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"value": "Note 1 Eidesvik Offshore ASA (the Company) and its subsidiaries (collectively the Group) offer services within the maritime sector. The Group operates in several segments where the main segments are platform supply vessel services, subsea and offshore renewables. The Group\u2019s vessels are located across large parts of the world. Eidesvik Offshore ASA is a public limited company registered in Norway and headquartered at Langev\u00e5g in B\u00f8mlo municipality. Eidesvik Offshore ASA is listed at the Oslo Stock Exchange and is subject to the provisions of the Public Limited Liability Companies Act with regards to limitations in shareholders\u2019 liability to the Company\u2019s creditors. The annual accounts were submitted by the Board on 22 April 2026, 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 21.",
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"value": "Overview of Group relations: Company Reg. office Owner shareEidesvik Offshore Holding AS B\u00f8mlo 100% Eidesvik Shipping Investments AS B\u00f8mlo 100% Eidesvik Shipping AS B\u00f8mlo 100% Eidesvik AS B\u00f8mlo 100% Eidesvik MPSV AS B\u00f8mlo 100% Eidesvik Shipping International AS B\u00f8mlo 100% Eidesvik Subsea Vessels AS B\u00f8mlo 100% Eidesvik Management AS B\u00f8mlo 100% Eidesvik Maritime AS B\u00f8mlo 100% Eidesvik Neptun II AS B\u00f8mlo 100% Eidesvik Supply AS B\u00f8mlo 100% Hordaland Maritime Milj\u00f8selskap AS B\u00f8mlo 91% Norsk Rederihelsetjeneste AS B\u00f8mlo 100% Eidesvik Shipping II AS B\u00f8mlo 100% 3131Eidesvik UK LTD UK 100% Eidesvik Reach AS B\u00f8mlo 50.1% Eidesvik Agalas AS Harstad 50.1% Eidesvik Agalas II AS Harstad 50.1% Eidesvik Agalas Reach AS Harstad 33.6%Joint Ventures: Eidesvik Seven AS B\u00f8mlo 50% Eidesvik Seven Chartering AS B\u00f8mlo 50% Please refer to Note 7 for further information. Associated companies: Bleivik Eiendom AS Haugesund 22.6% Eidesvik Ghana Ltd. Ghana 49% The total book value of these amounts to NOK 2.4 million and is not considered material.2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) SubsidiariesSubsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. b) Joint ventures3232The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.NOTE 7 \u2013 INVESTMENTS IN JOINT VENTURES AND SUBSIDIARIES WITH SUBSTANTIAL MINORITY INTERESTS (NOK thousands) The Eidesvik Offshore ASA Group has the following investments in joint ventures: Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2024 2025 31.12.2025 Norway Shipping 50,0 % Eidesvik Seven AS company 119 545 -6 559 112 985 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 13 744 3 345 17 087 Total 133 289 -3 218 130 072 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 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: 2025: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 431 858 429 981 1 877 137 225 973 205 884 0 205 877 Eidesvik Seven 57 152 0 57 152 23 508 33 865 23 287 0 23 287 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 51 588 49 682 44 598 90 18 292 -18 202 0 -13 118-6 559 Eidesvik Seven 148 681 4 067 0 973 91 882 0 6 833 Chartering AS 3 345 -3 218 45452024: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 No other comprehensive income in 2025 or 2024 for the JVs. Subsidiaries with substantial minority interests The Group has, per 31 December 2025, four subsidiaries where there are substantial minority interests. Of companies with minority interests, only the companies below are considered material. 2025: Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS Norway 49.90 % 24 877 Eidesvik Agalas AS Norway 49.90 % 10 920 Eidesvik Agalas II AS* Norway 49.90 % -442 Eidesvik Agalas Reach AS* Norway 66.43% 9 852 45 207 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 *Eidesvik established an entity, Eidesvik Agalas II AS, in Q1 2025 together with Agalas Energy Holding III 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 aqquired 67% of the entity Eidesvik Agalas Reach AS. Eidesvik Agalas Reach AS has entered into an agreement to build a new Constrution Support Vessel (CSV) with estimated delivery first half of 2027. 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. The minority share include IFRS adjustments according to IAS 23 with a positive effect of NOK 16.8 million in 2025. **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 second half of 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. 4646The minority share include IFRS adjustments according to IAS 23 with a positive effect of NOK 15.7 million in 2024 and NOK 21.9 million in 2025. Summary of financial information for subsidiaries with substantial minority interests: 2025:Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Agalas AS 734 901 728 555 6 345 5 204 250 657 484 244 472 717 11 527 Eidesvik Reach AS 407 069 328 783 78 286 52 174 303 282 103 787 90 179 13 607 Eidesvik Agalas II AS 220 186 220 158 28 8 219 538 648 0 648 Eidesvik Agalas Reach AS 564 793 556 333 8 460 7 772 326 964 237 829 224 242 13 587 Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Agalas AS 0 -486 0 459 25 434 0 -51 Eidesvik Reach AS 136 354 76 200 31 131 13 721 9 396 4 325 0 49 394 Eidesvik Agalas II AS 0 -626 0 0 260 -260 0 -887 Eidesvik Agalas Reach AS 0 -501 0 175 1 690 -1 515 0 -2 016 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 4747",
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"value": "Overview of Group relations: Company Reg. office Owner shareEidesvik Offshore Holding AS B\u00f8mlo 100% Eidesvik Shipping Investments AS B\u00f8mlo 100% Eidesvik Shipping AS B\u00f8mlo 100% Eidesvik AS B\u00f8mlo 100% Eidesvik MPSV AS B\u00f8mlo 100% Eidesvik Shipping International AS B\u00f8mlo 100% Eidesvik Subsea Vessels AS B\u00f8mlo 100% Eidesvik Management AS B\u00f8mlo 100% Eidesvik Maritime AS B\u00f8mlo 100% Eidesvik Neptun II AS B\u00f8mlo 100% Eidesvik Supply AS B\u00f8mlo 100% Hordaland Maritime Milj\u00f8selskap AS B\u00f8mlo 91% Norsk Rederihelsetjeneste AS B\u00f8mlo 100% Eidesvik Shipping II AS B\u00f8mlo 100% 3131Eidesvik UK LTD UK 100% Eidesvik Reach AS B\u00f8mlo 50.1% Eidesvik Agalas AS Harstad 50.1% Eidesvik Agalas II AS Harstad 50.1% Eidesvik Agalas Reach AS Harstad 33.6%a) SubsidiariesSubsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary.Subsidiaries with substantial minority interests The Group has, per 31 December 2025, four subsidiaries where there are substantial minority interests. Of companies with minority interests, only the companies below are considered material. 2025: Entity Country Minority Minority share interests (%) of profit/loss Eidesvik Reach AS Norway 49.90 % 24 877 Eidesvik Agalas AS Norway 49.90 % 10 920 Eidesvik Agalas II AS* Norway 49.90 % -442 Eidesvik Agalas Reach AS* Norway 66.43% 9 852 45 207 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 *Eidesvik established an entity, Eidesvik Agalas II AS, in Q1 2025 together with Agalas Energy Holding III 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 aqquired 67% of the entity Eidesvik Agalas Reach AS. Eidesvik Agalas Reach AS has entered into an agreement to build a new Constrution Support Vessel (CSV) with estimated delivery first half of 2027. 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. The minority share include IFRS adjustments according to IAS 23 with a positive effect of NOK 16.8 million in 2025. **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 second half of 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. 4646The minority share include IFRS adjustments according to IAS 23 with a positive effect of NOK 15.7 million in 2024 and NOK 21.9 million in 2025. Summary of financial information for subsidiaries with substantial minority interests: 2025:Entity Assets Non-current Current Of which Equity Liabilities Long-term Short-term assets assets bank Eidesvik Agalas AS 734 901 728 555 6 345 5 204 250 657 484 244 472 717 11 527 Eidesvik Reach AS 407 069 328 783 78 286 52 174 303 282 103 787 90 179 13 607 Eidesvik Agalas II AS 220 186 220 158 28 8 219 538 648 0 648 Eidesvik Agalas Reach AS 564 793 556 333 8 460 7 772 326 964 237 829 224 242 13 587 Entity Revenue EBITDA Depr. / Financial Financial Net financial Taxes Profit/loss for impairment income expenses items the year Eidesvik Agalas AS 0 -486 0 459 25 434 0 -51 Eidesvik Reach AS 136 354 76 200 31 131 13 721 9 396 4 325 0 49 394 Eidesvik Agalas II AS 0 -626 0 0 260 -260 0 -887 Eidesvik Agalas Reach AS 0 -501 0 175 1 690 -1 515 0 -2 016 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 4747",
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"value": "Joint Ventures: Eidesvik Seven AS B\u00f8mlo 50% Eidesvik Seven Chartering AS B\u00f8mlo 50% Please refer to Note 7 for further information.b) Joint ventures3232The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.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 31.12.2024 2025 31.12.2025 Norway Shipping 50,0 % Eidesvik Seven AS company 119 545 -6 559 112 985 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 13 744 3 345 17 087 Total 133 289 -3 218 130 072 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 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: 2025: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 431 858 429 981 1 877 137 225 973 205 884 0 205 877 Eidesvik Seven 57 152 0 57 152 23 508 33 865 23 287 0 23 287 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 51 588 49 682 44 598 90 18 292 -18 202 0 -13 118-6 559 Eidesvik Seven 148 681 4 067 0 973 91 882 0 6 833 Chartering AS 3 345 -3 218 45452024: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 No other comprehensive income in 2025 or 2024 for the JVs.",
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"value": "NOTE 2 \u2013 ACCOUNTING PRINCIPLES The material information about accounting principles used in the preparation of the consolidated accounts are described below. These principles are applied in the same way in all periods presented, unless otherwise stated in the description. 2.1 Main principles The consolidated accounts of the Eidesvik Offshore Group (\u201cthe Group\u201d) have been prepared in accordance with recognition, measurement and presentation principles consistent with IFRS\u00ae Accounting Standards as adopted by the EU (\u201cIFRS\u201d). Cash flow statements are prepared according to the direct method. Received interest is classified under operating activities, while paid interest and dividend are classified under financing activities. 2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) SubsidiariesSubsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. b) Joint ventures3232The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities. c)Non-controlling interestsNon-controlling interests\u2019 (minority interests) share of the equity is shown on a separate line in the Group\u2019s equity. Non-controlling interests include the minority share of the capitalised value of subsidiaries, including the share of identifiable added value at the time of acquisition of a subsidiary. 2.3 Segment Information The Group\u2019s reporting format is divided in business segments as this is reflecting the key areas for the business. The primary operating segments are divided into Supply vessels (PSV), Subsea/Offshore renewables and SG&A/other. 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 currencyThe 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 itemsTransactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d. 2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur. 2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease 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. 3434Refer to Note 2.22 and 12 for further information. 2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line. 2.9 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the Group\u2019s derivatives at 31 December 2025. 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 13. 2.11 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity. 2.12 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects. 2.13 Accounts payable Payables are measured at fair value at the first recognition. 2.14 Loans Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognised at amortised cost using the effective interest method. Interest expense is recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the redemption value is recognised over the term of the loan. When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a continuation of the old loan or as a new loan. (see Note 8). 2.15 Revenue recognition principles Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and discounts. Revenue is recognised as follows: Time charters The Group\u2019s vessels are being contracted on time charters (TC). This means that the charter is agreed as a lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The time charter lapses in periods when the vessel is not operational (is \u201coff hire\u201d). 3535In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra crew, sale of provisions and coverage of other operating expenses. When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the vessel is returned. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental revenue arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. 2.16 Government grants Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction (under \u201cpayroll expenses\u201d). 2.17 Dividends Disbursements of dividends to the Company\u2019s shareholders are classified as debt from the date when the dividend is determined by the general meeting. 2.18 Events after the balance sheet date New information after the balance sheet date on the Company\u2019s financial position on that date has been considered in the annual accounts. Subsequent events that do not affect the Company\u2019s financial position on the balance sheet date, but will affect it in the future, are reported if they are significant. 2.19 Earnings per share accruing to the parent company\u2019s shareholders The calculation of earnings per share is based on the majority share of net profit, using the number of shares at the end of the period. Diluted earnings per share is equal to basic earnings per share. 2.20 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above. 2.21 Changes in accounting policies The accounting principles applied are consistent with the principles used in previous periods, and no changes in accounting principles had material effect on the Group\u2019s accounts. The Group is about to start the consideration of the effect of the implementation of IFRS 18 from 1 January 2027. 3636Assessment 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). 4040Debts 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 2025 or 2024.",
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"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__20": {
"value": "2.1 Main principles The consolidated accounts of the Eidesvik Offshore Group (\u201cthe Group\u201d) have been prepared in accordance with recognition, measurement and presentation principles consistent with IFRS\u00ae Accounting Standards as adopted by the EU (\u201cIFRS\u201d). Cash flow statements are prepared according to the direct method. Received interest is classified under operating activities, while paid interest and dividend are classified under financing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__18": {
"value": "2.1 Main principles The consolidated accounts of the Eidesvik Offshore Group (\u201cthe Group\u201d) have been prepared in accordance with recognition, measurement and presentation principles consistent with IFRS\u00ae Accounting Standards as adopted by the EU (\u201cIFRS\u201d).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__19": {
"value": "Cash flow statements are prepared according to the direct method. Received interest is classified under operating activities, while paid interest and dividend are classified under financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__23-1": {
"value": "2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries.c)Non-controlling interestsNon-controlling interests\u2019 (minority interests) share of the equity is shown on a separate line in the Group\u2019s equity. Non-controlling interests include the minority share of the capitalised value of subsidiaries, including the share of identifiable added value at the time of acquisition of a subsidiary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__22-1": {
"value": "2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries.b) Joint ventures3232The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__21": {
"value": "2.2 Principles of consolidation The consolidated accounts consist of Eidesvik Offshore ASA and its subsidiaries. a) SubsidiariesSubsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary. b) Joint ventures3232The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities. c)Non-controlling interestsNon-controlling interests\u2019 (minority interests) share of the equity is shown on a separate line in the Group\u2019s equity. Non-controlling interests include the minority share of the capitalised value of subsidiaries, including the share of identifiable added value at the time of acquisition of a subsidiary.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__24": {
"value": "a) SubsidiariesSubsidiaries are entities where the Group has controlling influence on the entity\u2019s financial and operational strategy, normally through owning more than half the voting capital and where rights held by other parties mainly are protective rights and do not provide the other parties with control over the subsidiary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__28-1": {
"value": "b) Joint ventures3232The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.NOTE 7 \u2013 INVESTMENTS IN JOINT VENTURES AND SUBSIDIARIES WITH SUBSTANTIAL MINORITY INTERESTS (NOK thousands) The Eidesvik Offshore ASA Group has the following investments in joint ventures: Entity Country Industry Ownership/ Book value Share of profit Book value voting share 31.12.2024 2025 31.12.2025 Norway Shipping 50,0 % Eidesvik Seven AS company 119 545 -6 559 112 985 Eidesvik Seven Norway Shipping 50,0 % Chartering AS company 13 744 3 345 17 087 Total 133 289 -3 218 130 072 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 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: 2025: Entity Assets Non-Current Of this Equity Liabilities Long-term Short-term current assets bank assets Eidesvik Seven AS 431 858 429 981 1 877 137 225 973 205 884 0 205 877 Eidesvik Seven 57 152 0 57 152 23 508 33 865 23 287 0 23 287 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 51 588 49 682 44 598 90 18 292 -18 202 0 -13 118-6 559 Eidesvik Seven 148 681 4 067 0 973 91 882 0 6 833 Chartering AS 3 345 -3 218 45452024: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 No other comprehensive income in 2025 or 2024 for the JVs.",
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},
"f1__s7__6__26": {
"value": "b) Joint ventures3232The Group\u2019s investment in its joint ventures are accounted for under the equity method of accounting. A joint arrangement is either a joint operation or a joint venture. Companies where the Group has joint control with another party, are defined as joint ventures, as it has rights to the net assets of the arrangement. Joint ventures exist if there is 50/50 ownership, or if it is otherwise regulated so that the parties have joint control. The Group does not recognise its share of deficits if this means that the capitalised value of the investment will be negative (including unhedged receivables on the entity), unless the Group has assumed liabilities or provided guarantees for the joint venture\u2019s liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__33": {
"value": "2.3 Segment Information The Group\u2019s reporting format is divided in business segments as this is reflecting the key areas for the business. The primary operating segments are divided into Supply vessels (PSV), Subsea/Offshore renewables and SG&A/other. As the joint ventures are significant with regard to the core activities, gross figures from underlying companies are included in segment information with the proportional values according to ownership.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__32-1": {
"value": "2.3 Segment Information The Group\u2019s reporting format is divided in business segments as this is reflecting the key areas for the business. The primary operating segments are divided into Supply vessels (PSV), Subsea/Offshore renewables and SG&A/other. As the joint ventures are significant with regard to the core activities, gross figures from underlying companies are included in segment information with the proportional values according to ownership.NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. 4141Operating segments (NOK thousands) Supply Subsea / Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment result Operating income (IFRS 15) 263 457 251 353 176 690 166 033 27 219 23 456 467 365 440 842 Bareboat income (IFRS 16) 157 905 167 832 159 855 150 726 0 15 730 317 761 334 288 Operating income from JV * (IFRS 15) 0 0 48 367 43 361 0 0 48 367 43 361 Bareboat income from JV * (IFRS 16) 0 0 25 794 30 814 0 0 25 794 30 814 Total operating income 421 362 419 185 410 706 390 934 27 219 39 186 859 287 849 305 Personnell expenses 181 940 166 754 103 907 98 105 72 039 77 097 357 886 341 956 Other operating expenses ** 84 643 86 909 64 479 57 554 -15 701 -15 452 133 421 129 011 Personnell expenses share from JV* 0 0 34 069 33 681 0 34 069 33 681 Other operating expenses share from JV * 0 0 12 760 8 488 0 0 12 760 8 488 Total operating expenses 266 583 253 663 215 215 197 828 56 338 61 645 538 135 513 136 Depreciation 108 547 103 396 72 625 70 315 7 355 6 990 188 527 180 701 Depreciations share from JV * 0 0 22 299 22 189 0 0 22 299 22 189 Total depreciation 108 547 103 396 94 924 92 504 7 355 6 990 210 826 202 890 Operating result incl. share of the JVs * 46 232 62 126 100 567 100 601 -36 474 -29 449 110 325 133 278 Net finance items and tax in JV * 0 0 -8 250 -9 429 0 0 -8 250 -9 429 Share of profit from associated companies 0 0 0 0 0 454 0 454 Operating result 46 232 62 126 92 316 91 172 -36 474 -28 995 102 075 124 304 Net financial items 7 250 -18 316 Tax costs 2 295 -2 295 Net result for the year 111 620 103 690 No impairments or reversal of impairments in 2025 or 2024 *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. 4242(NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 212 531 2 408 217 Proportion of assets in JV* 0 0 244 654 272 853 0 0 244 654 272 853 Unallocated assets (cash) 0 0 0 0 0 0 340 499 395 843 Total consolidated assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 553 030 2 804 060 Assets incl. share of JV* 1 012 842 1 101 135 2 240 938 1 410 612 203 404 169 322 3 797 684 3 076 912 Segment current liabilities (excl. mortgage debt) -16 346 -17 235 -18 026 -17 971 -214 487 -187 272 -248 859 -222 479 Proportion of debts from JV* 0 0 -114 582 -139 563 0 0 -114 582 -139 563 Segment mortgage debt and other non-current liabilities -351 836 -420 290 -891 743 -400 472 -55 009 -66 946 -1 298 588 -887 708 Total liabilities incl. share of JV* -368 182 -437 525 -1 024 351 -558 007 -269 496 -254 218 -1 662 029 -1 249 750 Investments in non-current assets 14 349 59 815 894 444 511 312 0 0 908 793 571 127 Gross sales of non-current assets 0 0 0 0 0 0 0 0 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Supply Subsea / Offshore Renewables Operating segments 2025 2024 2025 2024 Customer 1 116 847 113 389 Customer 2 130 868 130 677 Customer 3 138 542 138 791 Customer 4 177 648 162 493 Customer 5 105 509 91 973 Customer 6 111 398 123 297 Total operating income large customers 419 915 416 467 360 898 344 152 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 2024 and 2025 are in just 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 2025. Refer to Note 19 for maturity for future lease income. 4343",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__36": {
"value": "2.4 Conversion of foreign currencies a) Functional currency and presentation currencyThe 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 itemsTransactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__35": {
"value": "2.4 Conversion of foreign currencies a) Functional currency and presentation currencyThe 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 itemsTransactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__34-1": {
"value": "2.4 Conversion of foreign currencies a) Functional currency and presentation currencyThe 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 itemsTransactions in foreign currencies are translated to the functional currency using the transaction exchange rate. Currency gain and loss occurring when paying such transactions, and when translating monetary items (assets and liabilities) in foreign currencies at year end on the balance sheet date, are recognised. Monetary items and liabilities in foreign currencies are translated at the exchange rate of the balance sheet date. Currency gains and losses are included in the income statement as \u201cNet currency gain/loss\u201d.a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024).NOTE 23 - EXCHANGE RATES Average exchange Exchange rate Average exchange Exchange rate rate 2025 31.12.2025 rate 2024 31.12.2024 Euro 11.7177 11.8430 11.6276 11.7950 US dollar 10.3912 10.0791 10.7433 11.3534 Exchange rates from the Norwegian Central Bank\u2019s website. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__46-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.7 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. 3434Refer to Note 2.22 and 12 for further information.NOTE 12 \u2013 TANGIBLE FIXED ASSETS 2025: Total other Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets Vessels maintenance vessels contracts Total (*) Acquisition cost 1 January 2025 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Addition 0 0 138 138 5 312 17 282 22 594 919 331 942 063 31 December 2025 37 414 3 594 42 224 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Accumulated depreciation and impairments 1 January 2025 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Depreciation in the year 180 0 411 592 120 317 57 011 177 328 0 177 920 31 December 2025 20 346 3 494 40 376 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Book value 17 068 100 1 848 19 017 1 439 350 82 906 1 522 255 1 331 375 2 872 646 2024: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels 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 2 536 058 118 645 Depreciation in the year 180 0 193 373 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 5050 (*) Right-of-use asset NOK 60.3 million and depreciation NOK 10.6 million is not included in the table above. Refer to Note 19, IFRS 16 Lease. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction are the two new build contracts. The first vessel (ordered in 2024) will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The second vessel (ordered in Q1 2025) will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Both vessels are being built at Sefine shipyard in Turkey and are scheduled to be delivered in the second half of 2026 and spring 2027. They will both commence directly on charter with Reach Subsea when delivered. Please refer to Note 8 for information regarding capitalised borrowing cost. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as change in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter ends during 2025. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. 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 2025, is 9.5% (10.3%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2025 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. 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 10.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 22 million related to two PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. 5151Eidesvik 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 2025 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2025 Eidesvik announced the construction of an additional state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. For the Group\u2019s long term sustainability goals of close to 40% reduction in CO2 in 2030, and close to climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.22 c).",
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"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__44-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.NOTE 12 \u2013 TANGIBLE FIXED ASSETS 2025: Total other Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets Vessels maintenance vessels contracts Total (*) Acquisition cost 1 January 2025 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Addition 0 0 138 138 5 312 17 282 22 594 919 331 942 063 31 December 2025 37 414 3 594 42 224 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Accumulated depreciation and impairments 1 January 2025 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Depreciation in the year 180 0 411 592 120 317 57 011 177 328 0 177 920 31 December 2025 20 346 3 494 40 376 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Book value 17 068 100 1 848 19 017 1 439 350 82 906 1 522 255 1 331 375 2 872 646 2024: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels 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 2 536 058 118 645 Depreciation in the year 180 0 193 373 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 5050 (*) Right-of-use asset NOK 60.3 million and depreciation NOK 10.6 million is not included in the table above. Refer to Note 19, IFRS 16 Lease. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction are the two new build contracts. The first vessel (ordered in 2024) will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The second vessel (ordered in Q1 2025) will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Both vessels are being built at Sefine shipyard in Turkey and are scheduled to be delivered in the second half of 2026 and spring 2027. They will both commence directly on charter with Reach Subsea when delivered. Please refer to Note 8 for information regarding capitalised borrowing cost. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as change in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter ends during 2025. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. 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 2025, is 9.5% (10.3%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2025 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. 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 10.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 22 million related to two PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. 5151Eidesvik 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 2025 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2025 Eidesvik announced the construction of an additional state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. For the Group\u2019s long term sustainability goals of close to 40% reduction in CO2 in 2030, and close to climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.22 c).",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__43-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease 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. 3434Refer to Note 2.22 and 12 for further information.NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2025 2024 Technical operation of vessels 93 872 91 505 Insurance 12 855 12 180 Communication costs 8 557 7 803 Administrative costs 18 342 17 524 Other operating expenses 133 626 129 011 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit, office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2025 2024 Statutory audit 2 000 1 904 Other financial audit 0 0 Tax advice 0 0 Other audit services 255 211 Total audit 2 255 2 115 The auditor\u2019s fees are presented excluding VAT. 4444NOTE 12 \u2013 TANGIBLE FIXED ASSETS 2025: Total other Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets Vessels maintenance vessels contracts Total (*) Acquisition cost 1 January 2025 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Addition 0 0 138 138 5 312 17 282 22 594 919 331 942 063 31 December 2025 37 414 3 594 42 224 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Accumulated depreciation and impairments 1 January 2025 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Depreciation in the year 180 0 411 592 120 317 57 011 177 328 0 177 920 31 December 2025 20 346 3 494 40 376 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Book value 17 068 100 1 848 19 017 1 439 350 82 906 1 522 255 1 331 375 2 872 646 2024: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels 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 2 536 058 118 645 Depreciation in the year 180 0 193 373 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 5050 (*) Right-of-use asset NOK 60.3 million and depreciation NOK 10.6 million is not included in the table above. Refer to Note 19, IFRS 16 Lease. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction are the two new build contracts. The first vessel (ordered in 2024) will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The second vessel (ordered in Q1 2025) will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Both vessels are being built at Sefine shipyard in Turkey and are scheduled to be delivered in the second half of 2026 and spring 2027. They will both commence directly on charter with Reach Subsea when delivered. Please refer to Note 8 for information regarding capitalised borrowing cost. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as change in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter ends during 2025. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. 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 2025, is 9.5% (10.3%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2025 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. 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 10.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 22 million related to two PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. 5151Eidesvik 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 2025 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2025 Eidesvik announced the construction of an additional state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. For the Group\u2019s long term sustainability goals of close to 40% reduction in CO2 in 2030, and close to climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.22 c).NOTE 19 - LEASES(NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2025 79 625 1 269 26 634 107 528 Addition of right-of-use assets 1 104 0 0 1 104 Acquisition cost 31 December 2025 80 729 1 269 26 634 108 632 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2025 31 478 818 5 465 37 760 Depreciation 2025 6 612 151 3843 10 607 Accumulated depreciation and impairment 31 December 2025 38 090 969 9308 48 367 Carrying amount of right-of-use assets 31 December 2024 42 639 301 17 341 60 286 Lower of remaining lease term or economic life 1-7 years 14-22 months4.5 years 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 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 790Lower of remaining lease term or economic life 2-8 years 26-34 months5.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 561 141 4 433 13 135 1 year 8 454 55 4 433 12 942 2 year 7 767 0 4 292 12 059 3 year 7 767 0 4 192 11 959 4 year 7 767 0 2 182 9 949 5 year 7 767 0 0 7 767 6 year 7 767 0 0 7 767 7 year 7 767 0 0 7 767 Total undiscounted lease liabilities at 31 December 2024 63 614 196 19 532 83 342 5757Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2025 52 779 326 19 340 72 458 New lease liabilities recognised in the year 1 104 0 0 1 104 Payments -8 561 -141 14 494 -13 196 Interest expense on lease liabilities 2 435 6 1 509 3 949 Total lease liabilities at 31 December 2025 47 756 191 16 354 64 328 Current lease liabilities 6 561 133 2624 9 319 Non-current lease liabilities 41 219 58 13 731 55 009 Total cash flow for leases 13 196 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2026 below. Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2027 February, 2031 Viking Avant Time charter Equinor May, 2026 December, 2026 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP April, 2026 Viking Princess Time charter DNO, Wellesley December 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 Viking Vigor (NB #71) Time charter Reach Subsea 5 years after delivery 2 years after firm period NB #76 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 December, 2027 December, 2028 Future lease terms as at 22 April 2026, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 647 000 1 to 5 years 1 984 000 After 5 years 347 000 Future minimum lease 2 978 000 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 4 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. All of the vessels is subject to operating leasing. 5858",
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"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.7 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. 3434Refer to Note 2.22 and 12 for further information.",
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"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.",
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"f1__s7__6__40-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.",
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"f1__s7__6__39-1": {
"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.NOTE 12 \u2013 TANGIBLE FIXED ASSETS 2025: Total other Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets Vessels maintenance vessels contracts Total (*) Acquisition cost 1 January 2025 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Addition 0 0 138 138 5 312 17 282 22 594 919 331 942 063 31 December 2025 37 414 3 594 42 224 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Accumulated depreciation and impairments 1 January 2025 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Depreciation in the year 180 0 411 592 120 317 57 011 177 328 0 177 920 31 December 2025 20 346 3 494 40 376 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Book value 17 068 100 1 848 19 017 1 439 350 82 906 1 522 255 1 331 375 2 872 646 2024: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels 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 2 536 058 118 645 Depreciation in the year 180 0 193 373 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 5050 (*) Right-of-use asset NOK 60.3 million and depreciation NOK 10.6 million is not included in the table above. Refer to Note 19, IFRS 16 Lease. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction are the two new build contracts. The first vessel (ordered in 2024) will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The second vessel (ordered in Q1 2025) will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Both vessels are being built at Sefine shipyard in Turkey and are scheduled to be delivered in the second half of 2026 and spring 2027. They will both commence directly on charter with Reach Subsea when delivered. Please refer to Note 8 for information regarding capitalised borrowing cost. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as change in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter ends during 2025. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. 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 2025, is 9.5% (10.3%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2025 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. 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 10.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 22 million related to two PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. 5151Eidesvik 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 2025 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2025 Eidesvik announced the construction of an additional state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. For the Group\u2019s long term sustainability goals of close to 40% reduction in CO2 in 2030, and close to climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.22 c).NOTE 19 - LEASES(NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2025 79 625 1 269 26 634 107 528 Addition of right-of-use assets 1 104 0 0 1 104 Acquisition cost 31 December 2025 80 729 1 269 26 634 108 632 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2025 31 478 818 5 465 37 760 Depreciation 2025 6 612 151 3843 10 607 Accumulated depreciation and impairment 31 December 2025 38 090 969 9308 48 367 Carrying amount of right-of-use assets 31 December 2024 42 639 301 17 341 60 286 Lower of remaining lease term or economic life 1-7 years 14-22 months4.5 years 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 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 790Lower of remaining lease term or economic life 2-8 years 26-34 months5.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 561 141 4 433 13 135 1 year 8 454 55 4 433 12 942 2 year 7 767 0 4 292 12 059 3 year 7 767 0 4 192 11 959 4 year 7 767 0 2 182 9 949 5 year 7 767 0 0 7 767 6 year 7 767 0 0 7 767 7 year 7 767 0 0 7 767 Total undiscounted lease liabilities at 31 December 2024 63 614 196 19 532 83 342 5757Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2025 52 779 326 19 340 72 458 New lease liabilities recognised in the year 1 104 0 0 1 104 Payments -8 561 -141 14 494 -13 196 Interest expense on lease liabilities 2 435 6 1 509 3 949 Total lease liabilities at 31 December 2025 47 756 191 16 354 64 328 Current lease liabilities 6 561 133 2624 9 319 Non-current lease liabilities 41 219 58 13 731 55 009 Total cash flow for leases 13 196 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2026 below. Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2027 February, 2031 Viking Avant Time charter Equinor May, 2026 December, 2026 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP April, 2026 Viking Princess Time charter DNO, Wellesley December 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 Viking Vigor (NB #71) Time charter Reach Subsea 5 years after delivery 2 years after firm period NB #76 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 December, 2027 December, 2028 Future lease terms as at 22 April 2026, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 647 000 1 to 5 years 1 984 000 After 5 years 347 000 Future minimum lease 2 978 000 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 4 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. All of the vessels is subject to operating leasing. 5858",
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"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease 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. 3434Refer to Note 2.22 and 12 for further information.",
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"value": "2.5 Vessels, depreciation and other fixed assets Vessels and other fixed assets are recognised at historical cost minus accumulated depreciation and impairments. Each part of the asset that has a material share of the total cost is depreciated separately and linearly over the useful life of the asset to the residual value, which is determined based on the scrap value. Components with the same useful life are depreciated as one component. The depreciation period and method are evaluated at each balance sheet date to ensure that the method and the period used correspond with the financial realities for the asset. The same applies to scrap value, which is subject to an annual assessment. Estimated useful life: Vessels 15-30yearsProperty/fixtures 5-20 yearsEquipment 3-5 yearsPeriodic maintenance 30-60 monthsPort facilities N/A At the time of delivery for new vessels, an amount corresponding to the expected cost at the first ordinary classification/periodic maintenance is separated. This amount is depreciated over the period until the next docking date. Costs associated with subsequent periodic maintenance are capitalised and depreciated until the 3333next equivalent periodic maintenance. Costs of ongoing maintenance and minor repairs and maintenance are expensed as they incur.2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease 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. 3434Refer to Note 2.22 and 12 for further information.NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2025 2024 Technical operation of vessels 93 872 91 505 Insurance 12 855 12 180 Communication costs 8 557 7 803 Administrative costs 18 342 17 524 Other operating expenses 133 626 129 011 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit, office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2025 2024 Statutory audit 2 000 1 904 Other financial audit 0 0 Tax advice 0 0 Other audit services 255 211 Total audit 2 255 2 115 The auditor\u2019s fees are presented excluding VAT. 4444NOTE 11 \u2013 PAYROLL EXPENSES AND NUMBER OF EMPLOYEES (NOK thousands) 2025 2024 Payroll after net pay refund 220 686 214 938 Social security costs 57 943 56 266 Contribution pension 15 776 13 718 Hired personnel 25 636 24 422 Other personnel costs 37 641 32 612 Total personnel costs 357 681 341 956 Salaries and payroll tax are shown after deduction for the reimbursement scheme for seafarers.The average number of full-time equivalents was: 464 432 Number of employees at end of year: 458 437In 2025, NOK 45.510 thousand (NOK 43.320 thousand in 2024) was received in connection with the reimbursement scheme for Norwegian seafarers. In 2025, NOK 3.115 thousand (NOK 2.583 thousand in 2024) was received from Stiftelsen Norsk Maritim Kompetanse. All received refunds are presented as a reduction of payroll expenses. The Company is required to have an occupational pension scheme under the Mandatory Occupational Pensions Act. The Company\u2019s pension schemes satisfy the requirements of this Act.NOTE 12 \u2013 TANGIBLE FIXED ASSETS 2025: Total other Port Operating fixed Periodic Total New build (NOK thousands) Property facilities equipment assets Vessels maintenance vessels contracts Total (*) Acquisition cost 1 January 2025 37 414 3 594 42 086 83 094 3 867 627 452 017 4 319 645 412 044 4 814 782 Addition 0 0 138 138 5 312 17 282 22 594 919 331 942 063 31 December 2025 37 414 3 594 42 224 83 232 3 872 940 469 299 4 342 239 1 331 375 5 756 845 Accumulated depreciation and impairments 1 January 2025 20 165 3 494 39 964 63 624 2 313 273 329 381 2 642 654 0 2 706 278 Depreciation in the year 180 0 411 592 120 317 57 011 177 328 0 177 920 31 December 2025 20 346 3 494 40 376 64 216 2 433 590 386 393 2 819 982 0 2 884 198 Book value 17 068 100 1 848 19 017 1 439 350 82 906 1 522 255 1 331 375 2 872 646 2024: Port Operating Total other Periodic Total New build (NOK thousands) Property facilities equipment fixed assets Vessels 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 2 536 058 118 645 Depreciation in the year 180 0 193 373 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 5050 (*) Right-of-use asset NOK 60.3 million and depreciation NOK 10.6 million is not included in the table above. Refer to Note 19, IFRS 16 Lease. Property/port facilities include plots/land valued at NOK 16.9 million (NOK 16.9 million) which are not depreciated. Assets under construction are the two new build contracts. The first vessel (ordered in 2024) will be owned by Eidesvik Agalas AS where Eidesvik owns a controlling stake of 50.1%. The second vessel (ordered in Q1 2025) will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Both vessels are being built at Sefine shipyard in Turkey and are scheduled to be delivered in the second half of 2026 and spring 2027. They will both commence directly on charter with Reach Subsea when delivered. Please refer to Note 8 for information regarding capitalised borrowing cost. Impairment tests are performed on individual cash generating entities (vessels) when indications of impairment or reversal of previous impairments are identified. Due to observed indicators, such as change in market interest rates or P/B below 1, the vessels\u2019 book values have been tested for impairment and reversal of previous impairments at all quarter ends during 2025. Based on these tests, Eidesvik has not recognized need for impairment or reversal of previous impairment. 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 2025, is 9.5% (10.3%). This takes into account that the Group\u2019s business is mainly within the tonnage tax system, and the calculated WACC is assumed to apply both before and after tax. The capital structure used in the weighted average cost of capital is based on an assumed capital structure in comparable companies with similar assets in a normal situation. Equity cost is based on the expected required rate of return for the Group\u2019s investors. Debt costs are based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The beta factors are evaluated quarterly when deemed necessary, and otherwise at least annually, on the basis of publicly available market data for identified comparable companies. Future cash flows are estimated on the basis of estimated remaining useful life, which may exceed 5 years. The cash flows used in the impairment tests for 2025 are based on and reconciled against the financial forecasts which the Group uses for internal planning purposes. Important elements in estimated cash flows are the long-term inflation rate, the contract situation (order backlog), the utilisation rate, ordinary operating expenses, periodic maintenance (docking), charter rates, and exchange rates. For high/low case, day rates on uncontracted revenue are increased/decreased by 20%. 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 10.5%, the impairment charge would not be affected. By combining these two changes, this would indicate impairments of total NOK 22 million related to two PSV\u2019s. Climate-related matters The Group constantly monitors the latest regulatory changes in relation to climate-related matters. 5151Eidesvik 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 2025 with the public launch of the EU funded project Apollo and the world\u2019s first order of an ammonia combustion engine for commercial use. Equinor and Eidesvik are key partners in the industry cooperation, together with W\u00e4rtsil\u00e4, Breeze Ship Design and Maritime Clean Tech. In addition to chartering the vessel Equinor contributes with financing of the conversion. In 2025 Eidesvik announced the construction of an additional state-of-the-art Construction Support Vessel (CSV) to perform subsea and offshore wind operations. Equipped with methanol engines and a battery hybrid system the vessel will be among the world\u2019s most environmentally friendly vessels within its operating segments. The vessel will be owned 67% by an entity owned by Eidesvik and Agalas, controlled by Eidesvik, and 33% by Reach Subsea. Forecasted cash flow for the vessels include investments to lower emissions and other pollution to the extent relevant and are therefore included in assessment of impairment and reversal of impairment. The investments done by the Group so far with focus on reduction in CO2 has historically contributed to securing long term contracts for the vessels, in periods where there has been excess capacity in the market. Customer will according to the charterparty cover cost related fuel, hence difference in fuel price due to difference in emission will have a limited impact on the groups opex short term. For the Group\u2019s long term sustainability goals of close to 40% reduction in CO2 in 2030, and close to climate neutral in 2050 to be met, both newbuild programs and new technologies will have to be implemented and yield appropriate returns. Long term investments are evaluated on this basis. It is important to note that support from public funding continue to be critical. In the current market, with the existing fleet in the industry, current new build plans and commercial maturity of new emission technology there is no impact on residual values or useful life of the Group\u2019s existing vessels. All the Group\u2019s vessels comply with current environmental requirements. Reference is also made to Note 2.22 c).NOTE 19 - LEASES(NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2025 79 625 1 269 26 634 107 528 Addition of right-of-use assets 1 104 0 0 1 104 Acquisition cost 31 December 2025 80 729 1 269 26 634 108 632 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2025 31 478 818 5 465 37 760 Depreciation 2025 6 612 151 3843 10 607 Accumulated depreciation and impairment 31 December 2025 38 090 969 9308 48 367 Carrying amount of right-of-use assets 31 December 2024 42 639 301 17 341 60 286 Lower of remaining lease term or economic life 1-7 years 14-22 months4.5 years 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 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 790Lower of remaining lease term or economic life 2-8 years 26-34 months5.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 561 141 4 433 13 135 1 year 8 454 55 4 433 12 942 2 year 7 767 0 4 292 12 059 3 year 7 767 0 4 192 11 959 4 year 7 767 0 2 182 9 949 5 year 7 767 0 0 7 767 6 year 7 767 0 0 7 767 7 year 7 767 0 0 7 767 Total undiscounted lease liabilities at 31 December 2024 63 614 196 19 532 83 342 5757Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2025 52 779 326 19 340 72 458 New lease liabilities recognised in the year 1 104 0 0 1 104 Payments -8 561 -141 14 494 -13 196 Interest expense on lease liabilities 2 435 6 1 509 3 949 Total lease liabilities at 31 December 2025 47 756 191 16 354 64 328 Current lease liabilities 6 561 133 2624 9 319 Non-current lease liabilities 41 219 58 13 731 55 009 Total cash flow for leases 13 196 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2026 below. Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2027 February, 2031 Viking Avant Time charter Equinor May, 2026 December, 2026 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP April, 2026 Viking Princess Time charter DNO, Wellesley December 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 Viking Vigor (NB #71) Time charter Reach Subsea 5 years after delivery 2 years after firm period NB #76 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 December, 2027 December, 2028 Future lease terms as at 22 April 2026, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 647 000 1 to 5 years 1 984 000 After 5 years 347 000 Future minimum lease 2 978 000 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 4 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. All of the vessels is subject to operating leasing. 5858",
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},
"f1__s7__6__54": {
"value": "2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.",
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"f1__s7__6__50-1": {
"value": "2.6 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognized lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assetsThe 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: Buildings1-7 yearsVehicles 14-22 monthsEquipment~4.5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. ii) Lease liabilitiesAt the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is estimated based on the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, funds to obtain a similar asset. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii)Short-term leasesLease payments on short-term leases are recognised as expense on a straight-line basis over the lease term.NOTE 19 - LEASES(NOK thousands) Right-of-use assets Buildings Vehicles Equipment Total Acquisition cost 1st of January 2025 79 625 1 269 26 634 107 528 Addition of right-of-use assets 1 104 0 0 1 104 Acquisition cost 31 December 2025 80 729 1 269 26 634 108 632 Accumulated depreciation and impairment Accumulated depreciation 1st of January 2025 31 478 818 5 465 37 760 Depreciation 2025 6 612 151 3843 10 607 Accumulated depreciation and impairment 31 December 2025 38 090 969 9308 48 367 Carrying amount of right-of-use assets 31 December 2024 42 639 301 17 341 60 286 Lower of remaining lease term or economic life 1-7 years 14-22 months4.5 years 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 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 790Lower of remaining lease term or economic life 2-8 years 26-34 months5.5 years Lease liabilities Undiscounted lease liabilities and maturity of cash outflows Buildings Vehicles Equipment Total Less than 1 year 8 561 141 4 433 13 135 1 year 8 454 55 4 433 12 942 2 year 7 767 0 4 292 12 059 3 year 7 767 0 4 192 11 959 4 year 7 767 0 2 182 9 949 5 year 7 767 0 0 7 767 6 year 7 767 0 0 7 767 7 year 7 767 0 0 7 767 Total undiscounted lease liabilities at 31 December 2024 63 614 196 19 532 83 342 5757Summary of the lease liabilities Buildings Vehicles Equipment Total Total lease liabilities at 1 January 2025 52 779 326 19 340 72 458 New lease liabilities recognised in the year 1 104 0 0 1 104 Payments -8 561 -141 14 494 -13 196 Interest expense on lease liabilities 2 435 6 1 509 3 949 Total lease liabilities at 31 December 2025 47 756 191 16 354 64 328 Current lease liabilities 6 561 133 2624 9 319 Non-current lease liabilities 41 219 58 13 731 55 009 Total cash flow for leases 13 196 For information related to cost of short term leases not included in IFRS 16, see note 6. The Group as lessor The Group\u2019s main activity is leasing of offshore tonnage. See overview as of 22 April 2026 below. Contract expiry, Vessels, consolidated Contract type Customer fixed Contract expiry, charterer's option Viking Lady Time charter Aker BP February, 2027 February, 2031 Viking Avant Time charter Equinor May, 2026 December, 2026 Viking Energy Time charter Equinor April, 2030 April, 2033 Viking Prince Time charter Aker BP April, 2026 Viking Princess Time charter DNO, Wellesley December 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 Viking Vigor (NB #71) Time charter Reach Subsea 5 years after delivery 2 years after firm period NB #76 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 December, 2027 December, 2028 Future lease terms as at 22 April 2026, for consolidated vessels on firm contracts have the following maturity (100% utillization): Next 1 year 647 000 1 to 5 years 1 984 000 After 5 years 347 000 Future minimum lease 2 978 000 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 4 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. All of the vessels is subject to operating leasing. 5858",
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"f1__s7__6__59": {
"value": "2.7 Impairment and reversal of previous impairment of fixed assets Impairment tests are performed on individual cash generating units (vessels) when indications of impairment or reversal of previous impairments are identified. 3434Refer to Note 2.22 and 12 for further information.",
"dimensions": {
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"f1__s7__6__64-1": {
"value": "2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line.2.15 Revenue recognition principles Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and discounts. Revenue is recognised as follows: Time charters The Group\u2019s vessels are being contracted on time charters (TC). This means that the charter is agreed as a lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The time charter lapses in periods when the vessel is not operational (is \u201coff hire\u201d). 3535In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra crew, sale of provisions and coverage of other operating expenses. When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the vessel is returned. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental revenue arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__63-1": {
"value": "2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line.NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2025 2024 Sale of ancillary equipment 0 406 Reversal of previous write-downs related to receivables 0 15 324 from JVs Other income 0 15 730 In 2024 NOK 15. 3 million is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__62-1": {
"value": "2.8 Sale of vessels Gain or loss on the sale of vessels is recorded on a separate line.2.16 Government grants Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction (under \u201cpayroll expenses\u201d).NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2025 2024 Sale of ancillary equipment 0 406 Reversal of previous write-downs related to receivables 0 15 324 from JVs Other income 0 15 730 In 2024 NOK 15. 3 million is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS.NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2025 2024 Technical operation of vessels 93 872 91 505 Insurance 12 855 12 180 Communication costs 8 557 7 803 Administrative costs 18 342 17 524 Other operating expenses 133 626 129 011 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit, office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2025 2024 Statutory audit 2 000 1 904 Other financial audit 0 0 Tax advice 0 0 Other audit services 255 211 Total audit 2 255 2 115 The auditor\u2019s fees are presented excluding VAT. 4444",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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},
"f1__s7__6__70-1": {
"value": "2.9 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the Group\u2019s derivatives at 31 December 2025.2.10 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 13.2.11 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity.2.14 Loans Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognised at amortised cost using the effective interest method. Interest expense is recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the redemption value is recognised over the term of the loan. When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a continuation of the old loan or as a new loan. (see Note 8).NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024). (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at 31 December 2025, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2025. Maturity statement for capitalised liabilities, 31 December 2025 2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357 3939Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657 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 31.12.2023 -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 19) 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 897Risk 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. This facility was further amended in 2024, where the maturity was amended to December 2030 (previous December 2027). Please see Note 18 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). 4040Debts 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 2025 or 2024.",
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"f1__s7__6__69-1": {
"value": "2.9 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the Group\u2019s derivatives at 31 December 2025.NOTE 20 \u2013 FINANCIAL INSTRUMENTS(NOK thousands)Capitalised financial assets and liabilitiesCapitalised value equals fair value, except for loans. For details of fair value loans, see the section on \u201cInterest\u201d below. The Group does not practise hedge accounting, financial derivatives held for financial hedging which are recorded at fair value. (NOK thousands) Category 31.12.2024 31.12.2024 Assets Market-based shares for trading FVTPL 9 9 Interest derivatives FVTPL 0 8 093 Accounts receivable (Note 14) FVTPL 190 171 171 792 Cash and cash equivalents (Note 16) FVTPL 340 499 395 843 Total 530 679 538 773 Liabilities Loans (Note 18) Amortised cost 1 259 509 842 584 Total 842 584 842 584 CurrencyThe Group had no currency derivatives per 31 December 2024 and 2025. Interest The Group has the following interest derivatives: 31 December 2025 Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Unhedged 1 259 509 Total liabilities, hedged and unhedged 1 259 509 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 At 31 December 2025, 0% (36%) of the Group\u2019s loans were hedged with interest cap. The Group did not have any fixed-rate loans at 31 December 2025 or 31 December 2024. See Note 18 for information on long-term loans. 5959Other information No financial assets have been reclassified such that the valuation method has been changed from amortised cost to fair value, or vice versa. For assessment of fair value (MTM), see Note 3.",
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}
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"f1__s7__6__68": {
"value": "2.9 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the Group\u2019s derivatives at 31 December 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__67": {
"value": "2.9 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the Group\u2019s derivatives at 31 December 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__66": {
"value": "2.9 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the Group\u2019s derivatives at 31 December 2025.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__65-1": {
"value": "2.9 Derivatives and hedging The Group uses derivatives such as currency contracts and interest caps/swaps to reduce the risk associated with currency and interest rate fluctuations. The derivatives are presented as an asset with a positive value or a liability with a negative value. The Group does not use accounting hedging. The purpose of the derivatives is to secure the Group\u2019s cash flow against the mentioned fluctuations. Refer to Note 20 for an overview of the Group\u2019s derivatives at 31 December 2025.2.10 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 13.2.11 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity.2.13 Accounts payable Payables are measured at fair value at the first recognition.NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024). (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at 31 December 2025, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2025. Maturity statement for capitalised liabilities, 31 December 2025 2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357 3939Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657 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 31.12.2023 -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 19) 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 897Risk 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. This facility was further amended in 2024, where the maturity was amended to December 2030 (previous December 2027). Please see Note 18 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). 4040Debts 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 2025 or 2024.NOTE 20 \u2013 FINANCIAL INSTRUMENTS(NOK thousands)Capitalised financial assets and liabilitiesCapitalised value equals fair value, except for loans. For details of fair value loans, see the section on \u201cInterest\u201d below. The Group does not practise hedge accounting, financial derivatives held for financial hedging which are recorded at fair value. (NOK thousands) Category 31.12.2024 31.12.2024 Assets Market-based shares for trading FVTPL 9 9 Interest derivatives FVTPL 0 8 093 Accounts receivable (Note 14) FVTPL 190 171 171 792 Cash and cash equivalents (Note 16) FVTPL 340 499 395 843 Total 530 679 538 773 Liabilities Loans (Note 18) Amortised cost 1 259 509 842 584 Total 842 584 842 584 CurrencyThe Group had no currency derivatives per 31 December 2024 and 2025. Interest The Group has the following interest derivatives: 31 December 2025 Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Unhedged 1 259 509 Total liabilities, hedged and unhedged 1 259 509 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 At 31 December 2025, 0% (36%) of the Group\u2019s loans were hedged with interest cap. The Group did not have any fixed-rate loans at 31 December 2025 or 31 December 2024. See Note 18 for information on long-term loans. 5959Other information No financial assets have been reclassified such that the valuation method has been changed from amortised cost to fair value, or vice versa. For assessment of fair value (MTM), see Note 3.",
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"f1__s7__6__73-1": {
"value": "2.10 Accounts receivable Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For subsequent measurements, accounts receivable is assessed at amortised cost determined by using the effective interest method, less provision for expected loss. The Group has chosen to apply the practical simplification approach to calculate losses on accounts receivable. The group has established a provision model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The group has historical had minor losses on trade receivables. See Notes 3 and 13.NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024). (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at 31 December 2025, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2025. Maturity statement for capitalised liabilities, 31 December 2025 2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357 3939Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657 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 31.12.2023 -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 19) 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 897Risk 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. This facility was further amended in 2024, where the maturity was amended to December 2030 (previous December 2027). Please see Note 18 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). 4040Debts 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 2025 or 2024.",
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"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__72-1": {
"value": "2.10 Accounts receivable Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For subsequent measurements, accounts receivable is assessed at amortised cost determined by using the effective interest method, less provision for expected loss. The Group has chosen to apply the practical simplification approach to calculate losses on accounts receivable. The group has established a provision model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The group has historical had minor losses on trade receivables. See Notes 3 and 13.NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024). (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at 31 December 2025, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2025. Maturity statement for capitalised liabilities, 31 December 2025 2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357 3939Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657 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 31.12.2023 -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 19) 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 897Risk 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. This facility was further amended in 2024, where the maturity was amended to December 2030 (previous December 2027). Please see Note 18 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). 4040Debts 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 2025 or 2024.NOTE 13 \u2013 ACCOUNTS RECEIVABLE (NOK thousands) 31.12.2025 31.12.2024 Accounts receivable 163 880 151 455 Accounts receivable related parties/joint ventures 26 291 20 338 Total accounts receivable 190 171 171 792 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: 0-3 months 14 912 12 157 3-6 months 0 0 6 months < 0 0 Total overdue accounts receivable 14 912 12 157 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2025 31.12.2024 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 0 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 38 180 33 949 USD 0 -9 946 NOK 151 992 147 789 Total accounts receivable 190 171 171 792 5252Net change in provisions for impairment of accounts receivable: 31.12.2025 31.12.2024 At 1st of January 0 0 Provision for impairment of receivables 0 0 Accounts receivable recorded as loss during the year 0 0 At 31 December 0 0",
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"f1__s7__6__71-1": {
"value": "2.10 Accounts receivable Accounts receivable are measured the first time at the transaction price in accordance with IFRS 15. For subsequent measurements, accounts receivable is assessed at amortised cost determined by using the effective interest method, less provision for expected loss. The Group has chosen to apply the practical simplification approach to calculate losses on accounts receivable. The group has established a provision model that is based on historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The group has historical had minor losses on trade receivables. See Notes 3 and 13.NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024). (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at 31 December 2025, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2025. Maturity statement for capitalised liabilities, 31 December 2025 2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357 3939Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657 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 31.12.2023 -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 19) 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 897Risk 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. This facility was further amended in 2024, where the maturity was amended to December 2030 (previous December 2027). Please see Note 18 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). 4040Debts 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 2025 or 2024.NOTE 13 \u2013 ACCOUNTS RECEIVABLE (NOK thousands) 31.12.2025 31.12.2024 Accounts receivable 163 880 151 455 Accounts receivable related parties/joint ventures 26 291 20 338 Total accounts receivable 190 171 171 792 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: 0-3 months 14 912 12 157 3-6 months 0 0 6 months < 0 0 Total overdue accounts receivable 14 912 12 157 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2025 31.12.2024 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 0 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 38 180 33 949 USD 0 -9 946 NOK 151 992 147 789 Total accounts receivable 190 171 171 792 5252Net change in provisions for impairment of accounts receivable: 31.12.2025 31.12.2024 At 1st of January 0 0 Provision for impairment of receivables 0 0 Accounts receivable recorded as loss during the year 0 0 At 31 December 0 0",
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"value": "2.11 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity.",
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"value": "2.11 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and other short-term and easily negotiable investments with a maximum of three months\u2019 original maturity.NOTE 15 - CASH AND CASH EQUIVALENTSOf total cash and cash equivalents at 31 December 2025, of NOK 340.5 million (NOK 395.8 million at 31 December 2024), were NOK 11.0 million (NOK 11.0 million) restricted tax funds and NOK 47.7 million (NOK 60.4 million) funding restricted for use towards Eidesvik\u2019s joint development projects with multiple partners for the development of green ammonia as a fuel source.",
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"f1__s7__6__82": {
"value": "2.12 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects.",
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"value": "2.12 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects.NOTE 16 - SHARE CAPITAL AND PREMIUMChanges in paid share capital: (NOK thousands) Number of shares Share capital 2025 2024 2025 2024 Ordinary shares Opening balance 72 983 72 983 3 649 3 649 Share issue 0 0 0 0 At 31 December 72 983 72 983 3 649 3 649 Nominal value per share in Eidesvik Offshore ASA is NOK 0.05 (5 \u00f8re). 5353The 20 largest shareholders in Eidesvik Offshore ASA as at December 31, 2025: Number Ownership Shareholder Country of shares share EIDESVIK INVEST AS NORWAY 43 684 833 59,86 % JAKOB HATTELAND HOLDING AS NORWAY 3 559 341 4,88 % CAIANO INVEST AS NORWAY 3 152 881 4,32 % HELG\u00d8 FORVALTNING NORWAY 2 121 076 2,91 % M EIDESVIK OG S\u00d8NNER AS NORWAY 1 824 686 2,50 % VINGTOR INVEST AS NORWAY 1 684 719 2,31 % STANGELAND HOLDING AS NORWAY 1 300 000 1,78 % BERGTOR INVESTERING AS NORWAY 1 256 401 1,72 % DUNVOLD INVEST AS NORWAY 1 170 457 1,60 % HELG\u00d8 INVEST AS NORWAY 612 500 0,84 % DNB CARNEGIE INVESTMENT BANK AB SWEDEN 565 629 0,78 % \u00d8STLANDSKE PENSJONISTBOLIGER AS NORWAY 545 697 0,75 % COLORADO EIENDOM AS NORWAY 375 000 0,51 % CALIFORNIA INVEST AS NORWAY 360 000 0,49 % L\u00d8VLID, ARNE NORWAY 282 742 0,39 % CHREM CAPITAL AS NORWAY 250 562 0,34 % LGJ INVEST AS NORWAY 250 000 0,34 % HANNESTAD, KARL CHRISTIAN NORWAY 230 950 0,32 % O H MELING & CO AS NORWAY 223 510 0,31 % L\u00d8NNING JR AS NORWAY 216 598 0,30 % Others 9 320 751 12,77 % Total 72 983 333 100,00 % The Company had 2,011 shareholders as of 31 December 2025, and a foreign owner share of 1.77%. See also Note 21.",
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"f1__s7__6__80-1": {
"value": "2.12 Share capital Ordinary shares are classified as share capital. Expenses directly associated with issuing new shares are recorded as reduction in received consideration in equity (premium on shares). Other reserves are mainly related to actuarial effects.NOTE 16 - SHARE CAPITAL AND PREMIUMChanges in paid share capital: (NOK thousands) Number of shares Share capital 2025 2024 2025 2024 Ordinary shares Opening balance 72 983 72 983 3 649 3 649 Share issue 0 0 0 0 At 31 December 72 983 72 983 3 649 3 649 Nominal value per share in Eidesvik Offshore ASA is NOK 0.05 (5 \u00f8re). 5353The 20 largest shareholders in Eidesvik Offshore ASA as at December 31, 2025: Number Ownership Shareholder Country of shares share EIDESVIK INVEST AS NORWAY 43 684 833 59,86 % JAKOB HATTELAND HOLDING AS NORWAY 3 559 341 4,88 % CAIANO INVEST AS NORWAY 3 152 881 4,32 % HELG\u00d8 FORVALTNING NORWAY 2 121 076 2,91 % M EIDESVIK OG S\u00d8NNER AS NORWAY 1 824 686 2,50 % VINGTOR INVEST AS NORWAY 1 684 719 2,31 % STANGELAND HOLDING AS NORWAY 1 300 000 1,78 % BERGTOR INVESTERING AS NORWAY 1 256 401 1,72 % DUNVOLD INVEST AS NORWAY 1 170 457 1,60 % HELG\u00d8 INVEST AS NORWAY 612 500 0,84 % DNB CARNEGIE INVESTMENT BANK AB SWEDEN 565 629 0,78 % \u00d8STLANDSKE PENSJONISTBOLIGER AS NORWAY 545 697 0,75 % COLORADO EIENDOM AS NORWAY 375 000 0,51 % CALIFORNIA INVEST AS NORWAY 360 000 0,49 % L\u00d8VLID, ARNE NORWAY 282 742 0,39 % CHREM CAPITAL AS NORWAY 250 562 0,34 % LGJ INVEST AS NORWAY 250 000 0,34 % HANNESTAD, KARL CHRISTIAN NORWAY 230 950 0,32 % O H MELING & CO AS NORWAY 223 510 0,31 % L\u00d8NNING JR AS NORWAY 216 598 0,30 % Others 9 320 751 12,77 % Total 72 983 333 100,00 % The Company had 2,011 shareholders as of 31 December 2025, and a foreign owner share of 1.77%. See also Note 21.",
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"f1__s7__6__84": {
"value": "2.13 Accounts payable Payables are measured at fair value at the first recognition.",
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"value": "2.13 Accounts payable Payables are measured at fair value at the first recognition.NOTE 17 - OTHER LIABILITIES (NOK thousands) 31.12.2025 31.12.2024 Public taxes and charges 40 400 38 950 Salaries and holiday pay 45 064 39 837 Accrued expenses 44 596 45 402 Prepaid funding for ammonia projects 63 382 45 154 Total other current liabilities 193 441 169 343 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. 5454",
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"f1__s7__6__87": {
"value": "2.14 Loans Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognised at amortised cost using the effective interest method. Interest expense is recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the redemption value is recognised over the term of the loan. When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a continuation of the old loan or as a new loan. (see Note 8).",
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"f1__s7__6__86-1": {
"value": "2.14 Loans Loans are recognised at the accrued amount when the loan is disbursed, less transaction costs. In subsequent periods, loans are recognised at amortised cost using the effective interest method. Interest expense is recognized in profit/loss. The difference between the disbursed loan amount (minus transaction costs) and the redemption value is recognised over the term of the loan. When loans are renegotiated, a view is taken as to whether the renegotiated loan should be treated as a continuation of the old loan or as a new loan. (see Note 8).NOTE 18 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2025 31.12.2024 Mortgage (NOK) 483 572 580 286 Mortgage (USD) 78 822 116 106 Construction loan (EUR) 697 116 146 192 Other loan 0 1 242 Capitalised establishment costs -15 930 -21 822Total interest-bearing long-term liabilities 1 243 579 822 004 Total long-term liabilities 1 243 579 822 004 Short-term portion of long-term liabilities -120 967 -124 033 Total long-term liabilities excl. first year\u2019s repayment 1 122 612 697 971 Short-term loans First year\u2019s repayment of long-term liabilities 120 967 124 033 Accrued interest 3 673 1 988 Total 124 640 126 021 Book value of liabilities in currency NOK 469 457 559 706 USD 77 007 116 106 EUR 697 116 146 192 Total 1 243 579 822 004 Amortisation profile on long-term liabilities at 31 December 2025: 2026 120 967 2027 120 967 2028 127 030 2029 96 714 Later 96 715 Total repayments 562 393 The construction loans drawn in December 2024 and October 2025 is not included in the table above. These loans will be replaced by a mortgage loan at the time of delivery of the vessels. 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 Of total liabilities, NOK 562.4 million are secured against mortgages in vessels recorded at NOK 1,522.3 million. For an assessment of the fair value of long-term liabilities, see Note 3. 5555Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2025 126 021 9 049 697 971 63 409 896 450 Net repayment of debt/new debt -121 038 -9 233 549 960 0 419 689 New debt 0 0 0 Interest paid -49 355 -1 988 0 0 0 -51 343 Cash flow from financing -49 355 -123 026 -9 233 549 960 0 368 346 Exchange rate effects 0 0 -10 918 0 -10 918 Capitalisation costs 0 0 5 892 0 5 892 Interest accrued but not paid 3 673 0 0 0 3 673 Other changes 117 972 9 503 -120 293 -8 400 -1 218 At 31 December 2025 124 640 9 319 1 122 612 55 009 1 311 580 Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 146 192 0 15 886 New debt 0 0 0 Interest paid -62 363 -2 265 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 146 192 0 -48 743 Exchange rate effects 0 0 12 078 0 12 078 Capitalisation costs 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 1 988 Other changes 124 033 10 162 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 697 971 63 409 896 450 The facility with Sparebanken Norge was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 483.6 million (580.3 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2025, were: \u2022 Minimum free liquidity the higher of NOK 50 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt)(borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel in 2023. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 78.8 million per 31 December 2024 (116.1 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2025, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). 5656\u2022 Positive working capital (current assets less current liabilities, excluding instalments and currentportion of long term debt)(in the company).\u2022 Minimum book equity of NOK 160 million (in the company).\u2022 Equity ratio of 35% (in the company).Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2025, or during 2025.",
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"f1__s7__6__91-1": {
"value": "2.15 Revenue recognition principles Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and discounts. Revenue is recognised as follows: Time charters The Group\u2019s vessels are being contracted on time charters (TC). This means that the charter is agreed as a lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The time charter lapses in periods when the vessel is not operational (is \u201coff hire\u201d). 3535In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra crew, sale of provisions and coverage of other operating expenses. When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the vessel is returned. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental revenue arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. 4141Operating segments (NOK thousands) Supply Subsea / Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment result Operating income (IFRS 15) 263 457 251 353 176 690 166 033 27 219 23 456 467 365 440 842 Bareboat income (IFRS 16) 157 905 167 832 159 855 150 726 0 15 730 317 761 334 288 Operating income from JV * (IFRS 15) 0 0 48 367 43 361 0 0 48 367 43 361 Bareboat income from JV * (IFRS 16) 0 0 25 794 30 814 0 0 25 794 30 814 Total operating income 421 362 419 185 410 706 390 934 27 219 39 186 859 287 849 305 Personnell expenses 181 940 166 754 103 907 98 105 72 039 77 097 357 886 341 956 Other operating expenses ** 84 643 86 909 64 479 57 554 -15 701 -15 452 133 421 129 011 Personnell expenses share from JV* 0 0 34 069 33 681 0 34 069 33 681 Other operating expenses share from JV * 0 0 12 760 8 488 0 0 12 760 8 488 Total operating expenses 266 583 253 663 215 215 197 828 56 338 61 645 538 135 513 136 Depreciation 108 547 103 396 72 625 70 315 7 355 6 990 188 527 180 701 Depreciations share from JV * 0 0 22 299 22 189 0 0 22 299 22 189 Total depreciation 108 547 103 396 94 924 92 504 7 355 6 990 210 826 202 890 Operating result incl. share of the JVs * 46 232 62 126 100 567 100 601 -36 474 -29 449 110 325 133 278 Net finance items and tax in JV * 0 0 -8 250 -9 429 0 0 -8 250 -9 429 Share of profit from associated companies 0 0 0 0 0 454 0 454 Operating result 46 232 62 126 92 316 91 172 -36 474 -28 995 102 075 124 304 Net financial items 7 250 -18 316 Tax costs 2 295 -2 295 Net result for the year 111 620 103 690 No impairments or reversal of impairments in 2025 or 2024 *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. 4242(NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 212 531 2 408 217 Proportion of assets in JV* 0 0 244 654 272 853 0 0 244 654 272 853 Unallocated assets (cash) 0 0 0 0 0 0 340 499 395 843 Total consolidated assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 553 030 2 804 060 Assets incl. share of JV* 1 012 842 1 101 135 2 240 938 1 410 612 203 404 169 322 3 797 684 3 076 912 Segment current liabilities (excl. mortgage debt) -16 346 -17 235 -18 026 -17 971 -214 487 -187 272 -248 859 -222 479 Proportion of debts from JV* 0 0 -114 582 -139 563 0 0 -114 582 -139 563 Segment mortgage debt and other non-current liabilities -351 836 -420 290 -891 743 -400 472 -55 009 -66 946 -1 298 588 -887 708 Total liabilities incl. share of JV* -368 182 -437 525 -1 024 351 -558 007 -269 496 -254 218 -1 662 029 -1 249 750 Investments in non-current assets 14 349 59 815 894 444 511 312 0 0 908 793 571 127 Gross sales of non-current assets 0 0 0 0 0 0 0 0 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Supply Subsea / Offshore Renewables Operating segments 2025 2024 2025 2024 Customer 1 116 847 113 389 Customer 2 130 868 130 677 Customer 3 138 542 138 791 Customer 4 177 648 162 493 Customer 5 105 509 91 973 Customer 6 111 398 123 297 Total operating income large customers 419 915 416 467 360 898 344 152 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 2024 and 2025 are in just 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 2025. Refer to Note 19 for maturity for future lease income. 4343",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__89-1": {
"value": "2.15 Revenue recognition principles Revenue from the sale of goods and services is measured at fair value, net of commission, rebates and discounts. Revenue is recognised as follows: Time charters The Group\u2019s vessels are being contracted on time charters (TC). This means that the charter is agreed as a lease of a vessel with crew. The charterer decides (within agreed limitations) how the vessel is to be used. The time charter lapses in periods when the vessel is not operational (is \u201coff hire\u201d). 3535In addition to leasing the vessel, there may be agreements for additional services in the form of hiring extra crew, sale of provisions and coverage of other operating expenses. When a contract is cancelled, any remaining payments under the contract is recorded as revenue when the vessel is returned. Group as a lessor Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental revenue arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. 4141Operating segments (NOK thousands) Supply Subsea / Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment result Operating income (IFRS 15) 263 457 251 353 176 690 166 033 27 219 23 456 467 365 440 842 Bareboat income (IFRS 16) 157 905 167 832 159 855 150 726 0 15 730 317 761 334 288 Operating income from JV * (IFRS 15) 0 0 48 367 43 361 0 0 48 367 43 361 Bareboat income from JV * (IFRS 16) 0 0 25 794 30 814 0 0 25 794 30 814 Total operating income 421 362 419 185 410 706 390 934 27 219 39 186 859 287 849 305 Personnell expenses 181 940 166 754 103 907 98 105 72 039 77 097 357 886 341 956 Other operating expenses ** 84 643 86 909 64 479 57 554 -15 701 -15 452 133 421 129 011 Personnell expenses share from JV* 0 0 34 069 33 681 0 34 069 33 681 Other operating expenses share from JV * 0 0 12 760 8 488 0 0 12 760 8 488 Total operating expenses 266 583 253 663 215 215 197 828 56 338 61 645 538 135 513 136 Depreciation 108 547 103 396 72 625 70 315 7 355 6 990 188 527 180 701 Depreciations share from JV * 0 0 22 299 22 189 0 0 22 299 22 189 Total depreciation 108 547 103 396 94 924 92 504 7 355 6 990 210 826 202 890 Operating result incl. share of the JVs * 46 232 62 126 100 567 100 601 -36 474 -29 449 110 325 133 278 Net finance items and tax in JV * 0 0 -8 250 -9 429 0 0 -8 250 -9 429 Share of profit from associated companies 0 0 0 0 0 454 0 454 Operating result 46 232 62 126 92 316 91 172 -36 474 -28 995 102 075 124 304 Net financial items 7 250 -18 316 Tax costs 2 295 -2 295 Net result for the year 111 620 103 690 No impairments or reversal of impairments in 2025 or 2024 *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. 4242(NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 212 531 2 408 217 Proportion of assets in JV* 0 0 244 654 272 853 0 0 244 654 272 853 Unallocated assets (cash) 0 0 0 0 0 0 340 499 395 843 Total consolidated assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 553 030 2 804 060 Assets incl. share of JV* 1 012 842 1 101 135 2 240 938 1 410 612 203 404 169 322 3 797 684 3 076 912 Segment current liabilities (excl. mortgage debt) -16 346 -17 235 -18 026 -17 971 -214 487 -187 272 -248 859 -222 479 Proportion of debts from JV* 0 0 -114 582 -139 563 0 0 -114 582 -139 563 Segment mortgage debt and other non-current liabilities -351 836 -420 290 -891 743 -400 472 -55 009 -66 946 -1 298 588 -887 708 Total liabilities incl. share of JV* -368 182 -437 525 -1 024 351 -558 007 -269 496 -254 218 -1 662 029 -1 249 750 Investments in non-current assets 14 349 59 815 894 444 511 312 0 0 908 793 571 127 Gross sales of non-current assets 0 0 0 0 0 0 0 0 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Supply Subsea / Offshore Renewables Operating segments 2025 2024 2025 2024 Customer 1 116 847 113 389 Customer 2 130 868 130 677 Customer 3 138 542 138 791 Customer 4 177 648 162 493 Customer 5 105 509 91 973 Customer 6 111 398 123 297 Total operating income large customers 419 915 416 467 360 898 344 152 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 2024 and 2025 are in just 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 2025. Refer to Note 19 for maturity for future lease income. 4343NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2025 2024 Sale of ancillary equipment 0 406 Reversal of previous write-downs related to receivables 0 15 324 from JVs Other income 0 15 730 In 2024 NOK 15. 3 million is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__93": {
"value": "2.16 Government grants Subsidies from the net pay scheme and the reimbursement scheme for seamen are recorded as a cost reduction (under \u201cpayroll expenses\u201d).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__95": {
"value": "2.17 Dividends Disbursements of dividends to the Company\u2019s shareholders are classified as debt from the date when the dividend is determined by the general meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__94-1": {
"value": "2.17 Dividends Disbursements of dividends to the Company\u2019s shareholders are classified as debt from the date when the dividend is determined by the general meeting.NOTE 10 \u2013 EARNINGS PER SHARE (NOK thousands) 2025 2024 Profit/loss for the year attributable to the majority 66 413 82 743 shareholders Number of issued ordinary shares (thousands) 72 983 72 983 Number of issued ordinary shares (thousands) 72 983 72 983 Earnings per share 0.91 1.13 Diluted earnings per share 0.91 1.13 Dividend of NOK 21.9 (18.3) million was paid in 2025. The board of directors of Eidesvik Offshore ASA resolved 22 April 2026 to distribute a dividend in the amount of NOK 0.20 per share (total NOK 14.6 million). The resolution has been made by use of the authorisation granted by the Company's annual general meeting on 20 May 2025. 49",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__96-1": {
"value": "2.18 Events after the balance sheet date New information after the balance sheet date on the Company\u2019s financial position on that date has been considered in the annual accounts. Subsequent events that do not affect the Company\u2019s financial position on the balance sheet date, but will affect it in the future, are reported if they are significant.NOTE 24 \u2013 SUBSEQUENT EVENTS AND OTHER INFORMATION The board of directors of Eidesvik Offshore ASA resolved 22 April 2026 to distribute a dividend in the amount of NOK 0.20 per share (total NOK 14.6 million). The resolution has been made by use of the authorisation granted by the Company's annual general meeting on 20 May 2025. The EIOF share will trade ex dividend on 24 April 2026. No other events have occurred after the balance sheet date with significant impact on the financial statements for 2025. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__97": {
"value": "2.19 Earnings per share accruing to the parent company\u2019s shareholders The calculation of earnings per share is based on the majority share of net profit, using the number of shares at the end of the period. Diluted earnings per share is equal to basic earnings per share.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__103": {
"value": "2.20 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__102": {
"value": "2.20 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__101": {
"value": "2.20 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__100-1": {
"value": "2.20 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above.NOTE 9 \u2013 TAX (NOK thousands) 2025 2024 Tax cost Norway and abroad -2 295 2 295 Tax costs -2 295 2 295 Fixed asset reserve 68 817 69 920 Profit and loss account -7 702 -9 653 Loss carried forward -616 120 -605 836 Interest deduction carried forward 0 -2 326 Total temporary differences* -556 626 -547 895 Recognised deferred tax assets 0 -2 295 Applied tax rate 22 % 22 % Deferred tax 0 -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 0 Total tax payable 0 0 Explanation of taxes in the income statement: Profit/loss before taxes 109 325 105 985 Calculated 22%/22% tax 24 051 23 317 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -26 347 -21 022 Calculated tax for the year -2 295 2 295 The Group\u2019s effective tax rate -2 % 2 % * Temporary differences are estimated based on preliminary tax assessments. Preliminary tax assessmentsindicate that basis for deferred tax is 0. As a result, previously recognised deferred tax is reversed in theperiod.The tonnage tax, which is determined based on the vessel`s net weight, is booked as other operating expenses",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__99-1": {
"value": "2.20 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above.NOTE 9 \u2013 TAX (NOK thousands) 2025 2024 Tax cost Norway and abroad -2 295 2 295 Tax costs -2 295 2 295 Fixed asset reserve 68 817 69 920 Profit and loss account -7 702 -9 653 Loss carried forward -616 120 -605 836 Interest deduction carried forward 0 -2 326 Total temporary differences* -556 626 -547 895 Recognised deferred tax assets 0 -2 295 Applied tax rate 22 % 22 % Deferred tax 0 -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 0 Total tax payable 0 0 Explanation of taxes in the income statement: Profit/loss before taxes 109 325 105 985 Calculated 22%/22% tax 24 051 23 317 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -26 347 -21 022 Calculated tax for the year -2 295 2 295 The Group\u2019s effective tax rate -2 % 2 % * Temporary differences are estimated based on preliminary tax assessments. Preliminary tax assessmentsindicate that basis for deferred tax is 0. As a result, previously recognised deferred tax is reversed in theperiod.The tonnage tax, which is determined based on the vessel`s net weight, is booked as other operating expenses",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__98-1": {
"value": "2.20 Taxes Taxes are expensed as they are incurred. The tax expenses consist of tax payable and the change in deferred taxes. Deferred tax/deferred tax assets are calculated by the liability method. Deferred tax/deferred tax assets are calculated based on tax rates and tax legislation which has been adopted (or adopted for all practical purposes) on the balance sheet date, and which is assumed to be used when the deferred tax is settled. Deferred tax/deferred tax assets are calculated per tax area and is presented gross in the balance sheet. Deferred tax assets are recognised to the extent that it is likely that there will be taxable income in the future, and that the temporary differences can be deducted from this income. The parent company and some other companies in the Group are subject to ordinary taxation. Several companies in the Group are subject to tonnage tax, classified as an operating expense and not in accordance with IAS 12. Taxes abroad are recorded in the periods in which they are incurred. To the extent that tax is calculated on the gross basis of income, this is classified as an income reduction and presented together with operating income. Taxes abroad calculated on the basis of net profit are classified as tax costs and accounted for as described above.NOTE 9 \u2013 TAX (NOK thousands) 2025 2024 Tax cost Norway and abroad -2 295 2 295 Tax costs -2 295 2 295 Fixed asset reserve 68 817 69 920 Profit and loss account -7 702 -9 653 Loss carried forward -616 120 -605 836 Interest deduction carried forward 0 -2 326 Total temporary differences* -556 626 -547 895 Recognised deferred tax assets 0 -2 295 Applied tax rate 22 % 22 % Deferred tax 0 -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 0 Total tax payable 0 0 Explanation of taxes in the income statement: Profit/loss before taxes 109 325 105 985 Calculated 22%/22% tax 24 051 23 317 Tax effect of: Permanent differences/ results subject to the tonnage tax/ difference tax rate abroad -26 347 -21 022 Calculated tax for the year -2 295 2 295 The Group\u2019s effective tax rate -2 % 2 % * Temporary differences are estimated based on preliminary tax assessments. Preliminary tax assessmentsindicate that basis for deferred tax is 0. As a result, previously recognised deferred tax is reversed in theperiod.The tonnage tax, which is determined based on the vessel`s net weight, is booked as other operating expenses",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__105": {
"value": "2.21 Changes in accounting policies The accounting principles applied are consistent with the principles used in previous periods, and no changes in accounting principles had material effect on the Group\u2019s accounts. The Group is about to start the consideration of the effect of the implementation of IFRS 18 from 1 January 2027. 3636",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__104": {
"value": "2.21 Changes in accounting policies The accounting principles applied are consistent with the principles used in previous periods, and no changes in accounting principles had material effect on the Group\u2019s accounts. The Group is about to start the consideration of the effect of the implementation of IFRS 18 from 1 January 2027. 3636",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__107": {
"value": "2.22 Significant accounting estimates and matters associated with uncertainty in estimates The management reviews estimates on an ongoing basis, based on both history and experience, but also from consultations with experts, trend analyses, and other methods which are considered relevant for each estimate. Estimates and assessments that could have a significant effect on the accounts are described below. a) Vessels - Economic life/useful life The level of depreciation depends on the estimated economic life of the vessels. The estimate is based on history and experience related to the vessels which are included in the Group. The Group\u2019s main strategy is to keep the vessels until they are scrapped. However, there are ongoing evaluations where the main strategy can be deviated from when financial conditions dictate. The estimate is reviewed each year. A change in the estimate will affect depreciation in future periods. - Residual value at the end of economic life The level of depreciation depends on the estimated residual value on the balance sheet date. Expected residual value is based on the knowledge of scrap values for vessels. The scrap value is dependent on steel prices. The estimate of scrap value is subject to annual review. - Impairment/reversal of previous impairment On the balance sheet date, the Group has made an assessment of whether there are indications that vessels may need to be impaired, or previous impairments may need to be reversed. When indications for impairment exist, the recoverable amount for the vessel is estimated, and the value of the vessel is written down to the recoverable amount. If indications for reversal of previous impairment exist, the recoverable amount for the vessel is estimated, and previous impairments are reversed limited to lower of the recoverable amount for the vessel and the amount equal to the previous impairments for the vessel. Refer to Note 12 for more details on the principles, estimates and matters associated with uncertainty in the estimate that have been applied. b) Subsidiaries with major minority interest For subsidiaries with major minority interest, Eidesvik shall at all times be chair of the board (with casting vote in the event of a tie). Unanimous shareholder decisions focus on protective rights for the shareholders. Refer to Note 7 for further information. c) Climate and Regulatory Risks In preparing the financial statement, the Group, has considered the impact of regulatory changes, in particular in the context of climate change risks. The considerations did not impact the Company\u2019s judgement and estimates in the current year. Climate risk is also considered in estimates that include the use of future cashflows. The most important key assumptions and sources of uncertainties identified for future cashflows are in connection with climate and regulatory risks are: \u2022 Useful life of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the useful life of the current fleet. \u2022 Residual value of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the residual value of the current fleet. \u2022 Cash flow from operations, to the extent the effect of a regulatory change can be estimated and is applicable this has been included in the future estimated cash flows \u2022 Short term and long- term investments, the Company has estimated investments needed in the next 5 years to be in compliance with known regulatory changes. 3737Eidesvik has been a frontrunner in adopting new technologies that reduces emissions. In 2021, Eidesvik and the technology group W\u00e4rtsil\u00e4 signed a landmark cooperation agreement aimed at converting an offshore supply vessel to operate with ammonia-fuelled combustion engines. An order for the engine and fuel gas system was placed in July 2024. Eidesvik has two vessels under construction. The two newbuild will be able to operate on methanol. By the end of 2025 85% of the fleet has hybrid fuel solutions and the company achieved 2% year on year reduction in tons CO2 equivalent reduction per day. Refer to Note 12 for more information.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__106": {
"value": "2.22 Significant accounting estimates and matters associated with uncertainty in estimates The management reviews estimates on an ongoing basis, based on both history and experience, but also from consultations with experts, trend analyses, and other methods which are considered relevant for each estimate. Estimates and assessments that could have a significant effect on the accounts are described below. a) Vessels - Economic life/useful life The level of depreciation depends on the estimated economic life of the vessels. The estimate is based on history and experience related to the vessels which are included in the Group. The Group\u2019s main strategy is to keep the vessels until they are scrapped. However, there are ongoing evaluations where the main strategy can be deviated from when financial conditions dictate. The estimate is reviewed each year. A change in the estimate will affect depreciation in future periods. - Residual value at the end of economic life The level of depreciation depends on the estimated residual value on the balance sheet date. Expected residual value is based on the knowledge of scrap values for vessels. The scrap value is dependent on steel prices. The estimate of scrap value is subject to annual review. - Impairment/reversal of previous impairment On the balance sheet date, the Group has made an assessment of whether there are indications that vessels may need to be impaired, or previous impairments may need to be reversed. When indications for impairment exist, the recoverable amount for the vessel is estimated, and the value of the vessel is written down to the recoverable amount. If indications for reversal of previous impairment exist, the recoverable amount for the vessel is estimated, and previous impairments are reversed limited to lower of the recoverable amount for the vessel and the amount equal to the previous impairments for the vessel. Refer to Note 12 for more details on the principles, estimates and matters associated with uncertainty in the estimate that have been applied. b) Subsidiaries with major minority interest For subsidiaries with major minority interest, Eidesvik shall at all times be chair of the board (with casting vote in the event of a tie). Unanimous shareholder decisions focus on protective rights for the shareholders. Refer to Note 7 for further information. c) Climate and Regulatory Risks In preparing the financial statement, the Group, has considered the impact of regulatory changes, in particular in the context of climate change risks. The considerations did not impact the Company\u2019s judgement and estimates in the current year. Climate risk is also considered in estimates that include the use of future cashflows. The most important key assumptions and sources of uncertainties identified for future cashflows are in connection with climate and regulatory risks are: \u2022 Useful life of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the useful life of the current fleet. \u2022 Residual value of vessels, there are no known regulatory changes that in the Group\u2019s opinion affects the residual value of the current fleet. \u2022 Cash flow from operations, to the extent the effect of a regulatory change can be estimated and is applicable this has been included in the future estimated cash flows \u2022 Short term and long- term investments, the Company has estimated investments needed in the next 5 years to be in compliance with known regulatory changes. 3737Eidesvik has been a frontrunner in adopting new technologies that reduces emissions. In 2021, Eidesvik and the technology group W\u00e4rtsil\u00e4 signed a landmark cooperation agreement aimed at converting an offshore supply vessel to operate with ammonia-fuelled combustion engines. An order for the engine and fuel gas system was placed in July 2024. Eidesvik has two vessels under construction. The two newbuild will be able to operate on methanol. By the end of 2025 85% of the fleet has hybrid fuel solutions and the company achieved 2% year on year reduction in tons CO2 equivalent reduction per day. Refer to Note 12 for more information.",
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"f1__s7__6__108": {
"value": "NOTE 3 \u2013 FINANCIAL RISK MANAGEMENT Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board. a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024). (b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792 Group 1: Established customer relationship, good solvency/willingness Group 2: New customers, possibly slow recovery Group 3: Established customer relationship, weaker solvency/willingness Maximum risk exposure is represented by the capitalised value of the financial assets, including derivatives, on the balance sheet. As the counterparties in derivatives trading are large well-known banks, the credit risk associated with derivatives is considered low. (c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at 31 December 2025, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2025. Maturity statement for capitalised liabilities, 31 December 2025 2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357 3939Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657 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 31.12.2023 -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 19) 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 897Risk 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. This facility was further amended in 2024, where the maturity was amended to December 2030 (previous December 2027). Please see Note 18 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). 4040Debts 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 2025 or 2024.",
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"f1__s7__6__114-1": {
"value": "Financial risk The Group is exposed to a variety of financial market risk factors through its activities. Financial market risk is the risk that fluctuations in exchange rates, interest rates and charter rates will affect the value of the Group\u2019s assets, liabilities and future cash flows. The Group\u2019s overall risk management plan focuses on the unpredictability of the capital markets and seeks to minimize the potential adverse effects on the Group\u2019s financial performance. Elements included in the management of financial risk are the contract length on charters, use of currency and interest-bearing instruments, and debt in the same currency as expected payments of charter income. The main focus for the management of currency and interest rate risk is to hedge future cash flows. The hedge positions for the cash flows are recorded at fair value with value changes through profit/loss. This exposes the accounts to fluctuations in the value of the hedging instruments for the cash flow. In Eidesvik Offshore ASA, risk management of the revenues reported in the accounts is subordinate to risk management of the cash flows. The Group does not perform hedge accounting. The Group\u2019s risk management is handled by management according to guidelines from the Board.Risk management of capital A primary goal for the Group is to secure long-term financing of its assets. In 2023, the Group refinanced its main part of debt. This facility was further amended in 2024, where the maturity was amended to December 2030 (previous December 2027). Please see Note 18 for further information.",
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"f1__s7__6__116": {
"value": "a) Market risk (i) Currency risk (see also Note 20) 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 2025 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 2025, the Group\u2019s long-term liabilities were divided between 38% NOK, 6% USD and 65% EUR. On 31 December 2024 it was 69% NOK 14% USD and 17% EUR. The Group\u2019s exposure to EUR and USD on the balance sheet date is shown in table below. The table below shows estimated change in net profit before tax in million NOK if the EUR and USD rates against NOK had been 50 \u00f8re higher/lower at 31 December 2025. +50 \u00f8re -50 \u00f8re Agio/disagio -29.2 29.2 Profit/loss for the year -29.2 29.2 Translation difference, shares 0.0 0.0 Total comprehensive income -29.2 29.2 (ii) Interest rate risk (see also Note 23) 3838The Group\u2019s interest rate risk is related to long-term loans and deposits of surplus liquidity. Loans with floating interest rates involve a risk for the Group\u2019s cash flow. Fixed rate loans exposes the Group to fair value interest rate risk. As of 31 December 2025, the Group did not have any fixed rate loans (none per 31 December 2024). The interest rate risk is managed by use of interest derivatives (as swaps and caps) within guidelines from the 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 7.3 million (4.8 million for 2024).",
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"value": "(b) Credit risk The Group has a concentration risk as charter contracts are signed with relatively few customers. Eidesvik\u2019s customers are mainly solid companies with good solvency. The risk of counterparties not having the financial capacity to fulfil their obligations is considered relatively low. Overdue receivables are followed up monthly. The Group has chosen to apply the practical simplification rule to calculate losses on accounts receivable. Loss provisions are raised based on historical data, adjusted for forward-looking factors specific to the debtors and the economic environment. The following table categorises the Group\u2019s receivables according to the risk of non-recovery of outstanding amounts: Accounts receivable 2025 2024 Group 1 190 145 170 170 Group 2 2 1 601 Group 3 24 22 Total 190 171 171 792 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.",
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"f1__s7__6__118": {
"value": "(c) Liquidity risk The Group aims to manage the cash flow from operations by focusing on long-term charters with little price volatility. Surplus liquidity is mainly placed in ordinary bank deposits. The Group monitors the risk of a lack of available capital through liquidity budgets for subsequent years, as well as a monthly 24-month liquidity forecasts. Longer term liquidity forecasts are prepared several times per year. The current liquidity position of the Group is assessed as satisfactory for the next 12 months. See also Note 20 for information on amortisation profiles/refinancing needs for long-term liabilities. The following table sums up the maturity profile for the Group\u2019s liabilities at 31 December 2025, based on contractual, non-discounted cash flows. Estimated interest is based on current interest and exchange rates at 31 December 2025. Maturity statement for capitalised liabilities, 31 December 2025 2026 2027 2028 2029 2030 Later Loans 120 967 120 967 127 030 96 714 48 357 48 357 Accrued interest 3 673 0 0 0 0 0 Accounts payable 42 425 0 0 0 0 0 Other current liabilities 193 441 0 0 0 0 0 Subtotal debt items excl. market value derivatives 360 506 120 967 127 030 96 714 48 357 48 357 3939Estimated interest Interest payments on existing loans 35 524 27 215 17 971 10 803 4 155 0 Adjustment incurred 31 December 2025 -3 673 0 0 0 0 0 Subtotal assumed interest 31 852 27 215 17 971 10 803 4 155 0 Leases Leases (Note 19) 13 135 12 942 12 059 11 959 9 949 23 300 Total contractual commitments falling due 405 492 161 124 157 060 119 476 62 461 71 657 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 31.12.2023 -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 19) 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",
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"f1__s7__6__122": {
"value": "Assessment of fair value IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by level, with the following level classification for measuring fair value: Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions) The following balance sheet items represent financial instruments at fair value: Balance sheet item: Level Cash and cash equivalents 1 Amortised cost 2 Derivatives 2 Derivatives are recognised on the basis of valuations from the counterparty (mark to market). 4040Debts 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 2025 or 2024.",
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"f1__s7__6__121": {
"value": "Assessment of fair value IFRS 7 requires financial instruments measured at fair value on the balance sheet date to be presented by level, with the following level classification for measuring fair value: Level 1) Quoted price in an active market for an identical asset or liability Level 2) Valuation based on other observable factors, either directly (price) or indirectly (derived from prices) other than the quoted price (used in level 1) for the asset or liability Level 3) Valuation based on factors not taken from observable markets (non-observable assumptions) The following balance sheet items represent financial instruments at fair value: Balance sheet item: Level Cash and cash equivalents 1 Amortised cost 2 Derivatives 2 Derivatives are recognised on the basis of valuations from the counterparty (mark to market). 4040Debts 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 2025 or 2024.",
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"f1__s7__6__127": {
"value": "NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. 4141Operating segments (NOK thousands) Supply Subsea / Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment result Operating income (IFRS 15) 263 457 251 353 176 690 166 033 27 219 23 456 467 365 440 842 Bareboat income (IFRS 16) 157 905 167 832 159 855 150 726 0 15 730 317 761 334 288 Operating income from JV * (IFRS 15) 0 0 48 367 43 361 0 0 48 367 43 361 Bareboat income from JV * (IFRS 16) 0 0 25 794 30 814 0 0 25 794 30 814 Total operating income 421 362 419 185 410 706 390 934 27 219 39 186 859 287 849 305 Personnell expenses 181 940 166 754 103 907 98 105 72 039 77 097 357 886 341 956 Other operating expenses ** 84 643 86 909 64 479 57 554 -15 701 -15 452 133 421 129 011 Personnell expenses share from JV* 0 0 34 069 33 681 0 34 069 33 681 Other operating expenses share from JV * 0 0 12 760 8 488 0 0 12 760 8 488 Total operating expenses 266 583 253 663 215 215 197 828 56 338 61 645 538 135 513 136 Depreciation 108 547 103 396 72 625 70 315 7 355 6 990 188 527 180 701 Depreciations share from JV * 0 0 22 299 22 189 0 0 22 299 22 189 Total depreciation 108 547 103 396 94 924 92 504 7 355 6 990 210 826 202 890 Operating result incl. share of the JVs * 46 232 62 126 100 567 100 601 -36 474 -29 449 110 325 133 278 Net finance items and tax in JV * 0 0 -8 250 -9 429 0 0 -8 250 -9 429 Share of profit from associated companies 0 0 0 0 0 454 0 454 Operating result 46 232 62 126 92 316 91 172 -36 474 -28 995 102 075 124 304 Net financial items 7 250 -18 316 Tax costs 2 295 -2 295 Net result for the year 111 620 103 690 No impairments or reversal of impairments in 2025 or 2024 *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. 4242(NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 212 531 2 408 217 Proportion of assets in JV* 0 0 244 654 272 853 0 0 244 654 272 853 Unallocated assets (cash) 0 0 0 0 0 0 340 499 395 843 Total consolidated assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 553 030 2 804 060 Assets incl. share of JV* 1 012 842 1 101 135 2 240 938 1 410 612 203 404 169 322 3 797 684 3 076 912 Segment current liabilities (excl. mortgage debt) -16 346 -17 235 -18 026 -17 971 -214 487 -187 272 -248 859 -222 479 Proportion of debts from JV* 0 0 -114 582 -139 563 0 0 -114 582 -139 563 Segment mortgage debt and other non-current liabilities -351 836 -420 290 -891 743 -400 472 -55 009 -66 946 -1 298 588 -887 708 Total liabilities incl. share of JV* -368 182 -437 525 -1 024 351 -558 007 -269 496 -254 218 -1 662 029 -1 249 750 Investments in non-current assets 14 349 59 815 894 444 511 312 0 0 908 793 571 127 Gross sales of non-current assets 0 0 0 0 0 0 0 0 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Supply Subsea / Offshore Renewables Operating segments 2025 2024 2025 2024 Customer 1 116 847 113 389 Customer 2 130 868 130 677 Customer 3 138 542 138 791 Customer 4 177 648 162 493 Customer 5 105 509 91 973 Customer 6 111 398 123 297 Total operating income large customers 419 915 416 467 360 898 344 152 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 2024 and 2025 are in just 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 2025. Refer to Note 19 for maturity for future lease income. 4343",
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"f1__s7__6__126-1": {
"value": "NOTE 4 \u2013 SEGMENT INFORMATION The Group\u2019s activities are divided into strategic operating segments according to the nature of the vessels\u2019 activities. The various operating segments offer different shipping services, address partially different customer groups, and have different risk profiles. The Group is divided into the following operating segments: a. Supply b. Subsea/Offshore Renewables c. Other The Supply segment delivers services to the offshore oil industry. The Subsea/Offshore Renewables segment delivers shipping services for subsea work for the oil industry and various services for the Offshore Renewable market. The vessels are specially adapted to tasks such as subsea inspection, maintenance, repairs and construction, trenching support services and walk-to work. Other represent the SG&A that mainly provide corporate, management and crew services, in addition to the remaining minor effects from the seismic segment. The Group sold all four seismic vessels during 2023, and the segment is therefore eliminated. Transactions between segments are eliminated. These are mainly administration costs that are charged to each segment. Long-term financial items in the Group are not allocated, as the Group\u2019s liabilities are mainly included in fleet facilities. Short-term liabilities are allocated to the segments where possible. Items that do not belong to any of the segments is recorded under \u201cOther\u201d. Segment performance is assessed on the basis of operating profit, and is consistently measured against operating profit in the consolidated financial accounts. 4141Operating segments (NOK thousands) Supply Subsea / Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment result Operating income (IFRS 15) 263 457 251 353 176 690 166 033 27 219 23 456 467 365 440 842 Bareboat income (IFRS 16) 157 905 167 832 159 855 150 726 0 15 730 317 761 334 288 Operating income from JV * (IFRS 15) 0 0 48 367 43 361 0 0 48 367 43 361 Bareboat income from JV * (IFRS 16) 0 0 25 794 30 814 0 0 25 794 30 814 Total operating income 421 362 419 185 410 706 390 934 27 219 39 186 859 287 849 305 Personnell expenses 181 940 166 754 103 907 98 105 72 039 77 097 357 886 341 956 Other operating expenses ** 84 643 86 909 64 479 57 554 -15 701 -15 452 133 421 129 011 Personnell expenses share from JV* 0 0 34 069 33 681 0 34 069 33 681 Other operating expenses share from JV * 0 0 12 760 8 488 0 0 12 760 8 488 Total operating expenses 266 583 253 663 215 215 197 828 56 338 61 645 538 135 513 136 Depreciation 108 547 103 396 72 625 70 315 7 355 6 990 188 527 180 701 Depreciations share from JV * 0 0 22 299 22 189 0 0 22 299 22 189 Total depreciation 108 547 103 396 94 924 92 504 7 355 6 990 210 826 202 890 Operating result incl. share of the JVs * 46 232 62 126 100 567 100 601 -36 474 -29 449 110 325 133 278 Net finance items and tax in JV * 0 0 -8 250 -9 429 0 0 -8 250 -9 429 Share of profit from associated companies 0 0 0 0 0 454 0 454 Operating result 46 232 62 126 92 316 91 172 -36 474 -28 995 102 075 124 304 Net financial items 7 250 -18 316 Tax costs 2 295 -2 295 Net result for the year 111 620 103 690 No impairments or reversal of impairments in 2025 or 2024 *) For shares in joint ventures, the figures in the table are included with the share corresponding to the Group\u2019s ownership interest. In this note gross values are used in the result, and equity method equity method are used for shares in joint ventures. No changes in other principles. Refer to Note 7 **) Management fee is presented as other operating costs in the segments Supply and Subsea/Offshore Renewables, and the corresponding internal elimination is deducted in the segment Other as a cost reduction. 4242(NOK thousands) Subsea/ Supply Offshore Renewables Other Consolidated Operating segments 2025 2024 2025 2024 2025 2024 2025 2024 Segment assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 212 531 2 408 217 Proportion of assets in JV* 0 0 244 654 272 853 0 0 244 654 272 853 Unallocated assets (cash) 0 0 0 0 0 0 340 499 395 843 Total consolidated assets 1 012 842 1 101 135 1 996 284 1 137 760 203 404 169 322 3 553 030 2 804 060 Assets incl. share of JV* 1 012 842 1 101 135 2 240 938 1 410 612 203 404 169 322 3 797 684 3 076 912 Segment current liabilities (excl. mortgage debt) -16 346 -17 235 -18 026 -17 971 -214 487 -187 272 -248 859 -222 479 Proportion of debts from JV* 0 0 -114 582 -139 563 0 0 -114 582 -139 563 Segment mortgage debt and other non-current liabilities -351 836 -420 290 -891 743 -400 472 -55 009 -66 946 -1 298 588 -887 708 Total liabilities incl. share of JV* -368 182 -437 525 -1 024 351 -558 007 -269 496 -254 218 -1 662 029 -1 249 750 Investments in non-current assets 14 349 59 815 894 444 511 312 0 0 908 793 571 127 Gross sales of non-current assets 0 0 0 0 0 0 0 0 *) For shares in joint ventures, the amounts in the table are included in proportions equal to the Group\u2019s ownership interest. Information on large customers The majority of the Group\u2019s income is earned from a small number of large customers. The table below shows the total operating income from all customers representing more than 10% of the Group\u2019s operating income. The amounts are distributed by segments. Supply Subsea / Offshore Renewables Operating segments 2025 2024 2025 2024 Customer 1 116 847 113 389 Customer 2 130 868 130 677 Customer 3 138 542 138 791 Customer 4 177 648 162 493 Customer 5 105 509 91 973 Customer 6 111 398 123 297 Total operating income large customers 419 915 416 467 360 898 344 152 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 2024 and 2025 are in just 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 2025. Refer to Note 19 for maturity for future lease income. 4343NOTE 5 \u2013 OTHER INCOME (NOK thousands) 2025 2024 Sale of ancillary equipment 0 406 Reversal of previous write-downs related to receivables 0 15 324 from JVs Other income 0 15 730 In 2024 NOK 15. 3 million is related to the reversal of previous impairments on repayments received for the claim against Oceanic Seismic Vessels AS.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2025 2024 Technical operation of vessels 93 872 91 505 Insurance 12 855 12 180 Communication costs 8 557 7 803 Administrative costs 18 342 17 524 Other operating expenses 133 626 129 011 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit, office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2025 2024 Statutory audit 2 000 1 904 Other financial audit 0 0 Tax advice 0 0 Other audit services 255 211 Total audit 2 255 2 115 The auditor\u2019s fees are presented excluding VAT. 4444",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__133": {
"value": "NOTE 6 \u2013 OTHER OPERATING EXPENSES (NOK thousands) 2025 2024 Technical operation of vessels 93 872 91 505 Insurance 12 855 12 180 Communication costs 8 557 7 803 Administrative costs 18 342 17 524 Other operating expenses 133 626 129 011 Technical operation of vessels includes ongoing operating costs and maintenance of the Group\u2019s vessels; classification costs are capitalised and depreciated until the next classification and so do not appear as a separate operating cost. Administration costs consist mainly of travel, consultancy, legal, audit, office costs and other short term leases not included in IFRS 16. Auditor: (NOK thousands) 2025 2024 Statutory audit 2 000 1 904 Other financial audit 0 0 Tax advice 0 0 Other audit services 255 211 Total audit 2 255 2 115 The auditor\u2019s fees are presented excluding VAT. 4444",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__137": {
"value": "Auditor: (NOK thousands) 2025 2024 Statutory audit 2 000 1 904 Other financial audit 0 0 Tax advice 0 0 Other audit services 255 211 Total audit 2 255 2 115 The auditor\u2019s fees are presented excluding VAT. 4444",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__147": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2025 2024 Interest income 12 850 20 733 Other financial income 39 17 Total financial income 12 889 20 750 Interest expense on loans -52 438 -51 872 Borrowing cost newbuild (IAS 23) 38 779 15 703 Other interest expenses -507 -804 Interest cost - lease liabilities -3 949 -4 360 Reversal of previous write-downs of receivables 0 10 935 Other financial expenses -432 -443 Total financial expenses -18 547 -30 840 Change in market value on interest instruments 211 3 669 Net currency gains/losses 12 697 -10 259 Value change on currency futures recognised at fair value via 0 -1 637 profit/loss Total currency gain/loss 12 697 -11 896 Net financial items 7 250 -18 316 Reduced financial expenses for 2025 are mainly due to decreased interest expenses related to borrowing costs on newbuild (IAS 23). The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.07%, and the calculations was based on the amount varying from NOK 215.6 million to 588.6 million during the year. The capitalisation rate used 01.01.2025-31.12.2025 equals the effective interest rate on the groups borrowing costs. Currency gain in 2025 is mainly related to unrealised currency gain on loans. 4848",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__146": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2025 2024 Interest income 12 850 20 733 Other financial income 39 17 Total financial income 12 889 20 750 Interest expense on loans -52 438 -51 872 Borrowing cost newbuild (IAS 23) 38 779 15 703 Other interest expenses -507 -804 Interest cost - lease liabilities -3 949 -4 360 Reversal of previous write-downs of receivables 0 10 935 Other financial expenses -432 -443 Total financial expenses -18 547 -30 840 Change in market value on interest instruments 211 3 669 Net currency gains/losses 12 697 -10 259 Value change on currency futures recognised at fair value via 0 -1 637 profit/loss Total currency gain/loss 12 697 -11 896 Net financial items 7 250 -18 316 Reduced financial expenses for 2025 are mainly due to decreased interest expenses related to borrowing costs on newbuild (IAS 23). The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.07%, and the calculations was based on the amount varying from NOK 215.6 million to 588.6 million during the year. The capitalisation rate used 01.01.2025-31.12.2025 equals the effective interest rate on the groups borrowing costs. Currency gain in 2025 is mainly related to unrealised currency gain on loans. 4848",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__145": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2025 2024 Interest income 12 850 20 733 Other financial income 39 17 Total financial income 12 889 20 750 Interest expense on loans -52 438 -51 872 Borrowing cost newbuild (IAS 23) 38 779 15 703 Other interest expenses -507 -804 Interest cost - lease liabilities -3 949 -4 360 Reversal of previous write-downs of receivables 0 10 935 Other financial expenses -432 -443 Total financial expenses -18 547 -30 840 Change in market value on interest instruments 211 3 669 Net currency gains/losses 12 697 -10 259 Value change on currency futures recognised at fair value via 0 -1 637 profit/loss Total currency gain/loss 12 697 -11 896 Net financial items 7 250 -18 316 Reduced financial expenses for 2025 are mainly due to decreased interest expenses related to borrowing costs on newbuild (IAS 23). The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.07%, and the calculations was based on the amount varying from NOK 215.6 million to 588.6 million during the year. The capitalisation rate used 01.01.2025-31.12.2025 equals the effective interest rate on the groups borrowing costs. Currency gain in 2025 is mainly related to unrealised currency gain on loans. 4848",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__144": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2025 2024 Interest income 12 850 20 733 Other financial income 39 17 Total financial income 12 889 20 750 Interest expense on loans -52 438 -51 872 Borrowing cost newbuild (IAS 23) 38 779 15 703 Other interest expenses -507 -804 Interest cost - lease liabilities -3 949 -4 360 Reversal of previous write-downs of receivables 0 10 935 Other financial expenses -432 -443 Total financial expenses -18 547 -30 840 Change in market value on interest instruments 211 3 669 Net currency gains/losses 12 697 -10 259 Value change on currency futures recognised at fair value via 0 -1 637 profit/loss Total currency gain/loss 12 697 -11 896 Net financial items 7 250 -18 316 Reduced financial expenses for 2025 are mainly due to decreased interest expenses related to borrowing costs on newbuild (IAS 23). The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.07%, and the calculations was based on the amount varying from NOK 215.6 million to 588.6 million during the year. The capitalisation rate used 01.01.2025-31.12.2025 equals the effective interest rate on the groups borrowing costs. Currency gain in 2025 is mainly related to unrealised currency gain on loans. 4848",
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"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2025 2024 Interest income 12 850 20 733 Other financial income 39 17 Total financial income 12 889 20 750 Interest expense on loans -52 438 -51 872 Borrowing cost newbuild (IAS 23) 38 779 15 703 Other interest expenses -507 -804 Interest cost - lease liabilities -3 949 -4 360 Reversal of previous write-downs of receivables 0 10 935 Other financial expenses -432 -443 Total financial expenses -18 547 -30 840 Change in market value on interest instruments 211 3 669 Net currency gains/losses 12 697 -10 259 Value change on currency futures recognised at fair value via 0 -1 637 profit/loss Total currency gain/loss 12 697 -11 896 Net financial items 7 250 -18 316 Reduced financial expenses for 2025 are mainly due to decreased interest expenses related to borrowing costs on newbuild (IAS 23). The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.07%, and the calculations was based on the amount varying from NOK 215.6 million to 588.6 million during the year. The capitalisation rate used 01.01.2025-31.12.2025 equals the effective interest rate on the groups borrowing costs. Currency gain in 2025 is mainly related to unrealised currency gain on loans. 4848",
"dimensions": {
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"f1__s7__6__142": {
"value": "NOTE 8 \u2013 NET FINANCIAL ITEMS (NOK thousands) 2025 2024 Interest income 12 850 20 733 Other financial income 39 17 Total financial income 12 889 20 750 Interest expense on loans -52 438 -51 872 Borrowing cost newbuild (IAS 23) 38 779 15 703 Other interest expenses -507 -804 Interest cost - lease liabilities -3 949 -4 360 Reversal of previous write-downs of receivables 0 10 935 Other financial expenses -432 -443 Total financial expenses -18 547 -30 840 Change in market value on interest instruments 211 3 669 Net currency gains/losses 12 697 -10 259 Value change on currency futures recognised at fair value via 0 -1 637 profit/loss Total currency gain/loss 12 697 -11 896 Net financial items 7 250 -18 316 Reduced financial expenses for 2025 are mainly due to decreased interest expenses related to borrowing costs on newbuild (IAS 23). The capitalisation rate on the borrowing cost newbuild (IAS 23) was 8.07%, and the calculations was based on the amount varying from NOK 215.6 million to 588.6 million during the year. The capitalisation rate used 01.01.2025-31.12.2025 equals the effective interest rate on the groups borrowing costs. Currency gain in 2025 is mainly related to unrealised currency gain on loans. 4848",
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"language": "en",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__151": {
"value": "NOTE 10 \u2013 EARNINGS PER SHARE (NOK thousands) 2025 2024 Profit/loss for the year attributable to the majority 66 413 82 743 shareholders Number of issued ordinary shares (thousands) 72 983 72 983 Number of issued ordinary shares (thousands) 72 983 72 983 Earnings per share 0.91 1.13 Diluted earnings per share 0.91 1.13 Dividend of NOK 21.9 (18.3) million was paid in 2025. The board of directors of Eidesvik Offshore ASA resolved 22 April 2026 to distribute a dividend in the amount of NOK 0.20 per share (total NOK 14.6 million). The resolution has been made by use of the authorisation granted by the Company's annual general meeting on 20 May 2025. 49",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "NOTE 11 \u2013 PAYROLL EXPENSES AND NUMBER OF EMPLOYEES (NOK thousands) 2025 2024 Payroll after net pay refund 220 686 214 938 Social security costs 57 943 56 266 Contribution pension 15 776 13 718 Hired personnel 25 636 24 422 Other personnel costs 37 641 32 612 Total personnel costs 357 681 341 956 Salaries and payroll tax are shown after deduction for the reimbursement scheme for seafarers.The average number of full-time equivalents was: 464 432 Number of employees at end of year: 458 437In 2025, NOK 45.510 thousand (NOK 43.320 thousand in 2024) was received in connection with the reimbursement scheme for Norwegian seafarers. In 2025, NOK 3.115 thousand (NOK 2.583 thousand in 2024) was received from Stiftelsen Norsk Maritim Kompetanse. All received refunds are presented as a reduction of payroll expenses. The Company is required to have an occupational pension scheme under the Mandatory Occupational Pensions Act. The Company\u2019s pension schemes satisfy the requirements of this Act.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
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"f1__s7__6__154": {
"value": "The average number of full-time equivalents was: 464 432 Number of employees at end of year: 458 437",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"f1__s7__6__163-1": {
"value": "NOTE 13 \u2013 ACCOUNTS RECEIVABLE (NOK thousands) 31.12.2025 31.12.2024 Accounts receivable 163 880 151 455 Accounts receivable related parties/joint ventures 26 291 20 338 Total accounts receivable 190 171 171 792 Of overdue accounts receivable related to other than related parties, the distribution before provisions for loss is: 0-3 months 14 912 12 157 3-6 months 0 0 6 months < 0 0 Total overdue accounts receivable 14 912 12 157 Of overdue accounts receivable related to other than related parties, the expected loss rate is as follows: (NOK thousands) 31.12.2025 31.12.2024 0-3 months 0 % 0 % 3-6 months 0 % 0 % 6 months < 0 % 0 % Recorded value of the Group\u2019s accounts receivable per currency: EUR 38 180 33 949 USD 0 -9 946 NOK 151 992 147 789 Total accounts receivable 190 171 171 792 5252Net change in provisions for impairment of accounts receivable: 31.12.2025 31.12.2024 At 1st of January 0 0 Provision for impairment of receivables 0 0 Accounts receivable recorded as loss during the year 0 0 At 31 December 0 0NOTE 21 - TRANSACTIONS WITH RELATED PARTIES (NOK thousands) The Group has some transactions with related parties, concerning crew hire, management services for vessel operations, business and accounting services and leasing of offices. All transactions are based on the arm\u2019s length principle. 2025 2024 Lease of offices from AS Langev\u00e5g Senter -9 723 -9 560 Lease of offices to Evik AS 756 727 Lease of apartment from Evik AS 0 -71 Lease of offices to B\u00f8mmelfjord AS 801 834 Purchase of office services from Eidesvik Invest AS 0 -71 Lease of offices and other services to Signatur Management AS 720 734 Purchase of office services from Signatur Management AS 384 0 Lease of stockroom and other services from Klubben Eiendom AS -980 -940 Purchase of technical and layup services from B\u00f8mlo Skipservice AS -2 396 -15 093 Sale of crew and management services to Eidesvik Seven Chartering AS 100 486 95 324 Sale of management services to Eidesvik Seven AS 6 986 238 The balance sheet includes the following amounts resulting from transactions with related parties: 31.12.2025 31.12.2024 Accounts receivable 26 291 20 338 Accounts payable -223 -173 Total 26 068 20 165 Shares owned/controlled by Board members/senior executives: 2025 2024 Eidesvik Invest AS* 43 684 833 43 684 833 Bj\u00f8rg Marit Eknes 25 000 25 000 Helga Cotgrove 5 800 5 800 Kenneth Walland 266 N/A Lauritz Eidesvik 200 200 * Eidesvik Invest AS is 55%-controlled by B\u00f8mmelfjord AS, where Lauritz Eidesvik indirectly holds 20% of the shares. The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Kjetil Eidesvik indirectly holds 20% of the shares. The Eidesvik Offshore ASA Group is a subsidiary of Eidesvik Invest AS, which is a subsidiary of the ultimate parent company B\u00f8mmelfjord AS. 6060Remuneration to senior executives: Pension 2025 Base salary Bonus Other costs Total CEO Helga Cotgrove 2 870 879 376 145 4 271 CFO Lars Tufteland Engelsen 1 650 509 106 134 2 398 COO Arve Nilsen 1 826 535 197 138 2 696 Total 2024 6 346 1 923 678 418 9 365 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 The Company has published a separate Report on Remuneration to the Board of Directors, CEO and Senior Executives, available for download from the Company\u2019s website. In accordance to the company renumeration policy, a bonus scheme is established for CEO and senior executives. Bonus scheme is based on company targets (75%) and individual targets (25%). Maximum bonus is 35% of annual salary. The Board of Directors may temporarily deviate from any part of the guidelines if deemed necessary to protect the long term interest and financial capacity of the Company or safeguard the viability of the company. The CEO has a mutual notice period of 6 months and is entitled to 6 months of severance pay on certain terms per 31 December 2024. CEO Helga Cotgrove was appointed Interim CEO from 18 September 2024, before she was appointed as permanent CEO from 28 November 2024. Cotgrove came from the position as CFO in the Company. Former CEO Gitte Gard Talmo resigned as CEO on 9 September 2024 and received remuneration until 30 November 2024. CFO Lars Tufteland Engelsen was appointed Interim CFO from 18 September 2024, before he was appointed as permanent CFO from 9 December 2024. Remuneration of the Board 2025 2024 Arne Austreid 610 585 Kenneth Walland* 0 0 Kjetil Eidesvik* 163 0 Lauritz Eidesvik 309 269 Bj\u00f8rg Marit Eknes 349 335 Annicken G. Kildahl* 280 157 Tore Hettervik 42 0 Petter L\u00f8nning 93 134 B\u00f8rre Lindanger* 145 45 Kristine Elisabeth Skeie 137 288 Lars Eidesvik* 117 269 John Egil Stangeland 117 269 Borgny Eidesvik* 0 132 Johnny Olson 0 89 2 361 2 570 The Board Remuneration Annual Change -8.84% Board remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the previous year, 2024. 2025 remuneration will be decided on the next Annual General Meeting. In 2024, the Board was reduced from eight members to six members, both including one employee representative. * Kenneth Walland was elected as chair of the board in 2025. Walland replaced Arne Austreid.6161* Kjetil Eidesvik replaced Lars Eidesvik in 2024. * Annicken G. Kildahl was elected as board member in 2023. Kildahl replaced Borgny Eidesvik. * B\u00f8rre Lindanger was, respectively, elected as employee representative for the board in 2024, replacing Petter L\u00f8nning. Tore Hettervik replaced Lindanger in 2025. The employees have one employee representative in the Board, and one deputy employee representative. The total remuneration for these two representatives are equal to an 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 2025 2024 Per \u00c5ge Hauge 50 48 Eivind Eidesvik* 0 0 Lars Eidesvik** 19 0 Kjetil Eidesvik** 14 32 Kristine Klaveness* 33 32 Borgny Eidesvik** 33 19 Lauritz Eidesvik** 0 13 Kolbein Rege 33 32 * 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 not included in the table for remuneration of the board. Remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the previous year, 2024.",
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"value": "NOTE 14 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2025 31.12.2024 Inventories (bunkers, lube oil, slop chest) 6 046 4 078 Other shares 91 34 VAT receivable 3 835 6 981 Insurance settlement receivable 23 269 Net payroll 15 155 14 742 Prepaid expenses 17 082 17 446 Accrued unbilled income 1 795 2 333 Other receivable 43 050 0 Total other current assets 87 077 45 883 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
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"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
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"value": "NOTE 14 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2025 31.12.2024 Inventories (bunkers, lube oil, slop chest) 6 046 4 078 Other shares 91 34 VAT receivable 3 835 6 981 Insurance settlement receivable 23 269 Net payroll 15 155 14 742 Prepaid expenses 17 082 17 446 Accrued unbilled income 1 795 2 333 Other receivable 43 050 0 Total other current assets 87 077 45 883 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__165": {
"value": "NOTE 14 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2025 31.12.2024 Inventories (bunkers, lube oil, slop chest) 6 046 4 078 Other shares 91 34 VAT receivable 3 835 6 981 Insurance settlement receivable 23 269 Net payroll 15 155 14 742 Prepaid expenses 17 082 17 446 Accrued unbilled income 1 795 2 333 Other receivable 43 050 0 Total other current assets 87 077 45 883 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__164": {
"value": "NOTE 14 \u2013 OTHER CURRENT ASSETS (NOK thousands) 31.12.2025 31.12.2024 Inventories (bunkers, lube oil, slop chest) 6 046 4 078 Other shares 91 34 VAT receivable 3 835 6 981 Insurance settlement receivable 23 269 Net payroll 15 155 14 742 Prepaid expenses 17 082 17 446 Accrued unbilled income 1 795 2 333 Other receivable 43 050 0 Total other current assets 87 077 45 883 Prepaid expenses include expenses for pre-paid insurance, refund of crew costs and unbilled expenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__170": {
"value": "NOTE 15 - CASH AND CASH EQUIVALENTSOf total cash and cash equivalents at 31 December 2025, of NOK 340.5 million (NOK 395.8 million at 31 December 2024), were NOK 11.0 million (NOK 11.0 million) restricted tax funds and NOK 47.7 million (NOK 60.4 million) funding restricted for use towards Eidesvik\u2019s joint development projects with multiple partners for the development of green ammonia as a fuel source.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__169": {
"value": "NOTE 15 - CASH AND CASH EQUIVALENTSOf total cash and cash equivalents at 31 December 2025, of NOK 340.5 million (NOK 395.8 million at 31 December 2024), were NOK 11.0 million (NOK 11.0 million) restricted tax funds and NOK 47.7 million (NOK 60.4 million) funding restricted for use towards Eidesvik\u2019s joint development projects with multiple partners for the development of green ammonia as a fuel source.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__177": {
"value": "NOTE 17 - OTHER LIABILITIES (NOK thousands) 31.12.2025 31.12.2024 Public taxes and charges 40 400 38 950 Salaries and holiday pay 45 064 39 837 Accrued expenses 44 596 45 402 Prepaid funding for ammonia projects 63 382 45 154 Total other current liabilities 193 441 169 343 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. 5454",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__176": {
"value": "NOTE 17 - OTHER LIABILITIES (NOK thousands) 31.12.2025 31.12.2024 Public taxes and charges 40 400 38 950 Salaries and holiday pay 45 064 39 837 Accrued expenses 44 596 45 402 Prepaid funding for ammonia projects 63 382 45 154 Total other current liabilities 193 441 169 343 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. 5454",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__175": {
"value": "NOTE 17 - OTHER LIABILITIES (NOK thousands) 31.12.2025 31.12.2024 Public taxes and charges 40 400 38 950 Salaries and holiday pay 45 064 39 837 Accrued expenses 44 596 45 402 Prepaid funding for ammonia projects 63 382 45 154 Total other current liabilities 193 441 169 343 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. 5454",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__174-1": {
"value": "NOTE 17 - OTHER LIABILITIES (NOK thousands) 31.12.2025 31.12.2024 Public taxes and charges 40 400 38 950 Salaries and holiday pay 45 064 39 837 Accrued expenses 44 596 45 402 Prepaid funding for ammonia projects 63 382 45 154 Total other current liabilities 193 441 169 343 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. 5454NOTE 18 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2025 31.12.2024 Mortgage (NOK) 483 572 580 286 Mortgage (USD) 78 822 116 106 Construction loan (EUR) 697 116 146 192 Other loan 0 1 242 Capitalised establishment costs -15 930 -21 822Total interest-bearing long-term liabilities 1 243 579 822 004 Total long-term liabilities 1 243 579 822 004 Short-term portion of long-term liabilities -120 967 -124 033 Total long-term liabilities excl. first year\u2019s repayment 1 122 612 697 971 Short-term loans First year\u2019s repayment of long-term liabilities 120 967 124 033 Accrued interest 3 673 1 988 Total 124 640 126 021 Book value of liabilities in currency NOK 469 457 559 706 USD 77 007 116 106 EUR 697 116 146 192 Total 1 243 579 822 004 Amortisation profile on long-term liabilities at 31 December 2025: 2026 120 967 2027 120 967 2028 127 030 2029 96 714 Later 96 715 Total repayments 562 393 The construction loans drawn in December 2024 and October 2025 is not included in the table above. These loans will be replaced by a mortgage loan at the time of delivery of the vessels. 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 Of total liabilities, NOK 562.4 million are secured against mortgages in vessels recorded at NOK 1,522.3 million. For an assessment of the fair value of long-term liabilities, see Note 3. 5555Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2025 126 021 9 049 697 971 63 409 896 450 Net repayment of debt/new debt -121 038 -9 233 549 960 0 419 689 New debt 0 0 0 Interest paid -49 355 -1 988 0 0 0 -51 343 Cash flow from financing -49 355 -123 026 -9 233 549 960 0 368 346 Exchange rate effects 0 0 -10 918 0 -10 918 Capitalisation costs 0 0 5 892 0 5 892 Interest accrued but not paid 3 673 0 0 0 3 673 Other changes 117 972 9 503 -120 293 -8 400 -1 218 At 31 December 2025 124 640 9 319 1 122 612 55 009 1 311 580 Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 146 192 0 15 886 New debt 0 0 0 Interest paid -62 363 -2 265 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 146 192 0 -48 743 Exchange rate effects 0 0 12 078 0 12 078 Capitalisation costs 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 1 988 Other changes 124 033 10 162 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 697 971 63 409 896 450 The facility with Sparebanken Norge was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 483.6 million (580.3 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2025, were: \u2022 Minimum free liquidity the higher of NOK 50 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt)(borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel in 2023. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 78.8 million per 31 December 2024 (116.1 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2025, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). 5656\u2022 Positive working capital (current assets less current liabilities, excluding instalments and currentportion of long term debt)(in the company).\u2022 Minimum book equity of NOK 160 million (in the company).\u2022 Equity ratio of 35% (in the company).Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2025, or during 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__173": {
"value": "NOTE 17 - OTHER LIABILITIES (NOK thousands) 31.12.2025 31.12.2024 Public taxes and charges 40 400 38 950 Salaries and holiday pay 45 064 39 837 Accrued expenses 44 596 45 402 Prepaid funding for ammonia projects 63 382 45 154 Total other current liabilities 193 441 169 343 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. 5454",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__182": {
"value": "NOTE 18 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2025 31.12.2024 Mortgage (NOK) 483 572 580 286 Mortgage (USD) 78 822 116 106 Construction loan (EUR) 697 116 146 192 Other loan 0 1 242 Capitalised establishment costs -15 930 -21 822Total interest-bearing long-term liabilities 1 243 579 822 004 Total long-term liabilities 1 243 579 822 004 Short-term portion of long-term liabilities -120 967 -124 033 Total long-term liabilities excl. first year\u2019s repayment 1 122 612 697 971 Short-term loans First year\u2019s repayment of long-term liabilities 120 967 124 033 Accrued interest 3 673 1 988 Total 124 640 126 021 Book value of liabilities in currency NOK 469 457 559 706 USD 77 007 116 106 EUR 697 116 146 192 Total 1 243 579 822 004 Amortisation profile on long-term liabilities at 31 December 2025: 2026 120 967 2027 120 967 2028 127 030 2029 96 714 Later 96 715 Total repayments 562 393 The construction loans drawn in December 2024 and October 2025 is not included in the table above. These loans will be replaced by a mortgage loan at the time of delivery of the vessels. 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 Of total liabilities, NOK 562.4 million are secured against mortgages in vessels recorded at NOK 1,522.3 million. For an assessment of the fair value of long-term liabilities, see Note 3. 5555Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2025 126 021 9 049 697 971 63 409 896 450 Net repayment of debt/new debt -121 038 -9 233 549 960 0 419 689 New debt 0 0 0 Interest paid -49 355 -1 988 0 0 0 -51 343 Cash flow from financing -49 355 -123 026 -9 233 549 960 0 368 346 Exchange rate effects 0 0 -10 918 0 -10 918 Capitalisation costs 0 0 5 892 0 5 892 Interest accrued but not paid 3 673 0 0 0 3 673 Other changes 117 972 9 503 -120 293 -8 400 -1 218 At 31 December 2025 124 640 9 319 1 122 612 55 009 1 311 580 Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 146 192 0 15 886 New debt 0 0 0 Interest paid -62 363 -2 265 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 146 192 0 -48 743 Exchange rate effects 0 0 12 078 0 12 078 Capitalisation costs 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 1 988 Other changes 124 033 10 162 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 697 971 63 409 896 450 The facility with Sparebanken Norge was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 483.6 million (580.3 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2025, were: \u2022 Minimum free liquidity the higher of NOK 50 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt)(borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel in 2023. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 78.8 million per 31 December 2024 (116.1 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2025, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). 5656\u2022 Positive working capital (current assets less current liabilities, excluding instalments and currentportion of long term debt)(in the company).\u2022 Minimum book equity of NOK 160 million (in the company).\u2022 Equity ratio of 35% (in the company).Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2025, or during 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__181": {
"value": "NOTE 18 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2025 31.12.2024 Mortgage (NOK) 483 572 580 286 Mortgage (USD) 78 822 116 106 Construction loan (EUR) 697 116 146 192 Other loan 0 1 242 Capitalised establishment costs -15 930 -21 822Total interest-bearing long-term liabilities 1 243 579 822 004 Total long-term liabilities 1 243 579 822 004 Short-term portion of long-term liabilities -120 967 -124 033 Total long-term liabilities excl. first year\u2019s repayment 1 122 612 697 971 Short-term loans First year\u2019s repayment of long-term liabilities 120 967 124 033 Accrued interest 3 673 1 988 Total 124 640 126 021 Book value of liabilities in currency NOK 469 457 559 706 USD 77 007 116 106 EUR 697 116 146 192 Total 1 243 579 822 004 Amortisation profile on long-term liabilities at 31 December 2025: 2026 120 967 2027 120 967 2028 127 030 2029 96 714 Later 96 715 Total repayments 562 393 The construction loans drawn in December 2024 and October 2025 is not included in the table above. These loans will be replaced by a mortgage loan at the time of delivery of the vessels. 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 Of total liabilities, NOK 562.4 million are secured against mortgages in vessels recorded at NOK 1,522.3 million. For an assessment of the fair value of long-term liabilities, see Note 3. 5555Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2025 126 021 9 049 697 971 63 409 896 450 Net repayment of debt/new debt -121 038 -9 233 549 960 0 419 689 New debt 0 0 0 Interest paid -49 355 -1 988 0 0 0 -51 343 Cash flow from financing -49 355 -123 026 -9 233 549 960 0 368 346 Exchange rate effects 0 0 -10 918 0 -10 918 Capitalisation costs 0 0 5 892 0 5 892 Interest accrued but not paid 3 673 0 0 0 3 673 Other changes 117 972 9 503 -120 293 -8 400 -1 218 At 31 December 2025 124 640 9 319 1 122 612 55 009 1 311 580 Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 146 192 0 15 886 New debt 0 0 0 Interest paid -62 363 -2 265 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 146 192 0 -48 743 Exchange rate effects 0 0 12 078 0 12 078 Capitalisation costs 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 1 988 Other changes 124 033 10 162 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 697 971 63 409 896 450 The facility with Sparebanken Norge was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 483.6 million (580.3 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2025, were: \u2022 Minimum free liquidity the higher of NOK 50 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt)(borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel in 2023. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 78.8 million per 31 December 2024 (116.1 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2025, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). 5656\u2022 Positive working capital (current assets less current liabilities, excluding instalments and currentportion of long term debt)(in the company).\u2022 Minimum book equity of NOK 160 million (in the company).\u2022 Equity ratio of 35% (in the company).Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2025, or during 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__180": {
"value": "NOTE 18 - LONG-TERM LIABILITIES Book value (NOK thousands) 31.12.2025 31.12.2024 Mortgage (NOK) 483 572 580 286 Mortgage (USD) 78 822 116 106 Construction loan (EUR) 697 116 146 192 Other loan 0 1 242 Capitalised establishment costs -15 930 -21 822Total interest-bearing long-term liabilities 1 243 579 822 004 Total long-term liabilities 1 243 579 822 004 Short-term portion of long-term liabilities -120 967 -124 033 Total long-term liabilities excl. first year\u2019s repayment 1 122 612 697 971 Short-term loans First year\u2019s repayment of long-term liabilities 120 967 124 033 Accrued interest 3 673 1 988 Total 124 640 126 021 Book value of liabilities in currency NOK 469 457 559 706 USD 77 007 116 106 EUR 697 116 146 192 Total 1 243 579 822 004 Amortisation profile on long-term liabilities at 31 December 2025: 2026 120 967 2027 120 967 2028 127 030 2029 96 714 Later 96 715 Total repayments 562 393 The construction loans drawn in December 2024 and October 2025 is not included in the table above. These loans will be replaced by a mortgage loan at the time of delivery of the vessels. 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 Of total liabilities, NOK 562.4 million are secured against mortgages in vessels recorded at NOK 1,522.3 million. For an assessment of the fair value of long-term liabilities, see Note 3. 5555Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2025 126 021 9 049 697 971 63 409 896 450 Net repayment of debt/new debt -121 038 -9 233 549 960 0 419 689 New debt 0 0 0 Interest paid -49 355 -1 988 0 0 0 -51 343 Cash flow from financing -49 355 -123 026 -9 233 549 960 0 368 346 Exchange rate effects 0 0 -10 918 0 -10 918 Capitalisation costs 0 0 5 892 0 5 892 Interest accrued but not paid 3 673 0 0 0 3 673 Other changes 117 972 9 503 -120 293 -8 400 -1 218 At 31 December 2025 124 640 9 319 1 122 612 55 009 1 311 580 Interest-Interest-Current Non-current Interest bearing bearing Change in liabilities lease lease Total expenses short-term long-term liabilities liabilities debt debt At 1 January 2024 123 457 8 001 678 448 69 571 879 478 Net repayment of debt/new debt -121 192 -9 114 146 192 0 15 886 New debt 0 0 0 Interest paid -62 363 -2 265 0 0 0 -64 628 Cash flow from financing -62 363 -123 457 -9 114 146 192 0 -48 743 Exchange rate effects 0 0 12 078 0 12 078 Capitalisation costs 0 0 -14 795 0 -14 795 Interest accrued but not paid 1 988 0 0 0 1 988 Other changes 124 033 10 162 -123 952 -6 162 4 081 At 31 December 2024 126 021 9 049 697 971 63 409 896 450 The facility with Sparebanken Norge was amended in Q4 2024. The maturity of the loan is amended to December 2030 (previous December 2027). This facility is the NOK 483.6 million (580.3 million) amount in the first table in this note. The most important financial covenants related to this financing per 31 December 2025, were: \u2022 Minimum free liquidity the higher of NOK 50 million and 10% total interest-bearing debt (borrower group). \u2022 Positive working capital (current assets less current liabilities, including 6 months of instalments and excluding other current portion of long term debt)(borrower group). \u2022 Value adjusted equity ratio of minimum 40% (borrower group). The borrower group is required to comply with these covenants at all times. Eidesvik Reach AS Eidesvik Reach AS, where Eidesvik owns a controlling interest, that owns the vessel Viking Reach drew a long-term USD loan in connection with the acquisition of the vessel in 2023. This loan and the entity are isolated from the group loan facility, and is non-recourse to any companies in the Group. The debt will mature in March 2028, and has an amortization profile of six years. The loan is the mortgage (USD) loan in the first table in this note and corresponds to NOK 78.8 million per 31 December 2024 (116.1 million). The most important financial covenants related to the financing of Viking Reach per 31 December 2025, were: \u2022 Minimum free liquidity of NOK 10 million (in the company). 5656\u2022 Positive working capital (current assets less current liabilities, excluding instalments and currentportion of long term debt)(in the company).\u2022 Minimum book equity of NOK 160 million (in the company).\u2022 Equity ratio of 35% (in the company).Eidesvik Reach AS is required to comply with these covenants at all times. No companies in the Group were in breach of any covenants at 31 December 2025, or during 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__188": {
"value": "NOTE 20 \u2013 FINANCIAL INSTRUMENTS(NOK thousands)Capitalised financial assets and liabilitiesCapitalised value equals fair value, except for loans. For details of fair value loans, see the section on \u201cInterest\u201d below. The Group does not practise hedge accounting, financial derivatives held for financial hedging which are recorded at fair value. (NOK thousands) Category 31.12.2024 31.12.2024 Assets Market-based shares for trading FVTPL 9 9 Interest derivatives FVTPL 0 8 093 Accounts receivable (Note 14) FVTPL 190 171 171 792 Cash and cash equivalents (Note 16) FVTPL 340 499 395 843 Total 530 679 538 773 Liabilities Loans (Note 18) Amortised cost 1 259 509 842 584 Total 842 584 842 584 CurrencyThe Group had no currency derivatives per 31 December 2024 and 2025. Interest The Group has the following interest derivatives: 31 December 2025 Annual downscaling Fair value (incl. before accrued maturity Type Currency Floor Cap/Swap Maturity NOK principal interest) (average) Unhedged 1 259 509 Total liabilities, hedged and unhedged 1 259 509 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 At 31 December 2025, 0% (36%) of the Group\u2019s loans were hedged with interest cap. The Group did not have any fixed-rate loans at 31 December 2025 or 31 December 2024. See Note 18 for information on long-term loans. 5959Other information No financial assets have been reclassified such that the valuation method has been changed from amortised cost to fair value, or vice versa. For assessment of fair value (MTM), see Note 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__192": {
"value": "NOTE 21 - TRANSACTIONS WITH RELATED PARTIES (NOK thousands) The Group has some transactions with related parties, concerning crew hire, management services for vessel operations, business and accounting services and leasing of offices. All transactions are based on the arm\u2019s length principle. 2025 2024 Lease of offices from AS Langev\u00e5g Senter -9 723 -9 560 Lease of offices to Evik AS 756 727 Lease of apartment from Evik AS 0 -71 Lease of offices to B\u00f8mmelfjord AS 801 834 Purchase of office services from Eidesvik Invest AS 0 -71 Lease of offices and other services to Signatur Management AS 720 734 Purchase of office services from Signatur Management AS 384 0 Lease of stockroom and other services from Klubben Eiendom AS -980 -940 Purchase of technical and layup services from B\u00f8mlo Skipservice AS -2 396 -15 093 Sale of crew and management services to Eidesvik Seven Chartering AS 100 486 95 324 Sale of management services to Eidesvik Seven AS 6 986 238 The balance sheet includes the following amounts resulting from transactions with related parties: 31.12.2025 31.12.2024 Accounts receivable 26 291 20 338 Accounts payable -223 -173 Total 26 068 20 165 Shares owned/controlled by Board members/senior executives: 2025 2024 Eidesvik Invest AS* 43 684 833 43 684 833 Bj\u00f8rg Marit Eknes 25 000 25 000 Helga Cotgrove 5 800 5 800 Kenneth Walland 266 N/A Lauritz Eidesvik 200 200 * Eidesvik Invest AS is 55%-controlled by B\u00f8mmelfjord AS, where Lauritz Eidesvik indirectly holds 20% of the shares. The remaining 45% of Eidesvik Invest AS is owned by Evik AS, where Kjetil Eidesvik indirectly holds 20% of the shares. The Eidesvik Offshore ASA Group is a subsidiary of Eidesvik Invest AS, which is a subsidiary of the ultimate parent company B\u00f8mmelfjord AS. 6060Remuneration to senior executives: Pension 2025 Base salary Bonus Other costs Total CEO Helga Cotgrove 2 870 879 376 145 4 271 CFO Lars Tufteland Engelsen 1 650 509 106 134 2 398 COO Arve Nilsen 1 826 535 197 138 2 696 Total 2024 6 346 1 923 678 418 9 365 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 The Company has published a separate Report on Remuneration to the Board of Directors, CEO and Senior Executives, available for download from the Company\u2019s website. In accordance to the company renumeration policy, a bonus scheme is established for CEO and senior executives. Bonus scheme is based on company targets (75%) and individual targets (25%). Maximum bonus is 35% of annual salary. The Board of Directors may temporarily deviate from any part of the guidelines if deemed necessary to protect the long term interest and financial capacity of the Company or safeguard the viability of the company. The CEO has a mutual notice period of 6 months and is entitled to 6 months of severance pay on certain terms per 31 December 2024. CEO Helga Cotgrove was appointed Interim CEO from 18 September 2024, before she was appointed as permanent CEO from 28 November 2024. Cotgrove came from the position as CFO in the Company. Former CEO Gitte Gard Talmo resigned as CEO on 9 September 2024 and received remuneration until 30 November 2024. CFO Lars Tufteland Engelsen was appointed Interim CFO from 18 September 2024, before he was appointed as permanent CFO from 9 December 2024. Remuneration of the Board 2025 2024 Arne Austreid 610 585 Kenneth Walland* 0 0 Kjetil Eidesvik* 163 0 Lauritz Eidesvik 309 269 Bj\u00f8rg Marit Eknes 349 335 Annicken G. Kildahl* 280 157 Tore Hettervik 42 0 Petter L\u00f8nning 93 134 B\u00f8rre Lindanger* 145 45 Kristine Elisabeth Skeie 137 288 Lars Eidesvik* 117 269 John Egil Stangeland 117 269 Borgny Eidesvik* 0 132 Johnny Olson 0 89 2 361 2 570 The Board Remuneration Annual Change -8.84% Board remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the previous year, 2024. 2025 remuneration will be decided on the next Annual General Meeting. In 2024, the Board was reduced from eight members to six members, both including one employee representative. * Kenneth Walland was elected as chair of the board in 2025. Walland replaced Arne Austreid.6161* Kjetil Eidesvik replaced Lars Eidesvik in 2024. * Annicken G. Kildahl was elected as board member in 2023. Kildahl replaced Borgny Eidesvik. * B\u00f8rre Lindanger was, respectively, elected as employee representative for the board in 2024, replacing Petter L\u00f8nning. Tore Hettervik replaced Lindanger in 2025. The employees have one employee representative in the Board, and one deputy employee representative. The total remuneration for these two representatives are equal to an 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 2025 2024 Per \u00c5ge Hauge 50 48 Eivind Eidesvik* 0 0 Lars Eidesvik** 19 0 Kjetil Eidesvik** 14 32 Kristine Klaveness* 33 32 Borgny Eidesvik** 33 19 Lauritz Eidesvik** 0 13 Kolbein Rege 33 32 * 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 not included in the table for remuneration of the board. Remuneration is decided by the General Meeting. Disbursements for 2025 are remuneration for the previous year, 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__194": {
"value": "B\u00f8mmelfjord AS",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__193": {
"value": "Eidesvik Invest AS",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__196": {
"value": "NOTE 22 - LIABILITIES AND UNEXPECTED EVENTS The Company has no framework agreements or other liabilities per 31 December 2025. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f1__s7__6__195": {
"value": "NOTE 22 - LIABILITIES AND UNEXPECTED EVENTS The Company has no framework agreements or other liabilities per 31 December 2025. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFOMO31",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"tfn-2": {
"value": "Effect of the discontinued defined-benefit pension scheme for a previous employee in Eidesvik Offshore ASA. As of 31 December 2024, there are no employees in the Group on the defined benefit scheme.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-2",
"language": "en"
}
},
"tfn-3": {
"value": "Minority share of the new company Eidesvik Agalas Reach AS. Equity contributions in 2025.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-3",
"language": "en"
}
},
"tfn-1": {
"value": "Minority share of the new company Eidesvik Agalas AS. Equity contributions in 2024.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-1",
"language": "en"
}
}
}
}