ANNUAL REPORT 2024
Annual report 2024
Eidesvik Offshore ASA
VESTVIKVEGEN 1, 5443 BØMLO
CONTENTS
2024 – CEO Statement 03
Key figures 04
Corporate Governance 05
HSEQ report for 2024 08
The Board of Directors 11
Report of the Board of Directors 2024 13
Declaration by the Board of Directors and CEO 22
Financial statements – consolidated accounts 23
Notes to the consolidated accounts 29
Financial statements – parent company 62
Notes to the annual accounts – parent company 66
Appendix 1 – Alternative performance measures definitions 74
Auditor’s report 75
2024 – CEO statement
It is a pleasure to present Eidesvik
Offshore’s annual report for 2024. We
continued the progress from 2023 improving
on our operational and financial parameters
and delivering on our strategy.
Our freight revenue increased 8.6% from
2023 and corresponding EBITDA increasing
from NOK 261 million to NOK 288 million in
2024.
These revenue numbers are the highest
since 2015.
Our balance sheet has kept strengthening
with an equity ratio of 62% at year end. This
combined with net interested bearing debt of
NOK 499 million positions us well for the
future.
Our strong operational results are a key
contributor to our continued improving
financials. Utilisation increased from 94%
to 96%. We also completed seven major
dockings/class renewals for our total fleet
inclusive of managed vessels. This was a
major undertaking led by our outstanding
technical department.
We had one LTI (one lost time injury) in
2024. This is an improvement from 2023,
but our goal here is always zero. Safety is
key in all our operations, and we are also
putting more focus on work environment as
a component in our HSE work.
We continue to lead the focus on emission
reduction. One example is our retrofit
project in collaboration with Aker BP
focusing on reducing emissions from
existing supply vessels. In 2024 the
upgrades and measurements taken will lead
to annual reduction in fuel consumption by
nearly 200 tons of LNG for Viking Lady.
2024 saw the launch of project Apollo
together with multiple partners. Here our
platform supply vessel Viking Energy will be
fitted with a dual fuel ammonia engine in
2026. The vessel is on a long-term charter
with Equinor who is also a key participant in
the project.
We further announced our first new- build in
more than 10 years. This new vessel is a
subsea vessel with dual fuel methanol
engines, battery, a 150t crane and IMR
capabilities. The vessel will go on a five
year time charter with Reach Subsea when
it is delivered early 2026. Eidesvik is the
majority owner of the vessel.
The market in particular for platform supply
vessels turned a bit more volatile than
expected at the beginning of 2024. Even
though underlying fundamentals are sound,
short-term capacity drove rates in
charterers favor in particular towards the
end of the year and into beginning of 2025.
The subsea market continued its strong
development. These short-term movement
does not impact us materially as all our
vessels are on charter. Based on the
forecasted activity in the coming years and
the need for the operators to secure reserve
replacement we expect positive
development in Eidesvik’s focus markets
going forward.
I want to thank all our employees for a
stellar performance in 2024. We are well
positioned to grow the company further and
to provide long-term shareholder return.
Helga Cotgrove
CEO
Key figures
(all figures in TNOK)
2024
2023
2020
2017
Operating income
775 130
772 359
530 760
754 716
EBITDA
304 164
333 567
131 113
385 291
EBITDA margin
39 %
43 %
25 %
51 %
Net result for the year
103 690
533 222
-132 434
147 368
Earnings per share
1.13
7.05
-1. 99
5.15
Total assets
2 937 349
2 716 109
3 097 113
4 297 512
Equity
1 827 162
1 615 654
480 519
1 542 006
Equity ratio
62 %
59 %
16 %
36 %
Value-adjusted equity
*)
2 544 173
2 136 654
1 284 519
2 434 806
Value-adjusted equity ratio
70 %
63 %
33 %
47 %
Market value at 31 December
976 517
1 007 170
188 936
244 215
Market value per share at 31 December
13,38
13,80
3,04
8,10
Dividend paid per share
0,25
0,00
0,00
0,00
Liquid funds incl. unused credit
395 843
498 825
429 183
557 440
Working capital incl. unused credit,
excl. balloons
275 100
433 287
527 918
264 646
First year’s repayment of long-term
liabilities
**)
124 033
121 192
157 725
304 836
Please see appendix 1 for alternative performance measures definitions.
*) Book equity plus added value of broker estimates per 31 December 2024, on vessels on the assumption that
the vessels are contract-free.
**) Excluding IFRS 16.
Corporate governance
PRINCIPLES AND VALUES FOR
CORPORATE GOVERNANCE IN
EIDESVIK OFFSHORE ASA
The Board of Directors of Eidesvik Offshore
ASA (the “Company”) shall ensure that the
Company complies with the “Norwegian
Code of Practice for Corporate Governance”
of 14 October 2021. The Group’s
compliance with, and any deviations from
the code of practice, must be commented by
the Board in relation to every point in the
Norwegian Code of Practice for Corporate
Governance, and made available to the
Company’s stakeholders along with the
annual report.
The purpose of the guidelines for corporate
governance in Eidesvik Offshore ASA is to
clarify the roles between shareholders, the
General Meeting, the Board and executive
management exceeding what is evident by
legislation.
The Company shall be based on open
interaction and coordination between the
Company’s shareholders, Board and
management, as well as other stakeholders
such as employees, customers, suppliers,
creditors, public authorities and society in
general.
The Company’s core values and ethical
policy are set out in “Ethical guidelines and
core values for Eidesvik Offshore ASA”, and
its social responsibility policy is covered by
the “Human rights policy” and
“Environmental policy”.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Business
The Company’s business is described in
Article 3 of its Articles of Association. The
Board determines the Group’s overall goals,
strategy and risk profile. The strategic plan
is revised annually. The mission statement
in the Articles of Association and the
Company’s goals and strategies are set out
in the Annual Report, which are also
published on the Company’s website at
www.eidesvik.no.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Equity and dividends
The Board shall ensure that the Company
holds equity commensurate with the risk
from and scope of the Company’s
operations, cf. “Instructions for the Board of
Directors”. The Board determines the
Company’s dividend policy, and presents
this with its proposed dividend to the
Company’s General Meeting. There is
authorisation for the Board to issue new
shares to increase the Company’s share
capital for up to NOK 364,916. The
authorization is valid until the ordinary
general meeting in 2025, but no later than
30 June 2025.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Equal treatment of shareholders
Eidesvik Offshore ASA has only one class of
shares.
In the event of an increase in share capital,
the principle of equal rights for all
shareholders to buy shares applies.
Own shares are bought on the stock
exchange at market value.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Shares and negotiability
The shares in the Company are listed and
freely negotiable. The Articles of
Association do not impose any form of
restrictions on negotiability.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
General Meetings
The notice of and procedure for the
Company’s General Meeting follow the
regulations given by the Public Limited
Liability Companies Act with regards to
contents and deadlines. The registration
deadline is set as close to the meeting as
practicable. Shareholders who are unable to
attend may vote by proxy.
Notice of the meeting, proposed resolutions,
proxy forms, other case documents and
information on shareholders’ right to raise
matters at the General Meeting are made
available at the Company’s website as soon
as they have been approved by the Board.
The Board and the chair of the General
Meeting must arrange for the general
meeting to vote for each candidate
nominated for election to corporate bodies.
The minutes of the General Meetings are
made available on the Company’s website
as soon as possible.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Nomination committee
The Nomination Committee shall according
the Articles of Association consist of three
to five members. The Nomination committee
shall make proposals for election of Board
Members and members of the Nomination
Committee to the General Meeting. The
General Meeting may adopt guidelines for
the Nomination Committee.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Board of Directors: composition and
independence
The composition of the Board of Directors of
Eidesvik Offshore ASA is made to safeguard
the interests of shareholders and the
Company’s need for competence, capacity
and diversity. The Board considers it
important that the Board can function well
as a collegial body.
The Board is composed in such a way that it
can act independently of special interests.
The majority of the members elected by
shareholders are independent of the
Company’s executive management and
major business associates.
At least two of the members elected by
shareholders are independent of the
Company’s main shareholders.
Representatives of the executive
management are not members of the Board.
The Chair is elected by the General
Meeting, as the Company does not have a
corporate assembly.
The Board members are elected for two
years at a time. In the Annual Report, the
Board provides details of the Board
members’ competence and capacity, as well
as which Board members are considered to
be independent.
Board members are encouraged to own
shares in the Company.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
The work of the Board of Directors
A separate instruction for the Board of
Directors of Eidesvik Offshore ASA has
been prepared.
The Group has an audit committee, and the
Board of Directors of Eidesvik Offshore has
established instructions for the audit
committee.
For transactions between companies of the
Group, there are guidelines in “Instructions
for the Board of Directors”.
For significant transactions between the
Company and shareholders, board
members, senior executives or persons
related to them, an independent valuation
must be obtained. This does not apply when
the General Meeting is to discuss the matter
according to the provisions of the Public
Limited Liability Companies Act. The same
applies to transactions between companies
in the Group where there are minority
shareholders.
The instructions for the Board, the
instructions for the CEO, and the ethical
guidelines have rules for impartiality.
Comment: No deviations, all related parties
transactions are presented in the notes to the
financial statement in the annual report.
Risk management and internal control
According to the instruction for the Board of
Directors of Eidesvik Offshore ASA, the
Board ensures that the Company has good
internal control and appropriate systems for
risk management. The Board receives
monthly status reports on Company
operations, including financials with
deviation analysis and liquidity forecasts.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Remuneration of the Board of
Directors
The remuneration of the Board is
determined by the General Meeting and
does not depend on results. Information on
remuneration is given in the annual report.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Salary and other remuneration for
executive personnel
The Board has adopted guidelines approved
by the annual general meeting for
remuneration for executives stating the
main principles of the Company’s executive
remuneration policy.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Information and communications
The Board has adopted guidelines for the
Company’s contact with shareholders
outside the General Meeting. These are set
out in the Board’s annual report. The
Company publishes a financial calendar
each year, and all interim reports and
results presentations are published on the
Company’s website and the Oslo Stock
Exchange.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
Take-overs
The Board has not prepared guiding
principles for how to act in the event of a
takeover bid.
Comment: Deviates from the Norwegian Code of
Practice for Corporate Governance. With the
current composition of shareholders, a takeover is
not considered likely without the main owner
working in close cooperation with the Board.
Auditor
The external auditor is elected at the
General Meeting, which also approves the
auditor’s fees for the parent company. On an
annual basis, the auditor presents an audit
plan and an audit summary report to the
audit committee, and participates in audit
committee meetings to review the Group’s
internal control and financial risk
management systems and procedures. The
auditor also participates in board meetings
when considered appropriate, with and
without management present. Information
about the auditor’s fees, including a
breakdown of audit related fees and fees for
other services is included in the notes to the
financial statements in accordance with the
Norwegian Accounting Act. The Company’s
external auditor is Ernst & Young AS.
Comment: No deviations from the Norwegian Code
of Practice for Corporate Governance.
HSEQ report for 2024
INTRODUCTION
The quality and safety system Eidesvik
Management System (EMS) is certified by
DNV to meet the requirements of the ISM
Code, ISO 9001:2015, ISO 14001:2015,
MLC 2006 and the ISPS Code.
Throughout 2024, our EMS are built on
“Simplified and improved safety
management”, and all our operational
vessels are using updated manuals for
bridge, deck, engine, galley, and crane
operations as applicable. We receive
positive feedback from both users and
clients. Required revisions are considered
on an ongoing basis, including new
procedures as needed. Focus on
awareness and monitoring of health, safety
and environmental aspects are key.
Eidesvik has prepared an annual HSEQ
program that specifically addresses future
focus areas, including Key Performance
Indicators (KPIs). The KPIs are
communicated to all vessels and
departments and posted in public areas both
on vessels and at office. Eidesvik focuses
on a strong commitment to the HSEQ
program to achieve the goals within the
various areas. The guiding documents are
continuously evaluated to ensure optimal
and functioning operating procedures for the
employees both offshore and onshore.
The Company had one lost time incident
(LTI) in 2024. Eidesvik’s goal is zero LTI.
Continued strong focus on HSE is key in all
parts of the Company’s operations.
The statistic below illustrates the number of
personal injuries per million working hours
over the last five years.
0,59
1,47
0,47
17,67
10,96
15,86
11,26
11,23
2,94
0,55 0,55
1,47
0,94
0
2
4
6
8
10
12
14
16
18
20
2020 2021 2022 2023 2024
TRCF1, TRCF2 and LTI Rate by year
LTI Rate TRCF2 TRCF1
KPI LTI = 0 KPI TRCF2 = <9 KPI TRCF1 = <1
Emphasising the analysis of causal relations
and underlying causes are important as a
basis for lessons learned within Eidesvik.
Focusing on operations and compliance with
the EMS are important accompanying
measures. In addition to the goal of
preventing injuries, we also focus on the
following actions:
• Focus on “safety observations”
reporting method, especially
proactive reports on potential safety
events. This has contributed to an
increase in reporting. Reports are
reviewed at safety meetings on
board. In 2024, 4,303 “safety
observations” were reported;
whereof 42% was proactive. This
constitutes a substantial portion of
the total number of reports in the
HSEQ field.
• Extensive use of risk analysis. All
vessels and office are analysing
tasks/jobs to avoid accidents/
injuries, and any hazards are
highlighted. Actions are
implemented to reduce and/or
remove the hazards. In 2024, 673
new and/or revised risk analysis
were done.
• Toolbox Talk meetings (TBT) prior
to executing a job is assists in focus
on avoiding accidents and injuries.
Prior to executing a job, the team
plans and receives information
about potential hazards in
connection with the job. Total
number of TBT in 2024 was 13,699.
• Work on board is performed
according to a Permit to Work
system (PTW). This assist avoiding
accidents and injuries. Everyone
needs to obtain permission from the
vessel’s management before
performing jobs that could cause a
risk to personnel, environment, and
vessel.
INCIDENT REPORTING
In 2024, 542 incident reports (including near
misses) in all categories were logged. In
addition, 391 document of change requests
and 136 improvements suggestion was
submitted. The company issued 31 lessons
learned reports. The incidents, near misses,
improvement suggestions, document of
change requests, and lessons learned
reports are a positive foundation for learning
and implementing specific actions to avoid
recurrences. A strong and healthy culture
for reporting enables the organisation to
identify developments and trends within
specific operations or tasks. This can
improve practices and prevent repeat
incidents. Reporting of incidents has a
preventive effect, and the Company has a
strong focus on this.
25
19
28
20
22
1
3
1
2
1
2
1 1
0
5
10
15
20
25
30
2020 2021 2022 2023 2024
Personal Injury by year
First aid Lost Time Incident Medical Treatment RWC
QUALITY
Our goal is to provide services of a quality
that exceeds the customer’s expectations,
and we follow up on surveys of customer
satisfaction from every vessel and crew.
Quality is to do the job right the first time.
SICK LEAVE
Absence due to illness in 2024 was 7.1%
compared to 5.9% in 2023. Our target is to
reduce absence due to illness by 2% points
in 2025. Eidesvik is focused on preventive
actions, both related to the physical and
psychosocial working environment, and
closer follow-up from the company and
management to increase attendance at
work. We provide our own occupational
health service, and employees can also
subscribe to private health services,
including coverage for physiotherapy.
The Board of Directors
ARNE AUSTREID (CHAIR OF THE
BOARD)
is a mechanical engineer/petroleum
engineer from Stavanger Ingeniørhøgskole,
and holds an MBA from the University of
Aberdeen, UK. From January 2011 to
December 2020 he was the CEO of
Sparebank 1 SR-Bank ASA. He has
previously worked for Transocean ASA and
Prosafe SE, offshore, onshore and abroad,
where his final position was President and
CEO of Prosafe SE. Today he is chairperson
of Westcon Group AS and Westcon Yards
AS, and attending deputy board member for
OBOS. Austreid attended all board meetings
in 2024, and is independent of the main
shareholder in the Company.
BJØRG MARIT EKNES (BOARD
MEMBER)
graduated with a Master in Business and
Economics from NHH in 1993, and has a
MBA from Bond University, Australia (2006),
and an Executive MBA from NHH (2021).
She has held various managing positions in
the Sparebanken Vest group from 1997 to
2021, and was part of the executive
management from 2013 to 2021. Since 2021
she has been director and part of the top
management at the Norwegian School of
Economics. She is today the chairperson of
Landkreditt Bank AS, and has sat on a
number of boards. Eknes was unable to
attend one board meeting in 2024, and is
independent of the main shareholder in the
Company.
ANNICKEN GANN KILDAHL (BOARD
MEMBER)
holds a Master of Business and Economics
from BI Norwegian Business School and is
a Certified Financial Analyst from the
Norwegian School of Economics and
Business (NHH). Since 2000, she has
worked in the family-owned Grieg Maritime
Group, as CFO with responsibility for
finance, economics, legal and sustainability
reporting. She has extensive experience
from various board positions with the
financial and maritime industry and has,
amongst others, served as a board member
and chair of the audit committee of Ocean
Yield ASA (2013-2021). Kildahl attended all
board meetings in 2024, and is independent
of the main shareholder in the Company.
BØRRE LINDANGER (EMPLOYEE
ELECTED BOARD MEMBER)
is a Master in Eidesvik, currently serving on
Viking Neptun and is an employee
representative. He started his maritime
career in the coast guard, before he
completed his Master Mariner education in
the mid 90’s. Lindanger has been employed
by Eidesvik since 1997, and as a Master on
several subsea vessels from 2005. Since
2010, Lindanger has been the chief
employee representative for the members of
“Norsk Sjøoffisersforbund”. Lindanger was
unable to attended one board meeting from
the date of election in 2024, and is
independent of the main shareholder in the
Company.
KJETIL EIDESVIK (BOARD
MEMBER)
is the co-ownerof Evik AS, which owns 45%
of Eidesvik Invest AS. Eidesvik Invest AS
owns 59.86% of Eidesvik Offshore ASA.
Kjetil holds a Bachelor in Business and
Administration from BI. Today he is
chairperson of Epsilon Property AS and
Visnes Havn, and board member in among
others Fly Holding AS and Espehaugen
Eiendomsinvest AS. Kjetil Eidesvik attended
all board meetings from the date of election
in 2024, and is associated with the main
shareholder in the Company.
LAURITZ EIDESVIK (BOARD
MEMBER AND DEPUTY CHAIR OF
THE BOARD)
is co-owner and chair of Bømmelfjord AS,
which owns 55% of the shares in Eidesvik
Invest AS. Eidesvik Invest AS owns 59.86%
of Eidesvik Offshore ASA. He has completed
formal maritime education and is certified as
deck officer, and an Executive MBA in
Developing and Managing Digital
Organisations from BI from 2020. Since
2008, he has held various positions in
Eidesvik AS within operations, technical,
HSE, strategy, and most recently as
chartering manager, leaving in the summer
of 2018 to join the family company
Bømmelfjord AS. Lauritz Eidesvik attended
all board meetings in 2024, and is
associated with the main shareholder of the
Company.
Report of the Board of Directors 2024
Eidesvik Offshore ASA’s (“Eidesvik”, the
“Company” or the “Group”) focuses its
business within platform supply vessels
(PSV), subsea and offshore renewables,
and position the Company at the front end
of the development of zero emission
shipping solutions. Eidesvik has three main
objectives for its strategy:
• Strengthen the position as the
market leader within large green
PSVs
• Actively seek partnerships that will
create new business opportunities
within the subsea segment
• Increase footprint in offshore
renewables with focus on long-term
profitable contracts
The main goal is to increase the Company’s
long-term financial and sustainable value
creation, thereby growing shareholder value
creating the basis for further growth.
Although the overall long term market
sentiment and fundamentals continued to be
positive, 2024 turned out to have substantial
differences in development within segments
and geographies. The North Sea PSV
market was affected by somewhat reduced
activity in particular the second half of the
year. The subsea market continued to see
strong development and segments of the
offshore renewable market also attracted
renewed interest. With the continued need
for replacement of reserves with oil & gas
and ongoing activity within offshore
renewable it is expected that activity will
increase from 2024 from the end of 2025
and into 2026 and 2027.
Norwegian interest rate remained stable
during the year, but inflation continued to
increase driving both salary and other
operating cost. Long lead times in the
supply chain continued.
All of Eidesvik’s vessels have been on long
term contracts in 2024.
During 2024, the Group had seven vessels
for class renewal/dry docking of which four
are owned and affecting utilization and
capital expenditure.
The Group entered into a new build contract
for a Construction Support Vessel (CSV) in
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 is the
controlling part. The vessel is being built at
Sefine shipyard in Turkey, and is scheduled
to be delivered early 2026, when it will
commence directly on a five year charter
with Reach Subsea.
Eidesvik, with Equinor as a key partner,
agreed together with Wärtsilä to retrofit
Viking Energy with a dual fuel engine to
operate on ammonia. Conversion to
ammonia operation is planned for the first
half of 2026. Viking Energy will be the
world’s first offshore vessel to adopt this
fuel as a primary energy source. In addition
to chartering the vessel Equinor contributes
with financing of the conversion.
Gitte Gard Talmo resigned as CEO in
September 2024. Helga Cotgrove replaced
Talmo as permanent CEO from 28
November 2024.
THE BUSINESS
At the end of 2024 the group operated
thirteen vessels, with ten vessels wholly or
partly owned by the Group and three vessels
under management. The Group had one
vessel under construction. Eidesvik aim to
charter the vessels mainly on long-term
contracts at sustainable day rate levels in
the PSV and subsea/offshore renewable
segments. Eidesvik’s activities are managed
from the headquarter in Langevåg at Bømlo.
The shipping business is organised in
accordance with the special tax regime for
shipping companies in Norway. The vessels
are owned by various ship-owning
companies, and Eidesvik AS performs the
general and business management
functions for these companies.
The Group’s wholly-owned subsidiaries had
437 permanent employees at the end of the
year, and in addition there were 86
contracted workers. The Company and the
industry encourage women to seek a
maritime education.
HEALTH, SAFETY AND THE
ENVIRONMENT
The quality and safety system “Eidesvik
Management System” (EMS) is certified by
DNV. EMS meet requirements of ISM code
(International Safety Management Code),
ISO standards: 9001-2015, 14001-2015,
MLC 2006 and ISPS Code.
The management is continuously carrying
out awareness work within Health, Safety,
Environment and Quality (HSEQ), with a
particular focus on the exchange of lessons
learned, which facilitates continuous
improvement.
Absence due to illness in 2024 was 7.1% up
from 5.9% in 2023. This is an increase that
the Company is addressing. The Group had
one lost time incident (LTI) in 2024.
Eidesvik’s goal is zero LTI. The Company
continues its strong focus on HSE in all
parts of the Group’s operations.
Despite the current uncertainty related to
the scope and timeline of the Corporate
Sustainability Reporting Directive (CSRD)
implementation, the Company has started
the preparations to meet potential
requirements.
DIVERSITY AND EQUALITY
Eidesvik considers it a competitive
advantage to have a diverse team, and does
not tolerate discrimination based on race,
caste, national origin, religion, age,
disability, gender, marital status, sexual
orientation, union membership or political
affiliation. The Company has an Equality
and Anti-Discrimination Policy in place,
describing how all Eidesvik employees
should make active, targeted and
systematic efforts to promote equality.
In accordance with the Norwegian Equality
and Anti-Discrimination Act, the Company
has developed an Equality Efforts
Compliance procedure that covers its
obligations related to activity duty and
reporting. VP Human Relations is
responsible for defining targets and
responsibilities. Through the procedure,
Eidesvik uses its annual employee survey to
investigate whether there is a risk of
discrimination. The survey results are
shared internally and thoroughly reviewed
with union representatives and management
both onshore and offshore. Together, these
stakeholders identify risks and define the
necessary measures and actions to address
them.
Furthermore, Eidesvik performs internal
audits to investigate compliance with
policies related to work environment and the
Company’s non-tolerance for harassment.
The requirements of the Equality and Anti-
Discrimination Act are also integrated in
Eidesvik’s recruitment procedure.
On 31 December 2024 Eidesvik employed
437 people, where females accounted for
11% (47). 7% of the Company’s seafarers
were female. The male domination in the
shipping industry is reflected in these
figures. At the Top Management level 17%
were female and 41% of onshore personnel
were female. No employees at Eidesvik are
employed part-time or on a temporary basis.
While the Company aims to attract more
female seafarers, it recognizes that this is a
challenge. Recruiting more women to the
industry is often on the agenda at leadership
meetings. Eidesvik is also heavily involved
in Maritim Opplæring where the Company
serve on the board and is actively working
on mapping how to recruit more women to
the industry. Eidesvik also supports
initiatives by the Norwegian Shipowners’
Association aimed at recruiting more women
into the industry.
Table 1: Gender distribution 2024
The majority of Eidesvik’s workforce is
Norwegian, but the Company also has
employees from Sweden, Denmark, the
Faroe Islands, Finland, the UK, Germany,
Latvia and Poland. Eidesvik has an
agreement with ship management provider
OSM Maritime, which the Company relies on
for temporary crewing services from the
Philippines.
3 female and 12 males took parental leave
in 2024. The average number of weeks was
42 weeks for females, and 14 weeks for
men.
Salary placement
Eidesvik has guidelines in place for salary
placement and salary adjustment. The
guidelines are outlined in the Company’s
Employee Handbook, which is based on the
Company’s HR policy and Code of Conduct.
The majority of Eidesvik’s employees are
seafarers. All seafarers are covered by
collective bargaining agreements between
the Norwegian Shipowners’ Association and
the seafarer’s unions, which set wage
agreements that the Company cannot
deviate from. These agreements ensure
equal treatment in relation to wages and
working conditions.
Eidesvik analyses the gender pay gaps of its
employees. A salary comparison of
employees at all levels shows that women’s
income was 80.3% to that of men’s in 2023.
For the pay gap analysis, onshore
employees were divided into “Management”
and “Other Employees”. For Management
women’s income was 87.3% to that of men’s
in 2023. The group "Other Employees”
consists of job categories with large
variations in competence requirements, pay
levels and differences regarding what
positions are held by women and men, such
as technical specialists and administrative
positions. Technical specialists have
substantial specialised competence and
experience, and thus have higher pay
compared to administrative positions.
Technical positions are typically held by
individuals with experience as seafarers at
management level, whereof the majority are
men. The majority of administrative
positions in Eidesvik are held by women.
Table 2: Gender pay gap ratio for onshore employees 2023
EXTERNAL ENVIRONMENT
Eidesvik has a targeted environmental focus
in its operations with battery solution
installed on all PSV’s and three of the
subsea/offshore renewables vessels.
Furthermore, five of the PSV’s have LNG
dual fuel engines. The Company’s
continuous work to develop feasible
approaches for largescale climate emission
reductions in the fleet persisted in 2024 with
the public launch of the EU funded project
Apollo and the world’s first order of an
ammonia combustion engine for commercial
use. Equinor and Eidesvik are key partners
in the industry cooperation, together with
MALE
FEMALE
<30
30-50
>50
TOTAL
Seafarers
360
26
149
140
97
386
Onshore
30
21
3
22
26
51
Top Management
5
1
0
2
4
6
Board of Directors
4
2
0
2
4
6
GROUP
TOTAL NUMBER OF
EMPLOYEES
FEMALE
MALE
RATIO OF BASIC SALY OF
WOMEN TO MEN
Management
21
10
11
87.3%
Other employees
29
12
17
68.2%
Wärtsilä, Breeze Ship Design and Maritime
Clean Tech. In addition to chartering the
vessel Equinor contributes with financing of
the conversion.
All vessels in Eidesvik’s fleet are approved
according to the new International Maritime
Organization (IMO) requirements for energy
efficiency.
The Environmental Ship Index (ESI) is
recognised by the Norwegian Coastal
Administration and many ports as the basis
for environmental differentiation of
fees/rates. 11 of our operational vessels are
registered in ESI, all with a strong
environmental profile.
SHAREHOLDERS, CORPORATE
GOVERNANCE AND MANAGEMENT
At year end, there were a total of 72,983,333
shares in the Company and 2,272
shareholders in the Company where foreign
investors had a 2.13% stake. In 2024, the
share was last traded at NOK 13.38.
As of 31 December 2024, the Company
owned no own shares.
All information is provided in such a way that
all shareholders are treated equally. The
information is shared through stock
exchange announcements, press releases
and open presentations, and is also
available on the Eidesvik website.
Eidesvik’s dividend policy is the following:
EIOF’s priority for the use of free cash flow
is investment opportunities providing value
added return and thereafter return of capital
to its shareholders via dividend.
The Group has an insurance agreement (the
“Agreement”) for physical persons that
previous had, currently has, or in the future
will hold positions as member or deputy
member of a board or a corresponding
governing body, CEO, other leader and/or
employee that may incur personal leader
responsibility. The Agreement cover their
partner as well in cases where the claim is
based on the insured personal leader
responsibility.
The Agreement is a group coverage for
Eidesvik Offshore ASA, including all
subsidiaries with ownership of more than
50%, and for persons representing
Eidesvik’s interests as board member or as
part of the management in companies
outside the Eidesvik group. The Agreement
applies to property damage that may incur
worldwide (excluding the US and Canada)
for business related to shipping and that the
insured person is liable in damages for
according to applicable law in Norway.
Internal claims between the companies are
not covered.
The Agreement does not cover criminal acts
as breach of information protection, forge of
documents, embezzlement, theft, fraud,
betrayal, corruption, and/or unjustified gain.
The Agreement does not cover fines/day
fines, libels and/or remedy for noneconomic
loss, nor liabilities after the Nature Diversity
Act or property damage related to pollution
or tipping of waste.
The “Norwegian code of practice for
corporate governance” forms the basis for
the discharge of these duties by the Board
and management. Minor, company-specific
changes and adaptations have been made
to the code of practice. A separate
explanation has been provided in the annual
report and on the Eidesvik website.
PROFIT & LOSS, BALANCE SHEET
AND FINANCIAL RISK
The consolidated accounts of the Eidesvik
Offshore Group (“the Group”) have been
prepared in accordance with recognition,
measurement and presentation principles
consistent with IFRS® Accounting
Standards as adopted by the EU (“IFRS”)
The Company accounts for the parent
company Eidesvik Offshore ASA are
prepared in accordance with the Norwegian
Accounting Act and generally accepted
accounting principles in Norway.
Profit & loss
Consolidated operating income for Eidesvik
in 2024 was NOK 775.1 million (772.4
million in 2023). Freight revenue increased
from 699.5 million to 759.4 million. This
increase in revenue was due to
improvement in rates.
Operating profit before depreciation and
amortisation (EBITDA) for 2024 was NOK
304.2 million (333.6 million in 2023).
Adjusted for gain on sale and other income
EBITDA was NOK 288.4 million vs 260.7
million. Depreciation and amortisation
totaled NOK 180.7 million in 2024 (161.0
million). There has been no reversal of
previous impairment in 2024 (409.1 million).
Loss from joint ventures were NOK 0.8
million (-4.4 million). This gives a total
operating result of NOK 124.3 million in
2024 (577.2 million). Adjusted for reversed
impairment, gain on sale and other income
Eidesvik saw an improvement in operating
result driven by improvement in rates.
The Company saw increase in personnel
expenses compared to previous year due to
general salary increase and increased sick
leave. This led to increased use of
temporary personnel and overtime. The net
financial result of NOK -18.3 in 2024 (-44.0
million in 2023) includes financial income of
NOK 20.8 million (19.7 million). Financial
expenses were NOK -30.8 million (-75.3
million), where the reduction is mainly due
to decreased interest expenses and the
effect of extended maturity to December
2030 for the facility agreement with
Sparebanken Vest in Q4 2024. In addition,
due to the progress on the newbuild,
Eidesvik has capitalised borrowing cost
according to IAS 23 in 2024 which reduces
financial expenses. Changes in market
value for derivatives were NOK 3.7 million
(10.9 million), and net gain/loss on currency
were NOK -11.9 (0.8 million) mainly due to
the development in USDNOK affecting the
Group’s debt in USD.
Net result was NOK 103.7 million in 2024
(533.2 million in 2023.) and total
comprehensive income was NOK 103.7
million (532.3 million). The decrease is
mainly due to the reversal of previous
impairment in 2023.
For the parent company Eidesvik Offshore
ASA, the operating result was NOK -17.6
million in 2024 compared to NOK -19.0
million in 2023. Net financial items were
NOK 55.1 million compared to NOK 242.1
million, whereas 2023 was highly impacted
by reversal of previous impairments totaling
NOK 139.4 million. The net result was NOK
29.3 million (205.0 million).
Balance sheet
The consolidated book equity is NOK 1,827
million per 31 December 2024 (1,616 million
per 31 December 2023). This is 62.2%
(59.5%) of the Group’s total capital. For the
parent company, Eidesvik Offshore ASA,
the equity is NOK 820.8 million (791.5
million).
Vessels and assets under construction
account for NOK 2,089.0 per 31 December
2024 (1,675.1 million per 31 December
2023), of the non-current assets of NOK
2,315.7 million (1,930.6 million). The
increase in vessel value is due to the
addition of a vessel under construction.
Current assets were NOK 621.6 million
(785.5 million). Total assets are NOK
2,937.4 million (2,716.1 million), an
increase of NOK 221.2 million.
Broker values are used to support the
assessment and decisions made by value in
use calculations. Average broker value
conducted by two independent brokers
evaluate the consolidated part of the fleet
value free of charter to NOK 2,394 million
(2,196 million at 31 December 2023) which
indicates an excess value before tax of NOK
717 million (521 million) compared to the
book value of the vessels.
The Group’s non-current liabilities are NOK
763.7 million per 31 December 2024 (748.2
million per 31 December 2023). The
increase was due to payment of yard
instalment partly by drawing of construction
loan.
The parent company’s assets are NOK
1,069.9 million per 31 December 2024
(1,021.1 million per 31 December 2023).
The company’s assets consist mainly of
investments in and loans to subsidiaries,
financial investments and cash. The
company has liabilities of NOK 249.1 million
(229.5 million). This consists of non-current
liabilities of NOK 232.2 million (193.6
million) and current liabilities of NOK 16.9
million (35.9 million). The company’s equity
is NOK 820.8 million (791.5 million), which
gives an equity ratio of 77% (78%).
Cash flow
Cash and cash equivalents decreased from
NOK 498.8 million 31 December 2023, to
NOK 395.8 million 31 December 2024,
whereof NOK 71.4 million was restricted
cash and funding restricted to use towards
Eidesvik’s joint development projects with
multiple partners for the development of
green ammonia as a fuel source. The
reduction in cash is mainly due to
investment in newbuild.
Net cash flow from operating activities for
2024 was NOK 368.7 million (251.3 million).
Net cash flow from investment activities of
NOK -531.1 million (-172.6 million) was due
to investment in newbuild and class
renewal/upgrades.
The Group had a positive cash flow from
financing activities of NOK 56.4 million (-
236.8 million) in 2024. Components are
payment of instalments, interests and
dividend, offset by contribution from
minority interests in Eidesvik Agalas AS and
draw of construction loan related to payment
of yard instalment in December on the
newbuild.
The parent company has cash and cash
equivalents of NOK 17.6 million (28.5
million). This is an decrease of NOK
10.9million.
Profit allocation
The Board in Eidesvik Offshore ASA has
proposed no dividend for the fiscal year
2024 (NOK 0.25 per share in 2023). NOK
29.3 million is proposed transferred to other
equity.
Going concern
The financial statements are prepared on
the basis of going concern.
Risk
Currency risk
In 2024, Eidesvik had its revenue in NOK,
USD and EUR. Operating costs are mainly
in NOK. Eidesvik is therefore exposed to
fluctuations in the exchange rates between
NOK and the other currencies. The Group
has a part of its long-term financing in USD.
Interest and amortization on this debt is
covered by revenue in USD. Forward
contracts are also made where parts of the
operational income in EUR are presold with
settlement in NOK.
Credit risk
Eidesvik’s customers are solid companies
with good solvency. The risk that the
counterparties do not have the financial
capacity to fulfil their obligations is
considered low.
Liquidity risk
The liquidity position is assessed as
satisfactory. All vessels are on term
contracts securing cash flow going forward.
Climate risk
Eidesvik recognise that addressing climate
change requires coordinated action at
economic, political, and technological
levels, which will impact the fleet and
operations over the medium and long term.
Key risks identified include shifting market
dynamics and increasingly stringent
emission regulations requiring investments
in greener technologies.
For Eidesvik, the transition from fossil fuel
to clean energy poses a risk for a decline in
demand for vessels serving the oil & gas
market in the long term. However, the
Company assess the financial impact to be
moderate to low, as oil & gas will need to be
replaced with new energy markets also in
need of offshore shipping services. Eidesvik
has built extensive experience in the
renewable markets and has proven
expertise and capabilities to transition to
new markets. As a risk mitigating measure,
Eidesvik is also closely monitoring new
markets where the Company can utilise its
core competencies.
Furthermore, ambitious climate goals will
necessitate stricter emissions requirements
for shipping, which will have significant
impact on the fleet in the medium to long
term. The transition to low- and zero
emission technology will require capital
expenditures in relation to retrofit of existing
vessels and investments in new vessels.
Implementing new technology also involves
various risks that can affect operational,
financial, and regulatory outcomes. While
the Company acknowledge that climate
change mitigation and adaptation will impact
Eidesvik and introduce certain risks, the
Company assess the financial materiality
associated with these topics as moderate to
low.
Eidesvik has a long history of being early
adopters of alternative energy sources and
technology. Currently, 85% of the
operational fleet is equipped with battery
hybrid systems, and close to 40% has LNG
dual fuel engines. This ensures that the
current fleet can comply with known
emission regulations in the short and
medium term.
In the long term, stricter requirements
necessitating a transition to new carbon free
fuels will come with a considerable cost.
Despite the prevailing contract structures
within our industry, wherein charterers
largely bear the costs of meeting existing
requirements and regulations, the inherent
risk persists at a significant level.
Nonetheless, our anticipation is for
forthcoming regulations to offer the
necessary predictability, rendering
compliance financially feasible.
Furthermore, through Eidesvik’s innovation
projects involving new fuels such as
ammonia, the Company has built adaptive
capacity to respond to climate change while
reinforcing the position as a market leader
within green offshore vessels. This strategic
approach enhances Eidesvik’s
competitiveness in the future market,
opening opportunities for increased revenue
and stronger reputational risk management.
Other risks
Eidesvik is exposed to other risks, such as
market- and operational risks, including
cyber security risk. In addition, the Company
experience increase in both expenses and
lead time from suppliers.
Please see Note 3 for further information.
FRAMEWORK CONDITIONS
Access to and development of highly
qualified personnel are vital to ensuring
good operation and delivery of an optimum
service, helping our customers to a better
overall result. In order to ensure that
Norwegian maritime competence is also
developed and utilised in the future, the
industry is dependent on stable and
predictable framework conditions. The
availability of training positions is vital to
building up expertise over time, even in a
cyclical industry.
Eidesvik currently employs both Norwegian
and international crew on board its vessels.
There is a strong need for personnel with
maritime competence.
Legislation on net pay schemes is a positive
move on the part of the political authorities.
However, Eidesvik believes that net pay
schemes should be further reinforced.
Historically, the Company has been at the
forefront of increasing the recruitment of
Norwegian seafarers. Considerable
resources have been allocated to this work
through initiatives to increase the incentives
for young people to choose a maritime
education. The Company cooperates in
various forums to strengthen and enhance
Norwegian maritime competence. At the
same time, the industry is experiencing
increasing international competition, not
least when it comes to expertise and costs.
It is important for further investment in
Norwegian maritime competence in the
future that the framework conditions should
be organised in such a way as to make it
attractive for the industry to build up
Norwegian maritime competence over time.
CORPORATE SOCIAL
RESPONSIBILITY
The Company’s core values and ethical
policy are set out in “Ethical guidelines and
core values for Eidesvik Offshore ASA”, and
its social responsibility policy is covered by
the “Human rights policy” and
“Environmental policy”. These state that the
work of achieving the business goals must
be carried out to high ethical standard and
in a manner calculated to safeguard the
environment and society. This means that
we should act with respect and honesty
towards customers, suppliers, employees,
authorities, owners and society, and that the
Company and the individual should comply
with relevant legislation. The policy states
that the Company and the individual
employee should refrain from all forms of
corruption, and sets out how the Company’s
employees should act if they are offered
gifts or other benefits because of their
employment.
It is further stated that the Company and all
employees must comply with all recognized
rules for human rights, including refraining
from all forms of discrimination.
No breaches of the Company’s ethical
policies were recorded in 2024.
BUSINESS SEGMENTS AND
OUTLOOK
Eidesvik owns and operates vessels in the
two segments of Supply and Subsea and
Offshore Renewables.
Supply
At year end 2024, Eidesvik operated 8 large
supply vessels. Out of the supply vessels, 5
run on LNG, and all 8 have batteries and
hybrid solutions installed.
Viking Lady continued on its contract for
Aker BP which runs till February 2026. The
vessel had its 15-year class renewal in Q2
2024.
Viking Prince continued on its contract with
Aker BP till December 2025.
Viking Avant was on charter to Equinor
entire 2024, and will continue to be on a firm
contract with Equinor till December 2025
with options for extensions. The vessel was
in for its 20- year docking in Q4 2024.
Viking Queen continued on its contract with
Harbour Energy which runs till October 2025
with options for exensions.
Viking Energy worked for Equinor entire
2024, as it has done since the vessel was
delivered in 2003. The firm contract for the
vessel was during 2024 extended until April
2030 with options for extensions.
Viking Princess worked for Harbour Energy
entire 2024. Harbour Energyhas declared
the final options to extend the contract to
January 2026.
The decline in supply vessel demand in the
North Sea in second half of 2024 was driven
by seasonal demand, early contracting by
customers and following decline in drilling.
The decline was mainly driven by lack of
activity in the UK sector. Constraint in
supply particularly for large PSVs and
several rigs entering Norwegian sector is
expected to increase demand into 2025 and
even more so in 2026 and 2027.
Subsea and Offshore Renewables
Eidesvik currently has four vessels in the
Subsea and Offshore Renewable segment,
of which one is owned in a JV with Subsea
7 (50/50). In addition, at year end Eidesvik
had one vessel under construction with
estimated delivery early 2026.
Viking Wind Power continued on its contract
with Siemens Gamesa all year.
Subsea Viking continued on its contract for
Van Oord in the offshore renewable
segment. The vessel had its 25- year class
renewal and drydocking in Q1 2024.
Seven Viking is on contract for Subsea 7 to
November 2025 with a 1-year option
thereafter.
Viking Reach continued on its contract with
Reach Subsea, which runs until March 2029.
The vessel had its 15- year class renewal
and drydocking in Q4 2024.
The improvements in the subsea market
continued throughout 2024. The expectation
is that this market will continue to be
favorable for vessel owners going forward.
Both utilization level for the global subsea
fleet and subsea backlog with the major
EPC contractors are at very high levels. The
activity is continuing to develop within
offshore renewable, with stronger demand
noted in the cable market. The market is
further developing with alternation of
vessels between subsea and renewable
becoming more frequent.
B
ØMLO, 8 APRIL 2025
Arne Austreid
Lauritz Eidesvik
Kjetil Eidesvik
Annicken Kildahl
Chair of the Board
Board member
Board member
Board member
Bjørg Marit Eknes
Børre Lindanger
Helga Cotgrove
Board member
Board member
CEO
Declaration by the Board of Directors
and CEO
The Board and the CEO have today reviewed and approved the annual report and the
consolidated annual accounts and notes for Eidesvik Offshore ASA as at 31 December 2024,
and for the year 2024, including consolidated comparative figures as at 31 December 2023, and
for the year 2023.
The annual accounts are submitted in accordance with the requirements of IFRS as adopted by
the EU and additional Norwegian requirements in the Securities Trading Act.
The Board and CEO believe that the annual accounts for 2024 have been prepared in
accordance with applicable accounting standards, and that the information in the accounts gives
a true picture of the Group’s assets, liabilities, financial position and overall performance as at
31 December 2024, and 31 December 2023. To the best of the Board’s and CEO’s knowledge,
the director’s report gives a true view of important events during the accounting period and their
influence on the annual accounts. To the best of the Board’s and CEO’s knowledge, the
description of the most important risk and uncertainty factors the business is facing in the next
accounting period, as well as the description of significant transactions with related parties,
gives a true account.
BØMLO, 8 APRIL 2025
Arne Austreid
Lauritz Eidesvik
Kjetil Eidesvik
Annicken Kildahl
Chair of the Board
Board member
Board member
Board member
Bjørg Marit Eknes
Børre Lindanger
Helga Cotgrove
Board member
Board member
CEO
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
(NOK 1,000)
2024
2023
Note
1.1-31.12
1.1-31.12
Freight revenue
4
759 400
699 459
Gain/loss on sale
4
0
21 574
Other income
5
15 730
51 326
Total operating income
4
775 130
772 359
Personnel expenses
11
341 956
317 983
Other operating expenses
6
129 011
120 809
Total operating expenses
470 967
438 791
Operating result before depreciation and impairment
304 164
333 567
Depreciation
12,21
180 701
160 984
Impairment/ reversal of impairment of tangible fixed assets
12
0
-409 062
Operating result before result from Joint ventures and
associated companies
123 463
581 646
Result from Joint ventures and associated companies
7
839
-4 410
Operating result
124 302
577 236
Financial income
8
20 750
19 671
Financial expenses
8
-30 840
-75 326
Changes in market value, derivatives
8
3 669
10 860
Net currency gain/loss
8
-11 896
771
Net financial items
-18 316
-44 025
Result before taxes
105 985
533 211
Tax on result
9
-2 295
11
Net result for the year
103 690
533 222
Attributable to:
Equity holders of the parent
82 743
514 742
Non-controlling interests
7
20 947
18 481
Net result for the year
103 690
533 222
Earnings per share
10
1,13
7,05
Diluted earnings per share
10
1,13
7,05
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(NOK 1,000)
2024
2023
Note
1.1-31.12
1.1-31.12
Statement of comprehensive income
Net result for the year
103 690
533 222
Items that will not be reclassified via profit/loss in later
periods
Actuarial gains/losses
0
-962
Total comprehensive income for the year
103 690
532 261
Attributable to:
The parent company’s shareholders
82 743
513 780
Non-controlling interests
20 947
18 481
Total comprehensive income for the year
103 690
532 261
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(NOK 1,000)
Note
31.12.2024
31.12.2023
Assets
Non-current assets
Vessels
12
1 676 989
1 675 133
Assets under construction
12
412 044
0
Buildings, land and other operating assets
12
19 470
18 255
Financial derivatives
22
0
3 129
Right-of-use asset
21
69 790
76 542
Investments in joint ventures
7
133 289
132 905
Investments in associates
7
4 154
3 700
Other non-current receivables
13
0
20 912
Total non-current assets
2 315 737
1 930 575
Current assets
Accounts receivable
14
171 792
227 545
Derivatives
22
8 093
14 267
Other current assets
15
45 883
44 898
Cash and cash equivalents
16
395 843
498 825
Total current assets
621 612
785 534
Total assets
2 937 349
2 716 109
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(NOK 1,000)
Note
31.12.2024
31.12.2023
EQUITY AND LIABILITIES
Equity
Equity attributable to the Company’s shareholders:
Share capital
17
3 649
3 649
Share premium
301 054
301 054
Other reserves
0
-1 339
Other equity
1 262 595
1 199 437
Total equity majority shareholders
1 567 298
1 502 801
Non-controlling interests
259 864
112 853
Total equity
1 827 162
1 615 654
Liabilities
Non-current liabilities
Interest-bearing debt
20
697 971
678 448
Lease liabilities
21
63 409
69 571
Pension liabilities
18
0
189
Deferred tax
9
2 295
0
Total non-current liabilities
763 675
748 208
Current liabilities
Interest-bearing debt
20
126 021
123 457
Lease liabilities
21
9 049
8 000
Accounts payable
42 099
44 100
Tax payable
9
0
5
Other current liabilities
19
169 343
176 685
Total current liabilities
346 512
352 247
Total liabilities
1 110 187
1 100 455
Total equity and liabilities
2 937 349
2 716 109
BØMLO, 8 APRIL 2025
Arne Austreid
Lauritz Eidesvik
Kjetil Eidesvik
Annicken Kildahl
Chair of the Board
Board member
Board member
Board member
Bjørg Marit Eknes
Børre Lindanger
Helga Cotgrove
Board member
Board member
CEO
CONSOLIDATED STATEMENT OF CASH FLOW
(NOK 1,000)
Note
2024
2023
1.1-31.12
1.1-31.12
Cash flow from operations
Payments from customers
830 883
613 673
Payment to suppliers, employees and others
-551 012
-442 676
Payments from reimbursement scheme, Norwegian seamen
69 717
66 255
Interest received
19 092
14 043
Net cash flow from operating activities
368 680
251 295
Cash flow from investment activities
Sales of tangible fixed assets
12
0
128 806
Received non-current receivables
13
49 006
49 874
Sales of other investments
12
0
37 314
Purchase of tangible fixed assets
12
-580 113
-388 615
Net cash flow from investment activities
-531 107
-172 621
Cash flow from financing activities
Received net funds from private placement
17
0
28 321
Equity contribution related to establishment of Eidesvik
Reach AS
7
0
191 617
Contribution from minority interest related to establishment of
Eidesvik Agalas AS
7
125 214
0
Installment financial lease
21
-9 114
-7 844
New debt
20
145 783
1 567 616
Unwound interest derivatives
22
0
45 676
Repayment of debt
20
-122 610
-1 931 973
Paid interest
8, 20
-64 628
-65 876
Dividend
18
-18 246
0
Paid dividend to minority interests
7
0
-64 330
Net cash flow from financing activities
56 399
-236 793
Currency gain/loss on cash and cash equivalents
3 046
1 292
Net change in cash and cash equivalents
-102 983
-156 828
Cash and cash equivalents at start of period
16
498 825
655 653
Cash and cash equivalents at end of period
16
395 843
498 825
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(NOK 1,000)
Share
capital
Share
premium
Other
reserves
Other equity
Total
Minority
share
Total
equity
Equity at 01.01.2023
3 108
177 275
-377
684 797
864 802
63 245
928 047
Result for the year
0
0
0
514 742
514 742
18 481
533 222
Actuarial effects
0
0
-962
0
-962
0
-962
Total comprehensive income
0
0
-962
514 742
513 780
18 481
532 261
Private placement *
542
123 779
0
0
124 321
0
124 321
Change in non-controlling interests **
0
0
0
0
0
31 128
31 128
Other adjustments
0
0
0
-102
-102
0
-102
Equity at 31.12.2023
3 649
301 054
-1 339
1 199 437
1 502 801
112 853
1 615 654
Result for the year
0
0
0
82 743
82 743
20 947
103 690
Total comprehensive income
0
0
0
82 743
82 743
20 947
103 690
Other adjustments***
0
0
1 339
-1 339
0
0
0
Dividend
0
0
0
-18 246
-18 246
0
-18 246
Change in non-controlling interests
****
0
0
0
0
0
126 063
126 063
Equity at 31.12.2024
3 649
301 054
0
1 262 595
1 567 298
259 864
1 827 162
* 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.
** 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.
*** 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.
**** Minority share of the new company Eidesvik Agalas AS. Equity contributions in 2024.
NOTES TO THE CONSOLIDATED ACCOUNTS
Note 1
Eidesvik Offshore ASA (the Company) and its subsidiaries (collectively the Group) offer services within the
maritime sector. The Group operates in several segments where the main segments are platform supply vessel
services, subsea and offshore renewables. The Group’s vessels are located across large parts of the world.
Eidesvik Offshore ASA is a public limited company registered in Norway and headquartered at Langevåg in
Bømlo municipality. Eidesvik Offshore ASA is listed at the Oslo Stock Exchange and is subject to the provisions
of the Public Limited Liability Companies Act with regards to limitations in shareholders’ liability to the
Company’s creditors. 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. All amounts are presented in Norwegian kroner (NOK) and are rounded to
the nearest thousand unless otherwise specified.
Information on the ultimate parent company is presented in Note 23.
Overview of Group relations: Company Reg. office Owner share Eidesvik Offshore Holding AS Bømlo 100% Eidesvik Shipping Investments AS Bømlo 100% Eidesvik Shipping AS Bømlo 100% Eidesvik AS Bømlo 100% Eidesvik MPSV AS Bømlo 100% Eidesvik Shipping International AS Bømlo 100% Eidesvik Subsea Vessels AS Bømlo 100% Eidesvik Management AS Bømlo 100% Eidesvik Maritime AS Bømlo 100% Eidesvik Neptun II AS Bømlo 92.23% Eidesvik Supply AS Bømlo 100% Hordaland Maritime Miljøselskap AS Bømlo 91% Norsk Rederihelsetjeneste AS Bømlo 100% Eidesvik Shipping II AS Bømlo 100%
Eidesvik UK LTD UK 100% Eidesvik Reach AS Bømlo 50.1% Eidesvik Agalas AS Harstad 50.1%
Joint Ventures: Eidesvik Seven AS Bømlo 50% Eidesvik Seven Chartering AS Bømlo 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.
NOTE 2 – 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 (“the Group”) have been prepared in accordance
with recognition, measurement and presentation principles consistent with IFRS ® Accounting Standards as
adopted by the EU (“IFRS”).
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’s 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’s 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.
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
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’s liabilities.
c) Non-controlling interests
Non-controlling interests’ (minority interests) share of the equity is shown on a separate line in the Group’s
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’s 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 “Net currency gain/loss”.
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.
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.
Buildings 2-8 years Vehicles 26-34 months Equipment ~5.5 years
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:
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’s cash flow against the mentioned fluctuations. Refer to Note 22 for an overview of the
Group’s 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’ 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’s 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 “off hire”).
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 “payroll expenses”).
2.17 Dividends
Disbursements of dividends to the Company’s 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’s financial position on that date has been
considered in the annual accounts. Subsequent events that do not affect the Company’s 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’s 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’s accounts. The Group is about to start the
consideration of the effect of the implementation of IFRS 18 from 1 January 2027.
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’s 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’s 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:
• Useful life of vessels, there are no known regulatory changes that in the Group’s opinion affects the
useful life of the current fleet.
• Residual value of vessels, there are no known regulatory changes that in the Group’s opinion affects
the residual value of the current fleet.
• 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
• 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 Wärtsilä 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.
NOTE 3 – 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’s
assets, liabilities and future cash flows.
The Group’s overall risk management plan focuses on the unpredictability of the capital markets and seeks to
minimize the potential adverse effects on the Group’s 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’s 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’s 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’s 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 øre higher/lower at 31 December 2024.
+50 øre -50 øre 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’s 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’s 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’s
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’s 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’s 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
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.
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 4 – SEGMENT INFORMATION
The Group’s activities are divided into strategic operating segments according to the nature of the vessels’
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’s 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 “Other”.
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’s
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’s
ownership interest.
Information on large customers
The majority of the Group’s 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’s 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 – 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 – 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’s 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’s fees are presented excluding VAT.
NOTE 7 – 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
NOTE 8 – 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.
NOTE 9 – 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’s 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
NOTE 10 – 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.
NOTE 11 – 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: 437 416
In 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 – 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’s 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’ 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’s
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’s 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’s.
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’s first order of an ammonia
combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation,
together with Wärtsilä, 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’s 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’s 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’s existing vessels. All the Group’s vessels comply with current environmental requirements.
Reference is also made to Note 2.22 c).
NOTE 13 – 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 14 – 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’s 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
NOTE 15 – 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.
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’s joint development projects w ith multiple partners for the
development of green ammonia as a fuel source.
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 øre).
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 % HELGØ 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 SØNNER 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 % HELGØ INVEST AS NORWAY 612 500 0,84 % CARNEGIE INVESTMENT BANK AB SWEDEN 608 035 0,83 % HELLAND AS NORWAY 557 309 0,76 % ØSTLANDSKE PENSJONISTBOLIGER AS NORWAY 375 697 0,51 % NORDNET LIVSFORSIKRING AS NORWAY 318 842 0,44 % EIDESVIK, BERIT INGEBJØRG NORWAY 297 594 0,41 % LØVLID, 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.
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’s 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’s 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’s contribution 0 -40 Employer’s 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.
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’s repayment 697 971 678 448 Short-term loans First year’s 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:
• Minimum free liquidity the higher of NOK 80 million and 10% total interest-bearing debt (borrower
group).
• Positive working capital (current assets less current liabilities, including 6 months of instalments and
excluding other current portion of long term debt)(borrower group).
• 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:
• Minimum free liquidity of NOK 10 million (in the company).
• Positive working capital (current assets less current liabilities, excluding instalments and current
portion of long term debt)(in the company).
• Minimum book equity of NOK 160 million (in the company).
• 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.
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.
NOTE 22 – FINANCIAL INSTRUMENTS
(NOK thousands)
Capitalised financial assets and liabilities
Capitalised value equals fair value, except for loans. For details of fair value loans, see the section on “Interest”
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’s 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.
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’s
length principle.
2024 2023 Lease of offices from AS Langevåg Senter -9 560 -9 109 Lease of other office services to AS Langevåg Senter 0 40 Lease of offices to Evik AS 727 663 Lease of apartment from Evik AS -71 -92 Lease of offices to Bømmelfjord 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 Bømlo Skipservice AS 0 43 Purchase of technical and layup services from Bømlo 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 Bjørg 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 Bømmelfjord 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 Bømmelfjord 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’s 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 Bjørg Marit Eknes 335 318 Johnny Olson* 89 138 Tore Hettervik 0 74 Petter Lønning* 134 38 Annicken G. Kildahl* 157 0 Børre 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 Lønning were, respectively, elected as employee representative for the board in 2023 , replacing Johnny
Olson. Børre Lindanger replaced Petter Lønning 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 Åge 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.
NOTE 24 - LIABILITIES AND UNEXPECTED EVENTS
The Company has no framework agreements or other liabilities per 31 December 2024.
NOTE 25 - EXCHANGE RATES
Exchange rates from the Norwegian Central Bank’s website.
NOTE 26 – 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’s 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.
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
Annual accounts – Parent Company
STATEMENT OF PROFIT AND LOSS – PARENT COMPANY
(NOK 1,000)
Note
1.1.-31.12.
2024
1.1.-31.12.
2023
Personnel expenses
1,2
7 987
9 710
Other operating expenses
4
9 563
9 247
Total operating expenses
17 550
18 957
Operating result
-17 550
-18 957
Interest income from companies in the same group
5
54 337
39 635
Other interest income
740
3 292
Other financial income
5
12 820
69 353
Impairment/reversal of impairment of financial assets
7
0
139 377
Interest expenses to companies in the same group
5
-12 375
-9 076
Other financial expenses
-471
-477
Net financial items
55 051
242 103
Result before taxes
37 502
223 146
Tax on result
8
-8 205
-18 179
Net result for the year
29 297
204 967
Allocation (coverage) of result for the year
Proposed dividend
0
18 246
Transferred to/from other equity
29 297
186 721
Total allocated (covered)
11
29 297
204 967
STATEMENT OF FINANCIAL POSITION – PARENT COMPANY
(NOK 1,000)
Note
31.12.2024
31.12.2023
Assets
Tangible fixed assets
Buildings and land
8 921
8 921
Operating equipment
156
156
Total tangible fixed assets
3
9 077
9 077
Financial assets
Investments in subsidiaries
7
344 163
314 777
Loans to Group companies
5
698 889
668 370
Other financial assets
7
71
71
Total financial assets
1 043 123
983 217
Total non-current assets
1 052 199
992 294
Current assets
Receivables
Accounts receivable
92
274
Other current assets
8
0
Total receivables
99
274
Bank deposits, cash etc.
9
17 598
28 495
Total current assets
17 697
28 769
TOTAL ASSETS
1 069 896
1 021 063
STATEMENT OF FINANCIAL POSITION – PARENT COMPANY
(NOK 1,000)
Note
31.12.2024
31.12.2023
EQUITY AND LIABILITIES
Paid-in equity
Share capital
10,11
3 649
3 649
Share premium
11
301 054
301 054
Other paid-in equity
11
549
549
Total paid-in equity
305 252
305 252
Retained earnings
Other equity
11
515 578
486 281
Total retained earnings
515 578
486 281
Total equity
11
820 830
791 533
LIABILITIES
Other non-current liabilities
Liabilities to Group companies
4
232 166
193 451
Pension liabilities
2
0
189
Total other non-current liabilities
232 166
193 640
Current liabilities
Accounts payable
33
666
Public duties payable
627
391
Liabilities to Group companies
5
0
1
Dividend
11
0
18 246
Other current liabilities
12
16 242
16 586
Total current liabilities
16 901
35 890
Total liabilities
249 067
229 530
TOTAL EQUITY AND LIABILITIES
1 069 896
1 021 063
BØMLO, 8 APRIL 2025
Arne Austreid
Lauritz Eidesvik
Kjetil Eidesvik
Annicken Kildahl
Chair of the Board
Board member
Board member
Board member
Bjørg Marit Eknes
Børre Lindanger
Helga Cotgrove
Board member
Board member
CEO
STATEMENT OF CASH FLOWS – PARENT COMPANY
(NOK 1,000)
1.1-31.12
1.1-31.12
Note
2024
2023
Cash flow from operations
Payments to suppliers and employees
1,2,4
-18 183
-18 462
Interest received/paid
12 074
14 897
Net cash flows from operations
-6 110
-3 565
Cash flow from investment activities
Sale of tangible fixed assets
0
132
Received investment fund
12
0
17 963
Purchase of shares
-297
-904
Net cash flow from investment activities
-297
17 059
Cash flow from financing activities
Received net funds from private placement
10
0
124 321
Unwound interest derivatives
6
0
45 676
Dividend received from subsidiary
7
0
190 563
Dividend paid to the Company’s shareholders
5
-18 246
0
Changes in intercompany balances
5
8 195
-785 597
Net cash flow from financing activities
-10 051
-425 036
Net effect of translation differences regarding currency in
cash and cash equivalents
5 560
3 084
Net increase (decrease) in cash and cash equivalents
9
-10 897
-408 458
Cash and cash equivalents at start of period
9
28 495
436 953
Cash and cash equivalents at end of period
17 598
28 495
NOTES TO THE ANNUAL ACCOUNTS – PARENT COMPANY
Accounting principles
The financial statements have been prepared in accordance with the Norwegian Accounting Act of 1998 and
generally accepted accounting principles.
Classification and valuation of balance sheet items
Current assets and short-term liabilities include items maturing within one year after the balance sheet date.
Other items are classified as fixed assets/long-term liabilities.
Current assets are valuated at the lower of acquisition cost and fair value. Short-term liabilities are capitalised
at nominal value at the time of establishment.
Non-current assets are valued at acquisition cost but depreciated to fair value if the impairment in value is not
expected to be transient. Long-term liabilities are capitalised at nominal value at the time of establishment.
Accounts receivable
Accounts receivable and other receivables are listed in the balance sheet at fair value after deduction of
provisions for expected loss. Provisions for loss are made on the basis of individual assessments of individual
receivables. An unspecified provision is also made for other accounts receivable in order to cover presumed
loss.
Currency
Monetary items in foreign currency are valued according to the exchange rate at the end of the accounting
year.
Investments in subsidiaries/associated companies
Subsidiaries and associated companies are valued according to the cost method in the company accounts. The
investment is valued at acquisition cost for the shares, unless write-downs have been necessary. Group
contributions to subsidiaries, with taxes deducted, are listed as increased cost for shares. Dividends/group
contributions are recorded in the same year as the provision is made in the subsidiary/associated company.
When a dividend/group contribution substantially exceeds the share of retained profits after the acquisition, the
excess amount is treated as a repayment of invested capital and is deducted from the value of the investment
in the balance sheet.
For loans to subsidiaries, refer to Note 5.
Tangible fixed assets
Tangible fixed assets are capitalised and depreciated over the useful life of the asset. Maintenance of fixed
assets is expensed on an ongoing basis under operating costs, while upgrades or improvements are added to
the cost of the asset and depreciated in step with the asset. The distinction between maintenance and upgrades
is calculated in relation to the condition of the asset when it was acquired.
Tax
The tax costs in the income statement include both tax payable for the period and the change in deferred taxes.
Deferred tax assets are calculated at 22% on the basis of the temporary differences that exist between
accounting and tax values, and losses carried forward for tax purposes at the end of the accounting year.
Temporary differences that increase and decrease taxes and that reverse or may reverse during the same
period are offset and netted off.
Pension liabilities
The Company finances its pension liabilities to the employees through a group pension scheme. Accounting is
done in line with the NRS 6 accounting standard for pension costs. Pension liabilities are calculated as the
present value of future pension benefits considered to be incurred on the balance sheet date, based on the fact
that employees acquire their pension rights evenly throughout their working lives. Pension funds are valued at
fair value and are netted against the pension liabilities for each pension scheme. Net pension funds are
presented as long-term receivables under financial assets. The net pension cost for the period is included in
payroll and social security costs, and consists of the pension entitlements for the period, interest costs on the
calculated pension liabilities, expected returns on the pension funds, recorded effects of changes in estimates
and pension plans, recorded effects of discrepancies between actual and expected returns, and accrued payroll
tax. The effects of changes in pension plans are expensed in the period in which they occur.
Cash flow statement
The cash flow statement has been prepared according to the direct method. Cash and cash equivalents include
cash, bank deposits, and other short-term liquid placements which can be converted to known cash amounts
immediately and without significant risk of bankruptcy and which mature in less than three months from the
date of acquisition.
NOTE 1 - PAYROLL COSTS, NUMBER OF EMPLOYEES, REMUNERATION,
LOANS TO EMPLOYEES
The Company had one employee at the end of the year. The Company has established an occupational pension
scheme.
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 Eidesvik Offshore ASA group.
Payroll costs
2024 2023
Salaries 3 157 2 639
Payroll tax 1 114 1 263
Pension costs 211 2 393
Board re munerati on 2 746 2 608
Other remunera tion 759 806
Total 7 987 9 710
Remuneration to the CEO 2024 2023
Salary 263 909 0
Pension costs 0 0
Other remuneration 284 347 0
Total 548 256 0
Remuneration to the former CEO 2024 2023
Salary 2 994 2 331
Pension costs 140 120
Other remunera tion 861 1 027
Tota l 3 995 3 478
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 Lønning were, respectively, elected as employee representative for the board in 2023, replacing Johnny
Olson. Børre Lindanger replaced Petter Lønning in 2024.
*Kjetil Eidesvik replaced Lars Eidesvik in 2024.
From AGM 2019, the employees have had one employee representative in the Board, and one deputy employee
representative.
The total remuneration for these two representatives are equal to a original Board Member, and the split is
originally 70/30 between the two employee representatives, depending on the number of meetings the deputy
employee representative has attended. The employee representatives rotate on a yearly basis, from July to
July.
* At the Annual General Meeting in 2023, Borgny Eidesvik replaced Lauritz Eidesvik in the Nomination
Committee.
* At the Annual General Meeting in 2024, Lars Eidesvik replaced Kjetil 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, 2023.
Remuneration to the Board:
2024 2023
Arne Austrei d
585
555
Borgny Eidesvik
132
300
Lars Eidesvik 269
255
John Egil Stangeland
269
255
Lauritz Eidesvik
269
285
Kristine Elisabeth Skeie
288
255
Bjørg Ma rit Eknes
335
318
Johnny Olson
89
138
Tore Hettervik
0
74
Petter Lønning * 134
38
Anniken G. Kildahl *
157
0
Børre Li nda nger *
45
0
2 570 2 473
The Board Remuneration Annual Change
3,78 %
Other members of the Nomination Committee
2024 2023
Per Åge 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
Auditor 2024 2023
Expenses to auditor are distributed as follows:
Statutory a udit
846 829
Other certification services 127 192
Total expenses to the auditor excl. VAT 973 1 020
NOTE 2 - PENSION COSTS AND LIABILITIES
The Company’s pension schemes meet the requirements of the Mandatory Occupational Pensions Act.
The Company’s 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
Jan Fredrik Meling. The agreement was transferred to a free policy from 1 January 2024.
The following economic and actuarial assumptions form the basis of the calculation:
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
Under/over-funded 0 189
Changes in defined benefit pension liability during the year:
2024 2023
Pension liability 1st of January 4 767 3 899
Net present value of pension contribution of the year 0 258
Interest expenses 0
121,203
Transfer/acquisition/moving members/new contracts
-4 767 0
Payroll tax on employer’s contribution
0 -40
Benefits paid 0
528,469
Pension liability 31 December 0 4 767
Change in fair value of pension funds:
2024 2023
Pension funds 1st of 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’s contribution 0 -40
Employer’s contribution 0
320,41
Pension funds 31 December 0 4 579
Reconciliation of this year’s pension cost
2024
2023
Present value of this year’s pension contribution
0 219
Interest expense on the pension liability 0 7
Expected return on pension funds 0 -17
Administrative costs 0 38
Net changes in plans, scaling down, settlement and payroll tax 0 32
Net pension cost 0 279
The following economic and actuarial assumptions form the basis of the calculation:
2024 2023
Dis count 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 %
NOTE 3 – SUMMARY OF TANGIBLE FIXED ASSETS
NOTE 4 – OTHER OPERATING EXPENSES
Of which, from related parties:
Management and accounting services, NOK 7.2 million (6.9 million) provided by the subsidiary Eidesvik AS.
The offices are leased from Langevåg Senter AS, a wholly-owned subsidiary of Eidesvik Invest AS, the
Company’s largest shareholder. The lease on the office runs to 2033, with 6 x 5-years options thereafter. The
gross lease cost is NOK 7.6 million (7.2 million).
The offices are subleased, 23% to companies related to the principal shareholder, and 69% to the subsidiary
Eidesvik AS. 8% of the premises are used by the lessor itself. The item “Office lease” represents this share.
NOTE 5 – RECEIVABLES AND LIABILITIES TO SUBSIDIARIES
Residential
property
Non-
depreciable
assets
Total
Acquisition cost 1 January 8 921 156 9 077
Addition 0 0 0
Disposal 0 0 0
Acquisi tion cos t 31 December 2024 8 921 156 9 077
Accumulated depreciation 1 January 0 0 0
Depreciation in the year 0 0 0
Reduction in depreciation 0 0 0
Accumulated depreciation 31 December 0 0 0
Booked value 31 December 2024 8 921 156 9 077
Depreciation rates 0 % 0
2024 2023
Management and accounting 7 226 6 949
Investor relations costs
772
1 025
Statutory a udit 1 054 979
Consultant/legal advice
504 474
Office lease
607 574
Margin reinvoice office lease -1 454 -1 495
Other reinvoices -73 -93
Other expenses
926 834
Total other operating expenses
9 563 9 247
Long-term receivables 2024 2023
Eidesvik Management AS 3 960 3 665
Eidesvik Supply AS 51 149 47 329
Eidesvik Shipping International AS 0 6 900
Eidesvik MPSV AS 634 598
Eidesvik Shipping Investments AS 244 695 131 620
Eidesvik Offshore Holding AS 400 070 479 878
Provision for loss* -1 620 -1 620
Total long-term receivables (*) 698 889 668 370
* Loss on account receivable pr 31.12.24 is NOK 1,6 millions related to Eidesvik Management AS
NOTE 6 – LONG-TERM LIABILITIES
Financial risk
The Company has provided guarantees for all ship mortgage debt in the 100% owned subsidiaries. The
guarantees involve substantial risk. The Company has no currency risk. For more details, see the discussion
of financial risk management in Note 3 to the consolidated accounts.
NOTE 7 - INVESTMENTS IN SUBSIDIARIES AND ASSOSIATED COMPANIES
2024:
In 2024 Eidesvik Offshore ASA bought Kleven Maritime Finans AS shares in Eidesvik Neptun II AS.
2023:
Reversed impairments in 2023 of MNOK 139.4 was related to the closing of Eidesvik Neptun AS in November
2023.
Long-term liabilities
2024
2023
Eidesvik AS 90 943 52 718
Eidesvik Shipping AS 73 435 78 008
Eidesvik Shipping II AS 67 787 62 725
Total long-term liabilities 232 165 193 451
Short-term liabilities 2024 2023
Norsk Rederihelsetjeneste AS 0 1
Total short-term liabilities 0 1
The interest on the intercompany balances is calculated quarterly using 3-month NIBOR + 3% margin.
Subsidiaries
Company Share capital
Owner share /
voting share
Number
Nominal
Book value
Equity at
31.12.2024
Profit 2024
Eidesvik Offshore Holding AS 300 100 % 3 000 100 343 206 254 349 9 264
Eidesvik Shipping Investments AS 30 100 % 3 000 10 24 -21 614 -15 739
Hordaland Maritime Miljøs. AS 4483 91 % 39 933 100 332 198 -93
Eidesvik Neptun II AS 100 92,23 % 922 300 0,10 591 2 971 -82
Total 344 154 235 905 -6 650
Other financial assets
Company Share capital
Owner share /
voting share
Number Nominal
Book value
Equity at
31.12.2024
Profit 2024
Eidesvik Ghana Ltd. 49 % 15
Eidesvik Seven Chartering AS 100 50 % 5 000 10 56
27 338 4 950
Total 71 27 338 4 950
Subsidiaries
Company Share capital
Owner share /
Number Nominal
Book value
Equity at
Profit 2023
Eidesvik Offshore Holding AS 300 100 % 3 000 100 314 125 245 085 -4 587
Eidesvik Shipping Investments AS 30 100 % 3 000 10 24 -5 875 -5 899
Hordaland Maritime Miljøs. AS 4483 91 % 39 933 100 332 291 -73
Eidesvik Neptun II AS 88 74,75 % 747 474 0,10 295 3 053 2 965
Total 314 777 220 552 -11 363
Other financial assets
Company Share capital
Owner share /
Number Nominal
Book value
Equity at
Profit 2023
Eidesvik Ghana Ltd. 49 %
15
Eidesvik Seven Chartering AS 100 50 %
5 000 10 56
22 388 -10 493
Total 71
NOTE 8 - TAXES
Tax expenses for the year
Tax effect of temporary differences and loss carry-forwards which have given rise to deferred tax and deferred
tax assets, broken down by categories of temporary differences:
No deferred tax assets have been posted.
NOTE 9 – BANK DEPOSITS
Of the NOK 17.6 million (28.5 million) in bank deposits, restricted tax funds represent NOK 0.5 million (0.3
millions).
NOTE 10 – SHARE CAPITAL AND SHAREHOLDER INFORMATION
The Company’s share capital consists of 72,983,333 shares at NOK 0.05 each.
All shares have equal voting rights.
For the 20 largest shareholders in Eidesvik Offshore ASA as at 31 December 2024, see Note 17 to the
consolidated accounts.
Shares owned/controlled by Board members and the CEO:
*Eidesvik Invest AS is 55%-controlled by Bømmelfjord 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.
2024 2023
Recognised tax on ordinary profit: 8 202
18 179
Tax payable 0 0
Change in deferred tax assets 0 0
Tax expense on ordinary profit 8 202 18 179
Taxable income:
Ordinary profi t before tax 37 502 223 146
Permanent differences 0 -142 294
Changes in temporary differences -208 7 557
Group contributions made -37 294 -82 632
Use of l oss ca rry-forwa rd 0 -5 777
Taxable Income 0 0
Tax payable in the balance sheet:
Tax payable on profit for the year 8 202 18 179
Tax payable on group contributions made -8 202 -18 179
Total tax payable in the balance sheet 0 0
2024 2023 Change
Tangible fixed assets -77 -96 -19
Receivables -1 620 -1 620 0
Non-current liabilities in foreign exchange
0
0 0
Pension funds/liabilities
0 -189 -189
Total
-1 697 -1 904 -208
Accumulated loss carry-forward 0 0 0
Basis for calculating deferred tax
-1 697 -1 904 -208
Deferred tax assets (22%) -373 -419 -46
Effect of change of tax rate 0 0 0
2024 2023
Ei des vi k Inves t AS* 43 684 833 43 684 833
Bjørg Ma rit 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 7 690
NOTE 11 - EQUITY
Note 11 - Equity
Other paid-in Other
Share capital Share premium equity equity Total
Equity 31.12.23 3 649 301 054 549 486 281 791 533
Profit/loss for the year 29 299 29 299
Equity 31.12.24 3 649 301 054 549 515 580 820 832
APPENDIX 1 – ALTERNATIVE PERFORMANCE MEASURES DEFINITIONS
The Group’s financial information is prepared in accordance with international financial reporting standards
(IFRS). In addition, the Group discloses alternative performance measures as a supplement to the financial
statement prepared in accordance with IFRS. Such performance measures are used to provide better insight
into the operating performance, financing and future prospects of the Group and are frequently used by
securities analysts, investors and other interested parties.
The definitions of these measures are as follows:
• Contract coverage: Number of future sold days compared with total actual available days (incl.
vessels in layup), excluding options.
• Backlog: Sum of undiscounted revenue related to secured contracts in the future.
• Utilisation: Actual days with revenue divided by total actual available days.
• Equity Ratio: Equity divided by total assets.
• Net interest bearing debt (“NIBD”): Interest bearing debt less cash and cash equivalents. The use
of term “net debt” does not necessarily mean cash included in the calculation is available to settle
debt if included in the term. Reference is made to Note 12.
• EBITDA: Operating result (earnings) before depreciation, impairment, amortization, result from
join ventures and associated companies, net financial costs and taxes is a key financial parameter.
The term is useful for assessing the profitability of operations, as it is based on variable costs and
excludes depreciation, impairment and amortized costs related to investments. EBITDA is also
important in evaluating performance relative to competitors. See table below for matching to the
accounts.
• Adjusted EBITDA: EBITDA adjusted for Gain/loss on sale and Other income.
• EBITDA margin: EBITDA divided on Total operating revenue.
• Working capital: Current assets less short-term liabilities.
• Minimum market value clause: Booked value of an asset shall not be lower than a given ratio
compared to outstanding debt on the same asset.
2024 2023
Total operating income
775 130 772 359
Total operating expenses
-470 967 -438 791
EBITDA
304 164 333 567
Ordinary depreciation -180 701 -160 984
Impairment on assets 0 409 062
Result from Joint ventures and associated companies
839 -4 410
EBIT
124 302 577 236
Eidesvik Offshore ASA
Vestvikvegen 1
NO-5443 Bømlo
Norway
+47 53 44 80 00
office@eidesvik.no
www.eidesvik.no
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