334 669 39 186 99 016 849 305 823 529 Personnell expenses 166 754 153 439 98 105 86 883 77 097 77 661 341 956 317 983 Other operating expenses ** 86 909 79 847 57 554 49 403 -15 452 -8 441 129 011 120 809 Personnell expenses share from JV* 0 0 33 681 30 707 33 681 30 707 Other operating expenses share from JV * 0 0 8 488 9 089 0 0 8 488 9 089 Total operating expenses 253 663 233 286 197 828 176 082 61 645 69 220 513 136 478 588 Depreciation 103 396 95 851 70 315 58 658 6 990 6 474 180 701 160 983 Depreciations share from JV * 0 0 22 189 21 837 0 0 22 189 21 837 Impairment on assets / reversal impairment 0 -317 100 0 -54 207 0 -37 755 0 -409 062 Impairment on assets / reversal impairment share from JV * 0 0 0 -14 413 0 0 0 -14 413 Total depreciation 103 396 -221 249 92 504 11 876 6 990 -31 281 202 890 -240 654 Operating result incl. share of the JVs * 62 126 377 807 100 601 146 711 -29 449 61 077 133 278 585 595 Net finance items and tax in JV * 0 0 -9 429 -8 926 0 0 -9 429 -8 926 Share of profit from associated companies 0 0 0 0 454 567 454 567 Operating result 62 126 377 807 91 172 137 785 -28 995 61 644 124 304 577 235 Net financial items -18 316 -44 025 Tax costs -2 295 11 Net result for the year 103 690 533 222 In 2023, the Supply segment had a reversal of NOK 317.1 million, the Subsea/Offshore Renewables segment had a reversal of NOK 54.2 million, and the Seismic segment had a reversal impairment of NOK 37.7 million. *) 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, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. (NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 408 217 2 084 380 Proportion of assets in JV* 0 0 272 853 293 630 0 0 272 853 293 630 Unallocated assets (cash) 0 0 0 0 0 0 395 843 498 825 Total consolidated assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 804 060 2 583 205 Assets incl. share of JV* 1 101 135 1 156 186 1 410 612 980 769 169 322 241 055 3 076 912 2 876 834 Segment current liabilities (excl. mortgage debt) -17 235 -13 742 -17 971 -9 523 -187 272 -207 790 -222 479 -231 055 Proportion of debts from JV* 0 0 -139 563 -160 725 0 0 -139 563 -160 725 Segment mortgage debt and other non-current liabilities -420 290 -497 389 -400 472 -301 089 -66 946 -70 921 -887 708 -869 400 Total liabilities incl. share of JV* -437 525 -659 449 -558 007 -361 380 -254 218 -125 485 -1 249 750 -1 261 180 Investments in non-current assets 59 815 61 517 511 312 332 500 0 0 571 127 394 017 Gross sales of non-current assets 0 0 0 0 0 118 458 0 118 458 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. 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. Supply Subsea / Offshore Renewables Operating segments 2024 2023 2024 2023 Customer 1 113 389 110 454 Customer 2 130 677 139 540 Customer 3 138 791 103 451 Customer 4 162 493 167 286 Customer 5 91 973 87 596 Customer 6 123 297 76 523 Total operating income large customers 416 467 383 349 344 152 301 501 Secondary segments are not reported. The Supply and Subsea/Offshore Renewables business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Renewables segment operate in various parts of the world, this is mainly a consequence of the customer's 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 2023 and 2024 are in ju st one geographical area defined as Europe. Secondary segmentations is therefore omitted. The performance obligations for time charter income is satisfied over time, hence the group have not any contract assets or contract liabilities, as of 31 December 2024. Refer to Note 21 for maturity for future lease income.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__118-1": {
"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 Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. 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 Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment result Operating income (IFRS 15) 251 353 224 821 166 033 149 568 23 456 28 567 440 842 402 956 Bareboat income (IFRS 16) 167 832 165 023 150 726 133 931 15 730 11 257 334 288 310 211 Operating income from JV * (IFRS 15) 0 0 43 361 37 229 0 0 43 361 37 229 Bareboat income from JV * (IFRS 16) 0 0 30 814 13 941 0 0 30 814 13 941 Gain/loss on sale / Other 0 0 0 0 0 59 192 0 59 192 Total operating income 419 185 389 844 390 934 334 669 39 186 99 016 849 305 823 529 Personnell expenses 166 754 153 439 98 105 86 883 77 097 77 661 341 956 317 983 Other operating expenses ** 86 909 79 847 57 554 49 403 -15 452 -8 441 129 011 120 809 Personnell expenses share from JV* 0 0 33 681 30 707 33 681 30 707 Other operating expenses share from JV * 0 0 8 488 9 089 0 0 8 488 9 089 Total operating expenses 253 663 233 286 197 828 176 082 61 645 69 220 513 136 478 588 Depreciation 103 396 95 851 70 315 58 658 6 990 6 474 180 701 160 983 Depreciations share from JV * 0 0 22 189 21 837 0 0 22 189 21 837 Impairment on assets / reversal impairment 0 -317 100 0 -54 207 0 -37 755 0 -409 062 Impairment on assets / reversal impairment share from JV * 0 0 0 -14 413 0 0 0 -14 413 Total depreciation 103 396 -221 249 92 504 11 876 6 990 -31 281 202 890 -240 654 Operating result incl. share of the JVs * 62 126 377 807 100 601 146 711 -29 449 61 077 133 278 585 595 Net finance items and tax in JV * 0 0 -9 429 -8 926 0 0 -9 429 -8 926 Share of profit from associated companies 0 0 0 0 454 567 454 567 Operating result 62 126 377 807 91 172 137 785 -28 995 61 644 124 304 577 235 Net financial items -18 316 -44 025 Tax costs -2 295 11 Net result for the year 103 690 533 222 In 2023, the Supply segment had a reversal of NOK 317.1 million, the Subsea/Offshore Renewables segment had a reversal of NOK 54.2 million, and the Seismic segment had a reversal impairment of NOK 37.7 million. *) 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, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. (NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2024 2023 2024 2023 2024 2023 2024 2023 Segment assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 408 217 2 084 380 Proportion of assets in JV* 0 0 272 853 293 630 0 0 272 853 293 630 Unallocated assets (cash) 0 0 0 0 0 0 395 843 498 825 Total consolidated assets 1 101 135 1 156 186 1 137 760 687 139 169 322 241 055 2 804 060 2 583 205 Assets incl. share of JV* 1 101 135 1 156 186 1 410 612 980 769 169 322 241 055 3 076 912 2 876 834 Segment current liabilities (excl. mortgage debt) -17 235 -13 742 -17 971 -9 523 -187 272 -207 790 -222 479 -231 055 Proportion of debts from JV* 0 0 -139 563 -160 725 0 0 -139 563 -160 725 Segment mortgage debt and other non-current liabilities -420 290 -497 389 -400 472 -301 089 -66 946 -70 921 -887 708 -869 400 Total liabilities incl. share of JV* -437 525 -659 449 -558 007 -361 380 -254 218 -125 485 -1 249 750 -1 261 180 Investments in non-current assets 59 815 61 517 511 312 332 500 0 0 571 127 394 017 Gross sales of non-current assets 0 0 0 0 0 118 458 0 118 458 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. 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. Supply Subsea / Offshore Renewables Operating segments 2024 2023 2024 2023 Customer 1 113 389 110 454 Customer 2 130 677 139 540 Customer 3 138 791 103 451 Customer 4 162 493 167 286 Customer 5 91 973 87 596 Customer 6 123 297 76 523 Total operating income large customers 416 467 383 349 344 152 301 501 Secondary segments are not reported. The Supply and Subsea/Offshore Renewables business segments are the only groups reported internally. Although the vessels in the Subsea/Offshore Renewables segment operate in various parts of the world, this is mainly a consequence of the customer's 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 2023 and 2024 are in ju st one geographical area defined as Europe. Secondary segmentations is therefore omitted. The performance obligations for time charter income is satisfied over time, hence the group have not any contract assets or contract liabilities, as of 31 December 2024. Refer to Note 21 for maturity for future lease income.NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2024 2023 Sale of ancillary equipment 406 37 314 Reversal of previous write-downs related to receivables 15 324 14 012 from JVs Other income 15 730 51 326 NOK 15.3 million (NOK 14.0 million) is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS, see Note 13.",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2024 2023 Technical operation of vessels 91 505 80 430 Insurance 12 180 11 272 Communication costs 7 803 7 723 Administrative costs 17 524 21 384 Other operating expenses 129 011 120 809 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 , office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2024 2023 Statutory audit 1 904 1 839 Other financial audit 0 0 Tax advice 0 0 Other audit services 211 232 Total audit 2 115 2 070 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s7__6__125": {
"value": "NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2024 2023 Technical operation of vessels 91 505 80 430 Insurance 12 180 11 272 Communication costs 7 803 7 723 Administrative costs 17 524 21 384 Other operating expenses 129 011 120 809 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 , office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2024 2023 Statutory audit 1 904 1 839 Other financial audit 0 0 Tax advice 0 0 Other audit services 211 232 Total audit 2 115 2 070 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f0__s7__6__129": {
"value": "Auditor: (NOK thousands) 2024 2023 Statutory audit 1 904 1 839 Other financial audit 0 0 Tax advice 0 0 Other audit services 211 232 Total audit 2 115 2 070 The auditor\u2019s fees are presented excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__139": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2024 2023 Interest income 20 733 19 657 Other financial income 17 15 Total financial income 20 750 19 671 Interest expense on loans -51 872 -81 041 Borrowing cost newbuild (IAS 23) 15 703 0 Other interest expenses -804 -503 Interest cost - lease liabilities -4 360 -3 646 Reversal of previous write-downs of receivables 10 935 10 447 Other financial expenses -443 -583 Total financial expenses -30 840 -75 326 Change in market value on interest instruments 3 669 10 860 Net currency gains/losses -10 259 -867 Value change on currency futures recognised at fair value via -1 637 1 637 profit/loss Total currency gain/loss -11 896 771 Net financial items -18 316 -44 025 Reduced financial expenses for 2024 are mainly due to decreased interest expenses and the effect of extended maturity for the facility agreement with Sparebanken Vest. The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.72%, and the calculations was based on the amount varying from NOK 201.9 million to 215.6 million during the year. Currency loss in 2024 is mainly related to unrealised currency loss on loans.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2024 2023 Interest income 20 733 19 657 Other financial income 17 15 Total financial income 20 750 19 671 Interest expense on loans -51 872 -81 041 Borrowing cost newbuild (IAS 23) 15 703 0 Other interest expenses -804 -503 Interest cost - lease liabilities -4 360 -3 646 Reversal of previous write-downs of receivables 10 935 10 447 Other financial expenses -443 -583 Total financial expenses -30 840 -75 326 Change in market value on interest instruments 3 669 10 860 Net currency gains/losses -10 259 -867 Value change on currency futures recognised at fair value via -1 637 1 637 profit/loss Total currency gain/loss -11 896 771 Net financial items -18 316 -44 025 Reduced financial expenses for 2024 are mainly due to decreased interest expenses and the effect of extended maturity for the facility agreement with Sparebanken Vest. The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.72%, and the calculations was based on the amount varying from NOK 201.9 million to 215.6 million during the year. Currency loss in 2024 is mainly related to unrealised currency loss on loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2024 2023 Interest income 20 733 19 657 Other financial income 17 15 Total financial income 20 750 19 671 Interest expense on loans -51 872 -81 041 Borrowing cost newbuild (IAS 23) 15 703 0 Other interest expenses -804 -503 Interest cost - lease liabilities -4 360 -3 646 Reversal of previous write-downs of receivables 10 935 10 447 Other financial expenses -443 -583 Total financial expenses -30 840 -75 326 Change in market value on interest instruments 3 669 10 860 Net currency gains/losses -10 259 -867 Value change on currency futures recognised at fair value via -1 637 1 637 profit/loss Total currency gain/loss -11 896 771 Net financial items -18 316 -44 025 Reduced financial expenses for 2024 are mainly due to decreased interest expenses and the effect of extended maturity for the facility agreement with Sparebanken Vest. The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.72%, and the calculations was based on the amount varying from NOK 201.9 million to 215.6 million during the year. Currency loss in 2024 is mainly related to unrealised currency loss on loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__136": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2024 2023 Interest income 20 733 19 657 Other financial income 17 15 Total financial income 20 750 19 671 Interest expense on loans -51 872 -81 041 Borrowing cost newbuild (IAS 23) 15 703 0 Other interest expenses -804 -503 Interest cost - lease liabilities -4 360 -3 646 Reversal of previous write-downs of receivables 10 935 10 447 Other financial expenses -443 -583 Total financial expenses -30 840 -75 326 Change in market value on interest instruments 3 669 10 860 Net currency gains/losses -10 259 -867 Value change on currency futures recognised at fair value via -1 637 1 637 profit/loss Total currency gain/loss -11 896 771 Net financial items -18 316 -44 025 Reduced financial expenses for 2024 are mainly due to decreased interest expenses and the effect of extended maturity for the facility agreement with Sparebanken Vest. The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.72%, and the calculations was based on the amount varying from NOK 201.9 million to 215.6 million during the year. Currency loss in 2024 is mainly related to unrealised currency loss on loans.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2024 2023 Interest income 20 733 19 657 Other financial income 17 15 Total financial income 20 750 19 671 Interest expense on loans -51 872 -81 041 Borrowing cost newbuild (IAS 23) 15 703 0 Other interest expenses -804 -503 Interest cost - lease liabilities -4 360 -3 646 Reversal of previous write-downs of receivables 10 935 10 447 Other financial expenses -443 -583 Total financial expenses -30 840 -75 326 Change in market value on interest instruments 3 669 10 860 Net currency gains/losses -10 259 -867 Value change on currency futures recognised at fair value via -1 637 1 637 profit/loss Total currency gain/loss -11 896 771 Net financial items -18 316 -44 025 Reduced financial expenses for 2024 are mainly due to decreased interest expenses and the effect of extended maturity for the facility agreement with Sparebanken Vest. The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.72%, and the calculations was based on the amount varying from NOK 201.9 million to 215.6 million during the year. Currency loss in 2024 is mainly related to unrealised currency loss on loans.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2024 2023 Interest income 20 733 19 657 Other financial income 17 15 Total financial income 20 750 19 671 Interest expense on loans -51 872 -81 041 Borrowing cost newbuild (IAS 23) 15 703 0 Other interest expenses -804 -503 Interest cost - lease liabilities -4 360 -3 646 Reversal of previous write-downs of receivables 10 935 10 447 Other financial expenses -443 -583 Total financial expenses -30 840 -75 326 Change in market value on interest instruments 3 669 10 860 Net currency gains/losses -10 259 -867 Value change on currency futures recognised at fair value via -1 637 1 637 profit/loss Total currency gain/loss -11 896 771 Net financial items -18 316 -44 025 Reduced financial expenses for 2024 are mainly due to decreased interest expenses and the effect of extended maturity for the facility agreement with Sparebanken Vest. The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.72%, and the calculations was based on the amount varying from NOK 201.9 million to 215.6 million during the year. Currency loss in 2024 is mainly related to unrealised currency loss on loans.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 10 \u2013 EARNINGS PER SHARE (NOK thousands) 2024 2023 Profit/loss for the year attributable to the majority 82 743 514 742 shareholders Number of issued ordinary shares (thousands) 72 983 72 983 Number of issued ordinary shares (thousands) 72 983 72 983 Earnings per share 1,13 7,05 Diluted earnings per share 1,13 7,05 Dividend of NOK 18.3 million was paid in 2024. The Board has not proposed any payment of dividends in 2025.",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 11 \u2013 PAYROLL EXPENSES AND NUMBER OF EMPLOYEES (NOK thousands) 2024 2023 Payroll after net pay refund 214 938 198 630 Social security costs 56 266 55 001 Defined benefit pension (see Note 18) 0 279 Contribution pension 13 718 11 278 Hired personnel 24 422 23 707 Other personnel costs 32 612 29 088 Total personnel costs 341 956 317 983 Salaries and payroll tax are shown after deduction for the reimbursement scheme for seafarers. The average number of full-time equivalents was: 432 406 Number of employees at end of year: 437 416In 2024, NOK 43,320 thousand (NOK 39,814 thousand in 2023) was received in connection with the reimbursement scheme for Norwegian seafarers. In 2024, NOK 2,583 thousand (NOK 2,935 thousand in 2023) 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 pension This pension scheme was replaced by a defined contribution scheme for all employees, except for former CEO. The agreement was transferred to a free policy from 1 January 2024. Capitalised liability is determined as follows: (NOK thousands) 2024 2023 Net present value of accrued defined benefit pension liabilities in fund-based schemes 0 4 767 Fair value of pension funds 0 -4 579 Net capitalised pension liability/(fund) 31 December 0 189 Changes in defined benefit pension liability during the year: 2024 2023 Pension liability 1 January 4 767 3 899 Net present value of pension contribution of the year 0 258 Interest expenses 0 121 Transfer/acquisition/moving members/new contracts -4 767 0 Payroll tax on employer\u2019s contribution 0 -40 Benefits paid 0 528 Pension liability 31 December 0 4 767 Change in fair value of pension funds: 2024 2023 Pension funds 1 January 4 579 4 317 Expected return on pension funds 0 100 Transfer/acquisition/moving members/new contracts -4 579 0 Actuarial (gains)/losses 0 -119 Payroll tax on employer\u2019s contribution 0 -40 Employer\u2019s contribution 0 320 Pension funds 31 December 0 4 579 Total cost included in net profit: 2024 2023 Cost of pension contribution for the period 0 219 Net changes in plan, scaling down, settlement 0 0 Interest expenses 0 7 Expected return on pension funds 0 -17 Administrative costs 0 38 Payroll tax on pension costs 0 32 Total, included in payroll expenses (Note 11) 0 279 Estimate deviations due to changes in actuarial assumptions included in other comprehensive income (OCI): 2024 2023 Changes in the discount rate 0 -60 Changes in other financial assumptions DBO 0 66 Changes in other DBO 0 589 Changes in other - pension funds 0 -4 Funds and interest guarantees 0 57 Estimate deviation losses/(gains) against OCI 0 647 The pension funds were placed in various investments through external insurance companies. They manage all transactions for the pension schemes. Breakdown into investment categories: 2024 2023 Shares 0 % 13 % Bonds 0 % 54 % Real estate 0 % 11 % Money market 0 % 12 % Other 0 % 10 % To calculate net pension liabilities/funds, the following assumptions are used: 2024 2023 Discount rate 0,00 % 3,10 % Rate of compensation increase 0,00 % 3,50 % Increase of social security base amount (G) 0,00 % 3,25 % Rate of pension increase 0,00 % 1,80 % Payroll tax rate 0,00 % 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 was used as a basis for mortality.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "The average number of full-time equivalents was: 432 406 Number of employees at end of year: 437 416",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s7__6__154": {
"value": "NOTE 13 \u2013 OTHER LONG-TERM RECEIVABLES (NOK thousands) 31.12.2024 31.12.2023 Non-current receivables, OSEV 0 20 912 Total other non-current receivables 0 20 912 In 2024 the remaining non-current receivables from Oceanic Seismic Vessels AS were paid in full. The nominal value as at 31 December 2024 is USD 0.0 million (USD 4.5 million as at 31 December 2023). Write -downs on the payments received were reversed (see Note 5 and Note 8).",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 13 \u2013 OTHER LONG-TERM RECEIVABLES (NOK thousands) 31.12.2024 31.12.2023 Non-current receivables, OSEV 0 20 912 Total other non-current receivables 0 20 912 In 2024 the remaining non-current receivables from Oceanic Seismic Vessels AS were paid in full. The nominal value as at 31 December 2024 is USD 0.0 million (USD 4.5 million as at 31 December 2023). Write -downs on the payments received were reversed (see Note 5 and Note 8).NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2024 31.12.2023 Inventories (bunkers, lube oil, slop chest) 4 078 2 113 Other shares 34 34 VAT receivable 6 981 2 637 Insurance settlement receivable 269 2 469 Net payroll 14 742 13 578 Prepaid expenses 17 446 13 187 Security for guarantee 0 10 000 Total other current assets 45 883 44 898 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 14 \u2013 ACCOUNTS RECEIVABLE (NOK thousands) 31.12.2024 31.12.2023 Accounts receivable 151 455 181 533 Accounts receivable related parties/joint ventures 20 338 46 012 Total accounts receivable 171 792 227 545 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: 0-3 months 12 157 49 971 3-6 months 0 0 6 months < 0 0 Total overdue accounts receivable 12 157 49 971 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2024 31.12.2023 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 0 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 33 949 46 318 USD -9 946 0 NOK 147 789 181 226 Total accounts receivable 171 792 227 545 Net change in provisions for impairment of accounts receivable: 31.12.2024 31.12.2023 At 1st of January 0 1 529 Provision for impairment of receivables 0 0 Accounts receivable recorded as loss during the year 0 -1 529 At 31 December 0 0NOTE 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. 2024 2023 Lease of offices from AS Langev\u00e5g Senter -9 560 -9 109 Lease of other office services to AS Langev\u00e5g Senter 0 40 Lease of offices to Evik AS 727 663 Lease of apartment from Evik AS -71 -92 Lease of offices to B\u00f8mmelfjord AS 834 829 Purchase of office services from Eidesvik Invest AS -71 0 Sale of other services to Eidesvik Invest AS 0 74 Lease of offices and other services to Signatur Management AS 734 759 Purchase of office services from Signatur Management AS 0 -24 Lease of stockroom and other services from Klubben Eiendom AS -940 -902 Sale of office services and lease of apartment to B\u00f8mlo Skipservice AS 0 43 Purchase of technical and layup services from B\u00f8mlo Skipservice AS -15 093 -1 319 Sale of crew and management services to Eidesvik Seven Chartering AS 95 324 107 632 Sale of management services to Eidesvik Seven AS 238 41 533 The balance sheet includes the following amounts resulting from transactions with related parties: 31.12.2024 31.12.2023 Accounts receivable 20 338 46 012 Accounts payable -173 -68 Total 20 165 45 944 Shares owned/controlled by Board members/senior executives: 2024 2023 Eidesvik Invest AS* 43 684 833 43 684 833 Bj\u00f8rg Marit Eknes 25 000 25 000 Helga Cotgrove 5 800 5 800 Lauritz Eidesvik 200 200 Kristine Elisabeth Skeie** N/A 191 666 John Egil Stangeland** N/A 30 000 Gitte Gard Talmo** N/A 7690 *Eidesvik Invest AS is 55%-controlled by B\u00f8mmelfjord AS, where Lauritz Eidesvik holds 20% of the shares (B -shares). The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Kjetil Eidesvik indirectly holds 20% of the shares. ** Not Board members/senior executives per year end. 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: Pension 2024 Base salary Bonus Other costs Total CEO Helga Cotgrove 2 386 751 198 141 3 477 CFO Lars Tufteland Engelsen 1 284 143 49 103 1 580 COO Arve Nilsen 1 741 529 188 136 2 594 Former CEO Gitte Talmo 2 944 445 416 140 3 945 Total 2024 8 355 1 868 852 520 11 596 Pension 2023 Base salary Bonus Other costs Total CEO Gitte Talmo 2 331 701 326 120 3 477 CFO Helga Cotgrove 1 864 604 189 125 2 782 COO Arve Nilsen 1 638 400 179 118 2 336 Former CEO Jan Fredrik Meling 0 0 1 345 499 1 844 Total 2023 5 833 1 704 2 039 862 10 439 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 31 December 2024. CEO Helga Cotgrove was appointed Interim CEO from 18 September 2024, before she was appointed as permanent CEO from 28 November 2024. Cotgrove came from the position as CFO in the Company. Former CEO Gitte Gard Talmo resigned as CEO on 9 September 2024 and received remuneration until 30 November 2024. CFO Lars Tufteland Engelsen was appointed Interim CFO from 18 September 2024, before he was appointed as permanent CFO from 9 December 2024. Remuneration of the Board 2024 2023 Arne Austreid 585 555 Borgny Eidesvik 132 300 Lars Eidesvik 269 255 John Egil Stangeland 269 255 Lauritz Eidesvik 269 285 Kristine Elisabeth Skeie 288 255 Bj\u00f8rg Marit Eknes 335 318 Johnny Olson* 89 138 Tore Hettervik 0 74 Petter L\u00f8nning* 134 38 Annicken G. Kildahl* 157 0 B\u00f8rre Lindanger* 45 0 2 570 2 473 The Board Remuneration Annual Change 3.78% Board remuneration is decided by the General Meeting. Disbursements for 2024 are remuneration for the previous year, 2023. 2024 remuneration will be decided on the next Annual General Meeting. * Annicken G. Kildahl was elected as board member in 2023. Kildahl replaced Borgny Eidesvik. *Petter L\u00f8nning were, respectively, elected as employee representative for the board in 2023 , replacing Johnny Olson. B\u00f8rre Lindanger replaced Petter L\u00f8nning in 2024. *Kjetil Eidesvik replaced Lars Eidesvik in 2024. 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 2024 2023 Per \u00c5ge Hauge 48 45 Ellen Hatteland* 0 13 Kjetil Eidesvik* 32 30 Kristine Klaveness* 32 18 Borgny Eidesvik* 19 0 Lauritz Eidesvik** 13 0 Kolbein Rege 32 30 * At the Annual General Meeting in 2022, Kristine Klaveness replaced Ellen Hatteland in the Nomination Committee. * At the Annual General Meeting in 2023, Borgny Eidesvik replaced Lauritz Eidesvik 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 2024 are remuneration for the previous year, 2032.",
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"value": "NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2024 31.12.2023 Inventories (bunkers, lube oil, slop chest) 4 078 2 113 Other shares 34 34 VAT receivable 6 981 2 637 Insurance settlement receivable 269 2 469 Net payroll 14 742 13 578 Prepaid expenses 17 446 13 187 Security for guarantee 0 10 000 Total other current assets 45 883 44 898 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__160": {
"value": "NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2024 31.12.2023 Inventories (bunkers, lube oil, slop chest) 4 078 2 113 Other shares 34 34 VAT receivable 6 981 2 637 Insurance settlement receivable 269 2 469 Net payroll 14 742 13 578 Prepaid expenses 17 446 13 187 Security for guarantee 0 10 000 Total other current assets 45 883 44 898 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__159": {
"value": "NOTE 15 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2024 31.12.2023 Inventories (bunkers, lube oil, slop chest) 4 078 2 113 Other shares 34 34 VAT receivable 6 981 2 637 Insurance settlement receivable 269 2 469 Net payroll 14 742 13 578 Prepaid expenses 17 446 13 187 Security for guarantee 0 10 000 Total other current assets 45 883 44 898 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__163": {
"value": "NOTE 16 - CASH AND CASH EQUIVALENTS Of total cash and cash equivalents at 31 December 2024, of NOK 395.8 million (NOK 498.8 million at 31 December 2023), were NOK 11.0 million (NOK 9.3 million) restricted tax funds and NOK 60.4 million (NOK 82.7 million) funding restricted for use towards Eidesvik\u2019s joint development projects w ith multiple partners for the development of green ammonia as a fuel source.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__171": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2024 31.12.2023 Public taxes and charges 38 950 36 880 Salaries and holiday pay 39 837 42 072 Accrued expenses 45 402 34 457 Prepaid funding for ammonia projects 45 154 63 276 Total other current liabilities 169 343 176 685 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. The funds are booked as current liabilities, and these liabilities are reduced towards project costs as they incur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__170": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2024 31.12.2023 Public taxes and charges 38 950 36 880 Salaries and holiday pay 39 837 42 072 Accrued expenses 45 402 34 457 Prepaid funding for ammonia projects 45 154 63 276 Total other current liabilities 169 343 176 685 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. The funds are booked as current liabilities, and these liabilities are reduced towards project costs as they incur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__169": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2024 31.12.2023 Public taxes and charges 38 950 36 880 Salaries and holiday pay 39 837 42 072 Accrued expenses 45 402 34 457 Prepaid funding for ammonia projects 45 154 63 276 Total other current liabilities 169 343 176 685 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. The funds are booked as current liabilities, and these liabilities are reduced towards project costs as they incur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__168-1": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2024 31.12.2023 Public taxes and charges 38 950 36 880 Salaries and holiday pay 39 837 42 072 Accrued expenses 45 402 34 457 Prepaid funding for ammonia projects 45 154 63 276 Total other current liabilities 169 343 176 685 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. The funds are booked as current liabilities, and these liabilities are reduced towards project costs as they incur.NOTE 20 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2024 31.12.2023 Mortgage (NOK) 580 286 677 000 Mortgage (USD) 116 106 128 506 Construction loan (EUR) 146 192 0 Other loan 1 242 1 161 Capitalised establishment costs -21 822 -7 027 Total interest-bearing long-term liabilities 822 004 799 640 Total long-term liabilities 822 004 799 640 Short-term portion of long-term liabilities -124 033 -121 192 Total long-term liabilities excl. first year\u2019s repayment 697 971 678 448 Short-term loans First year\u2019s repayment of long-term liabilities 124 033 121 192 Accrued interest 1 988 2 265 Total 126 021 123 457 Book value of liabilities in currency NOK 559 706 671 134 USD 116 106 128 506 EUR 146 192 0 Total 822 004 799 640 Amortisation profile on long-term liabilities at 31 December 2024: 2025 124 033 2026 124 033 2027 124 033 2028 130 863 Later 193 429 Total repayments 696 392 A construction loan was drawn in December 2024 and is not included in the table above. This loan will be replaced by a mortgage loan at the time of delivery of the vessel. 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 Of total liabilities, NOK 696.4 million are secured against mortgages in vessels recorded at NOK 1,677.0 million. For an assessment of the fair value of long-term liabilities, see Note 3. Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 0 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 - 146 192 0 15 886 New debt 0 0 0 0 Interest paid -62 363 -2 265 0 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 0 146 192 0 -48 743 Exchange rate effects 0 0 0 12 078 0 12 078 Capitalisation costs 0 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 0 1 988 Other changes 124 033 10 162 0 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 - 697 971 63 409 896 450 Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale* long-term liabilities liabilities debt debt At 1 January 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 -375 213 New debt 0 0 0 0 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 -441 089 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 31 December 2023 123 457 8 001 0 678 448 69 571 879 478 *Liabilities related to Assets Held for sale The facility with Sparebanken Vest was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 580.3 million (677.0 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2024, were: \u2022 Minimum free liquidity the higher 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). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long -term USD loan in connection with the acquisition of the vessel in 2023. 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 loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 116.1 million per 31 December 2024 (128.5 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2024, 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). Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2024, or during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__167": {
"value": "NOTE 19 - OTHER LIABILITIES (NOK thousands) 31.12.2024 31.12.2023 Public taxes and charges 38 950 36 880 Salaries and holiday pay 39 837 42 072 Accrued expenses 45 402 34 457 Prepaid funding for ammonia projects 45 154 63 276 Total other current liabilities 169 343 176 685 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. The funds are booked as current liabilities, and these liabilities are reduced towards project costs as they incur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__176": {
"value": "NOTE 20 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2024 31.12.2023 Mortgage (NOK) 580 286 677 000 Mortgage (USD) 116 106 128 506 Construction loan (EUR) 146 192 0 Other loan 1 242 1 161 Capitalised establishment costs -21 822 -7 027 Total interest-bearing long-term liabilities 822 004 799 640 Total long-term liabilities 822 004 799 640 Short-term portion of long-term liabilities -124 033 -121 192 Total long-term liabilities excl. first year\u2019s repayment 697 971 678 448 Short-term loans First year\u2019s repayment of long-term liabilities 124 033 121 192 Accrued interest 1 988 2 265 Total 126 021 123 457 Book value of liabilities in currency NOK 559 706 671 134 USD 116 106 128 506 EUR 146 192 0 Total 822 004 799 640 Amortisation profile on long-term liabilities at 31 December 2024: 2025 124 033 2026 124 033 2027 124 033 2028 130 863 Later 193 429 Total repayments 696 392 A construction loan was drawn in December 2024 and is not included in the table above. This loan will be replaced by a mortgage loan at the time of delivery of the vessel. 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 Of total liabilities, NOK 696.4 million are secured against mortgages in vessels recorded at NOK 1,677.0 million. For an assessment of the fair value of long-term liabilities, see Note 3. Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 0 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 - 146 192 0 15 886 New debt 0 0 0 0 Interest paid -62 363 -2 265 0 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 0 146 192 0 -48 743 Exchange rate effects 0 0 0 12 078 0 12 078 Capitalisation costs 0 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 0 1 988 Other changes 124 033 10 162 0 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 - 697 971 63 409 896 450 Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale* long-term liabilities liabilities debt debt At 1 January 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 -375 213 New debt 0 0 0 0 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 -441 089 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 31 December 2023 123 457 8 001 0 678 448 69 571 879 478 *Liabilities related to Assets Held for sale The facility with Sparebanken Vest was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 580.3 million (677.0 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2024, were: \u2022 Minimum free liquidity the higher 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). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long -term USD loan in connection with the acquisition of the vessel in 2023. 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 loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 116.1 million per 31 December 2024 (128.5 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2024, 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). Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2024, or during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__175": {
"value": "NOTE 20 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2024 31.12.2023 Mortgage (NOK) 580 286 677 000 Mortgage (USD) 116 106 128 506 Construction loan (EUR) 146 192 0 Other loan 1 242 1 161 Capitalised establishment costs -21 822 -7 027 Total interest-bearing long-term liabilities 822 004 799 640 Total long-term liabilities 822 004 799 640 Short-term portion of long-term liabilities -124 033 -121 192 Total long-term liabilities excl. first year\u2019s repayment 697 971 678 448 Short-term loans First year\u2019s repayment of long-term liabilities 124 033 121 192 Accrued interest 1 988 2 265 Total 126 021 123 457 Book value of liabilities in currency NOK 559 706 671 134 USD 116 106 128 506 EUR 146 192 0 Total 822 004 799 640 Amortisation profile on long-term liabilities at 31 December 2024: 2025 124 033 2026 124 033 2027 124 033 2028 130 863 Later 193 429 Total repayments 696 392 A construction loan was drawn in December 2024 and is not included in the table above. This loan will be replaced by a mortgage loan at the time of delivery of the vessel. 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 Of total liabilities, NOK 696.4 million are secured against mortgages in vessels recorded at NOK 1,677.0 million. For an assessment of the fair value of long-term liabilities, see Note 3. Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 0 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 - 146 192 0 15 886 New debt 0 0 0 0 Interest paid -62 363 -2 265 0 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 0 146 192 0 -48 743 Exchange rate effects 0 0 0 12 078 0 12 078 Capitalisation costs 0 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 0 1 988 Other changes 124 033 10 162 0 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 - 697 971 63 409 896 450 Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale* long-term liabilities liabilities debt debt At 1 January 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 -375 213 New debt 0 0 0 0 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 -441 089 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 31 December 2023 123 457 8 001 0 678 448 69 571 879 478 *Liabilities related to Assets Held for sale The facility with Sparebanken Vest was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 580.3 million (677.0 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2024, were: \u2022 Minimum free liquidity the higher 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). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long -term USD loan in connection with the acquisition of the vessel in 2023. 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 loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 116.1 million per 31 December 2024 (128.5 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2024, 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). Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2024, or during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__174": {
"value": "NOTE 20 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2024 31.12.2023 Mortgage (NOK) 580 286 677 000 Mortgage (USD) 116 106 128 506 Construction loan (EUR) 146 192 0 Other loan 1 242 1 161 Capitalised establishment costs -21 822 -7 027 Total interest-bearing long-term liabilities 822 004 799 640 Total long-term liabilities 822 004 799 640 Short-term portion of long-term liabilities -124 033 -121 192 Total long-term liabilities excl. first year\u2019s repayment 697 971 678 448 Short-term loans First year\u2019s repayment of long-term liabilities 124 033 121 192 Accrued interest 1 988 2 265 Total 126 021 123 457 Book value of liabilities in currency NOK 559 706 671 134 USD 116 106 128 506 EUR 146 192 0 Total 822 004 799 640 Amortisation profile on long-term liabilities at 31 December 2024: 2025 124 033 2026 124 033 2027 124 033 2028 130 863 Later 193 429 Total repayments 696 392 A construction loan was drawn in December 2024 and is not included in the table above. This loan will be replaced by a mortgage loan at the time of delivery of the vessel. 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 Of total liabilities, NOK 696.4 million are secured against mortgages in vessels recorded at NOK 1,677.0 million. For an assessment of the fair value of long-term liabilities, see Note 3. Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 0 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 - 146 192 0 15 886 New debt 0 0 0 0 Interest paid -62 363 -2 265 0 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 0 146 192 0 -48 743 Exchange rate effects 0 0 0 12 078 0 12 078 Capitalisation costs 0 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 0 1 988 Other changes 124 033 10 162 0 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 - 697 971 63 409 896 450 Interest-Interest-Current Non-current Interest bearing Assets held bearing Change in liabilities lease lease Total expenses short-term for sale* long-term liabilities liabilities debt debt At 1 January 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 -375 213 New debt 0 0 0 0 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 -441 089 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 31 December 2023 123 457 8 001 0 678 448 69 571 879 478 *Liabilities related to Assets Held for sale The facility with Sparebanken Vest was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 580.3 million (677.0 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2024, were: \u2022 Minimum free liquidity the higher 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). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long -term USD loan in connection with the acquisition of the vessel in 2023. 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 loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 116.1 million per 31 December 2024 (128.5 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2024, 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). Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2024, or during 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__182": {
"value": "NOTE 22 \u2013 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. (NOK thousands) Category 31.12.2024 31.12.2023 Assets Market-based shares for trading FVTPL 9 9 Currency derivatives FVTPL 0 1 637 Interest derivatives FVTPL 8 093 15 758 Accounts receivable (Note 14) FVTPL 171 792 227 545 Cash and cash equivalents (Note 16) FVTPL 395 843 498 825 Other long term receivables, OSEV (Note 13) FVTPL 0 20 912 Total 575 738 764 685 Liabilities Loans (Note 20) Amortised cost 842 584 805 506 Total 842 584 805 506 Currency The Group had no currency derivatives per 31 December 2024. 31 December 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 All currency futures are recorded at fair value. Interest The Group has the following interest derivatives: 31 December 2024: Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Cap NOK 1,00 % 01.07.2025 150 000 4 076 None Cap NOK 1,00 % 15.07.2025 150 000 4 017 None Unhedged 542 584 Total liabilities, hedged and unhedged 842 584 8 093 31 December 2023: Annual downscaling Fair value (incl. before accrued 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 31 December 2024, 36% (37%) of the Group\u2019s loans were hedged with interest cap. The Group did not have any fixed-rate loans at 31 December 2024 or 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__186": {
"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. 2024 2023 Lease of offices from AS Langev\u00e5g Senter -9 560 -9 109 Lease of other office services to AS Langev\u00e5g Senter 0 40 Lease of offices to Evik AS 727 663 Lease of apartment from Evik AS -71 -92 Lease of offices to B\u00f8mmelfjord AS 834 829 Purchase of office services from Eidesvik Invest AS -71 0 Sale of other services to Eidesvik Invest AS 0 74 Lease of offices and other services to Signatur Management AS 734 759 Purchase of office services from Signatur Management AS 0 -24 Lease of stockroom and other services from Klubben Eiendom AS -940 -902 Sale of office services and lease of apartment to B\u00f8mlo Skipservice AS 0 43 Purchase of technical and layup services from B\u00f8mlo Skipservice AS -15 093 -1 319 Sale of crew and management services to Eidesvik Seven Chartering AS 95 324 107 632 Sale of management services to Eidesvik Seven AS 238 41 533 The balance sheet includes the following amounts resulting from transactions with related parties: 31.12.2024 31.12.2023 Accounts receivable 20 338 46 012 Accounts payable -173 -68 Total 20 165 45 944 Shares owned/controlled by Board members/senior executives: 2024 2023 Eidesvik Invest AS* 43 684 833 43 684 833 Bj\u00f8rg Marit Eknes 25 000 25 000 Helga Cotgrove 5 800 5 800 Lauritz Eidesvik 200 200 Kristine Elisabeth Skeie** N/A 191 666 John Egil Stangeland** N/A 30 000 Gitte Gard Talmo** N/A 7690 *Eidesvik Invest AS is 55%-controlled by B\u00f8mmelfjord AS, where Lauritz Eidesvik holds 20% of the shares (B -shares). The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Kjetil Eidesvik indirectly holds 20% of the shares. ** Not Board members/senior executives per year end. 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: Pension 2024 Base salary Bonus Other costs Total CEO Helga Cotgrove 2 386 751 198 141 3 477 CFO Lars Tufteland Engelsen 1 284 143 49 103 1 580 COO Arve Nilsen 1 741 529 188 136 2 594 Former CEO Gitte Talmo 2 944 445 416 140 3 945 Total 2024 8 355 1 868 852 520 11 596 Pension 2023 Base salary Bonus Other costs Total CEO Gitte Talmo 2 331 701 326 120 3 477 CFO Helga Cotgrove 1 864 604 189 125 2 782 COO Arve Nilsen 1 638 400 179 118 2 336 Former CEO Jan Fredrik Meling 0 0 1 345 499 1 844 Total 2023 5 833 1 704 2 039 862 10 439 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 31 December 2024. CEO Helga Cotgrove was appointed Interim CEO from 18 September 2024, before she was appointed as permanent CEO from 28 November 2024. Cotgrove came from the position as CFO in the Company. Former CEO Gitte Gard Talmo resigned as CEO on 9 September 2024 and received remuneration until 30 November 2024. CFO Lars Tufteland Engelsen was appointed Interim CFO from 18 September 2024, before he was appointed as permanent CFO from 9 December 2024. Remuneration of the Board 2024 2023 Arne Austreid 585 555 Borgny Eidesvik 132 300 Lars Eidesvik 269 255 John Egil Stangeland 269 255 Lauritz Eidesvik 269 285 Kristine Elisabeth Skeie 288 255 Bj\u00f8rg Marit Eknes 335 318 Johnny Olson* 89 138 Tore Hettervik 0 74 Petter L\u00f8nning* 134 38 Annicken G. Kildahl* 157 0 B\u00f8rre Lindanger* 45 0 2 570 2 473 The Board Remuneration Annual Change 3.78% Board remuneration is decided by the General Meeting. Disbursements for 2024 are remuneration for the previous year, 2023. 2024 remuneration will be decided on the next Annual General Meeting. * Annicken G. Kildahl was elected as board member in 2023. Kildahl replaced Borgny Eidesvik. *Petter L\u00f8nning were, respectively, elected as employee representative for the board in 2023 , replacing Johnny Olson. B\u00f8rre Lindanger replaced Petter L\u00f8nning in 2024. *Kjetil Eidesvik replaced Lars Eidesvik in 2024. 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 2024 2023 Per \u00c5ge Hauge 48 45 Ellen Hatteland* 0 13 Kjetil Eidesvik* 32 30 Kristine Klaveness* 32 18 Borgny Eidesvik* 19 0 Lauritz Eidesvik** 13 0 Kolbein Rege 32 30 * At the Annual General Meeting in 2022, Kristine Klaveness replaced Ellen Hatteland in the Nomination Committee. * At the Annual General Meeting in 2023, Borgny Eidesvik replaced Lauritz Eidesvik 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 2024 are remuneration for the previous year, 2032.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__188": {
"value": "B\u00f8mmelfjord AS",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__187": {
"value": "Eidesvik Invest AS",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s7__6__189": {
"value": "NOTE 24 - LIABILITIES AND UNEXPECTED EVENTS The Company has no framework agreements or other liabilities per 31 December 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"tfn-2": {
"value": "Updated minority share related to the new entity established with Reach Subsea ASA, paid dividend from Eidesvik Neptun AS, and purchase of 7.77% of the minority shares in Eidesvik Neptun AS. Eidesvik Neptun AS was closed in November 2023.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-2",
"language": "en"
}
},
"tfn-3": {
"value": "Effect of the discontinued defined-benefit pension scheme for a previous employee in Eidesvik Offshore ASA. As of 31 December 2024, there are no employees in the Group on the defined benefit scheme.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-3",
"language": "en"
}
},
"tfn-4": {
"value": "Minority share of the new company Eidesvik Agalas AS. Equity contributions in 2024.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-4",
"language": "en"
}
},
"tfn-1": {
"value": "In March, the Company announced a successful private placement of 10,833,333 new shares. The transaction and registration of the shares was completed in April 2023.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-1",
"language": "en"
}
}
}
}